PROPERTY AND LEASES

Property and Equipment as of February 2, 2014 and February 3, 2013 consisted of the following (amounts in millions):



	February 2, 2014		February 3, 2013
Property and Equipment, at cost:
Land	$	8,375	$	8,485
Buildings	17,950		17,981
Furniture, Fixtures and Equipment	10,107		9,338
Leasehold Improvements	1,388		1,382
Construction in Progress	548		647
Capital Leases	696		658
	39,064		38,491
Less Accumulated Depreciation and Amortization	15,716		14,422
Net Property and Equipment	$	23,348	$	24,069

The Company leases certain retail locations, office space, warehouse and distribution space, equipment and vehicles. While most of the leases are operating leases, certain locations and equipment are leased under capital leases. As leases expire, it can be expected that in the normal course of business certain leases will be renewed or replaced.

Certain lease agreements include escalating rents over the lease terms. The Company expenses rent on a straight-line basis over the lease term, which commences on the date the Company has the right to control the property. The cumulative expense recognized on a straight-line basis in excess of the cumulative payments is included in Other Accrued Expenses and Other Long-Term Liabilities in the accompanying Consolidated Balance Sheets.

Total rent expense, net of minor sublease income, for fiscal 2013, 2012 and 2011 was $905 million, $849 million and $823 million, respectively. Certain store leases also provide for contingent rent payments based on percentages of sales in excess of specified minimums. Contingent rent expense for fiscal 2013, 2012 and 2011 was approximately $5 million, $4 million and $4 million, respectively. Real estate taxes, insurance, maintenance and operating expenses applicable to the leased property are obligations of the Company under the lease agreements.

The approximate future minimum lease payments under capital and all other leases at February 2, 2014 were as follows (amounts in millions):



Fiscal Year	Capital Leases		Operating Leases
2014	$	99	$	895
2015	94		843
2016	92		754
2017	89		674
2018	83		574
Thereafter through 2097	723		4,456
	1,180		$	8,196
Less imputed interest	681
Net present value of capital lease obligations	499
Less current installments	31
Long-term capital lease obligations, excluding current installments	$	468

Short-term and long-term obligations for capital leases are included in the accompanying Consolidated Balance Sheets in Current Installments of Long-Term Debt and Long-Term Debt, respectively. The assets under capital leases recorded in Property and Equipment, net of amortization, totaled $374 million and $368 million at February 2, 2014 and February 3, 2013, respectively.