Leases

We lease substantially all our office space under operating leases and certain equipment under operating and capital leases that expire at various dates. Certain office leases contain renewal options. In circumstances where the exercise of the renewal option is reasonably assured at the inception of the lease, the renewal period is included in the determination of the lease term. Office leases may also include scheduled rent increases and concessions, such as rent abatements and landlord incentives and tenant improvement allowances. Scheduled rent increases are recognized on a straight-line basis over the lease term and concessions are recorded as deferred rent and are amortized to rent expense on a straight-line basis over the lease term. Certain office leases require payment of real estate taxes and other occupancy costs. These costs are not included in rent expense. Leasehold improvements made at inception or during the lease term are amortized over the shorter of the asset life or the lease term, which may include renewal periods where the renewal is reasonably assured.

Rent expense for the three years ended December 31, 2014 was (in millions):



	2014			2013			2012
Office base rent	$	373.1		$	379.9		$	390.5
Third party sublease rent	(11.2		)	(10.6		)	(10.4		)
Net office rent	361.9			369.3			380.1
Equipment rent	27.9			33.1			36.3
	$	389.8		$	402.4		$	416.4

Future minimum lease payments under non-cancelable operating leases, reduced by third party sublease rent receivable from existing non-cancelable subleases, and capital leases are (in millions):



	Operating Leases			Capital Leases
2015	$	351.3		$	24.0
2016	247.4			16.1
2017	194.4			9.0
2018	153.5			4.4
2019	133.7			3.1
Thereafter	529.0			2.1
Minimum lease payments	1,609.3			58.7
Sublease rent	(13.9		)
Net rent	$	1,595.4
Interest component				(1.5		)
Present value of minimum lease payments				$	57.2

Property under capital lease and capital lease obligations as of December 31, 2014 and 2013 were (in millions):



	2014			2013
Property under capital lease:
Cost	$	146.3		$	134.0
Accumulated depreciation	(90.6		)	(80.5		)
	$	55.7		$	53.5
Capital lease obligations:
Current	$	23.2		$	22.2
Long-term	34.0			33.2
	$	57.2		$	55.4

Depreciation expense for property under capital lease was $26.1 million, $26.4 million and $25.9 million in 2014, 2013 and 2012, respectively.