Investment in Real Estate

6 Months Ended

Jun. 30, 2013

3. Investment in Real Estate

On February 7, 2013, the Company acquired land and a vacant building, NY2, in Secaucus, NJ, with a total real estate value of $23.0 million. NY2 is being developed into a data center facility. During the six months ended June 30, 2013, in addition to NY2, the Company commenced development on two other data center facilities, VA2 and SV5. Based on the relative fair values of the parcels, land was allocated to each of VA2 and SV5 and was reclassified during the first quarter of 2013 to construction in progress in the condensed consolidated balance sheet. The reclassification equaled $5.2 million and $2.4 million for VA2 and SV5, respectively.

The following is a summary of the properties owned and leased at June 30, 2013 (in thousands):

				Buildings and		Leasehold		Construction
Property Name	Location	Land		Improvements		Improvements		in Progress		Total Cost
SV1	San Jose, CA	$	6,863	$	103,090	$	—	$	14,098	$	124,051
SV2	Milpitas, CA	5,086		23,270		—		431		28,787
SV3	Santa Clara, CA	3,972		45,820		—		18		49,810
SV4	Santa Clara, CA	4,442		84,746		—		490		89,678
SV5	Santa Clara, CA	—		—		—		14,771		14,771
Santa Clara Campus(1)	Santa Clara, CA	8,173		8,221		—		4,969		21,363
BO1	Somerville, MA	6,100		77,354		—		2,219		85,673
NY1	New York, NY	—		—		31,830		404		32,234
NY2	Secaucus, NJ	—		—		—		44,279		44,279
VA1	Reston, VA	6,903		104,650		—		4,162		115,715
VA2	Reston, VA	—		—		—		9,765		9,765
DC1	Washington, DC	—		—		7,189		218		7,407
CH1	Chicago, IL	5,493		74,594		—		5,297		85,384
LA1	Los Angeles, CA	—		—		51,645		1,712		53,357
LA2	Los Angeles, CA	28,467		120,579		—		1,245		150,291
MI1	Miami, FL	728		9,818		—		24		10,570
DE1	Denver, CO	—		—		219		486		705
DE2	Denver, CO	—		—		292		375		667
Total		$	76,227	$	652,142	$	91,175	$	104,963	$	924,507

(1) This campus includes office and light-industrial real estate buildings and land held for development in Santa Clara, CA.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

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