Net Investments in Properties and Real Estate Under Construction (Tables)

12 Months Ended

Dec. 31, 2014

At December 31, 2014, Operating real estate consisted of our self-storage operations. At December 31, 2013, Operating real estate consisted of our self-storage operations and a hotel. Below is a summary of our Operating real estate (in thousands):



	December 31,
	2014			2013
Land	$	66,066		$	66,066
Buildings	206,793			217,304
Less: Accumulated depreciation	(22,217		)	(15,354		)
	$	250,642		$	268,016

Real estate, which consists of land and buildings leased to others, at cost, and which are subject to operating leases, is summarized as follows (in thousands):



	December 31,
	2014			2013
Land	$	513,172		$	553,389
Buildings	1,883,543			1,848,926
Less: Accumulated depreciation	(175,478		)	(129,051		)
	$	2,221,237		$	2,273,264

Schedule of Future Minimum Rental Payments for Operating Leases

Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants and future CPI-based adjustments, under non-cancelable operating leases at December 31, 2014 are as follows (in thousands):



Years Ending December 31,	Total
2015	$	235,870
2016	236,073
2017	236,586
2018	238,773
2019	240,863
Thereafter	2,527,908
Total	$	3,716,073

Other Real Estate, Roll Forward

The following table provides the activity of our Real estate under construction (in thousands):



	Years Ended December 31,
	2014			2013
Beginning balance	$	127,935		$	71,285
Capitalized funds	74,420			90,007
Placed into service	(96,807		)	(42,225		)
Capitalized interest	6,661			5,208
Foreign currency translation adjustments, building improvements, and other	(1,226		)	3,660
Ending balance	$	110,983		$	127,935

Schedule of Change in Asset Retirement Obligation

The following table provides the activity of our asset retirement obligations, which are included in Accounts payable, accrued expenses and other liabilities in the consolidated financial statements (in thousands):



	Years Ended December 31,
	2014			2013
Beginning balance	$	22,076		$	19,194
Additions	—			1,619
Accretion expense ^(a)	1,233			1,203
Foreign currency translation adjustments and other	(38		)	60
Ending balance	$	23,271		$	22,076

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(a)	Accretion of the liability is included in Property expenses and recognized over the economic life of the properties.