REAL ESTATE PROPERTIES (Tables)
 12 Months Ended
Sep. 30, 2016
Acquisitions  
Schedule of Real Estate Properties
Real estate properties (including real estate properties held for sale), consist of the following:
 
 
September 30, 2016
Balance
Land
 
$
128,409

Building
 
684,133

Building improvements
 
25,717

  Real estate properties
 
838,259

Accumulated depreciation
 
(44,687
)
  Total real estate properties, net
 
$
793,572

A summary of activity in real estate properties (including properties held for sale), for the year ended September 30, 2016, follows (dollars in thousands):
 
September 30,
2015
Balance
 
Additions
 
Capitalized
Costs and
Improvements
 
Sales
 
Depreciation,
Amortization
and other
Reductions
 
September 30,
2016
Balance
Multi-family
$
605,040

 
$
318,680

 
$
39,611

 
$
(157,174
)
 
$
(23,072
)
 
$
783,085

Land - Daytona, FL
7,972

 
—

 
49

 
—

 
—

 
8,021

Shopping centers/retail - Yonkers, NY
2,574

 
—

 
—

 
—

 
(108
)
 
2,466

​
​

 
​

 
​

 
 
 
​

 
​

Total real estate properties
$
615,586

 
$
318,680

 
$
39,660

 
$
(157,174
)
 
$
(23,180
)

$
793,572
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas
A summary of the Trust's multi-family properties by state as and for the year ended September 30, 2016, is as follows (dollars in thousands):
Location
 
Number of Units at September 30, 2016
 
2016
Revenue
 
% of 2016
Revenue
Texas
 
2,750

 
$
19,957

 
22
%
Florida
 
1,186

 
15,652

 
17
%
Georgia
 
1,309

 
14,576

 
16
%
Tennessee
 
456

 
9,735

 
11
%
Alabama
 
826

 
6,966

 
8
%
South Carolina
 
1,033

 
6,613

 
8
%
Missouri
 
420

 
3,854

 
4
%
Indiana
 
400

 
3,152

 
4
%
Kansas
 
—

 
3,132

 
3
%
Mississippi
 
776

 
2,678

 
3
%
Ohio
 
264

 
2,440

 
3
%
Arkansas
 
—

 
783

 
1
%
 
 
9,420

 
$
89,538

 
100
%
Schedule of Operating Leases, Future Minimum Payments, Receivable
Future minimum rentals to be received by the Trust pursuant to non-cancellable operating leases with terms in excess of one year, from a commercial property owned by the Trust at September 30, 2016, are as follows (dollars in thousands):
Year Ending September 30,
 
Amount
2017
 
$
1,103

2018
 
1,120

2019
 
1,120

2020
 
1,120

2021
 
1,129

Thereafter
 
5,685

Total
 
$
11,277
2016 real estate property acquisitions  
Acquisitions  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary allocations of the purchase prices of assets acquired during the year ended September 30, 2016 (dollars in thousands):
 
Preliminary
Purchase Price
Allocation
Land
$
53,054

Buildings and Improvements
264,474

Lease Intangibles
1,152

Total Consideration
$
318,680

    

NOTE 2—REAL ESTATE PROPERTIES (continued)
The preliminary measurements of fair value reflected above are subject to change. The Trust expects to finalize the valuations and complete the purchase price allocation as soon as practicable but in no event beyond one year from the date of the applicable acquisition.
July 1, 2015 through September 30, 2016 real estate property acquisitions  
Acquisitions  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary allocations of the purchase price of ten properties purchased between July 1, 2015 and September 30, 2016, and the finalized allocation of the purchase price, as adjusted, as of September 30, 2016 (dollars in thousands):
 
Preliminary
Purchase Price
Allocation
 
Adjustments
 
Finalized
Purchase Price
Allocation
 
 
 
 
 
 
Land
$
42,361

 
$
(6,568
)
 
$
35,793

Buildings and Improvements
260,107

 
4,999

 
265,106

Acquisition-related intangible assets (in acquired lease intangibles, net) (1)
733

 
1,569

 
2,302

Total Consideration
$
303,201

 
$
—

 
$
303,201