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ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS | 6 Months Ended
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Jun. 30, 2012
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT |
Acquisitions And Disposition Of Properties And Discontinued Operations | ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS Acquisitions Core Portfolio During June 2012, the Company acquired the Brentwood Shopping Center, a 57,000 square foot shopping center located in Washington, D.C. for $21.7 million, including the assumption of $16.5 million of existing debt. During May 2012, the Company acquired 28 Jericho Turnpike, a 96,000 square foot single tenant property located in Westbury, New York for $27.3 million. During April 2012, the Company acquired 930 North Rush Street, a 2,930 square foot single tenant property located in Chicago, Illinois for $20.7 million. During March 2012, the Company acquired a four property portfolio located in Chicago, Illinois for $18.8 million, including the assumption of debt of $16.0 million. During February 2012, the Company acquired a 40,000 square foot single tenant property for $12.2 million, which included the assumption of $7.0 million of in-place mortgage debt. In addition, the Company acquired a 13,300 square foot single tenant property for $6.7 million. The properties, named River St. & Putnam Avenue, are located in Cambridge, Massachusetts. During January 2012, the Company acquired 1520 North Milwaukee Avenue, a 3,100 square foot property located in Chicago, Illinois for $3.8 million. The Company expensed $0.8 million of costs related to these 2012 Core Portfolio acquisitions. Fund III During April 2012, Fund III acquired Lincoln Park Centre, a 62,700 square foot retail property located in Chicago, Illinois for $31.5 million, including the assumption of debt of $19.8 million. During February 2012, Fund III, in a joint venture with an unaffiliated partner, acquired a 50% interest in 640 Broadway, a 45,700 square foot property located in New York, New York for $16.3 million. The Company expensed $1.5 million of costs related to these 2012 Fund III acquisitions. The above 2012 acquisitions have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and liabilities based on the estimated fair value of the acquired assets at the dates of acquisition. The preliminary measurements at fair value reflected below are subject to change. The Company expects to finalize the valuations and complete the purchase price allocations as soon as practical, but not later than one year from the dates of acquisition. The following table summarizes both the Company's preliminary and finalized allocations of the purchase prices of assets acquired and liabilities assumed during 2012:
(dollars in thousands) | Finalized Purchase Price Allocation | Preliminary Purchase Price Allocation
Land | $ | 8,097 |  | $ | 33,953 |
Buildings and improvements | 13,142 |  | 106,199 |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | 1,517 |  | — |
Acquisition-related intangible liabilities (in Acquired lease and other intangibles, net) | (4,387 | ) | — |
Above-below market debt assumed (included in Mortgage notes payable) | 502 |  | — |
Total consideration | $ | 18,871 |  | $ | 140,152 |
4. | ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)
Acquisitions (continued) During 2011, the Company acquired a property and recorded the preliminary allocation of the purchase price to the assets acquired based on provisional measurements of fair value. During 2012, the Company finalized the allocation of the purchase price and made certain measurement period adjustments. The following table summarizes the preliminary allocation of the purchase price of this property as recorded as of December 31, 2011, and the finalized allocation of the purchase price as adjusted as of June 30, 2012:
(dollars in thousands) | Finalized Purchase Price Allocation | Preliminary Purchase Price Allocation
Land | $ | 3,110 |  | $ | 2,250 |
Buildings and improvements | 7,354 |  | 9,000 |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | 786 |  | — |
Total consideration | $ | 11,250 |  | $ | 11,250 |
Discontinued Operations The Company reports properties held-for-sale and properties sold during the periods as discontinued operations. The results of operations of discontinued operations are reflected as a separate component within the accompanying Consolidated Statements of Income for all periods presented. During June 2012, Fund I sold Tarrytown Centre, a 35,000 square foot shopping center, located in Westchester, New York, for $12.8 million. During December 2011, the Company completed the sale of 15 Fund I leasehold interests in its Kroger/Safeway portfolio for $17.5 million. During October 2011, Fund I sold Granville Centre, a 135,000 square foot shopping center, located in Columbus, Ohio, for $2.3 million. During May 2011, the Company sold the Ledgewood Mall, a 517,000 square foot, unencumbered enclosed mall located in Ledgewood, New Jersey, for $37.0 million. During January 2011, the Company completed the sale of a Fund II leasehold interest in a location at the Oakbrook Center, located in Oak Brook, Illinois, for $8.2 million. The combined assets and liabilities as of December 31, 2011, and the results of operations of the properties classified as discontinued operations for the three and six months ended June 30, 2012 and June 30, 2011, respectively are summarized as follows:
4. | ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)
Discontinued Operations (continued)
BALANCE SHEET |  |  |
ASSETS |  | December 31, 2011
(dollars in thousands) |  |  |
Net real estate |  | $ | 8,859 |
Rents receivable, net |  | 245 |
Deferred charges, net |  | 249 |
Prepaid expenses and other assets |  | 46 |
Total assets of discontinued operations |  | $ | 9,399 |
LIABILITIES |  |  |
Mortgage notes payable |  | $ | 8,260 |
Accounts payable and accrued expenses |  | 188 |
Other liabilities |  | 556 |
Total liabilities of discontinued operations |  | $ | 9,004 |
|  | Three Months Ended |  | Six Months Ended
STATEMENTS OF OPERATIONS |  | June 30, |  | June 30, |  | June 30, |  | June 30,
(dollars in thousands) |  | 2012 |  | 2011 |  | 2012 |  | 2011
Total revenues |  | $ | 239 |  |  | $ | 1,744 |  |  | $ | 691 |  |  | $ | 4,330 |
Total expenses |  | 172 |  |  | 1,012 |  |  | 398 |  |  | 2,702 |
Operating income |  | 67 |  |  | 732 |  |  | 293 |  |  | 1,628 |
Impairment of asset |  | — |  |  | (6,925 | ) |  | — |  |  | (6,925 | )
Gain on sale of property |  | 2,668 |  |  | 28,576 |  |  | 2,668 |  |  | 32,498 |
Income from discontinued operations |  | 2,735 |  |  | 22,383 |  |  | 2,961 |  |  | 27,201 |
(Income) loss from discontinued operations attributable to noncontrolling interests |  | (2,413 | ) |  | 3,631 |  |  | (2,589 | ) |  | 78 |
Income from discontinued operations attributable to Common Shareholders |  | $ | 322 |  |  | $ | 26,014 |  |  | $ | 372 |  |  | $ | 27,279 |

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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