6.	Property Dispositions

Lake Brandt, Greensboro, North Carolina – property sale – On May 12, 2016 the Trust sold its residential property known as Lake Brandt Apartments for gross proceeds of $20,000,000 and received net proceeds of $6,296,000 after satisfaction of third party mortgage debt and closing costs. The liquidation value of the property was $20,000,000 at March 31, 2016 and December 31, 2015.

Highgrove, Stamford, Connecticut – property sale – On May 19, 2016 the venture in which the Trust holds an 83.7% interest sold its apartment building located in Stamford, Connecticut for gross proceeds of $87,500,000. Proceeds of the sale were used to fully satisfy the $77,767,000 mortgage loan collateralized by the property and the venture’s remaining property in Houston, Texas. Exclusive of the forfeited deposits below, the liquidation value of the property was $87,500,000 at March 31, 2016 and $85,000,000 at December 31, 2015.

The property was previously under contract with a different purchaser which contract was terminated on January 21, 2016 due to the prospective purchaser’s inability to timely close. In accordance with the terms of that contract, the venture retained the prospective purchaser’s $5,000,000 deposit. Subsequently, the venture entered into a settlement agreement with the prospective purchaser which provided for a return of a portion of the retained deposit. In February 2016 the venture returned $1,000,000 of the previously retained deposit, and upon the sale of the property, the venture returned $1,500,000 of the previously retained deposit.

Jacksonville, Florida – property sale – On June 30, 2016 the Trust sold its warehouse property in Jacksonville, Florida for a gross sales price of $10,500,000. The Trust provided seller financing of $8,400,000 which loan bears interest at the rate of LIBOR plus 5% with a floor of 6% and a ceiling of 8%. The loan requires monthly payments of interest only and matures on July 1, 2019. The liquidation value of the property was $10,500,000 at March 31, 2016 and $11,432,000 at December 31, 2015.

One East Erie, Chicago, Illinois – contract for sale – On June 10, 2016 the Trust entered into a contract with an independent third party to sell its office property known as One East Erie for gross proceeds of $47,900,000. The buyer’s $1,250,000 deposit under the contract is non-refundable. If consummated, the sale is expected to close in the third quarter of 2016. The liquidation value was $49,590,000 at March 31, 2016 and $53,000,000 at December 31, 2015. The liquidation value at June 30, 2016 has been decreased to $47,900,000 to reflect the contract for sale.