8. 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 2036. The following is a schedule of approximate future minimum rental income on non-cancelable operating leases as of December 31, 2018:


	Year ending
(in thousands)	December 31,

2019	$	169,471
2020		161,287
2021		142,712
2022		116,306
2023		97,853
Thereafter (2024-2036)		269,863
	$	957,492

The Company leases its corporate office space under an operating lease that commenced September 1, 2010. The lease was amended on October 25, 2016 to extend the lease through September 30, 2024. The lease 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. Future minimum lease payments are as follows:


	Year ending
(in thousands)	December 31,
2019	$	412
2020		421
2021		429
2022		438
2023		447
Thereafter		340
	$	2,487

Rent expense was approximately $411,000, $420,000 and $411,000 for the years ended December 31, 2018, 2017 and 2016, respectively, and is included in general and administration expenses in the consolidated statements of income.

The Company has entered into the Sponsored REIT Loans described in Note 3, which provide for up to $79.5 million in borrowings of which $70.7 million have been drawn and were outstanding as of December 31, 2018. The Company anticipates that any advances made will be repaid at their maturity or earlier from refinancing, long term financing of the underlying properties, cash flows of the underlying properties or some other capital events.