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



	Three months ended June 30, 2015
	Multi-Family Real Estate			Other Real Estate			Total
Revenues:
Rental and other revenues from real estate	$	19,425		$	1,520		$	20,945
Other income	—			280			280
Total revenues	19,425			1,800			21,225
Expenses:
Real estate operating expenses	9,875			1,549			11,424
Interest expense	4,652			1,354			6,006
Advisor’s fee, related party	522			90			612
General and administrative	1,571			83			1,654
Depreciation and amortization	4,423			614			5,037
Total expenses	21,043			3,690			24,733
Net loss	(1,618		)	(1,890		)	(3,508		)
Plus: net (income) loss attributable to non-controlling interests	(52		)	982			930
Net loss attributable to common shareholders	$	(1,670	)	$	(908	)	$	(2,578	)
Segment Assets at June 30, 2015	$	586,648		$	179,889		$	766,537

Note 8 - Segment Reporting - continued



	Three months ended June 30, 2014
	Multi-Family Real Estate			Other Real Estate			Total
Revenues:
Rental and other revenues from real estate	$	16,201		$	1,248		$	17,449
Other income	—			319			319
Total revenues	16,201			1,567			17,768
Expenses:
Real estate operating expenses	8,759			1,283			10,042
Interest expense	4,310			1,101			5,411
Advisor’s fees, related party	391			84			475
Property acquisition costs	718			—			718
General and administrative	1,410			102			1,512
Depreciation and amortization	3,363			438			3,801
Total expenses	18,951			3,008			21,959
Total revenues less total expenses	(2,750		)	(1,441		)	(4,191		)
Gain on sale of real estate assets	3			—			3

Loss from continuing operations	(2,747		)	(1,441		)	(4,188		)
Plus: net loss attributable to non-controlling interests	150			3,522			3,672
Net (loss) income attributable to common shareholders before reconciling items	$	(2,597	)	$	2,081		$	(516	)
Reconciling adjustments:
Discontinued operations							185
Net loss attributable to common shareholders							$	(331	)
Segment Assets at June 30, 2014 (a)	$	545,676		$	151,557		$	697,233

_______________________________

(a) Excludes $$3,028 of assets related to discontinued operations.

Note 8 – Segment Reporting - continued



	Nine Months Ended June 30, 2015
	Multi-Family Real Estate			Other Real Estate			Total
Revenues:
Rental and other revenues from real estate	$	56,382		$	4,230		$	60,612
Other income	—			862			862
Total revenues	56,382			5,092			61,474
Expenses:
Real estate operating expenses	28,195			3,952			32,147
Interest expense	14,047			4,025			18,072
Advisor’s fee, related party	1,525			276			1,801
Property acquisition costs	295			—			295
General and administrative	4,760			287			5,047
Depreciation and amortization	12,567			1,743			14,310
Total expenses	61,389			10,283			71,672

Total revenues less total expenses	(5,007		)	(5,191		)	(10,198		)
Gain on sale of real estate	2,777			—			2,777
Net loss	(2,230		)	(5,191		)	(7,421		)
Plus: net (income) loss attributable to non-controlling interests	(1,067		)	2,664			1,597
Net loss attributable to common shareholders	$	(3,297	)	$	(2,527	)	$	(5,824	)
Segment Assets at June 30, 2015	$	586,648		$	179,889		$	766,537

Note 8 – Segment Reporting - continued



	Nine Months Ended June 30, 2014
	Multi-Family Real Estate			Other Real Estate			Total
Revenues:
Rental and other revenues from real estate	$	42,526		$	3,607		$	46,133
Other income	—			870			870
Total revenues	42,526			4,477			47,003
Expenses:
Real estate operating expenses	22,655			3,416			26,071
Interest expense	11,555			3,489			15,044
Advisor’s fees, related party	1,010			241			1,251
Property acquisition costs	2,246			—			2,246
General and administrative	4,351			331			4,682
Depreciation and amortization	9,069			1,306			10,375
Total expenses	50,886			8,783			59,669
Total revenues less total expenses	(8,360		)	(4,306		)	(12,666		)
Gain on sale of real estate assets	3			—			3

Loss from continuing operations	(8,357		)	(4,306		)	(12,663		)
Plus: net loss attributable to non-controlling interests	418			5,191			5,609
Net (loss) income attributable to common shareholders before reconciling items	$	(7,939	)	$	885		$	(7,054	)
Reconciling adjustments:
Discontinued operations							1,398
Net loss attributable to common shareholders							$	(5,656	)
Segment Assets at June 30, 2014 (a)	$	545,676		$	151,557		$	697,233

_______________________________

(a) Excludes $$3,028 of assets related to discontinued operations.