kdo

Show Me the Money: What I Want to Hear From Starbucks

Your post has flaws:
1) Lease rates are operating leases. Not a capital expense -- is an operating expense. Improvements are capital expenses and those won't change and the real estate problems -- so far, have been housing, not commercial. SBUX can't make estimates on what hasn't happened yet.

From the Same Press Release you call a 10-K, of which I know, because you're quoted section isn't found anywhere in the 10-K:

"The company has adjusted its new store opening target to approximately 2,500 net new stores on a global basis in fiscal 2008; approximately 900 company-operated locations and 700 licensed locations in the U.S., and approximately 300 company-operated stores and 600 licensed stores in international markets;

That is around 1200 company operated stores, which is equivalent to almost $800 million at the $655k rate you suggest, which is within spitting distance of that $880 million figure you have and can be needed/used for various reasons.