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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands
9 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash flows from operating activities:    
Net income (loss) $ 3,358 $ (8,015)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Provision for loan loss   3,165
Recovery of previously provided allowance (3,568) (365)
Impairment charges   3,370
Amortization and depreciation 697 688
Amortization of deferred fee income (1,185) (163)
Accretion of junior subordinated notes principal 277 433
Amortization of securities discount (28) (52)
Amortization of restricted stock 636 640
Gain on sale of real estate assets from discontinued operations (1,342) (1,918)
Gain on sale of available-for-sale securities (1,190) (1,586)
Loss on extinguishment of debt 2,138  
Equity in earnings of unconsolidated joint ventures (195) (143)
Distribution of earnings of unconsolidated joint ventures 150 138
Increase in straight line rent (56) (279)
Increases and decreases from changes in other assets and liabilities:    
(Increase) decrease in interest and dividends receivable (468) 308
Decrease (increase) in prepaid expenses 94 (354)
Increase (decrease) in accounts payable and accrued liabilities 438 (1,188)
Increase in deferred costs   (47)
Increase in security deposits and other receivable (77) (181)
Other 122 (124)
Net cash used in operating activities (199) (5,673)
Cash flows from investing activities:    
Collections from real estate loans 47,260 9,329
Additions to real estate loans (112,442) (14,747)
Proceeds from the sale of loans and loan participations 26,500 16,815
Loan loss recoveries 1,012 227
Net costs capitalized to real estate owned (2,654) (2,609)
Collection of loan fees 2,079 381
Proceeds from sale of real estate owned 4,021 15,857
Proceeds from sale of available for sale securities 7,266 4,425
Purchase of available for sale securities (55) (2,352)
Distributions of capital of unconsolidated joint ventures   1,701
Contributions to unconsolidated joint ventures (10)  
Purchase of interest from non controlling partner (713)  
Net cash (used in) provided by investing activities (27,736) 29,027
Cash flows from financing activities:    
Repayment of junior subordinated notes (5,000)  
Proceeds from mortgages payable 1,261 1,277
Mortgage principal payments (202) (68)
Increase in deferred borrowing costs (910)  
Cash distribution - common shares   (1,334)
Expenses associated with stock issuance   (60)
Capital contributions from non-controlling interests 2,256 1,846
Capital distributions to non-controlling interests (66) (180)
Repurchase of shares of beneficial interest (1,178) (290)
Net cash (used in) provided by financing activities (3,839) 1,191
Net (decrease) increase in cash and cash equivalents (31,774) 24,545
Cash and cash equivalents at beginning of period 58,497 25,708
Cash and cash equivalents at end of period 26,723 50,253
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 1,625 1,944
Non cash investing and financing activity:    
Common stock dividend portion paid in the Trust's common shares   11,916
Reclassification of real estate properties to real estate held for sale   8,552
Reclassification of deferred costs to real estate properties $ 396