SHENANDOAH TELECOMMUNICATIONS COMPANY ■ 34
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 12.   Shareholder Rights
The Board of Directors adopted a Shareholder Rights Plan in 1998, whereby, under certain circumstances, holders of
each right (granted in 1998 at one right per share of outstanding stock) will be entitled to purchase $80 worth of the
Company's common stock for $40.  The rights are neither exercisable nor traded separately from the Company's
common stock.  The rights are only exercisable if a person or group becomes or attempts to become, the beneficial
owner of 15% or more of the Company's common stock.  Under the terms of the Plan, such a person or group is not
entitled to the benefits of the rights.
Note 13.  Lease Commitments
The Company leases land, buildings and tower space under various non-cancelable agreements, which expire between
2004 and 2043 and require various minimum annual rental payments.  The leases generally contain certain renewal
options for periods ranging from 5 to 20 years.
Future minimum lease payments under non-cancelable operating leases with initial variable lease terms in excess of
one year as of December 31, 2003 are as follows:
Year Ending Amount
(in thousands)
2004 $ 3,216
2005 2,544
2006 2,072
2007 1,327
2008 902
2009 and beyond 2,531
$ 12,592
The Company’s total rent expense from continuing operations for each of the previous three years was $4.4 million in
2003, $3.4 million in 2002, and $2.4 million in 2001.
As lessor, the Company has leased buildings, tower space and telecommunications equipment to other entities under
various non-cancelable agreements, which require various minimum annual payments.  The total minimum rental
receipts at December 31, 2003 are as follows:
Year Ending Amount
(in thousands)
2004 $ 2,988
2005 2,759
2006 1,563
2007 1,126
2008 448
2009 and beyond 448
$ 9,332
(in thousands)
(in thousands)
Amount
Amount