Property, Net

Property, net consisted of the following:



	December 25, 2013		December 26, 2012
	(In thousands)
Land	$	27,198	$	26,622
Buildings and leasehold improvements	229,918		228,132
Other property and equipment	75,740		73,851
Total property owned	332,856		328,605
Less accumulated depreciation	241,257		234,046
Property owned, net	91,599		94,559
Buildings, vehicles and other equipment held under capital leases	28,730		28,572
Less accumulated amortization	14,709		16,127
Property held under capital leases, net	14,021		12,445
Total property, net	$	105,620	$	107,004

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



	December 25, 2013		December 26, 2012
	(In thousands)
Land	$	14,977	$	14,377
Buildings and leasehold improvements	64,458		66,207
Total property owned, leased to franchisees	79,435		80,584
Less accumulated depreciation	54,473		55,647
Property owned, leased to franchisees, net	24,962		24,937
Buildings held under capital leases, leased to franchisees	10,206		13,834
Less accumulated amortization	7,345		9,627
Property held under capital leases, leased to franchisees, net	2,861		4,207
Total property leased to franchisees, net	$	27,823	$	29,144

Depreciation expense, including amortization of property under capital leases, for 2013, 2012 and 2011 was $18.6 million, $19.1 million and $23.7 million, respectively. Substantially all owned property is pledged as collateral for our Credit Facility. See Note 10.