Investment in Real Estate

9 Months Ended

Sep. 30, 2013

3. Investment in Real Estate

On February 7, 2013, the Company acquired land and a vacant building, NY2, in Secaucus, New Jersey, with a total real estate value of $23.0 million. NY2 is being developed into a data center facility. In addition to NY2, during the nine months ended September 30, 2013, the Company commenced development on two other data center facilities, VA2, in Reston, Virginia, and SV5, in Santa Clara, California. 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 sheets. 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 September 30, 2013 (in thousands):

Property Name	Location	Land		Buildings and Improvements		Leasehold Improvements		Construction in Progress		Total Cost
SV1	San Jose, CA	$	6,863	$	114,425	$	—	$	4,607	$	125,895
SV2	Milpitas, CA	5,086		23,780		—		271		29,137
SV3	Santa Clara, CA	3,972		45,821		—		130		49,923
SV4	Santa Clara, CA	4,442		85,671		—		942		91,055
SV5	Santa Clara, CA	—		—		—		21,178		21,178
Santa Clara Campus(1)	Santa Clara, CA	8,173		8,221		—		9,055		25,449
BO1	Somerville, MA	6,100		77,388		—		2,900		86,388
NY1	New York, NY	—		—		32,522		180		32,702
NY2	Secaucus, NJ	—		—		—		78,563		78,563
VA1	Reston, VA	6,903		105,658		—		3,487		116,048
VA2	Reston, VA	—		—		—		22,227		22,227
DC1	Washington, DC	—		—		7,264		262		7,526
CH1	Chicago, IL	5,493		75,951		—		5,415		86,859
LA1	Los Angeles, CA	—		—		51,830		2,363		54,193
LA2	Los Angeles, CA	28,467		121,819		—		5,486		155,772
MI1	Miami, FL	728		9,846		—		118		10,692
DE1	Denver, CO	—		—		711		15		726
DE2	Denver, CO	—		—		669		1		670
Total		$	76,227	$	668,580	$	92,996	$	157,200	$	995,003

(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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