Segment Reporting (Tables)

6 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Summary of segment reporting

The following tables summarize our segment reporting for the periods indicated (dollars in thousands):

	Three months ended March 31, 2015
	Multi-Family Real Estate			Other Real Estate			Total
Revenues:
Rental and other revenues from real estate	$	18,795		$	1,391		$	20,186
Other income	—			286			286
Total revenues	18,795			1,677			20,472
Expenses:
Real estate operating expenses	9,105			1,209			10,314
Interest expense	4,686			1,179			5,865
Advisor’s fee, related party	518			87			605
General and administrative	1,632			104			1,736
Depreciation and amortization	4,514			601			5,115
Total expenses	20,455			3,180			23,635
Total revenues less total expenses	(1,660		)	(1,503		)	(3,163		)
Gain on sale of real estate	2,777			—			2,777
Net income (loss)	1,117			(1,503		)	(386		)
Plus: net (income) loss attributable to non-controlling interests	(1,212		)	850			(362		)
Net loss attributable to common shareholders	$	(95	)	$	(653	)	$	(748	)
Segment assets at March 31, 2015	$	583,438		$	176,691		$	760,129

Note 7 - Segment Reporting - continued

	Three months ended March 31, 2014
	Multi-Family Real Estate			Other Real Estate			Total
Revenues:
Rental and other revenues from real estate	$	13,718		$	1,159		$	14,877
Other income	—			280			280
Total revenues	13,718			1,439			15,157
Expenses:
Real estate operating expenses	7,336			1,059			8,395
Interest expense	3,759			1,190			4,949
Advisor’s fees, related party	326			88			414
Property acquisition costs	292			—			292
General and administrative	1,485			111			1,596
Depreciation and amortization	2,942			442			3,384
Total expenses	16,140			2,890			19,030
Loss from continuing operations	(2,422		)	(1,451		)	(3,873		)
Plus: net loss attributable to non-controlling interests	81			838			919
Net loss attributable to common shareholders before reconciling items	$	(2,341	)	$	(613	)	$	(2,954	)
Reconciling adjustments:
Discontinued operations							362
Net loss attributable to common shareholders							$	(2,592	)
Segment assets at March 31, 2014 (a)	$	397,718		$	176,634		$	574,352

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(a) Excludes $59,637 of assets related to discontinued operations.

Note 7 – Segment Reporting - continued

	Six Months Ended March 31, 2015
	Multi-Family Real Estate			Other Real Estate			Total
Revenues:
Rental and other revenues from real estate	$	36,956		$	2,711		$	39,667
Other income	—			582			582
Total revenues	36,956			3,293			40,249
Expenses:
Real estate operating expenses	18,320			2,403			20,723
Interest expense	9,395			2,671			12,066
Advisor’s fee, related party	1,003			186			1,189
Property acquisition costs	295			—			295
General and administrative	3,190			203			3,393
Depreciation and amortization	8,144			1,129			9,273
Total expenses	40,347			6,592			46,939
Total revenues less total expenses	(3,391		)	(3,299		)	(6,690		)
Gain on sale of real estate	2,777			—			2,777
Net loss	(614		)	(3,299		)	(3,913		)
Plus: net (income) loss attributable to non-controlling interests	(1,015		)	1,682			667
Net (loss) income attributable to common shareholders	$	(1,629	)	$	(1,617	)	$	(3,246	)
Segment assets at March 31, 2015	$	583,438		$	176,691		$	760,129

Note 7 – Segment Reporting - continued

	Six Months Ended March 31, 2014
	Multi-Family Real Estate			Other Real Estate			Total
Revenues:
Rental and other revenues from real estate	$	26,325		$	2,359		$	28,684
Other income	—			551			551
Total revenues	26,325			2,910			29,235
Expenses:
Real estate operating expenses	13,896			2,133			16,029
Interest expense	7,244			2,389			9,633
Advisor’s fees, related party	619			157			776
Property acquisition costs	1,528			—			1,528
General and administrative	2,942			228			3,170
Depreciation and amortization	5,706			868			6,574
Total expenses	31,935			5,775			37,710
Loss from continuing operations	(5,610		)	(2,865		)	(8,475		)
Plus: net loss attributable to non-controlling interests	268			1,669			1,937
Net loss attributable to common shareholders before reconciling items	$	(5,342	)	$	(1,196	)	$	(6,538	)
Reconciling adjustments:
Discontinued operations							1,213
Net loss attributable to common shareholders							$	(5,325	)
Segment assets at March 31, 2014 (a)	$	397,718		$	176,634		$	574,352

_______________________________

(a) Excludes $59,637 of assets related to discontinued operations.