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Acquisitions, Dispositions and Mortgage Repayments (Tables)
 12 Months Ended
Dec. 31, 2015
Acquisitions and Dispositions and Mortgage Repayments [Abstract]  
Summary of acquisitions
The following table details the Company's acquisitions for the twelve months ended December 31, 2015:
(Dollars in millions)
Date
Acquired
 
Purchase Price

 
Purchase Price Adjustments/ (Credits)

 
Mortgage
Notes Payable Assumed (1)

 
Cash
Consideration (2)

 
Real
Estate

 
Other (3)

 
Square
Footage

Real estate acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
California
1/15/15
 
$
39.3

 
$
(0.2
)
 
$
—

 
$
39.1

 
$
39.2

 
$
(0.1
)
 
110,679

Washington
6/26/15
 
14.0

 
(0.1
)
 
(9.5
)
 
4.4

 
13.8

 
0.1

 
35,558

Washington
9/1/15
 
28.0

 
(0.2
)
 
(9.4
)
 
18.4

 
27.8

 
—

 
52,813

Colorado
9/14/15
 
6.5

 
(0.3
)
 
—

 
6.2

 
6.3

 
(0.1
)
 
47,508

Washington
10/23/15
 
8.8

 
(1.3
)
 
—

 
7.5

 
8.6

 
(1.1
)
 
33,169

California
11/3/15
 
47.0

 
(3.4
)
 
—

 
43.6

 
44.2

 
(0.6
)
 
99,942

Washington
11/18/15
 
27.6

 
0.1

 
—

 
27.7

 
27.6

 
0.1

 
60,437

Minnesota
12/18/15
 
16.0

 
0.1

 
(9.5
)
 
6.6

 
16.0

 
0.1

 
64,143

Total real estate acquisitions
 
$
187.2

 
$
(5.3
)
 
$
(28.4
)
 
$
153.5

 
$
183.5

 
$
(1.6
)
 
504,249

Land acquisitions
 
 
2.9

 
—

 
—

 
2.9

 
2.9

 
—

 
—

 
 
 
$
190.1

 
$
(5.3
)
 
$
(28.4
)
 
$
156.4

 
$
186.4

 
$
(1.6
)

504,249


______
(1)
The mortgage notes payable assumed in the acquisitions do not reflect the fair value adjustments totaling $0.4 million recorded by the Company upon acquisition (included in Other).
(2)
Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition.
(3)
Includes assets acquired, liabilities assumed, 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

 
Purchase Price Adjustments/(Credits)

 
Elimination of Mortgage Notes Receivable

 
Mortgage
Notes Payable Assumed (1)

 
Cash
Consideration (2)

 
Real
Estate

 
Other (3)

 
Square
Footage

Real estate acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Iowa
3/28/14
 
$
—

 
$
0.2

 
$
(40.0
)
 
$
—

 
$
—

 
$
40.2

 
$
(0.4
)
 
152,655

Oklahoma
5/22/14
 
85.4

 
(0.1
)
 
(81.2
)
 
—

 
4.1

 
85.4

 
(0.1
)
 
200,000

Texas
6/4/14
 
8.7

 
0.1

 
—

 
—

 
8.8

 
8.8

 
—

 
48,048

North Carolina
6/6/14
 
6.5

 
—

 
—

 
—

 
6.5

 
6.5

 
—

 
35,292

Minnesota 
7/28/14
 
19.8

 
0.8

 
—

 
(11.4
)
 
9.2

 
20.9

 
(0.3
)
 
60,476

Florida
9/16/14
 
7.9

 
(0.1
)
 
—

 
—

 
7.8

 
7.9

 
(0.1
)
 
47,962

Oklahoma
10/29/14
 
17.5

 
0.1

 
—

 
(6.8
)
 
10.8

 
17.9

 
(0.3
)
 
