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Sale-Leaseback Transactions
3 Months Ended
Apr. 25, 2020
Sale-Leaseback Transactions  
Sale-Leaseback Transactions

3.    Sale-Leaseback Transactions

In March 2019, we sold five of our properties in Frederick, Maryland; Live Oak, Texas; Mansfield, Texas; Plano, Texas; and Whitehall, Pennsylvania for a total of $74.7 million, resulting in a net gain of $16.6 million. Contemporaneously with the closing of the sale, we entered into a lease pursuant to which we leased back the properties for cumulative initial annual rent of $5.0 million, subject to annual escalations. The lease is being accounted for as an operating lease.