Investments in Real Estate

3 Months Ended

Mar. 31, 2017

Real Estate [Abstract]

Investments In Real Estate

Investments in Real Estate

We acquired the following real estate during the three months ended March 31, 2017:

Location	Market	Date Acquired	Amount (in millions)
Osaka Phase II (1)	Osaka, Japan	March 15, 2017	$	13.6

(1) Represents currently vacant land which is not included in our operating property count. Purchase price in U.S. dollars and excludes capitalized closing costs.

As of March 31, 2017, three properties had an aggregate carrying value of $56.2 million within total assets and $3.1 million within total liabilities and are shown as assets held for sale and obligations associated with assets held for sale on the condensed consolidated balance sheet. The three properties are not representative of a significant component of our portfolio, nor do the potential sales represent a significant shift in our strategy.

European Portfolio Acquisition

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). The final purchase price allocation was completed in early 2017. The final adjustments to the preliminary purchase price allocation were not material. 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	$	270,195
Goodwill	442,975
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 and other	(48,037		)
Total purchase price	$	818,904