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Real Estate Property Held For Sale
 6 Months Ended
Mar. 31, 2018
Real Estate [Abstract]  
Real Estate Property Held For Sale
Real Estate Properties

Real estate properties (including properties held for sale) consist of the following (dollars in thousands):
 
 
March 31, 2018
 
September 30, 2017
Land
 
$
157,105

 
$
138,094

Building
 
874,679

 
808,366

Building improvements
 
29,109

 
31,411

  Real estate properties
 
1,060,893

 
977,871

Accumulated depreciation
 
(67,643
)
 
(66,621
)
  Total real estate properties, net
 
$
993,250

 
$
911,250



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


 

September 30, 2017
Balance
 



Additions
 

Capitalized Costs and Improvements
 
Depreciation
 
Sales
 

March 31, 2018
Balance
Multi-family
 
$
890,300

 
$
185,415

 
$
5,247

 
$
(17,833
)
 
$
(103,655
)
 
$
959,474

Multi-family development - West Nashville, TN
 
10,448

 
12,881

 
—

 
—

 
—

 
23,329

Land - Daytona, FL
 
8,021

 
—

 
—

 
—

 
—

 
8,021

Shopping centers/Retail - Yonkers, NY
 
2,481

 
—

 
—

 
(55
)
 
—

 
2,426

Total real estate properties
 
$
911,250

 
$
198,296

 
$
5,247

 
$
(17,888
)
 
$
(103,655
)
 
$
993,250

        

The following table summarizes the allocation of the purchase price of four properties purchased during the six months ended March 31, 2018 (dollars in thousands):
 
 
Purchase Price Allocation
Land
 
$
37,282

Building and improvements
 
140,027

Acquisition-related intangible assets
 
3,992

Total consideration
 
$
181,301



As result of the damage caused by Hurricane Harvey in 2017, the Company reduced the carrying value of Retreat at Cinco Ranch, located in Katy, TX by $3,471,000 and, because the Company believed it was probable that it would recover such sum from its insurance coverage, recognized such sum in insurance recoveries. Through March 31, 2018, the Company received $7,384,000 in insurance recoveries related to Hurricane Harvey, of which $3,227,000 is recorded as a gain on insurance recovery in the three and six months ended March 31, 2018 and $686,000 has been recognized as rental income (i.e. $98,000 in 2017 and $294,000 and $588,000 in the three and six months ended March 31, 2018, respectively.)
Real Estate Property Held For Sale
    
At September 30, 2017, Waverly Place Apartments, Melbourne, FL, with a book value of $8,969,000, was held for sale. This property was sold on October 25, 2017. The Company did not have any properties that met the criteria for held-for-sale classification at March 31, 2018.