DEBT OBLIGATIONS (Tables)

12 Months Ended

Sep. 30, 2014

DEBT OBLIGATIONS

Schedule of debt obligations

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

	September 30,
	2014		2013
Mortgages payable	$	482,406	$	313,216
Junior subordinated notes		37,400		37,400
Total debt obligations	$	519,806	$	350,616

Mortgages payable

Debt Obligations

Schedule of outstanding debt

The Trust has the following debt obligations outstanding as of the dates indicated all of which are secured by the underlying properties (dollars in thousands):

	September 30,
Property	2014		2013		Rate			Maturity
Yonkers, NY	$	1,767	$	1,863		5.25	%	April 2022
Palm Beach Gardens, FL		44,874		45,200		3.78	%	April 2019
Melboune, FL		7,627		7,680		3.98	%	April 2019
Marietta, GA		7,297		7,382		6.50	%	February 2015
Lawrenceville, GA		4,652		4,687		4.49	%	March 2022
Lawrenceville, GA—supplemental		1,605		—		5.46	%	March 2022
Collierville, TN		25,680		25,680		3.91	%	July 2022
North Charleston, SC		17,716		17,716		3.79	%	November 2022
Cordova TN		19,248		19,248		3.71	%	December 2022
Decatur, GA		8,046		8,046		3.74	%	December 2022
Decatur, GA—supplemental		2,474		—		5.74	%	December 2022
Panama City, FL		5,532		5,588		4.06	%	February 2023
Houston, TX		13,200		13,200		3.95	%	May 2023
Pooler, GA		26,400		26,400		4.00	%	May 2023
Hixson, TN		8,137		8,137		4.29	%	July 2023
Houston, TX		6,493		6,625		Libor + 3.18	%	February 2023
Kennesaw, GA		35,900		35,900		3.99	%	October 2018
Houston, TX		24,100		—		4.85	%	October 2018
Pasadena, TX		4,065		—		4.90	%	November 2018
Humble, TX		7,875		—		4.90	%	November 2018
Humble, TX		5,025		—		4.90	%	November 2018
Huntsville, AL		9,573		—		4.99	%	November 2023
Columbus, OH		10,528		—		4.35	%	February 2045
Indianapolis, IN		14,500		—		4.77	%	February 2024
Greenville, SC(3)		5,828		—		Libor +1.95	%	January 2019
Nashville, TN		17,300		—		3.63	%	November 2022
Little Rock, AK		4,063		—		3.93	%	March 2019
Witchita, KS		10,384		—		5.91	%	April 2020
Witchita, KS		3,372		—		4.06	%	May 2020
Atlanta, GA		22,165		—		3.87	%	July 2021
Houston, TX		11,475		—		4.07	%	August 2021
65 Market St—Newark, NJ		900		900		7.00	%	January 2015
909 Broad St—Newark, NJ		5,728		5,936		6.00	%	August 2030
Teachers Village—Newark, NJ(1)		22,748		22,748		5.50	%	December 2030
Teachers Village—Newark, NJ		4,250		4,250		3.46	%	February 2032
Teachers Village—Newark, NJ		938		963		2.00	%	February 2022
Teachers Village—Newark, NJ		—		211		2.50	%	February 2014
Teachers Village—Newark, NJ		1,804		1,832			(2)	February 2034
Teachers Village—Newark, NJ		15,700		15,700		Libor +3.00	%	August 2019
Teachers Village—Newark, NJ		5,250		5,250		3.28	%	September 2042
Teachers Village—Newark, NJ		18,147		14,762		8.65	%	December 2023
Teachers Village—Newark, NJ		2,180		2,212			(2)	August 2034
Teachers Village—Newark, NJ		5,100		5,100		1.99	%	September 2019
Teachers Village—Newark, NJ		2,000		—		15.00	%	September 2024
Teachers Village—Newark, NJ		10,260		—		5.50	%	September 2021
Teachers Village—Newark, NJ		500		—		3.46	%	September 2042
	$	482,406	$	313,216

(1)	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
(2)	This debt is to be serviced in full by annual payment-in-lieu of taxes ("PILOT"). These obligations are not secured by real property.
(3)	The joint venture that acquired and is developing the Greenville, SC development property has access to construction financing of up to $38,623,000 which management anticipates will be adequate to cover the entire cost of the project. The construction loan, which is to be funded as and when customary construction financing conditions are met, is secured by a first mortgage on the property.

Junior subordinated notes

Debt Obligations

Schedule of outstanding debt

At September 30, 2014 and 2013, the Trust's junior subordinated notes had an outstanding principal balance of $37,400,000. The interest rates on the outstanding notes is set forth in the table below:

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	%