Real Estate

12 Months Ended

Dec. 31, 2012

Real Estate

Real Estate

6.      Real Estate

In December 2011, the Company completed the sale of its investment in Lealand, which had been classified as held-for-sale on the consolidated balance sheet since March 31, 2011.   The following table presents the summary of assets and liabilities of Lealand at December 31, 2012 and December 31, 2011:

	December 31,
(In Thousands)	2012		2011
Real Estate Assets and Liabilities:
Land and buildings, net of accumulated depreciation	$	—	$	—
Cash and other assets	—		941
Accrued interest and other payables (1)	—		(95		)

(1)  The Company had a loan to Lealand which had a balance of $445,000 at December 31, 2011.  This loan and the related interest accounts were eliminated in consolidation.  The loan was paid-off during the quarter ended March 31, 2012.

The following table presents the summary results of operations for Lealand for the year ended December 31, 2012, the period prior to disposal in 2011 and for the year ended December 31, 2010:

	For the Year Ended December 31,
(In Thousands)	2012		2011			2010
Revenue from operations of real estate	$	—	$	1,566		$	1,464
Mortgage interest expense and prepayment penalty (1)	—		—			(392		)
Other real estate operating expense	—		(856		)	(925		)
Depreciation and amortization expense (2)	—		(114		)	(344		)
Gain/(loss) from real estate operations, net	$	—	$	596		$	(197	)

(1)  Amount for the year ended December 31, 2010 includes a mortgage prepayment penalty of $130,000.

(2) On March 31, 2011, the Company classified its investment in Lealand as held-for-sale and accordingly ceased depreciating assets related to this investment as of such date.