Summary of segment reporting |
The following table summarizes the Trust's segment reporting for the year ended September 30, 2016 (dollars in thousands): | | | | | | | | | | | | | | | | Multi-Family Real Estate | | Other Real Estate | | Total | Revenues: | | |
| | |
| | |
| Rental and other revenues from real estate properties | | $ | 89,538 |
| | $ | 1,407 |
| | $ | 90,945 |
| Other income | | — |
| | 3,319 |
| | 3,319 |
| Total revenues | | 89,538 |
| | 4,726 |
| | 94,264 |
| Expenses: | | | | |
| | |
| Real estate operating expenses | | 42,679 |
| | 583 |
| | 43,262 |
| Interest expense | | 23,739 |
| | 139 |
| | 23,878 |
| Advisor's fee, related party | | 593 |
| | 100 |
| | 693 |
| Property acquisition costs | | 3,852 |
| | — |
| | 3,852 |
| General and administrative | | 8,313 |
| | 223 |
| | 8,536 |
| Provision for federal taxes | | 686 |
| | 14 |
| | 700 |
| Depreciation | | 22,251 |
| | 929 |
| | 23,180 |
| Total expenses | | 102,113 |
| | 1,988 |
| | 104,101 |
| Total revenues less total expenses | | (12,575 | ) | | 2,738 |
| | (9,837 | ) | Gain on sale of real estate | | 45,206 |
| | 1,271 |
| | 46,477 |
| Gain on sale of partnership interest | | 386 |
| | — |
| | 386 |
| Loss on extinguishment of debt | | (4,547 | ) | | — |
| | (4,547 | ) | Income from continuing operations | | 28,470 |
| | 4,009 |
| | 32,479 |
| Net (income) attributable to non-controlling interests | | (15,420 | ) | | (108 | ) | | (15,528 | ) | Net income attributable to common shareholders before reconciling items | | $ | 13,050 |
| | $ | 3,901 |
| | $ | 16,951 |
| Reconciling adjustment: | | | | | | | Discontinued operations, net of non controlling interests | | | | | | 14,338 |
| Net income attributable to common shareholders | | | | | | $ | 31,289 |
| Segment assets at September 30, 2016 | | $ | 844,430 |
| | $ | 31,001 |
| | |
NOTE 11—SEGMENT REPORTING - (continued) The following table summarizes the Trust's segment reporting for the year ended September 30, 2015 (dollars in thousands): | | | | | | | | | | | | | | | | Multi-Family Real Estate | | Other Real Estate | | Total | Revenues: | | |
| | |
| | |
| Rental and other revenues from real estate properties | | $ | 75,643 |
| | $ | 1,380 |
| | $ | 77,023 |
| Other income | | — |
| | 72 |
| | 72 |
| Total revenues | | 75,643 |
| | 1,452 |
| | 77,095 |
| Expenses: | | | | |
| | |
| Real estate operating expenses | | 38,000 |
| | 609 |
| | 38,609 |
| Interest expense | | 18,944 |
| | 353 |
| | 19,297 |
| Advisor's fee, related party | | 2,077 |
| | 371 |
| | 2,448 |
| Property acquisition costs | | 1,885 |
| | — |
| | 1,885 |
| General and administrative | | 6,314 |
| | 369 |
| | 6,683 |
| Depreciation | | 18,336 |
| | 118 |
| | 18,454 |
| Total expenses | | 85,556 |
| | 1,820 |
| | 87,376 |
| Total revenues less total expenses | | (9,913 | ) | | (368 | ) | | (10,281 | ) | Gain on sale of real estate | | 14,404 |
| | 601 |
| | 15,005 |
| Income (loss) from continuing operations | | 4,491 |
| | 233 |
| | 4,724 |
| Net (income) loss attributable to non-controlling interests | | (4,877 | ) | | (93 | ) | | (4,970 | ) | Net income (loss) attributable to common shareholders before reconciling adjustment | | $ | (386 | ) | | $ | 140 |
| | $ | (246 | ) | Reconciling adjustment: | | | | | | | Discontinued operations, net of non controlling interests | | | | | | (2,142 | ) | Net income attributable to common shareholders | | | | | | $ | (2,388 | ) | Segment assets at September 30, 2015 | | $ | 616,909 |
| | $ | 55,425 |
| | |
NOTE 11—SEGMENT REPORTING - (continued) The following table summarizes the Trust's segment reporting for the year ended September 30, 2014 (dollars in thousands): | | | | | | | | | | | | | | | | Multi-Family Real Estate | | Other Real Estate | | Total | Revenues: | | |
| | |
| | |
| Rental and other revenues from real estate properties | | $ | 60,362 |
| | $ | 1,363 |
| | $ | 61,725 |
| Other income | | 4 |
| | 84 |
| | 88 |
| Total revenues | | 60,366 |
| | 1,447 |
| | 61,813 |
| Expenses: | | |
| | |
| | |
| Operating expenses relating to real estate properties | | 32,347 |
| | 637 |
| | 32,984 |
| Interest expense | | 16,212 |
| | 222 |
| | 16,434 |
| Advisor's fee, related party | | 1,466 |
| | 335 |
| | 1,801 |
| Property acquisition costs | | 2,542 |
| | — |
| | 2,542 |
| General and administrative | | 5,887 |
| | 437 |
| | 6,324 |
| Depreciation | | 13,828 |
| | 117 |
| | 13,945 |
| Total expenses | | 72,282 |
| | 1,748 |
| | 74,030 |
| Loss from continuing operations | | (11,916 | ) | | (301 | ) | | (12,217 | ) | Plus: net loss attributable to non-controlling interests | | 759 |
| | (92 | ) | | 667 |
| Net (loss) income attributable to common shareholders before reconciling adjustments | | $ | (11,157 | ) | | $ | (393 | ) | | $ | (11,550 | ) | Reconciling adjustment: | | |
| | |
| | |
| Other income | | |
| | |
| | 65 |
| Discontinued operations, net of non controlling interests | | |
| | |
| | 2,031 |
| Net loss attributable to common shareholders | | |
| | |
| | $ | (9,454 | ) | Segment assets at September 30, 2014 | | $ | 569,357 |
| | $ | 31,075 |
| | |
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