		September 30,

		2011		2010
Line of credit			—		—
Junior subordinated notes		$	37,400	$	40,815
Mortgages payable			14,417		12,557

	Total debt obligations	$	51,817	$	53,372

On June 22, 2011, the Trust, through a wholly owned subsidiary, entered into a senior secured revolving credit facility with Capital One, N.A. The maximum amount that may be borrowed under the facility is the lesser of $25 million and the borrowing base. The borrowing base is generally equal to 40% to 65% (depending on, among other things, the type of property secured by the eligible mortgage receivables pledged to the lender and the operating income of the related property) of such receivables. Interest accrues on the outstanding balance at the greater of (i) 4% plus LIBOR and (ii) 5.50%. The facility matures June 21, 2014 and, subject to the satisfaction of specified conditions, the outstanding balance may be converted at the Trust's option into an 18 month term loan. The Trust has guaranteed the payment and performance of its subsidiary's obligations under the facility.

The loan documents, among other things, require (A) the Trust (i) to maintain on a quarterly basis and on a consolidated basis, net worth of not less than $100 million and liquidity of not less than $7.5 million, and (ii) prohibits the Trust from incurring debt, with specified exceptions, in excess of five percent of its net worth and (B) the subsidiary (i) to maintain a debt service coverage ratio and a collateral coverage ratio of not less than 1.5 to 1.0, and (iii) prohibits the subsidiary, with specified exceptions, from incurring debt.

We paid, and in each of June 2012 and 2013 will pay, an $82,500 fee in connection with this facility.

On March 15, 2011, the Trust restructured its existing junior subordinated notes resulting in the repayment of $5,000,000 of the outstanding notes at par and the reduction of the interest rates on the remaining outstanding notes as set forth in the table below:

Interest period

March 15, 2011 through July 31, 2012	3.50%	3.00%
August 1, 2012 through April 29, 2016	8.37%	4.90%
April 30, 2016 through April 30, 2036	LIBOR + 2.95%	LIBOR + 2.00%

The Trust accounted for the restructuring of this debt as an extinguishment of debt. For the year ended September 30, 2011, the Trust recognized a loss on the extinguishment of the debt of $2,138,000, which represented the unamortized principal of $1,308,000 and unamortized costs of $830,000. The Trust also incurred third party costs of $512,000 which were deferred and will be amortized over the remaining life of the notes.

Interest expense relating to the junior subordinated notes for the years ended September 30, 2011, 2010 and 2009 was $1,564,000, $2,065,000 and $3,941,000, respectively. Amortization of the deferred costs which is a component of interest expense on borrowed funds was $261,000, $33,000 and $110,000 for the years ended September 30, 2011, 2010 and 2009, respectively.

The Trust has five first mortgages and one second mortgage outstanding with an aggregate principal balance at September 30, 2011 of $14,417,000. One of these mortgages, with an outstanding balance of $2,041,000, is secured by a long term leasehold position on a shopping center owned by a consolidated joint venture. The remaining five mortgages, with aggregate outstanding balances of $12,376,000, are secured by individual parcels of two land assemblages in Newark, NJ owned by another consolidated joint venture.

Interest expense relating to the mortgages payable including amortized mortgage costs for the years ended September 30, 2011, 2010 and 2009 was $1,259,000, $811,000 and $284,000, respectively.

During the years ended September 30, 2011 and 2010, the Trust capitalized interest expense of $775,000 and $326,000, respectively. This interest is being capitalized in connection with the development of a portion of the Trust's Newark Joint Venture's properties.

Details pertaining to the outstanding mortgages payable at September 30, 2011 are as follows (dollars in thousands):

Location	Balance		Amortizing			Maturity Date

Yonkers, NY	$	2,041	Yes	6.25	%	December 31, 2011
Market Street, Newark, NJ		1,200	No	7.00	%	April 20, 2012
Market Street, Newark, NJ		900	No	7.00	%	January 18, 2015
Broad Street, Newark, NJ		5,828	Yes	6.00	%	August 1, 2030
Broad Street, Newark, NJ		486	Yes	6.00	%	August 1, 2030
Teachers Village, Newark, NJ(a)		3,962	No	17.00	%	March 14, 2012

	$	14,417

(a): This mortgage is subordinate to a first mortgage in the amount of $7,500,000 held directly by the Trust that is eliminated in consolidation. The Trust has guaranteed $993,000 of the mortgage obligation at September 30, 2011, based on the current outstanding balance. The guarantee amount will increase to $2,154,000 if the full amount of the $8,600,000 loan is drawn and outstanding.

Scheduled principal repayments on these mortgages are as follows (dollars in thousands):

Years Ending September 30,	Amount

2012	$	7,386
2013		195
2014		208
2015		1,120
2016		233
Thereafter		5,275

	$	14,417