Subsequent Events

3 Months Ended

Mar. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company has reviewed operating activities for the period subsequent to March 31, 2014 and prior to the date the financial statements are issued or are available to be issued, and determined the following items are required to be disclosed.

On April 24, 2014, the Company purchased for $11.0 million a single-tenant retail property with a 40,700 square foot furniture store located at 1582 Rockville Pike in Rockville, Maryland, and concurrently sold to the seller, for $11.0 million, the 53,765 square foot Olney Center located in Olney, Maryland. 1582 Rockville Pike is contiguous with and an expansion of the Company’s assets at 1500 and 1580 Rockville Pike. In connection with the purchase, the Company incurred approximately $0.2 million of acquisition costs. The initial accounting for the acquisition is incomplete at this time.

Simultaneously with the sale of the Olney Center, the Company entered into a lease of the property with the buyer and continues to operate and manage the property. The lease term is 20 years and the Company has the option to purchase the property at the end of the lease term. The Company anticipates that this transaction will be accounted for as a secured financing.

On April 29, 2014, the Company sold for $7.5 million the 70,040 square foot Giant Center located in Milford Mill, Maryland. As of March 31, 2014, the carrying amounts of the associated assets and liabilities were $0.5 million and $0.1 million, respectively. There was no debt on the property.