DEBT OBLIGATIONS (Tables)

12 Months Ended

Sep. 30, 2013

DEBT OBLIGATIONS

Schedule of debt obligations

Debt obligations consist of the following (dollars in thousands):

	Year ended September 30,
	2013		2012
Line of credit		—		—
Junior subordinated notes	$	37,400	$	37,400
Mortgages payable		313,216		169,284
Total debt obligations	$	350,616	$	206,684

Debt obligations

Scheduled principal repayments on mortgages

Scheduled principal repayments on these debt obligations are as follows (dollars in thousands):

Years Ending September 30,	Amount
2014	$	1,979
2015		12,159
2016		6,288
2017		6,758
2018		41,175
Thereafter		244,857
	$	313,216

Junior subordinated notes

Debt obligations

Schedule of outstanding debt

At September 30, 2013 and 2012 the Trust's junior subordinated notes had an outstanding principal balance of $37,400,000. The interest rates on the outstanding notes is set forth in the table below:

Interest period	Interest Rate
March 15, 2011 through July 31, 2012		3.00	%
August 1, 2012 through April 29, 2016		4.90	%
April 30, 2016 through April 30, 2036		LIBOR + 2.00	%

Mortgages payable

Debt obligations

Schedule of outstanding debt

The Trust had the following obligations outstanding as of the dates indicated all of which are secured by the underlying real property (dollars in thousands):

	September 30,
Property	2013		2012		Rate			Maturity
Yonkers, NY	$	1,863	$	1,954		5.25	%	April 2022
Palm Beach Gardens, FL		45,200		45,200		3.78	%	April 2019
Melboune, FL		7,680		7,680		3.98	%	April 2019
Marietta, GA		7,382		6,462		6.50	%	February 2015
Lawrenceville, GA		4,687		4,687		4.49	%	March 2022
Collierville, TN		25,680		25,680		3.91	%	July 2022
North Charleston, SC		17,716		—		3.79	%	November 2022
Cordova TN		19,248		—		3.71	%	December 2022
Decatur, GA		8,046		—		3.74	%	December 2022
Panama City, FL		5,588		—		4.06	%	February 2023
Houston, TX		13,200		—		3.95	%	May 2023
Pooler, GA		26,400		—		4.00	%	May 2023
Hixson, TN		8,137		—		4.29	%	July 2023
Houston, TX		6,625		—		Libor + 3.18	%	February 2023
Kennesaw, GA		35,900		—		3.99	%	October 2018
65 Market St—Newark, NJ		900		900		7.00	%	January 2015
909 Broad St—Newark, NJ		5,936		6,132		6.00	%	August 2030
Teachers Village—Newark, NJ		—		2,738		17	%	March 2013
Teachers Village—Newark, NJ(1)		22,748		22,748		5.50	%	December 2030
Teachers Village—Newark, NJ		4,250		4,250		3.46	%	February 2032
Teachers Village—Newark, NJ		963		988		2.00	%	February 2022
Teachers Village—Newark, NJ		211		1,380		2.50	%	February 2014
Teachers Village—Newark, NJ		1,832		1,832			(2)	February 2034
Teachers Village—Newark, NJ		15,700		15,700		Libor +3.00	%	August 2019
Teachers Village—Newark, NJ		5,250		5,250		3.28	%	September 2042
Teachers Village—Newark, NJ		14,762		13,491		8.65	%	December 2023
Teachers Village—Newark, NJ		2,212		2,212			(3)	August 2034
Teachers Village—Newark, NJ		5,100		—		1.99	%	September 2019
	$	313,216	$	169,284

(1)

TD Bank has the right, in 2018, to require subsidiaries of the Newark Joint Venture to repurchase such debt. If such right is exercised, such subsidiaries will be required to refinance such debt. The stated interest rate is 5.5% per year; however, the United States Treasury Department is reimbursing the interest at the rate of 4.99% per year under the Qualified School Construction Bond program and accordingly, the effective rate of interest thereon until 2018 is 0.51% per year

(2)

The debt is to be serviced in full by annual payment-in-lieu of taxes ("PILOT") of $256,000 in 2013 increasing to approximately $281,000 at maturity. This obligation is not secured by real property.

(3)

The debt is to be serviced in full by PILOT payments of $311,000 in 2013 increasing to approximately $344,000 at maturity.