INVESTMENTS IN REAL ESTATE

12 Months Ended

Sep. 30, 2012

Real Estate Investments, Net [Abstract]

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



	September 30,
	2012		2011
Properties owned, net of accumulated depreciation of $5,592 and $4,785:
Hotel property (Savannah, Georgia)	$	11,619	$	12,051
Office building (Philadelphia, Pennsylvania)	906		3,165
	12,525		15,216
Commercial property (Elkins, West Virginia), net of accumulated depreciation of $784 and $656	727		944
Partnerships and other investments	5,897		3,782
Total investments in real estate, net	$	19,149	$	19,942

Based on an internal assessment of fair value, the Company determined that the office building was impaired and, accordingly, recorded a charge of $2.2 million in fiscal 2012.

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 September 30, and thereafter, are as follows (in thousands):



2013	$	966
2014	902
2015	799
2016	537
2017	453
Thereafter	772
	$	4,429

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

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+ Details