3. Acquisitions

Fort Worth Acquisition

On December 16, 2016, the Company completed the acquisition of the Fort Worth facility for approximately $50.1 million. This facility is located in Fort Worth, Texas, and consists of 53 acres and approximately 262,000 gross square feet. This facility has a basis of design of 80,000 square feet, 8 gross MW of current available power with an additional 8 gross MW available for further expansion. This acquisition was funded with a draw on the unsecured revolving credit facility.

The Company accounted for this acquisition in accordance with ASC 805, Business Combinations, as a business combination. The Company is generally valuing the assets acquired and liabilities assumed using Level 3 inputs.

The following table summarizes the consideration for the Fort Worth facility and the preliminary allocation of the fair value of assets acquired and liabilities assumed at the acquisition date (unaudited and in thousands). This allocation is subject to change pending the final valuation of these assets and liabilities:


	Fort Worth Allocation as of September 30, 2017		Original Allocation Reported as of December 31, 2016		Adjusted Fair Value
Land	$	136	$	136	$	—
Buildings and improvements		610		610		—
Construction in progress		48,987		48,984		3
Acquired intangibles		237		240		(3)
Deferred costs		23		23		—
Other assets		7		7		—
Net Working Capital		86		86		—
Total identifiable assets acquired	$	50,086	$	50,086	$	—

No changes were recorded to the preliminary allocation of the fair value of assets acquired and liabilities assumed during the three months ended September 30, 2017.

Piscataway Acquisition

On June 6, 2016, the Company completed the acquisition of the Piscataway facility. This facility is located in the New York metro area on 38 acres and consists of 360,000 gross square feet, including approximately 89,000 square feet of raised floor, and approximately 18 MW of critical power. The Piscataway facility supports future growth with space for an additional approximately 87,000 square feet of raised floor in the existing structure, as well as capacity for over 8 MW of additional critical power. This acquisition was funded with a draw on the unsecured revolving credit facility.

In June 2017, the Company finalized the Piscataway purchase price allocation. The following table summarizes the Piscataway acquisition and the final allocation of the fair value of assets acquired and liabilities assumed at the acquisition date (unaudited and in thousands):


	Final Piscataway Allocation as of June 30, 2017			Original Allocation Reported as of June 30, 2016		Adjusted Fair Value
Land	$	7,466	$	7,440	$	26
Buildings and improvements		80,366		78,370		1,996
Construction in progress		13,900		13,900		—
Acquired intangibles		19,581		21,668		(2,087)
Deferred costs		4,390		4,084		306
Other assets		106		106		—
Total identifiable assets acquired		125,809		125,568		241

Acquired below market lease		809		568		241
Net working capital		2,019		2,019		—
Total liabilities assumed		2,828		2,587		241

Net identifiable assets acquired	$	122,981	$	122,981	$	—

Land Acquisitions

In August, the Company completed the acquisition of approximately 24 acres of land in Ashburn, Virginia for approximately $17 million. As of September 30, 2017, the Company has commenced development of a mega data center facility on the acquired land parcel. This acquisition was accounted for as an asset acquisition.

In July, the Company also completed the acquisition of approximately 84 acres of land in Phoenix, Arizona for $25 million to be used for future development. This acquisition was accounted for as an asset acquisition.

The fair value of the land acquired in both the aforementioned Ashburn and Phoenix purchases, aggregating $42 million, is included within the “Construction in Progress” line item of the consolidated balance sheets.