Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 01, 2017 | Mar. 31, 2017 | |
Document and Entity Information | |||
Entity Registrant Name | BRT APARTMENTS CORP. | ||
Entity Central Index Key | 14,846 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2017 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 64.6 | ||
Entity Common Stock, Shares Outstanding | 14,022,438 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 | |
ASSETS | |||
Real estate properties, net of accumulated depreciation of $64,290 and $41,995 | $ 902,281 | $ 759,576 | |
Real estate loan | 5,500 | 19,500 | |
Cash and cash equivalents | 12,383 | 27,399 | |
Restricted cash | 6,151 | 7,383 | |
Deposits and escrows | 27,839 | 18,972 | |
Investment in unconsolidated joint ventures | 21,415 | 298 | |
Other assets | 9,359 | 7,775 | |
Real estate properties held for sale | 8,969 | 33,996 | |
Total Assets | [1] | 993,897 | 874,899 |
Liabilities: | |||
Mortgages payable, net of deferred costs of $6,345 and $5,873 | 697,826 | 588,457 | |
Junior subordinated notes, net of deferred costs of $382 and $402 | 37,018 | 36,998 | |
Accounts payable and accrued liabilities | 22,348 | 20,716 | |
Mortgage payable held for sale | 0 | 27,052 | |
Total Liabilities | [1] | 757,192 | 673,223 |
Commitments and contingencies | |||
Preferred shares, $.01 and $1 par value: | |||
Authorized 2,000 and 10,000 shares, none issued | 0 | 0 | |
Common stock, $.01 par value, 300,000 shares authorized, | |||
13,333 shares issued at September 30, 2017 | 133 | 39,696 | |
Additional paid-in capital | 201,910 | 161,321 | |
Accumulated other comprehensive income (loss) | 1,000 | (1,602) | |
Accumulated deficit | (37,047) | (48,125) | |
Total BRT Apartments Corp. stockholders' equity | 165,996 | 151,290 | |
Non-controlling interests | 70,709 | 50,386 | |
Total Equity | 236,705 | 201,676 | |
Total Liabilities and Equity | $ 993,897 | $ 874,899 | |
[1] | The Company's consolidated balance sheets include the assets and liabilities of consolidated variable interest entities (VIEs). See note 4. The consolidated balance sheets include the following amounts related to the Company's VIEs as of September 30, 2017 and 2016, respectively: $707,546 and $686,101 of real estate properties, $8,626 and $11,855 of cash and cash equivalents, $13,873 and $19,505 of deposits and escrows, $8,148 and $3,584 of other assets, $8,969 and $33,996 of real estate properties held for sale, $558,568 and $535,602 of mortgages payable, $14,419 and $17,893 of accounts payable and accrued liabilities and $0 and $27,052 of mortgage payable held for sale. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Debt Instrument [Line Items] | ||
Real estate properties, net of accumulated depreciation | $ 64,290 | $ 41,995 |
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 1 |
Preferred shares, authorized (in shares) | 2,000,000 | 10,000,000 |
Preferred shares, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 3 |
Common stock, issued (in shares) | 13,333,000 | 13,232,000 |
Common stock, authorized (in shares) | 300,000,000 | |
Shares of beneficial interest, par value (in dollars per share) | $ 0.01 | $ 3 |
Shares of beneficial interest, issued (in shares) | 13,333,000 | 13,232,000 |
Real estate investment property, net | $ 902,281 | $ 759,576 |
Commitments and contingencies | ||
Deferred mortgage costs | 6,727 | 6,275 |
Cash and cash equivalents | 12,383 | 27,399 |
Deposits and escrows | 27,839 | 18,972 |
Other assets | 9,359 | 7,775 |
Real estate properties held for sale | 8,969 | 33,996 |
Mortgages payable | 697,826 | 588,457 |
Accounts payable and accrued liabilities | 22,348 | 20,716 |
Mortgage payable held for sale | 0 | 27,052 |
Mortgages | ||
Debt Instrument [Line Items] | ||
Deferred mortgage costs | 6,345 | 5,873 |
Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Deferred mortgage costs | 382 | 402 |
Variable interest entity | ||
Debt Instrument [Line Items] | ||
Real estate properties, net of accumulated depreciation | 52,873 | 35,525 |
Real estate investment property, net | 707,546 | 686,101 |
Cash and cash equivalents | 8,626 | 11,855 |
Deposits and escrows | 13,873 | 19,505 |
Other assets | 8,148 | 3,584 |
Real estate properties held for sale | 8,969 | 33,996 |
Mortgages payable | 558,568 | 535,602 |
Accounts payable and accrued liabilities | 14,419 | 17,893 |
Mortgage payable held for sale | 0 | 27,052 |
Variable interest entity | Mortgages | ||
Debt Instrument [Line Items] | ||
Deferred mortgage costs | $ 5,170 | $ 4,856 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues: | |||
Rental and other revenue from real estate properties | $ 104,477 | $ 95,202 | $ 81,026 |
Other income | 1,294 | 3,319 | 72 |
Total revenues | 105,771 | 98,521 | 81,098 |
Expenses: | |||
Real estate operating expenses—including $2,725, $1,950 and $1,233 to related parties | 51,279 | 47,519 | 42,612 |
Interest expense | 28,171 | 23,878 | 19,297 |
Advisor's fees, related party | 0 | 693 | 2,448 |
Property acquisition costs—including $0, $2,221 and $1,293 to related parties | 0 | 3,852 | 1,885 |
General and administrative—including $346, $157 and $171 to related party | 9,396 | 8,536 | 6,683 |
Depreciation | 30,491 | 23,180 | 18,454 |
Total expenses | 119,337 | 107,658 | 91,379 |
Total revenues less total expenses | (13,566) | (9,137) | (10,281) |
Equity in loss of unconsolidated joint ventures | (384) | 0 | 0 |
Gain on sale of real estate | 52,601 | 46,477 | 15,005 |
Gain on sale of partnership interest | 0 | 386 | 0 |
Loss on extinguishment of debt | (1,463) | (4,547) | 0 |
Income from continuing operations | 37,188 | 33,179 | 4,724 |
Provision for taxes | 1,560 | 700 | 0 |
Income from continuing operations, net of taxes | 35,628 | 32,479 | 4,724 |
Discontinued operations: | |||
Loss from discontinued operations | 0 | (2,788) | (6,329) |
Gain on sale of partnership interest | 0 | 15,467 | 0 |
Income (loss) from discontinued operations | 0 | 12,679 | (6,329) |
Net income (loss) | 35,628 | 45,158 | (1,605) |
(Income) attributable to non-controlling interests | (22,028) | (13,869) | (783) |
Net income (loss) attributable to common stockholders | $ 13,600 | $ 31,289 | $ (2,388) |
Basic and diluted per share amounts attributable to common stockholders: | |||
Income (loss) from continuing operations (in dollars per share) | $ 0.97 | $ 1.21 | $ (0.02) |
Income (loss) from discontinued operations (in dollars per share) | 0 | 1.02 | (0.15) |
Basic and diluted earnings (loss) per share (in dollars per share) | $ 0.97 | $ 2.23 | $ (0.17) |
Amounts attributable to BRT Apartments Corp.: | |||
Income (loss) from continuing operations | $ 13,600 | $ 16,950 | $ (246) |
Income (loss) from discontinued operations | 0 | 14,339 | (2,142) |
Net income (loss) attributable to common stockholders | $ 13,600 | $ 31,289 | $ (2,388) |
Weighted average number of shares of common stock outstanding: | |||
Basic (in shares) | 13,993,638 | 14,017,279 | 14,133,352 |
Diluted (in shares) | 14,018,843 | 14,017,279 | 14,133,352 |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | |||
Real estate operating expenses | $ 2,725 | $ 1,950 | $ 1,233 |
Property acquisition costs, related party | 0 | 2,221 | 1,293 |
General and administrative, related party | $ 346 | $ 157 | $ 171 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 35,628 | $ 45,158 | $ (1,605) |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on derivative instruments | 3,047 | (1,544) | (50) |
Other comprehensive income (loss) | 3,047 | (1,544) | (50) |
Comprehensive income (loss) | 38,675 | 43,614 | (1,655) |
Comprehensive (income) attributable to non-controlling interests | (22,473) | (13,392) | (776) |
Comprehensive income (loss) attributable to common stockholders | $ 16,202 | $ 30,222 | $ (2,431) |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands | Total | Shares of Beneficial Interest | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | (Accumulated Deficit) | Non Controlling Interests | Shares of Common StockShares of Beneficial Interest |
Beginning balance at Sep. 30, 2014 | $ 168,639 | $ 40,965 | $ 166,209 | $ (8) | $ (77,026) | $ 38,499 | |
Increase (Decrease) in Stockholders' Equity | |||||||
Restricted stock vesting | 355 | (355) | |||||
Compensation expense—restricted stock | 906 | 906 | |||||
Contributions from non-controlling interests | 11,973 | 11,973 | |||||
Distributions to non-controlling interests | (12,588) | (12,588) | |||||
Purchase of non-controlling interests | (4,679) | (3,531) | (1,148) | ||||
Shares repurchased | (2,422) | (1,035) | (1,387) | ||||
Net income (loss) | (1,605) | (2,388) | 783 | ||||
Other comprehensive loss | (50) | (50) | |||||
Comprehensive income (loss) | (1,655) | ||||||
Ending balance at Sep. 30, 2015 | 160,174 | 40,285 | 161,842 | (58) | (79,414) | 37,519 | |
Increase (Decrease) in Stockholders' Equity | |||||||
Restricted stock vesting | 390 | (390) | |||||
Compensation expense—restricted stock | 1,005 | 1,005 | |||||
Contributions from non-controlling interests | 33,613 | 33,613 | |||||
Distributions to non-controlling interests | (32,825) | (32,825) | |||||
Shares repurchased | (2,115) | (979) | (1,136) | ||||
Net income (loss) | 45,158 | 31,289 | 13,869 | ||||
Other comprehensive loss | (1,544) | (1,544) | |||||
Comprehensive income (loss) | 43,614 | ||||||
Deconsolidation of joint venture upon sale | (1,790) | (1,790) | |||||
Ending balance at Sep. 30, 2016 | 201,676 | 39,696 | 161,321 | (1,602) | (48,125) | 50,386 | |
Increase (Decrease) in Stockholders' Equity | |||||||
Restricted stock vesting | 375 | (375) | |||||
Compensation expense—restricted stock | 1,219 | 1,219 | |||||
Contributions from non-controlling interests | 31,606 | 31,606 | |||||
Distributions to non-controlling interests | (33,756) | (33,756) | |||||
Shares repurchased | (193) | (17) | (175) | $ (1) | |||
Net income (loss) | 35,628 | 13,600 | 22,028 | ||||
Other comprehensive loss | 3,047 | 2,602 | 445 | ||||
Comprehensive income (loss) | 38,675 | ||||||
Distributions - Common Stock - $0.18 per share | (2,522) | (2,522) | |||||
Conversion to a Maryland corporation at $.01 par value | (40,054) | 39,920 | 134 | ||||
Ending balance at Sep. 30, 2017 | $ 236,705 | $ 0 | $ 201,910 | $ 1,000 | $ (37,047) | $ 70,709 | $ 133 |
CONSOLIDATED STATEMENT OF EQUI8
CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Shares repurchased (in shares) | 23,897 | 326,421 | 345,081 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 3 | |
Dividends paid (in dollars per share) | $ 0.18 | $ 0 | $ 0 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 35,628 | $ 45,158 | $ (1,605) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 31,754 | 25,994 | 22,957 |
Amortization of restricted stock | 1,219 | 1,005 | 906 |
Equity in (loss) of unconsolidated subsidiaries | 384 | 0 | 0 |
Gain on sale of partnership interests | 0 | (15,853) | 0 |
Gain on sale of real estate assets | (52,601) | (46,477) | (15,005) |
Loss on extinguishment of debt | 1,463 | 4,547 | 0 |
Effect of deconsolidation of non-controlling interest | 0 | (1,692) | 0 |
Increases and decreases from changes in other assets and liabilities: | |||
Decrease (increase) in interest and dividends receivable | 2,328 | (2,380) | 17 |
Increase in deposits and escrows | (8,867) | (6,190) | (602) |
Increase in accounts payable and accrued liabilities | 698 | 4,897 | 1,739 |
Decrease in other assets | 1,085 | 1,071 | 0 |
Net cash provided by operating activities | 13,091 | 10,080 | 8,407 |
Cash flows from investing activities: | |||
Collections from real estate loans | 14,000 | 0 | 2,000 |
Additions to real estate properties | (228,354) | (302,628) | (84,295) |
Net costs capitalized to real estate owned | (9,298) | (46,844) | (59,407) |
Purchase of non controlling interest | 0 | 0 | (4,679) |
Proceeds from the sale of real estate owned | 167,013 | 197,264 | 66,398 |
Distributions from unconsolidated joint ventures | 424 | 0 | 0 |
Contributions to unconsolidated joint ventures | (21,894) | 0 | 0 |
Proceeds from the sale of joint venture interests | 0 | 19,242 | 0 |
Net cash used in investing activities | (76,877) | (135,783) | (67,388) |
Cash flows from financing activities: | |||
Proceeds from mortgages payable | 155,172 | 267,788 | 98,907 |
Increase in other borrowed funds | 0 | 6,001 | 0 |
Mortgage payoffs | (96,322) | (130,090) | (37,504) |
Mortgage principal payments | (5,163) | (5,081) | (3,252) |
Increase in deferred borrowing costs | (2,574) | (2,491) | (3,758) |
Capital contributions from non-controlling interests | 31,606 | 33,613 | 11,973 |
Capital distributions to non-controlling interests | (33,756) | (32,825) | (12,588) |
Proceeds from sale of New Markets Tax Credits | 0 | 2,746 | 0 |
Repurchase of shares of common stock | (193) | (2,115) | (2,422) |
Net cash provided by financing activities | 48,770 | 137,546 | 51,356 |
Net (decrease) increase in cash and cash equivalents | (15,016) | 11,843 | (7,625) |
Cash and cash equivalents at beginning of year | 27,399 | 15,556 | 23,181 |
Cash and cash equivalents at end of year | 12,383 | 27,399 | 15,556 |
Supplemental disclosures of cash flow information: | |||
Cash paid during the year for interest expense, including capitalized interest of $263, $1,568 and $2,602 in 2017, 2016 and 2015 | 27,135 | 27,680 | 24,324 |
Cash paid during the year for income and excise taxes | 1,884 | 1,264 | 131 |
Acquisition of real estate through assumption of debt | 27,638 | 16,051 | 45,129 |
Assets removed due to casualty loss | 3,571 | 0 | 0 |
Commercial/mixed use properties | Newark Joint Venture | Primary beneficiary | |||
Cash flows from investing activities: | |||
Net change in restricted cash | 0 | (1,952) | 9,558 |
Multi-family residential | |||
Cash flows from investing activities: | |||
Net change in restricted cash | $ 1,232 | $ (865) | $ 3,037 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |||
Capitalized interest | $ 263 | $ 1,568 | $ 2,602 |
ORGANIZATION, BACKGROUND AND SI
ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES | ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES Organization and Background BRT Apartments Corp. (“BRT” or the “Company”) is the successor to BRT Realty Trust pursuant to the conversion of BRT Realty Trust from a Massachusetts business trust to a Maryland corporation on March 18, 2017. BRT owns, operates and develops multi‑family properties and owns and operates other assets, including real estate and a real estate loan. Generally, the multi‑family properties are acquired with venture partners in transactions in which the Company contributes 70% to 80% of the equity. At September 30, 2017 , the Company owns 33 multi-family properties with 9,568 units located in 11 states (including 402 units at a property under development). At September 30, 2017 , the net book value of the multi-family assets (including real estate assets held for sale), was $900,746,000 . The Company also owns and operates various other real estate assets. At September 30, 2017 , the net book value of the other real estate assets was $16,004,000 , including a real estate loan of $5,500,000 . BRT conducts its operations to qualify as a real estate investment trust, or REIT, for Federal income tax purposes. Principles of Consolidation The consolidated financial statements include the accounts and operations of BRT Apartments Corp. , its wholly owned subsidiaries, and its majority owned or controlled entities and its interests in variable interest entities ("VIEs") in which the Company has determined it is the primary beneficiary. Material intercompany balances and transactions have been eliminated. The Company's consolidated joint ventures that own multi-family properties were determined to be VIEs because the voting rights of some equity investors are not proportional to their obligations to absorb the expected losses of the entity and their right to receive the expected residual returns. It was determined that the Company is the primary beneficiary of these joint ventures because it has a controlling financial interest in that it has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE. The joint ventures that own properties in Dallas, TX and St. Louis, MO were determined not to be VIE's but are consolidated because the Company has substantive participating rights in such entities. With respect to its unconsolidated joint ventures, as (i) the Company is primarily the managing member but does not exercise substantial operating control over these entities or the Company is not the managing member and (ii) such entities are not VIEs, the Company determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes. Certain items on the consolidated financial statements for the prior years have been reclassified to conform with the current year's presentation, including the reclassification (i) of the operations and related assets of the Newark Joint Venture to discontinued operations, (ii) of deferred loan costs on the consolidated balance sheets from assets to a reduction of the carrying amount of mortgage payable and (iii) tenant utility reimbursements from real estate operating expenses to rental and other revenues from real estate properties. The reclassification of tenant utility reimbursements increased total revenues and expenses by $4,066,000 and $4,033,000 in 2016 and 2015, respectively, and had no effect on the Company's financial position, results of operation or cash flows. Income Tax Status The Company qualifies as a real estate investment trust under sections 856-860 of the Internal Revenue Code of 1986, as amended. The board of directors may, at its option, elect to revoke or terminate the Company's election to qualify as a real estate investment trust. The Company will not be subject to federal, and generally state and local taxes on amounts it distributes to stockholders, provided it distributes 90% of its ordinary taxable income and meets other conditions. The Company currently has net operating loss carryforwards which it can use to reduce taxable income. Use of the net operating loss carryforward is subject to an alternative minimum tax. NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) In accordance with Accounting Standards Codification ("ASC") Topic 740 - "Income Taxes", the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Company's financial position or results of operations. The Company's income tax returns for the previous six years are subject to review by the Internal Revenue Service. Revenue Recognition Rental revenue from multi-family properties is recorded when due from residents and is recognized monthly as it is earned. Rental payments are due in advance. Leases on residential properties are generally for terms that do not exceed one year. Rental revenue from commercial properties, including the base rent that each tenant is required to pay in accordance with the terms of their respective leases, net of any rent concessions and lease incentives, is reported on a straight-line basis over the non-cancellable term of the lease. Real Estate Properties Real estate properties are stated at cost, net of accumulated depreciation, and include real property acquired through acquisition, development or foreclosure. The Company assesses the fair value of real estate acquired (including land, buildings and improvements, and identified intangibles such as acquired in-place leases) and acquired liabilities and allocates the acquisition price, including transaction costs, based on these assessments. Depreciation for multi-family properties is computed on a straight-line basis over an estimated useful life of 30 years. Intangible assets (and liabilities) are amortized over the remaining life of the related leases at the time of acquisition and is usually less than one year. Expenditures for maintenance and repairs are charged to operations as incurred. Real estate is classified as held for sale when management has determined that the applicable criteria have been met. Real estate assets that are expected to be disposed of are valued at the lower of their carrying amount or their fair value less costs to sell on an individual asset basis. Real estate classified as held for sale is not depreciated. The Company accounts for the sale of real estate when title passes to the buyer, sufficient equity payments have been received, there is no continuing involvement by the Company and there is reasonable assurance that the remaining receivable, if any, will be collected. Real Estate Asset Impairments The Company reviews each real estate asset owned, including investments in real estate ventures, to determine if there are indicators of impairment. If such indicators are present, the Company determines whether the carrying amount of the asset can be recovered. Recognition of impairment is required if the undiscounted cash flows estimated to be generated by the asset are less than the asset's carrying amount and that carrying amount exceeds the estimated fair value of the asset. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends, the effects of leasing demands, and other factors. In evaluating a property for impairment, various factors are considered, including estimated current and expected operating cash flow from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of such real estate in the ordinary course of business. Valuation adjustments may be necessary in the event that effective interest rates, rent-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. If future evaluations result in a decrease in the value of the property below its carrying value, NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) the reduction will be recognized as an impairment charge. The fair values related to the impaired real estate assets are considered to be a level 3 valuation within the fair value hierarchy. Fixed Asset Capitalization A variety of costs may be incurred in the development of the Company's properties. After a determination is made to capitalize a cost, it is allocated to the specific project that is benefited. The costs of land and building under development include specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, and other costs incurred during the period of development. A construction project is considered substantially completed when it is available for occupancy, but no later than one year from cessation of major construction activity. The Company ceases capitalization when the project is available for occupancy. Equity Based Compensation Compensation expense for grants of restricted stock and restricted stock units ("RSUs") are amortized over the vesting period of such awards, based upon the estimated fair value of such award at the grant date. The deferred compensation related to the RSUs to be recognized as expense is net of certain and performance assumptions which are re-evaluated quarterly. For accounting purposes, the restricted shares are not included in the outstanding shares shown on the consolidated balance sheets until they vest; however, they are included in the calculation of both basic and diluted earnings per share as they participate in the earnings of the Company. Derivatives and Hedging Activities The Company's objective in using derivative financial instruments is to manage interest rate risk related to variable rate debt. The Company does not use derivatives for trading or speculative purposes. The Company records all derivatives on its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (loss) and subsequently reclassified to earnings in the period in which the hedge transaction affects earnings. The ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which they occur. Per Share Data Basic earnings (loss) per share is determined by dividing net income (loss) applicable to holders of common stock for the applicable year by the weighted average number of shares of common stock outstanding during such year. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue shares of common stock were exercised or converted into shares of common stock or resulted in the issuance of shares of common stock that share in the earnings of the Company. Diluted earnings (loss) per share is determined by dividing net income (loss) applicable to the holders of common stock for the applicable year by the sum of the weighted average number of shares of common stock outstanding plus the dilutive effect of the Company's unvested restricted stock units using the treasury stock method. Cash Equivalents Cash equivalents consist of highly liquid investments; primarily, direct United States treasury obligations with maturities of three months or less when purchased. NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) Restricted Cash Restricted cash consists of cash held for construction costs and property improvements for specific properties as may be required by contractual arrangements. Deferred Costs Fees and costs incurred in connection with multi-family property financings are deferred and amortized over the term of the related debt obligations. Fees and costs paid related to the successful negotiation of commercial leases are deferred and amortized on a straight-line basis over the terms of the respective leases. Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Segment Reporting The Company operates in two reportable segments: (i) multi-family real estate; and (ii) other real estate assets. The multi-family real estate segment includes the ownership, operation and development of the Company's multi-family properties and the other real estate segment includes all activities related to the ownership, operation and disposition of the Company's other real estate assets. New Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), prescribes a single, common revenue standards which supersedes nearly all existing revenue recognition guidance under U.S. GAAP, including most industry-specific requirements. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 outlines a five step model to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a modified retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2018. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03 Interest - Imputation of Interest, which amends the balance sheet presentation for debt issuance costs. Under the amended guidance, a company will present unamortized debt issuance costs as a direct deduction from the carrying amount of that debt liability. The guidance is to be applied on a retrospective basis, and is effective for annual reporting periods beginning after December 15, 2015, with early adoption being permitted. The Company elected early adoption for the fiscal year ended September 30, 2017 , and its adoption did not have a material effect on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 , Leases. ASU 2016-02 supersedes the current accounting for leases and while retaining two distinct types of leases, finance and operating, (i) requires lessees to record a right of use asset and a related liability for the rights and obligations associated with a lease, regardless of lease classification, and recognize lease expense in a manner similar to current accounting (ii) eliminates most real estate specific lease provisions, and (iii) aligns many of the underlying lessor model principles with those in the new revenue standard. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and early adoption is permitted. We are required to adopt ASU 2016-02 using the modified retrospective approach which requires us to record leases existing as of or are entered into after the beginning of the NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) earliest comparative period presented in the financial statements under the new lease standard. We are currently evaluating the impact of our pending adoption of ASU No. 2016-02 on our consolidated financial statements. We believe our adoption of the new leasing standard will have an immaterial increase in the assets and liabilities on our consolidated balance sheets, with no material impact to our consolidated statements of income and comprehensive income. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), which provides specific guidance on eight cash flow classification issues and how to reduce diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The effective date of the standard will be fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact, if any, on its consolidated financial statements. In January 2017, the Financial Accounting Standards Board ("FASB") issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The ASU clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or business combinations. The ASU is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. Early adoption is permitted. The Company elected early adoption effective for the quarter ended December 31, 2016. The Company's net income was favorably impacted as a result of the capitalization of acquisition costs - in prior periods, property acquisition costs were expensed during the period incurred. During the year ended September 30, 2017, capitalized acquisition costs were $3,364,000 , without giving effect to non-controlling interests. |
REAL ESTATE PROPERTIES
REAL ESTATE PROPERTIES | 12 Months Ended |
Sep. 30, 2017 | |
Real Estate [Abstract] | |
REAL ESTATE PROPERTIES | REAL ESTATE PROPERTIES Real estate properties (including real estate properties held for sale), consist of the following: September 30, 2017 2016 Land $ 138,094 $ 128,409 Building 808,366 684,133 Building improvements 31,411 25,717 Real estate properties 977,871 838,259 Accumulated depreciation (66,621 ) (44,687 ) Total real estate properties, net $ 911,250 $ 793,572 NOTE 2—REAL ESTATE PROPERTIES (continued) A summary of activity in real estate properties (including properties held for sale), for the year ended September 30, 2017 , follows (dollars in thousands): Depreciation and Sales Other Dispositions Multi-family $ 783,085 $ 255,992 $ 9,173 $ (30,379 ) $ (113,552 ) $ (3,571 ) $ 900,748 Land - Daytona, FL 8,021 — — — — — 8,021 Retail shopping center - Yonkers, NY 2,466 — 125 (110 ) — — 2,481 Total real estate properties $ 793,572 $ 255,992 $ 9,298 $ (30,489 ) $ (113,552 ) $ (3,571 ) $ 911,250 Other dispositions set forth in the table above reflect the $ 3,571,000 reduction of the net book value of assets related to Retreat at Cinco Ranch, Katy, TX, which was damaged by Hurricane Harvey. The net book value was reduced due to damage to 96 ground floor units, the clubhouse, pool, landscaping and all HVAC units. The cost of repairing the damage is expected to be covered completely by insurance proceeds excluding a $100,000 deductible. Though the insurance claim has not been resolved, the Company believes it is probable that it will recover $3,471,000 and therefore has recognized such sum in insurance recoveries. Through December 12, 2017, the Company has received $1,100,000 in insurance proceeds. The acquisitions completed in the year ended September 30, 2017 and described in note 3-Acquisitions, Dispositions and Impairment Charges, have been accounted for as asset acquisitions. The purchase prices were allocated to the acquired assets and assumed liabilities based on management's estimate of the relative fair value of these acquired assets and assumed liabilities at the dates of acquisition. The following table summarizes the preliminary allocations of the purchase price of nine properties purchased between August 1, 2016 and September 30, 2017 , and the finalized allocation of the purchase price, as adjusted, as of September 30, 2017 (dollars in thousands): Preliminary Adjustments Finalized Land $ 39,296 $ (1,550 ) $ 37,746 Buildings and improvements 299,327 341 299,668 Acquisition-related intangible assets (in acquired lease intangibles, net) 4,180 1,209 5,389 Total consideration $ 342,803 $ — $ 342,803 NOTE 2—REAL ESTATE PROPERTIES (continued) A summary of the Company's multi-family properties by state as and for the year ended September 30, 2017 , is as follows (dollars in thousands): Location Number of Properties at September 30, 2017 Number of Units at September 30, 2017 2017 % of 2017 Texas 9 2,695 $ 32,011 31.1 % Florida (a) 4 1,268 15,339 14.9 % Georgia 4 959 11,842 11.5 % Tennessee 2 702 4,339 4.2 % Alabama 2 826 7,849 7.6 % South Carolina 3 683 6,305 6.1 % Missouri 4 775 7,694 7.5 % Indiana 1 400 3,418 3.3 % Mississippi 2 776 8,310 8.1 % Ohio 1 264 2,671 2.6 % Virginia 1 220 3,160 3.1 % 33 9,568 $ 102,938 100 % ________________________ (a) Includes Waverly Place Apartments - Melbourne, FL, which was sold on October 25, 2017. This property has 208 units and accounted for $2,567 of 2017 revenues. Future minimum rentals to be received by the Company pursuant to non-cancellable operating leases with terms in excess of one year, from a commercial property owned by the Company at September 30, 2017 , are as follows (dollars in thousands): Year Ending September 30, Amount 2018 $ 1,119 2019 1,119 2020 1,119 2021 1,132 2022 1,185 Thereafter 4,500 Total $ 10,174 Leases at the Company's multi-family properties are generally for a term of one year or less and are not reflected in the above table. REAL ESTATE PROPERTY HELD FOR SALE At September 30, 2017 , Waverly Place Apartments, Melbourne, FL, with a book value of $8,969,000 , was held for sale. This property was sold on October 25, 2017. The Company estimates it will recognize a gain on the sale of the property of approximately $12,700,000 , of which approximately $2,800,000 will be allocated to the non-controlling partner. |
ACQUISITIONS, DISPOSITIONS AND
ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES | 12 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES | ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES Property Acquisitions The tables below provides information regarding the Company's purchases of multi-family properties during the years ended September 30, (dollars in thousands): 2017 Location Purchase No. of Acquisition Initial BRT Ownership Percentage Capitalized Property Fredricksburg, VA 11/4/2016 220 $ 38,490 $ 29,900 $ 8,720 80 % $ 643 St. Louis, MO 2/28/2017 128 27,000 20,000 6,001 76 % 423 St. Louis, MO 2/28/2017 53 8,000 6,200 2,002 76 % 134 Creve Coeur, MO 4/4/2017 174 39,600 29,000 9,408 78 % 569 West Nashville, TN (a) 6/2/2017 402 5,228 — 4,800 58 % 226 Farmers Branch, TX 6/29/2017 509 85,698 55,200 16,200 50 % 992 Tallahassee, FL 8/30/2017 242 27,588 21,524 7,015 80 % 377 1,728 $ 231,604 $ 161,824 $ 54,146 $ 3,364 ______________________ (a) A development property. 2016 Location Purchase No. of Acquisition Initial BRT Ownership Percentage Property N. Charleston, SC (a) 10/13/2015 271 $ 3,625 — $ 6,558 65 % — La Grange, GA 11/18/2015 236 22,800 $ 16,051 6,824 100 % 57 Katy, TX 1/22/2016 268 40,250 30,750 8,150 75 % 382 Macon, GA 2/1/2016 240 14,525 11,200 3,250 80 % 158 Southaven, MS 2/29/2016 392 35,000 28,000 5,856 60 % 413 San Antonio, TX 5/6/2016 288 35,150 26,400 6,688 65 % 539 Dallas, TX 5/11/2016 494 37,000 27,938 6,750 50 % 567 Columbia, SC 5/31/2016 204 17,000 12,934 4,930 80 % 302 Atlanta, GA 8/15/2016 271 39,125 27,375 10,769 74 % 577 Southaven, MS 9/1/2016 384 38,205 30,564 6,060 60 % 347 San Antonio, TX 9/19/2016 288 36,000 27,000 8,060 72 % 510 3,336 $ 318,680 $ 238,212 $ 73,895 $ 3,852 ________________________ (a) A development property. NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - (continued) The table below provides information regarding the real estate properties acquired by the Company subsequent to September 30, 2017 (dollars in thousands): Location Purchase No. of Acquisition Initial BRT Ownership Percentage Capitalized Property Madison, AL 12/7/2017 204 $ 18,420 $ 15,000 $ 4,456 80 % $ 174 Property Dispositions The tables below provide information regarding the Company's disposition of real estate properties during the years ended September 30, (dollars in thousands): 2017 Location Sale Date No. of Units Sales Price Gain on Sale Non-Controlling Partner's Share of Gain Greenville, NC 10/19/2016 350 $ 68,000 $ 18,483 $ 9,329 Panama City, FL 10/26/2016 160 14,720 7,393 3,478 Atlanta, GA 11/21/2016 350 36,750 8,905 4,166 Hixson, TN 11/30/2016 156 10,775 608 152 New York, NY 12/21/2016 1 465 449 — Humble, TX 7/27/2017 260 18,000 7,707 3,143 Humble, TX 7/27/2017 160 11,300 4,767 1,943 Pasadena, TX 7/27/2017 144 9,750 4,289 2,629 1,581 $ 169,760 $ 52,601 $ 24,840 2016 Location Sale Date No. of Units Sales Price Gain on Sale Non-Controlling Partner's Share of Gain Cordova, TN 3/2/2016 464 $ 31,100 $ 6,731 $ 2,195 Kennesaw, GA 3/15/2016 450 64,000 17,462 10,037 Pooler, GA 4/6/2016 300 38,500 5,710 1,405 Collierville, TN 6/1/2016 324 34,300 4,586 917 Little Rock, AK (a) 6/6/2016 172 2,372 386 — Wichita, KS 9/1/2016 496 30,400 10,718 4,241 New York, NY 12/17/2016 2 1,377 1,271 — 2,208 $ 202,049 $ 46,864 $ 18,795 _____________________________ (a) Reflects the sale of a partnership interest NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - (continued) The table below provides information regarding the real estate properties disposed of by the Company subsequent to September 30, 2017 (dollars in thousands): Location Sale Date No. of Units Sales Price Estimated Gain on Sale Non-Controlling Partner's Share of Estimated Gain Melbourne, FL 10/25/2017 208 $ 22,250 $ 12,700 $ 2,800 Impairment Charges The Company reviews each real estate asset owned, including those held through investments in unconsolidated joint ventures, for impairment when there is an event or a change in circumstances indicating that the carrying amount may not be recoverable. The Company measures and records impairment losses, and reduces the carrying value of properties, when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying costs to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell. During the years ended September 30, 2017 , 2016 , and 2015 , no impairment charges were recorded. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES The Company conducts a large portion of its business with joint venture partners. Many of the Company's consolidated joint ventures that own properties were determined to be variable interest entities ("VIEs") because the voting rights of some equity partners are not proportional to their obligations to absorb the expected loses of the entity and their rights to receive expected residual returns. It was determined that the Company is the primary beneficiary of these joint venture because it has a controlling financial interest in that it has the power to direct the activities of the VIE that most significantly impacts the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE. The following is a summary of the carrying amounts with respect to the consolidated VIEs and their classification on the Company's consolidated balance sheets (amounts in thousands): September 30, 2017 2016 ASSETS Real estate properties, net of depreciation of $52,873 and $35,525 $ 707,546 $ 686,101 Cash and cash equivalents 8,626 11,855 Deposits and escrows 13,873 19,505 Other assets 8,148 3,584 Real estate properties held for sale 8,969 33,996 Total Assets $ 747,162 $ 755,041 LIABILITIES Mortgages payable, net of deferred costs of $5,170 and $4,856 $ 558,568 $ 535,602 Accounts payable and accrued liabilities 14,419 17,893 Mortgage payable held for sale — 27,052 Total Liabilities $ 572,987 $ 580,547 |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS On February 23, 2016, the Company sold, through subsidiaries which owned such interests, its equity interests in RBH - TRB Newark Holdings, LLC (the "Newark Joint Venture"), to RBH Partners III, LLC, for $16,900,000 (the "NJV Sale"). The Company recognized a gain of $15,467,000 in connection with this sale. Other than the agreement of the Company's subsidiary to provide an indemnity with respect to up to $2,800,000 of obligations related to the venture, neither the Company nor its subsidiaries have any guaranty, indemnity or similar obligations with respect to the Newark Joint Venture. The discontinued operations of the Newark Joint Venture and the statement of operations for the years ended September 30, 2016 and 2015, are summarized as follows (dollars in thousands): Statement of Operations Year Ended September 30, 2016 2015 Revenues: Rental and other revenue from real estate properties $ 2,437 $ 4,335 Other income 444 1,067 Total revenues 2,881 5,402 Expenses: Real estate operating expenses 2,277 4,610 Interest expense 2,242 4,880 Depreciation 1,150 2,241 Total expense 5,669 11,731 Income from discontinued operations (2,788 ) (6,329 ) Gain on sale of partnership interest 15,467 — Discontinued operations $ 12,679 $ (6,329 ) |
REAL ESTATE LOAN
REAL ESTATE LOAN | 12 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Real Estate Loan | REAL ESTATE LOAN As a result of the sale of the Company's interest in the Newark Joint Venture in February 2016, the mortgage loan owed to the Company by the venture (the "NJV Loan Receivable"), which, prior to the sale, was eliminated in consolidation, is reflected as a real estate loan on the consolidated balance sheets. At September 30, 2016, the principal balance of the NJV Loan Receivable was $19,500,000 . In February 2017, the Company received (i) a $13,600,000 principal paydown of the NJV Loan Receivable and (ii) $2,606,000 , representing all the interest ( i.e. , current and deferred) due through the repayment date. In connection with this transaction, the Company released certain properties from the mortgages securing the NJV Loan Receivable. This receivable, bears interest, payable monthly at a rate of 11% per year, is secured by several properties in Newark, NJ, and matures in April 2018. At September 30, 2017, the principal balance of the NJV Loan Receivable is $5,500,000 . |
REAL ESTATE PROPERTY HELD FOR S
REAL ESTATE PROPERTY HELD FOR SALE | 12 Months Ended |
Sep. 30, 2017 | |
Real Estate [Abstract] | |
REAL ESTATE PROPERTY HELD FOR SALE | REAL ESTATE PROPERTIES Real estate properties (including real estate properties held for sale), consist of the following: September 30, 2017 2016 Land $ 138,094 $ 128,409 Building 808,366 684,133 Building improvements 31,411 25,717 Real estate properties 977,871 838,259 Accumulated depreciation (66,621 ) (44,687 ) Total real estate properties, net $ 911,250 $ 793,572 NOTE 2—REAL ESTATE PROPERTIES (continued) A summary of activity in real estate properties (including properties held for sale), for the year ended September 30, 2017 , follows (dollars in thousands): Depreciation and Sales Other Dispositions Multi-family $ 783,085 $ 255,992 $ 9,173 $ (30,379 ) $ (113,552 ) $ (3,571 ) $ 900,748 Land - Daytona, FL 8,021 — — — — — 8,021 Retail shopping center - Yonkers, NY 2,466 — 125 (110 ) — — 2,481 Total real estate properties $ 793,572 $ 255,992 $ 9,298 $ (30,489 ) $ (113,552 ) $ (3,571 ) $ 911,250 Other dispositions set forth in the table above reflect the $ 3,571,000 reduction of the net book value of assets related to Retreat at Cinco Ranch, Katy, TX, which was damaged by Hurricane Harvey. The net book value was reduced due to damage to 96 ground floor units, the clubhouse, pool, landscaping and all HVAC units. The cost of repairing the damage is expected to be covered completely by insurance proceeds excluding a $100,000 deductible. Though the insurance claim has not been resolved, the Company believes it is probable that it will recover $3,471,000 and therefore has recognized such sum in insurance recoveries. Through December 12, 2017, the Company has received $1,100,000 in insurance proceeds. The acquisitions completed in the year ended September 30, 2017 and described in note 3-Acquisitions, Dispositions and Impairment Charges, have been accounted for as asset acquisitions. The purchase prices were allocated to the acquired assets and assumed liabilities based on management's estimate of the relative fair value of these acquired assets and assumed liabilities at the dates of acquisition. The following table summarizes the preliminary allocations of the purchase price of nine properties purchased between August 1, 2016 and September 30, 2017 , and the finalized allocation of the purchase price, as adjusted, as of September 30, 2017 (dollars in thousands): Preliminary Adjustments Finalized Land $ 39,296 $ (1,550 ) $ 37,746 Buildings and improvements 299,327 341 299,668 Acquisition-related intangible assets (in acquired lease intangibles, net) 4,180 1,209 5,389 Total consideration $ 342,803 $ — $ 342,803 NOTE 2—REAL ESTATE PROPERTIES (continued) A summary of the Company's multi-family properties by state as and for the year ended September 30, 2017 , is as follows (dollars in thousands): Location Number of Properties at September 30, 2017 Number of Units at September 30, 2017 2017 % of 2017 Texas 9 2,695 $ 32,011 31.1 % Florida (a) 4 1,268 15,339 14.9 % Georgia 4 959 11,842 11.5 % Tennessee 2 702 4,339 4.2 % Alabama 2 826 7,849 7.6 % South Carolina 3 683 6,305 6.1 % Missouri 4 775 7,694 7.5 % Indiana 1 400 3,418 3.3 % Mississippi 2 776 8,310 8.1 % Ohio 1 264 2,671 2.6 % Virginia 1 220 3,160 3.1 % 33 9,568 $ 102,938 100 % ________________________ (a) Includes Waverly Place Apartments - Melbourne, FL, which was sold on October 25, 2017. This property has 208 units and accounted for $2,567 of 2017 revenues. Future minimum rentals to be received by the Company pursuant to non-cancellable operating leases with terms in excess of one year, from a commercial property owned by the Company at September 30, 2017 , are as follows (dollars in thousands): Year Ending September 30, Amount 2018 $ 1,119 2019 1,119 2020 1,119 2021 1,132 2022 1,185 Thereafter 4,500 Total $ 10,174 Leases at the Company's multi-family properties are generally for a term of one year or less and are not reflected in the above table. REAL ESTATE PROPERTY HELD FOR SALE At September 30, 2017 , Waverly Place Apartments, Melbourne, FL, with a book value of $8,969,000 , was held for sale. This property was sold on October 25, 2017. The Company estimates it will recognize a gain on the sale of the property of approximately $12,700,000 , of which approximately $2,800,000 will be allocated to the non-controlling partner. |
RESTRICTED CASH
RESTRICTED CASH | 12 Months Ended |
Sep. 30, 2017 | |
Restricted Cash and Investments [Abstract] | |
RESTRICTED CASH | RESTRICTED CASH Restricted cash represents funds for specific purposes and therefore are not generally available for general corporate purposes. As reflected on the consolidated balance sheets, restricted cash represents funds held by or on behalf of the Company specifically allocated for capital improvements at multi-family properties. |
INVESTMENT IN UNCONSOLIDATED VE
INVESTMENT IN UNCONSOLIDATED VENTURES | 12 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN UNCONSOLIDATED VENTURES | INVESTMENT IN UNCONSOLIDATED VENTURES During the year ended September 30, 2017, the Company purchased interests in three unconsolidated joint ventures owning multi-family properties. The table below provides information regarding these joint ventures (dollars in thousands): Location Number of Units Initial Investment Purchase Price Acquisition Debt Percent Ownership Columbia, SC 374 $ 5,670 $ 58,300 $ 41,000 32 % Columbia, SC (a) 339 8,665 5,915 — 46 % Forney, TX (b) 313 7,500 39,000 25,350 50 % 1,026 $ 21,835 $ 103,215 $ 66,350 __________________________ (a) Reflects land purchased for a development project at which construction of 339 units is planned. Construction financing for this project of up to $47,426,000 has been secured. Such financing bears interest at 4.08% and matures in June 2020. At September 30, 2017, no amounts have been drawn on this financing. (b) This interest is held through a tenancy-in-common. |
DEBT OBLIGATIONS
DEBT OBLIGATIONS | 12 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
