Finance Receivables (Tables)

12 Months Ended

Dec. 31, 2015

Receivables [Abstract]

Capital Leases Net Investment In Direct Financing Leases

Net investments in direct financing leases is summarized as follows (in thousands):

	December 31,
	2015			2014
Minimum lease payments receivable	$	927,405		$	726,054
Unguaranteed residual value	480,319			466,170
	1,407,724			1,192,224
Less: unearned income	(912,160		)	(712,799		)
	$	495,564		$	479,425

Schedule of Future Minimum Lease Payments for Capital Leases

Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants and future CPI-based adjustments, under non-cancelable direct financing leases at December 31, 2015 are as follows (in thousands):

Years Ending December 31,	Total
2016	$	55,140
2017	55,829
2018 (a)	306,650
2019	57,177
2020	57,732
Thereafter	394,877
Total	$	927,405

___________

(a) Includes $250.0 million for a purchase option that a tenant, The New York Times Company, may exercise to acquire the property it leases from us.

Financing Receivable Credit Quality Indicators

A summary of our finance receivables by internal credit quality rating is as follows (dollars in thousands):

	Number of Tenants / Obligors at December 31,		Carrying Value at December 31,
Internal Credit Quality Indicator	2015	2014	2015		2014
1	—	—	$	—	$	—
2	1	1	2,264		2,259
3	11	9	429,212		429,245
4	4	3	108,132		87,921
5	—	—	—		—
			$	539,608	$	519,425