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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:      
Net income (loss) $ 48,001 $ 35,628 $ 45,158
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 38,504 30,491 23,180
Amortization of deferred financing fees 1,432 1,263 2,814
Amortization of restricted stock 988 1,219 1,005
Equity in (loss) of unconsolidated subsidiaries 388 384 0
Gain on sale of partnership interests 0 0 (15,853)
Gain on sale of real estate assets (64,924) (52,601) (46,477)
Gain on insurance recovery (4,498) 0 0
Loss on extinguishment of debt 850 1,463 4,547
Effect of deconsolidation of non-controlling interest 0 0 (1,692)
Increases and decreases from changes in other assets and liabilities:      
Increase in deposits and escrows 6,941 (8,867) (6,190)
Increase in accounts payable and accrued liabilities 4,757 698 4,897
Decrease in other assets 6,149 3,413 (1,309)
Net cash provided by operating activities 38,588 13,091 10,080
Cash flows from investing activities:      
Collections from real estate loans 600 14,000 0
Additions to real estate properties (187,940) (228,354) (302,628)
Net costs capitalized to real estate owned (16,769) (9,298) (46,844)
Investment in limited partnership 12,370 0 0
Purchase of non controlling interest (5,172) 0 0
Consolidation of investment in limited partnership (1,279) 0 0
Proceeds from the sale of real estate owned 169,115 167,013 197,264
Distributions from unconsolidated joint ventures 948 424 0
Contributions to unconsolidated joint ventures 0 (21,894) 0
Proceeds from the sale of joint venture interests 0 0 19,242
Net cash used in investing activities (50,844) (76,877) (135,783)
Cash flows from financing activities:      
Proceeds from mortgages payable 116,972 155,172 267,788
Increase in other borrowed funds 0 0 6,001
Mortgage payoffs (84,726) (96,322) (130,090)
Mortgage principal payments (5,130) (5,163) (5,081)
Increase in deferred borrowing costs (1,320) (2,574) (2,491)
Dividends paid 0 0 (11,463)
Capital contributions from non-controlling interests 32,553 31,606 33,613
Capital distributions to non-controlling interests (40,023) (33,756) (32,825)
Proceeds from sale of New Markets Tax Credits 0 0 2,746
Proceeds from the sale of common stock 20,411 0 0
Repurchase of shares of common stock (41) (193) (2,115)
Net cash provided by financing activities 27,233 48,770 137,546
Net (decrease) increase in cash and cash equivalents 14,977 (15,016) 11,843
Cash and cash equivalents at beginning of year 12,383 27,399 15,556
Cash and cash equivalents at end of year 27,360 12,383 27,399
Supplemental disclosures of cash flow information:      
Cash paid during the year for interest expense, including capitalized interest of $174, $263, and $1,568 in 2018, 2017 and 2016 33,063 27,135 27,680
Cash paid during the year for income and excise taxes 241 1,884 1,264
Acquisition of real estate through assumption of debt 13,608 27,638 16,051
Assets removed due to casualty loss 742 3,571 0
Commercial/mixed use properties | Newark Joint Venture | Primary beneficiary      
Cash flows from investing activities:      
Net change in restricted cash 0 0 (1,952)
Multi-family residential      
Cash flows from investing activities:      
Net change in restricted cash $ (535) $ 1,232 $ (865)