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 $171,753,000 and $172,095,000 at March 31, 2016 and December 31, 2015, 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, 2016 and December 31, 2015 are summarized as follows (in thousands):


Location of Collateral	Maturity	Spread Over LIBOR (1)	Interest Rate at March 31, 2016			March 31, 2016		December 31, 2015
Chicago, IL (2)	Jun 2016	—		5.75	%	$	19,073	$	19,104
Greensboro, NC	Aug 2016	—		6.22	%		13,600		13,600
Lisle, IL	Oct 2016	Libor + 2.5%		2.94	%		5,421		5,459
Stamford, CT (3)	Oct 2016	Libor + 2.0% (4)		2.69	%		33,448		33,448
Houston, TX (3)	Oct 2016	Libor + 2.0% (4)		2.69	%		44,319		44,319
Lisle, IL	Mar 2017	—		5.55	%		5,288		5,309
Orlando, FL	Jul 2017	—		6.40	%		35,489		35,668
Plantation, FL	Apr 2018	—		6.48	%		10,368		10,406
Churchill, PA	Aug 2024	—		3.50	%		4,747		4,782

						$	171,753	$	172,095

(1)	The one-month LIBOR rate at March 31, 2016 was 0.43725%. The one-month LIBOR rate at December 31, 2015 was 0.4295%.

(2)	The loan was repaid in full on April 28, 2016.

(3)	These properties are cross-collateralized. Proceeds from property sales go 100% to repay the mortgage loan.

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