ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE

Acquisitions

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	—
Roosevelt Galleria	40,300	100	%	Urban Retail Center	September	19,600		Chicago, IL	—
Total Core Portfolio	305,800					$	204,243		$	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	365,469					$	389,079		$	90,765

4. ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE(continued)

Acquisitions (continued)

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.

In addition, during the second quarter, the Company acquired the remaining 10% interest in a property from an unaffiliated joint venture partner in exchange for $4.2 million, including the conversion of a $1.9 million note receivable (Note 6).

For the nine months ended September 30, 2015, the Company expensed $1.1 million and $2.2 million of acquisition costs related to the Core Portfolio and Fund IV, respectively.

Purchase Price Allocations

With the exception of the acquisition of City Point - Tower I, which was an asset acquisition, the above acquisitions have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and assumed 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 2015 which have yet to be finalized:



(dollars in thousands)	Preliminary Purchase Price Allocations
Land	$	70,659
Buildings and improvements	219,232
Debt assumed (included in Mortgage and other notes payable)	(9,765		)
Total consideration	$	280,126

4. ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE(continued)

Acquisitions (continued)

During 2014, the Company acquired properties and recorded the preliminary allocations of the purchase prices to the assets acquired and liabilities assumed based on provisional measurements of fair value. During 2015, 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, 2014, and the finalized allocations as adjusted as of September 30, 2015:



(dollars in thousands)	Purchase Price Allocations as Originally Reported			Adjustments			Finalized Purchase Price Allocations
Land	$	84,707		$	(1,603	)	$	83,104
Buildings and improvements	224,011			(68,510		)	155,501
Acquisition-related intangible assets (in Acquired lease intangibles, net)	—			79,030			79,030
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(6,434		)	(9,308		)	(15,742		)
Below market debt assumed (in Mortgage and other notes payable)	(2,100		)	391			(1,709		)
Total consideration	$	300,184		$	—		$	300,184

Dispositions

During 2015, the Company disposed of the following properties:



(dollars in thousands)
Property	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
Parkway Crossing (1)	260,241	27,275		6,938		July	Fund III
Kroger-Safeway (3)	97,500	278		79		August	Fund I
Total	695,168	$	327,903	$	113,106

Note:

(1) Fund III's White City Shopping Center and Parkway Crossing were unconsolidated and as such, the Company's share of gains related to these sales is included in gain on disposition of properties of unconsolidated affiliates in the 2015 Consolidated Statement of Income.

(2) Represents the disposition of air rights at Phase III of Fund II's City Point project.

(3) During the third quarter of 2015, Fund I terminated its ground lease interests at 2 of the 3 remaining properties in the portfolio and sold its ground lease interest in the third location.

Properties Held For Sale

At September 30, 2015, no assets were held for sale. At December 31, 2014, The Company had two properties classified as held-for-sale.