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REAL ESTATE ACTIVITY

12 Months Ended

Dec. 31, 2012

REAL ESTATE ACTIVITY

REAL ESTATE ACTIVITY

NOTE 2.        REAL ESTATE

Real estate consisted of the following at December 31, (dollars in thousands):

		2012				2011
Mercer Crossing Multi-Tracts		$	24,511			$	24,511
		$	24,511			$	24,511

The land owned by the Company is a contiguous land parcel in Farmers Branch, TX and is part of a larger development project referred to as “Mercer Crossing”.  It is expected that this land will be developed or sold for development in the future.

There were no significant real estate transactions for the year ended December 31, 2012.

Concentration of investment risk.    IOT has a high concentration of investment risk on properties in the southwest region of the United States, specifically Texas. This risk includes, but is not limited to, changes in local economic conditions, changes in real estate and zoning laws, increases in real estate taxes, floods, tornados and other acts of God and other factors beyond the control of management. In the opinion of management, this investment risk is partially mitigated by the diversification of property types in other geographical regions of the United States, management’s review of additional investments, acquisitions in other areas and by insurance.

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The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

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