Real Estate Property Held For Sale

9 Months Ended

Jun. 30, 2016

Real Estate [Abstract]

Real Estate Property Held For Sale

Real Estate Properties

A summary of real estate properties owned (including properties held for sale) follows (dollars in thousands):

	September 30, 2015 Balance		Additions		Capitalized Costs and Improvements		Depreciation			Sales			June 30, 2016 Balance
Multi-family	$	605,040	$	205,350	$	29,225	$	(16,390	)	$	(137,688	)	$	685,537
Land - Daytona, FL	7,972		—		2		—			—			7,974
Shopping centers/Retail - Yonkers, NY	2,574		—		—		(80		)	—			2,494
Total real estate properties	$	615,586	$	205,350	$	29,227	$	(16,470	)	$	(137,688	)	$	696,005

The following table summarizes the preliminary allocations of the purchase prices of assets acquired during the three months ended June 30, 2016 (dollars in thousands):

	Preliminary Purchase Price Allocation
Land	$	18,875
Buildings and Improvements	69,688
Acquisition-related intangible assets	587
Total Consideration	$	89,150

The preliminary measurements of fair value reflected above are subject to change. The Trust expects to finalize the valuations and complete the purchase price allocations within one year from the date of the applicable acquisition.

The following table summarizes the preliminary allocations of the purchase price of seven properties purchased between July 1, 2015 and June 30, 2016 and the finalized allocation of the purchase price of such properties, as adjusted, as of June 30, 2016 (dollars in thousands):

	Preliminary Purchase Price Allocation		Adjustments			Finalized Purchase Price Allocation
Land	$	28,556	$	(4,730	)	$	23,826
Building and improvements	181,912		4,087			185,999
Acquisition-related intangible assets	332		643			975
Total Consideration	$	210,800	$	—		$	210,800

Real Estate Property Held For Sale

At June 30,2016, the Sandtown Vista, Atlanta, GA property was classified as a real estate asset held for sale. The property has a book value of $27,020,000. The Trust estimates it will recognize a gain on the sale of the property of approximately $8,800,000, of which approximately $4,000,000 will be allocated to the non-controlling partner. This sale is anticipated to close in the first quarter of the Trust's 2017 fiscal year and is subject to the lender consenting to the purchaser's assumption of the mortgage loan securing the property and other customary closing conditions.

At September 30, 2015, the Grove at Trinity, Cordova, TN property, was classified as a real estate asset held for sale. This property was sold in the quarter ended March 31,2016 and the Trust recognized a gain of $ 6,764,000, of which $2,195,000 was allocated to the non-controlling partner. See Note 5 - Acquisitions and Dispositions.