Revolving Line of Credit and Senior Notes Payable

12 Months Ended

Dec. 31, 2014

Senior Notes [Member]

Revolving Line of Credit and Senior Notes Payable

15. Senior Notes Payable

In August 2012 the Trust issued a total $86,250,000 of its Senior Notes at an issue price of 100% of par value. The Senior Notes mature on August 15, 2022 and bear interest at the rate of 7.75% per year, payable quarterly in arrears. The Trust may redeem the Senior Notes, in whole or in part, at any time or from time to time on or after August 15, 2015 at a redemption price in cash equal to 100% of the principal amount redeemed plus accrued and unpaid interest.

The Senior Notes rank senior to all of the Trust’s future indebtedness that by its terms is expressly subordinate to the Senior Notes, effectively making the Senior Notes senior to all of the Trust’s existing and future unsecured senior indebtedness to the extent of the collateral securing the Senior Notes and pari passu thereafter. The Senior Notes are structurally subordinated to all of the existing and future liabilities of the Trust’s subsidiaries, including the Operating Partnership, but will have a security interest in the promissory note of the Operating Partnership to the Trust, which promissory note is pari passu with all existing and future unsecured senior indebtedness of the Operating Partnership.

As of July 31, 2014, pursuant to its securities repurchase plan, the Trust had acquired $11,178,000 of its outstanding Senior Notes in open market transactions for an aggregate price of $11,742,000. In connection with the acquisitions, the Trust recorded a $564,000 loss on extinguishment of debt which is included in income from continuing operations.

Subsequent to the adoption of the plan of liquidation, the Trust has acquired $3,807,000 of its outstanding Senior Notes in open market transactions for an aggregate price of $3,955,000. As of December 31, 2014, there were $71,265,000 Senior Notes outstanding.

The following table summarizes future principal repayments of mortgage loans payable and senior notes payable as of December 31, 2014 (in thousands):

Year	Amount
2015	$	7,141
2016		211,745
2017		63,483
2018		10,243
2019		157
Thereafter		75,449
	$	368,218

Revolving Credit Facility [Member]

Revolving Line of Credit and Senior Notes Payable

14. Revolving Line of Credit

The Trust had a revolving line of credit in the principal amount of $50,000,000 which bore interest at LIBOR plus 3% and had a maturity date of March 3, 2014 with an option to extend the maturity date to March 3, 2015. The Trust elected not to exercise its option to extend the revolving line of credit.

The outstanding balance under the facility was $0 at December 31, 2013. The Trust was required to pay a commitment fee on the unused portion of the line, which amounted to approximately $29,000 for the period from January 1, 2014 through March 3, 2014 and approximately $175,000 for year ended December 31, 2013.