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

6 Months Ended

Jun. 30, 2016

ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT

Schedule of Business Acquisitions, by 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	$	30,419
Buildings and improvements	296,534
Debt assumed (included in Mortgage and other notes payable)	(121,371		)
Total consideration	$	205,582

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	76,628		New York, NY	—
165 Newbury Street	1,588	100	%	Street Retail	May	6,250		Boston, MA	—
Renaissance Portfolio (3)	305,000	20	%	Street Retail	June	67,600		Washington, D.C.	20,000
Total Core Portfolio	436,410					$	190,286		$	30,472
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	455,938					$	204,036		$	31,935

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 six months ended June 30, 2016, lease payments totaling $7.2 million were made under this lease.

(3) The Company acquired a 20% membership interest in an existing joint venture for $67.6 million. The Company's pro-rata share of debt assumed was $20.0 million of debt. The assets and liabilities of the underlying entity are stated at historical cost basis. The difference between the Company's investment and the historical cost basis will be allocated over the fair value of the underlying assets and liabilities and amortized over their respective lives.

The following table summarizes the preliminary allocations of the purchase prices of these properties and the finalized allocations as adjusted as of June 30, 2016:

(dollars in thousands)	Purchase Price Allocations as Originally Reported			Adjustments			Finalized Purchase Price Allocations
Land	$	86,765		$	2,344		$	89,109
Buildings and improvements	267,551			(11,743		)	255,808
Acquisition-related intangible assets (in Acquired lease intangibles, net)	—			23,071			23,071
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	—			(12,951		)	(12,951		)
Below market debt assumed (in Mortgage and other notes payable)	(10,885		)	(721		)	(11,606		)
Total consideration	$	343,431		$	—		$	343,431

Schedule Of Property Dispositions

During 2016, the Company disposed of the following properties:

(dollars in thousands)
Dispositions	GLA	Sales Price		Gain on Sale		Month Sold	Owner
Cortlandt Town Center (1)	—	$	107,250	$	65,393	January	Fund III
Heritage Shops	82,098	46,500		16,572		April	Fund III
Total	82,098	$	153,750	$	81,965

Note:

(1) Fund III sold a 65% controlling interest in Cortlandt Town Center for $107,250, resulting in a gain on sale of $65,393.