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SEGMENT REPORTING (Tables)
12 Months Ended
Sep. 30, 2012
SEGMENT REPORTING  
Schedule of segment reporting

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