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ACQUISITION AND DISPOSITION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE | 12 Months Ended
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Dec. 31, 2014
Acquisition and Disposition of Properties and Discontinued Operations [Abstract] |
Acquisitions And Disposition Of Properties, Discontinued Operations, and Properties Held For Sale | Acquisition and Disposition of Properties, Discontinued Operations and Properties Held For Sale A. Acquisition and Disposition of Properties Acquisitions During 2014, the Company acquired the following properties through its Core Portfolio and Funds as follows: Core Portfolio
(dollars in millions) |  |  |  |  |  |  |
Property | GLA | Percent Owned | Type | Month of Acquisition | Purchase Price | Debt Assumption | 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
Bedford Green | 90,472 |  | 100 | % | Shopping Center | July | 46.8 |  | 29.8 |  | Bedford, NY
131-135 Prince Street (1) | 3,200 |  | 100 | % | Street Retail | August | 51.4 |  | — |  | New York, NY
Shops at Grand Ave | 99,975 |  | 100 | % | Shopping Center | October | 56.0 |  | — |  | Queens, NY
201 Needham Street | 20,409 |  | 100 | % | Suburban Retail | November | 10.1 |  | — |  | Newton, MA
840 N. Michigan (2) | 87,135 |  | 88 | % | Street Retail | December | 163.2 |  | 55.0 |  | Chicago, IL
Total | 368,551 |  |  |  |  | $ | 473.2 |  | $ | 84.8 |  |
Notes: (1) This acquisition was primarily funded with the issuance of 1.4 million Common OP Units. (2) As the tenancy in common partner to this investment maintains operating control over this investment, it is accounted for under the equity method. This acquisition was partially funded with the issuance of 0.2 million Common OP Units. The Company expensed $4.8 million of acquisition costs for the year ended December 31, 2014 related to the Core Portfolio. Fund III During December, Fund III, through an already existing unconsolidated joint venture, acquired a parcel adjacent to one of its existing investments $3.1 million. The Company expensed $0.2 million of acquisition costs for the year ended December 31, 2014 related to Fund III. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2. Acquisition and Disposition of Properties, Discontinued Operations and Properties Held For Sale, continued Fund IV
(dollars in millions) |  |  |  |  |  |
Property | GLA | Percent Owned | Type | Month of Acquisition | Purchase Price | Location
Broughton Street Portfolio (1) | 218,076 |  | 50 | % | Street Retail | Various | $ | 33.9 |  | Savannah, GA
Eden Square (2) | 235,508 |  | 90 | % | Shopping Center | July | 25.4 |  | Bear, DE
17 E. 71st Street | 9,330 |  | 100 | % | Street Retail | October | 28.0 |  | New York, NY
27 E. 61st Street (3) | 9,637 |  | 100 | % | Street Retail | October | 19.3 |  | New York, NY
Total | 472,551 |  |  |  |  | $ | 106.6 |  |
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. (3) This property was purchased vacant and requires future development and as such, it is accounted for as an asset acquisition. The Company expensed $2.7 million of acquisition costs for the year ended December 31, 2014 related to Fund IV. Purchase Price Allocations With the exception of the asset acquisitions, the above acquisitions have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and assumed liabilities based on their estimated fair values at the dates of acquisition. The preliminary measurements of 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 allocations of the purchase prices of assets acquired and liabilities assumed during 2014:
(dollars in thousands) | Preliminary Purchase Price Allocation
Land | $ | 145,833 |
Buildings and Improvements | 411,896 |
Acquisition-related intangible liabilities (in Acquired lease intangibles, net) | (6,434 | )
Above-below market debt assumed (included in Mortgages and other notes payable) | (2,100 | )
Total Consideration | $ | 549,195 |
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2. Acquisition and Disposition of Properties, Discontinued Operations and Properties Held For Sale, continued During 2013, 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 2014, 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 properties as recorded as of December 31, 2013, and the finalized allocation of the purchase price as adjusted as of December 31, 2014:
(dollars in thousands) | Preliminary Purchase Price Allocation | Adjustments | Finalized Purchase Price Allocation
Land | $ | 65,804 |  | $ | 14,720 |  | $ | 80,524 |
Buildings and Improvements | 245,925 |  | (65,320 | ) | 180,605 |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | — |  | 56,871 |  | 56,871 |
Acquisition-related intangible liabilities (in Acquired lease intangibles, net) | — |  | (6,271 | ) | (6,271 | )
Total Consideration | $ | 311,729 |  | $ | — |  | $ | 311,729 |
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 Plaza (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 | — |  | — |  | (176 | ) | - | Fund II
Land sale | — |  | 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 |  | $ | 155,618 |  |  |
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, which aggregated $102.9 million, are included in gain on disposition of properties of unconsolidated affiliates in the 2014 Consolidated Statement of Income. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2. Acquisition and Disposition of Properties, Discontinued Operations and Properties Held For Sale, continued B. Discontinued Operations The Company previously reported properties sold as discontinued operations. The assets and liabilities and results of operations of discontinued operations are reflected as a separate component within the accompanying consolidated financial statements for all periods presented. As a result of the adoption of ASU 2014-08, there were no assets or liabilities classified as discontinued operations as of December 31, 2014. The combined assets and liabilities as of December 31, 2013 and the results of operations of the properties classified as discontinued operations for the years ended December 31, 2014, 2013 and 2012, are summarized 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 |
(dollars in thousands) |  | Years ended December 31,
STATEMENTS OF INCOME |  | 2014 |  | 2013 |  | 2012
Total revenues |  | $ | — |  |  | $ | 20,920 |  |  | $ | 56,902 |
Total expenses |  | — |  |  | 14,102 |  |  | 44,895 |
Operating income |  | — |  |  | 6,818 |  |  | 12,007 |
Impairment of assets |  | — |  |  | (6,683 | ) |  | — |
Loss on debt extinguishment |  | — |  |  | (800 | ) |  | (2,541 | )
Gain on disposition of properties |  | 1,222 |  |  | 18,802 |  |  | 71,203 |
Income from discontinued operations |  | 1,222 |  |  | 18,137 |  |  | 80,669 |
Income from discontinued operations attributable to noncontrolling interests |  | (1,023 | ) |  | (12,048 | ) |  | (64,582 | )
Income from discontinued operations attributable to Common Shareholders |  | $ | 199 |  |  | $ | 6,089 |  |  | $ | 16,087 |
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2. Acquisition and Disposition of Properties, Discontinued Operations and Properties Held For Sale, continued C. Properties Held For Sale At December 31, 2014, The Company had two properties classified as held-for-sale. The assets and liabilities relating to those properties are summarized as follows:
(dollars in thousands) |
BALANCE SHEETS | December 31, 2014
Assets of properties held for sale | $ | 56,073 |
Liabilities of properties held for sale | $ | 25,500 |

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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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