Debt

3 Months Ended

Mar. 31, 2013

Debt/Senior Notes Payable [Abstract]

Debt

8. Debt

Mortgage Loans Payable

The Trust had outstanding mortgage loans payable of $278,824,000 and $280,576,000 at March 31, 2013 and December 31, 2012, 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, 2013 and December 31, 2012 are summarized as follows (in thousands):

Location of Collateral	Maturity	Spread Over LIBOR/Prime	Interest Rate at March 31, 2013			March 31, 2013		December 31,  2012
Amherst, NY	Oct 2013	—		5.65	%	$	15,104	$	15,225
Memphis, TN	Aug 2014	Libor + 2.5%(1)		3.00	%		13,337		13,408
Lisle, IL	Oct 2014	Libor + 2.5%(2)		2.71	%		5,752		5,752
Chicago, IL	Apr 2015	—		6.25	%		8,700		8,700
Chicago, IL	Mar 2016	—		5.75	%		20,112		20,200
Houston, TX	Apr 2016	—		6.12	%		50,896		52,052
New York, NY	May 2016	Libor + 2.5%(3)		3.50	%		51,982		51,982
Greensboro, NC	Aug 2016	—		6.22	%		15,039		15,139
Lisle, IL	Mar 2017	—		5.55	%		5,524		5,543
Cerritos, CA	Jan 2017	—		5.07	%		23,174		23,184
Orlando, FL	Jul 2017	—		6.40	%		37,426		37,580
Plantation, FL	Apr 2018	—		6.48	%		10,778		10,811
Meriden, CT	Oct 2022	—		3.95	%		21,000		21,000
						$	278,824	$	280,576

(1) The loan has a LIBOR floor of 0.5% and an interest rate cap which caps LIBOR at 0.5%.

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

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

Non-Recourse Secured Financing

The Trust’s non-recourse secured financings at March 31, 2013 and December 31, 2012 are summarized as follows (in thousands):

						Carrying Value
Collateral	Maturity	Spread Over LIBOR/Prime	Interest Rate at March 31,  2013			March 31, 2013		December 31,  2012
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%.

Recourse Secured Financings

The Trust’s recourse secured financings at March 31, 2013 and December 31, 2012 are summarized as follows (in thousands):

						Carrying Value
Collateral	Maturity	Spread Over LIBOR/Prime	Interest Rate at March 31, 2013			March 31, 2013		December 31,  2012
Queensridge Loan	Nov. 2014	LIBOR plus 4%		4.20	%	$	13,653	$	23,770
						$	13,653	$	23,770

Notes Payable

In conjunction with the loan modification on the property located in Cerritos, California the Trust assumed a $14,500,000 B Note that bears interest at 6.6996% per annum and requires monthly payments of approximately $12,000 with the balance of the interest accruing. The loan modification agreement provides for a participation feature whereby the B Note can be fully satisfied with proceeds from the sale of the property after the Trust receives its 9.0% priority return on its capital, during a specified time period as defined in the loan modification document. As of March 31, 2013, the carrying value of the participating B Note was $860,000 which approximates fair value. The inputs used in determining the estimated fair value of the Trust’s Notes Payable are categorized as Level 3 in the fair value hierarchy.

On October 15, 2012, 5400 Westheimer LP, an entity in which the Trust holds an interest, executed a note payable in the amount of $1,600,000. The note bears interest at 15% per annum and matures on October 15, 2022. Since the Trust holds 50% of the loan, $800,000 of the note payable is eliminated in consolidation for accounting purposes. The balance of the note as of March 31, 2013 was $800,000 which approximates fair value.