Debt

3 Months Ended

Mar. 31, 2012

Debt/Revolving Line of Credit [Abstract]

Debt

8. Debt

Mortgage Loans Payable

The Trust had outstanding mortgage loans payable of $230,257,000 and $230,940,000 at March 31, 2012 and December 31, 2011, 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 March 31, 2012 and December 31, 2011 are summarized as follows (in thousands):

Location of Collateral	Maturity			Spread Over LIBOR/Prime			Interest Rate at March 31, 2012			March 31, 2012		December 31, 2011
Amherst, NY		Oct 2013			—			5.65	%	$	15,569	$	15,682
Meriden, CT & Lisle, IL		Oct 2014			Libor + 2.5	%(1)		2.77	%		21,000		21,000
Chicago, IL		Apr 2015	(2)		—			6.25	%		8,900		8,900
Indianapolis, IN		Apr 2015			—			5.82	%		4,149		4,169
Chicago, IL		Mar 2016			—			5.75	%		20,441		20,522
Houston, TX		Apr 2016			—			6.23	%		55,383		56,423
New York, NY		May 2016			Libor + 2.5	%(3)		3.50	%		50,329		49,585
Lisle, IL		Mar 2017			—			5.55	%		5,595		5,600
Orlando, FL		Jul 2017			—			6.40	%		37,994		38,132
Plantation, FL		Apr 2018			—			6.48	%		10,897		10,927
										$	230,257	$	230,940

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

(2) The lender has granted a three-year extension to April 28, 2015 subsequent to March 31, 2012.

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

Non-Recourse Secured Financing

The Trust’s non-recourse secured financings at March 31, 2012 and December 31, 2011 are summarized as follows (in thousands):

Collateral	Maturity		Spread Over LIBOR/Prime			Interest Rate at March 31, 2012			March 31, 2012		December 31, 2011
Hotel Wales Loan		Oct. 2013		Libor plus 1.25	%(1)		4.25	%	$	14,000	$	14,000
San Marbeya Loan		Jan. 2015		—			4.85	%		15,150		15,150
									$	29,150	$	29,150

(1) The loan has a Libor floor of 3%