Investments in Real Estate (Tables)

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Schedule of Real Estate Properties

A summary of our investments in properties as of December 31, 2016 and 2015 is as follows:

	As of December 31, 2016
	(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	$	109,714	$	—	$	1,924,869	$	93,472	$	(675,725	)	$	1,452,330
Data Centers	598,475		10,014		8,052,356		431,444		(1,924,694		)	7,167,595
Technology Manufacturing	20,199		1,321		57,766		6,333		(24,595		)	61,024
Technology Office	12,398		—		73,650		1,460		(21,407		)	66,101
Other	6,036		—		158,884		78		(22,088		)	142,910
	$	746,822	$	11,335	$	10,267,525	$	532,787	$	(2,668,509	)	$	8,889,960

	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	$	—	$	1,440,594	$	95,185	$	(607,452	)	$	1,037,716
Data Centers	539,298		11,317		7,438,334		433,679		(1,575,589		)	6,847,039
Technology Manufacturing	20,199		1,322		56,254		6,333		(22,677		)	61,431
Technology Office	12,142		—		49,470		1,459		(18,564		)	44,507
Other	8,545		—		691,775		78		(26,986		)	673,412
	$	689,573	$	12,639	$	9,676,427	$	536,734	$	(2,251,268	)	$	8,664,105

(1) Balance includes, as of December 31, 2016 and 2015, $0.9 billion and $0.7 billion of direct and accrued costs associated with development in progress, respectively.

Schedule of Purchase Price Allocation

The table below summarizes the preliminary purchase price allocation for the European Portfolio Acquisition (in thousands):

Investments in real estate	$	270,195
Goodwill	445,137
Intangibles:
Tenant relationship value	249,070
Acquired in-place lease value	18,807
Above/below-market lease value, net	4,817
Capital lease and other long-term obligations	(118,923		)
Deferred taxes	(50,199		)
Total purchase price	$	818,904

The following table summarizes the 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)

(amounts in thousands, except for per share amounts)	2016		2015
Total revenues	$	2,199,358	$	1,875,783
Net income (loss) available to common stockholders	$	343,235	$	239,201
Net income (loss) per share available to common stockholders - basic and diluted	$	2.28	$	1.72

Schedule of Real Estate Property Acquisitions

2015 Acquisitions

Location	Market	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

(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.

Location	Market	Date Acquired	Amount (in millions)
Sovereign House	London	July 5, 2016	(1)
West Drayton	London	July 5, 2016	(1)
Olivers Yard	London	July 5, 2016	(1)
Bonnington House	London	July 5, 2016	(1)
Meridian Gate	London	July 5, 2016	(1)
Amsterdam Business Park	Amsterdam	July 5, 2016	(1)
Amsterdam Science Park	Amsterdam	July 5, 2016	(1)
Lyonerstrasse	Frankfurt	July 5, 2016	(1)
Land parcels (2)	Various	Various	$	47.6
Total			$	866.5

(1) On July 5, 2016, the Company completed the acquisition of a portfolio of eight high-quality, carrier-neutral data centers in Europe from Equinix, which we refer to as the European Portfolio Acquisition. The purchase price was $818.9 million in the aggregate (based on the exchange rate at the date of acquisition).

(2) Represents currently vacant land which is not included in our operating property count. We completed four acquisitions of land parcels in the three months ended September 30, 2016 in Northern Virginia, Dallas and Chicago. Excludes capitalized closing costs on land acquisitions.

Schedule of Dispositions

We sold the following real estate properties during the years ended December 31, 2016 and 2015:

2016 Dispositions

Location	Market	Date Sold	Gross Proceeds (in millions)		Gain on Sale (in millions)
47700 Kato Road and 1055 Page Avenue	Silicon Valley	January 21, 2016	$	37.5	$	1.0
Data center portfolio (1)	Various	July 11, 2016	114.5		24.5
114 Rue Ambroise Croizat (2)	Paris	August 1, 2016	212.0		144.3
			$	364.0	$	169.8

(1) 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 $114.5 million. The Company recognized a gain on the sale of approximately $24.5 million in the third quarter of 2016. The four properties were classified as held for sale as of June 30, 2016.

(2) The Company granted Equinix an option to acquire the Company's facility in 114 rue Ambroise Croizat in Paris. Equinix 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 recognized a gain on the sale of approximately $144.3 million in the third quarter of 2016. This property was classified as held for sale as of June 30, 2016.

2015 Dispositions

Location	Market	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

(1) Gross proceeds includes a $9.0 million note receivable, which was collected prior to December 31, 2015.