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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:    
Net income $ 15,310 $ 8,202
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 10,192 8,648
Amortization of deferred borrowing fees 178 364
Amortization of restricted stock and restricted stock units 323 315
Equity in loss of unconsolidated joint ventures 125 25
Gain on sale of real estate (19,514) (12,519)
Gain on insurance recovery (1,585) 0
Loss on extinguishment of debt 207 257
Distributions from equity earnings of unconsolidated joint ventures 0 36
Increases and decreases from changes in other assets and liabilities:    
Decrease in deposits and escrows 3,190 4,209
Decrease in other assets 2,212 930
Decrease in accounts payable and accrued liabilities (2,962) (2,066)
Net cash provided by operating activities 7,676 8,401
Cash flows from investing activities:    
Collections from real estate loan 150 150
Additions to real estate properties (48,756) (36,910)
Improvements to real estate properties (3,093) (1,610)
Purchase of non-controlling interests (3,444) 0
Net proceeds from the sale of real estate properties 91,887 21,790
Distributions from unconsolidated joint ventures 195 239
Net cash provided by (used in) investing activities 36,939 (16,341)
Cash flows from financing activities:    
Proceeds from mortgages payable 37,040 24,470
Mortgage payoffs (56,580) (9,290)
Mortgage principal payments (1,366) (1,328)
Increase in deferred financing costs (242) (380)
Dividends paid (3,150) (2,524)
Contributions from non-controlling interests 1,435 4,535
Distributions to non-controlling interests (15,070) (4,316)
Repurchase of shares of common stock (120) 0
Net cash (used in) provided by financing activities (38,053) 11,167
Net increase in cash, cash equivalents and restricted cash 6,562 3,227
Cash, cash equivalents and restricted cash at beginning of period 34,046 18,534
Cash, cash equivalents and restricted cash at end of period 40,608 21,761
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest, net of capitalized interest of $27 and $249, respectively 9,063 7,605
Taxes paid $ 39 $ 25