Subsequent Events

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

12. Subsequent Events

446 Highline LLC (450 West 14^th Street) – refinancing – On April 13, 2016 the venture in which the Trust holds a preferred equity interest refinanced the first mortgage debt collateralized by the underlying property. In connection with the refinancing, the Trust funded approximately $3,175,000 to the venture to cover closing costs and to fund initial escrows. Of this amount, $2,540,000 is considered to be a capital contribution and the remaining $635,000 is a loan to its venture partner. The partner loan bears interest at 12% per annum and is due in 60 days. Upon repayment of the partner loan, the venture partner will be deemed to have made a capital contribution to the venture in the amount of the partner loan. The new contributions have a priority in distributions made by the venture.

Declaration of dividend - On April 28, 2016 the Trust’s Board of Trustees declared a liquidating distribution of $2.00 per Common Share payable in cash on May 17, 2016 to holders of record of Common Shares on May 10, 2016. The liquidating distribution is being paid from sale proceeds.

Trustee Compensation - On May 3, 2016, the compensation committee of the Trust’s Board of Trustees approved a one-time payment to each of the independent members of the Board of Trustees equal to $7,500 for each year, or portion thereof, served by such Trustee beginning with 2004. The payment is in consideration for the services rendered by the independent trustees. The aggregate amount of such payments will be approximately $383,000.