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INVESTMENT IN UNCONSOLIDATED VENTURES

12 Months Ended

Sep. 30, 2012

INVESTMENT IN UNCONSOLIDATED VENTURES

NOTE 7—INVESTMENT IN UNCONSOLIDATED VENTURES

The Trust is a partner in unconsolidated ventures which own and operate in the aggregate two properties. The Trust's share of earnings in its unconsolidated joint ventures, including a joint venture engaged in purchasing loans that ceased investment activities in November 2011, was $829,000, $350,000 and $196,000 for the years ended September 30, 2012, 2011 and 2010, respectively. The 2012 earnings include a distribution of $846,000 that was in excess of the book basis. Included in 2012 are the results of two previously unconsolidated joint ventures that, effective August 1, 2012, were treated as consolidated subsidiaries of the Trust due to amendments to the operating agreements of the ventures. The Trust's equity in its unconsolidated ventures totaled $291,000 and $4,247,000 at September 30, 2012 and September 30, 2011, respectively.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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