BRT Apartments (BRT) 10-Q 6 Feb 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Dec. 31, 2014	Feb. 05, 2015
Document and Entity Information
Entity Registrant Name	BRT REALTY TRUST
Entity Central Index Key	14846
Document Type	10-Q
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-21
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		14,101,056
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Sep. 30, 2014
ASSETS
Real estate properties, net of accumulated depreciation and amortization of $30,122 and $27,424	$669,887,000	$635,612,000
Cash and cash equivalents	11,022,000	23,181,000
Deferred costs, net	15,112,000	13,515,000
Deposits and escrows	9,753,000	12,273,000
Other assets, net	12,566,000	15,632,000
Assets of discontinued operations	0	2,017,000
Asset held for sale	6,748,000	0
Total Assets	750,293,000	734,620,000
Liabilities:
Mortgages payable	502,103,000	482,406,000
Junior subordinated notes	37,400,000	37,400,000
Accounts payable and accrued liabilities	14,941,000	15,185,000
Deferred income	30,990,000	30,990,000
Liability held for sale	6,232,000	0
Total Liabilities	591,666,000	565,981,000
Commitments and contingencies	0	0
BRT Realty Trust shareholders’ equity:
Preferred shares, $1 par value: Authorized 10,000 shares, none issued	0	0
Shares of beneficial interest, $3 par value: Authorized number of shares, unlimited, 13,655 and 13,535 issued	39,930,000	40,965,000
Additional paid-in capital	161,994,000	166,209,000
Accumulated other comprehensive (loss)	-33,000	-8,000
Accumulated deficit	-79,524,000	-77,026,000
Total BRT Realty Trust shareholders’ equity	122,367,000	130,140,000
Non-controlling interests	36,260,000	38,499,000
Total Equity	158,627,000	168,639,000
Total Liabilities and Equity	750,293,000	734,620,000
Variable Interest Entity Primary Beneficiary [Member] | RBHTRB Newark Holdings LLC [Member]
ASSETS
Restricted cash – Newark	17,731,000	22,835,000
Restricted cash – Multi-family	17,731,000	22,835,000
Multi-Family Real Estate [Member]
ASSETS
Total Assets	580,309,000
Multi-Family Real Estate [Member] | Variable Interest Entity Primary Beneficiary [Member]
ASSETS
Restricted cash – Newark	7,474,000	9,555,000
Restricted cash – Multi-family	$7,474,000	$9,555,000

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Sep. 30, 2014
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]
Real estate properties, accumulated depreciation (in Dollars)	$30,122	$27,424
Preferred shares, par value (in dollars per share)	$1	$1
Preferred shares, Authorized shares	10,000	10,000
Preferred shares, issued shares	0	0
Shares of beneficial interest, par value (in dollars per share)	$3	$3
Shares of beneficial interest, issued shares	13,310	13,655

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Rental and other revenue from real estate properties	$19,481	$13,807
Other income	296	271
Total revenues	19,777	14,078
Expenses:
Operating expenses related to real estate properties	10,409	7,634
Interest expense	6,201	4,684
Advisorbs fees, related party	584	362
Property acquisition costs	295	1,181
General and administrativebincluding $79 and $213 to related party	1,657	1,629
Depreciation and amortization	4,158	3,190
Total expenses	23,304	18,680
Loss from continuing operations	-3,527	-4,602
Discontinued operations:
Discontinued operations	0	851
Net loss	-3,527	-3,751
Plus: net loss attributable to non- controlling interests	1,029	1,018
Net loss attributable to common shareholders	-2,498	-2,733
Basic and diluted per share amounts attributable to common shareholders:
Loss from continuing operations	($0.18)	($0.25)
Discontinued operations	$0	$0.06
Basic and diluted loss per share	($0.18)	($0.19)
Amounts attributable to BRT Realty Trust:
Loss from continuing operations	-2,498	-3,584
Discontinued operations	$0	$851
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	14,243,173	14,162,887

CONSOLIDATED_STATEMENTS_OF_OPE1

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
General and administrative, related party	$79	$213