68,860

Washington
12/1/14
 
22.7

 
—

 
—

 
—

 
22.7

 
18.9

 
3.8

 
60,161

Total real estate acquisitions
 
$
168.5

 
$
1.0

 
$
(121.2
)
 
$
(18.2
)
 
$
69.9

 
$
206.5

 
$
2.6

 
673,454

______
(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.
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 2015 as of the acquisition date:
 
Estimated Fair Value

 
Estimated Useful Life

 
(In millions)
 
(In years)
Building
$
153.1

 
25.0-35.0

Land
20.3

 
—

Intangibles:
 
 
 
At-market lease intangibles
10.1

 
1.9-7.9

Above-market lease intangibles
0.1

 
0.9-4.9

Below-market lease intangibles
(0.5
)
 
1.3-8.3

Below-market ground lease intangibles
0.9

 
46.3-78.5

Total intangibles
10.6

 
 
Mortgage notes payable assumed, including fair value adjustments
(28.8
)
 
 
Other assets acquired
0.5

 
 
Accounts payable, accrued liabilities and other liabilities assumed
(2.2
)
 
 
Total cash paid
$
153.5

 
 


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 
$
69.9

 
 
Summary of dispositions
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)
4/11/14
 
$
1.8

 
$
(0.1
)
 
$
—

 
$
1.7

 
$
1.7

 
$
—

 
$
—

 
52,608

Texas (1)
4/23/14
 
4.4

 
(0.2
)
 
—

 
4.2

 
4.1

 
0.1

 
—

 
58,365

Nevada
9/12/14
 
2.3

 
(0.2
)
 
(1.9
)
 
0.2

 
4.9

 
—

 
(2.8
)
 
31,026

Tennessee (2)
11/14/14
 
3.1

 
(0.2
)
 
—

 
2.9

 
3.2

 
0.1

 
(0.4
)
 
32,204

Texas (2)
11/25/14
 
21.5

 
—

 
—

 
21.5

 
12.1

 
0.2

 
9.2

 
166,167

Missouri (1)
12/18/14
 
1.3

 
—

 
—

 
1.3

 
1.4

 
0.1

 
(0.2
)
 
26,166

Illinois (1)
12/29/14
 
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.
A summary of the Company's 2015 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
Virginia
05/21/15
 
$
1.0

 
$
—

 
$
—

 
$
1.0

 
$
0.3

 
$
—

 
$
0.7

 
5,323

Indiana (1)
06/30/15
 
97.0

 
(3.7
)
 
—

 
93.3

 
50.5

 
1.9

 
40.9

 
175,999

Pennsylvania (2)
07/17/15
 
18.4

 
—

 
—

 
18.4

 
7.4

 
0.4

 
10.6

 
63,914

Florida
09/16/15
 
16.3

 
(0.5
)
 
—

 
15.8

 
10.5

 
0.2

 
5.1

 
119,903

Arizona
09/25/15
 
3.0

 
—

 
—

 
3.0

 
2.0

 
0.2

 
0.8

 
40,782

Missouri
09/30/15
 
3.0

 
(0.2
)
 
—

 
2.8

 
2.9

 
0.2

 
(0.3
)
 
13,478

Arizona
11/05/15
 
5.3

 
(0.3
)
 
—

 
5.0

 
4.9

 
—

 
0.1

 
56,645

Georgia
12/14/15
 
14.0

 
(0.2
)
 
—

 
13.8

 
4.4

 
0.4

 
9.0

 
58,030

Total dispositions
 
158.0

 
(4.9
)
 
—

 
153.1

 
82.9

 
3.3

 
66.9

 
534,074

Mortgage note repayments
—

 
—

 
1.9

 
1.9

 
—

 
—

 
—

 
—


 
$
158.0

 
$
(4.9
)
 
$
1.9

 
$
155.0

 
$
82.9

 
$
3.3

 
$
66.9

 
534,074

______
(1) Includes two properties.
(2) Previously included in assets held for sale.