Leases

Capital Lease and Other Financing Obligations

Tokyo 5 ("TY5") Equipment Leases

In February 2016, the Company entered into a lease agreement for certain equipment in TY5 data center in Tokyo metro area. The lease was accounted for as a capital lease. Monthly payments under the equipment lease will be made through February 2032 at an effective interest rate of 6.33%. The total obligation under the equipment lease was approximately ¥3,074,947,000, or $27,335,000 in U.S. dollars at the exchange rate in effect as of March 31, 2016.

Maturities of Capital Lease and Other Financing Obligations

The Company’s capital lease and other financing obligations are summarized as follows (in thousands):



	Capital lease obligations			Other financing obligations ⁽¹⁾			Total
2016 (9 months remaining)	$	58,850		$	64,147		$	122,997
2017	79,509			86,216			165,725
2018	80,032			82,472			162,504
2019	80,857			77,091			157,948
2020	80,878			74,617			155,495
Thereafter	961,236			794,225			1,755,461
Total minimum lease payments	1,341,362			1,178,768			2,520,130
Plus amount representing residual property value	368			539,509			539,877
Less amount representing interest	(629,395		)	(830,142		)	(1,459,537		)
Present value of net minimum lease payments	712,335			888,135			1,600,470
Less current portion	(23,269		)	(25,056		)	(48,325		)
	$	689,066		$	863,079		$	1,552,145

⁽¹⁾Other financing obligations are primarily build-to-suit lease obligations.

Other financing obligations for data centers to be divested in connection with the Company's acquisition of TelecityGroup are included in liabilities held for sale in the condensed consolidated balance sheet at March 31, 2016 and are not included in the summary of the Company's capital lease and other financing obligations above. Total minimum lease payments under those obligations totaled $56,989,000 at March 31, 2016.