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net loss	($3,527)	($3,751)
Other comprehensive (loss) income:
Unrealized (loss) gain on derivative instruments	-25	27
Other comprehensive (loss) income	-25	27
Comprehensive loss	-3,552	-3,724
Comprehensive loss attributable to non-controlling interests	1,033	1,014
Comprehensive loss attributable to common shareholders	($2,519)	($2,710)

CONSOLIDATED_STATEMENT_OF_EQUI

CONSOLIDATED STATEMENT OF EQUITY (USD $)	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Other Comprehensive Income [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]
In Thousands, except Share data, unless otherwise specified
Balances at Sep. 30, 2014	$168,639	$40,965	$166,209	($8)	($77,026)	$38,499
Shares Repurchased	345,081	345,081
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense brestricted stock	206		206
Contributions from non-controlling interests	292					292
Distributions to non-controlling interests	-650					-650
Purchase of non-controlling interest	-3,886		-3,034			-852
Shares repurchased - 345,081 shares	-2,422	-1,035	-1,387
Net loss	-3,527				-2,498	-1,029
Other comprehensive loss	-25			-25
Comprehensive loss	-3,552
Balances at Dec. 31, 2014	$158,627	$39,930	$161,994	($33)	($79,524)	$36,260

CONSOLIDATED_STATEMENT_OF_CASH

CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net loss	($3,527)	($3,751)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	4,908	3,646
Amortization of deferred fee income	0	-224
Amortization of restricted stock	206	180
Increases and decreases from changes in other assets and liabilities:
Change in straight-line rent	-100	-135
Decrease in interest and dividends receivable	17	92
Increase in prepaid expenses	-864	-488
(Increase) decrease in prepaid interest	-23	341
(Decrease) increase in accounts payable and accrued liabilities	-269	1,560
Decrease (increase) in security deposits and other receivable	2,324	-2,203
Decrease in other receivables	4,976	0
Other	8	44
Net cash provided by (used in) operating activities	7,656	-938
Cash flows from investing activities:
Collections from real estate loans	2,000	15,244
Additions to real estate loans	0	-5,103
Additions to real estate properties	-10,777	-81,520
Net costs capitalized to real estate owned	-17,227	-5,305
Collection of loan fees	0	132
Purchase of non controlling interest	-3,886	0
Net cash used in investing activities	-23,446	-72,347
Cash flows from financing activities:
Proceeds from mortgages payable	9,341	61,611
Mortgage principal payments	-584	-345
Increase in deferred borrowing costs	-2,346	-744
Capital contributions from non-controlling interests	292	5,300
Capital distribution to non-controlling interests	-650	-496
Repurchase of shares of beneficial interest	-2,422	0
Net cash provided by financing activities	3,631	65,326
Net decrease in cash and cash equivalents	-12,159	-7,959
Cash and cash equivalents at beginning of period	23,181	60,265
Cash and cash equivalents at end of period	11,022	52,306
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	6,273	4,158
Taxes paid	14	11
Real estate property reclassified to assets held for sale	6,748	0
Acquisition of real estate through assumption of debt	17,173	0
RBHTRB Newark Holdings LLC [Member] | Variable Interest Entity Primary Beneficiary [Member]
Cash flows from investing activities:
Net change in restricted cash - Newark	4,363	4,205
Net change in restricted cash - Multi Family	-4,363	-4,205
Multi-Family Real Estate [Member] | Variable Interest Entity Primary Beneficiary [Member]
Cash flows from investing activities:
Net change in restricted cash - Newark	2,081	0
Net change in restricted cash - Multi Family	($2,081)	$0

Organization_and_Background

Organization and Background	3 Months Ended
	Dec. 31, 2014
Organization and Background [Abstract]
Organization and Background	Organization and Background
	BRT Realty Trust (“BRT” or the “Trust”) is a business trust organized in Massachusetts. BRT (i) owns, operates and develops multi‑family properties and (ii) owns, operates and develops commercial and mixed-use real estate assets.
	The multi‑family properties are generally acquired with venture partners in transactions in which the Trust contributes 50% to 90% of the equity.
	BRT conducts its operations to qualify as a real estate investment trust, or REIT, for federal income tax purposes.

