Item 2. PROPERTIES

W. R. Berkley and its subsidiaries own or lease office buildings or office space suitable to conduct their operations. At December 31, 2014, the Company had aggregate office space of 4,117,482 square feet, of which 1,081,014 were owned and 3,036,468 were leased.

Rental expense for the Company's operations was approximately $45,189,000, $44,752,000 and $38,179,000 for 2014, 2013 and 2012, respectively. Future minimum lease payments, without provision for sublease income, are $41,210,000 in 2015, $36,547,000 in 2016 and $161,209,000 thereafter.