Subsequent Events

6 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On July 5, 2016, the Company completed the acquisition of a portfolio of eight high-quality, carrier-neutral data centers in Europe from Equinix in a transaction valued at approximately $874 million. The eight-property portfolio – including five in London, two in Amsterdam and one in Frankfurt – comprises a total of approximately 213,000 net sellable square feet (which accounts for power and cooling capacity limitations and excludes space occupied by infrastructure and equipment). The Company also granted Equinix an option to acquire the Company's facility in 114 rue Ambroise Croizat in Paris. Equinix has elected to exercise its option to acquire the Paris property, and on July 2, 2016, the Company entered into an agreement to sell the property to Equinix for approximately €190 million (or approximately $212 million based on the exchange rate as of August 1, 2016). The Paris property sale closed on August 1, 2016. The Company expects to recognize a gain on the sale, excluding closing costs, of approximately $142 million in the third quarter of 2016.

On July 11, 2016, the Company closed on the sale of a four-property data center portfolio, including two in St. Louis and two in Northern Virginia totaling over 454,000 square feet for approximately $115 million. The sale is expected to generate net proceeds of approximately $113 million, and the Company expects to recognize a gain on the sale of approximately $27 million in the third quarter of 2016.