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REAL ESTATE PROPERTIES (Tables)
 12 Months Ended
Sep. 30, 2017
Acquisitions  
Schedule of Real Estate Properties
Real estate properties (including real estate properties held for sale), consist of the following:
 
 
September 30,
 
 
2017
 
2016
Land
 
$
138,094

 
$
128,409

Building
 
808,366

 
684,133

Building improvements
 
31,411

 
25,717

  Real estate properties
 
977,871

 
838,259

Accumulated depreciation
 
(66,621
)
 
(44,687
)
  Total real estate properties, net
 
$
911,250

 
$
793,572

A summary of activity in real estate properties (including properties held for sale), for the year ended September 30, 2017, follows (dollars in thousands):
 

September 30, 2016 Balance
 



Additions
 

Capitalized Costs and Improvements
 
Depreciation and
Amortization
 
Sales
 
Other Dispositions
 

September 30, 2017 Balance
Multi-family
$
783,085

 
$
255,992

 
$
9,173

 
$
(30,379
)
 
$
(113,552
)
 
$
(3,571
)
 
$
900,748

Land - Daytona, FL
8,021

 
—

 
—

 
—

 
—

 
—

 
8,021

Retail shopping center - Yonkers, NY
2,466

 
—

 
125

 
(110
)
 
—

 
—

 
2,481

Total real estate properties
$
793,572

 
$
255,992

 
$
9,298

 
$
(30,489
)
 
$
(113,552
)
 
$
(3,571
)
 
$
911,250


    
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary allocations of the purchase price of nine properties purchased between August 1, 2016 and September 30, 2017 , and the finalized allocation of the purchase price, as adjusted, as of September 30, 2017 (dollars in thousands):
 
 
Preliminary
Purchase Price
Allocation
 
Adjustments
 
Finalized
Purchase Price
Allocation
 
 
 
 
 
 
 
Land
 
$
39,296

 
$
(1,550
)
 
$
37,746

Buildings and improvements
 
299,327

 
341

 
299,668

Acquisition-related intangible assets (in acquired lease intangibles, net)
 
4,180

 
1,209

 
5,389

Total consideration
 
$
342,803

 
$
—

 
$
342,803

    
    
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas
A summary of the Company's multi-family properties by state as and for the year ended September 30, 2017, is as follows (dollars in thousands):
Location
 
Number of Properties at September 30, 2017
 
Number of Units at September 30, 2017
 
2017
Revenues
 
% of 2017
Revenues
Texas
 
9

 
2,695

 
$
32,011

 
31.1
%
Florida (a)
 
4

 
1,268

 
15,339

 
14.9
%
Georgia
 
4

 
959

 
11,842

 
11.5
%
Tennessee
 
2

 
702

 
4,339

 
4.2
%
Alabama
 
2

 
826

 
7,849

 
7.6
%
South Carolina
 
3

 
683

 
6,305

 
6.1
%
Missouri
 
4

 
775

 
7,694

 
7.5
%
Indiana
 
1

 
400

 
3,418

 
3.3
%
Mississippi
 
2

 
776

 
8,310

 
8.1
%
Ohio
 
1

 
264

 
2,671

 
2.6
%
Virginia
 
1

 
220

 
3,160

 
3.1
%
 
 
33

 
9,568

 
$
102,938

 
100
%
________________________
(a)
Includes Waverly Place Apartments - Melbourne, FL, which was sold on October 25, 2017. This property has 208 units and accounted for $2,567 of 2017 revenues.
Schedule of Operating Leases, Future Minimum Payments, Receivable
Future minimum rentals to be received by the Company pursuant to non-cancellable operating leases with terms in excess of one year, from a commercial property owned by the Company at September 30, 2017, are as follows (dollars in thousands):
Year Ending September 30,
 
Amount
2018
 
$
1,119

2019
 
1,119

2020
 
1,119

2021
 
1,132

2022
 
1,185

Thereafter
 
4,500

Total
 
$
10,174