SEGMENT REPORTING (Tables)

12 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

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