LEASES (Tables)

12 Months Ended

Aug. 31, 2016



			Approximate		Remaining
			Square	Current Lease	Option(s)
Location	Facility Type	Date Opened	Footage	Expiration Date	to Extend
Salitre, Colombia	Warehouse Club	October 29, 2014	98,566	January 29, 2044	20 years
Via Brazil, Panama	Warehouse Club	December 4, 1997	68,696	October 31, 2026	10 years
Miraflores, Guatemala (1)	Warehouse Club	April 8, 1999	68,977	December 31, 2020	5 years
Pradera, Guatemala	Warehouse Club	May 29, 2001	48,438	May 28, 2021	none
Tegucigalpa, Honduras	Warehouse Club	May 31, 2000	64,735	May 30, 2020	none
Oranjestad, Aruba	Warehouse Club	March 23, 2001	64,627	March 23, 2021	10 years
Port of Spain, Trinidad	Warehouse Club	December 5, 2001	54,046	July 5, 2031	none
St. Thomas, U.S.V.I.	Warehouse Club	May 4, 2001	54,046	February 28, 2020	10 years
Barbados	Storage Facility	December 1, 2012	12,517	November 30, 2025	3 years
Chaguanas, Trinidad	Employee Parking	May 1, 2009	4,944	April 30, 2024	none
Chaguanas, Trinidad	Container Parking	April 1, 2010	65,340	March 31, 2025	none
Jamaica	Storage and Distribution Facility	September 1, 2012	17,000	July 14, 2019	2 years
Santo Domingo, Dominican Republic	Central Offices	June 1, 2010	2,002	January 14, 2021	5 years
Bogota, Colombia (2)	Central Offices	October 21, 2010	7,812	December 31, 2017	none
San Diego, CA (3)	Corporate Headquarters	April 1, 2004	43,027	May 31, 2026	5 years
Miami, FL(4)	Distribution Facility	March 1, 2008	371,476	December 31, 2027	5 years
Panama	Central Offices	November 4, 2014	17,975	December 12, 2028	15 years
Costa Rica	Storage and Distribution Facility	January 28, 2013	37,674	January 27, 2019	3 years
Trinidad	Storage and Distribution Facility	August 18, 2014	17,110	August 17, 2017	none

⁽¹⁾

In April 2016, the Company executed an amendment to the existing lease to expand the facility’s parking lot by 2,918 square feet of space.

⁽²⁾

On August 31, 2016, the Company executed a contract to expand the central office space to include an additional 1,884 square feet of space, effective September 1, 2016. The additional space is not included in the table above; however, the lease is included in the calculation of future minimum lease commitments.

⁽³⁾

In January 2015, the Company executed a fourth amendment to include 2,799 square feet of space, in which the Company sub-leased all 2,799 square feet of space to another party through October 2016. The 2,799 square feet of space is not included in the above table.

⁽⁴⁾

In August 2016, the Company executed a fourth amendment to the existing lease, to extend the portion of the lease pertaining to 100,295 square feet of space through December 31, 2027.

Summary of Rental Expense



	Years Ended August 31,
	2016		2015		2014
Minimum rental payments	$	9,986	$	10,074	$	7,952
Deferred rent accruals		1,363		1,355		1,514
Total straight line rent expense		11,349		11,429		9,466
Contingent rental payments		3,208		3,137		3,220
Common area maintenance expense		1,369		1,321		1,212
Rental expense	$	15,926	$	15,887	$	13,898

Schedule of Future Minimum Lease Commitments



	Leased
Years Ended August 31,	Locations(1)
2017	$	11,246
2018		11,311
2019		10,719
2020		10,081
2021		8,714
Thereafter		68,786
Total	$	120,857

⁽¹⁾

Operating lease obligations have been reduced by approximately $426,823 to reflect sub-lease income. Certain obligations under leasing arrangements are collateralized by the underlying asset being leased.

Summary of Rental Income



	Years Ended August 31,
	2016		2015		2014
Minimum rental receipts	$	2,735	$	2,873	$	2,646
Deferred rent accruals		56		47		187
Total straight line rent income		2,791		2,920		2,833
Contingent rental receipts		112		86		59
Common maintenance area income		151		148		129
Rental income	$	3,054	$	3,154	$	3,021

Schedule of Future Minimum Rental Income



Years Ended August 31,	Amount
2017	$	2,131
2018		1,730
2019		1,480
2020		1,328
2021		1,169
Thereafter		5,276
Total	$	13,114

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

+ References + Details