Segment Reporting

6 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

Management determined that the Trust operates in two reportable segments: a multi-family property segment which includes the ownership, operation and development of multi-family properties; and an other assets segment which includes the ownership and operation of the Trust's other real estate assets and a real estate loan.

The following tables summarize our segment reporting for the periods indicated (dollars in thousands):

	Three Months Ended March 31, 2016
	Multi-Family Real Estate			Other Assets		Total
Revenues:
Rental and other revenues from real estate properties	$	22,473		$	358	$	22,831
Other income	—			2,026		2,026
Total revenues	22,473			2,384		24,857
Expenses:
Real estate operating expenses	10,793			142		10,935
Interest expense	6,028			21		6,049
Property acquisition costs	953			—		953
General and administrative	2,234			46		2,280
Depreciation	5,605			27		5,632
Total expenses	25,613			236		25,849
Total revenue less total expenses	(3,140		)	2,148		(992		)
Gain on sale of real estate	24,226			—		24,226
Loss on extinguishment of debt	(2,668		)	—		(2,668		)
Income from continuing operations	18,418			2,148		20,566
Plus: net (income) loss attributable to non-controlling interests	(10,581		)	672		(9,909		)
Net income attributable to common shareholders before reconciling items	$	7,837		$	2,820	$	10,657
Reconciling adjustment:
Discontinued operations						14,279
Net income attributable to common shareholders						$	24,936
Segment Assets at March 31, 2016	$	722,338		$	30,637	$	752,975

Note 11- Segment Reporting - continued

	Three Months Ended March 31, 2015
	Multi-Family Real Estate			Other Assets			Total
Revenues:
Rental and other revenues from real estate properties	$	18,795		$	303		$	19,098
Other income	—			25			25
Total revenues	18,795			328			19,123
Expenses:
Real estate operating expenses	9,105			110			9,215
Interest expense	4,686			52			4,738
Advisor's fee, related party	518			87			605
General and administrative	1,632			104			1,736
Depreciation and amortization	4,514			30			4,544
Total expenses	20,455			383			20,838
Total Revenues less total expenses	(1,660		)	(55		)	(1,715		)
Gain on sale of real estate assets	2,777			—			2,777
Income from continuing operations	1,117			(55		)	1,062
Plus: net loss attributable to non-controlling interests	(1,212		)	850			(362		)
Net (loss) income attributable to common shareholders	$	(95	)	$	795		$	700
Reconciling adjustment:
Discontinued operations							(1,448		)
Net loss attributable to common shareholders							$	(748	)
Segment Assets at March 31, 2015	$	583,438		$	17,075		$	600,513

Note 11- Segment Reporting - continued

	Six Months Ended March 31, 2016
	Multi-Family Real Estate			Other Assets		Total
Revenues:
Rental and other revenues from real estate properties	$	43,556		$	673	$	44,229
Other income	—			2,033		2,033
Total revenues	43,556			2,706		46,262
Expenses:
Real estate operating expenses	20,816			292		21,108
Interest expense	11,487			93		11,580
Advisor's fee, related party	594			99		693
Property acquisition costs	1,010			—		1,010
General and administrative	3,895			134		4,029
Depreciation	10,563			53		10,616
Total expenses	48,365			671		49,036
Total revenue less total expenses	(4,809		)	2,035		(2,774		)
Gain on sale of real estate	24,226			609		24,835
Loss on extinguishment of debt	(2,668		)	—		(2,668		)
Income from continuing operations	16,749			2,644		19,393
Plus: net (income) loss attributable to non-controlling interests	(10,780		)	1,610		(9,170		)
Net income attributable to common shareholders before reconciling items	$	5,969		$	4,254	$	10,223
Reconciling adjustment:
Discontinued operations						12,679
Net income attributable to common shareholders						$	22,902
Segment Assets at March 31, 2016	$	722,338		$	30,637	$	752,975

Note 11- Segment Reporting - continued

	Six Months Ended March 31, 2015
	Multi-Family Real Estate			Other Real Estate			Total
Rental and other revenues from real estate properties	$	36,956		$	641		$	37,597
Other income	—			52			52
Total revenues	36,956			693			37,649
Expenses:
Real estate operating expenses	18,320			260			18,580
Interest expense	9,395			104			9,499
Advisor's fee, related party	1,003			186			1,189
Property acquisition costs	295			—			295
General and administrative	3,190			203			3,393
Depreciation	8,144			58			8,202
Total expenses	40,347			811			41,158
Total revenue less total expenses	(3,391		)	(118		)	(3,509		)
Gain on sale of real estate	2,777			—			2,777
Income from continuing operations	(614		)	(118		)	(732		)
Plus: net (income) loss attributable to non-controlling interests	(1,015		)	1,682			667
Net (loss) income attributable to common shareholders before reconciling items	$	(1,629	)	$	1,564		$	(65	)
Reconciling adjustment:
Discontinued operations							(3,181		)
Net loss attributable to common shareholders							$	(3,246	)
Segment Assets at March 31, 2015	$	583,438		$	17,075		$	600,513