Basis_of_Preparation

Basis of Preparation	3 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	Basis of Preparation
	The accompanying interim unaudited consolidated financial statements as of December 31, 2014, and for the three months ended December 31, 2014 and 2013, reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for such interim periods. The results of operations for the three months ended December 31, 2014, are not necessarily indicative of the results for the full year. The consolidated balance sheet as of September 30, 2014, has been derived from the audited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.
	The consolidated financial statements include the accounts and operations of BRT Realty Trust, its wholly owned subsidiaries, and its majority owned or controlled real estate entities and its interests in variable interest entities in which the Trust is determined to be the primary beneficiary. Material intercompany balances and transactions have been eliminated.
	RBH‑TRB Newark Holdings LLC, referred to herein as the Newark Joint Venture, was determined to be a variable interest entity (“VIE”) because the total equity investment at risk is not sufficient to permit it to finance its activities without additional subordinated financial support by its equity holders. The Trust was determined to be the primary beneficiary of this joint venture because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE.
	The Trust’s consolidated joint ventures that own multi‑family properties, other than the joint venture which owns a multi-family property in Kennesaw, GA were determined to be VIE’s because the voting rights of some equity investors are not proportional to their obligations to absorb the expected losses of the entity and their right to receive the expected residual returns. In addition substantially all of the entity’s activities either involved or are conducted on behalf of the investor that has disproportionately fewer voting rights, it was determined that the Trust is the primary beneficiary of these joint ventures because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE.
	The joint venture that owns the Kennesaw, GA property was determined not to be a VIE but is consolidated because the Trust has substantive participating rights in the entity giving it a controlling financial interest in the entity.
	With respect to its unconsolidated joint ventures, as (i) the Trust is primarily the managing member but does not exercise substantial operating control over these entities or the Trust is not the managing member and (ii) such entities are not VIE’s, the Trust has determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes.
	The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates.

Equity

Equity	3 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Equity	Equity
	Common Share Dividend Distribution
	During the quarter ended December 31, 2014, the Trust did not declare a dividend on its shares.
	Restricted Shares
	The Trust’s 2012 Incentive Plan, approved by its shareholders in March 2012, permits the Trust to grant stock options, restricted stock, restricted stock units, performance shares awards and any one or more of the foregoing, up to a maximum of 600,000 shares. As of December 31, 2014, 271,975 shares were issued pursuant to this plan. In January 2015, the Trust granted 142,950 shares of restricted stock pursuant to this plan. As of December 31, 2014, An aggregate of 376,300 shares of restricted stock awarded pursuant to the Trust’s 2009 equity incentive plan (the "Prior Plan") were outstanding and had not vested. No additional awards may be granted under the Prior Plan. The restricted shares granted under the 2012 Incentive Plan and the Prior Plan vest 5 years from the date of grant and under specified circumstances, including a change in control, may vest earlier. For accounting purposes, the restricted shares are not included in the outstanding shares shown on the consolidated balance sheets until they vest, but are included in the earnings per share computation. For the three months ended December 31, 2014 and 2013, the Trust recorded $ 206,000 and $180,000 of compensation expense, respectively, related to the amortization of unearned compensation. At December 31, 2014, $1,872,000 has been deferred as unearned compensation and will be charged to expense over the remaining vesting periods. The weighted average vesting period is 2.1 years.
	Share Repurchase
	In December 2014 The Trust purchased 345,081 of its shares of beneficial interest at a price of $7.02 for a total of $2,422,000.
	Per Share Data
	Basic earnings (loss) per share was determined by dividing net income (loss) applicable to common shareholders for the applicable year by the weighted average number of shares of beneficial interest , (including unvested restricted stock) outstanding during such period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue shares of beneficial interest were exercised or converted into shares of beneficial interest or resulted in the issuance of shares of beneficial interest that share in the earnings of the Trust. Diluted earnings per share was determined by dividing net income applicable to common shareholders for the applicable period by the total of the weighted average number of shares of beneficial interest outstanding. The Trust does not have any dilutive securities outstanding.
	Basic and diluted shares outstanding for the three months ended December 31, 2014 and 2013, were 14,243,173 and 14,162,887, respectively.

