LEASES

12 Months Ended

Feb. 23, 2019

The Company leases certain retail stores, distribution centers, office facilities and equipment from third parties. The typical lease period is 15 to 20 years with renewal options for varying terms and, to a limited extent, options to purchase. Certain leases contain percent rent based on sales, escalation clauses or payment of executory costs such as property taxes, utilities, insurance and maintenance.

Future minimum lease payments to be made by the Company for non-cancelable operating lease and capital lease obligations as of February 23, 2019 consisted of the following (in millions):



	Lease Obligations
Fiscal year	Operating Leases		Capital Leases
2019	$	879.7	$	170.5
2020	840.5		151.3
2021	783.2		134.9
2022	723.6		123.1
2023	651.0		114.1
Thereafter	4,338.6		509.1
Total future minimum obligations	$	8,216.6	1,203.0
Less interest			(440.7		)
Present value of net future minimum lease obligations			762.3
Less current portion			(97.3		)
Long-term obligations			$	665.0

The Company subleases certain property to third parties. Future minimum tenant rental income under these non-cancelable operating leases as of February 23, 2019 was $360.3 million.

Rent expense and tenant rental income under operating leases consisted of the following (in millions):



	Fiscal 2018			Fiscal 2017			Fiscal 2016
Minimum rent	$	853.5		$	831.6		$	792.2
Contingent rent	10.3			12.0			13.4
Total rent expense	863.8			843.6			805.6
Tenant rental income	(107.2		)	(98.8		)	(89.3		)
Total rent expense, net of tenant rental income	$	756.6		$	744.8		$	716.3