13.

Debt

Mortgage Loans Payable

Mortgage loans payable are carried at their contractual amounts due under liquidation accounting. The Trust had outstanding mortgage loans payable of $296,954,000 and $444,933,000 at December 31, 2014 and 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 December 31, 2014 and 2013 are summarized as follows (in thousands):


Location of Collateral	Maturity	Spread Over LIBOR (1)					Interest Rate at December 31, 2014			December 31, 2014		December 31, 2013
Lisle, IL	Oct 2015		Libor + 2.5	%				2.67	%		5,713	$	5,752
Chicago, IL	Mar 2016		—					5.75	%		19,491		19,856
New York, NY	May 2016		Libor + 2.5	%	(2	)		3.50	%		51,034		51,950
Greensboro, NC	Aug 2016		—					6.22	%		13,600		14,735
Phoenix, AZ	Oct 2016		Libor + 2.0	%	(3	)		2.69	%		22,462		24,390
Stamford, CT	Oct 2016		Libor + 2.0	%	(3	)		2.69	%		44,923		48,780
Houston, TX	Oct 2016		Libor + 2.0	%	(3	)		2.69	%		59,524		64,635
Cerritos, CA	Jan 2017		—					5.07	%		23,000		23,142
Lisle, IL	Mar 2017		—					5.55	%		5,392		5,470
Orlando, FL	Jul 2017		—					6.40	%		36,347		36,983
Plantation, FL	Apr 2018		—					6.48	%		10,550		10,684
Churchill, PA	Aug 2024		—					3.50	%		4,918		5,049
Chicago, IL (4)	N/A		—					N/A			—		8,579
Houston, TX (5)	N/A		—					N/A			—		47,201
Oklahoma City, OK (5)	N/A		—					N/A			—		9,967
Memphis, TN (6)	N/A		—					N/A			—		13,125
San Pedro, CA (6)	N/A		—					N/A			—		12,195
Philadelphia, PA (6)	N/A		—					N/A			—		42,440

										$	296,954	$	444,933

(1)

The one-month LIBOR rate at December 31, 2014 was 0.17125%. The one-month LIBOR rate at December 31, 2013 was 0.1677%.

(2)

The loan has a LIBOR floor of 1%.

(3)

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

(4)

The loan obligation was satisfied in connection with the sale of the Trust’s interest in the property.

(5)

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

(6)

The loan was satisfied during 2014 in connection with the sale of the property.

Non-Recourse Secured Financings

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

On September 10, 2014 the Trust obtained a $25,000,000 unsecured working capital loan from KeyBank National Association. The loan bore interest at LIBOR plus 3% per annum and required monthly payments of interest only. The loan had an initial maturity of March 10, 2015 with two, three-month extension options. The loan was repaid in full in October 2014 from the proceeds of asset sales.

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 of capital, during a specified time period as defined in the loan modification document. The liquidation value of the B Note was $0 at December 31, 2014 and the carrying value was $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.

On October 15, 2012, 5400 Westheimer LP, an entity in which the Trust held an interest and consolidated, executed a note payable in the amount of $1,600,000. The note bore interest at 15% per annum and matured on October 15, 2022. Since the Trust held 50% of the loan, $800,000 of the note payable and the associated interest is eliminated in consolidation for accounting purposes. The balance of the note as of December 31, 2013 was $800,000. The note payable and interest were paid in full on October 1, 2014.