Real estate from finance leases is also presented under property, plant and equipment. It is included in the "Land and buildings" item in an amount of 824.5 million euros (previous year: 871.6 million euros).
Many of the leased properties are partially or fully subleased. A majority of the subleasing is made to companies in connection with the REWE partnership model. The lease agreements have varying terms and conditions, rent increase clauses and renewal options. Purchase options are not normally included.
In addition, assets classified as other operating and office equipment are leased in connection with operating leases with short-term termination clauses.
Finance Leases as Lessee
| in million € | 31 Dec. 2018 | 31 Dec. 2017 |
|---|---|---|
| Total minimum lease payments from finance leases | 999.7 | 1,052.5 |
| Discounting | -145.3 | -152.8 |
| Present value of liabilities from finance leases | 854.4 | 899.7 |
| in million € | Up to 1 year | 1 to 5 years | More than 5 years | 31 Dec. 2018 Total |
|---|---|---|---|---|
| Total minimum lease payments from finance leases | 84.9 | 352.0 | 562.8 | 999.7 |
| Discounting | -19.9 | -64.5 | -60.9 | -145.3 |
| Present value of liabilities from finance leases | 65.0 | 287.5 | 501.9 | 854.4 |
| in million € | Up to 1 year | 1 to 5 years | More than 5 years | 31 Dec. 2017 Total |
|---|---|---|---|---|
| Total minimum lease payments from finance leases | 82.4 | 334.1 | 636.0 | 1,052.5 |
| Discounting | -19.3 | -66.1 | -67.4 | -152.8 |
| Present value of liabilities from finance leases | 63.1 | 268.0 | 568.6 | 899.7 |
The change in the present value of lease commitments arises in particular through scheduled repayments of lease commitments.
Operating Leases as Lessee
| in million € | 31 Dec. 2018 | 31 Dec. 2017 |
|---|---|---|
| Up to 1 year | 1,899.3 | 1,843.9 |
| 1 to 5 years | 5,855.5 | 5,674.3 |
| More than 5 years | 5,092.5 | 4,895.1 |
| Future payments on operating leases | 12,847.3 | 12,413.3 |
Operating Leases as Lessor
| in million € | 31 Dec. 2018 | 31 Dec. 2017 |
|---|---|---|
| Up to 1 year | 759.1 | 716.4 |
| 1 to 5 years | 2,213.4 | 2,105.7 |
| More than 5 years | 1,930.3 | 2,037.5 |
| Future payments expected from operating leases | 4,902.8 | 4,859.6 |
The principal amount of minimum lease payments that the groups will receive in future from subleasing properties leased under operating leases is 4,791.9 million euros (previous year: 4,587.0 million euros). Some of the subleasing income is secured through security deposits and payment guarantees. The increase in future subleasing income to be received and in expected future total leasing income resulted primarily from the conclusion of new sublease agreements.