Acquisitions, Dispositions and Mortgage Repayments (Tables)

12 Months Ended

Dec. 31, 2013

Acquisitions and Dispositions and Mortgage Repayments [Abstract]

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 ⁽¹⁾			Cash Consideration ⁽²⁾		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

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(1) The mortgage note payable assumed in the acquisition does not reflect the fair value adjustment recorded by the Company upon acquisition (included in Other).

(2) Cash Consideration excludes receivables acquired and liabilities assumed in the acquisitions.

A summary of the Company’s 2013 acquisitions is shown in the table below:



(Dollars in millions)	Date Acquired	Purchase Price		Elimination of Construction Mortgage Note Receivable			Mortgage Notes Payable Assumed⁽¹⁾			Cash Consideration ⁽²⁾		Real Estate		Other ⁽³⁾			Square Footage
Real estate acquisitions
Tennessee	1/29/13	$	16.2	$	—		$	—		$	16.2	$	15.7	$	0.5		52,225
Texas	4/8/13	16.3		—			—			16.3		16.3		—			42,627
Indiana	8/8/13	44.3		—			—			44.3		43.3		1.0			205,573
Colorado	9/27/13	33.2		—			(12.0		)	21.2		32.9		0.3			80,153
Missouri	9/27/13	102.6		(97.2		)	—			5.4		102.6		—			186,000
Washington	10/18/13	34.9		—			(16.6		)	18.3		35.4		(0.5		)	81,956
Colorado	10/24/13	21.6		—			—			21.6		21.7		(0.1		)	70,138
North Carolina	10/30/13	20.1		—			(11.0		)	9.1		20.0		0.1			90,633
Texas	12/16/13	19.0		—			—			19.0		19.1		(0.1		)	97,552
Colorado	12/16/13	7.0		—			—			7.0		7.1		(0.1		)	34,068
		$	315.2	$	(97.2	)	$	(39.6	)	$	178.4	$	314.1	$	1.1		940,925

______

(1) The mortgage note payable assumed in the acquisitions do not reflect the fair value adjustments totaling $1.4 million recorded by the Company upon acquisition (included in Other).

(2) Cash consideration excludes non-real estate assets acquired and liabilities assumed in the acquisitions.

(3) Includes intangibles recognized at acquisition and fair value adjustments on debt assumed.

Summary of assets acquired and liabilities assumed

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		)
Total cash paid ⁽¹⁾	$	89.5

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(1) Total cash paid includes receivables acquired and liabilities assumed in the acquisition but excludes acquisition and closing costs expensed totaling $0.5 million as well as rental prorations and expense disbursements totaling approximately $0.4 million.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2013 as of the acquisition date:



	Estimated Fair Value			Estimated Useful Life
	(In millions)			(In years)
Buildings	$	280.2		7.0-39.0
Land	21.6			—
Personal property	0.3			1.9
Intangibles:
At-market lease intangibles	12.0			3.7-20.0
Above-market lease intangibles	2.9			2.3-16.3
Below-market lease intangibles	(0.4		)	0.5-7.4
Total intangibles	14.5
Mortgage notes payable assumed, including fair value adjustments	(41.0		)
Elimination of mortgage note receivable upon acquisition	(97.2		)
Other assets acquired	1.2
Accounts payable, accrued liabilities and other liabilities assumed	(1.9		)
Total cash paid ⁽¹⁾	$	177.7

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(1) Total cash paid includes receivables acquired and liabilities assumed in the acquisition but excludes acquisition and closing costs expensed totaling $1.2 million as well as rental prorations, net of expense disbursements, totaling approximately $1.2 million.

Summary of dispositions

A summary of the Company’s 2013 dispositions follows:



(Dollars in millions)	Date Disposed	Sales Price		Closing Adjustments			Company-financed Mortgage Notes			Net Proceeds		Net Real Estate Investment		Other (including receivables)		Gain/ (Impairment)			Square Footage
Real estate dispositions
Texas (land)	3/25/13	$	5.0	$	(0.2	)	$	(3.7	)	$	1.1	$	8.1	$	—	$	(3.3	)	—
Tennessee⁽¹⁾⁽⁴⁾	4/30/13	0.6		—			(0.6		)	—		0.4		—		0.2			17,696
Texas	5/15/13	1.3		(0.1		)	—			1.2		0.9		—		0.3			8,000
Texas⁽¹⁾	5/24/13	3.2		(0.2		)	—			3.0		3.0		—		—			100,920
Iowa ^{(2) (3)}	6/3/13	6.9		—			—			6.9		5.3		0.2		1.4			31,725
Florida ⁽¹⁾	7/15/13	11.9		(0.2		)	—			11.7		7.4		—		4.3			62,782
Alabama⁽¹⁾	7/31/13	17.5		(0.1		)	—			17.4		11.2		—		6.2			82,000
Pennsylvania	9/30/13	17.6		(0.3		)	—			17.3		12.2		—		5.1			76,324
Pennsylvania	9/30/13	17.6		(0.4		)	—			17.2		12.6		—		4.6			79,560
Florida ⁽¹⁾	10/31/13	0.8		—			—			0.8		0.8		—		—			14,322
North Carolina	12/5/13	17.6		—			—			17.6		13.4		2.1		2.1			57,580
Alabama⁽¹⁾	12/31/13	1.9		—			—			1.9		1.4		—		0.5			10,593
Total dispositions		101.9		(1.5		)	(4.3		)	96.1		76.7		2.3		21.4			541,502
Mortgage note repayments		—		—			0.6			0.6		—		—		—			—
		$	101.9	$	(1.5	)	$	(3.7	)	$	96.7	$	76.7	$	2.3	$	21.4		541,502

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(1)	Previously included in assets held for sale.


(2)	Includes two properties.


(3)	The Company repaid a mortgage note payable of $1.1 million upon sale and incurred debt extinguishment costs of $0.3 million.


(4)	The Company-financed mortgage note receivable was repaid in October 2013.

A summary of the Company’s 2012 dispositions follows:



(Dollars in millions)	Date Disposed	Sales Price		Closing Adjustments			Company-financed 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

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(1)	Previously included in assets held for sale.


(2)	Includes two properties.


(3)	The Company-financed mortgage note was repaid in November 2012.


(4)	The Company-financed 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.