Variable Interest Entities

3 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Variable Interest EntitiesThe Company conducts a large portion of its business with joint venture partners. Many of the Company's consolidated joint ventures that own properties were determined to be VIEs because the voting rights of some equity partners are not proportional to their obligations to absorb the expected loses of the entity and their rights to receive expected residual returns. It was determined that the Company is the primary beneficiary of these joint ventures because it has a controlling financial interest in that it has the power to direct the activities of the VIE that most significantly impacts the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE.

The following is a summary of the carrying amounts with respect to the consolidated VIEs and their classification on the Company's consolidated balance sheets (dollars in thousands):

	December 31, 2018 (unaudited)		September 30, 2018
ASSETS
Real estate properties, net of accumulated depreciation of $53,637 and $52,873	$	584,074	$	586,623
Cash and cash equivalents	5,207		6,699
Deposits and escrows	11,705		11,837
Other assets	6,302		6,781
Real estate properties held for sale	—		38,852
Total Assets	$	607,288	$	650,792
LIABILITIES
Mortgages payable, net of deferred costs of $3,628 and $3,786	$	446,779	$	481,569
Accounts payable and accrued liabilities	11,816		12,841
Total Liabilities	$	458,595	$	494,410