Debt (Tables)

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Mortgage Loans Payable

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.