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Pro Forma Results of the Company (Tables)
12 Months Ended
Dec. 31, 2012
Business Combinations [Abstract]  
Pro forma consolidated results of operations of the company
The first table of pro forma consolidated results of operations of the Company for the years ended December 31, 2012 and 2011 assumes that the acquisitions of 4100-4700 Bohannon Drive, Menlo Park, CA, 10900 Northeast 4th Street, Bellevue, WA, and 555-599 N. Mathilda Avenue, Sunnyvale, CA, were completed as of January 1, 2011. The second table of pro forma consolidated results of operations of the Company for the years ended December 31, 2011 and 2010 assumes that the acquisitions of 4100-4700 Bohannon Drive, Menlo Park, CA, 10900 Northeast 4th Street, Bellevue, WA, and 555-599 N. Mathilda Avenue, Sunnyvale, CA, were completed as of January 1, 2011 and that the acquisitions of 601 108th Avenue N.E., Bellevue, WA, and 201 Third Street, San Francisco, CA, were completed as of January 1, 2010. Pro forma data may not be indicative of the results that would have been reported had the acquisitions actually occurred as of January 1, 2011 and 2010, respectively, nor does it intend to be a projection of future results.
 
 
Year Ended December 31,
 
 
2012
 
2011
 
 
(in thousands except per share amounts)
Revenues from continuing operations
 
$
414,813

 
$
363,815

Net income available to common stockholders(1)(3)
 
$
238,947

 
$
42,601

Net income available to common stockholders per share - basic(1)(3)
 
$
3.41

 
$
0.73

Net income available to common stockholders per share - diluted(1)(3)
 
$
3.41

 
$
0.73

 
 
Year Ended December 31, 
 
 
2011
 
2010
 
 
(in thousands except per share amounts)
Revenues from continuing operations
 
$
377,871

 
$
283,941

Net income available to common stockholders(1)(2)(3)
 
$
41,293

 
$
2,491

Net income available to common stockholders per share - basic(1)(2)(3)
 
$
0.71

 
$
0.03

Net income available to common stockholders per share - diluted(1)(2)(3)
 
$
0.71

 
$
0.03

_________________
(1)
The pro forma results for the year ended December 31, 2012 were adjusted to exclude acquisition-related expenses of approximately $1.0 million incurred in 2012 for the acquisition of 4100-4700 Bohannon Drive, Menlo Park, CA , 10900 Northeast 4th Street, Bellevue, WA and 555-599 N. Mathilda Avenue, Sunnyvale, CA. The pro forma results for the year ended December 31, 2011 were adjusted to include these expenses.
(2)
The pro forma results for the year ended December 31, 2011 were adjusted to exclude acquisition-related expenses of approximately $0.6 million incurred in 2011 for the acquisitions of 601 108th Avenue N.E., Bellevue, WA, and 201 Third Street, San Francisco, CA. The pro forma results for the year ended December 31, 2010 were adjusted to include these expenses.
(3)
The pro forma results for all periods presented include incremental interest expense assuming the acquisitions were funded by pro forma borrowings under the revolving credit facility. The pro forma interest expense estimate is calculated based on the actual interest rate in effect on the revolving credit facility for each respective period. A portion of the 599 N. Mathilda Avenue, Sunnyvale, CA total purchase price related to development assets acquired. This portion of the purchase price has no pro forma impact as the interest expense related to development would be capitalized and would not impact net income available to common stockholders. Actual funding of the acquisitions may be from different sources and the pro forma borrowings and related pro forma interest expense estimate assumed herein are not indicative of actual results.
Actual results for certain operating data for the property
The following table summarizes the results of operations for the properties at 4100-4700 Bohannon Drive, Menlo Park, CA, 10900 Northeast 4th Street, Bellevue, WA, and 555-599 N. Mathilda Avenue, Sunnyvale, CA, from February 29, 2012, July 24, 2012 and December 17, 2012, the dates of acquisition, respectively, through December 31, 2012:
 
(in thousands)
Revenues
$
18,943

Net income(1)
$
3,412

________________
(1) Reflects the net operating income less depreciation for these properties and amortization of lease related intangibles.

The following table summarizes the results of operations for the properties at 601 108th Avenue N.E., Bellevue, WA, and 201 Third Street, San Francisco, CA, from June 3, 2011 and September 15, 2011, the dates of acquisition, respectively, through December 31, 2011:
 
(in thousands)
Revenues
$
15,150

Net income(1)
$
397

________________
(1) Reflects the net operating income less depreciation for these properties and amortization of lease related intangibles.