Subsequent Event

12 Months Ended

Dec. 31, 2013

Subsequent Event [Line Items]

Subsequent Events [Text Block]

NOTE 19—SUBSEQUENT EVENT

Effective January 1, 2014, we acquired a controlling interest in The Grove at Shrewsbury, a 187,000 square foot shopping center in Shrewsbury, New Jersey, and Brook 35 Plaza, a 99,000 square foot shopping center in Sea Girt, New Jersey for a gross value of $161 million. Our effective economic interest approximates 84% and was funded by the assumption of our share of $68 million of mortgage debt, 632,000 downREIT units, and $13 million of cash. The mortgage debt assumed is secured by the individual properties and has the following contractual terms:

	Principal		Stated Interest Rate		Maturity Date
	(in millions)
Brook 35 Plaza	$	11.5	5.46	%	July 1, 2014
The Grove at Shrewsbury	45.4		5.82	%	October 1, 2017
The Grove at Shrewsbury (West)	11.4		6.38	%	March 1, 2018

The purchase price allocation will be completed after our valuation studies are complete. Additionally, we have entered into an agreement to acquire the interest of one of the non-controlling interest holders in the Grove at Shrewsbury for approximately $9 million in 2015.