Segment Reporting (Tables)

3 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Summary of segment reporting

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

	Three Months Ended December 31, 2016
	Multi-Family Real Estate			Other Assets			Total
Revenues:
Rental and other revenues from real estate properties	$	24,643		$	386		$	25,029
Other income	—			611			611
Total revenues	24,643			997			25,640
Expenses:
Real estate operating expenses	12,349			97			12,446
Interest expense	6,092			595			6,687
General and administrative	2,544			53			2,597
Provision for Federal Tax	343			7			350
Depreciation	6,270			27			6,297
Total expenses	27,598			779			28,377
Total revenue less total expenses	(2,955		)	218			(2,737		)
Gain on sale of real estate	35,389			449			35,838
Loss on extinguishment of debt	(799		)	—			(799		)
Income from continuing operations	31,635			667			32,302
Net (income) attributable to non-controlling interests	(16,497		)	(35		)	(16,532		)
Net income attributable to common shareholders before reconciling items	$	15,138		$	632		$	15,770
Segment Assets at December 31, 2016	$	832,265		$	16,809		$	849,074

Note 12- Segment Reporting - continued

	Three Months Ended December 31, 2015
	Multi-Family Real Estate			Other Assets			Total
Revenues:
Rental and other revenues from real estate properties	$	22,003		$	316		$	22,319
Other income	—			7			7
Total revenues	22,003			323			22,326
Expenses:
Real estate operating expenses	10,944			150			11,094
Interest expense	5,459			72			5,531
Advisor's fee, related party	594			99			693
Property acquisition costs	57			—			57
General and administrative	1,661			88			1,749
Depreciation and amortization	4,957			27			4,984
Total expenses	23,672			436			24,108
Total revenues less total expenses	(1,669		)	(113		)	(1,782		)
Gain on sale of real estate assets	—			609			609
Net income	(1,669		)	496			(1,173		)
Net (income) loss attributable to non-controlling interests	(199		)	(21		)	(220		)
Net (loss) income attributable to common shareholders before reconciling items	$	(1,868	)	$	475		$	(1,393	)
Reconciling adjustment:
Discontinued operations, net of non-controlling interest							(641		)
Net loss attributable to common shareholders							$	(2,034	)
Segment Assets at December 31, 2015	$	689,231		$	191,251		$	880,482