SEGMENT REPORTING

12 Months Ended

Sep. 30, 2018

Substantially all of the Company's assets are comprised of multi-family real estate assets generally leased to tenants on a one year basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment. Prior to October 1, 2017, the Company operated in two reportable segments: a multi-family real estate segment which includes the ownership, operation and development of its multi-family properties; and another real estate segment, which includes the ownership and operation and development of its other real estate assets.

The following table summarizes the Company's segment reporting for the year ended September 30, 2017 (dollars in thousands):


	Multi-Family Real Estate		Other Real Estate		Total
Revenues:
Rental and other revenues from real estate properties	$	102,938	$	1,539	$	104,477
Other income	(9)		1,303		1,294
Total revenues	102,929		2,842		105,771
Expenses:
Real estate operating expenses	50,733		546		51,279
Interest expense	26,782		1,389		28,171
General and administrative	9,208		188		9,396
Depreciation	30,381		110		30,491
Total expenses	117,104		2,233		$	119,337
Total revenue less total expenses	(14,175)		609		(13,566)
Equity in (loss) earnings of unconsolidated joint ventures	(417)		33		(384)
Gain on sale of real estate	52,152		449		52,601
Loss on extinguishment of debt	(1,463)		—		(1,463)
Income from continuing operations	36,097		1,091		37,188
Provision for taxes	1,529		31		1,560
Net income	34,568		1,060		35,628
Net (income) attributable to non-controlling interests	(21,896)		(132)		(22,028)
Net income attributable to common stockholders	$	12,672	$	928	$	13,600
Segment Assets at September 30, 2017	$	976,806	$	17,091	$	993,897

NOTE 14—SEGMENT REPORTING (Continued)

The following table summarizes the Company's segment reporting for the year ended September 30, 2016 (dollars in thousands):


	Multi-Family Real Estate		Other Real Estate		Total
Revenues:
Rental and other revenues from real estate properties	$	93,795	$	1,407	$	95,202
Other income	—		3,319		$	3,319
Total revenues	93,795		4,726		98,521
Expenses:
Real estate operating expenses	46,936		583		47,519
Interest expense	23,739		139		23,878
Advisor's fee, related party	593		100		693
Property acquisition costs	3,852		—		3,852
General and administrative	8,313		223		8,536
Depreciation	22,251		929		23,180
Total expenses	105,684		1,974		107,658
Total revenues less total expenses	(11,889)		2,752		(9,137)
Gain on sale of real estate	45,206		1,271		46,477
Gain on sale of partnership interest	386		—		386
Loss on extinguishment of debt	(4,547)		—		(4,547)
Income from continuing operations	29,156		4,023		33,179
Provision for taxes	686		14		700
Income from continuing operations, net of taxes	28,470		4,009		32,479
Net (income) attributable to non-controlling interests	(15,420)		(108)		(15,528)
Net income attributable to common stockholders before reconciling items	$	13,050	$	3,901	$	16,951
Reconciling adjustment:
Discontinued operations, net of non-controlling interests					14,338
Net income attributable to common stockholders					$	31,289
Segment assets at September 30, 2016	$	843,898	$	31,001	$	874,899