Subsequent Events

6 Months Ended

Jun. 30, 2011

Subsequent Events

Subsequent Events

Note 6. Subsequent Events

In determining subsequent events, management reviewed all activity from July 1, 2011 through the date of filing this Quarterly Report on Form 10-Q.

On July 28, 2011, the Company's Board of Directors declared a dividend of $0.09 per share with respect to its common stock as well as an equal distribution per unit on its outstanding OP Units. At the same time, the Board declared a dividend of $0.5546875 per share with respect to the Company's 8-7/8% Series A Cumulative Redeemable Preferred Stock. The distributions are payable on August 22, 2011 to shareholders of record on August 12, 2011.

On July 6, 2011, the Company refinanced a property that had collateralized the development property revolving credit facility. The new fixed-rate mortgage, aggregating $16.5 million, bears interest at 5.2% per annum, with the principal payable on a 25-year amortization schedule, and the balance due in July 2021. The proceeds reduced the balances under the development property revolving credit facility and the stabilized property revolving credit facility by $10.8 million and $5.7 million, respectively.

On August 1, 2011, the Company refinanced a fixed-rate mortgage collateralized by a property owned by the Cedar/RioCan joint venture. The existing $43.3 million mortgage bore interest at 4.8% per annum, with the balance due in November 2011. The new fixed-rate mortgage, aggregating $44.0 million, bears interest at 4.1% per annum, with principal and interest payments on a 30-year amortization schedule, and the balance due in August 2016.