Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

The following table summarizes the Company’s material commitments, excluding debt servicing obligations (see Note 10) and operating leases (see disclosure below), at December 31, 2017 (in thousands):



	Total		2018		2019-2020		2021-2022		More than Five Years
U.K. loan commitments⁽¹⁾	$	3,236	$	3,236	$	—	$	—	$	—
Construction loan commitments⁽²⁾	114,691		45,863		68,828		—		—
Development commitments⁽³⁾	133,371		128,101		2,228		3,042		—
Total	$	251,298	$	177,200	$	71,056	$	3,042	$	—

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(1)	Represents £2 million translated into USD for commitments to fund the Company’s U.K. loan facilities.


(2)	Represents commitments to finance development projects.


(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):



Year	Annualized Base Rent⁽¹⁾		Number of Properties
2018	$	8,534	8
2019	14,702		2
2020	14,201		4
2021	12,402		6
2022	10,459		3
Thereafter	33,964		22
	$	94,262	45

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(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 non-cash 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, 2017 were as follows (in thousands):



Year	Amount
2018	$	6,619
2019	6,766
2020	6,668
2021	6,704
2022	6,820
Thereafter	362,219
	$	395,796