8. LEASES

Operating and Capital Leases:

As of December 31, 2013, the Company leases office space for corporate offices, a distribution facility in Texas, a raw materials warehouse in Maryland, as well as eighty-three corporate-operated Medifast Weight Control Centers under lease terms ranging from five to ten years. The eighty-three leases include seventy-five centers that are in operation and eight closed centers. Monthly payments under the Medifast Weight Control Centers leases range in price from $1,500 to $5,000. The Company is additionally required to pay property taxes, utilities, insurance and other costs relating to the leased facilities.

The Company leases large commercial printers for our printing operation that supports our sales channels and network equipment for information technology that are accounted for as capital leases. The leases extend through December 2016.

The following table summarizes our future minimum rental and lease payments required under non-cancelable lease terms in excess of one year as of December 31, 2013:

Current portion	Operating Leases		Capital Leases
2014	$	4,623,000	$	248,000
2015		4,381,000		248,000
2016		3,508,000		248,000
2017		1,734,000		-
2018		430,000		-
Thereafter		50,000		-
Total minimum lease payments	$	14,726,000	$	744,000
Less amount representing interest				48,000
Present value of minimum lease payments			$	696,000
Current portion				222,000
Long-term portion			$	474,000

Rent expense for the years ended December 31, 2013, 2012, and 2011 was $6,663,000, $5,371,000, and $3,753,000, respectively. The 2013 expense includes the accrued net rent expense of $1,131,000 for the closure of the Centers. Equipment lease expense for the years ended December 31, 2013, 2012, and 2011 was $1,524,000, $1,926,000, and $1,929,000, respectively.