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Subsequent Events
3 Months Ended
Mar. 31, 2013
Subsequent Events

18. Subsequent Events

On April 10, 2013, the Company executed a first amendment to the loan agreement at its West Broad Village property, resulting in an extension of the maturity date to June 1, 2013. In connection with the extension, the Company prepaid $10.0 million of the outstanding borrowings, leaving a remaining outstanding balance of $40.0 million. On April 19, 2013, the Company refinanced the loan associated with the West Broad Village property with a new principal amount of $39.7 million, which will bear interest at a fixed rate of 3.3%. The refinancing extended the maturity date of the loan to May 1, 2020.

On April 1, 2013, the Company executed a purchase and sale agreement for the sale of the Pavilions Crossing property (retail properties segment) for a sale price of approximately $16.3 million, which would result in a gain on sale if consummated. The sale of this property is subject to due diligence and other customary closing conditions.

On April 29, 2013, the Company utilized borrowings from its unsecured credit facility to voluntarily prepay approximately $20.0 million in mortgage notes maturing in 2013 at its Five Forks Place and Grant Creek Town Center properties.