Real Estate Under Development

9 Months Ended

Sep. 30, 2012

Real Estate Under Development

Real Estate Under Development

8.Real Estate Under Development

We capitalize interest, property taxes, insurance and direct construction costs on our real estate under development, which includes the development of a new commercial office building at Two BriarLake Plaza in Houston, Texas (“Two BriarLake Plaza”).  For the three and nine month periods ended September 30, 2012 we capitalized a total of approximately $1.1 million for the development of Two BriarLake Plaza, including less than $0.1 million in interest.  We had no capitalized costs associated with real estate under development for the nine months ended September 30, 2011. Total real estate under development at September 30, 2012 was approximately $3.6 million, which includes previously purchased land of approximately $2.5 million.