Segment Reporting

6 Months Ended

Mar. 31, 2013

Segment Reporting

Segment Reporting

Note 10 - Segment Reporting

Management has determined that the Trust operates in three reportable segments: (i) a loan and investment segment which includes the origination and servicing of the Trust’s loan portfolio and investments; (ii) a multi-family property segment which includes the ownership and operation of its multi-family properties; and (iii) a commercial and mixed use real estate segment which includes the operation and disposition of the Trust’s other real estate assets and in particular, the Newark Joint Venture. Due to the addition of the multi-family properties in fiscal 2012 and 2013, the Trust changed the manner in which general and administrative expenses and general corporate debt is allocated to the segments.  Management determined it would be more appropriate to allocate these expenses based on the amount of equity invested rather than on the total assets of each segment as was previously done.  The prior period has been changed to reflect the new allocation of these expenses.

The following table summarizes the Trust’s segment reporting for the periods indicated (dollars in thousands):

	Three Months Ended March 31, 2013
	Loan and Investment		Multi-Family Real Estate			Other Real Estate			Total
Rental and other revenue from real estate properties	—		$	6,122		$	744		$	6,866
Interest and fees on real estate loans	$	2,966	—			—			2,966
Other income	31		—			283			314
Total revenues	2,997		6,122			1,027			10,146
Interest expense	352		1,576			733			2,661
Advisors fee, related party	240		166			37			443
General and administrative expenses	1,167		386			168			1,721
Property acquisition costs	—		160			—			160
Operating expenses relating to real estate properties	—		2,992			425			3,417
Depreciation and amortization	—		1,434			184			1,618
Total expenses	1,759		6,714			1,547			10,020
Total revenues less total expenses	1,238		(592		)	(520		)	126
Equity in earnings of unconsolidated ventures	—		—			68			68
Gain on sale of available- for-sale securities	482		—			—			482
Net income (loss)	1,720		(592		)	(452		)	676
Plus: (net income) loss attributable to non-controlling interests	—		(21		)	355			334
Net income (loss) attributable to common shareholders	$	1,720	$	(613	)	$	(97	)	$	1,010
Segment assets at March 31, 2013	$	100,450	$	188,301		$	151,474		$	440,225

	Six Months Ended March 31, 2013
	Loan and Investment		Multi-Family Real Estate			Other Real Estate			Total
Rental and other revenue from real estate properties	—		$	11,072		$	1,434		$	12,506
Interest and fees on real estate loans	$	4,845	—			—			4,845
Other income	473		—			573			1,046
Total revenues	5,318		11,072			2,007			18,397
Interest expense	709		3,063			1,835			5,607
Advisors fee, related party	426		300			91			817
General and administrative expenses	2,452		782			350			3,584
Property acquisition costs	—		1,038			—			1,038
Operating expenses relating to real estate properties	—		5,292			1,271			6,563
Depreciation and amortization	—		2,538			367			2,905
Total expenses	3,587		13,013			3,914			20,514
Total revenues less total expenses	1,731		(1,941		)	(1,907		)	(2,117		)
Equity in earnings of unconsolidated ventures	—		—			129			129
Gain on sale of available- for-sale securities	482		—			—			482
Net income (loss)	2,213		(1,941		)	(1,778		)	(1,506		)
Plus: net loss attributable to non-controlling interests	—		90			1,122			1,212
Net income (loss) attributable to common shareholders	$	2,213	$	(1,851	)	$	(656	)	$	(294	)
Segment assets at March 31, 2013	$	100,450	$	188,301		$	151,474		$	440,225

The following table summarizes the Trust’s segment reporting for the periods indicated (dollars in thousands):

	Three Months Ended March 31, 2012
	Loan and Investment		Multi-Family Real Estate			Other Real Estate			Total
Rental and other revenue from real estate properties		—	$	178		$	841		$	1,019
Interest and fees on real estate loans	$	2,202	—			—			2,202
Other income	173		—			293			466
Total revenues	2,375		178			1,134			3,687
Interest expense	116		139			620			875
Advisor’s fee, related party	199		37			37			273
General and administrative	722		552			732			2,006
Property acquisition costs	—		1,793			—			1,793
Operating expenses relating to real estate properties	—		70			889			959
Depreciation and amortization	—		—			180			180
Total expenses	1,037		2,591			2,458			6,086
Total revenues less total expenses	1,338		(2,413		)	(1,324		)	(2,399		)
Equity in earnings (loss) of unconsolidated ventures	6		(129		)	83			(40		)
Gain on sale of available- for-sale securities	342		—			—			342
Income (loss) from continuing operations	1,686		(2,542		)	(1,241		)	(2,097		)
Net income (loss)	1,686		(2,542		)	(1,241		)	(2,097		)
Plus: net loss attributable to non-controlling interests	—		347			722			1,069
Net income (loss) attributable to common shareholders	$	1,686	$	(2,195	)	$	(519	)	$	(1,028	)
Segment assets at March 31, 2012	$	108,626	$	82,485		$	108,233		$	299,344

	Six Months Ended March 31, 2012
	Loan and Investment			Multi-Family Real Estate			Other Real Estate			Total
Rental and other revenue from real estate loans	—			$	178		$	1,609		$	1,787
Interest and fees on real estate loans	$	4,454		—						4,454
Other income	307			—			293			600
Total revenues	4,761			178			1,902			6,841
Interest expense	327			139			876			1,342
Advisor’s fee, related party	312			37			95			444
General and administrative	1,818			552			1,310			3,680
Property acquisition costs	—			1,793			—			1,793
Operating expenses relating to real estate properties	—			70			1,675			1,745
Depreciation and amortization	—			—			364			364
Total expenses	2,457			2,591			4,320			9,368
Total revenues less total expenses	2,304			(2,413		)	(2,418		)	(2,527		)
Equity in (loss) earnings of unconsolidated ventures	(136		)	(129		)	150			(115		)
Gain on sale of available- for-sale securities	324			—			—			324
Gain on sale of loan	3,192			—			—			3,192
Income (loss) from continuing operations	5,684			(2,542		)	(2,268		)	874
Discontinued operations:
Gain on sale of real estate assets	—			—			490			490
Net income (loss)	5,684			(2,542		)	(1,778		)	1,364
Plus: net loss attributable to non-controlling interests	—			347			1,135			1,482
Net income (loss) attributable to common shareholders	$	5,684		$	(2,195	)	$	(643	)	$	2,846
Segment assets at March 31, 2012	$	108,626		$	82,485		$	108,233		$	299,344