Leases

The Company is the lessor or sub-lessor of approximately half of all IHOP franchise restaurants. The restaurants are subleased to IHOP franchisees or in a few instances operated by the Company. These noncancelable leases and subleases consist primarily of land, buildings and improvements.

The following is the Company's net investment in direct financing lease receivables:



	December 31,
	2014			2013
	(In millions)
Total minimum rents receivable	$	126.7		$	144.8
Less: unearned income	(45.1		)	(56.2		)
Net investment in direct financing lease receivables	81.6			88.6
Less: current portion	(8.0		)	(7.0		)
Long-term direct financing lease receivables	$	73.6		$	81.6

Contingent rental income, which is the amount above and beyond base rent, for the years ended December 31, 2014, 2013 and 2012 was $14.1 million, $12.7 million and $12.5 million, respectively.

The following is the Company's net investment in equipment leases receivable:



	December 31,
	2014			2013
	(In millions)
Total minimum leases receivable	$	165.4		$	184.2
Less: unearned income	(58.1		)	(69.1		)
Net investment in equipment leases receivables	107.3			115.1
Less: current portion	(7.4		)	(7.1		)
Long-term equipment leases receivable	$	99.9		$	108.0

The following are minimum future lease payments on noncancelable leases as lessee at December 31, 2014:



	Capital Leases			Operating Leases
	(In millions)
2015 ⁽¹⁾	$	26.2		$	83.5
2016	24.0			75.9
2017 ⁽¹⁾	21.4			68.4
2018	20.6			72.6
2019	17.2			68.4
Thereafter	58.7			328.5
Total minimum lease payments	168.1			$	697.3
Less: interest	(55.3		)
Capital lease obligations	112.8
Less: current portion ⁽²⁾	(14.7		)
Long-term capital lease obligations	$	98.1

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⁽¹⁾Due to the varying closing date of the Company's fiscal year, 13 monthly payments will be made in fiscal 2015 and 11 monthly payments in fiscal 2017.

⁽²⁾Included in current maturities of capital lease and financing obligations on the consolidated balance sheet.

The asset cost and carrying amount on company-owned property leased at December 31, 2014 was $90.1 million and $64.5 million, respectively. The asset cost and carrying amount on company-owned property leased at December 31, 2013, was $90.1 million and $66.1 million, respectively. The asset cost and carrying amounts represent the land and building asset values and net book values on sites leased to franchisees.

The minimum future lease payments shown above have not been reduced by the following future minimum rents to be received on noncancelable subleases and leases of owned property at December 31, 2014:



	Direct Financing Leases		Operating Leases
	(In millions)
2015 ⁽¹⁾	$	18.3	$	101.5
2016	17.8		99.7
2017 ⁽¹⁾	17.9		99.6
2018	17.5		98.9
2019	16.3		97.1
Thereafter	38.9		555.8
Total minimum rents receivable	$	126.7	$	1,052.6

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⁽¹⁾Due to the varying closing date of the Company's fiscal year, 13 monthly payments will be made in fiscal 2015 and 11 monthly payments in fiscal 2017.

The Company has noncancelable leases, expiring at various dates through 2032, which require payment of contingent rents based upon a percentage of sales of the related restaurant as well as property taxes, insurance and other charges. Subleases to franchisees of properties under such leases are generally for the full term of the lease obligation at rents that include the Company's obligations for property taxes, insurance, contingent rents and other charges. Generally, the noncancelable leases include renewal options. Contingent rent expense for all noncancelable leases for the years ended December 31, 2014, 2013 and 2012 was $2.8 million, $2.8 million and $2.7 million, respectively. Minimum rent expense for all noncancelable operating leases for the years ended December 31, 2014, 2013 and 2012 was $75.9 million, $75.4 million and $78.0 million, respectively.