7. LEASES

The Company leases certain property and equipment used in its operations. Generally, the leases are for primary terms of from five to twenty years with options either to renew for additional periods or to purchase the premises and call for payment of property taxes, insurance, and maintenance by the lessee.

The following is an analysis of the leased property under capital leases by major classes:

		Asset balances at April 30,
		2011		2010
Real estate	$	11,933	$	11,244
Equipment		2,605		2,605
		14,538		13,849
Less accumulated amortization		3,918		4,552
	$	10,620	$	9,297

Future minimum payments under the capital leases and noncancelable operating leases with initial or remaining terms of one year or more consisted of the following at April 30, 2011:

Years ended April 30,		Capital leases		Operating leases
2012	$	1,273	$	667
2013		1,232		448
2014		1,227		400
2015		863		204
2016		687		132
Thereafter		13,281		613
Total minimum lease payments		18,563	$	2,464
Less amount representing interest		8,219
Present value of net minimum lease payments	$	10,344

The total rent expense under operating leases was $674 in 2011, $438 in 2010, and $596 in 2009.