PROPERTY AND LEASES

Property and Equipment as of January 31, 2016 and February 1, 2015 consisted of the following (amounts in millions):



	January 31, 2016		February 1, 2015
Property and Equipment, at cost:
Land	$	8,149	$	8,243
Buildings	17,667		17,759
Furniture, Fixtures and Equipment	10,279		9,602
Leasehold Improvements	1,481		1,419
Construction in Progress	670		585
Capital Leases	1,020		905
	39,266		38,513
Less Accumulated Depreciation and Amortization	17,075		15,793
Net Property and Equipment	$	22,191	$	22,720

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 2015, 2014 and 2013 was $922 million, $918 million and $905 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 2015, 2014 and 2013 was approximately $7 million, $7 million and $5 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 January 31, 2016 were as follows (amounts in millions):



Fiscal Year	Capital Leases		Operating Leases
2016	$	122	$	868
2017	119		804
2018	112		708
2019	109		624
2020	127		543
Thereafter through 2097	900		3,876
	1,489		$	7,423
Less imputed interest	726
Net present value of capital lease obligations	763
Less current installments	40
Long-term capital lease obligations, excluding current installments	$	723

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 $629 million and $557 million at January 31, 2016 and February 1, 2015, respectively.