Variable Interest Entities

3 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Variable Interest Entities

The Company conducts a large portion of its business with joint venture partners. Many of the Company's consolidated joint ventures that own properties were determined to be variable interest entities ("VIEs") because the voting rights of some equity partners are not proportional to their obligations to absorb the expected loses of the entity and their rights to receive expected residual returns. It was determined that the Company is the primary beneficiary of these joint venture because it has a controlling financial interest in that it has the power to direct the activities of the VIE that most significantly impacts the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE.

The following is a summary of the carrying amounts with respect to the consolidated VIEs and their classification on the Company's consolidated balance sheets (amounts in thousands):

	December 31, 2017 (Unaudited)		September 30, 2017
ASSETS
Real estate properties, net of depreciation of $59,573 and $52,873	$	738,940	$	707,546
Cash and cash equivalents	8,282		8,626
Deposits and escrows	14,013		13,873
Other assets	8,139		8,148
Real estate properties held for sale	—		8,969
Total Assets	$	769,374	$	747,162
LIABILITIES
Mortgages payable, net of deferred costs of $5,088 and $5,170	$	573,078	$	558,568
Accounts payable and accrued liabilities	12,852		14,419
Total Liabilities	$	585,930	$	572,987