Preferred Equity Investments (Series D Preferred Shares of Beneficial Interest [Member])

12 Months Ended

Dec. 31, 2014

Series D Preferred Shares of Beneficial Interest [Member]

Preferred Equity Investments

10. Preferred Equity Investments

The Trust has certain investments in ventures which entitle it to priority returns ahead of other equity holders in the ventures. Under going concern accounting, the Trust classified these investments as preferred equity investments and accounted for them using the equity method of accounting. The Trust recognized earnings from preferred equity investments of $582,000 for the seven months ended July 31, 2014 and $613,000 for the year ended December 31, 2013. The Trust did not recognize any earnings from preferred equity investments for the year ended December 31, 2012.

As of August 1, 2014, in accordance with liquidation accounting, these investments are carried at their net realizable value. These investments are now classified as equity investments on the Consolidated Statement of Net Assets.