DISCONTINUED OPERATIONS

12 Months Ended

Sep. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

On February 23, 2016, the Company sold, through subsidiaries which owned such interests, its equity interests in RBH - TRB Newark Holdings, LLC (the "Newark Joint Venture"), to RBH Partners III, LLC, for $16,900,000 (the "NJV Sale"). The Company recognized a gain of $15,467,000 in connection with this sale.

Other than the agreement of the Company's subsidiary to provide an indemnity with respect to up to $2,800,000 of obligations related to the venture, neither the Company nor its subsidiaries have any guaranty, indemnity or similar obligations with respect to the Newark Joint Venture.  

NOTE 5–DISCONTINUED OPERATIONS (Continued)

The discontinued operations of the Newark Joint Venture and the statement of operations for the years ended September 30, 2016, are summarized as follows (dollars in thousands):

Statement of Operations	Year Ended September 30,
	2016
Revenues:
Rental and other revenue from real estate properties	$	2,437
Other income	444
Total revenues	2,881
Expenses:
Real estate operating expenses	2,277
Interest expense	2,242
Depreciation	1,150
Total expense	5,669
Loss from discontinued operations	(2,788)
Gain on sale of partnership interest	15,467
Discontinued operations	$	12,679