Acquisitions

3 Months Ended

Mar. 31, 2012

Business Combinations [Abstract]

Acquisitions

Acquisitions

During the three months ended March 31, 2012, we acquired the seven office properties listed below from an unrelated third party. The acquisition was funded with proceeds from the Company's public offering of common stock in February 2012 (see Note 8).

Property	Date of Acquisition	Number of Buildings	Rentable Square Feet	Occupancy as of March 31, 2012	Purchase Price (in millions)(1)
4100-4700 Bohannon Drive
Menlo Park, CA	February 29, 2012	7	374,139	80.1%	$	162.5
Total		7	374,139		$	162.5

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(1) Excludes acquisition-related costs.

The related assets, liabilities, and results of operations of the acquired properties are included in the consolidated financial statements as of the date of acquisition. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:

	4100-4700 Bohannon Drive, Menlo Park, CA
	(in thousands)
Assets
Land	$	38,810
Buildings and improvements(1)	124,617
Deferred leasing costs and acquisition-related intangible assets(2)	9,470
Total assets acquired	172,897
Liabilities
Deferred revenue and acquisition-related intangible liabilities(3)	10,380
Accounts payable, accrued expenses and other liabilities	137
Total liabilities assumed	10,517
Net assets and liabilities acquired(4)	$	162,380

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(1) Represents buildings, building improvements and tenant improvements.

(2) Represents in-place leases (approximately $5.8 million with a weighted average amortization period of 5.8 years), above-market leases (approximately $0.1 million with a weighted average amortization period of 2.6 years), and leasing commissions (approximately $3.5 million with a weighted average amortization period of 4.3 years).

(3) Represents below-market leases (approximately $10.4 million with a weighted average amortization period of 8.2 years).

(4) Reflects the purchase price net of other lease-related obligations.