Property, Net

Property, net consisted of the following:



	December 31, 2014		December 25, 2013
	(In thousands)
Land	$	27,198	$	27,198
Buildings and leasehold improvements	233,339		229,918
Other property and equipment	77,493		75,740
Total property owned	338,030		332,856
Less accumulated depreciation	241,678		241,257
Property owned, net	96,352		91,599
Buildings, vehicles and other equipment held under capital leases	26,836		28,730
Less accumulated amortization	13,411		14,709
Property held under capital leases, net	13,425		14,021
Total property, net	$	109,777	$	105,620

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



	December 31, 2014		December 25, 2013
	(In thousands)
Land	$	14,977	$	14,977
Buildings and leasehold improvements	63,098		64,458
Total property owned, leased to franchisees	78,075		79,435
Less accumulated depreciation	53,994		54,473
Property owned, leased to franchisees, net	24,081		24,962
Buildings held under capital leases, leased to franchisees	7,251		10,206
Less accumulated amortization	5,208		7,345
Property held under capital leases, leased to franchisees, net	2,043		2,861
Total property leased to franchisees, net	$	26,124	$	27,823

Depreciation expense, including amortization of property under capital leases, for 2014, 2013 and 2012 was $19.2 million, $18.6 million and $19.1 million, respectively. Substantially all owned property is pledged as collateral for our Credit Facility. See Note 10.