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INVESTMENTS IN REAL ESTATE

12 Months Ended

Sep. 30, 2011

INVESTMENTS IN REAL ESTATE [Abstract]

NOTE 6 – INVESTMENTS IN REAL ESTATE

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

	September 30,
	2011		2010
Properties owned, net of accumulated depreciation of $4,785 and $3,989	$	16,741	$	17,387
Ventures		2,257		9,727
Total investments in real estate, net	$	18,998	$	27,114

In connection with the June 2011 sale of a building in Washington, DC by its owner in which the Company owned a 25% interest, the Company received net proceeds of $17.4 million and realized a gain on its investment of $8.4 million, net of amounts held in escrow.

- 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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