3. Acquisitions

(All references to square footage, acres and megawatts are unaudited)

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 and contains approximately 50 MW of available utility power. 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 valuing the assets acquired and liabilities assumed primarily using Level 3 inputs.

In December 2017, the Company finalized the Fort Worth purchase price allocation. The following table summarizes the consideration for the Fort Worth facility and the final allocation of the fair value of assets acquired and liabilities assumed at the acquisition date (in thousands):


	Final Fort Worth Allocation as of December 31, 2017		Preliminary Allocation Reported as of December 31, 2016		Adjustments to 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	$	—

Acquired intangibles are amortized as both amortization expense as well as offsets to rental revenue. No changes were recorded to the preliminary allocation of the fair value of assets acquired and liabilities assumed during the three months ended December 31, 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.

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.

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


	Final Piscataway Allocation as of June 30, 2017		Preliminary Allocation Reported as of June 30, 2016		Adjustments to 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	$	—

There were no measurement period adjustments recorded during the 2017 reporting period associated with the Piscataway purchase price allocation.

Vault Asset Acquisition

On October 6, 2017, the Company completed the buyout of its Vault facility in Dulles, Virginia. The facility consists of approximately 87,000 gross square feet, including approximately 31,000 square feet of raised floor, and approximately 13 MW of available utility power. The Company previously leased the property under a capital lease agreement of approximately $17.8 million and purchased it for approximately $34.1 million cash, for a net purchase price of $16.3 million. This acquisition was funded with a draw on the unsecured revolving credit facility.

The Company accounted for this acquisition in accordance with ASC Topic 840, Leases.

Land Acquisitions

In July 2017, the Company completed the acquisition of approximately 84 acres of land in Phoenix, Arizona for approximately $25 million to be used for future development.

In August 2017, the Company completed the acquisition of approximately 24 acres of land in Ashburn, Virginia for approximately $17 million. As of December 31, 2017, the Company has commenced development of a mega data center facility on the acquired land parcel.

In October 2017, the Company completed the acquisition of approximately 28 acres of land in Ashburn, Virginia for approximately $36 million to be used for future development.

In October 2017, the Company completed the acquisition of approximately 92 acres of land in Hillsboro, Oregon for approximately $26 million to be used for future development.

The fair value of the land acquired in each of the four aforementioned acquisitions, as well as costs associated with the subsequent development of the data center in Ashburn, aggregated $163.6 million as of December 31, 2017 and is included within the “Construction in Progress” line item of the consolidated balance sheets.