The following table summarizes the Trust's segment reporting for the year ended September 30, 2012 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan and
Investment |
|
Multi-Family
Real Estate |
|
Other
Real Estate |
|
Total |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and loan fee income |
|
$ |
9,530 |
|
|
— |
|
|
— |
|
$ |
9,530 |
|
Rental and other revenues from real estate properties |
|
|
— |
|
$ |
5,464 |
|
$ |
3,211 |
|
|
8,675 |
|
Other income |
|
|
496 |
|
|
— |
|
|
878 |
|
|
1,374 |
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
|
10,026 |
|
|
5,464 |
|
|
4,089 |
|
|
19,579 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
646 |
|
|
1,758 |
|
|
2,325 |
|
|
4,729 |
|
Advisor's fee, related party |
|
|
692 |
|
|
230 |
|
|
182 |
|
|
1,104 |
|
Operating expenses relating to real estate properties |
|
|
— |
|
|
2,644 |
|
|
3,398 |
|
|
6,042 |
|
General and administrative and other expenses |
|
|
2,893 |
|
|
1,719 |
|
|
2,549 |
|
|
7,161 |
|
Property acquisition costs |
|
|
— |
|
|
2,407 |
|
|
— |
|
|
2,407 |
|
Depreciation and amortization |
|
|
— |
|
|
1,276 |
|
|
728 |
|
|
2,004 |
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
4,231 |
|
|
10,034 |
|
|
9,182 |
|
|
23,447 |
|
|
|
|
|
|
|
|
|
|
|
Total revenues less total expenses |
|
|
5,795 |
|
|
(4,570 |
) |
|
(5,093 |
) |
|
(3,868 |
) |
Equity in (loss) earnings of unconsolidated ventures |
|
|
(136 |
) |
|
(139 |
) |
|
1,104 |
|
|
829 |
|
Gain on sale of available-for-sale securities |
|
|
605 |
|
|
— |
|
|
— |
|
|
605 |
|
Gain on sale of loan |
|
|
3,192 |
|
|
— |
|
|
— |
|
|
3,192 |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
|
9,456 |
|
|
(4,709 |
) |
|
(3,989 |
) |
|
758 |
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of real estate assets |
|
|
— |
|
|
— |
|
|
792 |
|
|
792 |
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations |
|
|
— |
|
|
— |
|
|
792 |
|
|
792 |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
9,456 |
|
|
(4,709 |
) |
|
(3,197 |
) |
|
1,550 |
|
Plus: net loss attributable to non-controlling interests |
|
|
— |
|
|
461 |
|
|
2,419 |
|
|
2,880 |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common shareholders |
|
$ |
9,456 |
|
$ |
(4,248 |
) |
$ |
(778 |
) |
$ |
4,430 |
|
|
|
|
|
|
|
|
|
|
|
Segment assets at September 30, 2012 |
|
$ |
113,383 |
|
$ |
121,153 |
|
$ |
151,420 |
|
$ |
385,956 |
|
|
|
|
|
|
|
|
|
|
|
The following table summarizes the Trust's segment reporting for the year ended September 30, 2011 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan and
Investment |
|
Real Estate |
|
Total |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
Interest and loan fee income |
|
$ |
10,328 |
|
|
— |
|
$ |
10,328 |
|
Rental and other revenues from real estate properties |
|
|
— |
|
$ |
3,456 |
|
|
3,456 |
|
Other income |
|
|
4,097 |
|
|
— |
|
|
4,097 |
|
|
|
|
|
|
|
|
|
Total revenues |
|
|
14,425 |
|
|
3,456 |
|
|
17,881 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
1,082 |
|
|
1,030 |
|
|
2,112 |
|
Advisor's fee, related party |
|
|
608 |
|
|
308 |
|
|
916 |
|
Operating expenses related to real estate properties |
|
|
— |
|
|
3,340 |
|
|
3,340 |
|
General and administrative and other expenses |
|
|
4,665 |
|
|
2,063 |
|
|
6,728 |
|
Depreciation and amortization |
|
|
— |
|
|
738 |
|
|
738 |
