Debt (Tables)

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Mortgage Loans Payable

The Trust’s mortgage loans payable at September 30, 2013 and December 31, 2012 are summarized as follows (in thousands):

Location of Collateral	Maturity			Spread Over LIBOR (1)			Interest Rate at September 30, 2013			September 30, 2013		December 31, 2012
Memphis, TN		Aug 2014			Libor + 2.5	% (2)		3.00	%	$	13,197	$	13,408
Lisle, IL		Oct 2014			Libor + 2.5	% (3)		2.69	%		5,752		5,752
Chicago, IL		Apr 2015			—			6.25	%		8,619		8,700
Chicago, IL		Mar 2016			—			5.75	%		19,941		20,200
Houston, TX		Apr 2016			—			6.05	%		48,460		52,052
New York, NY		May 2016			Libor + 2.5	% (4)		3.50	%		51,982		51,982
Philadelphia, PA		May 2016			Libor + 2.0	% (5)		2.50	%		42,684		—
Greensboro, NC		Aug 2016			—			6.22	%		14,837		15,139
Lisle, IL		Mar 2017			—			5.55	%		5,488		5,543
Cerritos, CA		Jan 2017			—			5.07	%		23,153		23,184
Orlando, FL		Jul 2017			—			6.40	%		37,138		37,580
Plantation, FL		Apr 2018			—			6.45	%		10,717		10,811
Meriden, CT		Oct 2022			—			3.95	%		21,000		21,000
Churchill, PA (6)		Aug 2024			—			3.50	%		5,081		—
Amherst, NY			(7)		—			5.65	%		—		15,225
										$	308,049	$	280,576

(1) The one-month LIBOR rate at September 30, 2013 was 0.17885%.

(2) The loan has a LIBOR floor of 0.5% and an interest rate cap which caps LIBOR at 0.5%.

(3) The loan has an interest rate cap which caps LIBOR at 1%.

(4) The loan has a LIBOR floor of 1% and an interest rate cap which caps LIBOR at 1.75%.

(5) The loan has an interest rate swap which effectively fixes LIBOR at 0.5%.

(6) The loan was obtained on June 28, 2013. See Note 4 for details on this transaction.

(7) The loan was fully satisfied on July 26, 2013.

Non-Recourse Secured Financings

The Trust’s non-recourse secured financings at September 30, 2013 and December 31, 2012 are summarized as follows (in thousands):

									Carrying Value
Collateral	Maturity		Spread Over LIBOR/ Prime			Interest Rate at September 30, 2013			September 30, 2013		December 31, 2012
Hotel Wales Loan		Oct 2014		LIBOR plus 1.25	% (1)		4.25	%	$	14,000	$	14,000
San Marbeya Loan		Jan 2015		—			4.85	%		15,150		15,150
									$	29,150	$	29,150

(1) The loan has a LIBOR floor of 3%.

Recourse Secured Financings

The Trust’s recourse secured financing was repaid in full at September 30, 2013. Details of the recourse secured financing are as follows (in thousands):

								Carrying Value
Collateral	Maturity		Spread Over LIBOR/Prime			Interest Rate at September 30, 2013		September 30, 2013		December 31, 2012
Queensridge Loan		Nov 2014		LIBOR plus 4	%		N/A	$	—	$	23,770
								$	—	$	23,770