DEBT OBLIGATIONS | DEBT OBLIGATIONS Debt obligations (including debt held for sale) consist of the following (dollars in thousands): September 30, 2017 2016 Mortgages payable $ 704,171 $ 621,382 Junior subordinated notes 37,400 37,400 Deferred mortgage costs (6,727 ) (6,275 ) Total debt obligations $ 734,844 $ 652,507 Mortgage Payable At September 30, 2017 , $704,171,000 of mortgage debt is outstanding on the Company's 33 multi-family properties and one commercial property with a weighted average interest rate of 4.03% and a weighted average remaining term to maturity of 6.9 years . Scheduled principal repayments for the next five years and thereafter are as follows (dollars in thousands): Year Ending September 30, Scheduled Principal Payments 2018 $ 35,016 (a) 2019 59,858 (a) 2020 61,875 2021 22,279 2022 40,428 Thereafter 484,715 $ 704,171 _____________________ (a) Includes $185 in 2018 and $8,847 in 2019 related to Waverly Place, Melbourne, FL which was sold subsequent to September 30, 2017. NOTE 10—DEBT OBLIGATIONS (continued) The Company incurred the following mortgage debt in connection with these acquisitions in the years ended September 30, (dollars in thousands): 2017 Location Closing Date Acquisition Mortgage Debt Interest Rate Interest only period Maturity Date Fredricksburg, VA 11/4/2016 $ 27,638 3.68 % N/A February 2027 Saint Louis, MO 2/28/2017 20,000 4.79 % 72 months March 2027 Saint Louis, MO 2/28/2017 6,197 4.84 % 72 months March 2027 Creve Coeur, MO 4/4/2017 29,000 LIBOR +2.50% N/A July 2018 (a) Farmers Branch, TX 6/29/2017 55,200 4.22 % 60 months July 2028 Tallahassee, FL 8/30/2017 21,524 4.19 % 60 months September 2027 $ 159,559 ____________________ (a) The borrower may elect to extend the maturity of this debt until April 2019. 2016 Location Closing Date Acquisition Mortgage Debt Interest Rate Interest only period Maturity Date LaGrange, GA 11/18/15 $ 16,051 4.36% - February 2022 Katy,TX 1/22/16 30,750 4.44% 60 months February 2026 Macon,GA 2/01/16 11,200 4.39% 24 months February 2026 Southaven, MS 2/29/16 28,000 4.24% 60 months March 2026 San Antonio, TX (a) 5/06/16 26,400 3.61% 23 months May 2023 Dallas,TX 5/11/16 27,938 4.01% 24 months May 2028 Columbia,SC 5/31/16 12,934 4.28% 36 months June 2026 Atlanta, GA 8/15/16 27,375 3.97% 36 months August 2026 Southaven,MS 9/01/16 30,564 3.73% 60 months September 2026 San Antonio, TX (a) 9/16/16 27,000 4.05% 36 months September 2026 $ 238,212 ___________________ (a) The interest rate on this debt is fixed by the use of an interest rate swap. During the year ended September 30, 2017, the Company obtained supplemental fixed rate financing as set forth in the table below (dollars in thousands): Location Closing Date Supplemental Mortgage Debt Interest Rate Maturity Date Fredricksburg, VA 11/4/2016 $ 2,261 4.84 % February 2027 Decatur, GA 5/31/2017 4,941 5.32 % December 2022 $ 7,202 NOTE 10—DEBT OBLIGATIONS (continued) During the year ended September 30, 2016, the Company obtained supplemental fixed rate financing as set forth in the table below (dollars in thousands): Location Closing Date Supplemental Mortgage Debt Interest Rate Maturity Date Pensacola, FL 10/13/15 $ 3,194 4.92% March 2022 Atlanta, GA 11/10/15 5,000 4.93% July 2021 Houston, TX 2/09/16 3,865 4.94% August 2021 Huntsville, AL 4/15/16 2,650 5.29% November 2023 $ 14,709 Junior Subordinated Notes At September 30, 2017 and 2016 the Company's junior subordinated notes had an outstanding principal balance of $37,400,000 . At September 30, 2017 , the interest rate on the outstanding balance resets quarterly and is based on three month LIBOR + 2.00% The rate in effect at September 30, 2017 is 3.31% . The notes mature April 30, 2036. The junior subordinated notes require interest only payments through the maturity date, at which time repayment of all outstanding principal and unpaid interest is due. Interest expense for each of the years ended September 30, 2017 , 2016 and 2015 , which includes amortization of deferred costs, was $1,175,000 , $1,510,000 and $1,853,000 , respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company elected to be taxed as a real estate investment trust ("REIT") pursuant to the Code. As a REIT, the Company will generally not be subject to Federal income taxes at the corporate level if it distributes 100% of its REIT taxable income, as defined, to its stockholders. To maintain its REIT status, the Company must distribute at least 90% of its ordinary taxable income; however, if it does not distribute 100% of its taxable income, it will be taxed on undistributed income. There are a number of organizational and operational requirements the Company must meet to remain a REIT. If the Company fails to qualify as a REIT in any taxable year, its taxable income will be subject to Federal income tax at regular corporate tax rates and it may not be able to qualify as a REIT for four subsequent tax years. Even if it is qualified as a REIT, the Company is subject to certain state and local income taxes and to Federal income and excise taxes on the undistributed taxable income. For income tax purposes, the Company reports on a calendar year basis. During the years ended September 30, 2017 , 2016 and 2015 , the Company recorded $1,560,000 , $689,000 and $18,000 , respectively, of Federal alternative minimum tax and state franchise tax expense, net of refunds, relating to the 2017 , 2016 and 2015 calendar years. Earnings and profits, which determine the taxability of dividends to stockholders, differs from net income reported for financial statement purposes due to various items, including timing differences related to loan loss provisions, impairment charges, depreciation methods and carrying values. At December 31, 2016 , the Company had a net operating loss carry forward of $15,840,000 . These net operating losses may be available in future years to reduce taxable income when it is generated. These tax loss carry forwards begin to expire in 2030. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' EQUITY | STOCKHOLDERS' EQUITY Common Stock Dividend Distribution During the year ended September 30, 2017 , the Company declared a cash distribution of $0.18 per share, which was paid on October 4, 2017. The Company did not declare or pay any dividends during the years ended September 30, 2016 and 2015 . Stock Based Compensation The Company's Amended and Restated 2016 Incentive Plan (the "Plan") permits the Company to grant: (i) stock options, restricted stock, restricted stock units, performance shares awards and any one or more of the foregoing, up to a maximum of 600,000 shares; and (ii) cash settled dividend equivalent rights in tandem with the grant of restricted stock units and certain performance based awards. Restricted Stock Units Pursuant to the Plan, in June 2016, the Company issued restricted stock units (the "Units") to acquire up to 450,000 shares of common stock . The Units entitle the recipients, subject to continued service through March 31, 2021 (the “Performance Period”), to receive in the aggregate, (i) 200,000 shares (the “TSR Award”) of common stock based on achieving, during the Performance Period, specified levels in compounded annual growth rate (“CAGR”) in total stockholder return (“TSR”), and (ii) 200,000 shares of common stock based on achieving, during the Performance Period, specified levels in CAGR in adjusted funds from operations, as determined pursuant to the performance agreement (the "AFFO Award"). In addition, up to 50,000 shares may be added to or subtracted from the TSR Award, based on attaining or failing to attain, as the case may be, during the Performance Period, of CAGR in TSR relative to the CAGR in TSR for the REITs that comprise, with specified exceptions, the FTSE NAREIT Equity Apartment Index. Finally, recipients are entitled to receive cash dividends with respect to the shares of common stock underlying their Units as if the underlying shares were outstanding during the Performance Period, if, when, and to the extent, the related Units vest. The Units were determined not to be participating securities and accordingly, for accounting purposes, the shares underlying the Units are excluded in the outstanding shares reflected on the consolidated balance sheet and from the calculation of basic earnings per share. Though the 450,000 shares underlying the units are contingently issuable shares, 350,000 of the such shares have not been included in the diluted earnings per share as the performance and market criteria with respect to the AFFO Award and a portion of the TSR Award have not been met. The Company included 100,000 shares of common stock underlying the TSR Awards in the calculation of diluted earnings per share as the market criteria with respect to such portion of the TSR award has been met at September 30, 2017. For the TSR Awards, a third party appraiser prepared a Monte Carlo simulation pricing model to assist management in determining the fair value. For the AFFO Awards, the fair value is based on the market value on the date of grant. Expense is not recognized on the Units which the Company does not expect to vest as a result of conditions the Company does not expect to be met. The total amount recorded as deferred compensation with respect to the Units is $1,401,000 and is being charged to general and administrative expense over the Performance Period. The deferred compensation expense to be recognized is net of certain forfeiture and performance assumptions. The Company recorded $240,000 and $146,000 of compensation expense related to the amortization of unearned compensation with respect to the Units in the years ended September 30, 2017 and 2016, respectively. At September 30, 2017, $1,015,000 has been deferred as unearned compensation and will be charged to expense over the balance of the Performance Period. Restricted Stock In January 2017, the Company granted 147,500 shares of restricted stock pursuant to the Plan. As of September 30, 2017, an aggregate of 689,375 shared of unvested restricted stock are outstanding pursuant to the Plan and the 2012 Incentive Plan (the "Prior Plan"). No additional awards may be granted under the Prior Plan. All shares of restricted stock vest five years from the date of grant and under specified circumstances, including a change in control, may vest earlier. For financial statement purposes, the restricted stock is not included in the outstanding shares shown on the consolidated balance sheets until they vest, but are included in the earnings per share computation. During the years ended September 30, 2017 , 2016 and 2015, the Company recorded $978,000 and $859,000 , and $906,000 respectively, of compensation expense related to the amortization of unearned compensation with respect to the restricted stock awards. At September 30, 2017 , 2016 , and 2015, $2,356,000 and $2,089,000 and $2,184,000 , NOTE 12—STOCKHOLDERS' EQUITY (continued) respectively, has been deferred as unearned compensation and will be charged to expense over the remaining vesting periods of these restricted stock awards. The weighted average vesting period of these restricted shares is 2.3 years. Changes in number of restricted shares outstanding under the Company's equity incentive plans are shown below: Year Ended September 30, 2017 2016 2015 Outstanding at beginning of the year 666,775 672,875 648,225 Issued 147,500 141,050 142,950 Cancelled — (16,850 ) — Vested (124,900 ) (130,300 ) (118,300 ) Outstanding at the end of the year 689,375 666,775 672,875 The following table reflects the compensation expense recorded for all incentive plans (dollars in thousands): Year Ended September 30, 2017 2016 2015 Restricted stock grants $ 978 $ 859 $ 906 Restricted stock units 240 146 — Total compensation $ 1,218 $ 1,005 $ 906 Earnings (Loss) Per Share The following table sets forth the computation of basic and diluted earnings (loss) per share (dollars in thousands): Year Ended September 30, 2017 2016 2015 Numerator for basic and diluted earnings per share attributable to common stockholders: Net income (loss) attributable to common stockholders $ 13,600 $ 31,289 $ (2,388 ) Denominator: Denominator for basic earnings per share—weighted average number of shares 13,993,638 14,017,279 14,133,352 Effect of diluted securities 25,205 — — Denominator for diluted earnings per share—adjusted weighted average number of shares and assumed conversions 14,018,843 14,017,279 14,133,352 Basic earnings (loss) per share $ 0.98 $ 2.23 $ (0.17 ) Diluted earnings (loss) per share $ 0.98 $ 2.23 $ (0.17 ) Share Buyback In February 2016, pursuant to a share purchase program then in effect, the Company purchased 252,000 shares of common stock at a market price of $6.29 per share for an aggregate purchase price, including commissions, of $1,584,000 . On March 11, 2016, the Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $5,000,000 of shares of common stock through September 30, 2017. Pursuant to this authorization, the NOTE 12—STOCKHOLDERS' EQUITY (continued) Company, from such date through September 30, 2017, repurchased 98,318 shares of common stock at an average market price of $7.37 per share, for an aggregate purchase price, including commissions, of $724,000 . On September 12, 2017, the Board of Directors authorized the Company, effective as of October 1, 2017, to purchase up to $5.0 million of its shares of common stock through September 30, 2019. No shares have been repurchased pursuant to this repurchase plan. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Company paid REIT Management Corp., a company wholly owned by Fredric H. Gould, a director of the Company, advisory fees pursuant to its Advisory Agreement of $0 , $693,000 and $2,448,000 for the years ended September 30, 2017 , 2016 and 2015 , respectively. The Advisory Agreement terminated effective December 31, 2015. Effective as of January 1, 2016, the Company retained certain of its executive officers and Fredric H. Gould to provide services previously provided pursuant to such agreement. The aggregate fees paid in 2017 and 2016 for these services were $1,193,000 and $863,000 . Management of certain properties owned by the Company and certain joint venture properties is provided by Majestic Property Management Corp. ("Majestic Property"), a company wholly owned by Fredric H. Gould, under renewable year-to-year agreements. Certain of the Company's officers and directors are also officers and directors of Majestic Property. Majestic Property provides real property management, real estate brokerage and construction supervision services to these properties. For the years ended September 30, 2017 , 2016 and 2015 , fees for these services were $32,000 , $34,000 , and $56,000 , respectively. Fredric H. Gould is the vice chairman of the board of directors of One Liberty Properties, Inc., and certain of the Company's officers and directors are also officers and, or directors of One Liberty Properties, Inc. In addition, Mr. Gould is an executive officer and sole stockholder of Georgetown Partners, Inc., the managing general partner of Gould Investors L.P.("Gould Investors"). Certain of the Company's officers and directors are also officers and/or directors of Georgetown Partners, Inc. The allocation of expenses for the facilities, personnel and other resources shared by the Company, One Liberty and Gould Investors is computed in accordance with a shared services agreement by and among the Company and these entities and is included in general and administrative expense on the consolidated statements of operations. During the years ended September 30, 2017 , 2016 and 2015 , allocated general and administrative expenses reimbursed by the Company to Gould Investors L.P. pursuant to the shared services agreement aggregated $723,000 , $549,000 and $532,000 , respectively. In addition to its share of rent included as part of the shared services agreement, the Company leased additional space in the same building directly from an affiliate of Gould Investors prior to the sale of the building in January 2015. The rent paid was $64,000 in the year ended September 30, 2015. On December 11, 2015, the Company borrowed $8,000,000 from Gould Investors at an interest rate of 5.24% . This loan was satisfied on February 24, 2016. Interest expense for the year ended September 30, 2016 was $86,000 . Management of many of the Company's multi family properties is performed by its joint venture partners or their affiliates, none of which are related to the Company. These management fees amounted to $2,834,000 , $1,919,000 and $1,436,000 in the years ended September 30, 2017, 2016 and 2015, respectively. In addition, the Company may pay an acquisition fee to its joint venture partner upon the purchase of a property. These acquisition fees amounted to $2,571,000 , $2,221,000 and $1,242,000 for the years ended September 30, 2017 , 2016 and 2015 , respectively. The Company obtains certain insurance in conjunction with Gould Investors and reimburses Gould Investors for the Company's share of the insurance cost. Insurance reimbursements to Gould Investors for the years ended September 30, 2017 , 2016 and 2015 were $24,000 , $41,000 and $15,000 respectively. See note 5 - Discontinued Operations for information regarding the Company's sale of its interest in the Newark Joint Venture to affiliates of its former partner in such venture. |
SEGMENT REPORTING
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 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS Financial Instruments Not Measured at Fair Value The following methods and assumptions were used to estimate the fair value of each class of financial instruments that are not reported at fair value on the consolidated balance sheets: Cash and cash equivalents, restricted cash, accounts receivable (included in other assets), accounts payable and accrued liabilities: The carrying amounts reported in the balance sheets for these instruments approximate their fair value due to the short term nature of these accounts. Junior subordinated notes: At September 30, 2017 and 2016 , the estimated fair value of the Company's junior subordinated notes is less than their carrying value by approximately $15,705,000 , and $16,549,000 , respectively based on market interest rates of 6.82% and 6.35% , respectively. Mortgages payable: At September 30, 2017 , the estimated fair value of the Company's mortgages payable is lower than their carrying value by approximately $11,400,000 assuming market interest rates between 3.78% and 5.02% . At September 30, 2016, the estimated fair value was greater than the carrying value by $10,629,000 , assuming market interest rates between 3.05% and 4.25% . Market interest rates were determined using current financing transaction information provided by third party institutions. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value assumptions. The fair values of the real estate loans and debt obligations are considered to be Level 2 valuations within the fair value hierarchy. Financial Instruments Measured at Fair Value The Company's fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between markets participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other "observable" market inputs and Level 3 assets/liabilities are valued based significantly on "unobservable" market inputs. The Company does not currently own any financial instruments that are classified as Level 3. Set forth below is information regarding the Company's financial assets and liabilities measured at fair value as of September 30, 2017 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Financial Assets: Interest rate swaps $ 1,460 — $ 1,460 Financial Liabilities: Interest rate swap $ (14 ) — $ (14 ) Derivative financial instruments: Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, and implied volatilities. At September 30, 2017 , these derivatives are included in other assets and accounts payable and accrued liabilities on the consolidated balance sheet. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with it utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparty. As of September 30, 2017 , the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions NOTE 15—FAIR VALUE OF FINANCIAL INSTRUMENTS (continued) and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuation is classified in Level 2 of the fair value hierarchy. |
COMMITMENT AND CONTINGENCIES
COMMITMENT AND CONTINGENCIES | 12 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENT AND CONTINGENCIES | COMMITMENT AND CONTINGENCIES The Company maintains a non-contributory defined contribution pension plan covering eligible employees and officers. Contributions by the Company are made through a money purchase plan, based upon a percent of qualified employees' total salary as defined therein. Pension expense approximated $342,000 , $324,000 and $322,000 during the years ended September 30, 2017 , 2016 and 2015 , respectively. At September 30, 2017 and 2016 , $ 162,000 and $47,000 , respectively, remains unpaid and is included in accounts payable and accrued liabilities on the consolidated balance sheets. At September 30, 2017, the Company is the carve out guarantor with respect to mortgage debt in principal amount of $86,600,000 at six multi-family properties. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Cash Flow Hedges of Interest Rate Risk The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives, designated and that qualify as cash flow hedges, is recorded in accumulated other comprehensive income (loss) on our consolidated balance sheets and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company's variable-rate debt. As of September 30, 2017 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands): Interest Rate Derivative Notional Amount Rate Maturity Interest Rate Swap $ 1,446 5.25 % April 1, 2022 Interest Rate Swap $ 26,400 3.61 % May 6, 2023 Interest Rate Swap $ 27,000 4.05 % September 19, 2026 Derivatives as of: September 30, 2017 September 30, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Other Assets $ 1,460 Other assets $ — Accounts payable and accrued liabilities $ 14 Accounts payable and accrued liabilities $ 1,602 NOTE 17—DERIVATIVE FINANCIAL INSTRUMENTS - (continued) The following table presents the effect of the Company's derivative financial instrument on the consolidated statements of comprehensive income (loss) for the years ended September 30, 2017 , 2016 and 2015 (dollars in thousands): Year Ended September 30, 2017 2016 2015 Amount of gain (loss) recognized on derivative in Other Comprehensive Income $ 2,660 $ (1,695 ) $ (83 ) Less: amount of gain (loss) reclassified from Accumulated Other Comprehensive (loss) income into Interest Expense $ (387 ) $ (150 ) $ (33 ) No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Trust's cash flow hedges during the years ended September 30, 2017 , 2016 or 2015 . During the twelve months ending September 30, 2018 , the Company estimates an additional $74,000 will be reclassified from other comprehensive income as an increase to interest expense. Credit-risk-related Contingent Features The agreement between the Company and its derivatives counterparty provides that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Trust could be declared in default on its derivative obligation. As of September 30, 2017 , the fair value of the derivative in a net liability position, which includes accrued interest, but excludes any adjustment for nonperformance risk related to this agreement, was $16,000 . As of September 30, 2017 , the Company has not posted any collateral related to this agreement. If the Company had been in breach of this agreement at September 30, 2017 , it could have been required to settle its obligations thereunder at its termination value of $16,000 . |
QUARTERLY FINANCIAL DATA (Unaud
QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended |
Sep. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA (Unaudited) | QUARTERLY FINANCIAL DATA (Unaudited) 2017 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 25,640 $ 24,883 $ 26,861 $ 28,387 $ 105,771 Expenses 28,027 28,473 30,333 32,504 119,337 Total revenues less total expenses (2,387 ) (3,590 ) (3,472 ) (4,117 ) (13,566 ) Equity in loss of unconsolidated joint ventures — — (307 ) (77 ) (384 ) Gain on sale of real estate 35,838 — — 16,763 52,601 Loss on extinguishment of debt (799 ) — — (664 ) (1,463 ) Income (loss) income from continuing operations 32,652 (3,590 ) (3,779 ) 11,905 37,188 Provision for taxes 350 1,108 41 61 1,560 Net income (loss) 32,302 (4,698 ) (3,820 ) 11,844 35,628 Net (income) loss attributable to non-controlling interests (16,532 ) 469 418 (6,383 ) (22,028 ) Net income (loss) attributable to common stockholders $ 15,770 $ (4,229 ) $ (3,402 ) $ 5,461 $ 13,600 Basic and per share amounts attributable to common stockholders Basic and diluted income (loss) per share (a) $ 1.13 $ (0.30 ) $ (0.24 ) $ 0.39 $ 0.97 (a) does not add across due to rounding 2016 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 22,326 $ 26,019 $ 24,287 $ 25,889 $ 98,521 Expenses 24,108 27,011 27,652 28,887 107,658 Total revenues less total expenses (1,782 ) (992 ) (3,365 ) (2,998 ) (9,137 ) Gain on sale of real estate 609 24,226 10,263 11,379 46,477 Gain on sale of partnership interest — — 386 — 386 Loss on extinguishment of debt — (2,668 ) — (1,879 ) (4,547 ) (Loss) income from continuing operations (1,173 ) 20,566 7,284 6,502 33,179 Provision for taxes — — — 700 700 (Loss) income from continuing operations, net of tax (1,173 ) 20,566 7,284 5,802 32,479 (Loss) income from discontinued operations (1,600 ) 14,279 — — 12,679 Net (loss) income (2,773 ) 34,845 7,284 5,802 45,158 Net loss (income) attributable to non-controlling interests 739 (9,909 ) (1,804 ) (2,895 ) (13,869 ) Net (loss) income attributable to common stockholders $ (2,034 ) $ 24,936 $ 5,480 $ 2,907 $ 31,289 Basic and per share amounts attributable to common stockholders Continuing operations $ (0.10 ) $ 0.7 $ 0.39 $ 0.21 $ 1.21 Discontinued operations (0.04 ) 1.06 — — 1.02 Basic and diluted (loss) income per share $ (0.14 ) $ 1.76 $ 0.39 $ 0.21 $ 2.23 |
SCHEDULE III - REAL ESTATE PROP
SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Sep. 30, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount At Which Carried at September 30, 2017 Depreciation Life For Latest Income Statement Description Encumbrances Land Buildings and Improvements Land Improvements Carrying Land Buildings and Total Accumulated Date of Date Acquired Commercial Yonkers, NY. $ 1,448 — $ 4,000 — $ 320 — — $ 4,320 $ 4,320 $ 1,837 (c) Aug-2000 39 years South Daytona, FL. — $ 10,437 — 49 — — $ 8,021 — 8,021 — N/A Feb-2008 N/A Multi-Family Residential Palm Beach Gardens, FL 46,176 16,260 43,132 — 4,560 — 16,260 47,692 63,952 9,921 1970 Mar-2012 30 years Melbourne, FL 9,033 1,150 8,680 — 1,471 — 1,150 10,151 11,301 2,332 1987 Mar-2012 30 years North Charleston, SC 16,793 2,436 18,970 — 1,112 — 2,436 20,082 22,518 3,547 2010 Oct-2012 30 years Decatur, GA 15,094 1,698 8,676 — 1,574 — 1,698 10,250 11,948 1,804 1954 Nov-2012 30 years Houston, TX (Stonecrossing) 12,659 5,143 11,524 — 464 — 5,143 11,988 17,131 1,937 1978 April-2013 30 years Houston, TX (Stonecrossing East) 7,270 3,044 5,463 — 930 — 3,044 6,393 9,437 984 1979 April-2013 30 years Huntsville, AL 12,064 1,047 10,942 — 1,599 — 1,047 12,541 13,588 1,824 1985 Oct-2013 30 years Columbus, OH 9,957 1,372 12,678 469 — 1,372 13,147 14,519 1,950 1999 Nov-2013 30 years Indianapolis, IN 14,375 4,477 14,240 — 2,476 — 4,477 16,716 21,193 2,276 2007 Jan-2014 30 years Nashville, TN 23,181 4,565 22,054 2,744 — 4,565 24,798 29,363 2,921 1985 April-2014 30 years Houston, TX (Kendall Manor) 15,242 1,849 13,346 — 2,009 — 1,849 15,355 17,204 1,869 1981 July-2014 30 years Pensacola, FL 19,349 2,758 25,192 — 584 — 2,758 25,776 28,534 2,669 2008 Dec-2014 30 years Valley, AL 28,990 1,040 42,710 — 907 — 1,040 43,617 44,657 3,722 2009 July-2014 30 years San Marcos, TX 17,158 2,163 19,562 — 218 — 2,163 19,780 21,943 1,706 2014 Sept-2015 30 years Lake St. Louis, MO 26,814 2,752 33,248 — 746 — 2,752 33,994 36,746 2,627 1986 Sept-2015 30 years North Charleston, SC 29,592 5,538 — 35,105 318 5,538 35,423 40,961 727 2016 Oct-15 30 years LaGrange, GA 15,452 832 21,968 — 429 — 832 22,397 23,229 1,532 2009 Nov-15 30 years Katy, TX 30,750 4,194 36,056 (3,517 ) — 4,194 32,539 36,733 2,345 2008 Jan-16 30 years Macon, GA 11,200 1,876 12,649 — 399 — 1,876 13,048 14,924 937 1988 Feb-16 30 years Southaven, MS (Civic Center I) 28,000 2,090 32,910 — 1,831 — 2,090 34,741 36,831 2,154 2002 Feb-16 30 years San Antonio, TX 26,400 5,540 29,610 — 699 — 5,540 30,309 35,849 2,283 2013 May-16 30 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount At Which Carried at September 30, 2016 Depreciation Life For Latest Income Statement Description Encumbrances Land Buildings and Improvements Land Improvements Carrying Land Buildings and Total Accumulated Date of Date Acquired Dallas, TX 27,938 13,073 23,927 — 2,128 — 13,073 26,055 39,128 1,539 1986 May-16 30 years Columbia, SC 12,934 2,233 14,767 — 751 — 2,233 15,518 17,751 1,050 1996 May-16 30 years Atlanta, GA 27,375 10,347 28,777 — 888 — 10,347 29,665 40,012 1,918 1989 Aug-16 30 years Southaven, MS (Civic Center II) 30,564 2,077 36,128 — 609 — 2,077 36,737 38,814 2,101 2005 Sep-16 30 years San Antonio, TX 27,000 4,620 31,380 — 680 — 4,620 32,060 36,680 1,775 2015 Sep-16 30 years Fredericksburg, VA 29,441 6,985 32,148 — 550 — 6,985 32,698 39,683 1,368 2005 Nov-16 30 years St. Louis, MO (Tower at OPOP) 20,000 192 27,231 — 3 — 192 27,234 27,426 693 2014 Feb-17 30 years St. Louis, MO (Lofts at OPOP) 6,197 329 7,805 — 12 — 329 7,817 8,146 280 2014 Feb-17 30 years Creve Coeur, MO 29,000 2,270 37,899 — 48 — 2,270 37,947 40,217 832 2016 Apr-17 30 years West Nashville, TN — 5,228 — — 5,219 — 5,228 5,219 10,447 — 2017 June-17 30 years Farmers Branch, TX 55,200 7,343 79,347 — 24 — 7,343 79,371 86,714 1,046 2016 June-17 30 years Tallahassee, FL 21,524 3,553 24,372 — 27 — 3,553 24,399 27,952 116 1996 Aug-17 30 years Total $ 704,170 $ 140,511 $ 771,391 $ 49 $ 68,068 $ 318 $ 138,095 $ 839,777 $ 977,872 $ 66,622 (a) (b) Notes to the schedule: (a) Total real estate properties $ 977,872 Less: Accumulated depreciation and amortization (66,622 ) Net real estate properties $ 911,250 (b) Amortization of the Company's leasehold interests is over the shorter of estimated useful life or the term of the respective land lease. (c) Information not readily obtainable. A reconciliation of real estate properties is as follows: 2017 2016 2015 Balance at beginning of year $ 793,572 $ 757,027 $ 635,612 Additions: Acquisitions 239,923 318,680 129,425 Capital improvements 9,298 19,649 8,442 Capitalized development expenses and carrying costs 16,069 27,194 55,623 265,290 365,523 193,490 Deductions: Sales 113,552 150,786 51,394 Depreciation/amortization/paydowns 30,489 24,328 20,681 Other dispositions 3,571 — — Reconciliation of partnership interest — 153,864 — 147,612 328,978 72,075 Balance at end of year $ 911,250 $ 793,572 $ 757,027 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Subsequent events have been evaluated and any significant events, relative to our consolidated financial statements as of September 30, 2017 that warrant additional disclosure have been included in the notes to the consolidated financial statements. |
ORGANIZATION, BACKGROUND AND 31
ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation - general | The consolidated financial statements include the accounts and operations of BRT Apartments Corp. , its wholly owned subsidiaries, and its majority owned or controlled entities and its interests in variable interest entities ("VIEs") in which the Company has determined it is the primary beneficiary. Material intercompany balances and transactions have been eliminated. |
Principles of Consolidation - VIE's | The Company's consolidated joint ventures that own multi-family properties were determined to be VIEs because the voting rights of some equity investors are not proportional to their obligations to absorb the expected losses of the entity and their right to receive the expected residual returns. It was determined that the Company is the primary beneficiary of these joint ventures because it has a controlling financial interest in that it has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE. The joint ventures that own properties in Dallas, TX and St. Louis, MO were determined not to be VIE's but are consolidated because the Company has substantive participating rights in such entities. With respect to its unconsolidated joint ventures, as (i) the Company is primarily the managing member but does not exercise substantial operating control over these entities or the Company is not the managing member and (ii) such entities are not VIEs, the Company determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes. |
Principles of Consolidation - reclassified items | Certain items on the consolidated financial statements for the prior years have been reclassified to conform with the current year's presentation, including the reclassification (i) of the operations and related assets of the Newark Joint Venture to discontinued operations, (ii) of deferred loan costs on the consolidated balance sheets from assets to a reduction of the carrying amount of mortgage payable and (iii) tenant utility reimbursements from real estate operating expenses to rental and other revenues from real estate properties. |
Income Tax Status | The Company qualifies as a real estate investment trust under sections 856-860 of the Internal Revenue Code of 1986, as amended. The board of directors may, at its option, elect to revoke or terminate the Company's election to qualify as a real estate investment trust. The Company will not be subject to federal, and generally state and local taxes on amounts it distributes to stockholders, provided it distributes 90% of its ordinary taxable income and meets other conditions. The Company currently has net operating loss carryforwards which it can use to reduce taxable income. Use of the net operating loss carryforward is subject to an alternative minimum tax. NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) In accordance with Accounting Standards Codification ("ASC") Topic 740 - "Income Taxes", the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Company's financial position or results of operations. The Company's income tax returns for the previous six years are subject to review by the Internal Revenue Service. |
Revenue Recognition | Rental revenue from multi-family properties is recorded when due from residents and is recognized monthly as it is earned. Rental payments are due in advance. Leases on residential properties are generally for terms that do not exceed one year. Rental revenue from commercial properties, including the base rent that each tenant is required to pay in accordance with the terms of their respective leases, net of any rent concessions and lease incentives, is reported on a straight-line basis over the non-cancellable term of the lease. |
Real Estate Properties | Real estate properties are stated at cost, net of accumulated depreciation, and include real property acquired through acquisition, development or foreclosure. The Company assesses the fair value of real estate acquired (including land, buildings and improvements, and identified intangibles such as acquired in-place leases) and acquired liabilities and allocates the acquisition price, including transaction costs, based on these assessments. Depreciation for multi-family properties is computed on a straight-line basis over an estimated useful life of 30 years. Intangible assets (and liabilities) are amortized over the remaining life of the related leases at the time of acquisition and is usually less than one year. Expenditures for maintenance and repairs are charged to operations as incurred. Real estate is classified as held for sale when management has determined that the applicable criteria have been met. Real estate assets that are expected to be disposed of are valued at the lower of their carrying amount or their fair value less costs to sell on an individual asset basis. Real estate classified as held for sale is not depreciated. The Company accounts for the sale of real estate when title passes to the buyer, sufficient equity payments have been received, there is no continuing involvement by the Company and there is reasonable assurance that the remaining receivable, if any, will be collected. |
Real Estate Asset Impairments | The Company reviews each real estate asset owned, including investments in real estate ventures, to determine if there are indicators of impairment. If such indicators are present, the Company determines whether the carrying amount of the asset can be recovered. Recognition of impairment is required if the undiscounted cash flows estimated to be generated by the asset are less than the asset's carrying amount and that carrying amount exceeds the estimated fair value of the asset. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends, the effects of leasing demands, and other factors. In evaluating a property for impairment, various factors are considered, including estimated current and expected operating cash flow from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of such real estate in the ordinary course of business. Valuation adjustments may be necessary in the event that effective interest rates, rent-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. If future evaluations result in a decrease in the value of the property below its carrying value, NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) the reduction will be recognized as an impairment charge. The fair values related to the impaired real estate assets are considered to be a level 3 valuation within the fair value hierarchy. |
Fixed Asset Capitalization | A variety of costs may be incurred in the development of the Company's properties. After a determination is made to capitalize a cost, it is allocated to the specific project that is benefited. The costs of land and building under development include specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, and other costs incurred during the period of development. A construction project is considered substantially completed when it is available for occupancy, but no later than one year from cessation of major construction activity. The Company ceases capitalization when the project is available for occupancy. |
Equity Based Compensation | Compensation expense for grants of restricted stock and restricted stock units ("RSUs") are amortized over the vesting period of such awards, based upon the estimated fair value of such award at the grant date. The deferred compensation related to the RSUs to be recognized as expense is net of certain and performance assumptions which are re-evaluated quarterly. For accounting purposes, the restricted shares are not included in the outstanding shares shown on the consolidated balance sheets until they vest; however, they are included in the calculation of both basic and diluted earnings per share as they participate in the earnings of the Company. |
Derivatives and Hedging Activities | The Company's objective in using derivative financial instruments is to manage interest rate risk related to variable rate debt. The Company does not use derivatives for trading or speculative purposes. The Company records all derivatives on its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (loss) and subsequently reclassified to earnings in the period in which the hedge transaction affects earnings. The ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which they occur. |
Per Share Data | Basic earnings (loss) per share is determined by dividing net income (loss) applicable to holders of common stock for the applicable year by the weighted average number of shares of common stock outstanding during such year. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue shares of common stock were exercised or converted into shares of common stock or resulted in the issuance of shares of common stock that share in the earnings of the Company. Diluted earnings (loss) per share is determined by dividing net income (loss) applicable to the holders of common stock for the applicable year by the sum of the weighted average number of shares of common stock outstanding plus the dilutive effect of the Company's unvested restricted stock units using the treasury stock method. |
Cash Equivalents | Cash equivalents consist of highly liquid investments; primarily, direct United States treasury obligations with maturities of three months or less when purchased. |
Restricted Cash | Restricted cash consists of cash held for construction costs and property improvements for specific properties as may be required by contractual arrangements. |
Deferred Costs | Fees and costs incurred in connection with multi-family property financings are deferred and amortized over the term of the related debt obligations. Fees and costs paid related to the successful negotiation of commercial leases are deferred and amortized on a straight-line basis over the terms of the respective leases. |
Use of Estimates | The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Segment Reporting | The Company operates in two reportable segments: (i) multi-family real estate; and (ii) other real estate assets. The multi-family real estate segment includes the ownership, operation and development of the Company's multi-family properties and the other real estate segment includes all activities related to the ownership, operation and disposition of the Company's other real estate assets. |
New Pronouncements | In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), prescribes a single, common revenue standards which supersedes nearly all existing revenue recognition guidance under U.S. GAAP, including most industry-specific requirements. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 outlines a five step model to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a modified retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2018. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03 Interest - Imputation of Interest, which amends the balance sheet presentation for debt issuance costs. Under the amended guidance, a company will present unamortized debt issuance costs as a direct deduction from the carrying amount of that debt liability. The guidance is to be applied on a retrospective basis, and is effective for annual reporting periods beginning after December 15, 2015, with early adoption being permitted. The Company elected early adoption for the fiscal year ended September 30, 2017 , and its adoption did not have a material effect on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 , Leases. ASU 2016-02 supersedes the current accounting for leases and while retaining two distinct types of leases, finance and operating, (i) requires lessees to record a right of use asset and a related liability for the rights and obligations associated with a lease, regardless of lease classification, and recognize lease expense in a manner similar to current accounting (ii) eliminates most real estate specific lease provisions, and (iii) aligns many of the underlying lessor model principles with those in the new revenue standard. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and early adoption is permitted. We are required to adopt ASU 2016-02 using the modified retrospective approach which requires us to record leases existing as of or are entered into after the beginning of the NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) earliest comparative period presented in the financial statements under the new lease standard. We are currently evaluating the impact of our pending adoption of ASU No. 2016-02 on our consolidated financial statements. We believe our adoption of the new leasing standard will have an immaterial increase in the assets and liabilities on our consolidated balance sheets, with no material impact to our consolidated statements of income and comprehensive income. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), which provides specific guidance on eight cash flow classification issues and how to reduce diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The effective date of the standard will be fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact, if any, on its consolidated financial statements. In January 2017, the Financial Accounting Standards Board ("FASB") issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The ASU clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or business combinations. The ASU is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. Early adoption is permitted. The Company elected early adoption effective for the quarter ended December 31, 2016. The Company's net income was favorably impacted as a result of the capitalization of acquisition costs - in prior periods, property acquisition costs were expensed during the period incurred. During the year ended September 30, 2017, capitalized acquisition costs were $3,364,000 , without giving effect to non-controlling interests. |
REAL ESTATE PROPERTIES (Tables)
REAL ESTATE PROPERTIES (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Acquisitions | |
Schedule of Real Estate Properties | Real estate properties (including real estate properties held for sale), consist of the following: September 30, 2017 2016 Land $ 138,094 $ 128,409 Building 808,366 684,133 Building improvements 31,411 25,717 Real estate properties 977,871 838,259 Accumulated depreciation (66,621 ) (44,687 ) Total real estate properties, net $ 911,250 $ 793,572 A summary of activity in real estate properties (including properties held for sale), for the year ended September 30, 2017 , follows (dollars in thousands): Depreciation and Sales Other Dispositions Multi-family $ 783,085 $ 255,992 $ 9,173 $ (30,379 ) $ (113,552 ) $ (3,571 ) $ 900,748 Land - Daytona, FL 8,021 — — — — — 8,021 Retail shopping center - Yonkers, NY 2,466 — 125 (110 ) — — 2,481 Total real estate properties $ 793,572 $ 255,992 $ 9,298 $ (30,489 ) $ (113,552 ) $ (3,571 ) $ 911,250 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocations of the purchase price of nine properties purchased between August 1, 2016 and September 30, 2017 , and the finalized allocation of the purchase price, as adjusted, as of September 30, 2017 (dollars in thousands): Preliminary Adjustments Finalized Land $ 39,296 $ (1,550 ) $ 37,746 Buildings and improvements 299,327 341 299,668 Acquisition-related intangible assets (in acquired lease intangibles, net) 4,180 1,209 5,389 Total consideration $ 342,803 $ — $ 342,803 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | A summary of the Company's multi-family properties by state as and for the year ended September 30, 2017 , is as follows (dollars in thousands): Location Number of Properties at September 30, 2017 Number of Units at September 30, 2017 2017 % of 2017 Texas 9 2,695 $ 32,011 31.1 % Florida (a) 4 1,268 15,339 14.9 % Georgia 4 959 11,842 11.5 % Tennessee 2 702 4,339 4.2 % Alabama 2 826 7,849 7.6 % South Carolina 3 683 6,305 6.1 % Missouri 4 775 7,694 7.5 % Indiana 1 400 3,418 3.3 % Mississippi 2 776 8,310 8.1 % Ohio 1 264 2,671 2.6 % Virginia 1 220 3,160 3.1 % 33 9,568 $ 102,938 100 % ________________________ (a) Includes Waverly Place Apartments - Melbourne, FL, which was sold on October 25, 2017. This property has 208 units and accounted for $2,567 of 2017 revenues. |
Schedule of Operating Leases, Future Minimum Payments, Receivable | Future minimum rentals to be received by the Company pursuant to non-cancellable operating leases with terms in excess of one year, from a commercial property owned by the Company at September 30, 2017 , are as follows (dollars in thousands): Year Ending September 30, Amount 2018 $ 1,119 2019 1,119 2020 1,119 2021 1,132 2022 1,185 Thereafter 4,500 Total $ 10,174 |
ACQUISITIONS, DISPOSITIONS AN33
ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of Real Estate Acquisitions | The tables below provides information regarding the Company's purchases of multi-family properties during the years ended September 30, (dollars in thousands): 2017 Location Purchase No. of Acquisition Initial BRT Ownership Percentage Capitalized Property Fredricksburg, VA 11/4/2016 220 $ 38,490 $ 29,900 $ 8,720 80 % $ 643 St. Louis, MO 2/28/2017 128 27,000 20,000 6,001 76 % 423 St. Louis, MO 2/28/2017 53 8,000 6,200 2,002 76 % 134 Creve Coeur, MO 4/4/2017 174 39,600 29,000 9,408 78 % 569 West Nashville, TN (a) 6/2/2017 402 5,228 — 4,800 58 % 226 Farmers Branch, TX 6/29/2017 509 85,698 55,200 16,200 50 % 992 Tallahassee, FL 8/30/2017 242 27,588 21,524 7,015 80 % 377 1,728 $ 231,604 $ 161,824 $ 54,146 $ 3,364 ______________________ (a) A development property. 2016 Location Purchase No. of Acquisition Initial BRT Ownership Percentage Property N. Charleston, SC (a) 10/13/2015 271 $ 3,625 — $ 6,558 65 % — La Grange, GA 11/18/2015 236 22,800 $ 16,051 6,824 100 % 57 Katy, TX 1/22/2016 268 40,250 30,750 8,150 75 % 382 Macon, GA 2/1/2016 240 14,525 11,200 3,250 80 % 158 Southaven, MS 2/29/2016 392 35,000 28,000 5,856 60 % 413 San Antonio, TX 5/6/2016 288 35,150 26,400 6,688 65 % 539 Dallas, TX 5/11/2016 494 37,000 27,938 6,750 50 % 567 Columbia, SC 5/31/2016 204 17,000 12,934 4,930 80 % 302 Atlanta, GA 8/15/2016 271 39,125 27,375 10,769 74 % 577 Southaven, MS 9/1/2016 384 38,205 30,564 6,060 60 % 347 San Antonio, TX 9/19/2016 288 36,000 27,000 8,060 72 % 510 3,336 $ 318,680 $ 238,212 $ 73,895 $ 3,852 ________________________ (a) A development property. NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - (continued) The table below provides information regarding the real estate properties acquired by the Company subsequent to September 30, 2017 (dollars in thousands): Location Purchase No. of Acquisition Initial BRT Ownership Percentage Capitalized Property Madison, AL 12/7/2017 204 $ 18,420 $ 15,000 $ 4,456 80 % $ 174 The table below provides information regarding the real estate properties acquired by the Company subsequent to September 30, 2017 (dollars in thousands): Location Purchase No. of Acquisition Initial BRT Ownership Percentage Capitalized Property Madison, AL 12/7/2017 204 $ 18,420 $ 15,000 $ 4,456 80 % $ 174 |
