The following table summarizes the Trust’s segment reporting for the periods indicated (dollars in thousands):

	Three Months Ended June 30, 2013
	Loan and Investment		Multi-Family Real Estate			Other Real Estate			Total
Rental and other revenue from real estate properties	—		$	7,515		$	735		$	8,250
Interest and fees on real estate loans	$	2,921	—			—			2,921
Other income	632		—			235			867
Total revenues	3,553		7,515			970			12,038
Interest expense	321		1,970			836			3,127
Advisor’s fees, related party	231		202			64			497
General and administrative	1,163		583			197			1,943
Property acquisition costs	—		767			—			767
Operating expenses relating to real estate properties	—		3,942			653			4,595
Depreciation and amortization	—		1,648			184			1,832
Total expenses	1,715		9,112			1,934			12,761

Total revenues less total expenses	1,838		(1,597		)	(964		)	(723		)
Equity in earnings of unconsolidated ventures	—		—			54			54
Gain on sale of available- for-sale securities	—		—			—			—
Income (loss) from continuing operations	1,838		(1,597		)	(910		)	(669		)
Discontinued Operations: Gain on sale of real estate assets	—		—			509			509
Net income (loss)	1,838		(1,597		)	(401		)	(160		)
Plus: net loss attributable to non-controlling interests	—		137			544			681
Net income (loss) attributable to common shareholders	$	1,838	$	(1,460	)	$	143		$	521
Segment assets at June 30, 2013	$	88,290	$	262,662		$	150,878		$	501,830

	Nine Months Ended June 30, 2013
	Loan and Investment		Multi-Family Real Estate			Other Real Estate			Total
Rental and other revenue from real estate properties	—		$	18,580		$	2,176		$	20,756
Interest and loan fees	$	7,766	—			—			7,766
Other income	1,105		—			808			1,913
Total revenues	8,871		18,580			2,984			30,435
Interest expense	1,030		5,033			2,671			8,734
Advisor’s fees, related party	657		502			155			1,314
General and administrative	3,615		1,365			547			5,527
Property acquisition costs	—		1,805			—			1,805
Operating expenses relating to real estate properties	—		9,234			1,924			11,158
Depreciation and amortization	—		4,186			551			4,737
Total expenses	5,302		22,125			5,848			33,275

Total revenues less total expenses	3,569		(3,545		)	(2,864		)	(2,840		)
Equity in earnings of unconsolidated ventures	—		—			183			183
Gain on sale of available- for-sale securities	482		—			—			482
Income (loss) from continuing operations	4,051		(3,545		)	(2,681		)	(2,175		)
Discontinued operations: Gain on sale of real estate assets	—		—			509			509

Net income (loss)	4,051		(3,545		)	(2,172		)	(1,666		)
Plus: net loss attributable to non-controlling interests	—		227			1,666			1,893
Net income (loss) attributable to common shareholders	$	4,051	$	(3,318	)	$	(506	)	$	227
Segment assets at June 30, 2013	$	88,290	$	262,662		$	150,878		$	501,830

The following table summarizes the Trust’s segment reporting for the periods indicated (dollars in thousands):

	Three Months Ended June 30, 2012
	Loan and Investment		Multi-Family Real Estate			Other Real Estate			Total

Rental and other revenue from real estate properties	$	—	$	1,943		$	725		$	2,668
Interest and fees on real estate loans	2,562		—			—			2,562
Other income	33		—			292			325
Total revenues	2,595		1,943			1,017			5,555

Interest expense	282		561			573			1,416
Advisor’s fees, related party	201		89			43			333
General and administrative	1,292		261			181			1,734
Property acquisition costs	—		471			—			471
Operating expenses relating to real estate properties	—		865			868			1,733
Depreciation and amortization	—		894			183			1,077
Total expenses	1,775		3,141			1,848			6,764

Total revenues less total expenses	820		(1,198		)	(831		)	(1,209		)

Equity in earnings of unconsolidated ventures	—		—			20			20
Gain on sale of available- for-sale securities	96		—			—			96
Income (loss) from Continuing Operations	916		(1,198		)	(811		)	(1,093		)
Discontinued Operations:
Gain on Sale of Real Estate Assets	—		—			302			302
Net income (loss)	916		(1,198		)	(509		)	(791		)
Plus: net loss attributable to non-controlling interests	—		175			474			649
Net income (loss) attributable to common shareholders	$	916	$	(1,023	)	$	(35	)	$	(142	)

Segment assets at June 30, 2012	$	106,765	$	113,879		$	109,109		$	329,753

	Nine Months Ended June 30, 2012
	Loan and Investment			Multi-Family Real Estate			Other Real Estate			Total

Rental and other revenue from real estate properties	—			$	2,121		$	2,334		$	4,455
Interest and fees on real estate loans	$	7,016		—						7,016
Other income	340			—			585			925
Total revenues	7,356			2,121			2,919			12,396

Interest expense	611			700			1,447			2,758
Advisor’s fees, related party	512			126			139			777
General and administrative	3,110			813			1,491			5,414
Property acquisition costs	—			2,264			—			2,264
Operating expenses relating to real estate properties	—			935			2,543			3,478
Depreciation and amortization	—			894			547			1,441
Total expenses	4,233			5,732			6,167			16,132

Total revenues less total expenses	3,123			(3,611		)	(3,248		)	(3,736		)

Equity in (loss) earnings of unconsolidated ventures	(136		)	(129		)	170			(95		)
Gain on sale of available-for-sale securities	420			—			—			420
Gain on sale of loan	3,192			—			—			3,192
Income (loss) from continuing operations	6,599			(3,740		)	(3,078		)	(219		)

Discontinued operations:
Gain on sale of real estate assets	—			—			792			792

Net income (loss)	6,599			(3,740		)	(2,286		)	573
Plus: net loss attributable to non-controlling interests	—			522			1,609			2,131

Net income (loss) attributable to common shareholders	$	6,599		$	(3,218	)	$	(677	)	$	2,704

Segment assets at June 30, 2012	$	106,765		$	113,879		$	109,109		$	329,753