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Subsequent Events:
9 Months Ended
Sep. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events:
Subsequent Events:
On October 5, 2015, the Company paid off the existing $225,593 mortgage note payable on Washington Square. The Company funded the payoff from borrowings on its line of credit.
On October 23, 2015, the Company placed a $200,000 mortgage note payable on South Plains Mall that bears interest at 4.22% and matures on November 6, 2025. The Company used the cash proceeds to pay down its line of credit and for general corporate purposes. Concurrently, the Company paid off in full its $125,000 term loan.
On October 23, 2015, the Company announced a dividend/distribution of $0.68 per share for common stockholders and OP Unit holders of record on November 12, 2015. All dividends/distributions will be paid 100% in cash on December 4, 2015.
On October 29, 2015, the Company placed a $550,000 loan on Washington Square that bears interest at 3.65% and matures on November 1, 2022. The Company used the cash proceeds to pay down its line of credit and for general corporate purposes.
On October 30, 2015, the Company replaced the existing loan on Los Cerritos Center (See Note 8Mortgage Notes Payable) with a new $525,000 loan that bears interest at 4.00% and matures on November 1, 2027. The Company used the cash proceeds to pay down its line of credit and for general corporate purposes.
On October 30, 2015, in connection with the MAC GIC JV transaction, the Company sold a 40% ownership interest in Pacific Premier Retail LLC, which owns Lakewood Center, Los Cerritos Center, South Plains Mall and Washington Square. The sales price of approximately $1,250,000 was funded by the assumption of the pro rata share of mortgage notes payable on the properties of approximately $713,000 and a cash payment of approximately $537,000. Included in the debt assumed was the pro rata share of a $100,000 term loan that bears interest at LIBOR plus 1.20% and matures on October 31, 2022 that was placed on the joint venture concurrently with the completion of the sale. The Company intends to use these cash proceeds to pay down its line of credit, fund the special dividends as discussed below and for other general corporate purposes, which may include any repurchases of the Company's common stock under the recently authorized stock buyback program (See Note 12Stockholders' Equity).
On October 30, 2015, the Company declared two special dividends/distributions, each of $2.00 per share of common stock and per OP Unit.  The first dividend/distribution is payable on December 8, 2015 to stockholders and OP Unit holders of record on November 12, 2015.  The second dividend/distribution is payable on January 6, 2016 to common stockholders and OP Unit holders of record on November 12, 2015.