Exponent extends Arizona land lease 15 years, rent rises to $6.2 million in 2028
Exponent agreed to extend its commercial land lease with the State of Arizona for 15 years starting January 17, 2028, under a notice of election received June 19, 2024. Annual rent stays at $1,009,000 until January 16, 2028, then rises to approximately $6,183,000 per year, with consumer price index adjustments in 2033 and 2038. The filing adds a long-term lease obligation that shareholders should weigh against the company's future costs.
- Lease extension notice received June 19, 2024; extension term of 15 years begins January 17, 2028
- Annual rent is $1,009,000 until January 16, 2028
- Annual rent rises to approximately $6,183,000 from January 17, 2028, with consumer price index adjustments in 2033 and 2038