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Operating Property Activities (Tables) | 6 Months Ended
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Jun. 30, 2015
Operating Property Activities [Abstract] |
Schedule of acquired properties in separate transactions |
|  |  |  |  |  | Purchase Price |
Property Name |  | Location |  | Month Acquired |  | Cash* |  |  | Debt Assumed |  |  | Other |  |  | Total |  |  | GLA** |
Elmont Plaza |  | Elmont, NY (1) |  | Jan-15 |  | $ | 2,400 |  |  | $ | - |  |  | $ | 3,358 |  |  | $ | 5,758 |  |  |  | 13 |
Garden State Pavilion Parcel |  | Cherry Hill, NJ |  | Jan-15 |  |  | 16,300 |  |  |  | - |  |  |  | - |  |  |  | 16,300 |  |  |  | 111 |
Kimstone Portfolio (39 properties) |  | Various (2) |  | Feb-15 |  |  | 513,513 |  |  |  | 637,976 |  |  |  | 236,011 |  |  |  | 1,387,500 |  |  |  | 5,631 |
Copperfield Village |  | Houston, TX |  | Feb-15 |  |  | 18,700 |  |  |  | 20,800 |  |  |  | - |  |  |  | 39,500 |  |  |  | 165 |
Snowden Square Parcel |  | Columbia, MD |  | Mar-15 |  |  | 4,868 |  |  |  | - |  |  |  | - |  |  |  | 4,868 |  |  |  | 25 |
Dulles Town Crossing Parcel |  | Sterling, VA |  | Mar-15 |  |  | 4,830 |  |  |  | - |  |  |  | - |  |  |  | 4,830 |  |  |  | 9 |
Flagler Park S.C. |  | Miami, FL |  | Mar-15 |  |  | 1,875 |  |  |  | - |  |  |  | - |  |  |  | 1,875 |  |  |  | 5 |
West Farms Parcel |  | New Britain, CT |  | Apr-15 |  |  | 6,200 |  |  |  | - |  |  |  | - |  |  |  | 6,200 |  |  |  | 24 |
Milleridge Inn |  | Jericho, NY |  | Apr-15 |  |  | 7,500 |  |  |  | - |  |  |  | - |  |  |  | 7,500 |  |  |  | - |
Woodgrove Festival Parcels |  | Woodridge, IL |  | Jun-15 |  |  | 5,611 |  |  |  | - |  |  |  | - |  |  |  | 5,611 |  |  |  | 12 |
|  |  |  |  |  | $ | 581,797 |  |  | $ | 658,776 |  |  | $ | 239,369 |  |  | $ | 1,479,942 |  |  |  | 5,995 |
* The Company utilized $31.7 million associated with Internal Revenue Code §1031 sales proceeds. ** Gross leasable area ("GLA")
| (1) | The Company acquired from its partner the remaining ownership interest in a property that was held in a joint venture in which the Company had a 50.0% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, recognized a loss on change in control of interest of $0.2 million resulting from the fair value adjustment associated with the Company’s previously held equity interest, which is reflected in the purchase price above in Other.
| (2) | The Company acquired from its partner the remaining ownership interest in 39 properties that were held in a joint venture in which the Company had a 33.3% noncontrolling interest. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, recognized a gain on change in control of interest of $140.0 million resulting from the fair value adjustment associated with the Company’s previously held equity interest, which is reflected in the purchase price above in Other.
Schedule of aggregate purchase price of the properties acquired |
Land |  | $ | 406,252 |
Buildings |  |  | 836,417 |
Above Market Rents |  |  | 31,659 |
Below Market Rents |  |  | (66,407 | )
In-Place Leases |  |  | 148,435 |
Building Improvements |  |  | 120,925 |
Tenant Improvements |  |  | 21,761 |
Mortgage Fair Value Adjustment |  |  | (21,573 | )
Other Assets |  |  | 2,637 |
Other Liabilities |  |  | (164 | )
|  | $ | 1,479,942 |

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