Acquisitions and Sales

12 Months Ended

Dec. 31, 2020

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

Land Acquisitions

During the year ended December 31, 2020, we completed multiple acquisitions of land totaling 126 acres for an aggregate purchase price of approximately $43.9 million to be used for future development. These acquisitions were accounted for as asset acquisitions and were included within the “Construction in Progress” line item of the consolidated balance sheets at the time of acquisition.

During the year ended December 31, 2019, we completed multiple acquisitions of land totaling 107 acres for an aggregate purchase price of approximately $31.6 million to be used for future development. These acquisitions were accounted for as asset acquisitions and were included within the “Construction in Progress” line item of the consolidated balance sheets at the time of acquisition.

Atlanta Land Improvement Sale

In November 2019, we sold to a third-party certain land improvements which we had previously acquired as part of a larger acquisition of land to expand our Atlanta, Georgia campus. This sale of incidental real estate resulted in a gain of $1.4 million. Additionally, we entered into a ground lease with the Company as lessor and the acquirer of the building as lessee which has an initial term of 20 years.

Netherlands Acquisition

On April 23, 2019, we completed the acquisition of two data centers in the Netherlands (the “Netherlands facilities”) for approximately $44.5 million in cash consideration, including closing costs. At the time of acquisition, the two facilities, in Groningen and Eemshaven, had approximately 160,000 square feet of raised floor capacity and 30 megawatts of combined gross power available. This acquisition was funded with a draw on our unsecured revolving credit facility.

The acquisition was accounted for as an asset acquisition. The purchase price allocation of the Netherlands facilities was a fair value estimate that utilized Level 2 and Level 3 inputs, including discounted future cash flows and observable market data on replacement costs, leasing rates, and discount rates that were used to measure the acquired assets and liabilities on a non-recurring basis.

The following table summarizes the consideration for the Netherlands facilities and the allocation of the fair value of assets acquired and liabilities assumed at the acquisition date (in thousands):


	Purchase Price Allocation		Weighted Avg Remaining Useful Life (in years)
Land	$	1,743	N/A
Buildings and improvements	8,640		24
Construction in progress	29,902		N/A
Acquired intangibles (In-place lease & above market lease)	2,911		3
Deferred costs	906		3
Other assets	128		3
Net Working Capital	554		N/A
Total identifiable assets acquired	44,784

Acquired below market lease	284		3
Total liabilities assumed	284

Net identifiable assets acquired	$	44,500