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 $296,174,000 and $296,954,000 at March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014 are summarized as follows (in thousands):


Location of Collateral	Maturity	Spread Over LIBOR (1)		Interest Rate at March 31, 2015			March 31, 2015		December 31, 2014
Lisle, IL	Oct 2015	Libor + 2.5%			2.68	%	$	5,582	$	5,713
Chicago, IL	Mar 2016	—			5.75	%		19,393		19,491
New York, NY	May 2016	Libor + 2.5%	(2)		3.50	%		50,750		51,034
Greensboro, NC	Aug 2016	—			6.22	%		13,600		13,600
Phoenix, AZ	Oct 2016	Libor + 2.0%	(3)		2.69	%		22,462		22,462
Stamford, CT	Oct 2016	Libor + 2.0%	(3)		2.69	%		44,923		44,923
Houston, TX	Oct 2016	Libor + 2.0%	(3)		2.69	%		59,524		59,524
Cerritos, CA	Jan 2017	—			5.07	%		23,000		23,000
Lisle, IL	Mar 2017	—			5.55	%		5,371		5,392
Orlando, FL	Jul 2017	—			6.40	%		36,173		36,347
Plantation, FL	Apr 2018	—			6.48	%		10,513		10,550
Churchill, PA	Aug 2024	—			3.50	%		4,883		4,918

							$	296,174	$	296,954

(1)	The one-month LIBOR rate at March 31, 2015 was 0.17625%. The one-month LIBOR rate at December 31, 2014 was 0.17125%.

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

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

Notes Payable

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 interest 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 a 9.0% priority return on its capital, during a specified time period as defined in the loan modification document. As a result of the loan modification, the B Note does not have a contractually specified settlement amount. As such, the B Note is recorded at the estimated settlement amount based on the estimated sale of the property. The liquidation value of the B Note was $0 at March 31, 2015 and December 31, 2014.