Real_Estate_Properties

Real Estate Properties	3 Months Ended
	Dec. 31, 2014
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties
	A summary of real estate properties owned is as follows (dollars in thousands):
		30-Sep-14			Additions (a)				Capitalized Costs and Improvements				Depreciation,				31-Dec-14
		Balance											Amortization and other reductions (b)				Balance
	Multi-family	$	511,866		$	27,950			$	9,007			$	(10,374	)		$	538,449
	Commercial/mixed use (c)	113,021			—				8,216				(500		)		120,737
	Land	7,972			—				—				—				7,972
	Shopping centers/Retail	2,678			—				4				(27		)		2,655
	Co-op/condo apartments	75			—				—				(1		)		74
	Total real estate properties	$	635,612		$	27,950			$	17,227			$	(10,902	)		$	669,887
	_________________
	(a)	During the three months ended December 31, 2014, the Trust purchased the following multi‑family property (dollars in thousands):
	Location		Purchase	No of Units			Contract Purchase Price				Acquisition				BRT Equity				Property Acquisition Costs
			Date								Mortgage Debt
	Pensacola, FL		12/22/14	276			$	27,950			$	17,173			$	11,380			$	295
	(b)    Includes the re-classification of a property which is held-for-sale. See Note 5 - Asset held for sale.
	(c)    Represents the real estate assets of RBH‑TRB Newark Holdings LLC, a consolidated VIE which owns operating and development properties in Newark, New Jersey. These properties contain a mix of office, retail space, charter schools and surface parking totaling approximately 690,000 square feet of commercial space and 61 residential apartment units (excluding 6,000 square feet of commercial space and 62 residential apartments currently under construction). Certain of these assets are subject to a mortgage with a principal balance of $19,500,000 held by the Trust, which is eliminated in consolidation. Several of the assets are also encumbered by other mortgages which are discussed in Note 6 - Debt Obligations. The Trust contributed capital of $4,972,000 to this venture in the year ended September 30, 2014, representing its proportionate share of capital required to fund the operations of the venture for the venture’s current fiscal year and to purchase additional land parcels. This contribution includes $2,489,000 for the payment of deferred interest on the loan held by the Trust.
	During the three months ended December 31, 2014, the Trust increased its ownership interest in a (i) joint venture that owns two multi-family properties in Houston, TX from 80% to 91% by purchasing its partner's interest in the venture for $2,036,000; and (ii) joint venture that owns a multi-family property in Decatur, GA from 80% to 100% by purchasing its partner's interest in the venture for $1,850,000. The Trust incurred $153,000 in professional fees related to these transactions.

Real_Estate_Assets_Held_For_Sa

Real Estate Assets Held For Sale	3 Months Ended
	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure	Real Estate Assets Held For Sale
	At December 31, 2014, the Trust reclassified its Lawrenceville, GA multi-family property to Asset held for sale and reclassified the related mortgage on the property to Liability held for sale. On December 11, 2014, the joint venture entered into an agreement to sell the property for $9.7 million. The transaction closed on February 5, 2015.

Debt_Obligations

Debt Obligations	3 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations
	Debt obligations consist of the following (dollars in thousands):
		31-Dec-14				30-Sep-14
	Mortgages payable	$	502,103			$	482,406
	Junior subordinated notes	37,400				37,400
	Total debt obligations	$	539,503			$	519,806
	Mortgages Payable
	During the three months ended December 31, 2014, the Trust purchased a multi-family property and incurred the following debt (dollars in thousands):
	Location		Purchase Date		Acquisition			Interest Rate		Interest Only Period	Maturity Date
					Mortgage Debt
	Pensacola, FL		12/22/14		$	17,173		4.85	%	12 months	Oct-18
	Contemporaneously with the Trust's increased ownership interest in a joint venture that owns multi-family properties in Houston, TX, the Trust refinanced a $6,494,000 adjustable rate mortgage and obtained a $7,500,000 fixed rate mortgage bearing interest at 4.19%. The new mortgage is interest only until November 2015 and matures in November 2024.
	Junior Subordinated Notes
	At December 31, 2014 and September 30, 2014, the Trust's junior subordinated notes had an outstanding principal balance of $37,400,000. The interest rates on the outstanding notes is set forth in the table below:
	Interest Period		Interest Rate
	August 1, 2012 through April 29, 2016		4.9	%
	April 30, 2016 through April 30, 2036		Libor + 2.00%
	Interest expense relating to the junior subordinated notes was $458,000 for each of the three months ended December 31, 2014 and 2013. Amortization of the deferred costs, a component of interest expense, was $5,000 for each of the three months ended December 31, 2014 and 2013.

