REAL ESTATE, NET

12 Months Ended

Feb. 28, 2015

Real Estate [Abstract]

REAL ESTATE

NOTE 3 – REAL ESTATE, NET

As of February 28, 2015, real estate, net consists of the following:

	February 28, 2015
	(in thousands)
Real estate under development	$	26,906
Buildings and building improvements		3,580
Land		2,452
		32,938
Less: accumulated depreciation		1,817
	$	31,121

Liquidation Basis

The estimated net realizable value of owned real estate, including land, building, building improvements and air rights, amounted to $158.0 million and $157.7 million as of February 9, 2015 and March 1, 2014, respectively. While $158.0 million represents management’s best estimate of the net realizable value of the Company’s real estate properties at the time of finalizing the accompanying consolidated statement of net assets, the amount ultimately realized in the monetization of the real estate could materially differ from this estimate.

Sold Properties

Fiscal 2014

Certain information about the properties of the Company that have been sold during fiscal 2014, including the net proceeds generated by the sold properties, net of brokerage commissions and sale costs, are set forth below:

Property Location	Type of Property	Building Size (estimated square feet)		Net Proceeds ($ in millions)		Date of Sale
Berwyn, PA	Short term property		69,000		3.0		April, 2014
Secaucus, NJ	Short term property		340,000		28.0		May, 2014
Williamsville, NY	Short term property		102,000		2.4		September, 2014
Total			511,000	$	33.4

Fiscal 2013

Certain information about the properties of the Company that have been sold during fiscal 2013, including the net proceeds generated by the sold properties, net of brokerage commissions and sale costs, are set forth below:

Property Location	Type of Property	Building Size (estimated square feet)		Net Proceeds ($ in millions)		Date of Sale
Southfield, MI	Short term property		60,000		2.5		April, 2013
Marietta, GA	Short term property		77,000		2.9		July, 2013
Ft. Lauderdale, FL	Short term property		55,000		1.9		August, 2013
Elmsford, NY	Medium term property		59,000		22.0		August, 2013
Cherry Hill, NJ	Short term property		150,000		4.5		September, 2013
Addison, IL	Short term property		68,000		1.9		December, 2013
Norcross, GA	Short term property		69,000		1.1		February, 2014
Total			538,000	$	36.8