Schedule of Real Estate Disposals | The table below provides information regarding the real estate properties disposed of by the Company subsequent to September 30, 2017 (dollars in thousands): Location Sale Date No. of Units Sales Price Estimated Gain on Sale Non-Controlling Partner's Share of Estimated Gain Melbourne, FL 10/25/2017 208 $ 22,250 $ 12,700 $ 2,800 The tables below provide information regarding the Company's disposition of real estate properties during the years ended September 30, (dollars in thousands): 2017 Location Sale Date No. of Units Sales Price Gain on Sale Non-Controlling Partner's Share of Gain Greenville, NC 10/19/2016 350 $ 68,000 $ 18,483 $ 9,329 Panama City, FL 10/26/2016 160 14,720 7,393 3,478 Atlanta, GA 11/21/2016 350 36,750 8,905 4,166 Hixson, TN 11/30/2016 156 10,775 608 152 New York, NY 12/21/2016 1 465 449 — Humble, TX 7/27/2017 260 18,000 7,707 3,143 Humble, TX 7/27/2017 160 11,300 4,767 1,943 Pasadena, TX 7/27/2017 144 9,750 4,289 2,629 1,581 $ 169,760 $ 52,601 $ 24,840 2016 Location Sale Date No. of Units Sales Price Gain on Sale Non-Controlling Partner's Share of Gain Cordova, TN 3/2/2016 464 $ 31,100 $ 6,731 $ 2,195 Kennesaw, GA 3/15/2016 450 64,000 17,462 10,037 Pooler, GA 4/6/2016 300 38,500 5,710 1,405 Collierville, TN 6/1/2016 324 34,300 4,586 917 Little Rock, AK (a) 6/6/2016 172 2,372 386 — Wichita, KS 9/1/2016 496 30,400 10,718 4,241 New York, NY 12/17/2016 2 1,377 1,271 — 2,208 $ 202,049 $ 46,864 $ 18,795 _____________________________ (a) Reflects the sale of a partnership interest The discontinued operations of the Newark Joint Venture and the statement of operations for the years ended September 30, 2016 and 2015, are summarized as follows (dollars in thousands): Statement of Operations Year Ended September 30, 2016 2015 Revenues: Rental and other revenue from real estate properties $ 2,437 $ 4,335 Other income 444 1,067 Total revenues 2,881 5,402 Expenses: Real estate operating expenses 2,277 4,610 Interest expense 2,242 4,880 Depreciation 1,150 2,241 Total expense 5,669 11,731 Income from discontinued operations (2,788 ) (6,329 ) Gain on sale of partnership interest 15,467 — Discontinued operations $ 12,679 $ (6,329 ) |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of the Consolidated VIEs Carrying Amounts | The following is a summary of the carrying amounts with respect to the consolidated VIEs and their classification on the Company's consolidated balance sheets (amounts in thousands): September 30, 2017 2016 ASSETS Real estate properties, net of depreciation of $52,873 and $35,525 $ 707,546 $ 686,101 Cash and cash equivalents 8,626 11,855 Deposits and escrows 13,873 19,505 Other assets 8,148 3,584 Real estate properties held for sale 8,969 33,996 Total Assets $ 747,162 $ 755,041 LIABILITIES Mortgages payable, net of deferred costs of $5,170 and $4,856 $ 558,568 $ 535,602 Accounts payable and accrued liabilities 14,419 17,893 Mortgage payable held for sale — 27,052 Total Liabilities $ 572,987 $ 580,547 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Real Estate Disposals | The table below provides information regarding the real estate properties disposed of by the Company subsequent to September 30, 2017 (dollars in thousands): Location Sale Date No. of Units Sales Price Estimated Gain on Sale Non-Controlling Partner's Share of Estimated Gain Melbourne, FL 10/25/2017 208 $ 22,250 $ 12,700 $ 2,800 The tables below provide information regarding the Company's disposition of real estate properties during the years ended September 30, (dollars in thousands): 2017 Location Sale Date No. of Units Sales Price Gain on Sale Non-Controlling Partner's Share of Gain Greenville, NC 10/19/2016 350 $ 68,000 $ 18,483 $ 9,329 Panama City, FL 10/26/2016 160 14,720 7,393 3,478 Atlanta, GA 11/21/2016 350 36,750 8,905 4,166 Hixson, TN 11/30/2016 156 10,775 608 152 New York, NY 12/21/2016 1 465 449 — Humble, TX 7/27/2017 260 18,000 7,707 3,143 Humble, TX 7/27/2017 160 11,300 4,767 1,943 Pasadena, TX 7/27/2017 144 9,750 4,289 2,629 1,581 $ 169,760 $ 52,601 $ 24,840 2016 Location Sale Date No. of Units Sales Price Gain on Sale Non-Controlling Partner's Share of Gain Cordova, TN 3/2/2016 464 $ 31,100 $ 6,731 $ 2,195 Kennesaw, GA 3/15/2016 450 64,000 17,462 10,037 Pooler, GA 4/6/2016 300 38,500 5,710 1,405 Collierville, TN 6/1/2016 324 34,300 4,586 917 Little Rock, AK (a) 6/6/2016 172 2,372 386 — Wichita, KS 9/1/2016 496 30,400 10,718 4,241 New York, NY 12/17/2016 2 1,377 1,271 — 2,208 $ 202,049 $ 46,864 $ 18,795 _____________________________ (a) Reflects the sale of a partnership interest The discontinued operations of the Newark Joint Venture and the statement of operations for the years ended September 30, 2016 and 2015, are summarized as follows (dollars in thousands): Statement of Operations Year Ended September 30, 2016 2015 Revenues: Rental and other revenue from real estate properties $ 2,437 $ 4,335 Other income 444 1,067 Total revenues 2,881 5,402 Expenses: Real estate operating expenses 2,277 4,610 Interest expense 2,242 4,880 Depreciation 1,150 2,241 Total expense 5,669 11,731 Income from discontinued operations (2,788 ) (6,329 ) Gain on sale of partnership interest 15,467 — Discontinued operations $ 12,679 $ (6,329 ) |
INVESTMENT IN UNCONSOLIDATED 36
INVESTMENT IN UNCONSOLIDATED VENTURES (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | The table below provides information regarding these joint ventures (dollars in thousands): Location Number of Units Initial Investment Purchase Price Acquisition Debt Percent Ownership Columbia, SC 374 $ 5,670 $ 58,300 $ 41,000 32 % Columbia, SC (a) 339 8,665 5,915 — 46 % Forney, TX (b) 313 7,500 39,000 25,350 50 % 1,026 $ 21,835 $ 103,215 $ 66,350 __________________________ (a) Reflects land purchased for a development project at which construction of 339 units is planned. Construction financing for this project of up to $47,426,000 has been secured. Such financing bears interest at 4.08% and matures in June 2020. At September 30, 2017, no amounts have been drawn on this financing. (b) This interest is held through a tenancy-in-common. |
DEBT OBLIGATIONS (Tables)
DEBT OBLIGATIONS (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Obligations | Debt obligations (including debt held for sale) consist of the following (dollars in thousands): September 30, 2017 2016 Mortgages payable $ 704,171 $ 621,382 Junior subordinated notes 37,400 37,400 Deferred mortgage costs (6,727 ) (6,275 ) Total debt obligations $ 734,844 $ 652,507 |
Schedule of Maturities of Long-term Debt | Scheduled principal repayments for the next five years and thereafter are as follows (dollars in thousands): Year Ending September 30, Scheduled Principal Payments 2018 $ 35,016 (a) 2019 59,858 (a) 2020 61,875 2021 22,279 2022 40,428 Thereafter 484,715 $ 704,171 _____________________ (a) Includes $185 in 2018 and $8,847 in 2019 related to Waverly Place, Melbourne, FL which was sold subsequent to September 30, 2017. |
Schedule of Outstanding Debt | he Company obtained supplemental fixed rate financing as set forth in the table below (dollars in thousands): Location Closing Date Supplemental Mortgage Debt Interest Rate Maturity Date Fredricksburg, VA 11/4/2016 $ 2,261 4.84 % February 2027 Decatur, GA 5/31/2017 4,941 5.32 % December 2022 $ 7,202 NOTE 10—DEBT OBLIGATIONS (continued) During the year ended September 30, 2016, the Company obtained supplemental fixed rate financing as set forth in the table below (dollars in thousands): Location Closing Date Supplemental Mortgage Debt Interest Rate Maturity Date Pensacola, FL 10/13/15 $ 3,194 4.92% March 2022 Atlanta, GA 11/10/15 5,000 4.93% July 2021 Houston, TX 2/09/16 3,865 4.94% August 2021 Huntsville, AL 4/15/16 2,650 5.29% November 2023 $ 14,709 Location Closing Date Acquisition Mortgage Debt Interest Rate Interest only period Maturity Date Fredricksburg, VA 11/4/2016 $ 27,638 3.68 % N/A February 2027 Saint Louis, MO 2/28/2017 20,000 4.79 % 72 months March 2027 Saint Louis, MO 2/28/2017 6,197 4.84 % 72 months March 2027 Creve Coeur, MO 4/4/2017 29,000 LIBOR +2.50% N/A July 2018 (a) Farmers Branch, TX 6/29/2017 55,200 4.22 % 60 months July 2028 Tallahassee, FL 8/30/2017 21,524 4.19 % 60 months September 2027 $ 159,559 ____________________ (a) The borrower may elect to extend the maturity of this debt until April 2019. 2016 Location Closing Date Acquisition Mortgage Debt Interest Rate Interest only period Maturity Date LaGrange, GA 11/18/15 $ 16,051 4.36% - February 2022 Katy,TX 1/22/16 30,750 4.44% 60 months February 2026 Macon,GA 2/01/16 11,200 4.39% 24 months February 2026 Southaven, MS 2/29/16 28,000 4.24% 60 months March 2026 San Antonio, TX (a) 5/06/16 26,400 3.61% 23 months May 2023 Dallas,TX 5/11/16 27,938 4.01% 24 months May 2028 Columbia,SC 5/31/16 12,934 4.28% 36 months June 2026 Atlanta, GA 8/15/16 27,375 3.97% 36 months August 2026 Southaven,MS 9/01/16 30,564 3.73% 60 months September 2026 San Antonio, TX (a) 9/16/16 27,000 4.05% 36 months September 2026 $ 238,212 ___________________ (a) The interest rate on this debt is fixed by the use of an interest rate swap. |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of changes in number of shares outstanding under equity incentive plans | Changes in number of restricted shares outstanding under the Company's equity incentive plans are shown below: Year Ended September 30, 2017 2016 2015 Outstanding at beginning of the year 666,775 672,875 648,225 Issued 147,500 141,050 142,950 Cancelled — (16,850 ) — Vested (124,900 ) (130,300 ) (118,300 ) Outstanding at the end of the year 689,375 666,775 672,875 |
Schedule of compensation expense recorded for all incentive plans | The following table reflects the compensation expense recorded for all incentive plans (dollars in thousands): Year Ended September 30, 2017 2016 2015 Restricted stock grants $ 978 $ 859 $ 906 Restricted stock units 240 146 — Total compensation $ 1,218 $ 1,005 $ 906 |
Schedule of computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted earnings (loss) per share (dollars in thousands): Year Ended September 30, 2017 2016 2015 Numerator for basic and diluted earnings per share attributable to common stockholders: Net income (loss) attributable to common stockholders $ 13,600 $ 31,289 $ (2,388 ) Denominator: Denominator for basic earnings per share—weighted average number of shares 13,993,638 14,017,279 14,133,352 Effect of diluted securities 25,205 — — Denominator for diluted earnings per share—adjusted weighted average number of shares and assumed conversions 14,018,843 14,017,279 14,133,352 Basic earnings (loss) per share $ 0.98 $ 2.23 $ (0.17 ) Diluted earnings (loss) per share $ 0.98 $ 2.23 $ (0.17 ) |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
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 |
FAIR VALUE OF FINANCIAL INSTR40
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and liabilities measured at fair value | Set forth below is information regarding the Company's financial assets and liabilities measured at fair value as of September 30, 2017 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Financial Assets: Interest rate swaps $ 1,460 — $ 1,460 Financial Liabilities: Interest rate swap $ (14 ) — $ (14 ) |
DERIVATIVE FINANCIAL INSTRUME41
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Interest Rate Derivatives | |
Schedule of interest rate derivative | As of September 30, 2017 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands): Interest Rate Derivative Notional Amount Rate Maturity Interest Rate Swap $ 1,446 5.25 % April 1, 2022 Interest Rate Swap $ 26,400 3.61 % May 6, 2023 Interest Rate Swap $ 27,000 4.05 % September 19, 2026 |
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheets | Derivatives as of: September 30, 2017 September 30, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Other Assets $ 1,460 Other assets $ — Accounts payable and accrued liabilities $ 14 Accounts payable and accrued liabilities $ 1,602 |
Schedule of effect of derivative financial instrument on consolidated statements of comprehensive income | The following table presents the effect of the Company's derivative financial instrument on the consolidated statements of comprehensive income (loss) for the years ended September 30, 2017 , 2016 and 2015 (dollars in thousands): Year Ended September 30, 2017 2016 2015 Amount of gain (loss) recognized on derivative in Other Comprehensive Income $ 2,660 $ (1,695 ) $ (83 ) Less: amount of gain (loss) reclassified from Accumulated Other Comprehensive (loss) income into Interest Expense $ (387 ) $ (150 ) $ (33 ) |
QUARTERLY FINANCIAL DATA (Una42
QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial data | 2017 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 25,640 $ 24,883 $ 26,861 $ 28,387 $ 105,771 Expenses 28,027 28,473 30,333 32,504 119,337 Total revenues less total expenses (2,387 ) (3,590 ) (3,472 ) (4,117 ) (13,566 ) Equity in loss of unconsolidated joint ventures — — (307 ) (77 ) (384 ) Gain on sale of real estate 35,838 — — 16,763 52,601 Loss on extinguishment of debt (799 ) — — (664 ) (1,463 ) Income (loss) income from continuing operations 32,652 (3,590 ) (3,779 ) 11,905 37,188 Provision for taxes 350 1,108 41 61 1,560 Net income (loss) 32,302 (4,698 ) (3,820 ) 11,844 35,628 Net (income) loss attributable to non-controlling interests (16,532 ) 469 418 (6,383 ) (22,028 ) Net income (loss) attributable to common stockholders $ 15,770 $ (4,229 ) $ (3,402 ) $ 5,461 $ 13,600 Basic and per share amounts attributable to common stockholders Basic and diluted income (loss) per share (a) $ 1.13 $ (0.30 ) $ (0.24 ) $ 0.39 $ 0.97 (a) does not add across due to rounding 2016 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 22,326 $ 26,019 $ 24,287 $ 25,889 $ 98,521 Expenses 24,108 27,011 27,652 28,887 107,658 Total revenues less total expenses (1,782 ) (992 ) (3,365 ) (2,998 ) (9,137 ) Gain on sale of real estate 609 24,226 10,263 11,379 46,477 Gain on sale of partnership interest — — 386 — 386 Loss on extinguishment of debt — (2,668 ) — (1,879 ) (4,547 ) (Loss) income from continuing operations (1,173 ) 20,566 7,284 6,502 33,179 Provision for taxes — — — 700 700 (Loss) income from continuing operations, net of tax (1,173 ) 20,566 7,284 5,802 32,479 (Loss) income from discontinued operations (1,600 ) 14,279 — — 12,679 Net (loss) income (2,773 ) 34,845 7,284 5,802 45,158 Net loss (income) attributable to non-controlling interests 739 (9,909 ) (1,804 ) (2,895 ) (13,869 ) Net (loss) income attributable to common stockholders $ (2,034 ) $ 24,936 $ 5,480 $ 2,907 $ 31,289 Basic and per share amounts attributable to common stockholders Continuing operations $ (0.10 ) $ 0.7 $ 0.39 $ 0.21 $ 1.21 Discontinued operations (0.04 ) 1.06 — — 1.02 Basic and diluted (loss) income per share $ (0.14 ) $ 1.76 $ 0.39 $ 0.21 $ 2.23 |
ORGANIZATION, BACKGROUND AND 43
ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017USD ($)statepropertyproperty_unit | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2017USD ($)statepropertysegmentproperty_unit | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Real Estate Properties | |||||||||||
Number of Properties at September 30, 2017 | property | 33 | 33 | |||||||||
Number of Units at September 30, 2017 | property_unit | 9,568 | 9,568 | |||||||||
Number of states in which entity operates | state | 11 | 11 | |||||||||
Number of units in real estate property, in lease up stage | property | 402 | 402 | |||||||||
Real estate investment property, net | $ 902,281 | $ 759,576 | $ 902,281 | $ 759,576 | |||||||
Real estate investments, other | 16,004 | 16,004 | |||||||||
Mortgage loans on real estate | 5,500 | 5,500 | |||||||||
Tenant utility reimbursements reclassified | 28,387 | $ 26,861 | $ 24,883 | $ 25,640 | $ 25,889 | $ 24,287 | $ 26,019 | $ 22,326 | $ 105,771 | 98,521 | $ 81,098 |
Number of reportable segments | segment | 2 | ||||||||||
Capitalized acquisition costs | $ 3,364 | ||||||||||
Restatement adjustment | |||||||||||
Real Estate Properties | |||||||||||
Tenant utility reimbursements reclassified | $ 4,066 | $ 4,033 | |||||||||
Maximum | |||||||||||
Real Estate Properties | |||||||||||
Period from cessation of major construction activity to consider construction project as substantially completed | 1 year | ||||||||||
Multi-family residential | |||||||||||
Real Estate Properties | |||||||||||
Real estate investment property, net | $ 900,746 | $ 900,746 | |||||||||
Multi-family residential | Building | |||||||||||
Real Estate Properties | |||||||||||
Real estate property, estimated useful life | 30 years | ||||||||||
Multi-family residential | Maximum | |||||||||||
Real Estate Properties | |||||||||||
Operating leases, term of contract | 1 year | ||||||||||
Joint ventures | Purchase of properties | Multi-family residential | Minimum | |||||||||||
Real Estate Properties | |||||||||||
Equity contribution in each transaction (as a percent) | 70.00% | ||||||||||
Joint ventures | Purchase of properties | Multi-family residential | Maximum | |||||||||||
Real Estate Properties | |||||||||||
Equity contribution in each transaction (as a percent) | 80.00% |
REAL ESTATE PROPERTIES (Details
REAL ESTATE PROPERTIES (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Real Estate [Abstract] | ||
Land | $ 138,094 | $ 128,409 |
Building | 808,366 | 684,133 |
Building improvements | 31,411 | 25,717 |
Real estate properties | 977,871 | 838,259 |
Accumulated depreciation | (66,621) | (44,687) |
Total real estate properties, net | $ 911,250 | $ 793,572 |
REAL ESTATE PROPERTIES (Detai45
REAL ESTATE PROPERTIES (Details 1) $ in Thousands | 12 Months Ended | 14 Months Ended | ||
Sep. 30, 2017USD ($)property | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Nov. 30, 2017USD ($) | |
Real Estate Properties | ||||
Balance at the beginning of the period | $ 793,572 | $ 793,572 | ||
Additions | 255,992 | |||
Capitalized Costs and Improvements | 9,298 | |||
Depreciation and Amortization | (30,489) | |||
Sales | (113,552) | |||
Other Dispositions | 3,571 | |||
Balance at the end of the period | 911,250 | $ 793,572 | ||
Assets removed due to casualty loss | $ (3,571) | 0 | $ 0 | |
Number of properties owned | property | 33 | |||
Multi-family residential | ||||
Real Estate Properties | ||||
Balance at the beginning of the period | $ 783,085 | 783,085 | ||
Additions | 255,992 | |||
Capitalized Costs and Improvements | 9,173 | |||
Depreciation and Amortization | (30,379) | |||
Sales | (113,552) | |||
Other Dispositions | 3,571 | |||
Balance at the end of the period | 900,748 | 783,085 | ||
Land | ||||
Real Estate Properties | ||||
Balance at the beginning of the period | 8,021 | 8,021 | ||
Additions | 0 | |||
Capitalized Costs and Improvements | 0 | |||
Depreciation and Amortization | 0 | |||
Sales | 0 | |||
Other Dispositions | 0 | |||
Balance at the end of the period | 8,021 | 8,021 | ||
Shopping centers/retail | Primary beneficiary | Newark Joint Venture | ||||
Real Estate Properties | ||||
Balance at the beginning of the period | 2,466 | 2,466 | ||
Additions | 0 | |||
Capitalized Costs and Improvements | 125 | |||
Depreciation and Amortization | (110) | |||
Sales | 0 | |||
Other Dispositions | 0 | |||
Balance at the end of the period | 2,481 | $ 2,466 | ||
Loss from Catastrophes | ||||
Real Estate Properties | ||||
Assets removed due to casualty loss | $ 3,571 | |||
Number of properties owned | property | 96 | |||
Insurance deductible | $ 100 | |||
Estimated insurance recoveries | $ 3,471 | |||
Loss from Catastrophes | Subsequent event | ||||
Real Estate Properties | ||||
Insurance proceeds | $ 1,100 |
REAL ESTATE PROPERTIES (Detai46
REAL ESTATE PROPERTIES (Details 2) $ in Thousands | 14 Months Ended | |
Sep. 30, 2017USD ($)property | Aug. 01, 2016USD ($) | |
Acquisitions | ||
Number of properties acquired | property | 9 | |
July 1, 2015 through September 30, 2016 real estate property acquisitions | ||
Allocations of purchase prices of assets acquired and liabilities assumed | ||
Total consideration | $ 342,803 | |
Adjustments to preliminary allocations of purchase price of properties | ||
Total consideration | 0 | |
July 1, 2015 through September 30, 2016 real estate property acquisitions | Leases acquired | ||
Allocations of purchase prices of assets acquired and liabilities assumed | ||
Acquisition-related intangible assets | 5,389 | |
Adjustments to preliminary allocations of purchase price of properties | ||
Acquisition-related intangible assets | 1,209 | |
July 1, 2015 through September 30, 2016 real estate property acquisitions | Land | ||
Allocations of purchase prices of assets acquired and liabilities assumed | ||
Real estate property | 37,746 | |
Adjustments to preliminary allocations of purchase price of properties | ||
Real estate property | (1,550) | |
July 1, 2015 through September 30, 2016 real estate property acquisitions | Buildings and Improvements | ||
Allocations of purchase prices of assets acquired and liabilities assumed | ||
Real estate property | 299,668 | |
Adjustments to preliminary allocations of purchase price of properties | ||
Real estate property | $ 341 | |
Preliminary | July 1, 2015 through September 30, 2016 real estate property acquisitions | ||
Allocations of purchase prices of assets acquired and liabilities assumed | ||
Total consideration | $ 342,803 | |
Preliminary | July 1, 2015 through September 30, 2016 real estate property acquisitions | Land | ||
Allocations of purchase prices of assets acquired and liabilities assumed | ||
Real estate property | 39,296 | |
Preliminary | July 1, 2015 through September 30, 2016 real estate property acquisitions | Buildings and Improvements | ||
Allocations of purchase prices of assets acquired and liabilities assumed | ||
Real estate property | 299,327 | |
Preliminary | July 1, 2015 through September 30, 2016 real estate property acquisitions | Acquisition-related intangible assets | Leases acquired | ||
Allocations of purchase prices of assets acquired and liabilities assumed | ||
Acquisition-related intangible assets | $ 4,180 |
REAL ESTATE PROPERTIES (Detai47
REAL ESTATE PROPERTIES (Details 3) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017USD ($)propertyproperty_unit | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2017USD ($)propertyproperty_unit | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of Properties at September 30, 2017 | property | 33 | 33 | |||||||||
Number of Units at September 30, 2017 | property_unit | 9,568 | 9,568 | |||||||||
2017 Revenues | $ | $ 28,387 | $ 26,861 | $ 24,883 | $ 25,640 | $ 25,889 | $ 24,287 | $ 26,019 | $ 22,326 | $ 105,771 | $ 98,521 | $ 81,098 |
Geographic concentration | Multi-family residential | Revenue | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of Properties at September 30, 2017 | property | 33 | 33 | |||||||||
Number of Units at September 30, 2017 | property_unit | 9,568 | 9,568 | |||||||||
2017 Revenues | $ | $ 102,938 | ||||||||||
% of 2017 Revenues | 100.00% | ||||||||||
Texas | Geographic concentration | Multi-family residential | Revenue | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of Properties at September 30, 2017 | property | 9 | 9 | |||||||||
Number of Units at September 30, 2017 | property_unit | 2,695 | 2,695 | |||||||||
2017 Revenues | $ | $ 32,011 | ||||||||||
% of 2017 Revenues | 31.10% | ||||||||||
Florida | Geographic concentration | Multi-family residential | Revenue | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of Properties at September 30, 2017 | property | 4 | 4 | |||||||||
Number of Units at September 30, 2017 | property_unit | 1,268 | 1,268 | |||||||||
2017 Revenues | $ | $ 15,339 | ||||||||||
% of 2017 Revenues | 14.90% | ||||||||||
Georgia | Geographic concentration | Multi-family residential | Revenue | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of Properties at September 30, 2017 | property | 4 | 4 | |||||||||
Number of Units at September 30, 2017 | property_unit | 959 | 959 | |||||||||
2017 Revenues | $ | $ 11,842 | ||||||||||
% of 2017 Revenues | 11.50% | ||||||||||
Tennessee | Geographic concentration | Multi-family residential | Revenue | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of Properties at September 30, 2017 | property | 2 | 2 | |||||||||
Number of Units at September 30, 2017 | property_unit | 702 | 702 | |||||||||
2017 Revenues | $ | $ 4,339 | ||||||||||
% of 2017 Revenues | 4.20% | ||||||||||
Alabama | Geographic concentration | Multi-family residential | Revenue | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of Properties at September 30, 2017 | property | 2 | 2 | |||||||||
Number of Units at September 30, 2017 | property_unit | 826 | 826 | |||||||||
2017 Revenues | $ | $ 7,849 | ||||||||||
% of 2017 Revenues | 7.60% | ||||||||||
South Carolina | Geographic concentration | Multi-family residential | Revenue | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of Properties at September 30, 2017 | property | 3 | 3 | |||||||||
Number of Units at September 30, 2017 | property_unit | 683 | 683 | |||||||||
2017 Revenues | $ | $ 6,305 | ||||||||||
% of 2017 Revenues | 6.10% | ||||||||||
Missouri | Geographic concentration | Multi-family residential | Revenue | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of Properties at September 30, 2017 | property | 4 | 4 | |||||||||
Number of Units at September 30, 2017 | property_unit | 775 | 775 | |||||||||
2017 Revenues | $ | $ 7,694 | ||||||||||
% of 2017 Revenues | 7.50% | ||||||||||
Indiana | Geographic concentration | Multi-family residential | Revenue | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of Properties at September 30, 2017 | property | 1 | 1 | |||||||||
Number of Units at September 30, 2017 | property_unit | 400 | 400 | |||||||||
