Investment in Real Estate

3 Months Ended

Mar. 31, 2014

Real Estate Properties [Line Items]

Investment in Real Estate

Investment in Real Estate

A schedule of our gross investment in real estate follows:

	March 31, 2014						December 31, 2013
(dollars in millions)	Land		Building and Improvements		Equipment		Land		Building and Improvements		Equipment
West Seventh St., Cincinnati, OH (7th Street)	$	0.9	$	107.6	$	11.5	$	0.9	$	107.6	$	11.0
Parkway Dr., Mason, OH (Mason)	—		20.2		0.6		—		20.2		0.6
Industrial Rd., Florence, KY (Florence)	2.2		41.4		2.6		2.2		41.4		2.4
Goldcoast Dr., Cincinnati, OH (Goldcoast)	0.6		6.7		0.1		0.6		6.7		0.1
Knightsbridge Dr., Hamilton, OH (Hamilton)	—		49.2		3.6		—		49.2		3.6
E. Monroe St., South Bend, IN (Monroe St.)	—		2.5		—		—		2.5		—
Springer St., Lombard, IL (Lombard)	0.7		4.6		0.2		0.7		4.6		0.2
Crescent Circle, South Bend, IN (Blackthorn)	—		3.3		0.2		—		3.3		0.2
Kingsview Dr., Lebanon, OH (Lebanon)	4.0		74.1		3.6		4.0		71.7		2.2
McAuley Place, Blue Ash, OH (Blue Ash)	—		0.6		—		—		0.6		—
Westway Park Blvd., Houston, TX (Houston West 1)	1.4		84.4		41.4		1.4		84.4		39.4
Westway Park Blvd., Houston, TX (Houston West 2)	2.0		22.5		15.9		2.0		22.4		15.8
Westway Park Blvd., Houston, TX (Houston West 3)	18.4		—		—		18.3		—		—
Southwest Fwy., Houston, TX (Galleria)	—		68.5		13.5		—		68.4		13.3
E. Ben White Blvd., Austin, TX (Austin 1)	—		22.5		1.2		—		22.5		1.2
S. State Highway 121 Business, Lewisville, TX (Lewisville)	—		77.0		20.6		—		77.0		20.3
Marsh Lane, Carrollton, TX (Marsh Ln)	—		0.1		0.5		—		0.1		0.5
Midway Rd., Carrollton, TX (Midway)	—		2.0		0.4		—		2.0		0.4
W. Frankford Rd., Carrollton, TX (Carrollton)	16.1		42.8		38.1		16.1		42.6		34.8
Bryan St., Dallas, TX (Bryan St)	—		0.1		0.1		—		0.1		0.1
North Freeway, Houston, TX (Greenspoint)	—		1.3		0.4		—		1.3		0.4
South Ellis Street, Chandler, AZ (Phoenix)	15.0		55.9		18.0		15.0		55.7		11.7
Westover Hills Blvd., San Antonio, TX (San Antonio 1)	4.6		32.1		31.1		4.6		32.1		29.5
Westover Hills Blvd., San Antonio, TX (San Antonio 2)	6.9		—		—		6.7		—		—
Metropolis Dr., Austin, TX (Austin 2)	2.0		23.1		2.0		2.0		23.1		1.7
Kestral Way (London)	—		35.1		0.7		—		34.8		0.7
Jurong East (Singapore)	—		9.4		0.1		—		9.4		0.1
Ridgetop Circle, Sterling, VA (Loudon County)	6.9		—		—		6.9		—		—
Metropolis Dr., Austin, TX (Austin 3)	7.9		—		—		7.9		—		—
Total	$	89.6	$	787.0	$	206.4	$	89.3	$	783.7	$	190.2

Construction in progress was $99.4 million and $57.3 million as of March 31, 2014 and December 31, 2013, respectively. We continue to have high amounts of construction in progress as we continue to build data center facilities.

In 2013, we made various land acquisitions. We purchased 33 acres of land in Houston (Houston West 3) for $18.2 million, 22 acres of land for $6.7 million in San Antonio (San Antonio 2), 22 acres of land for $7.9 million in Austin (Austin Met 3), and 14 acres of land for $6.9 million in Virginia (Northern VA).

Also in 2013, we executed our lease buyout options and purchased the Springer Street, Lombard, IL (Lombard) and Industrial Road, Florence, KY (Florence) data center facilities for a total purchase price of $5.5 million and $10.5 million, respectively, and extinguished our Metropolis Drive, Austin, TX (Austin 2) data center facility related financing lease obligation for $12.2 million.

Upon completion of the buyout of the Lombard and Florence capital leases, the gross basis of the acquired assets were reset to the net carrying value of the leased assets and the depreciable life was extended to 25 years consistent with our policy for depreciating buildings. The amount of these adjustments for Lombard and Florence were $0.1 million and $7.9 million, respectively.

The extinguishment resulted in the settlement of the related financing lease obligation for Austin 2 of $8.9 million, acquisition of land of $2.0 million and a loss on extinguishment of debt of $1.3 million.