ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE

Acquisitions

During 2016, the Company acquired the following properties through its Core Portfolio and Fund IV:



(dollars in thousands)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Location	Assumption of Debt
Core Portfolio:
Gotham Plaza (1)	122,902	49	%	Urban Retail Center	January	$	39,808	New York, NY	$	10,472
991 Madison Avenue (2)	6,920	100	%	Street Retail	March	76,461		New York, NY	—
Total Core Portfolio	129,822					$	116,269		$	10,472

Fund IV:
1964 Union Street	3,817	90	%	Street Retail	January	$	2,250	San Francisco, CA	$	1,463
Restaurants at Fort Point	15,711	100	%	Urban Retail Center	January	11,500		Boston, MA	—
Total Fund IV	19,528					$	13,750		$	1,463

Total	149,350					$	130,019		$	11,935

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

Acquisitions (continued)

Notes:

(1) The Company acquired a 49% membership interest in this property for $39.8 million. The Company's pro-rata share of debt assumed was $10.5 million. In connection with this acquisition, the Company issued 442,478 Common OP Units and 141,593 Preferred OP Units.

(2) The purchase price represents the total discounted payments pursuant to a 49-year master lease entered into by the Company, which is accounted for as a capital lease. During the three months ended March 31, 2016, lease payments totaling $7.2 million were made under this lease.

For the three months ended March 31, 2016, the Company expensed $0.2 million of acquisition costs in each of the Core Portfolio and Fund IV.

Purchase Price Allocations

With the exception of 1964 Union Street, which was an asset acquisition, and 991 Madison Avenue, a master lease position, 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 estimated allocations of the purchase prices of assets acquired and liabilities assumed during 2016 which have yet to be finalized:



(dollars in thousands)	Preliminary Purchase Price Allocations
Land	$	23,192
Buildings and improvements	69,575
Debt assumed (included in Mortgage and other notes payable)	(21,371		)
Total consideration	$	71,396

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

Acquisitions (continued)

During 2015, 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 2016, 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, 2015, and the finalized allocations as adjusted as of March 31, 2016:



(dollars in thousands)	Purchase Price Allocations as Originally Reported			Adjustments			Finalized Purchase Price Allocations
Land	$	65,759		$	1,258		$	67,017
Buildings and improvements	204,532			(12,060		)	192,472
Acquisition-related intangible assets (in Acquired lease intangibles, net)	—			20,326			20,326
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	—			(8,809		)	(8,809		)
Below market debt assumed (in Mortgage and other notes payable)	(9,765		)	(715		)	(10,480		)
Total consideration	$	260,526		$	—		$	260,526

Dispositions

During 2016, Fund III sold a 65% interest in Cortlandt Town Center for $107,250, resulting in a gain on sale of $65,393.

Properties Held For Sale

At March 31, 2016, the Company had one property classified as held-for-sale. At December 31, 2015, the Company had no properties classified as held-for-sale.