2017 Revenues | $ | $ 3,418 | ||||||||||
% of 2017 Revenues | 3.30% | ||||||||||
Mississippi | Geographic concentration | Multi-family residential | Revenue | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of Properties at September 30, 2017 | property | 2 | 2 | |||||||||
Number of Units at September 30, 2017 | property_unit | 776 | 776 | |||||||||
2017 Revenues | $ | $ 8,310 | ||||||||||
% of 2017 Revenues | 8.10% | ||||||||||
Ohio | Geographic concentration | Multi-family residential | Revenue | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of Properties at September 30, 2017 | property | 1 | 1 | |||||||||
Number of Units at September 30, 2017 | property_unit | 264 | 264 | |||||||||
2017 Revenues | $ | $ 2,671 | ||||||||||
% of 2017 Revenues | 2.60% | ||||||||||
Virginia | Geographic concentration | Multi-family residential | Revenue | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of Properties at September 30, 2017 | property | 1 | 1 | |||||||||
Number of Units at September 30, 2017 | property_unit | 220 | 220 | |||||||||
2017 Revenues | $ | $ 3,160 | ||||||||||
% of 2017 Revenues | 3.10% | ||||||||||
Melbourne, FL | Geographic concentration | Multi-family residential | Revenue | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of Units at September 30, 2017 | property_unit | 208 | 208 | |||||||||
2017 Revenues | $ | $ 2,567 |
REAL ESTATE PROPERTIES (Detai48
REAL ESTATE PROPERTIES (Details 4) $ in Thousands | 12 Months Ended |
Sep. 30, 2017USD ($) | |
Commercial | |
Future minimum rentals to be received pursuant to non-cancellable operating leases | |
2,018 | $ 1,119 |
2,019 | 1,119 |
2,020 | 1,119 |
2,021 | 1,132 |
2,022 | 1,185 |
Thereafter | 4,500 |
Total | $ 10,174 |
Maximum | Multi-family residential | |
Real Estate Properties | |
Operating leases, term of contract | 1 year |
ACQUISITIONS, DISPOSITIONS AN49
ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - Schedule of Property Acquisitions (Details) | Aug. 30, 2017USD ($)property_unit | Jun. 29, 2017USD ($)property_unit | Jun. 02, 2017USD ($)property_unit | Apr. 04, 2017USD ($)property_unit | Feb. 28, 2017USD ($)property_unit | Nov. 04, 2016USD ($)property_unit | Sep. 19, 2016USD ($)property_unit | Sep. 01, 2016USD ($)property_unit | Aug. 15, 2016USD ($)property_unit | May 31, 2016USD ($)property_unit | May 11, 2016USD ($)property_unit | May 06, 2016USD ($)property_unit | Feb. 29, 2016USD ($)property_unit | Feb. 01, 2016USD ($)property_unit | Jan. 22, 2016USD ($)property_unit | Nov. 18, 2015USD ($)property_unit | Oct. 13, 2015USD ($)property_unit | Sep. 30, 2017USD ($)property_unit | Sep. 30, 2016USD ($)property_unit | Sep. 30, 2015USD ($) |
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 9,568 | |||||||||||||||||||
Property acquisition costs | $ 0 | $ 3,852,000 | $ 1,885,000 | |||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 1,728 | 3,336 | ||||||||||||||||||
Purchase Price | $ 231,604,000 | $ 318,680,000 | ||||||||||||||||||
Initial BRT Equity | 54,146,000 | 73,895,000 | ||||||||||||||||||
Property acquisition costs | 3,364,000 | 3,852,000 | ||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Fredricksburg, VA | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 220 | |||||||||||||||||||
Purchase Price | $ 38,490,000 | |||||||||||||||||||
Initial BRT Equity | $ 8,720,000 | |||||||||||||||||||
Ownership Percentage | 80.00% | |||||||||||||||||||
Property acquisition costs | $ 643,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | St. Louis, MO (Tower at OPOP) | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 128 | |||||||||||||||||||
Purchase Price | $ 27,000,000 | |||||||||||||||||||
Initial BRT Equity | $ 6,001,000 | |||||||||||||||||||
Ownership Percentage | 76.00% | |||||||||||||||||||
Property acquisition costs | $ 423,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | St. Louis, MO (Lofts at OPOP) | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 53 | |||||||||||||||||||
Purchase Price | $ 8,000,000 | |||||||||||||||||||
Initial BRT Equity | $ 2,002,000 | |||||||||||||||||||
Ownership Percentage | 76.00% | |||||||||||||||||||
Property acquisition costs | $ 134,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Creve Coeur, MO | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 174 | |||||||||||||||||||
Purchase Price | $ 39,600,000 | |||||||||||||||||||
Initial BRT Equity | $ 9,408,000 | |||||||||||||||||||
Ownership Percentage | 78.00% | |||||||||||||||||||
Property acquisition costs | $ 569,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | West Nashville, TN | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 402 | |||||||||||||||||||
Purchase Price | $ 5,228,000 | |||||||||||||||||||
Initial BRT Equity | $ 4,800,000 | |||||||||||||||||||
Ownership Percentage | 58.00% | |||||||||||||||||||
Property acquisition costs | $ 226,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Farmers Branch, TX | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 509 | |||||||||||||||||||
Purchase Price | $ 85,698,000 | |||||||||||||||||||
Initial BRT Equity | $ 16,200,000 | |||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Property acquisition costs | $ 992,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Tallahassee, FL | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 242 | |||||||||||||||||||
Purchase Price | $ 27,588,000 | |||||||||||||||||||
Initial BRT Equity | $ 7,015,000 | |||||||||||||||||||
Ownership Percentage | 80.00% | |||||||||||||||||||
Property acquisition costs | $ 377,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | N. Charleston, SC | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 271 | |||||||||||||||||||
Purchase Price | $ 3,625,000 | |||||||||||||||||||
Initial BRT Equity | $ 6,558,000 | |||||||||||||||||||
Ownership Percentage | 65.00% | |||||||||||||||||||
Property acquisition costs | $ 0 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | La Grange, GA | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 236 | |||||||||||||||||||
Purchase Price | $ 22,800,000 | |||||||||||||||||||
Initial BRT Equity | $ 6,824,000 | |||||||||||||||||||
Ownership Percentage | 100.00% | |||||||||||||||||||
Property acquisition costs | $ 57,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Katy, TX | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 268 | |||||||||||||||||||
Purchase Price | $ 40,250,000 | |||||||||||||||||||
Initial BRT Equity | $ 8,150,000 | |||||||||||||||||||
Ownership Percentage | 75.00% | |||||||||||||||||||
Property acquisition costs | $ 382,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Macon, GA | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 240 | |||||||||||||||||||
Purchase Price | $ 14,525,000 | |||||||||||||||||||
Initial BRT Equity | $ 3,250,000 | |||||||||||||||||||
Ownership Percentage | 80.00% | |||||||||||||||||||
Property acquisition costs | $ 158,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Southaven, MS (Civic Center I) | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 392 | |||||||||||||||||||
Purchase Price | $ 35,000,000 | |||||||||||||||||||
Initial BRT Equity | $ 5,856,000 | |||||||||||||||||||
Ownership Percentage | 60.00% | |||||||||||||||||||
Property acquisition costs | $ 413,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | San Antonio, TX (Location 1) | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 288 | |||||||||||||||||||
Purchase Price | $ 35,150,000 | |||||||||||||||||||
Initial BRT Equity | $ 6,688,000 | |||||||||||||||||||
Ownership Percentage | 65.00% | |||||||||||||||||||
Property acquisition costs | $ 539,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Dallas, TX | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 494 | |||||||||||||||||||
Purchase Price | $ 37,000,000 | |||||||||||||||||||
Initial BRT Equity | $ 6,750,000 | |||||||||||||||||||
Ownership Percentage | 50.00% | |||||||||||||||||||
Property acquisition costs | $ 567,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Columbia, SC | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 204 | |||||||||||||||||||
Purchase Price | $ 17,000,000 | |||||||||||||||||||
Initial BRT Equity | $ 4,930,000 | |||||||||||||||||||
Ownership Percentage | 80.00% | |||||||||||||||||||
Property acquisition costs | $ 302,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Atlanta, GA | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 271 | |||||||||||||||||||
Purchase Price | $ 39,125,000 | |||||||||||||||||||
Initial BRT Equity | $ 10,769,000 | |||||||||||||||||||
Ownership Percentage | 74.00% | |||||||||||||||||||
Property acquisition costs | $ 577,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Southaven, MS (Civic Center II) | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 384 | |||||||||||||||||||
Purchase Price | $ 38,205,000 | |||||||||||||||||||
Initial BRT Equity | $ 6,060,000 | |||||||||||||||||||
Ownership Percentage | 60.00% | |||||||||||||||||||
Property acquisition costs | $ 347,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | San Antonio, TX (Location 2) | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
No. of Units | property_unit | 288 | |||||||||||||||||||
Purchase Price | $ 36,000,000 | |||||||||||||||||||
Initial BRT Equity | $ 8,060,000 | |||||||||||||||||||
Ownership Percentage | 72.00% | |||||||||||||||||||
Property acquisition costs | $ 510,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Acquisition Mortgage Debt | $ 161,824,000 | $ 238,212,000 | ||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | Fredricksburg, VA | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Acquisition Mortgage Debt | $ 29,900,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | St. Louis, MO (Tower at OPOP) | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Acquisition Mortgage Debt | 20,000,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | St. Louis, MO (Lofts at OPOP) | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Acquisition Mortgage Debt | $ 6,200,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | Creve Coeur, MO | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Acquisition Mortgage Debt | $ 29,000,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | West Nashville, TN | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Acquisition Mortgage Debt | $ 0 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | Farmers Branch, TX | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Acquisition Mortgage Debt | $ 55,200,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | Tallahassee, FL | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Acquisition Mortgage Debt | $ 21,524,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | N. Charleston, SC | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Acquisition Mortgage Debt | $ 0 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | La Grange, GA | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Acquisition Mortgage Debt | $ 16,051,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | Katy, TX | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Acquisition Mortgage Debt | $ 30,750,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | Macon, GA | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Acquisition Mortgage Debt | $ 11,200,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | Southaven, MS (Civic Center I) | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Acquisition Mortgage Debt | $ 28,000,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | San Antonio, TX (Location 1) | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Acquisition Mortgage Debt | $ 26,400,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | Dallas, TX | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Acquisition Mortgage Debt | $ 27,938,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | Columbia, SC | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Acquisition Mortgage Debt | $ 12,934,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | Atlanta, GA | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Acquisition Mortgage Debt | $ 27,375,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | Southaven, MS (Civic Center II) | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Acquisition Mortgage Debt | $ 30,564,000 | |||||||||||||||||||
Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | San Antonio, TX (Location 2) | ||||||||||||||||||||
Acquisitions | ||||||||||||||||||||
Acquisition Mortgage Debt | $ 27,000,000 |
ACQUISITIONS, DISPOSITIONS AN50
ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - Schedule of Subsequent Property Acquisitions (Details) | Dec. 07, 2017USD ($)property_unit | Sep. 30, 2017USD ($)property_unit | Sep. 30, 2016USD ($)property_unit | Sep. 30, 2015USD ($) |
Acquisitions | ||||
No. of Units | property_unit | 9,568 | |||
Property acquisition costs | $ 0 | $ 3,852,000 | $ 1,885,000 | |
Multi-family residential | Primary beneficiary | Purchase of properties | Joint ventures | ||||
Acquisitions | ||||
No. of Units | property_unit | 1,728 | 3,336 | ||
Purchase Price | $ 231,604,000 | $ 318,680,000 | ||
Initial BRT Equity | 54,146,000 | 73,895,000 | ||
Property acquisition costs | 3,364,000 | 3,852,000 | ||
Mortgages | Multi-family residential | Primary beneficiary | Purchase of properties | Joint ventures | ||||
Acquisitions | ||||
Acquisition Mortgage Debt | $ 161,824,000 | $ 238,212,000 | ||
Subsequent event | Multi-family residential | Primary beneficiary | Purchase of properties | Joint ventures | Madison, AL | ||||
Acquisitions | ||||
No. of Units | property_unit | 204 | |||
Purchase Price | $ 18,420,000 | |||
Initial BRT Equity | $ 4,456,000 | |||
Ownership Percentage | 80.00% | |||
Property acquisition costs | $ 174,000 | |||
Subsequent event | Mortgages | Multi-family residential | Primary beneficiary | Purchase of properties | Joint ventures | Madison, AL | ||||
Acquisitions | ||||
Acquisition Mortgage Debt | $ 15,000,000 |
ACQUISITIONS, DISPOSITIONS AN51
ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - Schedule of Property Dispositions (Details) | Oct. 25, 2017USD ($)property_unit | Jul. 27, 2017USD ($)property_unit | Dec. 21, 2016USD ($)property_unit | Dec. 17, 2016USD ($)property_unit | Nov. 30, 2016USD ($)property_unit | Nov. 21, 2016USD ($)property_unit | Oct. 26, 2016USD ($)property_unit | Oct. 19, 2016USD ($)property_unit | Sep. 01, 2016USD ($)property_unit | Jun. 06, 2016USD ($)property_unit | Jun. 01, 2016USD ($)property_unit | Apr. 06, 2016USD ($)property_unit | Mar. 15, 2016USD ($)property_unit | Mar. 02, 2016USD ($)property_unit | Sep. 30, 2017USD ($)property_unit | Sep. 30, 2016USD ($)property_unit | Sep. 30, 2015USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
No. of Units | property_unit | 9,568 | ||||||||||||||||
Gain on Sale | $ 0 | $ (2,788,000) | $ (6,329,000) | ||||||||||||||
Impairment of real estate | $ 0 | $ 0 | $ 0 | ||||||||||||||
Disposition of real estate properties | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
No. of Units | property_unit | 1,581 | 2,208 | |||||||||||||||
Sales Price | $ 169,760,000 | $ 202,049,000 | |||||||||||||||
Gain on Sale | 52,601,000 | 46,864,000 | |||||||||||||||
Non-controlling partner portion of gain | $ 24,840,000 | $ 18,795,000 | |||||||||||||||
Disposition of real estate properties | Greenville, NC | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
No. of Units | property_unit | 350 | ||||||||||||||||
Sales Price | $ 68,000,000 | ||||||||||||||||
Gain on Sale | 18,483,000 | ||||||||||||||||
Non-controlling partner portion of gain | $ 9,329,000 | ||||||||||||||||
Disposition of real estate properties | Panama City, FL | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
No. of Units | property_unit | 160 | ||||||||||||||||
Sales Price | $ 14,720,000 | ||||||||||||||||
Gain on Sale | 7,393,000 | ||||||||||||||||
Non-controlling partner portion of gain | $ 3,478,000 | ||||||||||||||||
Disposition of real estate properties | Atlanta, GA | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
No. of Units | property_unit | 350 | ||||||||||||||||
Sales Price | $ 36,750,000 | ||||||||||||||||
Gain on Sale | 8,905,000 | ||||||||||||||||
Non-controlling partner portion of gain | $ 4,166,000 | ||||||||||||||||
Disposition of real estate properties | Hixson, TN | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
No. of Units | property_unit | 156 | ||||||||||||||||
Sales Price | $ 10,775,000 | ||||||||||||||||
Gain on Sale | 608,000 | ||||||||||||||||
Non-controlling partner portion of gain | $ 152,000 | ||||||||||||||||
Disposition of real estate properties | New York, NY (Location 1) | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
No. of Units | property_unit | 1 | ||||||||||||||||
Sales Price | $ 465,000 | ||||||||||||||||
Gain on Sale | 449,000 | ||||||||||||||||
Non-controlling partner portion of gain | $ 0 | ||||||||||||||||
Disposition of real estate properties | Humble, TX (Parkside) | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
No. of Units | property_unit | 260 | ||||||||||||||||
Sales Price | $ 18,000,000 | ||||||||||||||||
Gain on Sale | 7,707,000 | ||||||||||||||||
Non-controlling partner portion of gain | $ 3,143,000 | ||||||||||||||||
Disposition of real estate properties | Humble, TX (Meadowbrook) | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
No. of Units | property_unit | 160 | ||||||||||||||||
Sales Price | $ 11,300,000 | ||||||||||||||||
Gain on Sale | 4,767,000 | ||||||||||||||||
Non-controlling partner portion of gain | $ 1,943,000 | ||||||||||||||||
Disposition of real estate properties | Pasadena, TX | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
No. of Units | property_unit | 144 | ||||||||||||||||
Sales Price | $ 9,750,000 | ||||||||||||||||
Gain on Sale | 4,289,000 | ||||||||||||||||
Non-controlling partner portion of gain | $ 2,629,000 | ||||||||||||||||
Disposition of real estate properties | Cordova, TN | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
No. of Units | property_unit | 464 | ||||||||||||||||
Sales Price | $ 31,100,000 | ||||||||||||||||
Gain on Sale | 6,731,000 | ||||||||||||||||
Non-controlling partner portion of gain | $ 2,195,000 | ||||||||||||||||
Disposition of real estate properties | Kennesaw, GA | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
No. of Units | property_unit | 450 | ||||||||||||||||
Sales Price | $ 64,000,000 | ||||||||||||||||
Gain on Sale | 17,462,000 | ||||||||||||||||
Non-controlling partner portion of gain | $ 10,037,000 | ||||||||||||||||
Disposition of real estate properties | Pooler, GA | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
No. of Units | property_unit | 300 | ||||||||||||||||
Sales Price | $ 38,500,000 | ||||||||||||||||
Gain on Sale | 5,710,000 | ||||||||||||||||
Non-controlling partner portion of gain | $ 1,405,000 | ||||||||||||||||
Disposition of real estate properties | Collierville, TN | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
No. of Units | property_unit | 324 | ||||||||||||||||
Sales Price | $ 34,300,000 | ||||||||||||||||
Gain on Sale | 4,586,000 | ||||||||||||||||
Non-controlling partner portion of gain | $ 917,000 | ||||||||||||||||
Disposition of real estate properties | Little Rock, AK | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
No. of Units | property_unit | 172 | ||||||||||||||||
Sales Price | $ 2,372,000 | ||||||||||||||||
Gain on Sale | 386,000 | ||||||||||||||||
Non-controlling partner portion of gain | $ 0 | ||||||||||||||||
Disposition of real estate properties | Wichita, KS | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
No. of Units | property_unit | 496 | ||||||||||||||||
Sales Price | $ 30,400,000 | ||||||||||||||||
Gain on Sale | 10,718,000 | ||||||||||||||||
Non-controlling partner portion of gain | $ 4,241,000 | ||||||||||||||||
Disposition of real estate properties | New York, NY (Location 2) | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
No. of Units | property_unit | 2 | ||||||||||||||||
Sales Price | $ 1,377,000 | ||||||||||||||||
Gain on Sale | 1,271,000 | ||||||||||||||||
Non-controlling partner portion of gain | $ 0 | ||||||||||||||||
Subsequent event | Disposition of real estate properties | Melbourne, FL | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
No. of Units | property_unit | 208 | ||||||||||||||||
Sales Price | $ 22,250,000 | ||||||||||||||||
Gain on Sale | 12,700,000 | ||||||||||||||||
Non-controlling partner portion of gain | $ 2,800,000 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Variable Interest Entity [Line Items] | |||||
Real estate properties, net of accumulated depreciation of $64,290 and $41,995 | $ 902,281 | $ 759,576 | |||
Cash and cash equivalents | 12,383 | 27,399 | $ 15,556 | $ 23,181 | |
Deposits and escrows | 27,839 | 18,972 | |||
Other assets | 9,359 | 7,775 | |||
Real estate properties held for sale | 8,969 | 33,996 | |||
Total Assets | [1] | 993,897 | 874,899 | ||
Mortgages payable, net of deferred costs of $6,345 and $5,873 | 697,826 | 588,457 | |||
Accounts payable and accrued liabilities | 22,348 | 20,716 | |||
Mortgage payable held for sale | 0 | 27,052 | |||
Total Liabilities | [1] | 757,192 | 673,223 | ||
Real estate properties, net of accumulated depreciation | 64,290 | 41,995 | |||
Deferred mortgage costs | (6,727) | (6,275) | |||
Variable interest entity | |||||
Variable Interest Entity [Line Items] | |||||
Real estate properties, net of accumulated depreciation of $64,290 and $41,995 | 707,546 | 686,101 | |||
Cash and cash equivalents | 8,626 | 11,855 | |||
Deposits and escrows | 13,873 | 19,505 | |||
Other assets | 8,148 | 3,584 | |||
Real estate properties held for sale | 8,969 | 33,996 | |||
Total Assets | 747,162 | 755,041 | |||
Mortgages payable, net of deferred costs of $6,345 and $5,873 | 558,568 | 535,602 | |||
Accounts payable and accrued liabilities | 14,419 | 17,893 | |||
Mortgage payable held for sale | 0 | 27,052 | |||
Total Liabilities | 572,987 | 580,547 | |||
Real estate properties, net of accumulated depreciation | 52,873 | 35,525 | |||
Mortgages | |||||
Variable Interest Entity [Line Items] | |||||
Deferred mortgage costs | (6,345) | (5,873) | |||
Mortgages | Variable interest entity | |||||
Variable Interest Entity [Line Items] | |||||
Deferred mortgage costs | $ (5,170) | $ (4,856) | |||
[1] | The Company's consolidated balance sheets include the assets and liabilities of consolidated variable interest entities (VIEs). See note 4. The consolidated balance sheets include the following amounts related to the Company's VIEs as of September 30, 2017 and 2016, respectively: $707,546 and $686,101 of real estate properties, $8,626 and $11,855 of cash and cash equivalents, $13,873 and $19,505 of deposits and escrows, $8,148 and $3,584 of other assets, $8,969 and $33,996 of real estate properties held for sale, $558,568 and $535,602 of mortgages payable, $14,419 and $17,893 of accounts payable and accrued liabilities and $0 and $27,052 of mortgage payable held for sale. |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - USD ($) | Feb. 23, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale of partnership interest | $ 0 | $ 15,467,000 | $ 0 | |
Discontinued operations | Newark Joint Venture | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sales Price | $ 16,900,000 | |||
Gain on sale of partnership interest | 15,467,000 | $ 15,467,000 | $ 0 | |
Liability arrangement, amount outstanding | $ 2,800,000 |
DISCONTINUED OPERATIONS - State
DISCONTINUED OPERATIONS - Statement of Operations (Details) - USD ($) $ in Thousands | Feb. 23, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Expenses: | ||||
Gain on sale of partnership interest | $ 0 | $ 15,467 | $ 0 | |
Newark Joint Venture | Discontinued operations | ||||
Revenues: | ||||
Rental and other revenue from real estate properties | 2,437 | 4,335 | ||
Other income | 444 | 1,067 | ||
Total revenues | 2,881 | 5,402 | ||
Expenses: | ||||
Real estate operating expenses | 2,277 | 4,610 | ||
Interest expense | 2,242 | 4,880 | ||
Depreciation | 1,150 | 2,241 | ||
Total expense | 5,669 | 11,731 | ||
Income from discontinued operations | (2,788) | (6,329) | ||
Gain on sale of partnership interest | $ 15,467 | 15,467 | 0 | |
Discontinued operations | $ 12,679 | $ (6,329) |
REAL ESTATE LOAN (Details)
REAL ESTATE LOAN (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Mortgage Loans on Real Estate [Line Items] | ||||
Real estate loan | $ 5,500,000 | $ 19,500,000 | ||
Collections from real estate loans | 14,000,000 | 0 | $ 2,000,000 | |
Newark Joint Venture | Discontinued operations | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Real estate loan | $ 5,500,000 | $ 19,500,000 | ||
Collections from real estate loans | $ 13,600,000 | |||
Proceeds from interest received | $ 2,606,000 | |||
Stated rate | 11.00% |
REAL ESTATE PROPERTY HELD FOR56