Deferred_Income_New_Markets_Ta

Deferred Income (New Markets Tax Credit Transaction)	3 Months Ended
	Dec. 31, 2014
Deferred Revenue Disclosure [Abstract]
Deferred Income (New Markets Tax Credit Transaction)	Deferred Income (New Markets Tax Credit Transaction)
	In connection with the Teachers Village project, on September 30, 2014, affiliates of JP Morgan Chase (“Chase”) contributed $5,100,000, and on September 12, 2012 and February 3, 2012, affiliates of Goldman Sachs (“ Goldman”) contributed $16,400,000 and $11,200,000, respectively, to special purpose subsidiaries of the Newark Joint Venture and these subsidiaries received the proceeds from the sale of New Markets Tax Credits (“NMTC”) for which the project qualified. Chase and Goldman are entitled to receive tax credits against their qualified investments in the project over the seven years commencing as of the dates of their respective contributions. At the end of the 7 years, the Newark Joint Venture subsidiaries have the option to acquire the special purpose entities for a nominal fee.
	Note 7 – Deferred Income (New Markets Tax Credit Transaction) - continued
	The NMTC program was enacted by Congress to serve low-income and distressed communities by providing investors with tax credit incentives to make capital investments in those communities. The program permits taxpayers to claim credits against their Federal income tax for up to 39% of qualified investments.
	Included in deferred income on the Trust’s consolidated balance sheet at December 31, 2014 and September 30, 2014 are $30,990,000 of the Chase and Goldman contributions, which are net of fees of the NMTC transactions and Newark Joint Venture financing transactions. These amounts will be recognized into income when the obligations to comply with the requirements of the NMTC program as set forth in the applicable provisions of the Internal Revenue Code of 1986, as amended (the “Code”), is eliminated. The failure of the Newark Joint Venture to comply with the requirements of the NMTC program may result in the reversal of the tax credit benefits and the related obligation of the Newark Joint Venture to indemnify the beneficiaries of such credits. The tax credits are subject to recapture for a seven year period as provided in the Code.
	Costs incurred in structuring these transactions are deferred and will be recognized as an expense based on the maturities of the various mortgage financings, including the debt financing obtained by the Newark Joint Venture contemporaneously with the NMTC transactions. At December 31, 2014 and September 30, 2014, these costs totaled $10.4 million and $8.7 million, respectively, and are included in deferred costs on the consolidated balance sheets.
	The Trust determined that the special purpose subsidiaries are VIE’s. The VIE’s ongoing activities, which include collecting and remitting interest and fees and NMTC compliance, were all considered in the design of the special purpose entities and are not anticipated to affect the economic performance during the life of the VIE’s.
	Management considered the obligation to deliver tax benefits, provide guarantees to Chase and Goldman and the Trust’s obligation to absorb the losses of the VIE. Management also considered Chase’s and Goldman’s lack of a material interest in the underlying economics of the project. Management concluded that the Newark joint venture (a consolidated subsidiary of the Trust) is the primary beneficiary and has therefore consolidated the VIE’s.

