COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Current minimum annual payments under the leases

Current minimum annual payments under the leases are as follows, as of June 30, 2017 (in thousands):

Year Ending December 31,
2017 (six months ending December 31, 2017)	$	1,619	(1)
2018	3,274
2019	3,347
2020	3,422
2021	3,460		(2)
Thereafter	24,823
Total	$	39,945

(1) Lease payments on the FHB Sublease are based on the stated lease rate of $70,578 through the end of the lease term, December 31, 2021.

(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.