Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2016

The following table summarizes the Company’s material commitments, excluding debt servicing obligations (see Note 11), at December 31, 2016 (in thousands):


									More than
	Total(1)		2017		2018-2019		2020-2021		Five Years
U.K. loan commitments(2)		43,107		39,946		3,161		—		—
Construction loan commitments(3)		124		124		—		—		—
Development commitments(4)		117,019		114,229		2,790		—		—
Ground and other operating leases		412,055		7,294		14,751		13,706		376,304
Total	$	572,305	$	161,593	$	20,702	$	13,706	$	376,304

(1)

Excludes the $100 million Unsecured Revolving Credit Facility commitment to QCP, which is available to be drawn on by QCP through the fourth quarter of 2017 and matures in the fourth quarter of 2018. The Unsecured Revolving Credit Facility will automatically and permanently decrease each calendar month by an amount equal to 50% of QCP’s and its restricted subsidiaries’ retained cash flow for the prior calendar month. All borrowings under the Unsecured Revolving Credit Facility will be subject to the satisfaction of certain conditions (see Note 1).

(2)

Represents £35 million translated into USD for commitments to fund the Company’s U.K. loan facilities.

(3)

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

(4)

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		Number of
Year	Base Rent(1)		Properties
2017	$	16,202	9
2018		20,028	4
2019		14,411	2
2020		13,869	4
Thereafter		56,405	32
	$	120,915	51

(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, 2016 were as follows (in thousands):


Year	Amount
2017	$	7,294
2018		7,303
2019		7,448
2020		7,018
2021		6,688
Thereafter		376,304
	$	412,055