Real Estate (Tables)

9 Months Ended

Sep. 30, 2020

Real Estate

Schedule of Properties Acquired

	Amount
Property Type	(in millions) (1)
Westin (2)	$	305.2
Frankfurt leasehold site (3)		208.1
Land parcels (4)		62.0
	$	575.3

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

(2) On February 25, 2020, we closed on the acquisition of a 49% ownership interest in the Westin Building Exchange in Seattle for a purchase price of approximately $305 million plus the assumption of debt. The acquisition of the interest held by seller increases our ownership interest to 99% of the property. Prior to the acquisition, our existing 50% ownership interest was accounted for under the equity method of accounting and classified within "Investment in unconsolidated joint ventures". The carrying value of our investment in Westin was zero as of the date of this acquisition and as of December 31, 2019.

(3) Acquisition of the freehold to the land under the Hanauer Landstraße campus in Frankfurt. The site includes nine Interxion data centers previously subject to leasehold agreements, along with Interxion’s German headquarters office.

(4) Represents three currently vacant land parcels located in Europe which are not included in our operating property count.

Purchase Price Allocation For Real Estate Acquired

The table below reflects the purchase price allocation for the above real estate acquired during the nine months ended September 30, 2020 (in thousands):

			Land Held				Customer								Noncontrolling
			for Development /				Relationship				Below-				Interests in		Acquisition
			Construction in		Buildings and		Value and In-Place		Working		Market		Secured		Consolidated		Date Fair
Description	Land		Progress		Improvements		Leases		Capital, net		Leases		Debt		Joint Ventures		Value
Westin	$	43,110	$	—	$	329,406	$	68,406	$	7,545	$	(2,540)	$	(135,000)	$	(5,715)	$	305,212
Frankfurt leasehold site		97,801		—		110,287		—		—		—		—		—		208,088
Land parcels		—		62,000		—		—		—		—		—		—		62,000
Total	$	140,911	$	62,000	$	439,693	$	68,406	$	7,545	$	(2,540)	$	(135,000)	$	(5,715)	$	575,300
Weighted average remaining intangible amortization life (in years)								15				15

Schedule of Dispositions

				Gross Proceeds		Gain on Sale
Location / Portfolio	Metro Area	Date Sold		(in millions)		(in millions)
Liverpoolweg 10	Amsterdam		Jul 17, 2020	$	21.5	$	10.4