Investment in Direct Financing Lease

12 Months Ended

Dec. 31, 2014

Capital Leases, Net Investment in Direct Financing Leases [Abstract]

We have an investment in a direct financing lease that relates to a lease with a term that exceeds 75% of the useful life of an office tower located within a mixed use property in Phoenix, AZ. We recognize income using the effective interest method to produce a level yield on funds not yet recovered. The carrying amount of our net investment of $12.5 million and $19.8 million as of December 31, 2014 and 2013, respectively, is included in other assets in our consolidated balance sheets.

We monitor the payment history and credit profile of the tenant and have determined that no allowance for losses related to our direct financing lease was necessary at December 31, 2014 and 2013.

Our direct financing lease has an expiration date in 2045. Future minimum rentals receivable on this direct financing lease as of December 31, 2014 are as follows:



2015	$	8,098
2016	226
2017	226
2018	226
2019	226
Thereafter	5,887
	$	14,889