LEASES

The Company leases all of its retail locations, a manufacturing facility, and certain office locations, distribution centers and equipment. The minimum lease terms for the Company’s retail stores generally range from five to 10 years. Approximately 45% of the retail store leases contain renewal options for varying periods. The term of the manufacturing facility lease is eight years. The terms of the leases for office facilities and distribution centers range from 10 to 15 years with renewal options of five to 20 years.

At the time its retail facilities are initially leased, the Company often receives consideration from landlords for a portion of the cost of leasehold improvements necessary to open the store, which are recorded as a deferred rent obligation and amortized to income over the lease term as a reduction of rent expense. In addition to minimum rental payments, certain of the retail store leases require contingent payments based on sales levels. The Company is also required to pay real estate taxes, maintenance and insurance which can vary year by year, and are therefore not included in the minimum rent payments below. A majority of the Company’s retail operating leases contain provisions that allow it to modify amounts payable under the lease or terminate the lease in certain circumstances, such as experiencing actual sales volume below a defined threshold and/or co-tenancy provisions associated with the facility.

The following is a summary of rent expense for operating leases:



($ thousands)	2018			2017			2016
Minimum rent	$	171,410		$	171,980		$	160,806
Contingent rent	671			513			470
Sublease income	(428		)	(1,705		)	(1,665		)
Total	$	171,653		$	170,788		$	159,611

Future minimum rent payments under noncancelable operating leases with an initial term of one year or more at February 2, 2019 were as follows:



($ thousands)
2019	$	173,891
2020	151,157
2021	125,629
2022	102,488
2023	84,036
Thereafter	212,774
Total minimum operating lease payments⁽¹⁾	$	849,975

^{(1) Minimum operating lease payments have not been reduced by minimum sublease rental income of}^{$0.5 million}^{due in the future under noncancelable sublease agreements.}