ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2014

Restructuring Cost and Reserve [Line Items]

Schedule of Business Acquisitions, by Acquisition

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

Core Portfolio

(dollars in thousands)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Location	Assumption of Debt
11 E. Walton	6,738	100	%	Street Retail	January	$	44,000	Chicago, IL	$	—
61 Main Street	3,400	100	%	Street Retail	February	7,300		Westport, CT	—
865 W. North Avenue	16,000	100	%	Street Retail	March	14,750		Chicago, IL	—
252-256 Greenwich Avenue	9,172	100	%	Street Retail	March	24,450		Greenwich, CT	—
152-154 Spring Street	2,936	90	%	Street Retail	April	38,000		New York, NY	—
2520 Flatbush Avenue	29,114	100	%	Urban Retail	May	17,100		Brooklyn, NY	—
Bedford Green	90,472	100	%	Shopping Center	July	46,750		Bedford Hills, NY	29,794
131-135 Prince Street (1)	3,200	100	%	Street Retail	July	51,359		New York, NY	—
Total	161,032					$	243,709		$	29,794

The Company expensed $3.1 million of acquisition costs for the nine months ended September 30, 2014, related to the Core Portfolio.

Note:

(1) This acquisition was primarily funded with the issuance of 1.4 million Common OP Units.

Fund IV

(dollars in thousands)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Location
Broughton Street Portfolio (1)	218,076	50	%	Street Retail	Various	$	33,856	Savannah, GA
Eden Square (2)	235,508	90	%	Shopping Center	July	25,369		Bear, DE
Total	453,584					$	59,225

The Company expensed $3.0 million of acquisition costs for the nine months ended September 30, 2014, related to Fund IV.

Notes:

(1) The Broughton Street Portfolio consists of 24 properties. As the joint venture partner to these investments maintains operating control over the investments, these are accounted for under the equity method. Of the 24 properties, nine of them are accounted for as asset acquisitions as they were purchased vacant and require future development.

(2) As the joint venture partner to this investment maintains operating control over this investment, it is accounted for under the equity method.

Schedule Of Property Dispositions

During 2014, the Company disposed of the following properties:

(dollars in thousands)
Dispositions	GLA	Sale Price		Gain/Loss on Sale			Month Sold	Owner
Walnut Hill (1)	297,905	$	—	$	12,402		March	Core
Sheepshead Bay	96,418	20,200		1,399			April	Fund III
City Point (2)	—	26,300		561			June	Fund II
Other post-sale adjustments	—	—		(854		)	-	Fund II
Union Plaza	—	340		190			July	Core
Lincoln Road Portfolio (3)	61,443	141,800		86,600			August	Fund III
Lincoln Road Portfolio (3)	54,453	200,200		54,642			August	Fund IV
Total	510,219	$	388,840	$	154,940

Notes:

(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.

(3) Both the Fund III and Fund IV Lincoln Road Portfolios were unconsolidated and as such, the Company's share of gains related to these sales are included in gain on disposition of properties of unconsolidated affiliates in the 2014 Consolidated Statement of Income.

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:

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

Discontinued Operations (continued)

(dollars in thousands)
BALANCE SHEET	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

	Three Months Ended					Nine Months Ended
(dollars in thousands)	September 30,					September 30,
STATEMENTS OF INCOME	2014		2013			2014			2013
Total revenues	$	—	$	3,641		$	—		$	15,854
Total expenses	—		1,052			—			10,460
Operating income	—		2,589			—			5,394
Gain on disposition of property	—		—			560			4,191
Income from discontinued operations	—		2,589			560			9,585
Income from discontinued operations attributable to noncontrolling interests	—		(1,999		)	(461		)	(8,171		)
Income from discontinued operations attributable to Common Shareholders	$	—	$	590		$	99		$	1,414

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	$	73,459
Buildings and improvements	220,375
Total consideration	$	293,834

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 September 30, 2014:

(dollars in thousands)	Purchase Price Allocations as Originally Reported		Adjustments			Finalized Purchase Price Allocations
Land	$	52,029	$	14,356		$	66,385
Buildings and improvements	173,605		(28,988		)	144,617
Acquisition-related intangible assets (in Acquired lease intangibles, net)	—		19,574			19,574
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	—		(4,942		)	(4,942		)
Total consideration	$	225,634	$	—		$	225,634