SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2013

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 16 SUBSEQUENT EVENTS

On April 2, 2013, our consolidated subsidiary, TRCLLC called for redemption the remaining bonds, $608.7 million of 6.75% unsecured corporate bonds due November 9, 2015.  The bonds were redeemed on May 1, 2013, and the full amount of the 6.75% unsecured corporate bonds were redeemed in cash and required the payment of an early redemption fee of approximately $20.5 million, plus accrued and unpaid interest up to, but excluding, the redemption date.  The early redemption fee will be recognized in earnings during the three months ended June 30, 2013.

On April 26, 2013, we obtained a $1.5 billion corporate loan secured by cross-collateralized mortgages on 16 properties with a weighted-average interest rate of LIBOR + 2.50% and a term-to-maturity of 3.0 years (with 2 one-year options).  The prior loans were secured by 16 properties and had a weighted-average interest rate of 3.98% and a term to maturity of 3.3 years.  The transaction generated approximately $180 million of net proceeds.

On May 10, 2013, our Board of Directors declared a second quarter common stock dividend of $0.12 per share of common stock payable on July 30, 2013, to stockholders of record on July 16, 2013.

On May 10, 2013, our Board of Directors declared a second quarter preferred stock dividend of $0.3984 per share of preferred stock payable on July 1, 2013, to stockholders of record on June 14, 2013.