Investments In Real Estate (Tables)

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Schedule of Real Estate Properties

A summary of our investments in properties as of December 31, 2015 and 2014 is as follows:

	As of December 31, 2015
	(in thousands)
Property Type	Land		Acquired Ground Lease		Building and Improvements (1)		Tenant Improvements		Accumulated Depreciation and Amortization			Net Investment in Properties
Internet Gateway Data Centers	$	109,389	$	—	$	1,441,749	$	95,185	$	(608,153	)	$	1,038,170
Corporate Data Centers	551,372		11,317		8,055,059		433,682		(1,586,509		)	7,464,921
Technology Manufacturing	20,199		1,322		56,254		6,333		(22,677		)	61,431
Technology Office	5,368		—		43,154		1,459		(18,564		)	31,417
Other	3,245		—		80,211		75		(15,365		)	68,166
	$	689,573	$	12,639	$	9,676,427	$	536,734	$	(2,251,268	)	$	8,664,105

	As of December 31, 2014
	(in thousands)
Property Type	Land		Acquired Ground Lease		Building and Improvements(1)		Tenant Improvements		Accumulated Depreciation and Amortization			Net Investment in Properties
Internet Gateway Data Centers	$	112,265	$	—	$	1,459,930	$	99,864	$	(541,023	)	$	1,131,036
Corporate Data Centers	525,192		12,196		7,117,789		368,837		(1,286,024		)	6,737,990
Technology Manufacturing	25,471		—		67,238		4,764		(20,506		)	76,967
Technology Office	5,368		—		42,356		1,459		(14,759		)	34,424
Other	3,306		—		136,501		76		(11,742		)	128,141
	$	671,602	$	12,196	$	8,823,814	$	475,000	$	(1,874,054	)	$	8,108,558

(1) Balance includes, as of December 31, 2015 and 2014, $0.7 billion and $0.8 billion of direct and accrued costs associated with development in progress, respectively.

Schedule of Purchase Price Allocation

The following table summarizes the preliminary amounts for acquired assets and liabilities recorded at their fair values as of the acquisition date (in thousands):

Investments in real estate	$	604,870
Goodwill	316,309
Intangibles:
Tenant relationship value	734,800
Acquired in-place lease value	252,269
Trade name	7,300
Above/below market lease value, net	(13,100		)
Capital lease and other long-term obligations	(63,962		)
Other working capital accounts and adjustments, net	47,514
Total purchase price	$	1,886,000

Schedule of Pro forma Information (unaudited)

The following unaudited pro forma financial information presents our results as though the Telx Acquisition, as well as the transactions that were used to fund the Telx Acquisition, had been consummated as of January 1, 2014. The pro forma information does not necessarily reflect the actual results of operations had the transactions been consummated at the beginning of the period indicated nor is it necessarily indicative of future operating results. The pro forma information does not give effect to any cost synergies or other operating efficiencies that could result from the Telx Acquisition and also does not include any transaction and integration expenses. The pro forma results for 2015 include approximately three months of actual results for Telx and nine months of pro forma adjustments. Actual results in 2015 included rental revenues and operating expenses of the acquired properties of $81.1 million and $71.3 million, respectively.

(amounts in thousands, except for per share amounts)	2015		2014
Total revenues	$	1,978,405	$	1,873,526
Net income (loss) available to common stockholders	$	92,812	$	(19,749	)
Net income (loss) per share available to common stockholders - basic and diluted	$	0.63	$	(0.14	)

Schedule of Real Estate Property Acquisitions

2015 Acquisitions

Location	Metropolitan Area	Date Acquired	Amount (in millions) (1)
Deer Park 3 (2)	Melbourne	April 15, 2015	$	1.6
3 Loyang Way (3)(4)	Singapore	June 25, 2015	45.0
Digital Loudoun 3 (2)	Northern Virginia	November 16, 2015	43.0
Digital Frankfurt (2)	Frankfurt	December 18, 2015	5.6
			$	95.2

2014 Acquisitions

Location	Metropolitan Area	Date Acquired	Amount (in millions) (1)
Crawley 2 (2)	London	September 16, 2014	$	23.0

(1) Purchase prices are all in U.S. dollars and exclude capitalized closing costs on land acquisitions. Purchase prices for acquisitions outside the United States are based on the exchange rate at the date of acquisition.

(2) Represents currently vacant land which is not included in our operating property count.

(3) Represents a development property with an existing shell, which is included in our operating property count. This acquisition lacked key inputs to qualify as a business combination under purchase accounting guidance, and has therefore been accounted for as an asset acquisition, not a business combination.

(4) Property is subject to a ground lease, which expires in February 2024, with a renewal provision for an additional 28 years upon satisfaction of certain requirements.

Schedule of Dispositions

We sold the following real estate properties during the years ended December 31, 2015 and 2014:

2015 Dispositions

Location	Metropolitan Area	Date Sold	Gross Proceeds (in millions)			Gain (Loss) on Sale (in millions)
100 Quannapowitt Parkway	Boston	February 5, 2015	$	31.1		$	10.1
3300 East Birch Street	Los Angeles	March 31, 2015	14.2			7.5
833 Chestnut Street	Philadelphia	April 30, 2015	160.8		(1)	77.1
650 Randolph Road	New York Metro	December 30, 2015	9.2			(0.1		)
			$	215.3		$	94.6

2014 Dispositions

Location	Metropolitan Area	Date Sold	Gross Proceeds (in millions)		Gain on Sale (in millions)
6 Braham Street	London	April 7, 2014	$	41.5	$	15.9

(1) Gross proceeds includes a $9.0 million note receivable, which was collected prior to year-end.