Real Estate Sales Agreements

6 Months Ended

Jun. 30, 2012

8.	Real Estate Sales Agreements

In March 2012, the Company sold 18 single family lots at San Elijo Hills to a homebuilder for aggregate cash proceeds of $3,350,000, pursuant to which it had previously received a non-refundable option payment of $350,000 in 2011, and recognized a gain of $2,700,000. In July 2012, the Company sold 17 finished lots at the Virginia Beach project for net cash consideration of $2,300,000.

- Definition

The entire disclosure for retail land sales. An entity engaged in retail land sales may disclose maturity of accounts receivable for each of the five years following the date of the accounting period, delinquent accounts receivable and the method used to determine delinquency, and the weighted average and range of stated interest rates of receivables. The estimated costs for improvements for major areas from which sales are being made over each of the five years following the date of the accounting period and in aggregate and recorded obligations for improvements may also be disclosed.

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