Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2015

The following table summarizes our material commitments, excluding debt servicing obligations (see Note 11), at December 31, 2015 (in thousands):


									More than
	Total		2016		2017-2018		2019-2020		Five Years
U.K. loan commitments(1)	$	56,915	$	34,099	$	22,816	$	—	$	—
Construction loan commitments(2)		2,060		2,060		—		—		—
Development commitments(3)		92,712		92,712		—		—		—
Ground and other operating leases		383,906		7,870		14,068		13,719		348,249
Total	$	535,593	$	136,741	$	36,884	$	13,719	$	348,249

(1)

Represents £39 million translated into USD as of December 31, 2015 for commitments to fund the Company’s U.K. loan facilities.

(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
2016	$	32,062	12
2017		15,078	10
2018		19,352	4
2019		25,863	14
2020		13,647	4
Thereafter		54,009	32
	$	160,011	76

(1)

Represents the most recent month’s base rent including additional rent floors and cash income from DFLs 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).

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, 2015 were as follows (in thousands):


Year	Amount
2016	$	7,870
2017		7,160
2018		6,908
2019		7,063
2020		6,656
Thereafter		348,249
	$	383,906