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RELATED PARTY TRANSACTIONS
 12 Months Ended
Sep. 30, 2014
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

19.RELATED PARTY TRANSACTIONS

 

Kaupulehu Developments is entitled to receive a percentage of the gross receipts from the sales of single-family residential lots in Increment I from KD I, a land development partnership in which Barnwell holds a 19.6% non-controlling ownership interest accounted for under the equity method of investment. The percentage payments are part of a 2004 transaction where Kaupulehu Developments sold its leasehold interest in Increment I, which was prior to Barnwell’s affiliation with KD I which commenced on November 27, 2013, the acquisition date of our ownership interest in the Kukio Resort land development partnerships.

 

From the acquisition date to September 30, 2014, Barnwell received $600,000 in percentage of sales payments from KD I from the sale of two lots in Increment I. All other lot sales reflected in the financial statements occurred prior to our purchase of ownership interests in the Kukio Resort land development partnerships.