Real Estate Activities Acquisition (Tables)

9 Months Ended

Sep. 30, 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 (the “Earnout”) under the terms of the Contribution Agreement which will be calculated as of March 31, 2018. Our allocation of the purchase price is as follows:



(in thousands of dollars)
Land		$	119,912
Building		299,012
Common area improvements		16,776
Site improvements and tenant improvements		35,565
Intangible assets (liabilities):
	In-place lease value	18,123
	Above market lease value	260
	Below market lease value	(393		)
	Above market ground lease value (as lessor)	(5,882		)
Deferred and other assets		3,231
Total		$	486,604