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SEGMENT REPORTING
12 Months Ended
Sep. 30, 2017
Segment Reporting [Abstract]  
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