Investment And Development Property

12 Months Ended

Dec. 31, 2012

Investment And Development Property [Abstract]

Note 7 – Investment and Development Property

Investment and development property is summarized as follows (dollars in thousands):



		December 31,
Investment and Development Property		2012		2011
Land	$	77,020	$	75,384
Construction-in-progress (including capitalized interest)		17,902		15,315
Investment and development property, net	$	94,922	$	90,699

During the year-ended December 31, 2009, we decided to curtail our current development progress on certain Australian and New Zealand land development projects. As a result, we did not capitalize interest on these projects during 2012, 2011, and 2010 and we will not capitalize interest for these projects until development work recommences.

Coachella, California Land

Based on a December 2012 appraisal of the property, the fair value of the property was $4.0 million resulting in a $1.5 million impairment to the carrying value of the asset. As noted below, this property is 50% owned by Mr. James J. Cotter who shares in any impairment loss to the extent of his ownership interest.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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