PROPERTY AND LEASES

Property and Equipment as of January 29, 2017 and January 31, 2016 consisted of the following (amounts in millions):



	January 29, 2017		January 31, 2016
Property and Equipment, at cost:
Land	$	8,207	$	8,149
Buildings	17,772		17,667
Furniture, Fixtures and Equipment	11,020		10,279
Leasehold Improvements	1,519		1,481
Construction in Progress	739		670
Capital Leases	1,169		1,020
	40,426		39,266
Less Accumulated Depreciation and Amortization	18,512		17,075
Net Property and Equipment	$	21,914	$	22,191

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 2016, 2015 and 2014 was $984 million, $922 million and $918 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 2016, 2015 and 2014 was approximately $9 million, $7 million and $7 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 29, 2017 were as follows (amounts in millions):



Fiscal Year	Capital Leases		Operating Leases
2017	$	130	$	907
2018	127		826
2019	124		746
2020	141		661
2021	118		586
Thereafter through 2097	996		3,727
	1,636		$	7,453
Less imputed interest	758
Net present value of capital lease obligations	878
Less current installments	42
Long-term capital lease obligations, excluding current installments	$	836

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 $730 million and $629 million at January 29, 2017 and January 31, 2016, respectively.