GATX as Lessor

The following table shows the components of our direct finance leases as of December 31 (in millions):



	2013			2012
Total contractual lease payments receivable	$	270.2		$	327.3
Estimated unguaranteed residual value of leased assets	79.8			86.9
Unearned income	(142.7		)	(168.5		)
Finance leases	$	207.3		$	245.7

Leveraged lease revenue

Revenue from leveraged leases (net of taxes) was $0.0 million in 2013, $0.2 million in 2012, and $4.6 million in 2011.

Usage rents

We base lease revenue for certain operating leases on equipment usage. Lease revenue from such usage rents was $21.3 million in 2013, $18.2 million in 2012, and $13.7 million in 2011.

Initial direct costs

Deferred initial direct costs related to direct financing leases were $0.4 million at December 31, 2013 and $0.8 million, at December 31, 2012.

Future receipts

The following table shows our future contractual receipts from finance leases and noncancelable operating leases as of December 31, 2013 (in millions):



	Finance Leases		Operating Leases (1)		Total
2014	$	33.0	$	877.0	$	910.0
2015	31.7		702.5		734.2
2016	28.6		536.9		565.5
2017	27.1		400.1		427.2
2018	25.7		299.3		325.0
Years thereafter	124.1		659.0		783.1
	$	270.2	$	3,474.8	$	3,745.0

__________

(1) The future contractual receipts due under our full-service operating leases include executory costs such as maintenance, car taxes, and insurance.

GATX as Lessee

Capital Lease Assets

The following table shows assets we financed with capital lease obligations as of December 31 (in millions):



	2013			2012
Marine vessels	$	81.4		$	79.9
Less: allowance for depreciation	(71.4		)	(67.9		)
	$	10.0		$	12.0

Operating Leases

We lease in assets that are closely associated with our revenue generating operations. Total operating lease expense, which includes amounts recorded in selling, general and administrative expense, was $134.0 million in 2013, $133.3 million in 2012, and $137.3 million in 2011.

Lease Obligations

For some leases, we have the option to renew the leases or purchase the assets at the end of the lease term. The specific terms of the renewal and purchase options vary, and except as noted below,we did not include these amounts in our future contractual rental payments. Additionally, the contractual rental payments do not include amounts we are required to pay for licenses, taxes, insurance, and maintenance. The following table shows our future contractual payments due under noncancelable leases as of December 31, 2013 (in millions):



	Capital Leases			Recourse Operating Leases (1)		Nonrecourse Operating Leases (2)
2014	$	3.1		$	142.9	$	130.5
2015	3.1			131.3		11.1
2016	2.7			108.0		8.1
2017	1.1			95.7		9.5
2018	—			87.1		9.0
Years thereafter	—			400.2		28.3
	$	10.0		$	965.2	$	196.5
Less: amounts representing interest	(1.1		)
Present value of future contractual capital lease payments	$	8.9

__________

(1) 2014 payments include $32.2 million related to our contractual commitment to purchase 1,308 railcars at the end of the lease term.

(2) The amounts shown are primarily the rental payments of two wholly owned, bankruptcy-remote special purpose corporations. We consolidate these rentals for accounting purposes, but they are not our legal obligations. 2014 payments include $119.0 million related to an option we exercised to purchase 3,275 railcars.