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COMMITMENTS AND CONTINGENCIES (Tables)
 6 Months Ended
Feb. 28, 2017
COMMITMENTS AND CONTINGENCIES [Abstract]  
Schedule of Future Minimum Lease Commitments



 

 

 

 



 

 

 

 



 

Open

 

Years ended February 28,

 

Locations(1)

 

2018

 

$

 11,570 

 

2019

 

 

 11,124 

 

2020(3)

 

 

 10,559 

 

2021

 

 

 9,481 

 

2022

 

 

 8,082 

 

Thereafter

 

 

 91,164 

 

Total

 

$

 141,980 

(2)



(1)

Operating lease obligations have been reduced by approximately $316,678 to reflect sub-lease income.  Certain obligations under leasing arrangements are collateralized by the underlying asset being leased.

(2)

As of August 31, 2016, total future minimum lease commitments were $120.9 million.  The increase during the period ending February 28, 2017 is primarily related to the extension of an existing lease within the Company’s Guatemala subsidiary for its Pradera location.  The subsidiary signed an extension on November 25, 2016, extending the lease termination date from May 31, 2021 to November 30, 2043.  The lease extension included the real property at this location currently used by the Company and added additional square footage in the same shopping center to the lease. This has effectively provided the Company with possession of substantially all of the real property available at that location.  The Company plans to expand and upgrade the current warehouse club and parking areas and to improve access into and out from the location. 

(3)

The year 2020 is a leap year with the period ending February 29th.
Schedule of Variable Interest Entities Maximum Loss Exposure



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entity

 

%
Ownership

 

Initial
Investment

 

Additional
Investments

 

Net
(Loss)/Income
Inception to
Date

 

Company’s
Variable
Interest
in Entity

 

Commitment
to Future
Additional
Investments(1)

 

Company's
Maximum
Exposure
to Loss in
Entity(2)

GolfPark Plaza, S.A.

 

 50 

%

 

$

 4,616 

 

$

 2,402 

 

$

 296 

 

$

 7,314 

 

$

 99 

 

$

 7,413 

Price Plaza Alajuela, S.A.

 

 50 

%

 

 

 2,193 

 

 

 1,236 

 

 

 16 

 

 

 3,445 

 

 

 785 

 

 

 4,230 

Total

 

 

 

 

$

 6,809 

 

$

 3,638 

 

$

 312 

 

$

 10,759 

 

$

 884 

 

$

 11,643 



(1)

The parties intend to seek alternate financing for the project, which could reduce the amount of investments each party would be required to provide.  The parties may mutually agree on changes to the project, which could increase or decrease the amount of contributions each party is required to provide.

(2)

The maximum exposure is determined by adding the Company’s variable interest in the entity and any explicit or implicit arrangements that could require the Company to provide additional financial support.