CapLease Acquisition (Tables)

12 Months Ended

Dec. 31, 2013

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

On the Cole Acquisition Date, the fair value of the considerations transferred totaled $7.5 billion, which consisted of the following (amounts in thousands):

Fair value of consideration transferred:
Cash	$	147,867
Common stock	7,107,270
Executive consideration - cash	33,907
Executive consideration - common stock	222,287
	$	7,511,331

Excluding the CapLease Merger, the following table presents the allocation of the assets acquired and liabilities assumed during the periods presented (dollar amounts in thousands):

	Year Ended December 31,
	2013(1)			2012
Real estate investments, at cost:
Land	$	301,167		$	223,917
Buildings, fixtures and improvements	948,048			1,174,747
Total tangible assets	1,249,215			1,398,664
Acquired intangible assets:
In-place leases	132,063			189,182
Above market leases	—			1,264
Total assets acquired, net	1,381,278			1,589,110
Assumed intangible liabilities:
Below market leases	(4,200		)	—
Total liabilities acquired, net	(4,200		)	—
OP Units issued to acquire real estate investments	—			(6,352		)
Cash paid for acquired real estate investments	$	1,377,078		$	1,582,758
Number of properties acquired	569			524

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(1) Excludes 38 properties comprised of $55.1 million of net investments subject to direct financing leases.

The following table presents the preliminary allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the CapLease Acquisition Date (in thousands):

Fair value of consideration given	$	920,697
Assets purchased, at fair value:
Land	$	235,843
Buildings, fixtures and improvements	1,596,481
Land and construction in process	12,352
Acquired intangible lease assets	191,964
Total real estate investments	2,036,640
Cash and cash equivalents	41,799
Investment securities	60,730
Loans held for investment	26,457
Restricted cash	29,159
Prepaid expenses and other assets	21,564
Deferred costs	325
Total identifiable assets purchased	2,216,674
Liabilities assumed, at fair value:
Mortgage notes payable	1,037,510
Secured credit facility	121,000
Other debt	114,208
Below-market leases	57,058
Derivative liabilities	158
Accounts payable and accrued expenses	46,484
Deferred rent and other liabilities	8,867
Total liabilities assumed	1,385,285
Non-controlling interest retained by third party	567
Net identifiable assets acquired by Company	830,822
Goodwill	$	89,875