INVESTMENTS IN REAL ESTATE

3 Months Ended

Dec. 31, 2012

Real Estate Investments, Net [Abstract]

The Company’s investments in real estate, net, consist of the following (in thousands):



	December 31, 2012		September 30, 2012
Properties owned, net of accumulated depreciation of $5,781 and $5,592:
Hotel property (Savannah, Georgia)	$	11,107	$	11,619
Office building (Philadelphia, Pennsylvania)	1,058		906
	12,165		12,525
Commercial property (Elkins, West Virginia), net of accumulated depreciation of $0 and $784	—		727
Partnerships and other investments	5,876		5,897
Total investments in real estate, net	$	18,041	$	19,149

The commercial property, consolidated through a VIE, was sold in November 2012.

The contractual future minimum rental income on non-cancelable operating leases included in properties owned for each of the five succeeding annual periods ending December 31, and thereafter, are as follows (in thousands):



2013	$	944
2014	872
2015	662
2016	487
2017	396
Thereafter	546
	$	3,907

- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

+ References

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+ Details