Leases

The Company leases restaurant facilities, office space and certain equipment under operating leases that expire on various dates through September 2035. Lease terms for traditional shopping centers generally include a base term of 10 years, with options to extend these leases for additional periods of five to 15 years. Typically, the lease includes rent escalations, which are expensed on a straight-line basis over the expected lease term. The difference between rent expense and cash paid for rent is recognized as deferred rent. Total rent expense for 2016, 2015 and 2014 was approximately $48.5 million, $44.6 million and $37.9 million, respectively.

Future minimum lease payments required under existing leases as of January 3, 2017 are as follows (in thousands):



2017	$	50,408
2018	46,699
2019	41,136
2020	36,831
2021	33,332
Thereafter	98,396
	$	306,802