Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

The following table summarizes our material commitments at December 31, 2014 (in thousands):


			Less than						More than
	Total		One Year		2016-2017		2018-2019		Five Years
U.K. loan facility commitment(1)	$	49,894	$	24,947	$	24,947	$	—	$	—
Construction loan commitments(2)		10,535		10,535		—		—		—
Development commitments(3)		66,840		66,840		—		—		—
Ground and other operating leases		245,490		6,756		11,208		10,264		217,262
Total	$	372,759	$	109,078	$	36,155	$	10,264	$	217,262

(1)

Represents £32 million translated into U.S. dollars as of December 31, 2014 for commitments to fund the U.K. Loan Facility.

(2)

Represents commitments to finance development projects and related working capital financings.

(3)

Represents construction and other commitments for developments in progress.

Summary of annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable

Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable are as follows (dollars in thousands):


	Annualized		Number of
Year	Base Rent(1)		Properties
2015(2)	$	22,257	28
2016		33,188	10
2017		9,393	3
2018		18,697	4
2019		25,304	14
Thereafter		64,918	33
	$	173,757	92

(1)

Represents the most recent month’s base rent including additional rent floors and cash income from direct financing leases annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors and non-cash revenue adjustments (i.e., straight- line rents, amortization of market lease intangibles, DFL interest accretion and deferred revenues).

(2)

Includes 8 properties that were sold for $51 million on January 1, 2015. These properties contain purchase options with aggregate annualized base rents of $5 million.

Future minimum lease obligations under non-cancelable ground and other operating leases

Future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2014 were as follows (in thousands):


Year	Amount
2015	$	6,756
2016		5,950
2017		5,258
2018		5,075
2019		5,189
Thereafter		217,262
	$	245,490