5. Leases

The Company leases the premises for its retail bookstores under operating leases, which expire in various years through the year 2023. Many of these leases contain renewal options and require the Company to pay executory costs (such as property taxes, maintenance and insurance). In addition to fixed minimum rentals, some of the Company’s leases require contingent rentals based on a percentage of sales. The Company also has minimal operating and capital leases for equipment.

Minimum future rental payments under non-cancelable leases having remaining terms in excess of one year as of February 1, 2014 are as follows (in thousands):


	Future Minimum Rent
Fiscal Year	Capital Leases		Operating Leases
2015	$	497	$	39,152
2016		497		30,263
2017		497		25,049
2018		474		18,515
2019		145		12,218
Subsequent years		—		19,770

Total minimum lease payments		2,110	$	144,967

Less: Amount representing interest		100

Present value of net minimum capital lease payments		2,010
Less: Current installments of obligations under capital leases		456

Obligations under capital leases, excluding current installments	$	1,554

The current portion of the capital lease obligation is recorded in Accrued expenses, and the long term portion is recorded in Long term capital lease obligation on the consolidated balance sheets. Assets recognized under capital lease and the accumulated amortization thereunder was $2.3 million and $0.8 million, respectively, in fiscal 2014. Assets recognized under capital lease and the accumulated amortization thereunder was $1.3 million and $0.1 million, respectively, in fiscal 2013.

Rental expense for all leases consisted of the following (in thousands):


	Fiscal Year Ended
	February 1, 2014		February 2, 2013
Minimum rentals	$	41,595	$	41,021
Contingent rentals		3,597		3,370

Total	$	45,192	$	44,391