Rent the Runway Inc
For the period ended Jul 31, 2024. Filed Sep 6, 2024.
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Jul 31, 2024 · Filed Sep 6, 2024
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5. Leases - Lessee Accounting
- Leases - Lessee Accounting
During the year ended January 31, 2024, the Company amended the operating lease for its fulfillment center at 100 Metro Way in Secaucus, NJ, the terms of which extended the lease for an additional five years to August 31, 2029. The lease modification resulted in an adjustment of $9.9 million to lease liabilities and right-of-use assets. The Company did not exercise its renewal option with respect to its lease for 55 Metro Way in Secaucus, NJ, which is anticipated to expire in accordance with its terms on August 31, 2024.
The following table summarizes the Company’s minimum fixed lease obligations under existing agreements as a lessee, excluding variable payments and short-term lease payments, as of July 31, 2024:
| Operating · Financing | ||
|---|---|---|
| Fiscal year: | ||
| 2024 | $5.5 | $0.3 |
| 2025 | 11.3 | 0.3 |
| 2026 | 11.3 | 0.1 |
| 2027 | 11.2 | 0.1 |
| 2028 | 11.3 | 0.1 |
| Thereafter | 28.8 | 0.3 |
| Total minimum lease payments | 79.4 | 1.2 |
| Imputed interest | (32.3) | (0.4) |
| Lease liabilities as of July 31, 2024 | $47.1 | $0.8 |
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