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ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE (Tables)
 9 Months Ended
Sep. 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 allocations of the purchase prices of assets acquired and liabilities assumed during 2016:

(dollars in thousands)
Purchase Price Allocations
Land
$
58,740

Buildings and improvements
291,820

Prepaid expenses and other assets
4,320

Acquisition-related intangible assets (in Acquired lease intangibles, net)
40,554

Acquisition-related intangible liabilities (in Acquired lease and other intangibles, net)
(43,753
)
Debt assumed (included in Mortgage and other notes payable)
(59,601
)
Total consideration
$
292,080

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

(dollars in thousands)
Purchase Price Allocations as Originally Reported
Adjustments
Finalized Purchase Price Allocations
Land
$
83,890

$
4,178

$
88,068

Buildings and improvements
258,926

(14,023
)
244,903

Acquisition-related intangible assets (in Acquired lease intangibles, net)
—

22,660

22,660

Acquisition-related intangible liabilities (in Acquired lease intangibles, net)
—

(12,094
)
(12,094
)
Below market debt assumed (in Mortgage and other notes payable)
(10,885
)
(721
)
(11,606
)
Total consideration
$
331,931

$
—

$
331,931

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

Concord & Milwaukee
13,105

100
%
Street Retail
July
6,000

Chicago, IL
2,902

State & Washington
84,604

100
%
Street Retail
August
70,250

Chicago, IL
25,651

151 North State Street
27,385

100
%
Street Retail
August
30,500

Chicago, IL
14,556

North & Kingsbury
41,700

100
%
Street Retail
August
34,000

Chicago, IL
13,409

Sullivan Center
199,122

100
%
Urban Retail Center
August
146,939

Chicago, IL
—

California & Armitage
18,275

100
%
Street Retail
September
9,250

Chicago, IL
2,692

Total Core Portfolio
820,601

 
 
 
$
487,225

 
$
89,682

 
 
 
 
 
 
 
 
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
—

Wake Forest Crossing
203,006

100
%
Suburban Shopping Center
September
36,600

Wake Forest, NC
—

Total Fund IV
222,534

 
 
 
$
50,350

 
$
1,463

 
 
 
 
 
 
 
 
Total
1,043,135

 
 
 
$
537,575

 
$
91,145


Notes:

(1) The Company acquired a 49% noncontrolling 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.
4.    ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE (continued)

Acquisitions (continued)

(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 nine months ended September 30, 2016, lease payments totaling $7.8 million were made under this lease.

(3) The Company acquired a 20% noncontrolling membership interest in an existing joint venture for $67.6 million. The Company's pro-rata share of debt assumed was $20.0 million. 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 has been allocated based on the estimated fair value of the underlying assets and liabilities and amortized over their respective lives.
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.
Business Acquisition, Pro Forma Information
The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results would have been, nor does it represent the results for future periods.

 
Nine Months Ended
 
September 30,
(dollars in thousands, except per share amounts)
2016
2015
Aggregate and Condensed Statements of Income
 
 
Total revenues
$
171,224

$
182,413

Operating and other expenses
$
(126,512
)
$
(129,702
)
Interest and other finance expense
$
(25,485
)
$
(29,948
)
Net income
$
105,069

$
146,638

 Net income attributable to Common Shareholders
$
57,436

$
61,088

Basic and diluted earnings per Common Share attributable to Common Shareholders
$
0.70

$
0.79