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
6,355 |
|
|
7,479 |
|
|
13,834 |
|
|
|
|
|
|
|
|
|
Total revenues less total expenses |
|
|
8,070 |
|
|
(4,023 |
) |
|
4,047 |
|
Equity in earnings of unconsolidated ventures |
|
|
99 |
|
|
251 |
|
|
350 |
|
Gain on sale of available-for-sale securities |
|
|
1,319 |
|
|
— |
|
|
1,319 |
|
Loss on extinguishment of debt |
|
|
(1,420 |
) |
|
(718 |
) |
|
(2,138 |
) |
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
|
8,068 |
|
|
(4,490 |
) |
|
3,578 |
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
Gain on sale of real estate assets |
|
|
— |
|
|
1,346 |
|
|
1,346 |
|
|
|
|
|
|
|
|
|
Income from discontinued operations |
|
|
— |
|
|
1,346 |
|
|
1,346 |
|
Net income (loss) |
|
|
8,068 |
|
|
(3,144 |
) |
|
4,924 |
|
Plus: net loss attributable to non-controlling interests |
|
|
— |
|
|
1,450 |
|
|
1,450 |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common shareholders |
|
$ |
8,068 |
|
$ |
(1,694 |
) |
$ |
6,374 |
|
|
|
|
|
|
|
|
|
Segment assets at September 30, 2011 |
|
$ |
126,916 |
|
$ |
64,096 |
|
$ |
191,012 |
|
|
|
|
|
|
|
|
|
The following table summarizes the Trust's segment reporting for the year ended September 30, 2010 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan and
Investment |
|
Real Estate |
|
Total |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
Interest and loan fee income |
|
$ |
3,877 |
|
|
— |
|
$ |
3,877 |
|
Rental and other revenues from real estate properties |
|
|
— |
|
$ |
3,422 |
|
|
3,422 |
|
Other income |
|
|
836 |
|
|
— |
|
|
836 |
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
4,713 |
|
|
3,422 |
|
|
8,135 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
1,181 |
|
|
1,403 |
|
|
2,584 |
|
Advisor's fee, related party |
|
|
523 |
|
|
262 |
|
|
785 |
|
Operating expenses related to real estate properties |
|
|
— |
|
|
3,216 |
|
|
3,216 |
|
Provision for loan loss |
|
|
3,165 |
|
|
— |
|
|
3,165 |
|
Impairment charges |
|
|
— |
|
|
2,625 |
|
|
2,625 |
|
General and administrative and other expenses |
|
|
4,710 |
|
|
2,026 |
|
|
6,736 |
|
Depreciation and amortization |
|
|
— |
|
|
733 |
|
|
733 |
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
9,579 |
|
|
10,265 |
|
|
19,844 |
|
|
|
|
|
|
|
|
|
Total revenues less total expenses |
|
|
(4,866 |
) |
|
(6,843 |
) |
|
(11,709 |
) |
Equity in earnings of unconsolidated ventures |
|
|
28 |
|
|
168 |
|
|
196 |
|
Gain on sale of available-for-sale securities |
|
|
1,586 |
|
|
— |
|
|
1,586 |
|
|
|
|
|
|
|
|
|
Loss from continuing operations |
|
|
(3,252 |
) |
|
(6,675 |
) |
|
(9,927 |
) |
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
— |
|
|
(602 |
) |
|
(602 |
) |
Impairment charges |
|
|
— |
|
|
(745 |
) |
|
(745 |
) |
Gain on sale of real estate assets |
|
|
— |
|
|
1,937 |
|
|
1,937 |
|
|
|
|
|
|
|
|
|
Income from discontinued operations |
|
|
— |
|
|
590 |
|
|
590 |
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(3,252 |
) |
|
(6,085 |
) |
|
(9,337 |
) |
Plus: net loss attributable to non-controlling interests |
|
|
— |
|
|
1,322 |
|
|
1,322 |
|
|
|
|
|
|
|
|
|
Net loss attributable to common shareholders |
|
$ |
(3,252 |
) |
$ |
(4,763 |
) |
$ |
(8,015 |
) |
|
|
|
|
|
|
|
|
Segment assets at September 30, 2010 |
|
$ |
124,928 |
|
$ |
61,338 |
|
$ |
186,266 |
|
|
|
|
|
|
|
|
|
|