Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 483

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 4
Chunk 483
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 commenced.

Future minimum rental commitments and sublease rental income under the terms of the Company’s operating and finance leases were as follows as of September 30, 2025, dollars in thousands:

			Fiscal year 

			Third
			parties

			Related
			parties

			Sublease 

			rental 

			income

			Total
			leases

			2026

			$
			52,483

			1,217

			(462
			)

			53,238

			2027

			51,851

			1,166

			(362
			
			)

			52,655

			2028

			48,074

			1,178

			(258
			
			)

			48,994

			2029

			42,591

			1,190

			(222
			)

			43,559

			2030

			37,900

			1,194

			(114
			)

			38,980

			Thereafter

			169,753

			7,847

			(14
			
			)

			177,586

			Total payments

			$
			402,652

			13,792

			(1,432
			
			)

			415,012

Total rent expense, including common area expenses and warehouse rent, totaled $60.3 million, $58.4 million and $58.4 million for the years ended September 30, 2025, 2024 and 2023, respectively. In addition, $0.3 million, $0.4 million and $0.3 million is included in pre-opening expense associated with rent expense for stores prior to their opening date for the years ended September 30, 2025, 2024 and 2023, respectively.

13. Share-Based Compensation

The Company adopted the 2012 Omnibus Incentive Plan (as amended, the Plan) on July 17, 2012. Restricted stock unit awards granted pursuant to the Plan, if they vest, are settled in new shares of the Company’s common stock or shares of common stock held in treasury. At the adoption of the Plan, there were 1,090,151 shares of common stock available for issuance or delivery under