Real Estate Properties

9 Months Ended

Jun. 30, 2018

Real estate properties (including properties held for sale) consist of the following (dollars in thousands):


	June 30, 2018		September 30, 2017
Land	$	167,477	$	138,094
Building	929,305		808,366
Building improvements	35,394		31,411
Real estate properties	1,132,176		977,871
Accumulated depreciation	(77,692)		(66,621)
Total real estate properties, net	$	1,054,484	$	911,250

A summary of real estate properties owned (including properties held for sale) follows (dollars in thousands):


	September 30, 2017 Balance		Additions		Capitalized Costs and Improvements		Depreciation		Sales		June 30, 2018 Balance
Multi-family	$	890,300	$	240,374	$	11,629	$	(28,006)	$	(104,396)	$	1,009,901
Multi-family development - West Nashville, TN	10,448		23,715		—		—		—		34,163
Land - Daytona, FL	8,021		—		—		—		—		8,021
Shopping centers/Retail - Yonkers, NY	2,481		—		—		(82)		—		2,399
Total real estate properties	$	911,250	$	264,089	$	11,629	$	(28,088)	$	(104,396)	$	1,054,484

The following table summarizes the allocation of the purchase price of six properties purchased during the nine months ended June 30, 2018 (dollars in thousands):


	Purchase Price Allocation
Land	$	44,040
Building and improvements	184,003
Acquisition-related intangible assets	5,355
Total consideration	$	233,398

The purchase price of properties acquired, inclusive of acquisition costs, were allocated to the acquired assets based on their estimated relative fair values on the acquisition dates. During the nine months ended June 30, 2018, there have been no changes made to the previously recorded purchase price allocations.

As result of the damage caused by Hurricane Harvey in 2017, the Company reduced the carrying value of Retreat at Cinco Ranch, located in Katy, TX by $3,471,000 and, because the Company believed it was probable that it would recover such sum from its insurance coverage, recorded a receivable for the same amount. Through June 30, 2018, the Company received $7,384,000 in insurance recoveries related to Hurricane Harvey, of which $3,227,000 is recorded as a gain on insurance recovery in the nine months ended June 30, 2018 and $686,000 has been recognized as rental income (i.e., $98,000 in 2017 and $294,000 and $588,000 in the three and nine months ended June 30, 2018, respectively.)