Note 5. Property, Net

Property, net consisted of the following:

	December 28, 2011		December 29, 2010
	(In thousands)
Land	$	27,144	$	27,328
Buildings and leasehold improvements		214,283		232,583
Other property and equipment		81,030		87,718
Total property owned		322,457		347,629
Less accumulated depreciation		223,010		230,928
Property owned, net		99,447		116,701

Buildings, vehicles, and other equipment held under capital leases		31,417		29,381
Less accumulated amortization		18,092		16,564
Property held under capital leases, net		13,325		12,817
Total property, net	$	112,772	$	129,518

The following table reflects the property assets, included in the table above, which were leased to franchisees:

	December 28, 2011		December 29, 2010
	(In thousands)
Land	$	12,219	$	11,677
Buildings and leasehold improvements		36,239		38,853
Total property owned, leased to franchisees		48,458		50,530
Less accumulated depreciation		33,064		34,398
Property owned, leased to franchisees, net		15,394		16,132

Buildings held under capital leases, leased to franchisees		16,224		15,644
Less accumulated amortization		11,204		10,047
Property held under capital leases, leased to franchisees, net		5,020		5,597
Total property leased to franchisees, net	$	20,414	$	21,729

Depreciation expense, including amortization of property under capital leases, for 2011, 2010 and 2009 was $23.7 million, $24.5 million and $27.0 million, respectively. Substantially all owned property is pledged as collateral for our Credit Facility. See Note 11.