Burlington Stores, Inc. 10-K

Item 1B. Unresolved Staff Comments Not Applicable. 22 Item 2. Pr operties We own the land and/or buildings for 30 of our stores and have leases for 810 of our stores. Our new stores are generally leased for an initial term of ten years, the majority of which are subject to our option to renew such leases for several additional five-year periods. Store leases generally provide for fixed monthly rental payments, plus the payment, in most cases, of real estate taxes and other charges with escalation clauses. In many locations, our store leases contain formulas providing for the payment of additional rent based on sales. Most of our stores are freestanding or located in regional power centers, strip shopping centers or in malls. We own approximately 235 acres of land in Burlington and Florence, New Jersey on which we have constructed our corporate campus, which includes our corporate headquarters and a warehouse facility. We own approximately 43 acres of land in Edgewater Park, New Jersey on which we have constructed our Edgewater Park, New Jersey distribution center and an office facility. During Fiscal 2021, we expanded our existing 35,000 square feet of leased space in our east coast buying office in New York City by an additional 33,000 square feet, and early in Fiscal 2022, we expanded our existing 25,000 square feet of leased space in our west coast buying office in Los Angeles, California by an additional 25,000 square feet. As described in Item 1, Business, we currently operate multiple distribution centers and warehousing facilities.