PREMISES, EQUIPMENT, AND CAPITAL LEASES, NET

The following table presents the summary of premises, equipment, and capital lease, net, as of the dates indicated:



	December 31,
	2015			2014
	(In thousands)
Land	$	11,130		$	22,330
Building and improvement	78,358			31,403
Furniture, fixtures, and equipment	34,235			30,469
Leasehold improvements	11,671			8,764
Construction in process	1,793			3,176
Total	137,187			96,142
Less accumulated depreciation	(25,648		)	(17,457		)
Premises, equipment, and capital lease, net	$	111,539		$	78,685

On November 12, 2015, the Company purchased a certain real property located at 3 MacArthur Place, Santa Ana, California at a purchase price of approximately $77.0 million in cash.

On September 25, 2015, the Company sold of two branch locations to AUB. The transaction included net book values of $47 thousand of leasehold improvements and $30 thousand of furniture, fixtures, and equipment as of the transaction date.

On June 25, 2015, the Company sold a certain improved real property located 1588 South Coast Drive, Costa Mesa, California at a book value of $42.3 million at the transaction date.

The Company recognized depreciation expense of $9.2 million, $6.8 million and $4.3 million for years ended December 31, 2015, 2014, and 2013, respectively.

The Company leases certain equipment under capital leases. Capital leases totaled $2.3 million and $3.2 million at December 31, 2015 and 2014, respectively. The lease arrangements require monthly payments through 2019.

The Company leases certain properties under operating leases. Total rent expense for the years ended December 31, 2015, 2014, and 2013 amounted to $16.4 million, $13.0 million and $7.6 million, respectively. Pursuant to the terms of non-cancellable lease agreements in effect at December 31, 2015 pertaining to banking premises and equipment, future minimum rent commitments under various operating leases are as follows, before considering renewal options that generally are present.

The following table presents the future commitments under operating leases and capital leases as of December 31, 2015:



	2016		2017		2018		2019		2020 and After		Total
	(In thousands)
Commitments under operating leases	$	12,945	$	10,192	$	6,708	$	4,298	$	7,899	$	42,042
Commitments under capital lease	998		939		385		47		—		2,369
Total	$	13,943	$	11,131	$	7,093	$	4,345	$	7,899	$	44,411