Mergers with Real Estate Businesses (Tables)

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

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

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

	As of CCPT Acquisition Date
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

	As of CCPT Acquisition Date
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

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

	As of Cole Acquisition Date
Identifiable assets acquired at fair value:
Land	$	1,737,839
Buildings, fixtures and improvements	5,901,827
Acquired intangible lease assets	1,324,217
Total real estate investments	8,963,883
Investment in unconsolidated entities	103,966
Investment securities, at fair value	151,197
Loans held for investment, net	72,326
Cash and cash equivalents	149,965
Restricted cash	15,704
Intangible assets	305,000
Deferred costs and other assets	94,667
Due from affiliates	3,301
Total identifiable assets acquired	$	9,860,009

	As of Cole Acquisition Date
Identifiable liabilities assumed at fair value:
Mortgage notes payable, net	$	2,706,585
Credit facilities	1,309,000
Other debt	49,013
Below-market lease liabilities	212,433
Accounts payable and accrued expenses	142,243
Deferred rent, derivative and other liabilities	204,558
Dividends payable	6,271
Due to affiliates	44,242
Total liabilities assumed	4,674,345
Non-controlling interests	24,766
Net identifiable assets acquired	5,160,898
Goodwill	2,262,547
Net assets acquired	$	7,423,445

apLease Merger date (in thousands):

	As of CapLease Merger Date
Fair value of merger consideration	$	920,697
Identifiable assets acquired 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	29,119
Rent and tenant receivables and other assets, net	21,574
Total identifiable assets purchased	$	2,216,319

	As of CapLease Merger Date
Identifiable liabilities assumed at fair value:
Mortgage notes payable	$	1,010,171
Secured credit facility	121,000
Other debt	114,208
Below-market leases	57,058
Derivative liabilities	158
Accounts payable and accrued expenses	49,291
Deferred rent, derivative and other liabilities	8,619
Total liabilities assumed	1,360,505
Non-controlling interests	567
Net identifiable assets acquired	855,247
Goodwill	65,450
Net assets acquired	$	920,697