Operating Leases

6 Months Ended

Jun. 30, 2014

The Company leases office space at three locations. The following table summarizes the total lease and operating expenses for the three and six months ended June 30, 2014 and 2013:



	June 30, 2014		June 30, 2013
Three Months Ended	$	226,948	$	164,351
Six Months Ended	453,037		340,239

The approximate future minimum lease payments under the operating leases are as follows:



Future Minimum Lease Payments
Six Months Remaining In
2014		2015		2016		2017		2018		2019-2024		Total
$	356,000	$	704,000	$	693,000	$	693,000	$	629,000	$	3,544,000	$	6,619,000

The total approximate future minimum lease payments of $6.6 million include $314 thousand of obligations that will be reimbursed to the Company under an expense reimbursement agreement ("Expense Agreement") with a third party. Under the Expense Agreement, these amounts are required to be reimbursed to the Company by the third party. The obligation of the third party to reimburse the Company for these expenses survives the termination of the Expense Agreement.

In addition to the above lease payments, the Company is also responsible for normal operating expenses of the properties. Such operating expenses were approximately $9.80 per square foot in 2013, on a combined basis, and are expected to be approximately $10.12 per square foot in 2014.

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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