Real Estate Properties

9 Months Ended

Jun. 30, 2011

Real Estate Properties

Real Estate Properties

Note 6 - Real Estate Properties

A summary of real estate properties owned is as follows (dollars in thousands):

	September 30, 2010 Balance		Costs Capitalized		Depreciation, Amortization and Paydowns			June 30, 2011 Balance
Shopping centers/Retail	$	2,957	—		$	(78	)	$	2,879
Multi-family and coop apartments	2,969		$	10	(2,679		)(a)	300
Commercial (b)	41,945		3,244		(451		)	44,738
Land	7,972		—		—			7,972
Total real estate properties	$	55,843	$	3,254	$	(3,208	)	$	55,889

(a) Includes $2,597,000 which represents the payoff of a mortgage loan which was classified as real estate for accounting purposes.

(b) Represents the real estate assets of the Newark Joint Venture, a consolidated VIE which owns operating and development properties in Newark, New Jersey.  These properties contain a mix of office and retail space, totaling approximately 594,000 square feet.  These assets are subject to blanket mortgages aggregating $27,000,000, held by the Trust, which are eliminated in consolidation.  Several of the assets are also encumbered by unaffiliated third party mortgages having an aggregate principal balance of $11,550,000 at June 30, 2011.

The risks associated with our involvement in the Newark Joint Venture, as described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2010, have not changed in the three or nine months ended June 30, 2011.

For the three months ended June 30, 2011 and June 30, 2010, the Newark Joint Venture recorded revenues of $469,000 and $542,000, respectively, and operating expenses of $750,000 and $713,000, respectively, excluding interest expense and depreciation.  For the nine months ended June 30, 2011 and 2010, this venture recorded revenues of $1,617,000 and $1,568,000, respectively, and operating expenses of $2,157,000 and $1,987,000, respectively, excluding interest expense and depreciation.  The Trust made capital contributions to this venture of $2,265,000 during the nine months ended June 30, 2011 representing its proportionate share of capital required to fund the operations of the venture through May 31, 2012.