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ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE (Tables) | 6 Months Ended
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Jun. 30, 2015
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT |
Schedule of Business Acquisitions, by Acquisition | 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 June 30, 2015:
(dollars in thousands) | Purchase Price Allocations as Originally Reported | Adjustments | Finalized Purchase Price Allocations
Land | $ | 43,820 |  | $ | 16,751 |  | $ | 60,571 |
Buildings and improvements | 126,955 |  | (21,578 | ) | 105,377 |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | — |  | 9,836 |  | 9,836 |
Acquisition-related intangible liabilities (in Acquired lease intangibles, net) | — |  | (5,009 | ) | (5,009 | )
Total consideration | $ | 170,775 |  | $ | — |  | $ | 170,775 |
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 | $ | 65,759 |
Buildings and improvements | 204,532 |
Above-below market debt assumed (included in Mortgage and other notes payable) | (9,765 | )
Total consideration | $ | 260,526 |
During 2015, the Company acquired the following properties through its Core Portfolio, Fund II, and Fund IV:
(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 |
Route 202 Shopping Center (1) | 20,000 |  | 100 | % | Suburban Shopping Center | April | 5,643 |  | Wilmington, DE | — |
Total Core Portfolio | 265,500 |  |  |  |  | $ | 184,643 |  |  | $ | 9,765 |
Fund II: |  |  |  |  |  |  |
City Point - Tower I (2) | — |  | 95 | % | Urban Development | May | $ | 100,800 |  | Brooklyn, NY | $ | 81,000 |
Total Fund II | — |  |  |  |  | $ | 100,800 |  |  | $ | 81,000 |
Fund IV: |  |  |  |  |  |  |
1035 Third Avenue (3) | 53,294 |  | 100 | % | Street Retail | January | $ | 51,036 |  | New York, NY | $ | — |
801 Madison Avenue | 6,375 |  | 100 | % | Street Retail | April | 33,000 |  | New York, NY | — |
Total Fund IV | 59,669 |  |  |  |  | $ | 84,036 |  |  | $ | — |
Total | 325,169 |  |  |  |  | $ | 369,479 |  |  | $ | 90,765 |
Notes: (1) Purchase price represents the 77.78% interest acquired from an unaffiliated third party. (2) Fund II previously held a 52% interest in this unconsolidated affiliate. In connection with the disposition of Phase III of this project discussed below, Fund II acquired an additional 43% interest in Tower I of this development project. In total, Fund II now owns 95% of this investment, which is a residential project anticipated to include 250 residential units. (3) GLA includes a portion of office space and a below-grade operator controlled parking garage.
Schedule Of Property Dispositions | During 2015, the Company disposed of the following properties:
(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
White City Shopping Center (1) | 249,549 |  | 96,750 |  | 17,105 |  | April | Fund III
City Point - Air Rights (2) | — |  | 115,600 |  | 49,884 |  | May | Fund II
Liberty Avenue | 26,117 |  | 24,000 |  | 11,957 |  | May | Fund II
Total | 337,427 |  | $ | 300,350 |  | $ | 106,089 |  |  |
Disclosure of Long Lived Assets Held-for-sale |

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- Definition Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 + Details
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