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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
6 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 58,110,000 $ 27,604,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 17,888,000 14,069,000
Amortization of deferred borrowing fees 742,000 535,000
Amortization of restricted stock and restricted stock units 613,000 710,000
Equity in loss of unconsolidated joint ventures 88,000 0
Gain on sale of real estate (64,500,000) (35,838,000)
Gain on insurance recovery (3,227,000) 0
Loss on extinguishment of debt 850,000 799,000
Increases and decreases from changes in other assets and liabilities:    
Decrease in interest receivable 0 2,324,000
Decrease in deposits and escrows 7,745,000 5,871,000
Decrease in other assets 7,230,000 1,154,000
Decrease in accounts payable and accrued liabilities (5,565,000) (5,662,000)
Net cash provided by operating activities 19,974,000 11,566,000
Cash flows from investing activities:    
Collections from real estate loan 300,000 13,600,000
Additions to real estate properties (125,901,000) (60,580,000)
Net costs capitalized to real estate properties (5,247,000) (5,430,000)
(Increase) decrease in restricted cash (1,551,000) 764,000
Investment in limited partnership (12,370,000) 0
Purchase of non-controlling interests 250,000 0
Consolidation of investment in limited partnership (1,279,000) 0
Net proceeds from the sale of real estate properties 168,691,000 128,647,000
Distributions from unconsolidated joint ventures 482,000 166,000
Contributions to unconsolidated joint ventures 0 (14,394,000)
Net cash (used in) provided by investing activities 25,433,000 62,773,000
Cash flows from financing activities:    
Proceeds from mortgages payable 78,945,000 40,363,000
Mortgage payoffs (84,727,000) (79,215,000)
Mortgage principal payments (2,525,000) (2,539,000)
Increase in deferred financing costs (817,000) (719,000)
Dividends paid (5,380,000) 0
Contributions from non-controlling interests 22,623,000 6,398,000
Distributions to non-controlling interests (36,336,000) (22,832,000)
Proceeds from the sale of common stock 1,401,000 0
Repurchase of shares of beneficial interest/common stock 0 (47,000)
Net cash provided by (used in) financing activities (26,816,000) (58,591,000)
Net increase in cash and cash equivalents 18,591,000 15,748,000
Cash and cash equivalents at beginning of period 12,383,000 27,399,000
Cash and cash equivalents at end of period 30,974,000 43,147,000
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest, net of capitalized interest of $0 and $84, respectively 15,859,000 12,536,000
Taxes paid 39,000 1,778,000
Acquisition of real estate through assumption of debt 0 27,638,000
Partnership Interest    
Increases and decreases from changes in other assets and liabilities:    
Decrease in accounts payable and accrued liabilities 112,000 0
Cash flows from investing activities:    
Investment in limited partnership 12,370,000 0
Consolidation of investment in limited partnership (1,279,000) 0
Consolidation of investment in limited partnership:    
Increase in real estate assets (72,395,000) 0
Increase in deposits and escrows (3,561,000) 0
Increase in other assets (20,000) 0
Increase in mortgage payable 53,060,000 0
Increase in deferred financing costs (657,000) 0
Increase in non controlling interest $ 12,370,000 $ 0