Segment Reporting

3 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

Management determined that it operates in two reportable segments: a multi-family property segment which includes the ownership, operation and developing of its multi-family properties; and an other real estate segment which includes the ownership, operation and developing of the its other real estate assets and, in particular, the Newark Joint Venture. In the period ended December 31, 2013, The Trust also operated in a third segment that included the origination and servicing of the Trust's Loan Portfolio. The Trust no longer operates in the third segment and the operations of the segment are reported as discontinued operations.

The following table summarizes our segment reporting for the period indicated (dollars in thousands):

	Three Months Ended December 31, 2014
	Multi-Family Real Estate			Other Real Estate			Total
Rental and other revenues from real estate properties	$	18,161		$	1,320		$	19,481
Other income	—			296			296
Total revenues	18,161			1,616			19,777
Operating expenses relating to real estate properties	9,215			1,194			10,409
Interest expense	4,709			1,492			6,201
Advisor’s fee, related party	485			99			584
Property acquisition costs	295			—			295
General and administrative	1,557			100			1,657
Depreciation and amortization	3,502			656			4,158
Total expenses	19,763			3,541			23,304
Loss from continuing operations	(1,602		)	(1,925		)	(3,527		)
Plus: net loss attributable to non-controlling interests	197			832			1,029
Net (loss) income attributable to common shareholders	$	(1,405	)	$	(1,093	)	$	(2,498	)
Segment assets at December 31, 2014	$	580,309		$	169,984		750.293

The following table summarizes our segment reporting for the period indicated (dollars in thousands):

	Three Months Ended December 31, 2013
	Multi-Family Real Estate			Other Real Estate			Total
Rental and other revenues from real estate properties	$	12,607		$	1,200		$	13,807
Other income	—			271			271
Total revenues	12,607			1,471			14,078
Operating expenses related to real estate properties	6,560			1,074			7,634
Interest expense	3,485			1,199			4,684
Advisor’s fees, related party	293			69			362
Property acquisition costs	1,181			—			1,181
General and administrative	1,512			117			1,629
Depreciation and amortization	2,764			426			3,190
Total expenses	15,795			2,885			18,680
Loss from continuing operations	(3,188		)	(1,414		)	(4,602		)
Plus net loss attributable to non-controlling interests	187			831			1,018
Net (loss) income attributable to common shareholders before reconciling items	$	(3,001	)	$	(583	)	$	(3,584	)
Reconciling adjustments:
Discontinued operations	—			—			851
Net loss attributable to common shareholders	$	(3,001	)	$	(583	)	$	(2,733	)
Segment assets at December 31, 2013 (a)	$	397,618		$	149,275		$	546,893

(a) excludes $66,678 of assets related to discontinued operations