4. REAL ESTATE ACQUISITIONS, DISPOSALS, AND IMPAIRMENT 2011 Acquisitions 2010 Acquisitions 2011 Annual Report 47 We recorded our acquisition of these 21 outlet centers using the acquisition method of accounting. Tangible and intangible  assets and liabilities were established based on their estimated fair values at the date of acquisition. The results of operations of  the acquired properties have been included in our consolidated results from the date of acquisition. The purchase price allocations  were finalized during the second quarter of 2011. On August 30, 2010, we completed the Prime acquisition, adding 21 outlet centers, including a center located in Puerto Rico,  which was acquired on May 13, 2010. The transaction was valued at approximately $2.3 billion, including the assumption of  existing mortgage indebtedness of $1.2 billion and the repayment of $310.7 million of preexisting mortgage loans at closing. We  paid consideration comprised of 80% cash and 20% in units of the Operating Partnership. We issued approximately 1.7 million  units with an issuance date fair value of approximately $154.5 million. We funded the cash portion of this acquisition through  draws on our unsecured revolving credit facility. During 2010, we acquired a controlling interest in a previously unconsolidated regional mall which resulted in a remeasurement  of our previously held equity interest to fair value and corresponding gain of approximately $13.0 million. This gain is included  in gain (loss) upon acquisition of controlling interests and on sale or disposal of assets and interests in unconsolidated entities,  net in the accompanying consolidated statements of operations and comprehensive income. On May 28, 2010, we acquired an  additional interest of approximately 19% in Houston Galleria, located in Houston, Texas thereby increasing our noncontrolling  interest from 31.5% to 50.4%. The gains on the above transactions are included in gain (loss) upon acquisition of controlling interests, and on sale or  disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and  comprehensive income. The aggregate cash purchase price for these acquisitions was $1.18 billion. We reflected the assets and  liabilities of these assets at estimated fair value at the respective acquisition dates, the majority of which was allocated to the  investment property and related acquired lease intangibles. The purchase price allocation is preliminary and subject to revision  within the measurement period, not to exceed one year from the date of acquisition. During the third quarter of 2011 we contributed a wholly-owned property to a joint venture which holds our interests in nine  unconsolidated properties. The transaction effectively exchanged a portion of our interest in this previously wholly-owned property  for increased ownership interests in the nine unconsolidated properties. This transaction had no material impact on the statement  of operations. On July 19, 2011, we acquired a 100% ownership interest in ABQ Uptown, a lifestyle center located in Albuquerque, New  Mexico. Also, during the second quarter, we purchased an additional noncontrolling interest in an unconsolidated regional mall. On August 25, 2011, we acquired additional controlling interests of approximately 83.75% in The Plaza at King of Prussia and  The Court at King of Prussia, or, collectively, King of Prussia, thereby increasing our ownership interest to 96.1%. The property is  subject to a $160.1 million mortgage. The consolidation of this previously unconsolidated property resulted in a remeasurement  of our previously held interest to fair value and a corresponding non-cash gain of $82.9 million. On December 31, 2011, we and our joint venture partner dissolved a venture in which we had a 50% interest and distributed  a portfolio of properties previously held within the venture to us and our joint venture partner. As a result, we have a 100% interest  in and now consolidate the six properties we received in the distribution. The distribution resulted in a remeasurement of the  distributed assets to fair value and a corresponding non-cash gain of approximately $168.3 million representing the fair value of  the net assets received in excess of the carrying value of our interest in the joint venture portfolio. The resulting gain and the asset  and liability fair value allocation were recorded based on preliminary portfolio fair value estimates at the date of distribution and  will be finalized in 2012. We acquire properties to generate both current income and long-term appreciation in value. We acquire individual properties  or portfolios of other retail real estate companies that meet our investment criteria and sell properties which no longer meet our  strategic criteria. Our consolidated acquisition and disposal activity for the periods presented are highlighted as follows: