NOTE 6 – LEASING

The following table identifies the future minimum lease payments under all of the Company’s operating leases for each of the next five years and in the aggregate as of December 31, 2016 (in thousands):



	December 31, 2016
	Related Parties		Non-Related Parties		Total
2017	$	4,634	$	271,544	$	276,178
2018	4,571		262,056		266,627
2019	3,099		244,564		247,663
2020	2,313		223,528		225,841
2021	1,846		200,411		202,257
Thereafter	5,546		1,032,556		1,038,102
Total	$	22,009	$	2,234,659	$	2,256,668

See Note 11 for further information concerning the Company’s related party operating leases.

Operating lease commitments:

The Company leases certain office space, retail stores, property and equipment under long-term, non-cancelable operating leases. Most of these leases include renewal options and some include options to purchase, provisions for percentage rent based on sales and/or incremental step increase provisions.

The future minimum lease payments under the Company’s operating leases, in the table above, do not include potential amounts for percentage rent or other operating lease related costs and have not been reduced by expected future minimum sublease income. Expected future minimum sublease income under non-cancelable subleases is approximately $20.5 million at December 31, 2016.

The following table summarizes the net rent expense amounts for the years ended December 31, 2016, 2015 and 2014, which were included as a component of “Selling, general and administrative expenses” on the accompanying Consolidated Statements of Income (in thousands):



	For the Year Ended December 31,
	2016		2015		2014
Minimum operating lease expense	$	273,559	$	263,479	$	254,565
Contingent rents	892		947		759
Other lease related occupancy costs	13,241		12,852		11,688
Total rent expense	287,692		277,278		267,012
Less: sublease income	4,439		4,019		3,984
Net rent expense	$	283,253	$	273,259	$	263,028