Subsequent Events

Subsequent to March 31, 2012 and in addition to disclosures elsewhere in the financial statements, the Company:


•	contracted to lend up to $8,000 to fund the construction of a 52,000 square foot charter school in Homestead, Florida;


•	acquired an industrial property for $23,000. The property encompasses 152 acres abutting a Union Pacific Railroad Line in Missouri City, Texas and is net-leased for a 20-year term;


•	borrowed $30,000 on the secured revolving credit facility;


•	delivered a notice of redemption to the holders of its outstanding 8.05% Series B Cumulative Redeemable Preferred Stock to redeem all outstanding shares on May 31, 2012 for $25.00 per share plus all accrued and unpaid dividends, for an aggregate redemption cost of $69,441;

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entered into an agreement with Inland to, on October 1, 2012, either (1) sell its interest in NLS to Inland for a $219,838, 7.07% non-recourse promissory note which matures December 21, 2012 or (2) purchase Inland's interest in NLS for $14,374 cash. The sale and/or purchase price amounts will be reduced by distributions received by each respective partner through October 1, 2012. Inland must deliver a written response by September 17, 2012 of its intention to either buy the Company's interest in NLS or sell its interest in NLS to the Company. If no notice is delivered by September 17, 2012, Inland will have been deemed to have irrevocably agreed to sell its interest in NLS to the Company;


•	sold all of its interest in Concord and CDH CDO for $7,000 cash. The sale of Concord and CDH CDO will eliminate the Company's only source of excess inclusion income, which is generally required to be treated as "unrelated business taxable income" or UBTI, by tax-exempt organizations; and


•	formed a joint venture, in which the Company has a 15% interest, which acquired the 100% economic interest in an inpatient rehabilitation hospital in Humble, Texas for $27,750. The acquisition was partially funded by a $15,260 non-recourse mortgage with a 4.7% interest rate and maturity date in May 2017.