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3. Discontinued Operations: Schedule of Disposal Groups, Including Discontinued Operations (Tables)

9 Months Ended

Jul. 31, 2012

Schedule of Disposal Groups, Including Discontinued Operations

The combined assets and liabilities as of October 31, 2011 are summarized as follows:


BALANCE SHEET	10/31/11

ASSETS
Land improvements, buildings & equipment, net	$268,288
Land held for investment, principally unimproved	37,706
Long-lived assets held for sale	1,780,155
Net investment in direct financing leases	7,788,195
Prepaid expenses and other assets	895,878
Total assets of discontinued operations	$10,770,222

LIABILITIES
Debt	$1,010,384
Total liabilities of discontinued operations	$1,010,384

Operating results, including interest expense incurred, of the discontinued operations in three and nine months ending July 31, 2012 and 2011 are as follows:

	Three months ended 7/31/12	Three months ended 7/31/11	Nine months ended 7/31/12	Nine months ended 7/31/11
Revenues:
Applebee’s	$0	$29,000	$0	$87,000
Jack in the Box	0	33,246	10,971	99,738
Jack Frost Mountain Ski Area	0	40,006	5,097	123,137
Big Boulder Ski Area	0	21,501	5,097	67,618
Total Revenue	0	123,753	21,165	377,493

Expenses (excluding interest):
Applebee’s	0	1,547	0	5,274
Jack in the Box	0	11,894	136	36,299
Jack Frost Mountain Ski Area	0	0	7,730	10,279
Big Boulder Ski Area	173	248	662	3,414
Total Expenses	173	13,689	8,528	55,266

Interest and other income (interest income related to ski area net investment in direct financing lease):
Applebee’s	0	0	0	0
Jack in the Box	0	0	0	0
Jack Frost Mountain Ski Area	0	31,668	0	95,004
Big Boulder Ski Area	0	48,749	0	146,248
Total Interest and Other Income	0	80,417	0	241,252

Interest expense(calculated on debt related to the property):
Applebee’s	0	11,725	0	35,175
Jack in the Box	0	17,363	7,386	52,314
Jack Frost Mountain Ski Area	0	0	0	0
Big Boulder Ski Area	0	0	0	0
Total Interest	0	29,088	7,386	87,489

Gain (Loss) on Disposal:
Applebee’s	0	0	0	0
Jack in the Box	0	0	9,402	0
Jack Frost Mountain Ski Area	0	0	(4,803)	0
Big Boulder Ski Area	0	0	(4,517)	0
Total Gain (loss) on Disposal	0	0	82	0

Income from discontinued operations before income taxes	($173)	$161,393	$5,333	$475,990

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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