The Company leases most of its retail stores and certain distribution facilities under noncancelable operating and finance leases, most of which have initial lease terms ranging from 5 to 22 years. The Company also leases certain of its equipment and other assets under noncancelable operating leases with initial terms ranging from 3 to 10 years. In addition to minimum rental payments, certain store leases require additional payments based on sales volume, as well as reimbursements for taxes, maintenance and insurance. Most leases contain renewal options, certain of which involve rent increases.

The following table is a summary of the Company’s components of net lease cost for the thirteen and twenty-six week periods ended August 27, 2022 and August 28, 2021:

Supplemental cash flow information related to leases for the twenty-six week periods ended August 27, 2022 and August 28, 2021:

Supplemental balance sheet information related to leases as of August 27, 2022 and February 26, 2022 (in thousands, except lease term and discount rate):

The following table summarizes the maturity of lease liabilities under finance and operating leases as of August 27, 2022:

(1)	– Future operating lease payments have not been reduced by minimum sublease rentals of $28 million due in the future under noncancelable leases.

During the thirteen and twenty-six week periods ended August 27, 2022, the Company sold three owned and operated properties, including the Pontiac, MI and Liverpool, NY distribution centers and one retail store to independent third parties. Net proceeds from the sales were $45,986 for the thirteen and twenty-six week periods ended August 27, 2022. Concurrent with these sales, the Company entered into agreements to lease the properties back from the purchasers over a minimum lease term of 15 years for the retail store and over a minimum lease term of three years for the distribution centers. The Company accounted for these leases as operating lease right-of-use assets and corresponding operating lease liabilities in accordance with the Lease Standard. The transactions resulted in a gain of $23,313 which is included in the (gain) loss on sale of assets, net for the thirteen and twenty-six week periods ended August 27, 2022.

During the thirteen and twenty-six week periods ended August 28, 2021, the Company sold two and four owned and operated stores to independent third parties. Net proceeds from the sales were $6,729 and $14,185 for the thirteen and twenty-six week periods ended August 28, 2021, respectively. Concurrent with these sales, the Company entered into agreements to lease the properties back from the purchasers over a minimum lease term of 15 years. The Company accounted for these leases as operating lease right-of-use assets and corresponding operating lease liabilities in accordance with the Lease Standard. The transactions resulted in a loss of $2,778 and a gain of $910 which is included in the (gain) loss on sale of assets, net for the thirteen and twenty-six week periods ended August 28, 2021, respectively.

The Company has additional capacity under its outstanding debt agreements to enter into additional sale-leaseback transactions.