Discontinued Operations (Tables)

9 Months Ended

Jun. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations balance sheet and statement of operations

The following table is a summary of the real estate properties disposed of by the Trust in the nine months ended June 30, 2016 (dollars in thousands):

Location	Sale Date	No. of Units	Sales Price		Gain on Sale		Non-controlling partner portion of gain
New York, NY	10/1/2015	1	$	652	$	609	—
Cordova, TN	3/2/2016	464	31,100		6,764		$	2,195
Kennesaw, GA	3/15/2016	450	64,000		17,429		10,037
Pooler, GA	4/6/2016	300	38,500		5,710		1,405
Collierville, TN	6/1/2016	324	34,300		4,586		917
		1,539	$	168,552	$	35,098	$	14,554

The assets and liabilities as of September 30, 2015 of the discontinued operations of the Newark Joint Venture and the statement of operations for the three and nine months ended June 30, 2016 and 2015, are summarized as follows (dollars in thousands):

Balance Sheet	September 30, 2015
ASSETS
Real estate properties, net	$	141,441
Restricted cash	13,277
Deferred costs, net	9,683
Deposits and escrows	93
Other assets	8,734
Total assets of discontinued operations	$	173,228
LIABILITIES
Mortgage payable	$	110,375
Accounts payable and accrued liabilities	6,848
Deferred income	30,990
Total liabilities of discontinued operations	$	148,213

Statement of Operations
	Three Months Ended June 30,					Nine Months Ended June 30,
	2016		2015			2016			2015
Revenues:
Rental and other revenue from real estate properties	$	—	$	1,167		$	2,437		$	3,237
Other income	—		268			444			798
Total revenues	—		1,435			2,881			4,035
Expenses:
Real estate operating expenses	—		1,402			2,277			3,545
Interest expense	—		1,151			2,242			3,718
Depreciation	—		584			1,150			1,655
Total expense	—		3,137			5,669			8,918
Income from discontinued operations	—		(1,702		)	(2,788		)	(4,883		)
Gain on sale of partnership interest	—		—			15,467			—
Discontinued operations	$	—	$	(1,702	)	$	12,679		$	(4,883	)