REAL ESTATE PROPERTY HELD FOR SALE (Details) - USD ($) $ in Thousands | Oct. 25, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Real Estate [Line Items] | ||||
Proceeds from the sale of real estate owned | $ 167,013 | $ 197,264 | $ 66,398 | |
Subsequent event | Melbourne, FL | ||||
Real Estate [Line Items] | ||||
Proceeds from the sale of real estate owned | $ 8,969 | |||
Estimated gains (losses) on sales of real estate held for sale | 12,700 | |||
Estimated proceeds from sale of property held-for-sale, portion allocated to minority partners | $ 2,800 |
INVESTMENT IN UNCONSOLIDATED 57
INVESTMENT IN UNCONSOLIDATED VENTURES (Details) | 12 Months Ended | ||
Sep. 30, 2017USD ($)propertyproperty_unitinvestment | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Number of investments | investment | 3 | ||
Contributions to unconsolidated joint ventures | $ 21,894,000 | $ 0 | $ 0 |
Number of properties owned | property | 33 | ||
Unconsolidated joint ventures | |||
Schedule of Equity Method Investments [Line Items] | |||
Contributions to unconsolidated joint ventures | $ 21,835,000 | ||
Number of properties owned | property_unit | 1,026,000 | ||
Purchase Price | $ 103,215,000 | ||
Acquisition Debt | $ 66,350,000 | ||
Joint venture, forty six percent ownership | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of real estate properties to be constructed | property_unit | 339 | ||
Columbia, SC | Joint venture, thirty two percent ownership | |||
Schedule of Equity Method Investments [Line Items] | |||
Contributions to unconsolidated joint ventures | $ 5,670,000 | ||
Joint ventures ownership, percentage | 32.00% | ||
Number of properties owned | property_unit | 374,000 | ||
Purchase Price | $ 58,300,000 | ||
Acquisition Debt | 41,000,000 | ||
Columbia, SC (Location 2) | Joint venture, forty six percent ownership | |||
Schedule of Equity Method Investments [Line Items] | |||
Contributions to unconsolidated joint ventures | $ 8,665,000 | ||
Joint ventures ownership, percentage | 46.00% | ||
Number of properties owned | property_unit | 339,000 | ||
Purchase Price | $ 5,915,000 | ||
Acquisition Debt | 0 | ||
Forney, TX | Joint venture, fifty percent ownership | |||
Schedule of Equity Method Investments [Line Items] | |||
Contributions to unconsolidated joint ventures | $ 7,500,000 | ||
Joint ventures ownership, percentage | 50.00% | ||
Number of properties owned | property_unit | 313,000 | ||
Purchase Price | $ 39,000,000 | ||
Acquisition Debt | 25,350,000 | ||
Secured debt | Joint venture, forty six percent ownership | |||
Schedule of Equity Method Investments [Line Items] | |||
Construction Loan | $ 47,426,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.08% |
DEBT OBLIGATIONS - Mortgage Pay
DEBT OBLIGATIONS - Mortgage Payable (Details) | Aug. 30, 2017USD ($) | Jun. 29, 2017USD ($) | Feb. 28, 2017USD ($) | Sep. 16, 2016USD ($) | Sep. 01, 2016USD ($) | Aug. 15, 2016USD ($) | May 31, 2016USD ($) | May 11, 2016USD ($) | May 06, 2016USD ($) | Feb. 29, 2016USD ($) | Feb. 01, 2016USD ($) | Jan. 22, 2016USD ($) | Sep. 30, 2017USD ($)property | May 31, 2017USD ($) | Apr. 04, 2017USD ($) | Nov. 04, 2016USD ($) | Sep. 30, 2016USD ($) | Apr. 15, 2016USD ($) | Feb. 09, 2016USD ($) | Nov. 18, 2015USD ($) | Nov. 10, 2015USD ($) | Oct. 13, 2015USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||||||
Deferred mortgage costs | $ (6,727,000) | $ (6,275,000) | ||||||||||||||||||||
Total debt obligations | $ 734,844,000 | 652,507,000 | ||||||||||||||||||||
Number of Properties at September 30, 2017 | property | 33 | |||||||||||||||||||||
Mortgages | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt, long-term and short-term debt, combined amount | $ 704,171,000 | 621,382,000 | ||||||||||||||||||||
Debt face amount | 159,559,000 | 238,212,000 | ||||||||||||||||||||
Mortgages | Additional mortgages obtained | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | 7,202,000 | 14,709,000 | ||||||||||||||||||||
Mortgages | Fredricksburg, VA | Mortgages Maturing in February 2027 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 27,638,000 | |||||||||||||||||||||
Interest rate (as a percent) | 3.68% | |||||||||||||||||||||
Mortgages | St. Louis, MO (Tower at OPOP) | Mortgages Maturing in March 2027 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 20,000,000 | |||||||||||||||||||||
Interest rate (as a percent) | 4.79% | |||||||||||||||||||||
Average maturity | 72 months | |||||||||||||||||||||
Mortgages | St. Louis, MO (Lofts at OPOP) | Mortgages Maturing in March 2027 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 6,197,000 | |||||||||||||||||||||
Interest rate (as a percent) | 4.84% | |||||||||||||||||||||
Average maturity | 72 months | |||||||||||||||||||||
Mortgages | Creve Coeur, MO | Mortgages Maturing in April 2019 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 29,000,000 | |||||||||||||||||||||
Interest rate (as a percent) | 2.50% | |||||||||||||||||||||
Mortgages | Farmers Branch, TX | Mortgages Maturing in July 2028 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 55,200,000 | |||||||||||||||||||||
Interest rate (as a percent) | 4.22% | |||||||||||||||||||||
Average maturity | 60 months | |||||||||||||||||||||
Mortgages | Tallahassee, FL | Mortgages Maturing in September 2027 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 21,524,000 | |||||||||||||||||||||
Interest rate (as a percent) | 4.19% | |||||||||||||||||||||
Average maturity | 60 months | |||||||||||||||||||||
Mortgages | La Grange, GA | Mortgages Maturing in February 2022 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 16,051,000 | |||||||||||||||||||||
Interest rate (as a percent) | 4.36% | |||||||||||||||||||||
Mortgages | Katy, TX | Mortgages Maturing in February 2026 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 30,750,000 | |||||||||||||||||||||
Interest rate (as a percent) | 4.44% | |||||||||||||||||||||
Average maturity | 60 months | |||||||||||||||||||||
Mortgages | Macon, GA | Mortgages Maturing in February 2026 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 11,200,000 | |||||||||||||||||||||
Interest rate (as a percent) | 4.39% | |||||||||||||||||||||
Average maturity | 24 months | |||||||||||||||||||||
Mortgages | Southaven, MS (Civic Center I) | Mortgages Maturing in March 2026 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 28,000,000 | |||||||||||||||||||||
Interest rate (as a percent) | 4.24% | |||||||||||||||||||||
Average maturity | 60 months | |||||||||||||||||||||
Mortgages | San Antonio, TX (Location 1) | Mortgages Maturing in May 2023 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 26,400,000 | |||||||||||||||||||||
Interest rate (as a percent) | 3.61% | |||||||||||||||||||||
Average maturity | 23 months | |||||||||||||||||||||
Mortgages | Dallas, TX | Mortgages Maturing in May 2028 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 27,938,000 | |||||||||||||||||||||
Interest rate (as a percent) | 4.01% | |||||||||||||||||||||
Average maturity | 24 months | |||||||||||||||||||||
Mortgages | Columbia,SC | Mortgages Maturing in June 2026 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 12,934,000 | |||||||||||||||||||||
Interest rate (as a percent) | 4.28% | |||||||||||||||||||||
Average maturity | 36 months | |||||||||||||||||||||
Mortgages | Atlanta, GA | Mortgages Maturing in August 2026 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 27,375,000 | |||||||||||||||||||||
Interest rate (as a percent) | 3.97% | |||||||||||||||||||||
Average maturity | 36 months | |||||||||||||||||||||
Mortgages | Atlanta, GA | Mortgages Maturing in July 2021 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 5,000,000 | |||||||||||||||||||||
Interest rate (as a percent) | 4.93% | |||||||||||||||||||||
Mortgages | Southaven, MS (Civic Center II) | Mortgages Maturing in September 2026 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 30,564,000 | |||||||||||||||||||||
Interest rate (as a percent) | 3.73% | |||||||||||||||||||||
Average maturity | 60 months | |||||||||||||||||||||
Mortgages | San Antonio, TX (Location 2) | Mortgages Maturing in September 2026 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 27,000,000 | |||||||||||||||||||||
Interest rate (as a percent) | 4.05% | |||||||||||||||||||||
Average maturity | 36 months | |||||||||||||||||||||
Mortgages | Pensacola, FL | Mortgages Maturing in March 2022 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 3,194,000 | |||||||||||||||||||||
Interest rate (as a percent) | 4.92% | |||||||||||||||||||||
Mortgages | Houston, TX | Mortgages Maturing in August 2021 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 3,865,000 | |||||||||||||||||||||
Interest rate (as a percent) | 4.94% | |||||||||||||||||||||
Mortgages | Huntsville, AL | Mortgages Maturing in November 2023 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 2,650,000 | |||||||||||||||||||||
Interest rate (as a percent) | 5.29% | |||||||||||||||||||||
Mortgages | Decatur, GA | Mortgages Maturing in December 2022 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 4,941,000 | |||||||||||||||||||||
Interest rate (as a percent) | 5.32% | |||||||||||||||||||||
Mortgages | Fredricksburg, VA (Location 2) | Mortgages Maturing in February 2027 | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt face amount | $ 2,261,000 | |||||||||||||||||||||
Interest rate (as a percent) | 4.84% | |||||||||||||||||||||
Junior subordinated notes | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt, long-term and short-term debt, combined amount | 37,400,000 | $ 37,400,000 | ||||||||||||||||||||
Multi-family residential | Mortgages | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Mortgage debt outstanding | $ 704,171,000 | |||||||||||||||||||||
Number of Properties at September 30, 2017 | property | 33 | |||||||||||||||||||||
Debt, weighted average interest rate | 4.03% | |||||||||||||||||||||
Average maturity | 6 years 10 months 24 days | |||||||||||||||||||||
Maturities of Long-term Debt [Abstract] | ||||||||||||||||||||||
2,018 | $ 35,016,000 | |||||||||||||||||||||
2,019 | 59,858,000 | |||||||||||||||||||||
2,020 | 61,875,000 | |||||||||||||||||||||
2,021 | 22,279,000 | |||||||||||||||||||||
2,022 | 40,428,000 | |||||||||||||||||||||
Thereafter | 484,715,000 | |||||||||||||||||||||
Total debt obligations | 704,171,000 | |||||||||||||||||||||
Multi-family residential | Mortgages | Melbourne, FL | ||||||||||||||||||||||
Maturities of Long-term Debt [Abstract] | ||||||||||||||||||||||
2,018 | 185,000 | |||||||||||||||||||||
2,019 | $ 8,847,000 |
DEBT OBLIGATIONS - Junior Subor
DEBT OBLIGATIONS - Junior Subordinated Notes (Details) - Junior subordinated notes - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Debt Obligations | |||
Outstanding principal balance | $ 37,400 | $ 37,400 | |
Interest expense | $ 1,175 | $ 1,510 | $ 1,853 |
April 30, 2016 through April 30, 2036 | LIBOR | |||
Debt Obligations | |||
Margin interest above reference rate (as a percent) | 2.00% | ||
Interest rate (as a percent) | 3.31% |
INCOME TAXES (Detail)
INCOME TAXES (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
State franchise tax expense, net of refunds | $ 1,560 | $ 689 | $ 18 | |
Tax loss carry forward | $ 15,840 |
SHAREHOLDERS' EQUITY (Details)
SHAREHOLDERS' EQUITY (Details) - USD ($) | Oct. 04, 2017 | Jan. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 |
Equity incentive plans | ||||||
Dividends declared (in dollars per share) | $ 0.18 | $ 0 | $ 0 | |||
Dividends paid (in dollars per share) | $ 0.18 | $ 0 | $ 0 | |||
Restricted Shares | ||||||
Compensation expense | $ 1,218,000 | $ 1,005,000 | $ 906,000 | |||
Restricted Stock Units (RSUs) | ||||||
Restricted Shares | ||||||
Compensation expense | $ 240,000 | $ 146,000 | $ 0 | |||
Restricted stock | ||||||
Restricted Shares | ||||||
Grants in period (in shares) | 147,500 | 141,050 | 142,950 | |||
Compensation expense | $ 978,000 | $ 859,000 | $ 906,000 | |||
Shares granted but not yet vested (in shares) | 689,375 | 666,775 | 672,875 | 648,225 | ||
Remaining weighted average vesting period | 2 years 3 months 18 days | |||||
Incentive Plan 2016 | ||||||
Restricted Shares | ||||||
Shares authorized for issuance (in shares) | 600,000 | |||||
Incentive Plan 2016 | Restricted Stock Units (RSUs) | ||||||
Restricted Shares | ||||||
Grants in period (in shares) | 450,000 | |||||
Recognized and unrecognized unearned compensation | $ 1,401,000 | |||||
Compensation expense | 240,000 | $ 146,000 | ||||
Unearned compensation | 1,015,000 | |||||
2012 Stock Incentive Plan | Restricted stock | ||||||
Restricted Shares | ||||||
Grants in period (in shares) | 147,500 | |||||
Unearned compensation | $ 2,356,000 | $ 2,089,000 | $ 2,184,000 | |||
Shares granted but not yet vested (in shares) | 689,375 | |||||
Vesting period for shares issued | 5 years | |||||
Equity Incentive Plan 2009 | ||||||
Restricted Shares | ||||||
Number of additional awards available for grant (in shares) | 0 | |||||
CAGR in Shareholder Return | Incentive Plan 2016 | Restricted Stock Units (RSUs) | ||||||
Restricted Shares | ||||||
Grants in period (in shares) | 200,000 | |||||
CAGR in Adjusted Funds from Operations | Incentive Plan 2016 | Restricted Stock Units (RSUs) | ||||||
Restricted Shares | ||||||
Grants in period (in shares) | 200,000 | |||||
CAGR Relative to FTSE NAREIT Equity Apartment Index | Incentive Plan 2016 | Restricted Stock Units (RSUs) | ||||||
Restricted Shares | ||||||
Grants in period (in shares) | 50,000 | |||||
Contingently issuable shares (in shares) | 450,000 | |||||
Contingently issuable shares, excluded from diluted earnings calculation (in shares) | 350,000 | |||||
Contingently issuable shares included in diluted earnings calculation (in shares) | 100,000 | |||||
Subsequent event | ||||||
Equity incentive plans | ||||||
Dividends paid (in dollars per share) | $ 0.18 |
SHAREHOLDERS' EQUITY (Details 2
SHAREHOLDERS' EQUITY (Details 2) - Restricted stock - shares | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Changes in number of shares outstanding | |||
Outstanding at beginning of the year (in shares) | 666,775 | 672,875 | 648,225 |
Issued (in shares) | 147,500 | 141,050 | 142,950 |
Cancelled (in shares) | 0 | (16,850) | 0 |
Vested (in shares) | (124,900) | (130,300) | (118,300) |
Outstanding at the end of the year (in shares) | 689,375 | 666,775 | 672,875 |
SHAREHOLDERS' EQUITY (Details 3
SHAREHOLDERS' EQUITY (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Equity incentive plans | |||
Compensation expense | $ 1,218 | $ 1,005 | $ 906 |
Restricted stock | |||
Equity incentive plans | |||
Compensation expense | 978 | 859 | 906 |
Restricted Stock Units (RSUs) | |||
Equity incentive plans | |||
Compensation expense | $ 240 | $ 146 | $ 0 |
SHAREHOLDERS' EQUITY (Details 4
SHAREHOLDERS' EQUITY (Details 4) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Numerator for basic and diluted earnings per share attributable to common stockholders: | |||
Net income (loss) attributable to common stockholders | $ 13,600 | $ 31,289 | $ (2,388) |
Denominator: | |||
Basic (in shares) | 13,993,638 | 14,017,279 | 14,133,352 |
Effect of diluted securities (in shares) | 25,205,000 | 0 | 0 |
Denominator for diluted earnings per share-adjusted weighted average shares and assumed conversions (in shares) | 14,018,843 | 14,017,279 | 14,133,352 |
Basic earnings (loss) per share (in dollars per share) | $ 0.98 | $ 2.23 | $ (0.17) |
Diluted earnings (loss) per share (in dollars per share) | $ 0.98 | $ 2.23 | $ (0.17) |
SHAREHOLDERS' EQUITY (Details 5
SHAREHOLDERS' EQUITY (Details 5) - USD ($) | 1 Months Ended | 2 Months Ended | 19 Months Ended | ||
Feb. 29, 2016 | Dec. 14, 2017 | Sep. 30, 2017 | Oct. 01, 2017 | Mar. 11, 2016 | |
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract] | |||||
Treasury stock, shares acquired (in shares) | 252,000 | 98,318 | |||
Treasury stock acquired, average cost per share (in dollars per share) | $ 6.29 | $ 7.37 | |||
Treasury stock, value acquired, cost method | $ 1,584,000 | $ 724,000 | |||
New share repurchase program | |||||
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract] | |||||
Authorized amount under the share repurchase program | $ 5,000,000 | ||||
Subsequent event | New share repurchase program | |||||
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract] | |||||
Treasury stock, shares acquired (in shares) | 0 | ||||
Authorized amount under the share repurchase program | $ 5,000,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 11, 2015 | |
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS | ||||
Related party expense | $ 0 | $ 2,221,000 | $ 1,293,000 | |
General and administrative to related party | 346,000 | 157,000 | 171,000 | |
Amended and restated advisory agreement, as amended in January 2012 | Real estate investment trust management corporation | ||||
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS | ||||
Related party expense | 0 | 693,000 | 2,448,000 | |
Director | Advisory services | ||||
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS | ||||
Related party expense | 1,193,000 | 863,000 | ||
Majestic Property Management Corp. | Real property management, real estate brokerage and construction supervision services | ||||
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS | ||||
Related party expense | 32,000 | 34,000 | 56,000 | |
Gould Investors L.P. | Shared services agreement | ||||
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS | ||||
General and administrative to related party | 723,000 | 549,000 | 532,000 | |
Gould Investors L.P. | Insurance reimbursement | ||||
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS | ||||
Related party expense | 24,000 | 41,000 | 15,000 | |
Affiliated entity | ||||
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS | ||||
Related party expense | 2,834,000 | 1,919,000 | 1,436,000 | |
Affiliated entity | Rent expense | ||||
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS | ||||
Related party expense | 64,000 | |||
Affiliated entity | Payment of acquisition fee | ||||
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS | ||||
Related party expense | $ 2,571,000 | 2,221,000 | $ 1,242,000 | |
Unsecured short term borrowing from Gould Investors L.P. | Other notes payable | Affiliated entity | ||||
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS | ||||
Debt face amount | $ 8,000,000 | |||
Interest rate (as a percent) | 5.24% | |||
Interest expense, related party | $ 86,000 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2017USD ($)segment | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | ||
Segment Reporting [Abstract] | ||||||||||||
Number of reportable segments | segment | 2 | |||||||||||
Revenues: | ||||||||||||
Rental and other revenues from real estate properties | $ 104,477 | $ 95,202 | $ 81,026 | |||||||||
Other income | 1,294 | 3,319 | 72 | |||||||||
Total revenues | $ 28,387 | $ 26,861 | $ 24,883 | $ 25,640 | $ 25,889 | $ 24,287 | $ 26,019 | $ 22,326 | 105,771 | 98,521 | 81,098 | |
Expenses: | ||||||||||||
Real estate operating expenses | 51,279 | 47,519 | 42,612 | |||||||||
Interest expense | 28,171 | 23,878 | 19,297 | |||||||||
General and administrative | 9,396 | 8,536 | 6,683 | |||||||||
Depreciation | 30,491 | 23,180 | 18,454 | |||||||||
Advisor's fees, related party | 0 | 693 | 2,448 | |||||||||
Property acquisition costs | 0 | 3,852 | 1,885 | |||||||||
Total expenses | 32,504 | 30,333 | 28,473 | 28,027 | 28,887 | 27,652 | 27,011 | 24,108 | 119,337 | 107,658 | 91,379 | |
Total revenues less total expenses | (4,117) | (3,472) | (3,590) | (2,387) | (2,998) | (3,365) | (992) | (1,782) | (13,566) | (9,137) | (10,281) | |
Equity in loss of unconsolidated joint ventures | (77) | (307) | 0 | 0 | (384) | 0 | 0 | |||||
Gain on sale of real estate | 16,763 | 0 | 0 | 35,838 | 11,379 | 10,263 | 24,226 | 609 | 52,601 | 46,477 | 15,005 | |
Loss on extinguishment of debt | (664) | 0 | 0 | (799) | (1,879) | 0 | (2,668) | 0 | (1,463) | (4,547) | 0 | |
Income from continuing operations | 11,905 | (3,779) | (3,590) | 32,652 | 6,502 | 7,284 | 20,566 | (1,173) | 37,188 | 33,179 | 4,724 | |
Provision for taxes | 61 | 41 | 1,108 | 350 | 700 | 0 | 0 | 0 | 1,560 | 700 | 0 | |
Income from continuing operations, net of taxes | 5,802 | 7,284 | 20,566 | (1,173) | 35,628 | 32,479 | 4,724 | |||||
Net income (loss) | 11,844 | (3,820) | (4,698) | 32,302 | 5,802 | 7,284 | 34,845 | (2,773) | 35,628 | 45,158 | (1,605) | |
Income from continuing operations, net of taxes | (6,383) | 418 | 469 | (16,532) | (2,895) | (1,804) | (9,909) | 739 | (22,028) | (13,869) | (783) | |
Net income (loss) attributable to common stockholders | 5,461 | $ (3,402) | $ (4,229) | $ 15,770 | 2,907 | 5,480 | 24,936 | (2,034) | 13,600 | 31,289 | (2,388) | |
Total Assets | [1] | 993,897 | 874,899 | 993,897 | 874,899 | |||||||
Discontinued operations, net of non-controlling interests | 0 | 14,339 | (2,142) | |||||||||
Net income attributable to common stockholders before reconciling items | 13,600 | 16,950 | (246) | |||||||||
Gain on sale of partnership interest | 0 | $ 386 | $ 0 | $ 0 | 0 | 386 | 0 | |||||
Operating Segments | ||||||||||||
Revenues: | ||||||||||||
Rental and other revenues from real estate properties | 104,477 | 95,202 | 81,026 | |||||||||
Other income | 1,294 | 3,319 | 72 | |||||||||
Total revenues | 105,771 | 98,521 | 81,098 | |||||||||
Expenses: | ||||||||||||
Real estate operating expenses | 51,279 | 47,519 | 42,612 | |||||||||
Interest expense | 28,171 | 23,878 | 19,297 | |||||||||
General and administrative | 9,396 | 8,536 | 6,683 | |||||||||
Depreciation | 30,491 | 23,180 | 18,454 | |||||||||
Advisor's fees, related party | 693 | 2,448 | ||||||||||
Property acquisition costs | 3,852 | 1,885 | ||||||||||
Provision for federal taxes | 700 | |||||||||||
Total expenses | 119,337 | 107,658 | 91,379 | |||||||||
Total revenues less total expenses | (13,566) | (9,137) | (10,281) | |||||||||
Equity in loss of unconsolidated joint ventures | (384) | |||||||||||
Gain on sale of real estate | 52,601 | 46,477 | 15,005 | |||||||||
Loss on extinguishment of debt | (1,463) | (4,547) | ||||||||||
Income from continuing operations | 37,188 | 33,179 | 4,724 | |||||||||
Provision for taxes | 1,560 | |||||||||||
Income from continuing operations, net of taxes | 32,479 | |||||||||||
Net income (loss) | 35,628 | |||||||||||
Income from continuing operations, net of taxes | (22,028) | (15,528) | (4,970) | |||||||||
Net income (loss) attributable to common stockholders | 13,600 | 31,289 | (2,388) | |||||||||
Total Assets | 993,897 | 874,899 | 993,897 | 874,899 | 672,334 | |||||||
Discontinued operations, net of non-controlling interests | 14,338 | (2,142) | ||||||||||
Net income attributable to common stockholders before reconciling items | 16,951 | (246) | ||||||||||
Gain on sale of partnership interest | 386 | |||||||||||
Multi-Family Real Estate | Operating Segments | ||||||||||||
Revenues: | ||||||||||||
Rental and other revenues from real estate properties | 102,938 | 93,795 | 79,646 | |||||||||
Other income | (9) | 0 | 0 | |||||||||
Total revenues | 102,929 | 93,795 | 79,646 | |||||||||
Expenses: | ||||||||||||
Real estate operating expenses | 50,733 | 46,936 | 42,003 | |||||||||
Interest expense | 26,782 | 23,739 | 18,944 | |||||||||
General and administrative | 9,208 | 8,313 | 6,314 | |||||||||
Depreciation | 30,381 | 22,251 | 18,336 | |||||||||
Advisor's fees, related party | 593 | 2,077 | ||||||||||
Property acquisition costs | 3,852 | 1,885 | ||||||||||
Provision for federal taxes | 686 | |||||||||||
Total expenses | 117,104 | 105,684 | 89,559 | |||||||||
Total revenues less total expenses | (14,175) | (11,889) | (9,913) | |||||||||
Equity in loss of unconsolidated joint ventures | (417) | |||||||||||
Gain on sale of real estate | 52,152 | 45,206 | 14,404 | |||||||||
Loss on extinguishment of debt | (1,463) | (4,547) | ||||||||||
Income from continuing operations | 36,097 | 29,156 | 4,491 | |||||||||
Provision for taxes | 1,529 | |||||||||||
Income from continuing operations, net of taxes | 28,470 | |||||||||||
Net income (loss) | 34,568 | |||||||||||
Income from continuing operations, net of taxes | (21,896) | (15,420) | (4,877) | |||||||||
Net income (loss) attributable to common stockholders | 12,672 | |||||||||||
Total Assets | 976,806 | 843,898 | 976,806 | 843,898 | 616,909 | |||||||
Net income attributable to common stockholders before reconciling items | 58,312 | (386) | ||||||||||
Gain on sale of partnership interest | 386 | |||||||||||
Other Real Estate | Operating Segments | ||||||||||||
Revenues: | ||||||||||||
Rental and other revenues from real estate properties | 1,539 | 1,407 | 1,380 | |||||||||
Other income | 1,303 | 3,319 | 72 | |||||||||
Total revenues | 2,842 | 4,726 | 1,452 | |||||||||
Expenses: | ||||||||||||
