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ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS | 9 Months Ended
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Sep. 30, 2012
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT |
Acquisitions And Disposition Of Real Estate And Discontinued Operations | ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS Acquisitions 2012 Core Portfolio Acquisitions During July 2012, the Company acquired 83 Spring Street, a 4,800 square foot retail condominium unit in New York, New York for $11.5 million. 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 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 2,900 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 330 River Street, a 53,300 square foot shopping center located in Cambridge, Massachusetts for $18.9 million, which included the assumption of $7.0 million of debt. 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 $1.2 million of costs for the nine months ended September 30, 2012 related to these 2012 Core Portfolio acquisitions. 2012 Fund III Acquisitions During August 2012, Fund III acquired 3104 M Street, a 4,900 square foot single-tenant retail property located in Washington D.C. for $3.0 million. During August 2012, Fund III acquired an undeveloped parcel of land located in Mohegan Lake, New York, for $11.0 million. During August 2012, Fund III, in a joint venture with an unaffiliated partner, acquired a 90% interest in Arundel Plaza, a 265,000 square foot shopping center in Glen Burnie, Maryland, for $17.6 million, including the assumption of debt of $9.3 million. During August 2012, Fund III obtained a deed in lieu of foreclosure on a 19.2 acre undeveloped property in Farmingdale, New York encumbered by the Fund's existing $10.0 million first mortgage loan which was originated in September 2008. 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 $2.2 million of costs during the nine months ended September 30, 2012 related to these 2012 Fund III acquisitions. The above 2012 Core Portfolio and Fund III acquisitions, excluding the acquisitions of land, 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 within 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:
4. | ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)
Acquisitions (continued)
(dollars in thousands) | Purchase Price Allocation as Originally Reported | Adjustments | Finalized Purchase Price Allocation |  | Preliminary Purchase Price Allocation (1)
Land | $ | 50,870 |  | $ | 4,951 |  | $ | 55,821 |  |  | $ | 27,084 |
Buildings and improvements | 67,303 |  | (7,432 | ) | 59,871 |  |  | 85,592 |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | 2,482 |  | 3,463 |  | 5,945 |  |  | — |
Acquisition-related intangible liabilities (in Acquired lease and other intangibles, net) | (4,387 | ) | (1,056 | ) | (5,443 | ) |  | — |
Above-below market debt assumed (included in Mortgage notes payable) | 935 |  | 74 |  | 1,009 |  |  | — |
Total consideration | $ | 117,203 |  | $ | — |  | $ | 117,203 |  |  | $ | 112,676 |
(1) Represents preliminary allocation for 2012 acquisitions where purchase price allocations have not been finalized During 2011, the Company acquired properties 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 these properties as recorded as of December 31, 2011, and the finalized allocation of the purchase price as adjusted as of September 30, 2012:
(dollars in thousands) | Finalized Purchase Price Allocation | Preliminary Purchase Price Allocation
Land | $ | 12,150 |  | $ | 5,438 |
Buildings and improvements | 11,009 |  | 18,563 |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | 1,027 |  | — |
Acquisition-related intangible liabilities (in Acquired lease and other intangibles, net) | (185 | ) | — |
Total consideration | $ | 24,001 |  | $ | 24,001 |
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 August 2012, Fund III sold 125 Main Street, located in Westport, Connecticut, for $33.5 million. 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 the year ended December 2011, the Company sold 18 assets for a combined $65.0 million. For additional detail on these assets, please refer to the Company's 2011 Form 10-K as filed with the SEC.
4. | ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)
Discontinued Operations (continued) 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 nine months ended September 30, 2012 and September 30, 2011, respectively are summarized as follows:
BALANCE SHEET |  |  |
ASSETS |  | December 31, 2011
(dollars in thousands) |  |  |
Net real estate |  | $ | 33,817 |
Rents receivable, net |  | 830 |
Deferred charges, net |  | 1,483 |
Prepaid expenses and other assets |  | 96 |
Total assets of discontinued operations |  | $ | 36,226 |
LIABILITIES |  |  |
Mortgage notes payable |  | $ | 20,760 |
Accounts payable and accrued expenses |  | 710 |
Other liabilities |  | 702 |
Total liabilities of discontinued operations |  | $ | 22,172 |
|  | Three Months Ended |  | Nine Months Ended
STATEMENTS OF OPERATIONS |  | September 30, |  | September 30, |  | September 30, |  | September 30,
(dollars in thousands) |  | 2012 |  | 2011 |  | 2012 |  | 2011
Total revenues |  | $ | 226 |  |  | $ | 1,766 |  |  | $ | 1,917 |  |  | $ | 6,457 |
Total expenses |  | 125 |  |  | 890 |  |  | 1,134 |  |  | 3,712 |
Operating income |  | 101 |  |  | 876 |  |  | 783 |  |  | 2,745 |
Impairment of asset |  | — |  |  | — |  |  | — |  |  | (6,925 | )
Gain on sale of property |  | 5,917 |  |  | — |  |  | 8,585 |  |  | 32,498 |
Income from discontinued operations |  | 6,018 |  |  | 876 |  |  | 9,368 |  |  | 28,318 |
(Income) from discontinued operations attributable to noncontrolling interests |  | (4,702 | ) |  | (634 | ) |  | (7,604 | ) |  | (707 | )
Income from discontinued operations attributable to Common Shareholders |  | $ | 1,316 |  |  | $ | 242 |  |  | $ | 1,764 |  |  | $ | 27,611 |

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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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