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Subsequent Events
9 Months Ended
Sep. 30, 2012
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

Pursuant to the Subsequent Events Topic of the FASB ASC, we have evaluated subsequent events and transactions that occurred after our September 30, 2012 unaudited condensed consolidated balance sheet date for potential recognition or disclosure in our condensed consolidated financial statements.

We closed approximately $29.5 million in acquisitions in October 2012. These transactions consist of a retail condominium in New York for $27.5 million, which includes the assumption of $16.7 million of indebtedness, and a parcel of land in New York for $2.0 million. Additionally, in October 2012, we entered into a contract to acquire a 22-acre property located in Maryland, consisting of 214,767 square feet of retail space, a 211,020 square foot apartment building and a 62-unit assisted living facility. The transaction is initially structured as a $95.0 million mortgage loan, which has been funded and currently bears interest at 5.0%, and will be completed with an outright purchase of the property for $140.0 million with an anticipated closing prior to January 2014.
On October 25, 2012, we issued $300 million principal amount of unsecured senior notes at a fixed interest rate of 3.75%, maturing on November 15, 2022. The notes were offered to investors at a price of 99.591% with a yield to maturity of 3.799%, representing a spread at the time of pricing of 2.0% to the August 15, 2022 Treasury note. We will pay interest on the notes semi-annually in arrears on May 15 and November 15 of each year, commencing on May 15, 2013. Interest will accrue from October 25, 2012. The notes are our unsecured senior obligations and will rank equally with all of our other unsecured and unsubordinated indebtedness from time to time outstanding. The notes are guaranteed by our subsidiaries that have guaranteed our other unsecured senior notes. We will use the net proceeds of the offering to redeem our $250 million principal amount 6.25% senior notes due 2014 (the “6.25% notes”), and to reduce the outstanding balance under our unsecured revolving credit facility and/or for general corporate purposes. On October 25, 2012, we called for redemption of all our 6.25% notes, with a redemption date of November 24, 2012. Upon redemption, holders of the 6.25% notes being redeemed will receive an aggregate of $250 million on account of outstanding principal, $6.9 million on account of accrued and unpaid interest and $27.8 million on account of the applicable make-whole premium.