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For a majority of our company-operated restaurants, we lease land on which our restaurants are built.
−Removed: Our leases generally have terms of 20 years, with two or three renewal terms of five years.
+Added: Our leases generally have terms of 20 years, with up to four renewal terms of five years.
Restaurant leases provide for a specified annual rent, and some leases call for additional or contingent rent based on revenue above specified levels.
Generally, our leases are “net” leases that require us to pay a pro rata share of taxes, insurance, and maintenance costs.
−Removed: We own 15 properties, currently operating 12 and licensing 3 to franchisees.
−Removed: In addition, we operate 184 company-operated restaurants on leased real estate, an owned operating unit with additional parking on leased real estate, and have another 26 leased sites that are subleased or assigned to franchisees who operate El Pollo Loco restaurants.
−Removed: We also have eight closed units two of which are subleased for uses other than El Pollo Loco.
+Added: We own 15 properties, of which we currently operate 12 and license 3 to franchisees.
+Added: In addition, we operate 177 company-operated restaurants on leased real estate, we own one operating unit with additional parking on leased real estate, and we have another 37 leased sites that are subleased or assigned to franchisees who operate El Pollo Loco restaurants.
+Added: We also have three closed units two of which are subleased for uses other than El Pollo Loco.
+Added: We also sublease a surplus property of an operating location to a third party.
We lease our headquarters, consisting of approximately 29,880 square feet in Costa Mesa, California, for a term expiring in 2023, plus one three-year extension option.
−Removed: Our headquarters is located at 3535 Harbor Boulevard, Suite 100, Costa Mesa, California 92626, and our telephone number is (714) 599-5000.
We believe that our current office space is suitable and adequate for its intended purposes and our near-term expansion plans.
LEGAL PROCEEDINGS
−Removed: For information regarding legal proceedings, see “Note 13.
+Added: For information regarding our material legal proceedings, see “Note 13.
Commitments and Contingencies—Legal Matters” in the accompanying “Notes to Consolidated Financial Statements” in this Annual Report, which information is incorporated herein by reference.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.