Subsequent Events

12 Months Ended

Dec. 31, 2013

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

In February 2014, the lender of the non-recourse mortgage loan secured by Chapel Hill Mall in Akron, OH notified the Company that the loan had been placed in default. Chapel Hill Mall generates insufficient income levels to cover the debt service on the mortgage, which had a balance of $68,681 at December 31, 2013.

In February 2014, the Company received a partial settlement of $800 from certain of the defendants in the matter described in Note 14. Litigation continues with other defendants in the matter.

In February 2014, Fremaux amended and restated its loan agreement to increase the capacity on its construction loan from $46,000 to $47,291 for additional development costs related to Fremaux Town Center.

In January 2014, the Company retired an operating property loan, with a principal balance of $122,375 outstanding as of December 31, 2013, with borrowings from its credit facilities. The loan was secured by St. Clair Square in Fairview Heights, IL. The Company paid a prepayment fee of $1,249 in connection with the early retirement of this loan, which was scheduled to mature in December 2016.

In January 2014, the foreclosure of Citadel Mall was complete and the lender received the deed to the Property in satisfaction of the non-recourse debt, which had a balance of $68,169 as of December 31, 2013. The Company expects to recognize a gain of approximately $44,564 related to the extinguishment of this debt in the first quarter of 2014.