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ACQUISITIONS AND DISPOSITIONS | 3 Months Ended
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Mar. 31, 2020
Business Combinations [Abstract] |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS Acquisitions During the three months ended March 31, 2019, no acquisitions were completed by the Company. During the three months ended March 31, 2020, we closed on the following acquisitions:
Date Purchased |  | Property Name |  | City |  | State |  | Square Feet |  | Purchase Price |
|  |  |  |  |  |  |  |  |  | (in thousands) |
February 12, 2020 |  | Kingswood Center |  | Brooklyn |  | NY |  | 130,000 |  |  | $ | 90,212 |  |
February 12, 2020 |  | Kingswood Crossing |  | Brooklyn |  | NY |  | 110,000 |  |  | 77,077 |  |
|  |  |  |  |  |  |  | 2020 Total | $ | 167,289 |  | (1)
(1) The total purchase price for the properties acquired during the three months ended March 31, 2020 includes $2.5 million of transaction costs incurred related to the transactions. During the quarter, the Company acquired Kingswood Center and Kingswood Crossing for $167.3 million, including transaction costs. The properties are located along Kings Highway in the Midwood neighborhood of Brooklyn, NY and were funded via 1031 exchanges using cash proceeds from dispositions. Additionally, as part of the acquisition of Kingswood Center, the Company assumed a $65.5 million mortgage, which matures in 2028. A portion of the acquisition of Kingswood Crossing was completed as a reverse Section 1031 like-kind exchange. We entered into a reverse Section 1031 like-kind exchange agreement with third-party intermediaries, which, for a maximum of 180 days, allowed us to defer for tax purposes, gains on the sale of other properties identified and sold within the period. Until the earlier of the termination of the exchange agreements or 180 days after the respective acquisition dates, the third-party intermediaries are the legal owner of the properties; however, we controlled the activities that most significantly impact each property and retained all of the economic benefits and risks associated with each property. Therefore, at the date of acquisition, we determined that we were the primary beneficiary of these variable interest entities and consolidated the properties and their operations as of the acquisition date. 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) |  |  |  |  |  |  |  |  |  |  |  |
Kingswood Center |  | $ | 15,690 |  |  | $ | 76,766 |  |  | $ | 9,263 |  |  | $ | (4,534 | ) |  | $ | (6,973 | ) |  | $ | 90,212 |
Kingswood Crossing |  | 8,150 |  |  | 64,159 |  |  | 4,768 |  |  | — |  |  | — |  |  | 77,077 |
2020 Total |  | $ | 23,840 |  |  | $ | 140,925 |  |  | $ | 14,031 |  |  | $ | (4,534 | ) |  | $ | (6,973 | ) |  | $ | 167,289 |
(1) As of March 31, 2020, the remaining weighted average amortization periods of the identified intangible assets and identified intangible liabilities acquired were 8.9 years and 11.3 years, respectively. Dispositions During the three months ended March 31, 2020, we disposed of three properties and received proceeds of $58.1 million, net of selling costs, resulting in a $39.8 million net gain on sale of real estate. The sale of all three dispositions were completed as 1031 exchanges with Kingswood Crossing as a result of the sales occurring within 180 days of the Company’s acquisition. On March 15, 2019, we completed the sale of our property in Chicopee, MA for $18.2 million, net of selling costs, resulting in a $17.0 million gain on sale of real estate recognized during the three months ended March 31, 2019.

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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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- References No definition available. + Details
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