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Subsequent Events
12 Months Ended
Dec. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

Acquisition

On February 21, 2018, Fund V acquired a shopping center located in Trussville, Alabama for $45.2 million. It is not practicable to disclose the preliminary purchase price allocation or consolidated pro forma financial information for this transaction given the short period of time between the acquisition date and the filing of this Report.

Financings

On January 24, 2018, Fund V obtained mortgage financing of $22.9 million for its recently acquired Plaza Santa Fe property (Note 2).

On January 29, 2018, Fund V obtained mortgage financing of $16.9 million for its recently acquired New Towne Plaza property (Note 2).

On February 20, 2018, the Company completed a $500.0 million senior unsecured credit facility (the “Credit Facility”), comprised of a $150.0 million senior unsecured revolving credit facility (the “Revolver”), and a $350.0 million senior unsecured term loan (the “Term Loan”). The Credit Facility refinanced the Company’s existing $300.0 million credit facility (comprised of the $150.0 million Core unsecured revolving line of credit and the $150.0 million term loan), $150.0 million in Core unsecured term loans (Note 7) and repaid a $40.4 million mortgage secured by its 664 North Michigan Property. The Revolver and Term Loans mature on March 31, 2022 and March 31, 2023, respectively.

Dispositions

On January 18, 2018, Fund IV’s Broughton Street Portfolio venture (Note 4) sold its 108 W. Broughton and 110 W. Broughton Street properties for a total of $8.0 million.

Structured Financing

On January 24, 2018, the Company received full settlement of one of its Core notes receivable with a principal amount of $26.0 million (Note 3).

Other

On February 20, 2018, the Company’s Board of Trustees elected to terminate the existing repurchase program and authorized a new Common Share repurchase program under which the Company may repurchase, from time to time, up to a maximum of $200.0 million of its common shares. The shares may be repurchased in the open market or in privately negotiated transactions. The common share repurchase program does not obligate the Company to repurchase any specific number of shares and may be suspended or terminated at any time at the Company’s discretion without prior notice.