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Real Estate Properties (Tables)
 6 Months Ended
Mar. 31, 2015
Real Estate [Abstract]  
Summary of real estate properties owned
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

_________________

(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.
Schedule of real estate properties purchased
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