SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2012

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 16      SUBSEQUENT EVENTS

On July 2, 2012, we sold our interest in Foothills Mall for $39.7 million, which resulted in a nominal gain on sale.  In addition, we reduced our debt by $36.9 million as we paid down the debt with proceeds from the sale.

On August 1, 2012, our Board of Directors declared a third quarter common stock dividend of $0.11 per share payable on October 29, 2012 to stockholders of record on October 15, 2012.

On August 3, 2012, we closed on the $763.5 million secured financings of five consolidated properties. The loans mature between January 2019 and September 2024 and bear interest at a weighted-average rate of 5.80% per annum and replace loans in the same amount with an average interest rate of 7.5%.