DEBT OBLIGATIONS (Tables)

12 Months Ended

Sep. 30, 2012

DEBT OBLIGATIONS

Schedule of debt obligations

  Debt obligations consist of the following (dollars in thousands):

	Year ended September 30,
	2012		2011
Line of credit		—		—
Junior subordinated notes	$	37,400	$	37,400
Mortgages payable		169,284		14,417
Total debt obligations	$	206,684	$	51,817

Schedule of interest rates on outstanding notes

Interest period	Interest Rate
March 15, 2011 through July 31, 2012		3.00	%
August 1, 2012 through April 29, 2016		4.90	%
April 30, 2016 through April 30, 2036		LIBOR + 2.00	%

Schedule of outstanding mortgages payable

The Trust had the following obligations outstanding as of the dates indicated all of which are secured by the underlying real property (dollars in thousands):

	September 30,
Property	2012		2011		Rate			Maturity
Yonkers, NY(1)	$	1,954	$	2,041		5.25	%	April 2022
Palm Beach Gardens, FL		45,200		—		3.78	%	April 2019
Melboune, FL		7,680		—		3.98	%	April 2019
Marietta, GA		6,462		—		6.50	%	February 2015
Lawrenceville, GA		4,687		—		4.49	%	March 2022
Collierville, TN		25,680		—		3.91	%	July 2022
65 Market St—Newark, NJ		900		900		7.00	%	January 2015
69 Market St—Newark, NJ		—		1,200		7.00	%	N/A
909 Broad St—Newark, NJ		6,132		6,314		6.00	%	August 2030
Teachers Village—Newark, NJ(2)		2,738		3,962		17	%	March 2013
Teachers Village—Newark, NJ(3)		22,748		—		5.50	%	December 2030
Teachers Village—Newark, NJ		4,250		—		3.46	%	February 2032
Teachers Village—Newark, NJ		988		—		2.00	%	February 2022
Teachers Village—Newark, NJ		1,380		—		2.50	%	February 2014
Teachers Village—Newark, NJ		1,832		—			(4)	February 2034
Teachers Village—Newark, NJ		15,700		—		Libor +3.00	%	August 2019
Teachers Village—Newark, NJ		5,250		—		3.28	%	September 2042
Teachers Village—Newark, NJ		13,491		—		8.65	%	December 2023
Teachers Village—Newark, NJ		2,212		—			(5)	August 2034
	$	169,284	$	14,417

(1)

On March 29, 2012, the consolidated joint venture which owns a property in Yonkers, NY, refinanced an existing mortgage in the amount of $ 1,990,000 with the current lender. The new mortgage bears interest at one-month LIBOR plus 3.15%. In connection with the transaction, the venture entered into an interest rate swap agreement which effectively fixes the interest rate at 5.25%.

(2)

As of September 30, 2012 and 2011, respectively, the Trust had guaranteed $685,000 and $991,000 of this mortgage obligation.

(3)

TD Bank has the right, in 2018, to require subsidiaries of the Newark Joint Venture to repurchase such debt. If such right is exercised, such subsidiaries will be required to refinance such debt. The stated interest rate is 5.5% per year; however, the United States Treasury Department is reimbursing the interest at the rate of 4.99% per year under the Qualified School Construction Bond program and accordingly, the effective rate of interest thereon until 2018 is 0.51% per year.

(4)

The debt is to be serviced in full by annual payment-in-lieu of taxes ("PILOT") of $256,000 in 2013 increasing to approximately $281,000 at maturity. This obligation is not secured by real property.

(5)

The debt is to be serviced in full by PILOT payments of $311,000 in 2013 increasing to approximately $344,000 at maturity.

Scheduled principal repayments on mortgages

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

Years Ending September 30,	Amount
2013	$	4,287
2014		1,656
2015		10,389
2016		3,651
2017		3,663
Thereafter		145,638
	$	169,284