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 $106,014,000 and $172,095,000 at June 30, 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 June 30, 2016 and December 31, 2015 are summarized as follows (in thousands):


Location of Collateral	Maturity		Spread Over LIBOR (1)		Interest Rate at June 30, 2016		June 30, 2016		December 31, 2015
Lisle, IL		Oct 2016		Libor + 2.5%		2.97%	$	5,382	$	5,459
Lisle, IL		Mar 2017		—		5.55%		5,274		5,309
Orlando, FL		Jul 2017		—		6.40%		35,315		35,668
Plantation, FL		Apr 2018		—		6.48%		10,331		10,406
Houston, TX (2)		Jun 2018		Libor + 2.75%		3.22%		45,000		—
Churchill, PA		Aug 2024		—		3.50%		4,712		4,782
Chicago, IL (3)		N/A		—		N/A		—		19,104
Houston, TX (4)		N/A		—		N/A		—		44,319
Stamford, CT (4)		N/A		—		N/A		—		33,448
Greensboro, NC (5)		N/A		—		N/A		—		13,600

							$	106,014	$	172,095

(1)	The one-month LIBOR rate at June 30, 2016 was 0.46505%. The one-month LIBOR rate at December 31, 2015 was 0.4295%.

(2)	The property was financed on June 9, 2016. The Trust purchased an interest rate cap which caps LIBOR at 1.5%.

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

(4)	These properties were cross-collateralized. Proceeds from property sales went 100% to repay the mortgage loan. The loan was repaid in full on May 19, 2016.

(5)	The loan was repaid in full on May 12, 2016.