Acquisitions, Dispositions and Mortgage Repayments (Tables)

12 Months Ended

Dec. 31, 2014

Acquisitions and Dispositions and Mortgage Repayments [Abstract]

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

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(1) The mortgage notes 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.

The following table details the Company's acquisitions for the twelve months ended December 31, 2014:



(Dollars in millions)	Date Acquired	Purchase Price		Elimination of Mortgage Note Receivable			Mortgage Notes Payable Assumed ⁽¹⁾			Cash Consideration ⁽²⁾		Real Estate		Other ⁽³⁾			Square Footage
Real estate acquisitions
Iowa	3/28/14	$	—	$	(40.0	)	$	—		$	—	$	40.2	$	(0.2	)	152,655
Oklahoma	5/22/14	85.4		(81.2		)	—			4.2		85.4		—			200,000
Texas	6/4/14	8.7		—			—			8.7		8.8		(0.1		)	48,048
North Carolina	6/6/14	6.5		—			—			6.5		6.5		—			35,292
Minnesota	7/28/14	19.8		—			(11.4		)	8.4		20.9		(1.0		)	60,476
Florida	9/16/14	7.9		—			—			7.9		7.9		—			47,962
Oklahoma	10/29/14	17.5		—			(6.8		)	10.7		17.9		(0.4		)	68,860
Washington	12/1/14	22.7		—			—			22.7		18.9		3.8			60,161
		$	168.5	$	(121.2	)	$	(18.2	)	$	69.1	$	206.5	$	2.1		673,454

______

(1) The mortgage notes payable assumed in the acquisitions do not reflect the fair value adjustment 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 2014 as of the acquisition date:



	Estimated Fair Value			Estimated Useful Life
	(In millions)			(In years)
Building	181.7			11.5-39.0
Land	12.7			—
Intangibles:
At-market lease intangibles	12.1			4.8-13.9
Below-market lease intangibles	(0.4		)	3.8-6.5
Above-market ground lease intangibles	(0.1		)	91.3
Below-market ground lease intangibles	3.8			63.7
Total intangibles	15.4
Mortgage notes payable assumed, including fair value adjustments	(19.6		)
Foreclosed mortgage note receivable	(40.0		)
Elimination of mortgage note receivable upon acquisition	(81.2		)
Other assets acquired	3.0
Accounts payable, accrued liabilities and other liabilities assumed	(2.3		)
Cash acquired	0.2
Total cash paid⁽¹⁾	$	69.9

______

(1) Total cash paid includes receivables acquired net of liabilities assumed in the acquisitions of approximately $0.8 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

______

(1) Total cash paid includes liabilities assumed net of receivables acquired in the acquisitions of $0.7 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 2014 dispositions are as 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
Florida ⁽¹⁾	4/11/2014	$	1.8	$	(0.1	)	$	—		$	1.7	$	1.7	$	—	$	—		52,608
Texas ⁽¹⁾	4/23/2014	4.4		(0.2		)	—			4.2		4.1		0.1		—			58,365
Nevada	9/12/2014	2.3		(0.2		)	(1.9		)	0.2		4.9		—		(2.8		)	31,026
Tennessee ⁽²⁾	11/14/2014	3.1		(0.2		)	—			2.9		3.2		0.1		(0.4		)	32,204
Texas ⁽²⁾	11/25/2014	21.5		—			—			21.5		12.1		0.2		9.2			166,167
Missouri ⁽¹⁾	12/18/2014	1.3		—			—			1.3		1.4		0.1		(0.2		)	26,166
Illinois ⁽¹⁾	12/29/2014	0.5		—			—			0.5		0.8		—		(0.3		)	110,000
Total dispositions		34.9		(0.7		)	(1.9		)	32.3		28.2		0.5		5.5			476,536
Mortgage note repayments		—		—			4.9			4.9		—		—		—			—
		$	34.9	$	(0.7	)	$	3.0		$	37.2	$	28.2	$	0.5	$	5.5		476,536

______

(1) Previously included in assets held for sale.

(2) Includes two properties.