Acquisitions

During the three months ended March 31, 2015, we did not complete any acquisitions. In 2014, we acquired a total of 61 operating properties. Upon completion of the merger with Inland Diversified in July, we acquired 60 operating properties and in December we acquired an operating property in the Summerlin sub-market of Las Vegas, Nevada. The total merger purchase price was $2.1 billion. Preliminary purchase price allocations were made at the date of acquisition, primarily to the fair value of tangible assets (land, building, and improvements) as well as to intangibles. The estimated purchase price allocations remain preliminary at March 31, 2015 and are subject to revision within the measurement period, not to exceed one year. There were no material adjustments to the purchase price allocations for our 2014 acquisitions during the three months ended March 31, 2015.

Following is a summary of our 2014 operating property acquisitions.



Property Name	MSA	Acquisition Date	Acquisition Cost (millions)

Merger with Inland Diversified	Various	July 2014	$	2,128.6

Rampart Commons	Las Vegas, NV	December 2014	32.3

The following table summarizes the aggregate purchase price allocation for the properties acquired as part of the merger with Inland Diversified as of July 1, 2014 (in thousands):



Assets:
Investment properties, net	$	2,095,567
Deferred costs, net	143,210
Investments in marketable securities	18,602
Cash and cash equivalents	108,666
Accounts receivable, prepaid expenses, and other	20,157
Total Assets	$	2,386,202

Liabilities:
Mortgage and other indebtedness, including debt premium of $33,300	$	892,909
Deferred revenue and other liabilities	129,935
Accounts payable and accrued expenses	59,314
Total Liabilities	1,082,158

Noncontrolling interests	69,356
Common shares issued	1,234,688
Total Allocated Purchase Price	$	2,386,202

The operating properties acquired through the merger with Inland Diversified generated total revenue of $44.6 million and consolidated net income of $7.6 million for the three months ended March 31, 2015. This includes total revenue and consolidated net income from the seven operating properties we sold to IREIT in March 2015 and excludes total revenue and consolidated net income from the eight operating properties we sold to IREIT in November and December 2014 (see Note 10).

Acquisition costs for the three months ended March 31, 2015 of $0.2 million related to our acquisitions of Rampart Commons and Colleyville Downs. Merger costs of $4.5 million for the three months ended March 31, 2014 related to our merger with Inland Diversified and were mainly comprised of investment banking, due diligence, legal, and other professional expenses.