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Segment Reporting (Tables)
9 Months Ended
Jun. 30, 2017
Segment Reporting [Abstract]  
Summary of segment reporting
The following tables summarize the Company's segment reporting for the periods indicated (dollars in thousands):
 
 
Three Months Ended June 30, 2017
 
 
Multi-Family
Real Estate
 
Other
Assets
 

Total
Revenues:
 
 
 
 
 
 
Rental and other revenues from real estate properties
 
$
26,269

 
$
404

 
$
26,673

Other income
 

 
188

 
188

Total revenues
 
26,269

 
592

 
26,861

Expenses:
 
 
 
 
 
 
Real estate operating expenses
 
13,142

 
141

 
13,283

Interest expense
 
7,054

 
126

 
7,180

General and administrative
 
2,263

 
46

 
2,309

Depreciation
 
7,532

 
29

 
7,561

Total expenses
 
29,991

 
342

 
30,333

Total revenue less total expenses
 
(3,722
)
 
250

 
(3,472
)
Equity in (loss) earnings from unconsolidated joint ventures
 
(331
)
 
24

 
(307
)
(Loss) income from continuing operations
 
(4,053
)
 
274

 
(3,779
)
Provision for taxes
 
41

 

 
41

(Loss) income from continuing operation, net of taxes
 
(4,094
)
 
274

 
(3,820
)
Net loss (income) attributable to non-controlling interests
 
451

 
(33
)
 
418

Net loss attributable to common stockholders
 
$
(3,643
)
 
$
241

 
$
(3,402
)
Segment Assets at June 30, 2017
 
$
962,259

 
$
17,125

 
$
979,384




 
 
Three Months Ended June 30, 2016
 
 
Multi-Family
Real Estate
 
Other Assets
 

Total
Revenues:
 
 
 
 
 
 
Rental and other revenues from real estate properties
 
$
23,323

 
$
356

 
$
23,679

Other income
 

 
608

 
608

Total revenues
 
23,323

 
964

 
24,287

Expenses:
 
 
 
 
 
 
Real estate operating expenses
 
11,831

 
155

 
11,986

Interest expense
 
5,991

 
23

 
6,014

Property acquisition costs
 
1,408

 

 
1,408

General and administrative
 
2,326

 
47

 
2,373

Depreciation
 
5,844

 
27

 
5,871

Total expenses
 
27,400

 
252

 
27,652

Total revenues less total expenses
 
(4,077
)
 
712

 
(3,365
)
Gain on sale of real estate
 
10,263

 

 
10,263

Gain on sale of partnership interest
 
386

 

 
386

Income from continuing operations
 
6,572

 
712

 
7,284

Net income attributable to non-controlling interests
 
(1,776
)
 
(28
)
 
(1,804
)
Net income attributable to common stockholders
 
$
4,796

 
$
684

 
$
5,480

Segment Assets at June 30, 2016
 
$
757,522

 
$
30,599

 
$
788,121








 
 
Nine Months Ended June 30, 2017
 
 
Multi-Family
Real Estate
 
Other
Assets
 

Total
Revenues:
 
 
 
 
 
 
Rental and other revenues from real estate properties
 
$
75,229

 
$
1,175

 
$
76,404

Other income
 
(9
)
 
989

 
980

Total revenues
 
75,220

 
2,164

 
77,384

Expenses:
 
 
 
 
 
 
Real estate operating expenses
 
37,241

 
397

 
37,638

Interest expense
 
19,016

 
1,253

 
20,269

General and administrative
 
7,150

 
146

 
7,296

Depreciation
 
21,547

 
83

 
21,630

Total expenses
 
84,954

 
1,879

 
86,833

Total revenue less total expenses
 
(9,734
)
 
285

 
(9,449
)
Equity in (loss) earnings from unconsolidated joint ventures
 
(331
)
 
24

 
(307
)
Gain on sale of real estate
 
35,389

 
449

 
35,838

Loss on extinguishment of debt
 
(799
)
 

 
(799
)
Income from continuing operations
 
24,525

 
758

 
25,283

Provision for taxes
 
1,470

 
29

 
1,499

Income from continuing operations, net of taxes
 
23,055

 
729

 
23,784

Net income attributable to non-controlling interests
 
(15,544
)
 
(101
)
 
(15,645
)
Net income attributable to common stockholders
 
$
7,511

 
$
628

 
$
8,139

Segment Assets at June 30, 2017
 
$
962,259

 
$
17,125

 
$
979,384








 
 
Nine Months Ended June 30, 2016
 
 
Multi-Family
Real Estate
 
Other Assets
 

Total
Revenues:
 
 
 
 
 
 
Rental and other revenues from real estate properties
 
$
68,961

 
$
1,030

 
$
69,991

Other income
 

 
2,641

 
2,641

Total revenues
 
68,961

 
3,671

 
72,632

Expenses:
 
 
 
 
 
 
Real estate operating expenses
 
34,729

 
448

 
35,177

Interest expense
 
17,478

 
116

 
17,594

Advisor's fee, related party
 
593

 
100

 
693

Property acquisition costs
 
2,418

 

 
2,418

General and administrative
 
6,221

 
181

 
6,402

Depreciation
 
16,407

 
80

 
16,487

Total expenses
 
77,846

 
925

 
78,771

Total revenue less total expenses
 
(8,885
)
 
2,746

 
(6,139
)
Gain on sale of real estate
 
34,489

 
609

 
35,098

Gain on sale of partnership interest
 
386

 
 
 
386

Loss on extinguishment of debt
 
(2,668
)
 

 
(2,668
)
Income from continuing operations
 
23,322

 
3,355

 
26,677

Net (income) loss attributable to non-controlling interests
 
(12,555
)
 
1,581

 
(10,974
)
Net income attributable to common stockholders before reconciling adjustment
 
$
10,767

 
$
4,936

 
15,703

Reconciling adjustment:
 
 
 
 
 
 
Discontinued operations, net of non-controlling interest
 
 
 
 
 
12,679

Net income attributable to common stockholders
 
 
 
 
 
$
28,382

Segment Assets at June 30, 2016
 
$
757,522

 
$
30,599

 
$
788,121