Leases

Capital Lease and Other Financing Obligations

Amsterdam 5 ("AM5")

On May 15, 2017, the Company entered into an agreement to acquire the land and building for the AM5 IBX for cash consideration of €26.7 million or $30.4 million at the exchange rate in effect on June 30, 2017. The Company had previously leased this IBX. As a result of the purchase, the prior lease was effectively terminated, the lease liability was settled in full and the transaction was accounted for as a debt extinguishment. The Company settled the financing lease obligation of AM5 for €20.0 million or approximately $22.8 million and recognized a loss on debt extinguishment of €7.2 million or approximately $8.2 million. The fair value allocated to the ground lease of €6.7 million or $7.6 million was recorded as other assets and will be amortized through December 2054.

Hong Kong 5 ("HK5")

In January 2017, the Company entered into an agreement for certain elements of the construction of the Company's fifth data center in Hong Kong ("HK5"). The terms of the construction agreement triggered the Company to be, in substance, the owner of the asset during the construction phase. Additionally, the Company believes that it will likely fail the sales lease back test due to its continued involvement and therefore has accounted for the construction and related agreements as a build-to-suit arrangement. As of June 30, 2017, the Company recorded a financing liability totaling approximately 547.5 million Hong Kong dollars, or $70.1 million at the exchange rate in effect as of June 30, 2017.

Maturities of Capital Lease and Other Financing Obligations

The Company's capital lease and other financing obligations are summarized as follows (in thousands):



	Capital Lease Obligations			Other Financing Obligations ⁽¹⁾			Total
2017 (6 months remaining)	$	42,901		$	44,704		$	87,605
2018	92,764			99,868			192,632
2019	85,790			87,136			172,926
2020	85,879			86,409			172,288
2021	86,089			86,372			172,461
Thereafter	850,273			952,156			1,802,429
Total minimum lease payments	1,243,696			1,356,645			2,600,341
Plus amount representing residual property value	—			534,139			534,139
Less amount representing interest	(534,399		)	(952,857		)	(1,487,256		)
Present value of net minimum lease payments	709,297			937,927			1,647,224
Less current portion	(29,632		)	(33,305		)	(62,937		)
Total	$	679,665		$	904,622		$	1,584,287

⁽¹⁾Other financing obligations are primarily build-to-suit lease obligations.