Revolving Line of Credit

6 Months Ended

Jun. 30, 2011

Debt/Revolving Line of Credit [Abstract]

Revolving Line of Credit

9. Revolving Line of Credit

On March 3, 2011 the Trust amended its existing revolving line of credit with KeyBank. Under the modified terms the Trust can borrow on a revolving basis up to $50,000,000 with, subject to the satisfaction of certain conditions, the ability to increase the line up to $150,000,000. The revolving line of credit bears interest at Libor plus 3% and has a maturity date of March 3, 2014 with a one year option to extend the maturity date to March 3, 2015.

The Trust must comply with financial covenants on an ongoing basis. The covenants are tested as of the end of each quarter based upon results for the most recently ended quarter. The Trust was in compliance of its financial covenants under its revolving line of credit as of June 30, 2011.

The revolving credit line is recourse and as such is effectively collateralized by all of the Trust’s assets. The Trust has pledged certain unencumbered consolidated operating properties and loans receivable as the borrowing base for the revolving line of credit. The revolving credit line requires monthly payments of interest only. To the extent that the amounts outstanding under the facility are in excess of the borrowing base (as calculated), the Trust is required to make a principal payment to reduce such excess. The Trust may prepay from time to time without premium or penalty and re-borrow amounts prepaid.

The outstanding balance under the facility was $0 and $25,450,000 at June 30, 2011 and December 31, 2010. The Trust is required to pay a commitment fee on the unused portion of the line, which amounted to approximately $56,000 and $65,000 for the three and six months ended June 30, 2011, respectively and $22,000 and $44,000 for the three and six months ended June 30, 2010, respectively.