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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2015
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS In February 2016, a newly formed 10/90 joint venture between the Company and DRA Advisors acquired Triangle Town Center and Triangle Town Commons from an existing 50/50 joint venture between the Company and Jacobs Group for $174,000, including the assumption of the $171,092 loan, of which each partner's share was $85,546 as of December 31, 2015. Concurrent with the formation of the new joint venture, the new entity closed on a modification and restructuring of the loan, which matured in December 2015 and is secured by Triangle Town Center and Triangle Town Commons. The modified loan matures in December 2018 and has two one-year extension options, for an outside maturity date of December 2020. The interest rate was reduced from a fixed-rate of 5.74% to 4.00% interest-only payments. The Company will continue to lease and manage the Properties. In February 2016, the loan secured by Port Orange was modified and extended to February 2018 with a one-year extension option. The $58,628 loan bears interest at LIBOR plus 2%. In February 2016, the loans secured by Hammock Landing - Phase I and II were both modified and extended to February 2018 with one-year extension options. The loan on Phase I increased to $43,347 from $39,475 while the loan on Phase II remained at $16,757. The interest rate on both loans remains unchanged at LIBOR plus 2%.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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