ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2014

Restructuring Cost and Reserve [Line Items]

Schedule of Business Acquisitions, by Acquisition

The Company expensed $1.5 million of acquisition costs for the six months ended June 30, 2014, related to the Core Portfolio.

4. ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)

Acquisitions (continued)

Fund IV



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Location
Broughton Street Portfolio (18 Properties)	157,383	50	%	Street Retail	Various	$	26.0	Savannah, GA
Total	157,383					$	26.0

During 2014, the Company acquired the following properties through its Core Portfolio and Fund IV as follows:

Core Portfolio



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Location
11 E Walton	6,738	100	%	Street Retail	January	$	44.0	Chicago, IL
61 Main Street	3,400	100	%	Street Retail	February	7.3		Westport, CT
865 W North Avenue	16,000	100	%	Street Retail	March	14.8		Chicago, IL
252-256 Greenwich Avenue	9,172	100	%	Street Retail	March	24.5		Greenwich, CT
152-154 Spring Street	2,936	90	%	Street Retail	April	38.0		New York, NY
2520 Flatbush Avenue	29,114	100	%	Urban Retail	May	17.1		Brooklyn, NY
Total	67,360					$	145.7

Combined Assets and Liabilities and Results of Operations of the Properties Classified as Discontinued Operations

The combined assets and liabilities and the results of operations of the properties classified as discontinued operations are summarized for each period presented as follows:



(dollars in thousands)
BALANCE SHEETS	December 31, 2013
ASSETS
Net real estate	$	17,991
Rents receivable, net	565
Deferred charges, net	38
Prepaid expenses and other assets	1,840
Total assets of discontinued operations	$	20,434
LIABILITIES
Accounts payable and accrued expenses	$	1,473
Other liabilities	1,034
Total liabilities of discontinued operations	$	2,507

4. ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)



	Three Months Ended						Six Months Ended
(dollars in thousands)	June 30,						June 30,
STATEMENT OF INCOME	2014			2013			2014			2013
Total revenues	$	—		$	6,033		$	—		$	12,213
Total expenses	—			4,852			—			9,408
Operating income	—			1,181			—			2,805
Gain on disposition of property	560			4,191			560			4,191
Income from discontinued operations	560			5,372			560			6,996
Income from discontinued operations attributable to noncontrolling interests	(461		)	(4,582		)	(461		)	(6,174		)
Income from discontinued operations attributable to Common Shareholders	$	99		$	790		$	99		$	822

Schedule Of Property Dispositions

During 2014, the Company disposed of the following properties:



(dollars in millions)
Dispositions	GLA	Sale Price		Gain/Loss on Sale			Month Sold	Owner
Walnut Hill ¹	297,905	$	—	$	12.4		March	Core
Sheepshead Bay	96,418	20.2		1.4			April	Fund III
City Point ²	—	26.3		0.6			June	Fund II
Other post-sale adjustments	—	—		(0.9		)
Total	394,323	$	46.5	$	13.5

Note:

(1) This property was subject to $22.9 million of non-recourse debt and was foreclosed upon by the lender during March 2014, resulting in a $12.4 million gain.

(2) Represents the sale of a portion of the residential air rights known as "Tower 2" associated with the Company's City Point development project.

Acquisitions In 2014

Restructuring Cost and Reserve [Line Items]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2014 which have yet to be finalized:



(dollars in thousands)	Preliminary Purchase Price Allocations
Land	$	44,027
Buildings and improvements	127,579
Total consideration	$	171,606

Acquisitions in 2013

Restructuring Cost and Reserve [Line Items]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the preliminary allocations of the purchase prices of these properties as recorded as of December 31, 2013, and the finalized allocations as adjusted as of June 30, 2014:



(dollars in thousands)	Purchase Price Allocations as Originally Reported		Adjustments			Finalized Purchase Price Allocations
Land	$	41,700	$	8,236		$	49,936
Buildings and improvements	142,618		(20,640		)	121,978
Acquisition-related intangible assets (in Acquired lease intangibles, net)	—		15,716			15,716
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	—		(3,312		)	(3,312		)
Total consideration	$	184,318	$	—		$	184,318

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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