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ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE | 3 Months Ended
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Mar. 31, 2015
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT |
ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS | ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE Acquisitions During 2015, the Company acquired the following properties through its Core Portfolio and Fund IV as follows:
(dollars in thousands) |  |  |  |  |  |  |
Property | GLA |  | Percent Owned |  | Type | Month of Acquisition | Purchase Price |  | Location | Assumption of Debt |
Core Portfolio: |  |  |  |  |  |  |
City Center | 205,000 |  | 100 | % | Urban Retail Center | March | $ | 155,000 |  | San Fransisco, CA | $ | — |
163 Highland Avenue | 40,500 |  | 100 | % | Suburban Shopping Center | March | 24,000 |  | Needham, MA | 9,765 |
Total Core Portfolio | 245,500 |  |  |  |  | $ | 179,000 |  |  | $ | 9,765 |
Fund IV: |  |  |  |  |  |  |
1035 Third Avenue (1) | 53,294 |  | 100 | % | Street Retail | January | $ | 51,036 |  | New York, NY | $ | — |
Total Fund IV | 53,294 |  |  |  |  | $ | 51,036 |  |  | $ | — |
Total | 298,794 |  |  |  |  | $ | 230,036 |  |  | $ | 9,765 |
Note: (1) GLA includes a portion of office space and a below-grade operator controlled parking garage. The Company expensed $0.6 million of acquisition costs for the three months ended March 31, 2015, related to the Core Portfolio and $1.6 million of acquisition costs for the three months ended March 31, 2015, related to Fund IV. Purchase Price Allocations 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 the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2015 which have yet to be finalized:
(dollars in thousands) | Preliminary Purchase Price Allocations
Land | $ | 57,509 |
Buildings and improvements | 172,527 |
Above-below market debt assumed (included in Mortgage and other notes payable) | (9,765 | )
Total consideration | $ | 220,271 |
4. ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE(continued) Acquisitions (continued) During 2014, the Company acquired properties and recorded the preliminary allocations of the purchase prices to the assets acquired and liabilities assumed based on provisional measurements of fair value. During 2015, the Company finalized the allocations of the purchase prices and made certain measurement period adjustments. The following table summarizes the preliminary allocations of the purchase prices of these properties as recorded as of December 31, 2014, and the finalized allocations as adjusted as of March 31, 2015:
(dollars in thousands) | Purchase Price Allocations as Originally Reported | Adjustments | Finalized Purchase Price Allocations
Land | $ | 22,625 |  | $ | 10,765 |  | $ | 33,390 |
Buildings and improvements | 67,875 |  | (12,626 | ) | 55,249 |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | — |  | 4,705 |  | 4,705 |
Acquisition-related intangible liabilities (in Acquired lease intangibles, net) | — |  | (2,844 | ) | (2,844 | )
Total consideration | $ | 90,500 |  | $ | — |  | $ | 90,500 |
Dispositions During 2015, the Company disposed of the following property:
(dollars in thousands) |  |  |  |  |
Dispositions | GLA | Sale Price | Gain on Sale | Month Sold | Owner
Lincoln Park Centre | 61,761 |  | $ | 64,000 |  | $ | 27,143 |  | January | Fund III
Properties Held For Sale At March 31, 2015, no assets were 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) | 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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