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Subsequent Events
9 Months Ended
Sep. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events

17. SUBSEQUENT EVENTS

In October 2013, the Company acquired sole ownership of a portfolio of 30 prime power centers that were previously owned by BRE DDR Retail Holdings I, the Company’s joint venture with an affiliate of Blackstone. The transaction was valued at approximately $1.46 billion ($1.54 billion at 100%). The transaction included a cash payment of $566.4 million to an affiliate of Blackstone, of which $25.0 million was funded in the second quarter of 2013 and is recorded in Other Assets on the condensed consolidated balance sheet as of September 30, 2013. Furthermore, in connection with the closing of the Blackstone Acquisition, the Company assumed an affiliate of Blackstone’s 95% share of $792.9 million of mortgage debt, of which $139.0 million was repaid upon closing. In addition, $148.8 million of the preferred equity interest and mezzanine loan previously funded by the Company was repaid upon the closing of the Blackstone Acquisition. The Company will account for this transaction as a step acquisition. Due to the change in control that occurred, the Company expects to record a Gain on Change in Control of Interest related to the difference between the Company’s carrying value and fair value of the previously held equity interest. The Company funded the cash portion of the consideration received by an affiliate of Blackstone, and the repayment of certain of the BRE DDR Retail Holdings I’s debt, with a portion of the net proceeds of its issuance and sale of 3.375% Notes due 2023 and its issuance and sale of 39.1 million of its common shares in a forward equity offering (Note 10).