The Warehouse had $802m of lease commitments as at 30 July 2023, with $99m to be paid in 2024. So looks like 8 years of lease liabilities on their books.
The Warehouse typically sold their properties (land & buildings) to investors/developers with sale and leaseback arrangements - anywhere from 5 years to 10 years. That's what I was referring to as the long tail lease liabilities.
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