Debt (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Mortgage Loans Payable

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

Location of Collateral	Maturity	Spread Over LIBOR (1)			Interest Rate at September 30, 2014			September 30, 2014		December 31, 2013
Memphis, TN	Aug 2015		Libor + 2.5	%(2)		3.00	%	$	12,908	$	13,125
Lisle, IL (3)	Oct 2015		Libor + 2.5	%(3)		2.66	%		5,752		5,752
Chicago, IL	Mar 2016		—			5.75	%		19,614		19,856
New York, NY	May 2016		Libor + 2.5	%(5)		3.50	%		51,298		51,950
Philadelphia, PA	May 2016		Libor + 2.0	%(6)		2.50	%		41,705		42,440
Greensboro, NC	Aug 2016		—			6.22	%		13,600		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	%		23,000		23,142
Lisle, IL	Mar 2017		—			5.55	%		5,411		5,470
Orlando, FL	Jul 2017		—			6.40	%		36,511		36,983
Plantation, FL	Apr 2018		—			6.48	%		10,585		10,684
Churchill, PA	Aug 2024		—			3.50	%		4,951		5,049
Chicago, IL (8)	n/a		—			n/a			—		8,579
Houston, TX (9)	Apr 2016		—			n/a			—		47,201
Oklahoma City, OK (9)	Feb 2021		—			n/a			—		9,967
								$	375,335	$	444,933

(1) The one-month LIBOR rate at September 30, 2014 was 0.1565%. The one-month LIBOR rate at December 31, 2013 was 0.1677%.

(2) The loan has a LIBOR floor of 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.

(9) The property which collateralized this loan is not consolidated under liquidation accounting.