|6 Months Ended|
Jun. 30, 2016
|Subsequent Events [Abstract]|
On July 21, 2016, we sold a 50% interest in six triple-net leased, single-tenant data center properties by contributing them into a newly-formed joint venture for a property value of $147.6 million. We obtained $60 million in non-recourse mortgage loans on the properties through the joint venture immediately prior to the sale of our interest and received the net proceeds. Our partner in the joint venture acquired the 50% interest in the joint venture from us for $44 million. We will account for our 50% interest in the joint venture using the equity method of accounting. Due to our continuing involvement in the properties through the joint venture, we recognized a partial gain on the sale of our interest of approximately $18 million.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.