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ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE | 3 Months Ended
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Mar. 31, 2016
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT |
ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE | ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE Acquisitions During 2016, the Company acquired the following properties through its Core Portfolio and Fund IV:
(dollars in thousands) |  |  |  |  |  |  |
Property | GLA |  | Percent Owned |  | Type | Month of Acquisition | Purchase Price |  | Location | Assumption of Debt |
Core Portfolio: |  |  |  |  |  |  |
Gotham Plaza (1) | 122,902 |  | 49 | % | Urban Retail Center | January | $ | 39,808 |  | New York, NY | $ | 10,472 |
991 Madison Avenue (2) | 6,920 |  | 100 | % | Street Retail | March | 76,461 |  | New York, NY | — |
Total Core Portfolio | 129,822 |  |  |  |  | $ | 116,269 |  |  | $ | 10,472 |
Fund IV: |  |  |  |  |  |  |
1964 Union Street | 3,817 |  | 90 | % | Street Retail | January | $ | 2,250 |  | San Francisco, CA | $ | 1,463 |
Restaurants at Fort Point | 15,711 |  | 100 | % | Urban Retail Center | January | 11,500 |  | Boston, MA | — |
Total Fund IV | 19,528 |  |  |  |  | $ | 13,750 |  |  | $ | 1,463 |
Total | 149,350 |  |  |  |  | $ | 130,019 |  |  | $ | 11,935 |
4. ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE(continued) Acquisitions (continued) Notes: (1) The Company acquired a 49% membership interest in this property for $39.8 million. The Company's pro-rata share of debt assumed was $10.5 million. In connection with this acquisition, the Company issued 442,478 Common OP Units and 141,593 Preferred OP Units. (2) The purchase price represents the total discounted payments pursuant to a 49-year master lease entered into by the Company, which is accounted for as a capital lease. During the three months ended March 31, 2016, lease payments totaling $7.2 million were made under this lease. For the three months ended March 31, 2016, the Company expensed $0.2 million of acquisition costs in each of the Core Portfolio and Fund IV. Purchase Price Allocations With the exception of 1964 Union Street, which was an asset acquisition, and 991 Madison Avenue, a master lease position, 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 estimated allocations of the purchase prices of assets acquired and liabilities assumed during 2016 which have yet to be finalized:
(dollars in thousands) | Preliminary Purchase Price Allocations
Land | $ | 23,192 |
Buildings and improvements | 69,575 |
Debt assumed (included in Mortgage and other notes payable) | (21,371 | )
Total consideration | $ | 71,396 |
4. ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE(continued) Acquisitions (continued) During 2015, 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 2016, 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, 2015, and the finalized allocations as adjusted as of March 31, 2016:
(dollars in thousands) | Purchase Price Allocations as Originally Reported | Adjustments | Finalized Purchase Price Allocations
Land | $ | 65,759 |  | $ | 1,258 |  | $ | 67,017 |
Buildings and improvements | 204,532 |  | (12,060 | ) | 192,472 |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | — |  | 20,326 |  | 20,326 |
Acquisition-related intangible liabilities (in Acquired lease intangibles, net) | — |  | (8,809 | ) | (8,809 | )
Below market debt assumed (in Mortgage and other notes payable) | (9,765 | ) | (715 | ) | (10,480 | )
Total consideration | $ | 260,526 |  | $ | — |  | $ | 260,526 |
Dispositions During 2016, Fund III sold a 65% interest in Cortlandt Town Center for $107,250, resulting in a gain on sale of $65,393. Properties Held For Sale At March 31, 2016, the Company had one property classified as 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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