Real Estate Properties

A summary of real estate properties owned is as follows (dollars in thousands):



	September 30, 2014 Balance		Additions (a)		Capitalized Costs and Improvements		Sales and other reductions			Depreciation and Amortization			March 31, 2015 Balance
Multi-family	$	511,866	$	27,950	$	17,938	$	(6,753	)	$	(8,142	)	$	542,859
Commercial/mixed use (b)	113,021		—		17,365		—			(1,072		)	129,314
Land	7,972		—		—		—			—			7,972
Shopping centers/Retail	2,678		—		4		—			(53		)	2,629
Co-op/condo apartments	75		—		—		(75		)	—			—
Total real estate properties	$	635,612	$	27,950	$	35,307	$	(6,828	)	$	(9,267	)	$	682,774

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(a)	In December 2014, the Trust purchased a 276 unit multi-family property located in Pensacola, FL. The contract price was $27,950,000. The Trust assumed $17,173,000 in mortgage debt, provided equity of $11,380,000, incurred $295,000 in acquisition costs and $308,000 of closing adjustments.

(b)

Represents the real estate assets of RBH‑TRB Newark Holdings LLC, a consolidated VIE (the "Newark Joint Venture") which owns operating and development properties in Newark, New Jersey. These properties contain a mix of office, retail space, charter schools and surface parking totaling approximately 690,000 square feet of commercial space and 61 residential apartment units (excluding 26,000 square feet of commercial space and 143 residential apartments currently under construction). Certain of these assets are subject to a mortgage with a principal balance of $19,500,000 held by the Trust, which is eliminated in consolidation. Several of the assets are also encumbered by other mortgages.

During the six months ended March 31, 2015, the Trust increased its ownership interest in a (i) joint venture that owns two multi-family properties in Houston, TX from 80% to 91% by purchasing its partner's interest in the venture for $2,036,000; and (ii) joint venture that owns a multi-family property in Decatur, GA from 80% to 100% by purchasing its partner's interest in the venture for $1,850,000. The Trust incurred $153,000 in professional fees related to these transactions.

On February 5, 2015, the Trust sold its Lawrenceville, GA multi-family property for a gross sales price of $9,700,000. The Trust recognized a gain on the sale of $2,654,000, of which approximately $1,140,000 represents the non-controlling partner's share of the gain.

On April 9, 2015, a consolidated joint venture that owns a property in Houston, TX, entered into a contract to sell the property for $39,900,000, including the assumption of the existing mortgage debt of $24,100,000. The Trust anticipates that the transaction, which is subject to the satisfaction of customary closings conditions ( including the mortgage lender's approval of the purchaser's assumption of the mortgage debt) will close in the quarter ending September 30, 2015. The Trust estimates it will record a gain of approximately $5,300,000 on the sale.

Note 4 ‑ Real Estate Properties - continued

During the six months ended March 31, 2015, the Trust finalized the allocation of purchase prices on four properties purchased in the prior fiscal year. The following table summarizes the preliminary allocation of the purchase price of properties as recorded on September 30, 2014 and the finalized allocation of the purchase price, as adjusted, as of March 31, 2015 (dollars in thousands):



	Preliminary Purchase Price Allocation		Adjustments			Finalized Purchase Price Allocation
Land	$	21,324	$	(61	)	$	21,263
Building and Improvements	34,096		(326		)	33,770
Acquisition-related intangible assets (in acquired lease intangibles, net)	—		387			387
Total Consideration	$	55,420	$	—		$	55,420