At September 30, 2011, information as to real estate loans (excluding a real estate loan held for sale), all of which are earning, is summarized as follows (dollars in thousands):

		Real Estate Loans, Net

Multi-family residential		$	26,300		39.2
Office			24,975		37.1
Industrial			11,874		17.6
Retail			4,117		6.1

			67,266		100	%

Deferred fee income			(576	)

	Real estate loans, net	$	66,690

A summary of the changes in non-earning loans before allowance for possible losses of $3,165,000 and $1,618,000 for the years ended September 30, 2010 and 2009 respectively, is as follows (dollars in thousands):

	2011			2010			2009

Beginning principal balance	$	35,143		$	2,836		$	18,407
Additions		—			34,563			68,184
Protective advances		—			—			93

Total additions		—			34,563			68,277
Payoffs and paydowns					(2,256	)		(883	)
Sale of loan		(26,655	)		—			—
Reclassified to performing		—			—			(1,250	)
Reclassified to real estate loan held for sale		(8,488	)		—			(22,967	)
Transferred to owned real estate		—			—			(56,448	)
Direct charge off		—			—			(2,300	)

Total reductions		(35,143	)		(2,256	)		(83,848	)

Ending principal balance	$	—		$	35,143		$	2,836

At September 30, 2011, 2010 and 2009, no earning loans were deemed impaired and accordingly no loan loss allowances have been established against our earning portfolio. During the years ended September 30, 2011, 2010 and 2009, respectively, an average of $7,758,000, $23,526,000 and $34,932,000, respectively, of real estate loans were deemed impaired, and no interest income was recognized in any period relating to these loans.

The Trust recognized cash basis interest of $621,000, $571,000 and $481,000 on non-earning loans in the years ended September 30, 2011, 2010 and 2009, respectively.

At September 30, 2010 information as to real estate loans and purchase money mortgages, all of which are first mortgage loans, is summarized as follows (dollars in thousands):

			Earning Interest			Non-Earning Interest			Total			Allowance For Possible Losses			Real Estate Loans, Net

Real estate loans:
	Condominium units (existing multi-family)			—		$	8,488		$	8,488			—		$	8,488
	Vacant loft building with retail			—			26,075			26,075		$	(2,985	)		23,090
	Multi-family residential		$	14,097			580			14,677			(180	)		14,497
	Retail			3,166			—			3,166			—			3,166

				17,263			35,143			52,406			(3,165	)		49,241
	Deferred fee income			(159	)		(86	)		(245	)					(245	)

		Real estate loans, net		17,104			35,057			52,161			(3,165	)		48,996
Purchase money mortgage loans:
	Multi-family residential			5,340			—			5,340			—			5,340

		Real estate and purchase money mortgage loans, net	$	22,444		$	35,057		$	57,501		$	(3,165	)	$	54,336

Loans originated by the Trust generally provide for interest rates indexed to the prime rate with a stated minimum. However in 2011, we also originated loans where the interest rate is fixed for the initial term, and converts to a floating rate loan if the extension option if any, is exercised. In 2010 the Trust also provided fixed rate financing to facilitate the sale of real estate that it owned.

At September 30, 2011, two separate, unaffiliated borrowers had loans outstanding in excess of 5% of total assets. Information regarding these loans is set forth in the table below (dollars in thousands):

	Gross Loan Balance							State	Status

Office building(a)	$	22,800	1	30.1	%	11.9	%	NY	Performing
Industrial	$	11,874	1	15.7	%	6.2	%	MD	Performing

Annual maturities of real estate loans (excluding real estate loan held for sale) during the next five years and thereafter are summarized as follows (dollars in thousands):

Year Ending September 30,	Amount

2012	$	55,393
2013		11,873
2014 and thereafter		—

Total	$	67,266

If a loan is not repaid at maturity, the Trust may either extend the loan or may commence foreclosure proceedings. The Trust analyzes each loan separately to determine the appropriate course of action. In analyzing each situation, management examines various aspects of the loan receivable, including the value of the collateral, the financial strength of the borrower, past payment history and plans of the owner of the property. Of the $52,701,000 of real estate loans receivable that were scheduled to mature in fiscal 2011, $3,066,000 were extended, $41,147,000 were paid off or sold, and $8,488,000 was the subject of a bankruptcy proceeding.

At September 30, 2011, the three largest real estate loans had principal balances outstanding of approximately $22,800,000, $11,874,000 and $9,516,000. These three loans accounted for 17.5%, 5.5% and 4.3% of the total interest and fees earned on our loan portfolio in the year ended September 30, 2011.