Property Held For And Under Development

12 Months Ended

Dec. 31, 2011

Property Held For And Under Development [Abstract]

Property Held For And Under Development

Note 6 – Property Held For and Under Development

Property held for and under development is summarized as follows (dollars in thousands):

	December 31,
		2011		2010
Land	$	86,667	$	31,689
Construction-in-progress (including capitalized interest)		5,031		4,013
Property Held For and Under Development	$	91,698	$	35,702

     The amount of capitalized interest for our properties under development was $136,000 for the year ending December 31, 2009. During the year-ended December 31, 2009, we decided to curtail our current development progress on certain Australian and New Zealand land development projects. As a result, we did not capitalize interest on these projects during 2011, 2010, and 2009 and we will not capitalize interest for these projects until development work recommences. During 2010, we determined that we would no longer pursue the development of our Taringa properties. As such, we recorded an impairment to our investment in these properties based on the sales comparison valuation approach of $2.2 million, primarily associated with the development costs of the project. During 2009, we recorded a contractual commitment loss of $1.1 million associated with a property for which we purchased in April 2010. The impairments and contractual commitment loss are primarily related to the impact of the economic downturn in the Australian and New Zealand economies and the timing of our purchases of those assets.