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ACQUISITIONS AND DISPOSITIONS | 12 Months Ended
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Dec. 31, 2018
Business Combinations [Abstract] |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS During the year ended December 31, 2018 and December 31, 2017, we closed on the following acquisitions:
Date Purchased |  | Property Name |  | City |  | State |  | Square Feet |  | Purchase Price |
|  |  |  |  |  |  |  |  |  | (in thousands) |
January 26, 2018 |  | 938 Spring Valley Road |  | Maywood |  | NJ |  | 2,000 |  |  | $ | 719 |  |
February 23, 2018 |  | 116 Sunrise Highway |  | Freeport |  | NY |  | 4,750 |  |  | 447 |  |
February 28, 2018 |  | 197 West Spring Valley Ave |  | Maywood |  | NJ |  | 16,300 |  |  | 2,799 |  |
May 24, 2018 |  | 7 Francis Place |  | Montclair |  | NJ |  | 3,000 |  |  | 966 |  |
|  |  |  |  |  |  |  | 2018 Total | $ | 4,931 |  | (1)
January 4, 2017 |  | Yonkers Gateway Center |  | Yonkers |  | NY |  | — |  | (2) | $ | 51,902 |  |
January 17, 2017 |  | Shops at Bruckner |  | Bronx |  | NY |  | 114,000 |  |  | 32,269 |  |
February 2, 2017 |  | Hudson Mall |  | Jersey City |  | NJ |  | 383,000 |  |  | 44,273 |  |
May 24, 2017 |  | Yonkers Gateway Center |  | Yonkers |  | NY |  | 437,000 |  | (2) | 101,825 |  |
May 24, 2017 |  | The Plaza at Cherry Hill |  | Cherry Hill |  | NJ |  | 413,000 |  |  | 53,535 |  |
May 24, 2017 |  | Manchester Plaza |  | Manchester |  | MO |  | 131,000 |  |  | 20,162 |  |
May 24, 2017 |  | Millburn Gateway Center |  | Millburn |  | NJ |  | 102,000 |  |  | 45,583 |  |
May 24, 2017 |  | 21 E Broad St / One Lincoln Plaza |  | Westfield |  | NJ |  | 22,000 |  |  | 10,158 |  |
May 25, 2017 |  | The Plaza at Woodbridge |  | Woodbridge |  | NJ |  | 411,000 |  |  | 103,962 |  |
|  |  |  |  |  |  |  | 2017 Total | $ | 463,669 |  | (1)
(1) | The total purchase prices for the properties acquired in the year ended December 31, 2018 and December 31, 2017, respectively, include $0.1 million and $11.3 million of transaction costs incurred in relation to the transactions.
(2) | On January 4, 2017, we acquired fee and leasehold interests, including the lessor position under an operating lease for the whole property. On May 24, 2017, we purchased the remaining fee and leasehold interests not previously acquired, including the lessee position under the operating lease for the whole property.
The properties purchased during the year ended December 31, 2018 are all adjacent to centers currently owned by the Company. Consideration for these purchases consisted of cash. On January 4, 2017, we acquired fee and leasehold interests in Yonkers Gateway Center for $51.9 million. Consideration for this purchase consisted of the issuance of $48.8 million in OP units and $2.9 million of cash. The total number of OP units issued was 1.8 million at a value of $27.09 per unit. Transaction costs associated with this acquisition were $0.2 million. On January 17, 2017, we acquired the leasehold interest in the Shops at Bruckner for $32.3 million, consisting of the assumption of the existing debt of $12.6 million and $19.4 million of cash. The property is a 114,000 sf retail center in the Bronx, NY directly across from our Bruckner Commons shopping center. We own the land under the Shops at Bruckner and had been leasing it to the seller under a ground lease that ran through September 2044. Concurrent with the acquisition, we wrote-off the unamortized intangible liability balance related to the below-market ground lease as well as the existing straight-line receivable balance. As a result, we recognized $39.2 million of income from acquired leasehold interest in the year ended December 31, 2017. Transaction costs associated with this acquisition were $0.3 million. On February 2, 2017, we acquired Hudson Mall, a 383,000 sf retail center in Jersey City, NJ adjacent to our existing Hudson Commons shopping center. Consideration for this purchase consisted of the assumption of the existing debt of $23.8 million and $19.9 million of cash. Transaction costs associated with this acquisition were $0.6 million. On May 24 and 25, 2017, we acquired the Portfolio comprising 1.5 million sf of gross leasable area, predominantly in the