Debt (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Mortgage Loans Payable

The Trust’s mortgage loans payable at December 31, 2013 and 2012 are summarized as follows (in thousands):

Location of Collateral	Maturity	Spread Over LIBOR/Prime (1)			Interest Rate at December 31, 2013			December 31, 2013		December 31, 2012
Memphis, TN	Aug 2014		Libor + 2.5	% (2)		3.00	%	$	13,125	$	13,408
Lisle, IL (3)	Oct 2014		Libor + 2.5	% (4)		2.67	%		5,752		5,752
Chicago, IL	Apr 2015		—			5.50	%		8,579		8,700
Chicago, IL	Mar 2016		—			5.75	%		19,856		20,200
Houston, TX	Apr 2016		—			6.01	%		47,201		52,052
New York, NY	May 2016		Libor + 2.5	% (5)		3.50	%		51,950		51,982
Philadelphia, PA	May 2016		Libor + 2.0	% (6)		2.50	%		42,440		—
Greensboro, NC	Aug 2016		—			6.22	%		14,735		15,139
Phoenix, AZ	Oct 2016		Libor + 2.0	% (7)		2.69	%		24,390		—
San Pedro, CA	Oct 2016		Libor + 2.0	% (7)		2.69	%		12,195		—
Stamford, CT	Oct 2016		Libor + 2.0	% (7)		2.69	%		48,780		—
Houston, TX	Oct 2016		Libor + 2.0	% (7)		2.69	%		64,635		—
Cerritos, CA	Jan 2017		—			5.07	%		23,142		23,184
Lisle, IL	Mar 2017		—			5.55	%		5,470		5,543
Orlando, FL	Jul 2017		—			6.40	%		36,983		37,580
Plantation, FL	Apr 2018		—			6.48	%		10,684		10,811
Oklahoma City, OK	Feb 2021		—			5.70	%		9,967		—
Meriden, CT (8)	Oct 2022		—			3.95	%		—		21,000
Churchill, PA	Aug 2024		—			3.50	%		5,049		—
Amherst, NY (9)	N/A		—			N/A			—		15,225
								$	444,933	$	280,576

(1) The one-month LIBOR rate at December 31, 2013 was 0.1677%. The one-month LIBOR rate at December 31, 2012 was 0.2087%.

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

(3) The loan was previously collateralized by three properties. Two of the properties were released from the mortgage upon partial repayment in October 2012.

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

(5) The loan has a LIBOR floor of 1% and an interest rate cap which caps LIBOR at 1.75% through May 15, 2014.

(6) The loan has an interest rate swap which effectively fixes LIBOR at 0.5%.

(7) The loan has an interest rate swap which effectively fixes LIBOR at 0.69%.

(8) The loan is classified as liabilities of assets held for sale at December 31, 2013.

(9) The loan was fully satisfied on July 26, 2013.

Non-Recourse Secured Financings

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

Collateral	Maturity	Spread Over LIBOR/Prime			Interest Rate at December 31, 2013			December 31, 2013		December 31, 2012
Hotel Wales Loan	Oct 2014		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%.