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,
	2016		2015
Real estate	$	13,480	$	13,480
Equipment	2,564		2,564
	16,044		16,044
Less accumulated amortization	6,365		5,666
	$	9,679	$	10,378

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, 2016:



Years ended April 30,	Capital leases		Operating leases
2017	$	868	$	1,105
2018	870		1,088
2019	876		817
2020	882		474
2021	879		217
Thereafter	11,113		88
Total minimum lease payments	15,488		$	3,789
Less amount representing interest	6,244
Present value of net minimum lease payments	$	9,244

The total rent expense under operating leases was $1,862 in 2016, $1,961 in 2015, and $1,424 in 2014.