Real estate operating expenses | 546 | 583 | 609 | |||||||||
Interest expense | 1,389 | 139 | 353 | |||||||||
General and administrative | 188 | 223 | 369 | |||||||||
Depreciation | 110 | 929 | 118 | |||||||||
Advisor's fees, related party | 100 | 371 | ||||||||||
Property acquisition costs | 0 | 0 | ||||||||||
Provision for federal taxes | 14 | |||||||||||
Total expenses | 2,233 | 1,974 | 1,820 | |||||||||
Total revenues less total expenses | 609 | 2,752 | (368) | |||||||||
Equity in loss of unconsolidated joint ventures | 33 | |||||||||||
Gain on sale of real estate | 449 | 1,271 | 601 | |||||||||
Loss on extinguishment of debt | 0 | 0 | ||||||||||
Income from continuing operations | 1,091 | 4,023 | 233 | |||||||||
Provision for taxes | 31 | |||||||||||
Income from continuing operations, net of taxes | 4,009 | |||||||||||
Net income (loss) | 1,060 | |||||||||||
Income from continuing operations, net of taxes | (132) | (108) | (93) | |||||||||
Net income (loss) attributable to common stockholders | 928 | |||||||||||
Total Assets | $ 17,091 | $ 31,001 | $ 17,091 | 31,001 | 55,425 | |||||||
Net income attributable to common stockholders before reconciling items | 8,046 | $ 140 | ||||||||||
Gain on sale of partnership interest | $ 0 | |||||||||||
[1] | The Company's consolidated balance sheets include the assets and liabilities of consolidated variable interest entities (VIEs). See note 4. The consolidated balance sheets include the following amounts related to the Company's VIEs as of September 30, 2017 and 2016, respectively: $707,546 and $686,101 of real estate properties, $8,626 and $11,855 of cash and cash equivalents, $13,873 and $19,505 of deposits and escrows, $8,148 and $3,584 of other assets, $8,969 and $33,996 of real estate properties held for sale, $558,568 and $535,602 of mortgages payable, $14,419 and $17,893 of accounts payable and accrued liabilities and $0 and $27,052 of mortgage payable held for sale. |
FAIR VALUE OF FINANCIAL INSTR68
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Level 2 - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Market valuation | Junior subordinated notes | ||
Financial Instruments Not Measured at Fair Value | ||
Market interest rate (as a percent) | 6.82% | 6.35% |
Market valuation | Mortgages | Minimum | ||
Financial Instruments Not Measured at Fair Value | ||
Market interest rate (as a percent) | 3.78% | 3.05% |
Market valuation | Mortgages | Maximum | ||
Financial Instruments Not Measured at Fair Value | ||
Market interest rate (as a percent) | 5.02% | 4.25% |
Estimated fair value | Junior subordinated notes | ||
Financial Instruments Not Measured at Fair Value | ||
Estimated fair value lower than carrying value | $ 15,705 | $ 16,549 |
Estimated fair value | Mortgages | ||
Financial Instruments Not Measured at Fair Value | ||
Estimated fair value lower than carrying value | $ 11,400 | $ 10,629 |
FAIR VALUE OF FINANCIAL INSTR69
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) - Measured at fair value on a recurring basis - Interest Rate Swap $ in Thousands | Sep. 30, 2017USD ($) |
Level 1 | |
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities) | |
Derivative asset | $ 0 |
Derivative liability | 0 |
Level 2 | |
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities) | |
Derivative asset | 1,460 |
Derivative liability | (14) |
Estimated fair value | |
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities) | |
Derivative asset | 1,460 |
Derivative liability | $ (14) |
COMMITMENT AND CONTINGENCIES (D
COMMITMENT AND CONTINGENCIES (Detail) | 12 Months Ended | ||
Sep. 30, 2017USD ($)property | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Number of Properties at September 30, 2017 | property | 33 | ||
Non-contributory defined contribution pension plan | |||
Pension expense | $ 342,000 | $ 324,000 | $ 322,000 |
Unpaid pension expense, included in accounts payable and accrued liabilities | 162,000 | $ 47,000 | |
Mortgage Debt | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Carve out guarantor, maximum exposure | $ 86,600,000 | ||
Number of Properties at September 30, 2017 | property | 6 |
DERIVATIVE FINANCIAL INSTRUME71
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2018 | |
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income | ||||
Amount of gain (loss) recognized on derivative in Other Comprehensive Income | $ 2,660,000 | $ (1,695,000) | $ (83,000) | |
Gain or loss recognized related to hedge ineffectiveness | 0 | 0 | 0 | |
Gain or loss recognized related to amounts excluded from effectiveness testing | 0 | 0 | 0 | |
Credit-risk-related Contingent Features | ||||
Fair value of the derivative in a net liability position | 16,000 | |||
Collateral posted | 0 | |||
Termination value to settlement of obligations | 16,000 | |||
Interest Expense | ||||
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income | ||||
Amount of (loss) reclassified from Accumulated Other Comprehensive Income into Interest Expense | (387,000) | (150,000) | $ (33,000) | |
Other Assets | ||||
Fair value of derivative financial instruments | ||||
Fair value of derivative financial instrument asset | 1,460,000 | 0 | ||
Accounts payable and accrued liabilities | ||||
Fair value of derivative financial instruments | ||||
Fair value of derivative financial instrument liability | 14,000 | $ 1,602,000 | ||
Designated as a hedge | Interest Rate Swap, Maturity Date April 1, 2022 | ||||
Interest Rate Derivatives | ||||
Notional amount | $ 1,446,000 | |||
Rate (as a percent) | 5.25% | |||
Designated as a hedge | Interest Rate Swap, Maturity Date May 6, 2023 | ||||
Interest Rate Derivatives | ||||
Notional amount | $ 26,400,000 | |||
Rate (as a percent) | 3.61% | |||
Designated as a hedge | Interest Rate Swap, Maturity Date September 19, 2026 | ||||
Interest Rate Derivatives | ||||
Notional amount | $ 27,000,000 | |||
Rate (as a percent) | 4.05% | |||
Forecast | ||||
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income | ||||
Estimated amount to be reclassified from other comprehensive income as an increase to interest expense | $ 74,000 |
QUARTERLY FINANCIAL DATA (Una72
QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
QUARTERLY FINANCIAL DATA (Unaudited) | |||||||||||
Revenues | $ 28,387 | $ 26,861 | $ 24,883 | $ 25,640 | $ 25,889 | $ 24,287 | $ 26,019 | $ 22,326 | $ 105,771 | $ 98,521 | $ 81,098 |
Total expenses | 32,504 | 30,333 | 28,473 | 28,027 | 28,887 | 27,652 | 27,011 | 24,108 | 119,337 | 107,658 | 91,379 |
Total revenues less total expenses | (4,117) | (3,472) | (3,590) | (2,387) | (2,998) | (3,365) | (992) | (1,782) | (13,566) | (9,137) | (10,281) |
Equity in loss of unconsolidated joint ventures | (77) | (307) | 0 | 0 | (384) | 0 | 0 | ||||
Gain on sale of real estate | 16,763 | 0 | 0 | 35,838 | 11,379 | 10,263 | 24,226 | 609 | 52,601 | 46,477 | 15,005 |
Gain on sale of partnership interest | 0 | 386 | 0 | 0 | 0 | 386 | 0 | ||||
Loss on extinguishment of debt | (664) | 0 | 0 | (799) | (1,879) | 0 | (2,668) | 0 | (1,463) | (4,547) | 0 |
Income from continuing operations | 11,905 | (3,779) | (3,590) | 32,652 | 6,502 | 7,284 | 20,566 | (1,173) | 37,188 | 33,179 | 4,724 |
Provision for taxes | 61 | 41 | 1,108 | 350 | 700 | 0 | 0 | 0 | 1,560 | 700 | 0 |
Income from continuing operations, net of taxes | 5,802 | 7,284 | 20,566 | (1,173) | 35,628 | 32,479 | 4,724 | ||||
Income (loss) from discontinued operations | 0 | 0 | 14,279 | (1,600) | 0 | 12,679 | (6,329) | ||||
Net income (loss) | 11,844 | (3,820) | (4,698) | 32,302 | 5,802 | 7,284 | 34,845 | (2,773) | 35,628 | 45,158 | (1,605) |
(Income) attributable to non-controlling interests | (6,383) | 418 | 469 | (16,532) | (2,895) | (1,804) | (9,909) | 739 | (22,028) | (13,869) | (783) |
Net income (loss) attributable to common stockholders | $ 5,461 | $ (3,402) | $ (4,229) | $ 15,770 | $ 2,907 | $ 5,480 | $ 24,936 | $ (2,034) | $ 13,600 | $ 31,289 | $ (2,388) |
Basic and per share amounts attributable to common stockholders | |||||||||||
Continuing operations (in dollars per share) | $ 0.21 | $ 0.39 | $ 0.70 | $ (0.10) | $ 1.21 | ||||||
Discontinued operations (in dollars per share) | 0 | 0 | 1.06 | (0.04) | 1.02 | ||||||
Basic and diluted earnings (loss) per share (in dollars per share) | $ 0.39 | $ (0.24) | $ (0.30) | $ 1.13 | $ 0.21 | $ 0.39 | $ 1.76 | $ (0.14) | $ 0.97 | $ 2.23 | $ (0.17) |
SCHEDULE III - REAL ESTATE PR73
SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2017USD ($) | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 704,170 |
Initial Cost to Company | |
Land | 140,511 |
Buildings and Improvements | 771,391 |
Costs Capitalized Subsequent to Acquisition | |
Land | 49 |
Improvements | 68,068 |
Carrying Costs | 318 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 138,095 |
Buildings and Improvements | 839,777 |
Total | 977,872 |
Accumulated Depreciation | 66,622 |
Commercial | Yonkers, NY | |
Real estate properties and accumulated depreciation | |
Encumbrances | 1,448 |
Initial Cost to Company | |
Land | 0 |
Buildings and Improvements | 4,000 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 320 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 0 |
Buildings and Improvements | 4,320 |
Total | 4,320 |
Accumulated Depreciation | $ 1,837 |
Depreciation Life For Latest Income Statement | 39 years |
Commercial | South Daytona, FL | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 0 |
Initial Cost to Company | |
Land | 10,437 |
Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | |
Land | 49 |
Improvements | 0 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 8,021 |
Buildings and Improvements | 0 |
Total | 8,021 |
Accumulated Depreciation | 0 |
Multi-family residential | Palm Beach Gardens, FL | |
Real estate properties and accumulated depreciation | |
Encumbrances | 46,176 |
Initial Cost to Company | |
Land | 16,260 |
Buildings and Improvements | 43,132 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 4,560 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 16,260 |
Buildings and Improvements | 47,692 |
Total | 63,952 |
Accumulated Depreciation | $ 9,921 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Melbourne, FL | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 9,033 |
Initial Cost to Company | |
Land | 1,150 |
Buildings and Improvements | 8,680 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 1,471 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 1,150 |
Buildings and Improvements | 10,151 |
Total | 11,301 |
Accumulated Depreciation | $ 2,332 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | North Charleston, SC | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 16,793 |
Initial Cost to Company | |
Land | 2,436 |
Buildings and Improvements | 18,970 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 1,112 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 2,436 |
Buildings and Improvements | 20,082 |
Total | 22,518 |
Accumulated Depreciation | $ 3,547 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Decatur, GA | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 15,094 |
Initial Cost to Company | |
Land | 1,698 |
Buildings and Improvements | 8,676 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 1,574 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 1,698 |
Buildings and Improvements | 10,250 |
Total | 11,948 |
Accumulated Depreciation | $ 1,804 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Houston, TX (Stonecrossing) | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 12,659 |
Initial Cost to Company | |
Land | 5,143 |
Buildings and Improvements | 11,524 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 464 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 5,143 |
Buildings and Improvements | 11,988 |
Total | 17,131 |
Accumulated Depreciation | $ 1,937 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Houston, TX (Stonecrossing East) | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 7,270 |
Initial Cost to Company | |
Land | 3,044 |
Buildings and Improvements | 5,463 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 930 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 3,044 |
Buildings and Improvements | 6,393 |
Total | 9,437 |
Accumulated Depreciation | $ 984 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Huntsville, AL | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 12,064 |
Initial Cost to Company | |
Land | 1,047 |
Buildings and Improvements | 10,942 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 1,599 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 1,047 |
Buildings and Improvements | 12,541 |
Total | 13,588 |
Accumulated Depreciation | $ 1,824 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Columbus, OH | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 9,957 |
Initial Cost to Company | |
Land | 1,372 |
Buildings and Improvements | 12,678 |
Costs Capitalized Subsequent to Acquisition | |
Land | |
Improvements | 469 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 1,372 |
Buildings and Improvements | 13,147 |
Total | 14,519 |
Accumulated Depreciation | $ 1,950 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Indianapolis, IN | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 14,375 |
Initial Cost to Company | |
Land | 4,477 |
Buildings and Improvements | 14,240 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 2,476 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 4,477 |
Buildings and Improvements | 16,716 |
Total | 21,193 |
Accumulated Depreciation | $ 2,276 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Nashville, TN | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 23,181 |
Initial Cost to Company | |
Land | 4,565 |
Buildings and Improvements | 22,054 |
Costs Capitalized Subsequent to Acquisition | |
Land | |
Improvements | 2,744 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 4,565 |
Buildings and Improvements | 24,798 |
Total | 29,363 |
Accumulated Depreciation | $ 2,921 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Houston, TX (Kendall) | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 15,242 |
Initial Cost to Company | |
Land | 1,849 |
Buildings and Improvements | 13,346 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 2,009 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 1,849 |
Buildings and Improvements | 15,355 |
Total | 17,204 |
Accumulated Depreciation | $ 1,869 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Pensacola, FL | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 19,349 |
Initial Cost to Company | |
Land | 2,758 |
Buildings and Improvements | 25,192 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 584 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 2,758 |
Buildings and Improvements | 25,776 |
Total | 28,534 |
Accumulated Depreciation | $ 2,669 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Valley, AL | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 28,990 |
Initial Cost to Company | |
Land | 1,040 |
Buildings and Improvements | 42,710 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 907 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 1,040 |
Buildings and Improvements | 43,617 |
Total | 44,657 |
Accumulated Depreciation | $ 3,722 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | San Marcos, TX | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 17,158 |
Initial Cost to Company | |
Land | 2,163 |
Buildings and Improvements | 19,562 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 218 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 2,163 |
Buildings and Improvements | 19,780 |
Total | 21,943 |
Accumulated Depreciation | $ 1,706 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Lake St. Louis, MO | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 26,814 |
Initial Cost to Company | |
Land | 2,752 |
Buildings and Improvements | 33,248 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 746 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 2,752 |
Buildings and Improvements | 33,994 |
Total | 36,746 |
Accumulated Depreciation | $ 2,627 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | North Charleston, MO | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 29,592 |
Initial Cost to Company | |
Land | 5,538 |
Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | |
Land | |
Improvements | 35,105 |
Carrying Costs | 318 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 5,538 |
Buildings and Improvements | 35,423 |
Total | 40,961 |
Accumulated Depreciation | $ 727 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | La Grange, GA | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 15,452 |
Initial Cost to Company | |
Land | 832 |
Buildings and Improvements | 21,968 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 429 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 832 |
Buildings and Improvements | 22,397 |
Total | 23,229 |
Accumulated Depreciation | $ 1,532 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Katy, TX | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 30,750 |
Initial Cost to Company | |
Land | 4,194 |
Buildings and Improvements | 36,056 |
Costs Capitalized Subsequent to Acquisition | |
Land | |
Improvements | (3,517) |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 4,194 |
Buildings and Improvements | 32,539 |
Total | 36,733 |
Accumulated Depreciation | $ 2,345 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Macon, GA | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 11,200 |
Initial Cost to Company | |
Land | 1,876 |
Buildings and Improvements | 12,649 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 399 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 1,876 |
Buildings and Improvements | 13,048 |
Total | 14,924 |
Accumulated Depreciation | $ 937 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Southaven, MS (Civic Center I) | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 28,000 |
Initial Cost to Company | |
Land | 2,090 |
Buildings and Improvements | 32,910 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 1,831 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 2,090 |
Buildings and Improvements | 34,741 |
Total | 36,831 |
Accumulated Depreciation | $ 2,154 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | San Antonio, TX (Location 1) | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 26,400 |
Initial Cost to Company | |
Land | 5,540 |
Buildings and Improvements | 29,610 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 699 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 5,540 |
Buildings and Improvements | 30,309 |
Total | 35,849 |
Accumulated Depreciation | $ 2,283 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Dallas, TX | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 27,938 |
Initial Cost to Company | |
Land | 13,073 |
Buildings and Improvements | 23,927 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 2,128 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 13,073 |
Buildings and Improvements | 26,055 |
Total | 39,128 |
Accumulated Depreciation | $ 1,539 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Columbia, SC | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 12,934 |
Initial Cost to Company | |
Land | 2,233 |
Buildings and Improvements | 14,767 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 751 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 2,233 |
Buildings and Improvements | 15,518 |
Total | 17,751 |
Accumulated Depreciation | $ 1,050 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Atlanta, GA (Location 2) | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 27,375 |
Initial Cost to Company | |
Land | 10,347 |
Buildings and Improvements | 28,777 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 888 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 10,347 |
Buildings and Improvements | 29,665 |
Total | 40,012 |
Accumulated Depreciation | $ 1,918 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Southaven, MS (Civic Center II) | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 30,564 |
Initial Cost to Company | |
Land | 2,077 |
Buildings and Improvements | 36,128 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 609 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 2,077 |
Buildings and Improvements | 36,737 |
Total | 38,814 |
Accumulated Depreciation | $ 2,101 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | San Antonio, TX (Location 2) | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 27,000 |
Initial Cost to Company | |
Land | 4,620 |
Buildings and Improvements | 31,380 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 680 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 4,620 |
Buildings and Improvements | 32,060 |
Total | 36,680 |
Accumulated Depreciation | $ 1,775 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Fredricksburg, VA | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 29,441 |
Initial Cost to Company | |
Land | 6,985 |
Buildings and Improvements | 32,148 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 550 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 6,985 |
Buildings and Improvements | 32,698 |
Total | 39,683 |
Accumulated Depreciation | $ 1,368 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | St. Louis, MO (Tower at OPOP) | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 20,000 |
Initial Cost to Company | |
Land | 192 |
Buildings and Improvements | 27,231 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 3 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 192 |
Buildings and Improvements | 27,234 |
Total | 27,426 |
Accumulated Depreciation | $ 693 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | St. Louis, MO (Lofts at OPOP) | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 6,197 |
Initial Cost to Company | |
Land | 329 |
Buildings and Improvements | 7,805 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 12 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 329 |
Buildings and Improvements | 7,817 |
Total | 8,146 |
Accumulated Depreciation | $ 280 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Creve Coeur, MO | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 29,000 |
Initial Cost to Company | |
Land | 2,270 |
Buildings and Improvements | 37,899 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 48 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 2,270 |
Buildings and Improvements | 37,947 |
Total | 40,217 |
Accumulated Depreciation | $ 832 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | West Nashville, TN | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 0 |
Initial Cost to Company | |
Land | 5,228 |
Buildings and Improvements | 0 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 5,219 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 5,228 |
Buildings and Improvements | 5,219 |
Total | 10,447 |
Accumulated Depreciation | $ 0 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Farmers Branch, TX | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 55,200 |
Initial Cost to Company | |
Land | 7,343 |
Buildings and Improvements | 79,347 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 24 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 7,343 |
Buildings and Improvements | 79,371 |
Total | 86,714 |
Accumulated Depreciation | $ 1,046 |
Depreciation Life For Latest Income Statement | 30 years |
Multi-family residential | Tallahassee, FL | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 21,524 |
Initial Cost to Company | |
Land | 3,553 |
Buildings and Improvements | 24,372 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 27 |
Carrying Costs | 0 |
Gross Amount At Which Carried at September 30, 2017 | |
Land | 3,553 |
Buildings and Improvements | 24,399 |
Total | 27,952 |
Accumulated Depreciation | $ 116 |
Depreciation Life For Latest Income Statement | 30 years |
SCHEDULE III - REAL ESTATE PR74
SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||
Total real estate properties | $ 977,872 | |||
Less: Accumulated depreciation and amortization | (66,622) | |||
Net real estate properties | $ 793,572 | $ 757,027 | $ 635,612 | $ 911,250 |
Reconciliation of real estate properties | ||||
Balance at beginning of year | 793,572 | 757,027 | 635,612 | |
Additions: | ||||
Acquisitions | 239,923 | 318,680 | 129,425 | |
Capital improvements | 9,298 | 19,649 | 8,442 | |
Capitalized development expenses and carrying costs | 16,069 | 27,194 | 55,623 | |
Total additions | 265,290 | 365,523 | 193,490 | |
Deductions: | ||||
Sales | 113,552 | 150,786 | 51,394 | |
Depreciation / amortization / paydowns | 30,489 | 24,328 | 20,681 | |
Other dispositions | 3,571 | 0 | 0 | |
Reconciliation of partnership interest | 0 | 153,864 | 0 | |
Total deductions | 147,612 | 328,978 | 72,075 | |
Balance at end of year | $ 911,250 | $ 793,572 | $ 757,027 |