CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
| Cash flows from operating activities: |
|
|
|
| Net income (loss) |
$ 45,158
|
$ (1,605)
|
$ (16,166)
|
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
| Recovery of previously provided allowances |
0
|
0
|
(10)
|
| Depreciation and amortization |
25,994
|
22,957
|
17,535
|
| Amortization of deferred fee income |
0
|
0
|
(393)
|
| Amortization of restricted stock |
1,005
|
906
|
805
|
| Gain on sale of partnership interests |
(15,853)
|
0
|
0
|
| Gain on sale of real estate assets |
(46,477)
|
(15,005)
|
0
|
| Loss on extinguishment of debt |
4,547
|
0
|
0
|
| Increase in straight line rent |
(27)
|
(411)
|
(569)
|
| Effect of deconsolidation of non-controlling interest |
(1,692)
|
0
|
0
|
| Increases and decreases from changes in other assets and liabilities: |
|
|
|
| (Increase) decrease in interest and dividends receivable |
(2,380)
|
17
|
273
|
| Increase in prepaid expenses |
(278)
|
(93)
|
(548)
|
| Increase in prepaid interest |
0
|
(881)
|
(1,016)
|
| Increase in deposits and escrows |
(6,190)
|
(602)
|
(5,963)
|
| Increase in accounts payable and accrued liabilities |
4,897
|
1,739
|
7,416
|
| Increase (decrease) in security deposits and other receivables |
1,376
|
1,385
|
(6,199)
|
| Net cash provided by (used in) operating activities |
10,080
|
8,407
|
(4,835)
|
| Cash flows from investing activities: |
|
|
|
| Collections from real estate loans |
0
|
2,000
|
34,045
|
| Additions to real estate loans |
0
|
0
|
(5,533)
|
| Loan loss recoveries |
0
|
0
|
10
|
| Additions to real estate properties |
(302,628)
|
(84,295)
|
(205,220)
|
| Net costs capitalized to real estate owned |
(46,844)
|
(59,407)
|
(43,130)
|
| Collection of loan fees |
0
|
0
|
180
|
| Purchase of non controlling interest |
0
|
(4,679)
|
0
|
| Proceeds from the sale of real estate owned |
197,264
|
66,398
|
75
|
| Proceeds from the sale of joint venture interests |
19,242
|
0
|
0
|
| Net cash used in investing activities |
(135,783)
|
(67,388)
|
(219,324)
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from mortgages payable |
267,788
|
98,907
|
170,767
|
| Increase in other borrowed funds |
6,001
|
0
|
0
|
| Mortgage payoffs |
(130,090)
|
(37,504)
|
0
|
| Mortgage principal payments |
(5,081)
|
(3,252)
|
(1,577)
|
| Increase in deferred borrowing costs |
(2,490)
|
(3,758)
|
(2,641)
|
| Loss on extinguishment of debt |
(4,547)
|
0
|
0
|
| Capital contributions from non-controlling interests |
33,613
|
11,973
|
22,062
|
| Capital distributions to non-controlling interests |
(32,826)
|
(12,588)
|
(3,318)
|
| Proceeds from sale of New Markets Tax Credits |
2,746
|
0
|
5,142
|
| Repurchase of shares of beneficial interest |
(2,115)
|
(2,422)
|
0
|
| Net cash provided by financing activities |
137,546
|
51,356
|
190,435
|
| Net increase (decrease) in cash and cash equivalents |
11,843
|
(7,625)
|
(33,724)
|
| Cash and cash equivalents at beginning of year |
15,556
|
23,181
|
56,905
|
| Cash and cash equivalents at end of year |
27,399
|
15,556
|
23,181
|
| Supplemental disclosures of cash flow information: |
|
|
|
| Cash paid during the year for interest expense, including capitalized interest of $1,568, $2,602 and $1,310 in 2016, 2015 and 2014 |
27,680
|
24,324
|
19,700
|
| Cash paid during the year for income and excise taxes |
1,264
|
131
|
255
|
| Acquisition of real estate through assumption of debt |
16,051
|
45,129
|
28,615
|
| Commercial/mixed use properties | Newark Joint Venture | Primary Beneficiary |
|
|
|
| Cash flows from investing activities: |
|
|
|
| Net change in restricted cash |
(1,952)
|
9,558
|
6,444
|
| Multi-family residential |
|
|
|
| Cash flows from investing activities: |
|
|
|
| Net change in restricted cash |
$ (865)
|
$ 3,037
|
$ (6,195)
|