Summary of segment reporting |
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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