SEGMENT REPORTING |
SEGMENT REPORTING Management has determined that the Company operates in two reportable segments: a multi-family real estate segment which includes the ownership, operation and development of its multi-family properties, and another real estate segment, which includes the ownership and operation and development of its other real estate assets. The following table summarizes the Company's segment reporting for the year ended September 30, 2017 (dollars in thousands): | | | | | | | | | | | | | | | | Multi-Family Real Estate | | Other Real Estate | | Total | Revenues: | | | | | | | Rental and other revenues from real estate properties | | $ | 102,938 |
| | $ | 1,539 |
| | $ | 104,477 |
| Other income | | (9 | ) | | 1,303 |
| | 1,294 |
| Total revenues | | 102,929 |
| | 2,842 |
| | 105,771 |
| Expenses: | | | | | | | Real estate operating expenses | | 50,733 |
| | 546 |
| | 51,279 |
| Interest expense | | 26,782 |
| | 1,389 |
| | 28,171 |
| General and administrative | | 9,208 |
| | 188 |
| | 9,396 |
| Depreciation | | 30,381 |
| | 110 |
| | 30,491 |
| Total expenses | | 117,104 |
| | 2,233 |
| | $ | 119,337 |
| Total revenue less total expenses | | (14,175 | ) | | 609 |
| | (13,566 | ) | Equity in (loss) earnings of unconsolidated joint ventures | | (417 | ) | | 33 |
| | (384 | ) | Gain on sale of real estate | | 52,152 |
| | 449 |
| | 52,601 |
| Loss on extinguishment of debt | | (1,463 | ) | | — |
| | (1,463 | ) | Income from continuing operations | | 36,097 |
| | 1,091 |
| | 37,188 |
| Provision for taxes | | 1,529 |
| | 31 |
| | 1,560 |
| Net income | | 34,568 |
| | 1,060 |
| | 35,628 |
| Net (income) attributable to non-controlling interests | | (21,896 | ) | | (132 | ) | | (22,028 | ) | Net income attributable to common stockholders | | $ | 12,672 |
| | $ | 928 |
| | $ | 13,600 |
| Segment Assets at September 30, 2017 | | $ | 976,806 |
| | $ | 17,091 |
| | $ | 993,897 |
|
NOTE 14—SEGMENT REPORTING (continued) The following table summarizes the Company'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 | | $ | 93,795 |
| | $ | 1,407 |
| | $ | 95,202 |
| Other income | | — |
| | 3,319 |
| | $ | 3,319 |
| Total revenues | | 93,795 |
| | 4,726 |
| | 98,521 |
| Expenses: | | | | |
| | |
| Real estate operating expenses | | 46,936 |
| | 583 |
| | 47,519 |
| 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 |
| Depreciation | | 22,251 |
| | 929 |
| | 23,180 |
| Total expenses | | 105,684 |
| | 1,974 |
| | 107,658 |
| Total revenues less total expenses | | (11,889 | ) | | 2,752 |
| | (9,137 | ) | 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 | | 29,156 |
| | 4,023 |
| | 33,179 |
| Provision for taxes | | 686 |
| | 14 |
| | 700 |
| Income from continuing operations, net of taxes | | 28,470 |
| | 4,009 |
| | 32,479 |
| Net (income) attributable to non-controlling interests | | (15,420 | ) | | (108 | ) | | (15,528 | ) | Net income attributable to common stockholders before reconciling items | | $ | 58,312 |
| | $ | 8,046 |
| | $ | 16,951 |
| Reconciling adjustment: | | | | | | | Discontinued operations, net of non-controlling interests | | | | | | 14,338 |
| Net income attributable to common stockholders | | | | | | $ | 31,289 |
| Segment assets at September 30, 2016 | | $ | 843,898 |
| | $ | 31,001 |
| | $ | 874,899 |
|
NOTE 14—SEGMENT REPORTING (continued) The following table summarizes the Company'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 | | $ | 79,646 |
| | $ | 1,380 |
| | $ | 81,026 |
| Other income | | — |
| | 72 |
| | 72 |
| Total revenues | | 79,646 |
| | 1,452 |
| | 81,098 |
| Expenses: | | | | |
| | |
| Real estate operating expenses | | 42,003 |
| | 609 |
| | 42,612 |
| 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 | | 89,559 |
| | 1,820 |
| | 91,379 |
| Total revenues less total expenses | | (9,913 | ) | | (368 | ) | | (10,281 | ) | Gain on sale of real estate | | 14,404 |
| | 601 |
| | 15,005 |
| Income from continuing operations | | 4,491 |
| | 233 |
| | 4,724 |
| Net (income) attributable to non-controlling interests | | (4,877 | ) | | (93 | ) | | (4,970 | ) | Net (loss) income attributable to common stockholders before reconciling adjustment | | $ | (386 | ) | | $ | 140 |
| | $ | (246 | ) | Reconciling adjustment: | | | | | | | Discontinued operations, net of non-controlling interests | | | | | | (2,142 | ) | Net loss attributable to common stockholders | | | | | | (2,388 | ) | Segment assets at September 30, 2015 | | $ | 616,909 |
| | $ | 55,425 |
| | $ | 672,334 |
|
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