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Subsequent Events
3 Months Ended
Mar. 31, 2012
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
On April 2, 2012, the Company obtained a ten-year non-recourse $122,000 CMBS loan secured by Arbor Place in Douglasville, GA. The loan bears interest at a fixed rate of 5.099%. Proceeds were primarily used to pay down outstanding balances on the Company's secured credit facilities.
On April 15, 2012, the Company closed on the extension and modification of a recourse mortgage loan secured by Statesboro Crossing in Statesboro, GA to extend the maturity date to February 15, 2013 and reduce the amount available under the loan from $20,911 to equal the current outstanding balance of $13,568. The interest rate remained at one-month LIBOR plus a spread of 1%.
On April 17, 2012, the Company and its noncontrolling interest partner exercised their rights under the terms of a mezzanine loan agreement with the borrower, which owns The Outlet Shoppes at Gettysburg in Gettysburg, PA, to convert the mezzanine loan into a member interest in the outlet shopping center. After conversion, the Company owns a 50.0% interest in the outlet center. The mezzanine loan had a face amount of $5,879 and was purchased by the Company and noncontrolling interest investor in September 2011 for $5,300, representing a discount of $579. The Company's investment includes the Company's$4,300 share of the converted mezzanine loan and the assumption of $20,315 of debt for a total investment of $24,615.
On April 20, 2012, the Company acquired a 75% interest in an entity that owns The Outlet Shoppes at El Paso in El Paso, TX. The investment includes cash consideration of $33,908 and the assumption of $50,193 of debt for a total investment of $84,101. The entity that owns The Outlet Shoppes at El Paso used a portion of the proceeds to repay a $9,150 mezzanine loan from the Company.
On April 20, 2012, the Company exercised its option on an unsecured term loan of $228,000 to extend the maturity date to April 22, 2013.
On May 10, 2012, the Company closed on a $67,000 ten-year non-recourse CMBS loan secured by Southpark Mall in Colonial Heights, VA. The loan bears interest at a fixed rate of 4.845% and matures in May 2022. Proceeds were used to retire an existing loan secured by Southpark Mall with a balance of $30,763 and a fixed interest rate of 7.00% that was scheduled to mature in May 2012 and to reduce outstanding borrowings on the Company's secured credit facilities.
The Company has evaluated subsequent events through the date of issuance of these financial statements.