Real Estate Properties

3 Months Ended

Dec. 31, 2018

Real estate properties (including a property held for sale at September 30, 2018) consist of the following (dollars in thousands):


	December 31, 2018		September 30, 2018
Land	$	155,573	$	163,862
Building	924,378		943,775
Building improvements	41,003		40,274
Real estate properties	1,120,954		1,147,911
Accumulated depreciation	(91,715)		(88,109)
Total real estate properties, net	$	1,029,239	$	1,059,802

A summary of real estate properties owned (including a property held for sale at September 30, 2018) follows (dollars in thousands):


	September 30, 2018 Balance		Additions		Capitalized Costs and Improvements		Depreciation		Sales		December 31, 2018 Balance
Multi-family	$	1,005,353	$	38,259	$	3,093	$	(10,164)	$	(72,221)	$	964,320
Multi-family development - West Nashville, TN	44,057		—		10,498		—		—		54,555
Land - Daytona, FL	8,021		—		—		—		—		8,021
Shopping centers/Retail - Yonkers, NY	2,371		—		—		(28)		—		2,343
Total real estate properties	$	1,059,802	$	38,259	$	13,591	$	(10,192)	$	(72,221)	$	1,029,239

The following table summarizes the allocation of the purchase price with respect to a property purchased during the three months ended December 31, 2018 (dollars in thousands):


	Allocation of Purchase Price
Land	$	3,164
Building and improvements	34,446
Acquisition-related intangible assets	649
Total consideration	$	38,259

The purchase price of the property acquired, inclusive of acquisition costs, was allocated to the acquired assets based on their estimated relative fair values on the acquisition date.

As a result of damage from a fire in March 2018, the Company reduced the carrying value of Brixworth located in Huntsville, AL, by $741,000 and because the Company believed it was probable that it would recover such sum from its insurance coverage, it recognized such sum as an insurance recovery receivable. Through December 31, 2018, the Company received $1,560,000 and recognized a gain of $819,000 in the quarter ended December 31, 2018.

As a result of damage from a fire in May 2018, the Company reduced the carrying value of Waterside located in Indianapolis, IN by $267,000 and because the Company believed it was probable that it would recover such sum from its insurance coverage, it recognized such sum as an insurance recovery receivable. Through December 31, 2018, the Company received $350,000 and recognized a gain of $83,000 in the quarter ended December 31, 2018.

During the three months ended December 31, 2018, the Company received $1,153,000 and recognized an additional gain of $683,000 in insurance recoveries upon its receipt of funds on its claim with regard to damage at Retreat at Cinco Ranch, located in Katy, TX, which was damaged by Hurricane Harvey in September 2017.