Debt

Mortgage Loans Payable

The Trust had outstanding mortgage loans payable of $476,424,000 and $444,933,000 at March 31, 2014 and December 31, 2013, 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, 2014 and December 31, 2013 are summarized as follows (in thousands):


Location of Collateral	Maturity	Spread Over LIBOR/Prime (1)			Interest Rate at March 31, 2014			March 31, 2014		December 31, 2013

Memphis, TN	Aug 2014		LIBOR + 2.5	%(2)		3.00	%	$	13,052	$	13,125
Lisle, IL	Oct 2014		LIBOR + 2.5	%(3)		2.67	%		5,752		5,752
Norridge, IL	Aug 2015		LIBOR + 5.75	%(7)		6.00	%		42,500		—
Chicago, IL	Mar 2016		—			5.75	%		19,763		19,856
Houston, TX	Apr 2016		—			5.97	%		45,919		47,201
New York, NY	May 2016		LIBOR + 2.5	%(4)		3.50	%		51,637		51,950
Philadelphia, PA	May 2016		LIBOR + 2.0	%(5)		2.50	%		42,193		42,440
Greensboro, NC	Aug 2016		—			6.22	%		14,633		14,735
Phoenix, AZ	Oct 2016		LIBOR + 2.0	%(6)		2.69	%		24,390		24,390
San Pedro, CA	Oct 2016		LIBOR + 2.0	%(6)		2.69	%		12,195		12,195
Stamford, CT	Oct 2016		LIBOR + 2.0	%(6)		2.69	%		48,780		48,780
Houston, TX	Oct 2016		LIBOR + 2.0	%(6)		2.69	%		64,635		64,635
Cerritos, CA	Jan 2017		—			5.07	%		23,131		23,142
Lisle, IL	Mar 2017		—			5.55	%		5,450		5,470
Orlando, FL	Jul 2017		—			6.40	%		36,820		36,983
Plantation, FL	Apr 2018		—			6.48	%		10,649		10,684
Oklahoma City, OK	Feb 2021		—			5.70	%		9,909		9,967
Churchill, PA	Aug 2024		—			3.50	%		5,016		5,049
Chicago, IL (8)	N/A		—			N/A			—		8,579

								$	476,424	$	444,933

(1)	The one-month LIBOR rate at March 31, 2014 was 0.152%. The one-month LIBOR rate at December 31, 2013 was 0.1677%.

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

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

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

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

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

(7)	The loan interest rate is 5.75% plus the greater of 0.25% or LIBOR.

(8)	The loan obligation was removed in connection with the sale of the Trust’s interest in the property.

Non-Recourse Secured Financing

At December 31, 2013 the Trust had two non-recourse secured financings in the aggregate amount of $29,150,000. During February 2014, the loans that were collateral for the secured financings were sold. As a result of the sale, the secured financings are no longer an obligation of the Trust.

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. The carrying value of the participating B Note, which approximates fair value, was $893,000 at March 31, 2014 and $942,000 at December 31, 2013. 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.