Acquisition of Real Estate

3 Months Ended

Mar. 31, 2014

Business Combinations [Abstract]

Acquisition of Real Estate

3. Acquisition of Real Estate

In February 2013, the Company completed its acquisition of a site in Dallas, Texas for an aggregate purchase price of $21.2 million, which included transaction costs of $0.6 million that were capitalized. The Company paid cash of $10.25 million for the Dallas facility in February 2013. In connection with the transaction, the Company also obtained $10.25 million of seller-financed debt that was repaid in June 2013. Upon completion of the redevelopment, the former 700,000 square foot semiconductor plant will be converted into a data center facility on the existing campus. In accordance with ASC 805, the Company accounted for this acquisition as an asset purchase.