Leases-The Company as Lessor

12 Months Ended

Dec. 31, 2014

LEASES—THE COMPANY AS LESSOR

The Company leases to third-parties land and buildings under operating leases. The historical cost of, and accumulated depreciation on, leased property at December 31, 2014 and 2013 were as follows (in millions):



	2014			2013
Leased property - real estate	$	1,149.9		$	1,100.0
Less accumulated depreciation	(118.5		)	(99.5		)
Property under operating leases - net	$	1,031.4		$	1,000.5

Total rental income, excluding tenant reimbursements (which totaled $28.8 million, $24.1 million and $21.5 million for the years ended December 31, 2014, 2013 and 2012, respectively), under these operating leases was as follows (in millions):



Years Ending December 31,	2014		2013		2012
Minimum rentals	$	89.8	$	80.5	$	74.3
Contingent rentals (based on sales volume)	4.7		3.0		2.8
Total	$	94.5	$	83.5	$	77.1

Future minimum rentals on non-cancelable leases at December 31, 2014 were as follows (in millions):



	Operating Leases
2015	$	85.9
2016	76.1
2017	64.2
2018	52.5
2019	44.9
Thereafter	307.9
Total	$	631.5

- Definition

The entire disclosure for operating leases of a lessor. This may include a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

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