Subsequent Events

9 Months Ended

Sep. 30, 2018

In preparing its condensed consolidated financial statements, the Company has evaluated events and transactions occurring after September 30, 2018 through the date the financial statements were issued for recognition and disclosure purposes.

The Company has disposed of the following power center retail properties subsequent to September 30, 2018:



Date	Property	MSA	Square Feet	Gross Disposition Price
October 5, 2018	McKinney Town Center	Dallas-Fort Worth-Arlington, TX	243,000	$	51,000
October 5, 2018	Riverstone	Houston-The Woodlands-Sugar Land, TX	273,000	27,750
October 23, 2018	Hiram Pavilion	Atlanta–Sandy Springs–Roswell, GA	363,000	44,350
			879,000	$	123,100

On October 5, 2018, IAGM disposed of Victory Lakes Shopping Center, a 370,000 square foot power center located in the Houston-The Woodlands-Sugar Land, TX MSA for a gross disposition price of $53,000. IAGM used proceeds from the sale of Victory Lakes to extinguish $38,300 of mortgages payable at two retail properties maturing in 2018.

On November 2, 2018, IAGM entered into a non-revolving, senior secured term loan facility of $152,000 to refinance its mortgages payable maturing in 2018. The senior secured term loan facility matures in November 2023 and contains two twelve-month extension options that IAGM may exercise upon payment of an extension fee equal to 0.10% of the commitment amount on the first day of the extension term and subject to certain other conditions. The senior secured term loan facility bears interest at a rate equal to LIBOR daily floating rate plus 1.55% and requires the maintenance of certain financial covenants. Subsequent to this refinance, there were no outstanding IAGM mortgages payable recourse to the Company.

On November 5, 2018, the Company used cash on hand to extinguish a mortgage payable at Woodlake Crossing of $7,575. Subsequent to this refinance, there were no outstanding mortgages payable recourse to the Company.