ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS

Acquisitions

During 2014, the Company acquired the following properties through its Core Portfolio and Fund IV as follows:

Core Portfolio



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Location
11 E Walton	6,738	100	%	Street Retail	January	$	44.0	Chicago, IL
61 Main Street	3,400	100	%	Street Retail	February	7.3		Westport, CT
865 W North Avenue	16,000	100	%	Street Retail	March	14.8		Chicago, IL
252-256 Greenwich Avenue	9,172	100	%	Street Retail	March	24.5		Greenwich, CT
Total	35,310					$	90.6

The Company expensed $0.7 million of acquisition costs for the three months ended March 31, 2014 related to the Core Portfolio.

Fund IV



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Location
Broughton Street Portfolio	55,565	50	%	Street Retail	March	$	4.9	Savannah, GA
Total	55,565					$	4.9

The Company expensed $0.4 million of acquisition costs for the three months ended March 31, 2014 related to Fund IV.

4. ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)

Acquisitions (continued)

Purchase Price Allocations

The above acquisitions have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and liabilities based on their estimated fair values at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Company expects to finalize the valuations and complete the purchase price allocations within one year from the dates of acquisition.

The following table summarizes the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2014 which have yet to be finalized:



(dollars in thousands)	Preliminary Purchase Price Allocations
Land	$	23,865
Buildings and improvements	71,586
Total consideration	$	95,451

During 2013, the Company acquired properties and recorded the preliminary allocations of the purchase prices to the assets acquired based on provisional measurements of fair value. During 2014, the Company finalized the allocations of the purchase prices and made certain measurement period adjustments. The following table summarizes the preliminary allocations of the purchase prices of these properties as recorded as of December 31, 2013, and the finalized allocations as adjusted as of March 31, 2014:



(dollars in thousands)	Purchase Price Allocations as Originally Reported		Adjustments			Finalized Purchase Price Allocations
Land	$	22,182	$	(605	)	$	21,577
Buildings and improvements	84,061		(7,514		)	76,547
Acquisition-related intangible assets (in Acquired lease intangibles, net)	—		9,092			9,092
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	—		(973		)	(973		)
Total consideration	$	106,243	$	—		$	106,243

Dispositions

During March 2014, the Company's Walnut Hill property, which was subject to $22.9 million of non-recourse debt was foreclosed upon by the lender, resulting in a $12.4 million gain.

4. ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)

Discontinued Operations

Prior to the Company's adoption of ASU 2014-08, it reported properties held for sale or sold during the periods presented as discontinued operations. The results of discontinued operations are reflected as a separate component within the accompanying Consolidated Balance Sheets and Consolidated Statements of Income for all periods presented. As of March 31, 2014, one of the properties within the Funds was held for sale and, as it was previously reported as a discontinued operation, is reflected as such.

The combined assets and liabilities and the results of operations of the properties classified as discontinued operations are summarized for each period presented as follows:



(dollars in thousands)
BALANCE SHEETS	March 31, 2014		December 31, 2013
ASSETS
Net real estate	$	18,048	$	17,991
Rents receivable, net	33		565
Deferred charges, net	38		38
Prepaid expenses and other assets	243		1,840
Total assets of discontinued operations	$	18,362	$	20,434
LIABILITIES
Accounts payable and accrued expenses	$	104	$	1,473
Other liabilities	2		1,034
Total liabilities of discontinued operations	$	106	$	2,507



	Three Months Ended
(dollars in thousands)	March 31,
STATEMENT OF INCOME	2013
Total revenues	$	6,180
Total expenses	4,556
Operating income	1,624
Income from discontinued operations attributable to noncontrolling interests	(1,591		)
Income from discontinued operations attributable to Common Shareholders	$	33