Real Estate Activities Acquisition (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Acquisition

On March 31, 2015, we acquired Springfield Town Center in Springfield, Virginia for aggregate consideration of $486.6 million, consisting of the following components: (i) the assumption and immediate payoff of $263.8 million of indebtedness owed to affiliates of Vornado Realty L.P.; (ii) 6,250,000 OP Units valued at $145.2 million, (iii) liabilities relating to tenant improvements and allowances of $14.8 million, (iv) the estimated present value of the “Earnout” (as described below) of $7.7 million, and (v) the remainder in cash. The seller is potentially entitled to receive consideration under the terms of the Contribution Agreement (the “Earnout”) which will be calculated as of March 31, 2018. Our initial allocation of the purchase price is as follows (amounts are subject to change pending final determination of fair values of assets acquired and liabilities assumed):



(in thousands of dollars)
Land		$	119,934
Building		315,845
Site improvements and tenant improvements		36,424
Intangible assets (liabilities):
	In-place lease value	18,126
	Above market lease value	260
	Below market lease value	(393		)
	Above market ground lease value (as lessor)	(5,882		)
Deferred and other assets		2,290
Total		$	486,604