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Debt
 6 Months Ended
Jun. 30, 2011
Debt/Revolving Line of Credit [Abstract]  
Debt
8.  
Debt
Mortgage Loans Payable
The Trust had outstanding mortgage loans payable of $210,751,000 and $230,443,000 at June 30, 2011 and December 31, 2010, respectively. The mortgage loan payments of principal and interest are generally due monthly, quarterly or semi-annually and are collateralized by the applicable real estate of the Trust.
The Trust’s mortgage loans payable at June 30, 2011 and December 31, 2010 are as follows (in thousands):
                                         
            Spread Over     Interest Rate at     June 30,     December 31,  
Location of Collateral   Maturity     LIBOR/Prime     June 30, 2011     2011     2010  
 
Andover, MA
  —       —       N/A     $ —     $ 6,135  
S. Burlington, VT
  —       —       N/A       —       2,629  
Various
  —       —       N/A       —       19,002  
Chicago, IL
  Apr 2012     —       6.25 %     8,900       9,100  
Amherst, NY
  Oct 2013     —       5.65 %     15,901       16,116  
Meriden, CT
  Feb 2014     —       5.83 %     23,875       23,875  
Indianapolis, IN
  Apr 2015     —       5.82 %     4,207       4,245  
Chicago, IL
  Mar 2016     —       5.75 %     20,672       20,828  
Houston, TX
  Apr 2016     —       6.30 %     58,445       60,351  
Lisle, IL (1)
  Jun 2016     —       6.26 %     23,773       23,905  
Lisle, IL
  Mar 2017     —       5.55 %     5,600       5,600  
Orlando, FL
  Jul 2017     —       6.40 %     38,396       38,657  
Plantation, FL
  Apr 2018     —       6.48 %     10,982       —  
 
                                   
 
                          $ 210,751     $ 230,443  
 
                                   
     
(1)  
In July 2011, the Trust negotiated a $14,500,000 discounted payoff of the $23,773,000 first mortgage loan on its Lisle, Illinois properties which was scheduled to mature in June 2016. The payoff occurred on July 13, 2011.

 

Secured Financing
In January 2011 the Trust restructured the San Marbeya first mortgage loan receivable and transferred the senior participation at par. For financial reporting purposes, the transfer of the financial asset is accounted for as a financing rather than a sale. As of June 30, 2011, the secured financing has a carrying value of $15,150,000, bears interest at a rate of 4.85% and matures on January 1, 2015.
The fair value of the Trust’s mortgage loans payable, secured financing and revolving line of credit are less than their current carrying value by $20,248,000 and $22,042,000 at June 30, 2011 and December 31, 2010, respectively.