Acquisitions

The following table provides a summary of income producing property acquisition activity during the nine months ended September 30, 2012:



Date Purchased	Property Name	City	State	Square Feet/Acres		Purchase Price		Mortgage Assumed
						(in thousands)
September 28, 2012	Clocktower Plaza Shopping Center ⁽¹⁾	Queens	NY	78,820		$	56,000	$	—
August 28, 2012	Darinor Plaza ^{(1) (2)}	Norwalk	CT	152,025		36,000		18,765
June 8, 2012	Broadway Plaza - land parcel	Bronx	NY	1.83	⁽³⁾	7,500		—
March 1, 2012	Potrero Center	San Francisco	CA	226,699		110,750		—
March 1, 2012	Compo Acres Shopping Center	Westport	CT	43,107		30,300		—
March 1, 2012	Post Road Plaza	Darien	CT	20,005		12,700		—
Total						$	253,250	$	18,765

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⁽¹⁾ The purchase price has been preliminarily allocated to real estate assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price and related accounting will be finalized after our valuation studies are complete.

⁽²⁾ Property is subject to a ground lease which expires in 2076.

⁽³⁾ In acres.

During the three and nine months ended September 30, 2012, we did not recognize any material measurement period adjustments related to prior year acquisitions or acquisitions made during the first half of 2012.

In conjunction with the acquisitions of Clocktower Plaza Shopping Center and Compo Acres Shopping Center, we entered into reverse Section 1031 like-kind exchange agreements with third party intermediaries, which are for a maximum of 180 days and allow us, for tax purposes, to defer gains on the sale of other properties identified and sold within this period. Until the earlier of termination of the exchange agreements or 180 days after the respective acquisition dates, the third party intermediaries are the legal owner of each property; however, we control the activities that most significantly impact each property and retain all of the economic benefits and risks associated with each property. Therefore, at the date of acquisition, we determined that we were the primary beneficiary of these VIEs and consolidated the properties and their operations as of the respective acquisition dates noted above. Legal ownership for Compo Acres Shopping Center was transferred to us by the qualified intermediary during the first quarter of 2012.

We expensed transaction-related costs in connection with completed or pending property acquisitions of approximately $1.2 million and $2.6 million during the three and nine months ended September 30, 2012, respectively, and approximately $1.0 million and $6.5 million during the three and nine months ended September 30, 2011, respectively, which are included in general and administrative costs in the condensed consolidated statements of operations. The purchase price related to the 2012 acquisitions listed in the above table was funded by the use of our line of credit, cash on hand, and proceeds from our term loan, the equity offering in the third quarter and dispositions.