−Removed: As of July 30, 2022, Village owns the sites of seven of its supermarkets (containing 467,000 square feet of total space), all of which are freestanding stores, except the Egg Harbor store, which is part of a shopping center, and the micro-fulfillment center in southern New Jersey.
−Removed: The Company owns all trade fixtures and equipment in its stores and several other properties including a shopping center and parcels of vacant land, which are available as locations for possible future stores or other development.
+Added: As of July 29, 2023, Village owns the sites of eight of its supermarkets (containing 539,000 square feet of total space) and the micro-fulfillment center in southern New Jersey.
The remaining 30 stores (containing 1,501,000 square feet of total space), the central commissary and the corporate headquarters are leased, with initial lease terms generally ranging from 20 to 30 years, usually with renewal options.
−Removed: Twenty-three of these leased stores are located in shopping centers or city storefronts and the remaining eight are freestanding stores.
+Added: The stores are freestanding or are located in shopping centers or city storefronts.
Most of the Company’s leases contain renewal options at increased rents of five years each at the Company’s sole discretion.
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The Company accounts for rent holidays, escalating rent provisions, and construction allowances on a straight-line basis over the term of the lease.
+Added: The Company owns all trade fixtures and equipment in its stores and several other properties including a shopping center and parcels of vacant land, which are available as locations for possible future stores or other development.
+Added: On October 13, 2021, Village purchased the Galloway store shopping center for $9,800.
+Added: On January 27, 2023, Village purchased the Vineland store shopping center for $9,500.
As of July 29, 2023, finance lease right-of-use assets of $10,912 are included in property, equipment and fixtures, net in the Company's consolidated balance sheet.
1 unchanged sentence
For additional information on lease obligations, see Note 7 to the consolidated financial statements.
−Removed: On April 28, 2022 the Company entered into a partnership agreement for a 30% interest in the development of a retail center in Old Bridge, New Jersey, which includes a Village replacement store with future lease obligations of $9,280.
+Added: On April 28, 2022 the Company entered into a partnership agreement for a 30% interest in the development of a retail center in Old Bridge, New Jersey, which includes a Village replacement store with an operating lease obligation of $4,127 as of July 29, 2023.
Village will fund its share of project costs estimated to be $15,000 to $20,000 over the two to three year life of the project.
2 unchanged sentences
The Company is also a general partner in a partnership that is a lessor of one of the Company's freestanding stores.
−Removed: On October 13, 2021, Village completed the acquisition of the Galloway store shopping center for $9,800.
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.