Segment_Reporting

Segment Reporting	3 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting
	Management determined that it operates in two reportable segments: a multi-family property segment which includes the ownership, operation and developing of its multi-family properties; and an other real estate segment which includes the ownership, operation and developing of the its other real estate assets and, in particular, the Newark Joint Venture. In the period ended December 31, 2013, The Trust also operated in a third segment that included the origination and servicing of the Trust's Loan Portfolio. The Trust no longer operates in the third segment and the operations of the segment are reported as discontinued operations.
	The following table summarizes our segment reporting for the period indicated (dollars in thousands):
		Three Months Ended December 31, 2014
		Multi-Family				Other				Total
		Real Estate				Real Estate
	Rental and other revenues from real estate properties	$	18,161			$	1,320			$	19,481
	Other income	—				296				296
	Total revenues	18,161				1,616				19,777
	Operating expenses relating to real estate properties	9,215				1,194				10,409
	Interest expense	4,709				1,492				6,201
	Advisor’s fee, related party	485				99				584
	Property acquisition costs	295				—				295
	General and administrative	1,557				100				1,657
	Depreciation and amortization	3,502				656				4,158
	Total expenses	19,763				3,541				23,304
	Loss from continuing operations	(1,602		)		(1,925		)		(3,527		)
	Plus: net loss attributable to non-controlling interests	197				832				1,029
	Net (loss) income attributable to common shareholders	$	(1,405	)		$	(1,093	)		$	(2,498	)
	Segment assets at December 31, 2014	$	580,309			$	169,984			750.293
	The following table summarizes our segment reporting for the period indicated (dollars in thousands):
			Three Months Ended December 31, 2013
			Multi-Family				Other				Total
			Real Estate				Real Estate
	Rental and other revenues from real estate properties		$	12,607			$	1,200			$	13,807
	Other income		—				271				271
	Total revenues		12,607				1,471				14,078
	Operating expenses related to real estate properties		6,560				1,074				7,634
	Interest expense		3,485				1,199				4,684
	Advisor’s fees, related party		293				69				362
	Property acquisition costs		1,181				—				1,181
	General and administrative		1,512				117				1,629
	Depreciation and amortization		2,764				426				3,190
	Total expenses		15,795				2,885				18,680
	Loss from continuing operations		(3,188		)		(1,414		)		(4,602		)
	Plus net loss attributable to non-controlling interests		187				831				1,018
	Net (loss) income attributable to common shareholders before reconciling items		$	(3,001	)		$	(583	)		$	(3,584	)
	Reconciling adjustments:
	Discontinued operations		—				—				851
	Net loss attributable to common shareholders		$	(3,001	)		$	(583	)		$	(2,733	)
	Segment assets at December 31, 2013 (a)		$	397,618			$	149,275			$	546,893
	(a) excludes $66,678 of assets related to discontinued operations

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	3 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments
	Financial Instruments Not Measured at Fair Value
	The following methods and assumptions were used to estimate the fair value of each class of financial instruments that are not recorded at fair value on the consolidated balance sheets:
	Cash and cash equivalents, restricted cash, accounts receivable (included in other assets), accounts payable and accrued liabilities: The carrying amounts reported in the consolidated balance sheets for these instruments approximate their fair value due to the short term nature of these accounts.
	Junior subordinated notes: At December 31, 2014 and 2013, the estimated fair value of the Trust’s junior subordinated notes is lower than their carrying value by approximately $21.4 and $24.3 million based on a market interest rate of 6.37% and 7.53%, respectively.
	Mortgages payable: At December 31, 2014, the estimated fair value of the Trust’s mortgages payable is greater than their carrying value by approximately $729,000 assuming market interest rates between 2.05% and 9.09% and
	Note 9 – Fair Value of Financial Instruments - continued
	at December 31, 2013, the estimated fair value of the Trust's mortgages payable was lower than their carrying value by approximately $17.8 million assuming market interest rates between 2.42% and 9.64% . Market interest rates were determined using rates which the Trust believes reflects institutional lender yields requirements.
	Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value assumptions.
	Financial Instruments Measured at Fair Value
	The Trust’s fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. The Trust does not currently own any financial instruments that are classified as Level 3.
	Set forth below is information regarding the Trust’s financial liabilities measured at fair value as of December 31, 2014 (dollars in thousands):
		Carrying and Fair Value		Fair Value Measurements
				Using Fair Value Hierarchy
				Level 1	Level 2
	Financial Liabilities:
	Interest rate swap	$	33	—	$	33
	Derivative financial instrument: Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. At December 31, 2014, this derivative is included in other accounts payable and accrued liabilities on the consolidated balance sheet.
	Although the Trust has determined that the majority of the inputs used to value its derivative fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with it utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparty. As of December 31, 2014, the Trust assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative position and determined that the credit valuation adjustments are not significant to the overall valuation of its derivative. As a result, the Trust determined that its derivative valuation is classified in Level 2 of the fair value hierarchy.

