Debt

Mortgage Loans Payable

The Trust had outstanding mortgage loans payable of $185,622,000 and $230,443,000 at September 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 September 30, 2011 and December 31, 2010 are as follows (in thousands):


Location of		Spread Over		Interest Rate at			September 30,		December 31,
Collateral	Maturity	LIBOR/Prime		September 30, 2011			2011		2010

Andover, MA	—		—		N/A		$	—	$	6,135
S. Burlington, VT	—		—		N/A			—		2,629
Various	—		—		N/A			—		19,002
Lisle, IL	—		—		N/A			—		23,905
Chicago, IL	Apr 2012		—		6.25	%		8,900		9,100
Amherst, NY	Oct 2013		—		5.65	%		15,794		16,116
Meriden, CT	Feb 2014		—		5.83	%		23,875		23,875
Indianapolis, IN	Apr 2015		—		5.82	%		4,188		4,245
Chicago, IL	Mar 2016		—		5.75	%		20,598		20,828
Houston, TX	Apr 2016		—		6.28	%		57,443		60,351
Lisle, IL	Mar 2017		—		5.55	%		5,600		5,600
Orlando, FL	Jul 2017		—		6.40	%		38,268		38,657
Plantation, FL	Apr 2018		—		6.48	%		10,956		—

							$	185,622	$	230,443

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 September 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 $10,870,000 and $22,042,000 at September 30, 2011 and December 31, 2010, respectively.