Leases

As of July 28, 2017, the Company operated 231 stores in leased facilities and also leased certain land, a retail distribution center and advertising billboards.

Rent expense under operating leases, including the sale-leaseback transactions discussed below, for each of the last three years was:

Year	Minimum		Contingent		Total
2017	$	75,000	$	252	$	75,252
2016		74,405		263		74,668
2015		72,877		252		73,129

The following is a schedule by year of the future minimum rental payments required under the Company’s operating leases as of July 28, 2017:

Year	Total
2018	$	65,253
2019		53,102
2020		48,298
2021		29,993
2022		30,372
Later years		480,140
Total	$	707,158

Sale-Leaseback Transactions

In 2009, the Company completed sale-leaseback transactions involving 15 of its owned stores and its retail distribution center. Under the transactions, the land, buildings and improvements at the locations were sold and leased back for terms of 20 and 15 years, respectively. Equipment was not included. The leases include specified renewal options for up to 20 additional years.

The Company leases 65 of its stores pursuant to a sale-leaseback transaction which closed in 2000. Under the transaction, the land, buildings and building improvements at the locations were sold and leased back for a term of 21 years. The leases for these stores include specified renewal options for up to 20 additional years and have certain financial covenants related to fixed charge coverage for the leased stores. At July 28, 2017 and July 29, 2016, the Company was in compliance with these covenants.