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Debt
 9 Months Ended
Sep. 30, 2012
Debt [Abstract]  
Debt
8. Debt

Mortgage Loans Payable

The Trust had outstanding mortgage loans payable of $238,097,000 and $230,940,000 at September 30, 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 September 30, 2012 and December 31, 2011 are summarized as follows (in thousands):

 

                                 

Location of Collateral

   Maturity  

Spread Over
LIBOR/Prime

   Interest Rate at
September 30,  2012		     September 30,
2012		     December 31,
2011		  

Amherst, NY

   Oct 2013   —       5.65 %    $ 15,343     $ 15,682  

Memphis, TN

   Aug 2014   LIBOR + 2.5%(1)     2.71 %      13,478       —    

Meriden, CT & Lisle, IL (5)

   Oct 2014   LIBOR + 2.5%(2)     2.71 %      21,000       21,000  

Chicago, IL

   Apr 2015   —       5.50 %      8,700       8,900  

Indianapolis, IN

   Apr 2015   —       (3 )      —         4,169  

Chicago, IL

   Mar 2016   —       5.75 %      20,281       20,522  

Houston, TX

   Apr 2016   —       6.18 %      53,187       56,423  

New York, NY

   May 2016   LIBOR + 2.5%(4)     3.50 %      51,982       49,585  

Lisle, IL

   Mar 2017   —       5.55 %      5,560       5,600  

Orlando, FL

   Jul 2017   —       6.40 %      37,725       38,132  

Plantation, FL

   Apr 2018   —       6.48 %      10,841       10,927  
                   

 

 

    

 

 

  
                    $ 238,097     $ 230,940  
                   

 

 

    

 

 

  

 

(1) The loan has an interest rate cap which caps LIBOR at 0.5%.
(2) The loan has an interest rate cap which caps LIBOR at 1.0%.
(3) Mortgage loan payable was satisfied September 28, 2012 upon sale of the Circle Tower operating property.
(4) The loan has a LIBOR floor of 1.0%.
(5) Mortgage loan was partially repaid subsequent to September 30, 2012. See Note 17 – Subsequent Events.

Non-Recourse Secured Financing

The Trust’s non-recourse secured financings at September 30, 2012 and December 31, 2011 are summarized as follows (in thousands):

 

                                 

Collateral

   Maturity   Spread Over
LIBOR/Prime		   Interest Rate at
September  30,
2012		     September 30,
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%.