VARIABLE INTEREST ENTITIES

12 Months Ended

Sep. 30, 2018

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):

	September 30,
	2018		2017
ASSETS
Real estate properties, net of depreciation of $52,873 and $35,525	$	586,623	$	707,546
Cash and cash equivalents	6,699		8,626
Deposits and escrows	11,837		13,873
Other assets	6,781		8,148
Real estate properties held for sale	38,852		8,969
Total Assets	$	650,792	$	747,162
LIABILITIES
Mortgages payable, net of deferred costs of $3,786 and $5,170	$	481,569	$	558,568
Accounts payable and accrued liabilities	12,841		14,419
Mortgage payable held for sale	—		—
Total Liabilities	$	494,410	$	572,987