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INVESTMENTS IN REAL ESTATE

6 Months Ended

Mar. 31, 2012

INVESTMENTS IN REAL ESTATE [Abstract]

NOTE 5 - INVESTMENTS IN REAL ESTATE

The following is a summary of the carrying value of the Company's investments in real estate (in thousands):

	March 31,		September 30,
	2012		2011
Properties owned, net of accumulated depreciation of $5,118 and $4,785:
Hotel property (Savannah, Georgia)	$	11,824	$	12,051
Office building (Philadelphia, Pennsylvania)		3,116		3,165
Multifamily apartment complex (Kansas City, Kansas)		1,528		1,525
		16,468		16,741
Real estate assets - consolidated VIE, net of accumulated depreciation of $720 and $656		816		944
Other real estate holdings		2,257		2,257
Investments in real estate, net	$	19,541	$	19,942

- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

+ References

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-Publisher SEC

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