Debt (Tables)

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Mortgage Loans Payable

The Trust’s mortgage loans payable at June 30, 2014 and December 31, 2013 are summarized as follows (in thousands):

Location of Collateral	Maturity	Spread Over LIBOR (1)	Interest Rate at June 30, 2014			June 30, 2014		December 31, 2013
Memphis, TN	Aug 2014	Libor + 2.5% (2)		3.00	%	$	12,980	$	13,125
Lisle, IL (3)	Oct 2014	Libor + 2.5% (3)		2.69	%		5,752		5,752
Norridge, IL	Aug 2015	Libor + 5.75% (4)		6.00	%		42,500		—
Chicago, IL	Mar 2016	—		5.75	%		19,671		19,856
Houston, TX	Apr 2016	—		5.93	%		44,589		47,201
New York, NY	May 2016	Libor + 2.5% (5)		3.50	%		51,465		51,950
Philadelphia, PA	May 2016	Libor + 2.0% (6)		2.50	%		41,950		42,440
Greensboro, NC	Aug 2016	—		6.22	%		14,529		14,735
Phoenix, AZ	Oct 2016	Libor + 2.0% (7)		2.69	%		24,390		24,390
San Pedro, CA	Oct 2016	Libor + 2.0% (7)		2.69	%		12,195		12,195
Stamford, CT	Oct 2016	Libor + 2.0% (7)		2.69	%		48,780		48,780
Houston, TX	Oct 2016	Libor + 2.0% (7)		2.69	%		64,635		64,635
Cerritos, CA	Jan 2017	—		5.07	%		23,121		23,142
Lisle, IL	Mar 2017	—		5.55	%		5,430		5,470
Orlando, FL	Jul 2017	—		6.40	%		36,667		36,983
Plantation, FL	Apr 2018	—		6.48	%		10,617		10,684
Oklahoma City, OK	Feb 2021	—		5.70	%		9,852		9,967
Churchill, PA	Aug 2024	—		3.50	%		4,984		5,049
Chicago, IL (8)	n/a	—		n/a			—		8,579
						$	474,107	$	444,933

(1) The one-month LIBOR rate at June 30, 2014 was 0.1552%. 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 0.25%.

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

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