Debt

12 Months Ended

Dec. 31, 2011

Debt and Revolving Line of Credit [Abstract]

Debt

9. Debt

Mortgage Loans Payable

The Trust had outstanding mortgage loans payable of $230,940,000 and $230,443,000 at December 31, 2011 and 2010, respectively. The mortgage loan payments of principal and interest are generally due monthly, quarterly or semi-annually and are collateralized by applicable real estate of the Trust.

The Trust’s mortgage loans payable at December 31, 2011 and 2010 are summarized as follows (in thousands):

		September 30,		September 30,			September 30,			September 30,		September 30,
Location of Collateral	Maturity		Spread Over LIBOR/Prime			Interest Rate at December  31, 2011			December 31, 2011		December 31, 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
Meriden, CT		—		—			N/A			—		23,875
Chicago, IL (1)		Apr 2012		—			6.25	%		8,900		9,100
Amherst, NY		Oct 2013		—			5.65	%		15,682		16,116
Meriden, CT & Lisle, IL		Oct 2014		Libor + 2.5	% (2)		2.77	%		21,000		—
Indianapolis, IN		Apr 2015		—			5.82	%		4,169		4,245
Chicago, IL		Mar 2016		—			5.75	%		20,522		20,828
Houston, TX		Apr 2016		—			6.26	%		56,423		60,351
New York, NY		May 2016		Libor + 2.5	% (3)		3.50	%		49,585		—
Lisle, IL		Mar 2017		—			5.55	%		5,600		5,600
Orlando, FL		Jul 2017		—			6.40	%		38,132		38,657
Plantation, FL		Apr 2018		—			6.48	%		10,927		—
									$	230,940	$	230,443

(1) The Trust is currently negotiating with the lender for a three year extension to April 28, 2015.

(2) The loan has an interest rate cap which caps at LIBOR at 1%.

(3) The loan has a LIBOR floor of 1%.

The following table summarizes future principal repayments as of December 31, 2011 (in thousands):

		September 30,
Year	Amount
2012	$	14,854
2013		21,307
2014		27,680
2015		11,144
2016		105,545
Thereafter		50,410
	$	230,940

The fair value of the Trust’s mortgage loans payable and revolving line of credit are less than their current carrying value by $12,604,000 and $22,042,000 at December 31, 2011 and 2010 respectively.

Non-Recourse Secured Financings

In January 2011 the Trust restructured the San Marbeya first mortgage loan receivable into a senior and junior participation 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 December 31, 2011, the non-recourse secured financing has a carrying value of $15,150,000, bears interest at a rate of 4.85% and matures on January 1, 2015.

In October 2011, the Trust restructured the Hotel Wales first mortgage loan receivable into a senior and junior participation 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 December 31, 2011, the non-recourse secured financing has a carrying value of $14,000,000, bears interest at a rate of LIBOR plus 1.25% with a LIBOR floor of 3.0% and matures on October 6, 2013.