IMPAIRMENT CHARGES

12 Months Ended

Sep. 30, 2011

IMPAIRMENT CHARGES

IMPAIRMENT CHARGES

NOTE 6—IMPAIRMENT CHARGES

        The Trust reviews each real estate asset owned, including investments in unconsolidated joint ventures, for which indicators of impairment are present to determine whether the carrying amount of the asset can be recovered. If indicators of impairment are present, measurement is then based upon the fair value of the asset. Real estate assets held for sale are valued at the lower of cost or fair value, less costs to sell on an individual asset basis.

        As a result of the credit crisis and the deterioration in the value of real estate in locations where the Trust owned properties, the Trust took impairment charges of $3,370,000 and $31,046,000 for the fiscal years ended September 30, 2010 and 2009, respectively, as follows (dollars in thousands):

		September 30,
		2010		2009
Real estate properties		$	2,625	$	1,272
Real estate properties held for sale			745		29,774
	Total impairment charges	$	3,370	$	31,046

        There were no impairment charges taken in Fiscal 2011.