9. Commitments

The Company’s commercial real estate operations include the leasing of office buildings and industrial properties subject to leases with terms greater than one year. The leases expire at various dates through 2024. The following is a schedule of approximate future minimum rental income on non-cancelable operating leases as of December 31, 2012:

(in thousands)	Year ending December 31,

2013	$	127,789
2014	132,025
2015	116,155
2016	104,296
2017	81,397
Thereafter (2018-2024)	207,774
	$	769,436

The Company leases its corporate office space under an operating lease that commenced September 1, 2010 for a seven year term and has a five-year extension option. The lease includes a base annual rent and additional rent for the Company’s share of taxes and operating costs and expires in 2017. Future minimum lease payments are as follows:

(in thousands)	Year ending December 31,

2013	$	405
2014	417
2015	424
2016	428
2017	324
Thereafter	—
	$	1,998

Rent expense was approximately $403,000, $400,000 and $366,000 for the years ended December 31, 2012, 2011 and 2010, respectively, and is included in selling, general and administration expenses in the consolidated statements of income.

The Company has entered into the Sponsored REIT Loans described in Note 4, which provide for up to $118.8 million in borrowings of which $93.9 million have been drawn and are outstanding as of December 31, 2012. The Company anticipates that any advances made will be repaid at their maturity or earlier from long term financing of the underlying properties, cash flows of the underlying properties or some other capital events.