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ACQUISITION AND DISPOSITION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE (Tables) | 12 Months Ended
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Dec. 31, 2015
Acquisition and Disposition of Properties and Discontinued Operations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the preliminary allocation of the purchase price of properties as recorded as of December 31, 2014, and the finalized allocation of the purchase price as adjusted as of December 31, 2015:
(dollars in thousands) | Preliminary Purchase Price Allocation | Adjustments | Finalized Purchase Price Allocation
Land | $ | 149,609 |  | $ | (12,489 | ) | $ | 137,120 |
Buildings and improvements | 418,720 |  | (5,705 | ) | 413,015 |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | — |  | 41,812 |  | 41,812 |
Acquisition-related intangible liabilities (in Acquired lease intangibles, net) | (6,434 | ) | (22,630 | ) | (29,064 | )
Above and below market debt assumed (included in Mortgages and other notes payable) | (2,100 | ) | (988 | ) | (3,088 | )
Total Consideration | $ | 559,795 |  | $ | — |  | $ | 559,795 |
During 2015, 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
City Center | 205,000 |  | 100 | % | Urban Retail Center | March | $ | 155.0 |  | $ | — |  | San Francisco, CA
163 Highland Avenue | 40,500 |  | 100 | % | Suburban Shopping Center | March | 24.0 |  | 9.8 |  | Needham, MA
Route 202 Shopping Center (1) | 20,000 |  | 100 | % | Suburban Shopping Center | April | 5.6 |  | — |  | Wilmington, DE
Roosevelt Galleria | 40,300 |  | 100 | % | Urban Retail Center | September | 19.6 |  | — |  | Chicago, IL
Total | 305,800 |  |  |  |  | $ | 204.2 |  | $ | 9.8 |  |
Note: (1) Purchase price represents the 77.78% interest acquired from an unaffiliated third party. The following table summarizes both the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2015:
(dollars in thousands) | Preliminary Purchase Price Allocation
Land | $ | 83,890 |
Buildings and improvements | 258,926 |
Above and below market debt assumed (included in Mortgages and other notes payable, net) | (10,885 | )
Total Consideration | $ | 331,931 |
Fund II
(dollars in millions) |  |  |  |  |  |  |
Property | GLA | Percent Owned | Type | Month of Acquisition | Purchase Price | Debt Assumption | Location
City Point - Tower I (1) | — |  | 95 | % | Urban Development | May | $ | 100.8 |  | $ | 81.0 |  | Brooklyn, NY
Total | — |  |  |  |  | $ | 100.8 |  | $ | 81.0 |  |
Note: (1) 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, which is accounted for as an asset acquisition. In total, Fund II now owns 95% of this investment, which is a residential project anticipated to include 250 residential units. Fund IV
(dollars in millions) |  |  |  |  |  |  |
Property | GLA | Percent Owned | Type | Month of Acquisition | Purchase Price | Debt Assumption | Location
1035 Third Avenue (1) | 53,294 |  | 100 | % | Street Retail | January | $ | 51.0 |  | $ | — |  | New York, NY
801 Madison Avenue | 6,375 |  | 100 | % | Street Retail | April | 33.0 |  | — |  | New York, NY
650 Bald Hill Road | 225,000 |  | 90 | % | Suburban Shopping Center | October | 9.2 |  | — |  | Warwick, RI
2208-2216 Fillmore Street | 7,375 |  | 90 | % | Street Retail | October | 8.6 |  | — |  | San Francisco, CA
146 Geary Street | 12,400 |  | 100 | % | Street Retail | November | 38.0 |  | — |  | San Francisco, CA
2207 Fillmore Street | 3,870 |  | 90 | % | Street Retail | November | 2.8 |  | 1.1 |  | San Francisco, CA
1861 Union Street | 4,275 |  | 90 | % | Street Retail | December | 3.5 |  | — |  | San Francisco, CA
Total | 312,589 |  |  |  |  | $ | 146.1 |  | $ | 1.1 |  |
Note: (1) 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
Parkway Crossing (1) | 260,241 |  | 27,275 |  | 6,938 |  | July | Fund III
Kroger-Safeway (3) | 97,500 |  | 278 |  | 79 |  | August | Fund I
Total | 695,168 |  | $ | 327,903 |  | $ | 113,106 |  |  |
Notes: (1) Fund III's White City Shopping Center and Parkway Crossing were unconsolidated and as such, the Company's share of gains related to these sales is included in gain on disposition of properties of unconsolidated affiliates in the 2015 Consolidated Statement of Income. (2) Represents the disposition of air rights at Phase III of Fund II's City Point project. (3) During August 2015, Fund I terminated its ground lease interest at two of the three remaining properties in the portfolio and sold its ground lease interest in the third location.
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The combined results of operations of the properties classified as discontinued operations for the years ended December 31, 2014 and 2013, are summarized as follows:
(dollars in thousands) |  | Years ended December 31,
STATEMENTS OF INCOME |  | 2014 |  | 2013
Total revenues |  | $ | — |  |  | $ | 20,920 |
Total expenses |  | — |  |  | 14,102 |
Operating income |  | — |  |  | 6,818 |
Impairment of assets |  | — |  |  | (6,683 | )
Loss on debt extinguishment |  | — |  |  | (800 | )
Gain on disposition of properties |  | 1,222 |  |  | 18,802 |
Income from discontinued operations |  | 1,222 |  |  | 18,137 |
Income from discontinued operations attributable to noncontrolling interests |  | (1,023 | ) |  | (12,048 | )
Income from discontinued operations attributable to Common Shareholders |  | $ | 199 |  |  | $ | 6,089 |

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