ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE (Tables)

6 Months Ended

Jun. 30, 2015

ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the preliminary allocations of the purchase prices of these properties as recorded as of December 31, 2014, and the finalized allocations as adjusted as of June 30, 2015:

(dollars in thousands)	Purchase Price Allocations as Originally Reported		Adjustments			Finalized Purchase Price Allocations
Land	$	43,820	$	16,751		$	60,571
Buildings and improvements	126,955		(21,578		)	105,377
Acquisition-related intangible assets (in Acquired lease intangibles, net)	—		9,836			9,836
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	—		(5,009		)	(5,009		)
Total consideration	$	170,775	$	—		$	170,775

The following table summarizes the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2015 which have yet to be finalized:

(dollars in thousands)	Preliminary Purchase Price Allocations
Land	$	65,759
Buildings and improvements	204,532
Above-below market debt assumed (included in Mortgage and other notes payable)	(9,765		)
Total consideration	$	260,526

During 2015, the Company acquired the following properties through its Core Portfolio, Fund II, and Fund IV:

(dollars in thousands)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Location	Assumption of Debt
Core Portfolio:
City Center	205,000	100	%	Urban Retail Center	March	$	155,000	San Fransisco, CA	$	—
163 Highland Avenue	40,500	100	%	Suburban Shopping Center	March	24,000		Needham, MA	9,765
Route 202 Shopping Center (1)	20,000	100	%	Suburban Shopping Center	April	5,643		Wilmington, DE	—
Total Core Portfolio	265,500					$	184,643		$	9,765
Fund II:
City Point - Tower I (2)	—	95	%	Urban Development	May	$	100,800	Brooklyn, NY	$	81,000
Total Fund II	—					$	100,800		$	81,000
Fund IV:
1035 Third Avenue (3)	53,294	100	%	Street Retail	January	$	51,036	New York, NY	$	—
801 Madison Avenue	6,375	100	%	Street Retail	April	33,000		New York, NY	—
Total Fund IV	59,669					$	84,036		$	—
Total	325,169					$	369,479		$	90,765

Notes:

(1) Purchase price represents the 77.78% interest acquired from an unaffiliated third party.

(2) Fund II previously held a 52% interest in this unconsolidated affiliate. In connection with the disposition of Phase III of this project discussed below, Fund II acquired an additional 43% interest in Tower I of this development project. In total, Fund II now owns 95% of this investment, which is a residential project anticipated to include 250 residential units.

(3) GLA includes a portion of office space and a below-grade operator controlled parking garage.

Schedule Of Property Dispositions

During 2015, the Company disposed of the following properties:

(dollars in thousands)
Dispositions	GLA	Sale Price		Gain on Sale		Month Sold	Owner
Lincoln Park Centre	61,761	$	64,000	$	27,143	January	Fund III
White City Shopping Center (1)	249,549	96,750		17,105		April	Fund III
City Point - Air Rights (2)	—	115,600		49,884		May	Fund II
Liberty Avenue	26,117	24,000		11,957		May	Fund II
Total	337,427	$	300,350	$	106,089

Disclosure of Long Lived Assets Held-for-sale