Derivative_Financial_Instrumen

Derivative Financial Instruments	3 Months Ended
	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments
	Cash Flow Hedges of Interest Rate Risk
	The Trust’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Trust primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt
	of variable amounts from a counterparty in exchange for the Trust making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.
	The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on our consolidated balance sheets and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.
	As of December 31, 2014, the Trust had the following outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk (dollars in thousands):
	Interest Rate Derivative		Notional			Rate			Maturity
	Interest rate swap		$	1,743,000		5.25	%		1-Apr-22
	The table below presents the fair value of the Trust’s derivative financial instrument as well as its classification on the consolidated balance sheets as of the dates indicated (amounts in thousands):
	Derivatives as of:
	31-Dec-14					30-Sep-14
	Balance Sheet Location		Fair Value			Balance Sheet Location		Fair Value
	Accounts payable and accrued liabilities		$	33		Accounts payable and accrued liabilities		$	8
	The following table presents the effect of the Trust’s interest rate swap on the consolidated statements of comprehensive (loss) income for the dates indicated (dollars in thousands):
		Three Months Ended
		December 31,
		2014			2013
	Amount of gain recognized on derivative in Other Comprehensive Income	$	31		$	18
	Amount of loss reclassified from Accumulated	$	(9	)	$	(9	)
	Other Comprehensive Income into Interest Expense
	No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Trust’s cash flow hedges during the three months ended December 31, 2014 and December 31, 2013. During the twelve months ending December 31, 2015, the Trust estimates an additional $30,000 will be reclassified from other comprehensive income (loss) as an increase to interest expense.
	Note 10 – Derivative Financial Instruments - continued
	Credit-risk-related Contingent Features
	The agreement between the Trust and its derivatives counterparty provides that if the Trust defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Trust could be declared in default on its derivative obligation.
	As of December 31, 2014, the fair value of the derivative in a net asset position, which includes accrued interest, but excludes any adjustment for nonperformance risk related to this agreement, was $33,000 . As of December 31, 2014, the Trust has not posted any collateral related to this agreement. If the Trust had been in breach of this agreement at December 31, 2014, it could have been required to settle it obligations thereunder at its termination value of $33,000.

Subsequent_Events

Subsequent Events	3 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events
	Subsequent events have been evaluated and any significant events, relative to our consolidated financial statements as of December 31, 2014 that warrant additional disclosure, have been included in the notes to the consolidated financial statements

Basis_of_Preparation_Policies

Basis of Preparation (Policies)	3 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	The accompanying interim unaudited consolidated financial statements as of December 31, 2014, and for the three months ended December 31, 2014 and 2013, reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for such interim periods. The results of operations for the three months ended December 31, 2014, are not necessarily indicative of the results for the full year. The consolidated balance sheet as of September 30, 2014, has been derived from the audited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.
Consolidated Financial Statements and Variable Interest Entities	The consolidated financial statements include the accounts and operations of BRT Realty Trust, its wholly owned subsidiaries, and its majority owned or controlled real estate entities and its interests in variable interest entities in which the Trust is determined to be the primary beneficiary. Material intercompany balances and transactions have been eliminated.
	RBH‑TRB Newark Holdings LLC, referred to herein as the Newark Joint Venture, was determined to be a variable interest entity (“VIE”) because the total equity investment at risk is not sufficient to permit it to finance its activities without additional subordinated financial support by its equity holders. The Trust was determined to be the primary beneficiary of this joint venture because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE.
	The Trust’s consolidated joint ventures that own multi‑family properties, other than the joint venture which owns a multi-family property in Kennesaw, GA were determined to be VIE’s because the voting rights of some equity investors are not proportional to their obligations to absorb the expected losses of the entity and their right to receive the expected residual returns. In addition substantially all of the entity’s activities either involved or are conducted on behalf of the investor that has disproportionately fewer voting rights, it was determined that the Trust is the primary beneficiary of these joint ventures because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE.
	The joint venture that owns the Kennesaw, GA property was determined not to be a VIE but is consolidated because the Trust has substantive participating rights in the entity giving it a controlling financial interest in the entity.
	With respect to its unconsolidated joint ventures, as (i) the Trust is primarily the managing member but does not exercise substantial operating control over these entities or the Trust is not the managing member and (ii) such entities are not VIE’s, the Trust has determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes.
Estimates	The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates

