(in thousands)	2011			2010
Beginning balance of other real estate owned	$	42,935		$	37,333
Transfers in at lower of cost or fair value less estimated costs to sell		31,536			11,806
Additional investment		744			225
Fair value adjustments charged to expense		(6,464	)		(689	)
Sale of assets		(11,786	)		(8,466	)
Properties acquired through acquisition		0			2,726
Ending balance of other real estate owned	$	56,965		$	42,935

Foreclosed properties at December 31, 2011 and 2010 were $56.5 million and $42.9 million, respectively. Also included in other real estate owned is a $0.4 million property which was not acquired through foreclosure. Carrying costs and fair value adjustments associated with foreclosed properties were $8.6 million, $2.6 million, and $3.3 million for 2011, 2010, and 2009, respectively. See note 1 for a description of our accounting policies relative to foreclosed properties and other real estate owned.

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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