Subsequent Events

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

Note 15. Subsequent Events

On October 9, 2015, we completed the acquisition of a portfolio of properties from Morris Realty Associates LLC and certain of its affiliates for an aggregate of approximately $820 million. The portfolio consisted of industrial properties aggregating 3.2 million square feet and retail properties aggregating 2.2 million square feet. The acquisition was funded through the assumption of debt and the issuance of a combination of common limited partnership units in the Operating Partnership and a new class of common limited partnership units in the Operating Partnership designated as Class A convertible common units. The number of units issued was based upon an agreed upon price of $43.11 per unit.

The retail properties acquired in the transaction are subject to a Purchase and Sale Agreement with affiliates of Blackstone Real Estate Advisors, L.P., pursuant to which the retail properties are expected to be sold for aggregate consideration of approximately $374 million, including the assumption of debt and subject to certain adjustments. The transaction is expected to be completed in the fourth quarter of 2015.