26.

Subsequent Events

All relevant events or transactions that occurred after the balance sheet date not otherwise disclosed and incorporated in the Notes to the Consolidated Financial Statements are described below.

Playa Vista Loan Modification - On January 10, 2014 the mezzanine loan agreement was amended to increase the principal balance by $4,000,000 and to increase the interest rate by 1.5% to a rate of 16.25% per annum. The Trust’s share of the increased loan amount was $2,000,000. To date, the Trust has funded $1,375,000.

Newbury Apartments Property Sale – On February 26, 2014 the Trust sold its interest in the Newbury Apartments property located in Meriden, Connecticut for gross sale proceeds of $27,500,000.

Freed Management Loan Origination - On March 5, 2014 the Trust originated a $15,500,000 mezzanine loan secured by a majority of the limited partnership interests in entities controlled by Freed Management that indirectly hold Edens Plaza and Norridge Commons, two retail shopping centers in Chicago, Illinois. The Trust also acquired the general partnership interest in each of the above entities for an aggregate price of $500,000. The loan bears interest at LIBOR plus 12% per annum (increasing by 100 basis points in each extended term), requires payments of current interest at a rate of 10% per annum (increasing by 50 basis points each year) and has a three-year term, subject to two, one-year extensions. Upon satisfaction of the loan, the Trust will be entitled to a participation interest equal to the greater of (i) a 14.5% IRR (increasing to 15.5% IRR after the initial term) and (ii) 30% (increasing by 40% after the initial term and 50% after the first extended term) of the value of the properties in excess of $115,000,000. As additional collateral for the loan, the Trust acquired a pledge of the interests held by Freed Management and its affiliates in the Sullivan Center and Mentor Retail ventures.