New York City metropolitan area, for $325 million excluding transaction costs. The Portfolio was privately owned for more than three decades and was 83% leased as of the date of acquisition. Consideration for this purchase consisted of the issuance of $122 million in OP units, the assumption of $33 million of existing mortgage debt, the issuance of $126 million of non-recourse, secured mortgage debt and $44 million of cash. The total number of OP units issued was 4.5 million at a value of $27.02 per unit. Transaction costs associated with this acquisition were $10.2 million. The aggregate purchase price of the above property acquisitions has been allocated as follows:
Property Name |  | Land |  | Buildings and improvements |  | Identified intangible assets(1) |  | Identified intangible liabilities(1) |  | Debt premium |  | Total Purchase Price
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
938 Spring Valley Road |  | $ | 519 |  |  | $ | 200 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 719 |
116 Sunrise Highway |  | 151 |  |  | 296 |  |  | — |  |  | — |  |  | — |  |  | 447 |
197 West Spring Valley Ave |  | 1,768 |  |  | 1,031 |  |  | — |  |  | — |  |  | — |  |  | 2,799 |
7 Francis Place |  | 381 |  |  | 585 |  |  | — |  |  | — |  |  | — |  |  | 966 |
2018 Total |  | $ | 2,819 |  |  | $ | 2,112 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,931 |
Yonkers Gateway Center |  | $ | 40,699 |  |  | $ | — |  |  | $ | 25,858 |  |  | $ | (14,655 | ) |  | $ | — |  |  | $ | 51,902 |
Shops at Bruckner |  | — |  |  | 32,979 |  |  | 12,029 |  |  | (12,709 | ) |  | (30 | ) |  | 32,269 |
Hudson Mall |  | 15,824 |  |  | 37,593 |  |  | 9,930 |  |  | (17,344 | ) |  | (1,730 | ) |  | 44,273 |
Yonkers Gateway Center |  | 22,642 |  |  | 110,635 |  |  | 38,162 |  |  | (68,694 | ) |  | (920 | ) |  | 101,825 |
The Plaza at Cherry Hill |  | 14,602 |  |  | 33,666 |  |  | 7,800 |  |  | (2,533 | ) |  | — |  |  | 53,535 |
Manchester Plaza |  | 4,409 |  |  | 13,756 |  |  | 3,256 |  |  | (1,259 | ) |  | — |  |  | 20,162 |
Millburn Gateway Center |  | 15,783 |  |  | 25,387 |  |  | 5,360 |  |  | (947 | ) |  | — |  |  | 45,583 |
21 E Broad St / One Lincoln Plaza |  | 5,728 |  |  | 4,305 |  |  | 679 |  |  | (554 | ) |  | — |  |  | 10,158 |
The Plaza at Woodbridge |  | 21,547 |  |  | 75,017 |  |  | 11,596 |  |  | (4,198 | ) |  | — |  |  | 103,962 |
2017 Total |  | $ | 141,234 |  |  | $ | 333,338 |  |  | $ | 114,670 |  |  | $ | (122,893 | ) |  | $ | (2,680 | ) |  | $ | 463,669 |
(1) As of December 31, 2018, the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2017 were 16.9 years and 15.1 years, respectively. As of December 31, 2017, the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired in 2017 were 17.9 years and 16.6 years, respectively. As of December 31, 2018, we were under contract to purchase an office building in Maywood, NJ, adjacent to our existing center, Bergen Town Center. The building is subject to a ground lease, which the Company will acquire the lessee position of for a purchase price of $7.1 million. The transaction is scheduled to close by the end of 2019. Dispositions On April 26, 2018, we completed the sale of our property in Allentown, PA, which was previously classified as held for sale, for $54.3 million, net of selling costs. As a result of this transaction, we recognized a $50.4 million gain on sale of real estate during the year ended December 31, 2018. On July 5, 2018, we completed the sale of land in Cherry Hill, NJ for $3.3 million, net of selling costs, resulting in a gain of $2.2 million. On June 30, 2017, we completed the sale of our property previously classified as held for sale in Eatontown, NJ, for $4.8 million, net of selling costs. Prior to the sale, the book value of this property exceeded its estimated fair value less costs to sell, and as such, an impairment charge of $3.5 million was recognized in the year ended December 31, 2017. Our determination of fair value was based on the executed contract of sale with the third-party buyer. On September 8, 2017, we completed the sale of excess land in Kearny, NJ for $0.3 million, resulting in a gain of $0.2 million.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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