Subsequent Events

6 Months Ended

Jun. 30, 2012

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In July 2012, the Company extended to January 22, 2013 the Company's right to convert the outstanding amount of the Jinsheng secured note into 16,565,534 Series A-2 Preferred Shares of Jinsheng (see Note 5).

In July 2012, the Company sold Massard Crossing, a community center located in Fort Smith, AR, for a gross sales price of $7,803 less commissions and customary closing costs for a net sales price of $7,432. Proceeds from the sale were used to reduce the balance on the Company's secured credit facilities.

In July 2012, Gulf Coast closed on a ten-year $7,000 loan with an institutional lender, secured by the third phase expansion of Gulf Coast Town Center, a shopping center located in Ft. Myers, FL. Interest on the loan is at LIBOR plus a margin of 250 basis points. The Company has guaranteed 100% of this loan. Proceeds from the loan were distributed to the Company in accordance with the terms of the joint venture agreement and the Company used these funds to reduce the balance on its secured credit facilities.

In May 2012, Jacobs exercised its conversion rights to exchange 9,757,100 common units of limited partnership interest in the Operating Partnership. The Company elected to issue 9,757,100 shares of common stock in exchange for the common units in June 2012 and registered these shares for public resale by Jacobs in July 2012 pursuant to Jacobs' exercise of its contractual registration rights.

The Company has evaluated subsequent events through the date of issuance of these financial statements.