Acquisitions of CapLease, Cole and CCPT (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Business Acquisitions, by Acquisition

The fair value of the consideration transferred at the Cole Acquisition Date totaled $7.5 billion and consisted of the following (in thousands):



	As of Cole Acquisition Date
Fair value of consideration transferred:
Cash	$	181,775
Common stock	7,285,868
Total consideration transferred	$	7,467,643

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table presents the preliminary allocation of the fair values of the assets acquired and liabilities assumed during the periods presented (dollar amounts in thousands):



	Year Ended December 31,
	2014			2013
Real estate investments, at cost:
Land	$	808,930		$	883,491
Buildings, fixtures and improvements	2,505,409			2,311,211
Total tangible assets	3,314,339			3,194,702
Acquired intangible assets:
In-place leases	545,389			334,839
Above-market leases	112,484			12,317
Assumed intangible liabilities:
Below-market leases	(107,185		)	(21,446		)
Fair value adjustment of assumed notes payable	(23,589		)	—
Total purchase price of assets acquired, net	3,841,438			3,520,412
Notes payable assumed	(301,532		)	—
Cash paid for acquired real estate investments	$	3,539,906		$	3,520,412
Number of properties acquired	1,107			1,739

CapLease [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the CapLease Acquisition Date (in thousands). The measurement period adjustments did not have a significant impact on the Company’s consolidated statement of operations in any period; therefore, the Company has not retrospectively adjusted its financial statements.



	Amounts Previously Recognized as of the CapLease Acquisition Date ⁽¹⁾		Measurement Period Adjustments		Adjusted Amounts Recognized as of the CapLease Acquisition Date
Fair value of consideration given- cash	$	920,697	$	—	$	920,697

Identifiable assets acquired at fair value:
Land	235,843		—		235,843
Buildings, fixtures and improvements	1,596,481		—		1,596,481
Land and construction in process	12,352		—		12,352
Acquired intangible lease assets	191,964		—		191,964
Total real estate investments	2,036,640		—		2,036,640
Cash and cash equivalents	41,799		—		41,799
Investment securities	60,730		—		60,730
Loans held for investment	26,457		—		26,457
Restricted cash	29,119		—		29,119
Deferred costs and other assets, net	21,574		—		21,574
Total identifiable assets purchased	2,216,319		—		2,216,319



	Amounts Previously Recognized as of the CapLease Acquisition Date ⁽¹⁾		Measurement Period Adjustments			Adjusted Amounts Recognized as of the CapLease Acquisition Date
Identifiable liabilities assumed at fair value:
Mortgage notes payable	$	1,037,510	$	(27,339	)	$	1,010,171
Secured credit facility	121,000		—			121,000
Other debt	114,208		—			114,208
Below-market leases	57,058		—			57,058
Derivative liabilities	158		—			158
Accounts payable and accrued expenses	49,291		—			49,291
Deferred rent, derivative and other liabilities	8,619		—			8,619
Total liabilities assumed	1,387,844		(27,339		)	1,360,505

Non-controlling interests	567		—			567

Goodwill	92,789		(27,339		)	65,450
Net identifiable assets acquired by Company	$	827,908	$	27,339		$	855,247

____________________________________


(1)	As reported in Amendment No. 2 to the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2013 filed with the SEC on March 2, 2015 (the “Amended 10-K”).

Cole Real Estate Investments, Inc. [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition

The fair value of the consideration transferred at the Cole Acquisition Date totaled $7.5 billion and consisted of the following (in thousands):



	As of Cole Acquisition Date
Fair value of consideration transferred:
Cash	$	181,775
Common stock	7,285,868
Total consideration transferred	$	7,467,643

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed, including all measurement period adjustments, at the Cole Acquisition Date (in thousands). The measurement period adjustments did not have a significant impact on the Company’s consolidated statement of operations in any period; therefore, the Company has not retrospectively adjusted its financial statements.



	REI Segment (As initially recorded)		Cole Capital (As initially recorded)		Measurement Period Adjustments			Cole Capital (As Adjusted)		Total as of Cole Acquisition Date
Identifiable assets acquired at fair value:
Land	$	1,737,839	$	—	$	—		$	—	$	1,737,839
Buildings, fixtures and improvements	5,901,827		—		—			—		5,901,827
Acquired intangible lease assets	1,324,217		—		—			—		1,324,217
Total real estate investments	8,963,883		—		—			—		8,963,883
Investment in unconsolidated entities	100,659		3,307		—			3,307		103,966
Investment securities, at fair value	151,197		—		—			—		151,197
Loans held for investment, net	72,326		—		—			—		72,326
Cash and cash equivalents	129,552		20,413		—			20,413		149,965
Restricted cash	15,704		—		—			—		15,704
Intangible assets	—		385,368		(80,368		)	305,000		305,000
Deferred costs and other assets	43,774		50,893		—			50,893		94,667
Due from affiliates	—		3,301		—			3,301		3,301
Total identifiable assets acquired	9,477,095		463,282		(80,368		)	382,914		9,860,009



	REI Segment (As initially recorded)		Cole Capital (As initially recorded)		Measurement Period Adjustments			Cole Capital (As Adjusted)		Total as of Cole Acquisition Date
Identifiable liabilities assumed at fair value:
Mortgage notes payable, net	$	2,706,585	$	—	$	—		$	—	$	2,706,585
Credit facilities	1,309,000		—		—			—		1,309,000
Other debt	49,013		—		—			—		49,013
Below-market lease liabilities	212,433		—		—			—		212,433
Accounts payable and accrued expenses	87,628		54,615		—			54,615		142,243
Deferred rent, derivative and other liabilities	67,841		167,458		(30,741		)	136,717		204,558
Dividends payable	6,271		—		—			—		6,271
Due to affiliates	—		44		—			44,242		44,242
Total liabilities assumed	4,438,771		222,117		(30,741		)	191,376		4,630,147

Non-controlling interests	24,766		—		—			—		24,766

Net identifiable assets acquired	5,013,558		241,165		(49,627		)	191,538		5,205,096
Goodwill	1,654,085		558,835		49,627			608,462		2,262,547
Net assets acquired	$	6,667,643	$	800,000	$	—		$	800,000	$	7,467,643

Cole Credit Property Trust, Inc. [Member]

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed by segment at the CCPT Acquisition Date (in thousands):



	May 19, 2014 (Preliminary)
Identifiable assets acquired at fair value:
Land	$	28,258
Buildings, fixtures and improvements	113,296
Acquired intangible lease assets	17,960
Total real estate investments	159,514
Cash and cash equivalents	167
Restricted cash	2,420
Prepaid expenses and other assets	297
Total identifiable assets acquired	162,398

Identifiable liabilities assumed at fair value:
Mortgage notes payable	85,286
Unsecured credit facility	800
Accounts payable and accrued expenses	443
Below-market lease liability	1,752
Due to affiliates	568
Deferred rent and other liabilities	390
Total liabilities assumed	89,239

Net identifiable assets acquired	$	73,159