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Acquisitions, Dispositions and Mortgage Repayments (Tables)
 12 Months Ended
Dec. 31, 2012
Acquisitions and Dispositions and Mortgage Repayments [Abstract]  
Asset Acquisitions
A summary of the Company’s 2012 acquisitions is shown in the table below:

(Dollars in millions)
Date
Acquired
 
Purchase Price
 
Construction Mortgage
Note Receivable Repayments
 
Mortgage Notes Payable Assumed
 
Cash
Consideration (1)
 
Real
Estate
 
Other
 
Square
Footage
Real estate acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
South Dakota
1/20/12
 
$
15.0

 
$
—

 
$
—

 
$
15.0

 
$
15.0

 
$
—

 
58,285

North Carolina
2/10/12
 
6.4

 
—

 
—

 
6.4

 
6.4

 
—

 
23,312

Pennsylvania
3/16/12
 
1.1

 
—

 
—

 
1.1

 
1.1

 
—

 
—

Texas
5/23/12
 
10.7

 
(9.9
)
 
—

 
0.8

 
10.7

 
—

 
76,484

Tennessee
10/9/12
 
11.0

 
—

 
—

 
11.0

 
11.0

 
—

 
39,345

Washington
10/12/12
 
9.4

 
—

 
—

 
9.4

 
9.4

 
—

 
47,225

Texas
12/20/12
 
30.6

 
—

 
—

 
30.6

 
30.6

 
—

 
66,095

Iowa
12/21/12
 
20.4

 
—

 
(4.9
)
 
15.5

 
20.6

 
(0.2
)
 
83,318

 
 
 
$
104.6

 
$
(9.9
)
 
$
(4.9
)
 
$
89.8

 
$
104.8

 
$
(0.2
)
 
394,064

(1) Cash Consideration excludes receivables acquired and liabilities assumed in the acquisitions.
A summary of the Company’s 2011 acquisitions follows:
 
(Dollars in millions)
Date Acquired
 
Purchase Price
 
Mortgage Notes Payable Assumed
 
Cash Consideration (2)
 
Real Estate
 
Note Receivable Repayment
 
Non-controlling interests
 
APIC
 
Other
 
Square Footage
Real estate acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pennsylvania
4/28/11
 
$
1.9

 
$
—

 
$
1.9

 
$
1.9

 
$
—

 
$
—

 
$
—

 
$
—

 
—

Virginia
6/30/11
 
32.0

 
—

 
32.0

 
31.9

 
—

 
—

 
—

 
0.1

 
142,015

Virginia (1)
8/4/11
 
26.2

 
(12.2
)
 
14.0

 
26.4

 
—

 
—

 
—

 
(0.2
)
 
87,816

Virginia (1)
8/4/11
 
43.4

 
(18.6
)
 
24.8

 
43.8

 
—

 
—

 
—

 
(0.4
)
 
142,856

Virginia (1)
8/30/11
 
14.0

 
(7.0
)
 
7.0

 
14.6

 
—

 
—

 
—

 
(0.6
)
 
59,240

Virginia (1)
9/30/11
 
14.9

 
(7.5
)
 
7.4

 
15.1

 
—

 
—

 
—

 
(0.2
)
 
42,957

Virginia (1)
10/26/11
 
11.3

 
(4.5
)
 
6.8

 
11.6

 
—

 
—

 
—

 
(0.3
)
 
41,882

Virginia (1)
10/26/11
 
6.5

 
(2.6
)
 
3.9

 
6.6

 
—

 
—

 
—

 
(0.1
)
 
31,443

Pennsylvania
11/15/11
 
3.6

 
—

 
3.6

 
3.6

 
—

 
—

 
—

 
—

 
—

 
 
 
153.8

 
(52.4
)
 
101.4

 
155.5

 
—

 
—

 
—

 
(1.7
)
 
548,209

Purchase of noncontrolling interests
 
5.1

 
—

 
1.3

 
—

 
(3.5
)
 
3.6

 
1.5

 
(0.3
)
 
—

 
 
 
$
158.9

 
$
(52.4
)
—

$
102.7

—

$
155.5

—

$
(3.5
)
—

$
3.6

—

$
1.5

—

$
(2.0
)
—

548,209

 
(1)
The mortgage notes payable assumed in these acquisitions do not reflect fair value adjustments totaling $2.0 million recorded by the Company upon acquisition (included in Other).
(2)
Cash Consideration excludes receivables acquired and liabilities assumed in the acquisition.
Allocation of purchase price
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in the real estate acquisitions as of the acquisition date for 2011:
 
 
Estimated
Fair Value
 
Estimated
Useful Life
 
(In millions)
 
(In years)
Buildings
$
139.5

 
25.0-33.0

Land
5.5

 
—

Prepaid ground leases
12.8

 
94.2-94.5

Intangibles:
 
 
 
At-market lease intangibles
10.5

 
2.0-5.0

Above-market lease intangibles
0.3

 
0.9-4.7

Below-market lease intangibles
(0.1
)
 
2.7-6.3

Total intangibles
10.7

 
 
Accounts receivable and other assets acquired
0.3

 
 
Mortgage notes payable assumed, including fair value adjustments
(54.4
)
 
 
Accounts payable, accrued liabilities and other liabilities assumed
(0.5
)
 
 
Prorated rent, net of expenses paid
0.6

 
 
Total cash consideration (1)
$
114.5

 
 


(1)
Total cash consideration includes receivables acquired and liabilities assumed in the acquisition as well as rental prorations and expense disbursements.
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2012 as of the acquisition date:
 
 
Estimated
Fair Value
 
Estimated
Useful Life
 
(In millions)
 
