FEDERAL REALTY INVESTMENT TRUST | 2013 | FY | 3


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.

us-gaap:SubsequentEventsTextBlock