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Real Estate
 9 Months Ended
Sep. 30, 2013
Real Estate [Abstract]  
Real Estate

Note 3. Real Estate

 

On August 16, 2013, the Company exercised the buy/sell option pursuant to the terms of the 60%-owned joint venture originally formed for the development of the Upland Square project, and the Company’s partner opted not to meet the offered purchase option. The Company acquired the remaining 40% interest in the property on October 31, 2013 for approximately $1.6 million, reflecting the Company’s preferred interest in the joint venture. The joint venture has historically been consolidated as it was deemed to be a variable interest entity and the Company was the primary beneficiary. Further, the Company has historically included 100% of the joint venture’s results of operations in net income (loss) attributable to common shareholders. Accordingly, the transaction will not have a significant effect on the Company’s consolidated financial statements.

 

On October 14, 2013, an agreement to acquire a grocery-anchored shopping center located in Fairfield County, Connecticut became non-cancelable. The purchase price for the property will be $34.5 million, plus closing costs, of which approximately $33 million will be initially funded from the Company’s credit facility and the balance by the issuance of OP Units (the number of OP Units to be determined at closing and based on the market price of the Company’s common stock). Closing of the transaction is expected in mid-November 2013.

 

At September 30, 2013, a number of the Company’s shopping center properties  were pledged as collateral for mortgage loans payable. See Note 6 – “Debt” for information relating to the amendment, on an unsecured basis, of the Company’s credit facility.