COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Current minimum annual payments under the leases

Current minimum annual payments under the leases are as follows, as of September 30, 2016 (in thousands):

Year Ending December 31,
2016 (three months ending December 31, 2016)	$	572
2017	3,097		(1)
2018	3,167
2019	3,240
2020	3,315
Thereafter	28,176		(2)
Total	$	41,567

(1) Lease payments on the FHB Sublease will be equal to fair rental value from March 2017 through the end of the lease term. In the table, we have shown the lease payments for this period based on the stated rate for the month of February 2017 of $61,690.

(2) Lease payments on the Annex Lease will be equal to fair rental value from July 2021 through the end of the options lease term. In the table, we have shown the option lease payments for this period based on the stated rate for the month of June 2021 of $217,744.