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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, 2016
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT |
Schedule of Business Acquisitions, by 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 | $ | 30,419 |
Buildings and improvements | 296,534 |
Debt assumed (included in Mortgage and other notes payable) | (121,371 | )
Total consideration | $ | 205,582 |
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 | 76,628 |  | New York, NY | — |
165 Newbury Street | 1,588 |  | 100 | % | Street Retail | May | 6,250 |  | Boston, MA | — |
Renaissance Portfolio (3) | 305,000 |  | 20 | % | Street Retail | June | 67,600 |  | Washington, D.C. | 20,000 |
Total Core Portfolio | 436,410 |  |  |  |  | $ | 190,286 |  |  | $ | 30,472 |
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 | 455,938 |  |  |  |  | $ | 204,036 |  |  | $ | 31,935 |
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 six months ended June 30, 2016, lease payments totaling $7.2 million were made under this lease. (3) The Company acquired a 20% membership interest in an existing joint venture for $67.6 million. The Company's pro-rata share of debt assumed was $20.0 million of debt. The assets and liabilities of the underlying entity are stated at historical cost basis. The difference between the Company's investment and the historical cost basis will be allocated over the fair value of the underlying assets and liabilities and amortized over their respective lives. The following table summarizes the preliminary allocations of the purchase prices of these properties and the finalized allocations as adjusted as of June 30, 2016:
(dollars in thousands) | Purchase Price Allocations as Originally Reported | Adjustments | Finalized Purchase Price Allocations
Land | $ | 86,765 |  | $ | 2,344 |  | $ | 89,109 |
Buildings and improvements | 267,551 |  | (11,743 | ) | 255,808 |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | — |  | 23,071 |  | 23,071 |
Acquisition-related intangible liabilities (in Acquired lease intangibles, net) | — |  | (12,951 | ) | (12,951 | )
Below market debt assumed (in Mortgage and other notes payable) | (10,885 | ) | (721 | ) | (11,606 | )
Total consideration | $ | 343,431 |  | $ | — |  | $ | 343,431 |
Schedule Of Property Dispositions | During 2016, the Company disposed of the following properties:
(dollars in thousands) |  |  |  |  |
Dispositions | GLA | Sales Price | Gain on Sale | Month Sold | Owner
Cortlandt Town Center (1) | — |  | $ | 107,250 |  | $ | 65,393 |  | January | Fund III
Heritage Shops | 82,098 |  | 46,500 |  | 16,572 |  | April | Fund III
Total | 82,098 |  | $ | 153,750 |  | $ | 81,965 |  |  |
Note: (1) Fund III sold a 65% controlling interest in Cortlandt Town Center for $107,250, resulting in a gain on sale of $65,393.

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