SEGMENT REPORTING

12 Months Ended

Sep. 30, 2011

SEGMENT REPORTING

SEGMENT REPORTING

NOTE 14—SEGMENT REPORTING

        Management has determined that the Trust operates in two reportable segments, a loan and investment segment which includes the origination and servicing of our loan portfolio and our investments and a real estate segment which includes the operation and disposition of our real estate assets.

        The following table summarizes the Trust's segment reporting for the year ended September 30, 2011 (dollars in thousands):

	Loan and Investment			Real Estate			Total
Revenues	$	14,425		$	3,456		$	17,881
Interest expense		1,082			1,030			2,112
Operating expenses related to real estate properties		—			3,340			3,340
Other expenses		5,273			2,371			7,644
Amortization and depreciation		—			738			738
Total expenses		6,355			7,479			13,834
Total revenues less total expenses		8,070			(4,023	)		4,047
Equity in earnings of unconsolidated ventures		99			251			350
Gain on sale of available-for-sale securities		1,319			—			1,319
Loss on extinguishment of debt		(1,420	)		(718	)		(2,138	)
Income (loss) from continuing operations		8,068			(4,490	)		3,578
Discontinued operations:
Gain on sale of real estate assets		—			1,346			1,346
Income from discontinued operations		—			1,346			1,346
Net income (loss)		8,068			(3,144	)		4,924
Plus: net loss attributable to non- controlling interests		—			1,450			1,450
Net income (loss) attributable to common shareholders	$	8,068		$	(1,694	)	$	6,374
Segment assets at September 30, 2011	$	126,916		$	64,096		$	191,012

        The following table summarizes the Trust's segment reporting for the year ended September 30, 2010 (dollars in thousands):

	Loan and Investment			Real Estate			Total
Revenues	$	4,713		$	3,422		$	8,135
Interest expense		1,181			1,403			2,584
Operating expenses related to real estate properties		—			3,216			3,216
Provision for loan loss		3,165			—			3,165
Impairment charges		—			2,625			2,625
Other expenses		5,233			2,288			7,521
Amortization and depreciation		—			733			733
Total expenses		9,579			10,265			19,844
Total revenues less total expenses		(4,866	)		(6,843	)		(11,709	)
Equity in earnings of unconsolidated ventures		28			168			196
Gain on sale of available-for-sale securities		1,586			—			1,586
Loss from continuing operations		(3,252	)		(6,675	)		(9,927	)
Discontinued operations:
Loss from operations		—			(602	)		(602	)
Impairment charges		—			(745	)		(745	)
Gain on sale of real estate assets		—			1,937			1,937
Income from discontinued operations		—			590			590
Net loss		(3,252	)		(6,085	)		(9,337	)
Plus: net loss attributable to non- controlling interests		—			1,322			1,322
Net loss attributable to common shareholders	$	(3,252	)	$	(4,763	)	$	(8,015	)
Segment assets at September 30, 2010	$	124,928		$	61,338		$	186,266

        The following table summarizes the Trust's segment reporting for the year ended September 30, 2009 (dollars in thousands):

	Loan and Investment			Real Estate			Total
Revenues	$	10,436		$	1,718		$	12,154
Interest expense		2,887			1,832			4,719
Operating expenses related to real estate properties		—			2,133			2,133
Provision for loan loss		17,110			—			17,110
Impairment charges		—			1,272			1,272
Other expenses		6,943			2,868			9,811
Amortization and depreciation		—			1,284			1,284
Total expenses		26,940			9,389			36,329
Loss before other revenue and expense items		(16,504	)		(7,671	)		(24,175	)
Equity in loss of unconsolidated ventures		(2,261	)		(530	)		(2,791	)
Gain on sale of joint venture interest		—			271			271
Gain on sale of available-for-sale securities		1,016			—			1,016
Gain on early extinguishment of debt		4,194			2,249			6,443
Loss from continuing operations		(13,555	)		(5,681	)		(19,236	)
Discontinued operations:
Income (loss) from operations		824			(2,373	)		(1,549	)
Impairment charges		—			(29,774	)		(29,774	)
Gain on sale of real estate assets		—			2,199			2,199
Income (loss) from discontinued operations		824			(29,948	)		(29,124	)
Net loss		(12,731	)		(35,629	)		(48,360	)
Plus: net loss attributable to non- controlling interests		—			605			605
Net loss attributable to common shareholders	$	(12,731	)	$	(35,024	)	$	(47,755	)
Segment assets at September 30, 2009	$	122,785		$	70,548		$	193,333