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ACQUISITON AND DISPOSTION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE | 12 Months Ended
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Dec. 31, 2015
Acquisition and Disposition of Properties and Discontinued Operations [Abstract] |
Acquisition and Disposition of Properties 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 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 Company expensed $1.3 million of acquisition costs for the year ended December 31, 2015 related to the Core Portfolio. 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. 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 | 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. The Company expensed $3.5 million of acquisition costs for the year ended December 31, 2015 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 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 |
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 2014, 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 2015, 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, 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 |
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. 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 results of operations of discontinued operations are reflected as a separate component within the accompanying consolidated Consolidated Statements of Income for the years ended December 31, 2014 and 2013. There were no assets or liabilities classified as discontinued operations as of December 31, 2015. 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 |
C. Properties Held For Sale At December 31, 2015, the Company had no properties classified as held for sale.

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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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