SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

12 Months Ended

Sep. 30, 2011

SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

SCHEDULE III—REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

SEPTEMBER 30, 2011

(Dollars in thousands)

			Initial Cost to Company				Costs Capitalized Subsequent to Acquisition						Gross Amount At Which Carried at September 30, 2011

			Initial Cost to Company				Costs Capitalized Subsequent to Acquisition						Gross Amount At Which Carried at September 30, 2011												Depreciation Life For Latest Income Statement
Description	Encumbrances		Land		Buildings and Improvements		Land		Improvements		Carrying Costs		Land		Buildings and Improvements		Total		Accumulated Amortization		Date of Construction		Date Acquired		Depreciation Life For Latest Income Statement
Commercial
Yonkers, NY.	$	2,041		—	$	4,000		—	$	53		—		—	$	4,053	$	4,053	$	1,200				Aug-2000		39 years
South Daytona, FL.		—	$	10,437		—		—		—		—	$	7,972		—		7,972		—				Feb-2008		N/A
Newark, NJ		12,376		17,088		19,033	$	2,315		8,897	$	2,115		19,403		30,045		49,448		1,311				June-2008		39 years
Residential
Manhattan, NY		—		—		—				35		—		—		35		35		—				—		27.5 years
Misc.(1)		—		—		—				—		—		—		280		280		—

Total	$	14,417	$	27,525	$	23,033	$	2,315	$	8,985	$	2,115	$	27,375	$	34,413	$	61,788	$	2,511		—

																		(a)		(b)		(c)

(1): Represents loans which are reported as real estate because they do not qualify for sale treatment under current accounting guidance.

Notes to the schedule:


(a)	Total real estate properties	$	61,788
	Less: Accumulated depreciation and amortization		2,511

	Net real estate properties	$	59,277

(b)	Amortization of the Trust's leasehold interests is over the shorter of estimated useful life or the term of the respective land lease.
(c)	Information not readily obtainable.

A reconciliation of real estate properties is as follows:

	Year Ended September 30,

	2011		2010		2009
Balance at beginning of year	$	55,843	$	69,748	$	77,012
Additions:
Acquisitions through foreclosure		—		—		60,304
Other acquisitions		2,315		—		—
Capital improvements		141		1,741		4,722
Capitalized development expenses and carrying costs		4,371		2,379		—

		6,827		4,120		65,026

Deductions:
Sales		2,561		13,775		40,035
Depreciation/amortization/paydowns		832		880		1,209
Impairment charges		—		3,370		31,046

		3,393		18,025		72,290

Balance at end of year	$	59,277	$	55,843	$	69,748

The aggregate cost of investments in real estate assets for Federal income tax purposes is approximately $2,625 higher than book value.

- Definition

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

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