REAL ESTATE PROPERTIES (Tables)

12 Months Ended

Sep. 30, 2018

Real Estate [Abstract]

Schedule of Real Estate Properties

Real estate properties (including real estate properties held for sale), consist of the following (dollars in thousands):

	September 30,
	2018		2017
Land	$	163,862	$	138,094
Building	943,775		808,366
Building improvements	40,274		31,411
Real estate properties	1,147,911		977,871
Accumulated depreciation	(88,109)		(66,621)
Total real estate properties, net	$	1,059,802	$	911,250

A summary of activity in real estate properties (including properties held for sale), for the year ended September 30, 2018, follows (dollars in thousands):

	September 30, 2017 Balance		Property Acquisitions		Capitalized Costs and Improvements		Depreciation		Sales and Other Dispositions		September 30, 2018 Balance
Multi-family	$	890,300	$	233,400	$	24,443	$	(38,394)	$	(104,396)	$	1,005,353
Multi-family development - West Nashville, TN	10,448		—		33,609		—		—		44,057
Land - Daytona, FL	8,021		—		—		—		—		8,021
Retail shopping center - Yonkers, NY	2,481		—		—		(110)		—		2,371
Total real estate properties	$	911,250	$	233,400	$	58,052	$	(38,504)	$	(104,396)	$	1,059,802

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocations of the purchase price of six properties purchased between October 1, 2017 and September 30, 2018 , and the finalized allocation of the purchase price, as adjusted, as of September 30, 2018 (dollars in thousands):

	Preliminary Purchase Price Allocation		Adjustments		Finalized Purchase Price Allocation
Land	$	47,653	$	(3,614)	$	44,039
Buildings and improvements	180,381		3,622		184,003
Acquisition-related intangible assets (in acquired lease intangibles, net)	5,366		(8)		5,358
Total consideration	$	233,400	$	—	$	233,400

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

A summary of the Company's multi-family properties by state as and for the year ended September 30, 2018, is as follows (dollars in thousands):

Location	Number of Properties at September 30, 2018	Number of Units at September 30, 2018	2018 Revenues (a)		% of 2018 Revenues
Texas	11	3,096	$	36,358	31.0	%
Georgia	5	1,545	16,761		14.3	%
Florida	4	1,248	15,832		13.5	%
Missouri	4	775	10,622		9.1	%
South Carolina (b)	3	683	8,717		7.4	%
Tennessee	2	702	4,215		3.6	%
Alabama	2	412	6,135		5.2	%
Mississippi	2	776	8,617		7.3	%
Indiana	1	400	3,689		3.1	%
Ohio	1	264	2,804		2.4	%
Virginia	1	220	3,589		3.1	%
	36	10,121	$	117,339	100	%

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(a) Includes Waverly Place, Melbourne FL, sold on October 25, 2017, Valley Venue, Valley, AL, sold on February 23, 2018 and Garden Square, Palm Beach Gardens, FL sold on February 25, 2018. These properties in total had 1,368 units and accounted for $5,815 of 2018 revenues.

(b) Includes Factory at Garco, N. Charleston, SC which was sold in November 2018.

Schedule of Operating Leases, Future Minimum Payments, Receivable

Future minimum rentals to be received pursuant to non-cancellable operating leases with terms in excess of one year, from a commercial property owned by the Company at September 30, 2018, are as follows (dollars in thousands):

Year Ending September 30,	Amount
2019	$	1,119
2020	1,119
2021	1,132
2022	1,185
2023	1,234
Thereafter	3,266
Total	$	9,055