Discontinued Operations

6 Months Ended

Jun. 30, 2011

Discontinued Operations [Abstract]

Discontinued Operations

Note 10. Discontinued Operations:

Discontinued operations consisted of the following:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
	(In thousands)
Net gains on sales of real estate	$	568		$	2		$	570		$	78
Net operating losses		(232	)		(5	)		(442	)		(70	)
Impairment losses		(232	)		—			(232	)		—
Discontinued operations	$	104		$	(3	)	$	(104	)	$	8

During the second quarter of 2011, previously deferred gains of $683,000 from property sales we financed were recognized as gains due to principal reductions on the underlying loans. During June 2011, we sold an asset acquired through foreclosure for $1.3 million, received cash proceeds of $128,000 and financed the remainder. A loss of $115,000 was recorded on the transaction.

During the second quarter of 2011, we recorded impairment losses due to declines in the estimated fair value of our real estate owned, primarily a full service hospitality property owned by the 2003 Joint Venture.