| SEGMENT REPORTING |
SEGMENT REPORTING Management has determined that the Trust operates in two reportable segments: a multi-family real estate segment which includes the ownership, operation and development of its multi-family properties, and another real estate segment, which includes the ownership and operation and development of its other real estate assets. The following table summarizes the Trust's segment reporting for the year ended September 30, 2016 (dollars in thousands): | | | | | | | | | | | | | | | | Multi-Family Real Estate | | Other Real Estate | | Total | Revenues: | | |
| | |
| | |
| Rental and other revenues from real estate properties | | $ | 89,538 |
| | $ | 1,407 |
| | $ | 90,945 |
| Other income | | — |
| | 3,319 |
| | 3,319 |
| Total revenues | | 89,538 |
| | 4,726 |
| | 94,264 |
| Expenses: | | | | |
| | |
| Real estate operating expenses | | 42,679 |
| | 583 |
| | 43,262 |
| Interest expense | | 23,739 |
| | 139 |
| | 23,878 |
| Advisor's fee, related party | | 593 |
| | 100 |
| | 693 |
| Property acquisition costs | | 3,852 |
| | — |
| | 3,852 |
| General and administrative | | 8,313 |
| | 223 |
| | 8,536 |
| Provision for federal taxes | | 686 |
| | 14 |
| | 700 |
| Depreciation | | 22,251 |
| | 929 |
| | 23,180 |
| Total expenses | | 102,113 |
| | 1,988 |
| | 104,101 |
| Total revenues less total expenses | | (12,575 | ) | | 2,738 |
| | (9,837 | ) | Gain on sale of real estate | | 45,206 |
| | 1,271 |
| | 46,477 |
| Gain on sale of partnership interest | | 386 |
| | — |
| | 386 |
| Loss on extinguishment of debt | | (4,547 | ) | | — |
| | (4,547 | ) | Income from continuing operations | | 28,470 |
| | 4,009 |
| | 32,479 |
| Net (income) attributable to non-controlling interests | | (15,420 | ) | | (108 | ) | | (15,528 | ) | Net income attributable to common shareholders before reconciling items | | $ | 13,050 |
| | $ | 3,901 |
| | $ | 16,951 |
| Reconciling adjustment: | | | | | | | Discontinued operations, net of non controlling interests | | | | | | 14,338 |
| Net income attributable to common shareholders | | | | | | $ | 31,289 |
| Segment assets at September 30, 2016 | | $ | 844,430 |
| | $ | 31,001 |
| | |
NOTE 11—SEGMENT REPORTING - (continued) The following table summarizes the Trust's segment reporting for the year ended September 30, 2015 (dollars in thousands): | | | | | | | | | | | | | | | | Multi-Family Real Estate | | Other Real Estate | | Total | Revenues: | | |
| | |
| | |
| Rental and other revenues from real estate properties | | $ | 75,643 |
| | $ | 1,380 |
| | $ | 77,023 |
| Other income | | — |
| | 72 |
| | 72 |
| Total revenues | | 75,643 |
| | 1,452 |
| | 77,095 |
| Expenses: | | | | |
| | |
| Real estate operating expenses | | 38,000 |
| | 609 |
| | 38,609 |
| Interest expense | | 18,944 |
| | 353 |
| | 19,297 |
| Advisor's fee, related party | | 2,077 |
| | 371 |
| | 2,448 |
| Property acquisition costs | | 1,885 |
| | — |
| | 1,885 |
| General and administrative | | 6,314 |
| | 369 |
| | 6,683 |
| Depreciation | | 18,336 |
| | 118 |
| | 18,454 |
| Total expenses | | 85,556 |
| | 1,820 |
| | 87,376 |
| Total revenues less total expenses | | (9,913 | ) | | (368 | ) | | (10,281 | ) | Gain on sale of real estate | | 14,404 |
| | 601 |
| | 15,005 |
| Income (loss) from continuing operations | | 4,491 |
| | 233 |
| | 4,724 |
| Net (income) loss attributable to non-controlling interests | | (4,877 | ) | | (93 | ) | | (4,970 | ) | Net income (loss) attributable to common shareholders before reconciling adjustment | | $ | (386 | ) | | $ | 140 |
| | $ | (246 | ) | Reconciling adjustment: | | | | | | | Discontinued operations, net of non controlling interests | | | | | | (2,142 | ) | Net income attributable to common shareholders | | | | | | $ | (2,388 | ) | Segment assets at September 30, 2015 | | $ | 616,909 |
| | $ | 55,425 |
| | |
NOTE 11—SEGMENT REPORTING - (continued) The following table summarizes the Trust's segment reporting for the year ended September 30, 2014 (dollars in thousands): | | | | | | | | | | | | | | | | Multi-Family Real Estate | | Other Real Estate | | Total | Revenues: | | |
| | |
| | |
| Rental and other revenues from real estate properties | | $ | 60,362 |
| | $ | 1,363 |
| | $ | 61,725 |
| Other income | | 4 |
| | 84 |
| | 88 |
| Total revenues | | 60,366 |
| | 1,447 |
| | 61,813 |
| Expenses: | | |
| | |
| | |
| Operating expenses relating to real estate properties | | 32,347 |
| | 637 |
| | 32,984 |
| Interest expense | | 16,212 |
| | 222 |
| | 16,434 |
| Advisor's fee, related party | | 1,466 |
| | 335 |
| | 1,801 |
| Property acquisition costs | | 2,542 |
| | — |
| | 2,542 |
| General and administrative | | 5,887 |
| | 437 |
| | 6,324 |
| Depreciation | | 13,828 |
| | 117 |
| | 13,945 |
| Total expenses | | 72,282 |
| | 1,748 |
| | 74,030 |
| Loss from continuing operations | | (11,916 | ) | | (301 | ) | | (12,217 | ) | Plus: net loss attributable to non-controlling interests | | 759 |
| | (92 | ) | | 667 |
| Net (loss) income attributable to common shareholders before reconciling adjustments | | $ | (11,157 | ) | | $ | (393 | ) | | $ | (11,550 | ) | Reconciling adjustment: | | |
| | |
| | |
| Other income | | |
| | |
| | 65 |
| Discontinued operations, net of non controlling interests | | |
| | |
| | 2,031 |
| Net loss attributable to common shareholders | | |
| | |
| | $ | (9,454 | ) | Segment assets at September 30, 2014 | | $ | 569,357 |
| | $ | 31,075 |
| | |
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