REAL ESTATE LOAN HELD-FOR-SALE

12 Months Ended

Sep. 30, 2012

REAL ESTATE LOAN HELD-FOR-SALE

REAL ESTATE LOAN HELD-FOR-SALE

NOTE 3—REAL ESTATE LOAN HELD-FOR-SALE

        At September 30, 2011, the Trust had one loan which was classified as held-for-sale. The loan, which represented a pari passu interest in a loan with a principal balance of approximately $17 million, had a carrying value of approximately $8.5 million, and represented 11.2% of total real estate loans and 4.4% of total assets at September 30, 2011. In October 2011, pursuant to a Federal Bankruptcy Court approved joint plan of reorganization, the Trust and its loan participant sold the rights to the loan for net proceeds of approximately $23.5 million. The Trust provided $15 million of financing for the purchase which was repaid in full on December 5, 2011.