Aaron Rents today announced the acquisition of 15 Aaron's Sales & Lease Ownership franchise stores from DPR Investments, Ltd and DPR Partnership, Ltd, Aaron's Sales & Lease Ownership franchisees since 1996, for $17.5 million. After this sale, DPR will still operate four franchise stores in Texas and has entered into area development agreements to open an additional six stores over the next several years.

The stores were purchased at slightly more than 11 times monthly revenue. Rental Purchase stores typically sell for between 6 and 10 times revenue, but at an average of 105k monthly, double the national average for rent to own stores, these 15 most recently acquired locations are hardly typical.

During the most recent conference call, CEO Charles Loudermilk stated that Aaron's was attempting to buy back all franchise stores, with 11 times revenue being offered for all locations with monthly revenues over 100k.

R. Charles Loudermilk, Sr.
Chairman and CEO
"We are continuing to be in discussions with several other franchisees to purchase a number of their stores. All franchise store acquisitions are expected to be accretive to earnings."

The Company also announced on July 21 a 3-for-2 stock split effected in the form of a 50% stock dividend on both Common Stock (RNT) and Class A Common Stock (RNT.A). New shares will be distributed on August 15, 2003 to shareholders of record as of the close of business on August 1, 2003.