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Commitments and Contingencies (Tables) | 12 Months Ended
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Dec. 31, 2014
Commitments and Contingencies. |
Summary of material commitments | 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 |

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- Definition Tabular disclosure summarizing annualized lease payments (base rent only) to be received from certain leases containing purchase options whereby the tenant may elect to acquire the underlying real estate, including DFLs, subject to purchase options, in the year that the purchase options are exercisable. + References No definition available. + Details
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- Definition Tabular disclosure of the aggregate amount of payments due on known contractual obligations for the five years following the date of the latest balance sheet and the combined aggregate amount of maturities of known contractual obligations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 303 -Paragraph a -Subparagraph 5 + Details
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- Definition Tabular disclosure of rental expense from operating leases for each period for which an income statement is presented with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41499-112717 + Details
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