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Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2011

Real Estate and Accumulated Depreciation [Abstract]

REAL ESTATE AND ACCUMULATED DEPRECIATION

REAL ESTATE AND ACCUMULATED DEPRECIATION

At December 31, 2011

(amounts in thousands)

		September 30,		September 30,			September 30,				September 30,				September 30,				September 30,				September 30,				September 30,				September 30,				September 30,				September 30,				September 30,
										Initial Cost to Registrant								Cost capitalized/(impaired) subsequent to acquisition				As of December 31, 2011
						Mortgage								Building and				Land/Building and								Building and								Accumulated				Date
Description		Location		Location		Encumbrances				Land				Improvements				Improvements				Land				Improvements				Total				Depreciation				Acquired				Life

Continuing Operations:

Office		Orlando		FL		$	38,132			$	—			$	17,248			$	42			$	—			$	17,290			$	17,290			$	3,080				11/2004				40 yrs
Office		Plantation		FL			10,927				—				8,915				4,020				4,000				8,935				12,935				1,591				11/2004				40 yrs
Office		Indianapolis		IN			4,169				270				1,609				6,667				1,763				6,783				8,546				3,554				10/1974				40 yrs
Office		Chicago		IL			20,522				—				23,635				2,179				—				25,814				25,814				4,302				10/2005				40 yrs
Office		Amherst		NY			15,682				1,591				18,027				—				1,591				18,027				19,618				2,986				5/2005				40 yrs
Office		Andover		MA			—				—				7,611				718				1,200				7,129				8,329				1,149				12/2005				40 yrs
Office		South Burlington		VT			—				—				3,099				308				—				3,407				3,407				485				12/2005				40 yrs
Office		Chicago		IL			8,900				1,149				9,989				5,126				1,149				15,115				16,264				1,555				10/2007				40 yrs
Office		Houston		TX			56,423				7,075				62,468				—				7,075				62,468				69,543				11,062				1/2005				40 yrs
Office		Lisle		IL			5,753				3,774				16,371				1,309				3,774				17,680				21,454				2,544				2/2006				40 yrs
Office		Lisle		IL			1,657				2,361				6,298				(2,498	)			2,361				3,800				6,161				922				2/2006				40 yrs
Office		Lisle		IL			5,600				780				2,803				462				780				3,265				4,045				456				2/2006				40 yrs
Office		Phoenix		AZ			—				801				7,387				3,327				801				10,714				11,515				676				8/2010				40 yrs
Office		Englewood		CO			—				2,580				5,403				2,695				2,580				8,098				10,678				347				11/2010				40 yrs
Office		Englewood		CO			—				1,829				5,612				741				1,829				6,353				8,182				351				12/2010				40 yrs
Office		New York		NY			49,585				—				52,778				2,679				—				55,457				55,457				226				0/2011				40 yrs

							217,350				22,210				249,253				27,775				28,903				270,335				299,238				35,286

Retail		Atlanta		GA			—				—				4,633				5				—				4,638				4,638				826				11/2004				40 yrs
Retail		Louisville		KY			—				—				2,722				376				373				2,725				3,098				485				11/2004				40 yrs
Retail		Greensboro		NC			—				—				3,797				4				—				3,801				3,801				677				11/2004				40 yrs
Retail		Memphis		TN			—				—				760				637				635				762				1,397				135				11/2004				40 yrs
Retail		Denton		TX			—				—				1,574				1,170				915				1,829				2,744				285				11/2004				40 yrs
Retail		Seabrook		TX			—				—				1,393				619				616				1,396				2,012				249				11/2004				40 yrs

							—				—				14,879				2,811				2,539				15,151				17,690				2,657

Other		Jacksonville		FL			—				2,166				8,684				1,491				2,166				10,175				12,341				1,858				11/2004				40 yrs
Other		Churchill		PA			—				—				23,834				(14,525	)			—				9,309				9,309				3,754				11/2004				40 yrs
Other		Meriden		CT			13,590				2,887				22,367				—				2,887				22,367				25,254				1,001				10/2010				40 yrs

							13,590				5,053				54,885				(13,034	)			5,053				41,851				46,904				6,613


Total from Continuing Operations						$	230,940			$	27,263			$	319,017			$	17,552			$	36,495			$	327,337			$	363,832			$	44,556

The aggregate cost in the properties for federal income tax purposes was approximately $289,808

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

(amounts in thousands)

The following is a reconciliation of real estate assets and accumulated depreciation:

			September 30,				September 30,				September 30,
		Year Ended December 31,
		2011				2010				2009

Real Estate
Balance at beginning of period		$	308,499			$	249,078			$	267,706
Additions during the period:
Land			—				9,408				—
Buildings and improvements			11,962				6,121				2,548
Consolidation of 450 West 14th Street			52,778				—				—
Consolidation of Deer Valley			—				8,188				—
Consolidation of Newbury Apartments			—				25,254				—
Consolidation of Crossroads II			—				7,983				—
Purchase of Crossroads I			—				7,441				—
Transfer (to) from discontinued operations, net			(1,639	)			(3,970	)			(10,811	)
Impairments during the period			(7,600	)			—				(10,000	)
Disposal of fully amortized assets			(168	)			(1,004	)			(365	)


Balance at end of period		$	363,832			$	308,499			$	249,078


Accumulated Depreciation
Balance at beginning of period		$	36,232			$	31,269			$	25,901
Additions charged to operating expenses			8,644				6,399				6,652
Transfer (to) from discontinued operations, net (1)			(152	)			(432	)			(919	)
Disposal of fully amortized assets			(168	)			(1,004	)			(365	)


Balance at end of period		$	44,556			$	36,232			$	31,269

(1)

In 2011, the St. Louis, Missouri property was placed into discontinued operations. In 2010, the Lafayette, Louisiana; Knoxville, Tennessee; and Sherman, Texas properties were placed into discontinued operations. In 2009, the Athens, Georgia property was placed into discontinued operations and the Kansas City, Kansas property was foreclosed.

Schedule IV

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

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