Investment in Unconsolidated Ventures

6 Months Ended

Mar. 31, 2012

Investment in Unconsolidated Ventures

Investment in Unconsolidated Ventures

Note 8 — Investment in Unconsolidated Ventures

The Trust is a partner in four unconsolidated ventures, each of which owns and operates one property.  The Trust’s share of (loss) earnings in all of its unconsolidated joint ventures, including a joint venture engaged in purchasing loans that ceased investment activities in November 2011, was $(40,000) and $86,000 for the three months ended March 31, 2012 and 2011, respectively, and $(115,000) and $135,000 for the six months ended March 31, 2012 and 2011, respectively.  The Trust’s equity in these unconsolidated ventures totaled $5,503,000 and $4,247,000 at March 31, 2012 and September 30, 2011, respectively.

On January 12, 2012, an unconsolidated joint venture in which the Trust has an 80% interest purchased a 207 unit multi-family residential property in Marietta, Georgia.  The Trust’s equity investment was $2,560,000.

On February 23, 2012, an unconsolidated joint venture in which the Trust has an 80% interest purchased a 170 unit multi-family residential property in Lawrenceville, Georgia.  The Trust’s equity investment was $2,200,000.