(In years)
Buildings
$
85.1

 
20.0-38.0

Land
13.5

 
—

Prepaid ground leases
0.7

 
54.0

Intangibles:
 
 
 
At-market lease intangibles
6.2

 
4.9-19.3

Total intangibles
6.2

 
 
Mortgage notes payable assumed, including fair value adjustments
(5.2
)
 
 
Mortgage notes payable repayments
(9.9
)
 
 
Accounts payable, accrued liabilities and other liabilities assumed
(0.9
)
 
 
Prorated rent, net of expenses paid
0.3

 
 
Total cash consideration (1)
$
89.8

 
 
(1) Total cash consideration includes receivables acquired and liabilities assumed in the acquisition as well as rental prorations and expense disbursements but excludes acquisition and closing costs expensed totaling approximately $0.5 million.
Asset Dispositions
A summary of the Company’s 2012 dispositions follows:
(Dollars in millions)
Date
Disposed
 
Sales Price
 
Closing Adjustments
 
Mortgage
Notes
 
Net
Proceeds
 
Net Real
Estate
Investment
 
Other
(including
receivables)
 
Gain/
(Impairment)
 
Square
Footage
Real estate dispositions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Texas (1) (2) (3)
1/10/12
 
$
3.5

 
$
(0.1
)
 
$
(3.0
)
 
$
0.4

 
$
2.5

 
$
—

 
$
0.9

 
33,726

Florida (1)
1/19/12
 
7.2

 
(1.5
)
 
—

 
5.7

 
3.0

 
0.2

 
2.5

 
35,752

Florida (1)
3/2/12
 
0.5

 
—

 
—

 
0.5

 
0.5

 
—

 
—

 
33,895

Texas (1) (4)
3/16/12
 
4.7

 
(0.2
)
 
(4.5
)
 
—

 
4.8

 
0.1

 
(0.4
)
 
82,664

Tennessee (1)
4/13/12
 
0.9

 
(0.1
)
 
—

 
0.8

 
0.8

 
—

 
—

 
18,476

Florida (5)
4/18/12
 
33.3

 
(0.9
)
 
(3.7
)
 
28.7

 
31.2

 
1.3

 
(0.1
)
 
272,571

Texas (1)
7/20/12
 
0.6

 
(0.1
)
 
—

 
0.5

 
0.5

 
—

 
—

 
16,578

Florida (1)
8/22/12
 
0.5

 
—

 
—

 
0.5

 
0.9

 
—

 
(0.4
)
 
8,990

Texas
8/27/12
 
21.4

 
(2.4
)
 
—

 
19.0

 
12.0

 
0.7

 
6.3

 
80,740

Florida (2)
9/14/12
 
8.8

 
(0.1
)
 
—

 
8.7

 
10.8

 
0.4

 
(2.5
)
 
71,345

Iowa (2)
12/12/12
 
8.0

 
—

 
—

 
8.0

 
6.7

 
0.1

 
1.2

 
40,818

Florida
12/17/12
 
2.1

 
(0.1
)
 
—

 
2.0

 
9.7

 
—

 
(7.7
)
 
62,271

 
 
 
91.5

 
(5.5
)
 
(11.2
)
 
74.8

 
83.4

 
2.8

 
(0.2
)
 
757,826

Mortgage note repayments
 
—

 
—

 
24.7

 
24.7

 
—

 
—

 
—

 
—

Deconsolidation of VIE (6)
 
—

 
—

 
—

 
35.1

 
38.2

 
(3.4
)
 
0.3

 
113,602

 
 
$
91.5

 
$
(5.5
)
 
$
13.5

 
$
134.6

 
$
121.6

 
$
(0.6
)
 
$
0.1

 
871,428

(1)
Previously included in assets held for sale.
(2)
Includes two properties.
(3)
Mortgage note was repaid in November 2012.
(4)
Mortgage note was repaid in April 2012.
(5)
Includes five properties.
(6)
“Other” includes construction liabilities transferred upon deconsolidation. “Gain” includes $0.4 million of net mortgage interest income recognized, partially offset by $0.1 million of general and administrative overhead expense that had been capitalized into the project that was reversed upon deconsolidation.
A summary of the Company’s 2011 dispositions follows: 
(Dollars in millions)
Date Disposed
 
Sales Price
 
Closing Adjustments
 
 Mortgage Notes
 
Net Proceeds
 
Net Real Estate Investment
 
Other (Including Receivables)
 
Gain/(Impairment)
 
Square Footage
Real estate dispositions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maryland
1/19/2011
 
$
3.7

 
$
(0.3
)
 
$
—

 
$
3.4

 
$
3.5

 
$
—

 
$
(0.1
)
 
35,761

Florida
2/3/2011
 
3.2

 
(0.1
)
 
(2.7
)
 
0.4

 
3.1

 
—

 
—

 
28,861

Florida
8/9/2011
 
1.3

 
(0.1
)
 
—

 
1.2

 
2.8

 
—

 
(1.6
)
 
16,256

Massachusetts
12/12/2011
 
3.2

 
—

 
—

 
3.2

 
1.6

 
—

 
1.6

 
24,900

Massachusetts
12/12/2011
 
11.4

 
—

 
—

 
11.4

 
6.3

 
1.1

 
4.0

 
75,842

 
 
 
22.8

 
(0.5
)
 
(2.7
)
 
19.6

 
17.3

 
1.1

 
3.9

 
181,620

Mortgage note repayments
 
—

 
—

 
—

 
17.2

 
—

 
—

 
1.4

 
—

 
 
 
$
22.8

 
$
(0.5
)
 
$
(2.7
)
 
$
36.8

 
$
17.3

 
$
1.1

 
$
5.3

 
181,620