Investments in Real Estate (Tables)

12 Months Ended

Dec. 31, 2019

Investments in Real Estate.

Schedule of Properties Acquired

The table below reflects the purchase price allocation for the above properties acquired in 2019 and 2018 (in thousands):

							Above-				Below-		Acquisition
			Buildings and		Tenant		Market		In-Place		Market		Date Fair
Property Type	Land		Improvements		Improvements		Leases		Leases		Leases		Value
2019
Land Parcels	$	47,712	$	—	$	—	$	—	$	—	$	—	$	47,712
Technology office		24,315		3,039		—		—		638		—		27,992
Total	$	72,027	$	3,039	$	—	$	—	$	638	$	—	$	75,704
2018
Land Parcels	$	296,071	$	—	$	—	$	—	$	—	$	—	$	296,071
Data Centers		60,633		54,008		—		—		—		—		114,641
Total	$	356,704	$	54,008	$	—	$	—	$	—	$	—	$	410,712

Schedule of Real Estate Property Acquisitions

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

Building and improvements	$	425,000
Goodwill		982,667
Tenant relationship value		375,000
Acquired in-place lease value		120,000
Cash and cash equivalents		116,000
Other assets		30,000
Other liabilities		(40,000)
Capital lease and other long-term obligations		(50,000)
Total purchase price	$	1,958,667

We acquired the following real estate during the years ended December 31, 2019 and 2018 (excluding business combinations already discussed in Note 3):

2019 Acquisitions

	Amount
Property Type	(in millions) (2)
Land parcels (1)	$	47.7
Technology office (3)		28.0
	$	75.7

2018 Acquisitions

	Amount
Property Type	(in millions)(2)
Land Parcels (1)	$	296.1
Data Centers		114.6
	$	410.7

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

(2) Purchase price in U.S. dollars and excludes capitalized closing costs.

(3) Property to be redeveloped.

The table below reflects the purchase price allocation for the above properties acquired in 2019 and 2018 (in thousands):

							Above-				Below-		Acquisition
			Buildings and		Tenant		Market		In-Place		Market		Date Fair
Property Type	Land		Improvements		Improvements		Leases		Leases		Leases		Value
2019
Land Parcels	$	47,712	$	—	$	—	$	—	$	—	$	—	$	47,712
Technology office		24,315		3,039		—		—		638		—		27,992
Total	$	72,027	$	3,039	$	—	$	—	$	638	$	—	$	75,704
2018
Land Parcels	$	296,071	$	—	$	—	$	—	$	—	$	—	$	296,071
Data Centers		60,633		54,008		—		—		—		—		114,641
Total	$	356,704	$	54,008	$	—	$	—	$	—	$	—	$	410,712

Schedule of Dispositions

We sold the following real estate properties during the years ended December 31, 2019 and 2018:

2019 Dispositions

				Fair Value		Gain on contribution
Location / Portfolio	Metro Area	Date Sold		(in millions)		(in millions)
Mapletree portfolio (1)	Northern Virginia		Nov 1, 2019	$	996.6	$	266.0

(1) Consists of three data centers that were contributed to a joint venture (see note 6).

2018 Dispositions

					Gross Proceeds		Gain on Sale
Location	Metro Area		Date Sold		(in millions)		(in millions)
200 Quannapowitt Parkway		Boston		Jan 25, 2018	$	15.0	$	(0.4)
34551 Ardenwood Boulevard		Silicon Valley		Feb 9, 2018		73.3		25.3
3065 Gold Camp Drive		Sacramento		Mar 14, 2018		14.2		5.4
11085 Sun Center Drive		Sacramento		Mar 14, 2018		36.8		9.1
Austin Portfolio		Austin		Apr 19, 2018		47.6		12.0
2010 East Centennial Circle		Phoenix		May 22, 2018		5.5		(0.5)
1125 Energy Park Drive		Minneapolis		May 31, 2018		7.0		2.8
360 Spear Street		San Francisco		Sep 21, 2018		92.3		26.7
					$	291.7	$	80.4