Schedule III - Consolidated Real Estate and Accumulated Depreciation

12 Months Ended

Feb. 28, 2015

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Consolidated Real Estate and Accumulated Depreciation

Schedule III - Consolidated Real Estate and Accumulated Depreciation

(amounts in thousands)

			Intital Cost								Amounts at which Carried at February 28, 2015
Property Description	Encumbrances		Land		Air Rights		Building & Improvements (1)		Cost Captialized Subsequnt to Acquistion		Land		Air Rights		Building & Improvements (1)		Total		Accumulated Depreciation		Date of Acquistion (A) / Construction (C)
Trinity Place Property	$	40,000	$	5,500	$	9,134	$	14,872	$	3,193	$	5,500	$	9,134	$	3,843	$	18,477	$	-		1990
Paramus, NJ		-		908		-		-		5,167		908		-		770		1,678		-		1980 (A) / 1984 (C)
Westbury, NY		-		4,895		-		-		11,578		4,920		-		1,831		6,751		-		1988 (A)/1989 (A) / 1989 (C)
West Palm Beach, FL		-		2,452		-		3,136		444		2,452		-		3,580		6,032		(1,817)		2001
	$	40,000	$	13,755	$	9,134	$	18,008	$	20,382	$	13,780	$	9,134	$	10,024	$	32,938	$	(1,817)

(1) Depreciation on buildings and improvements reflected in the consolidated statement of operations is calculated on the straight-line basis over estimated useful lives of 15 to 39 years.

(2) (a) Reconciliation of Real Estate Properties:

The following table reconciles the activity for the real estate properties from February 10, 2015 to February 28, 2015:

Balance at February 10, 2015	$	32,427
Additions		511
Balance at February 28, 2015	$	32,938

(b) Reconciliation of Accumulated Depreciation:

The following table reconciles the accumulated depreciation from February 10, 2015 to February 28, 2015:

Balance at February 10, 2015	$	1,811
Depreciation related to real estate		6
Balance at February 28, 2015	$	1,817