Real_Estate_Properties_Tables

Real Estate Properties (Tables)	3 Months Ended
	Dec. 31, 2014
Real Estate [Abstract]
Summary of real estate properties owned	A summary of real estate properties owned is as follows (dollars in thousands):
		30-Sep-14			Additions (a)				Capitalized Costs and Improvements				Depreciation,				31-Dec-14
		Balance											Amortization and other reductions (b)				Balance
	Multi-family	$	511,866		$	27,950			$	9,007			$	(10,374	)		$	538,449
	Commercial/mixed use (c)	113,021			—				8,216				(500		)		120,737
	Land	7,972			—				—				—				7,972
	Shopping centers/Retail	2,678			—				4				(27		)		2,655
	Co-op/condo apartments	75			—				—				(1		)		74
	Total real estate properties	$	635,612		$	27,950			$	17,227			$	(10,902	)		$	669,887
	_________________
	(a)	During the three months ended December 31, 2014, the Trust purchased the following multi‑family property (dollars in thousands):
	Location		Purchase	No of Units			Contract Purchase Price				Acquisition				BRT Equity				Property Acquisition Costs
			Date								Mortgage Debt
	Pensacola, FL		12/22/14	276			$	27,950			$	17,173			$	11,380			$	295
	(b)    Includes the re-classification of a property which is held-for-sale. See Note 5 - Asset held for sale.
	(c)    Represents the real estate assets of RBH‑TRB Newark Holdings LLC, a consolidated VIE which owns operating and development properties in Newark, New Jersey. These properties contain a mix of office, retail space, charter schools and surface parking totaling approximately 690,000 square feet of commercial space and 61 residential apartment units (excluding 6,000 square feet of commercial space and 62 residential apartments currently under construction). Certain of these assets are subject to a mortgage with a principal balance of $19,500,000 held by the Trust, which is eliminated in consolidation. Several of the assets are also encumbered by other mortgages which are discussed in Note 6 - Debt Obligations. The Trust contributed capital of $4,972,000 to this venture in the year ended September 30, 2014, representing its proportionate share of capital required to fund the operations of the venture for the venture’s current fiscal year and to purchase additional land parcels. This contribution includes $2,489,000 for the payment of deferred interest on the loan held by the Trust.
Schedule of multi-family properties purchased through joint ventures
	(a)	During the three months ended December 31, 2014, the Trust purchased the following multi‑family property (dollars in thousands):
	Location		Purchase	No of Units			Contract Purchase Price				Acquisition				BRT Equity				Property Acquisition Costs
			Date								Mortgage Debt
	Pensacola, FL		12/22/14	276			$	27,950			$	17,173			$	11,380			$	295

Debt_Obligations_Tables

Debt Obligations (Tables)	3 Months Ended
	Dec. 31, 2014
Debt Obligations
Schedule of debt obligations	Debt obligations consist of the following (dollars in thousands):
		31-Dec-14				30-Sep-14
	Mortgages payable	$	502,103			$	482,406
	Junior subordinated notes	37,400				37,400
	Total debt obligations	$	539,503			$	519,806
Mortgages [Member]
Debt Obligations
Schedule of debt information	During the three months ended December 31, 2014, the Trust purchased a multi-family property and incurred the following debt (dollars in thousands):
	Location		Purchase Date		Acquisition			Interest Rate		Interest Only Period	Maturity Date
					Mortgage Debt
	Pensacola, FL		12/22/14		$	17,173		4.85	%	12 months	Oct-18
Junior Subordinated Debt [Member]
Debt Obligations
Schedule of debt information	The interest rates on the outstanding notes is set forth in the table below:
	Interest Period		Interest Rate
	August 1, 2012 through April 29, 2016		4.9	%
	April 30, 2016 through April 30, 2036		Libor + 2.00%

Segment_Reporting_Tables

Segment Reporting (Tables)	3 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Summary of segment reporting	The following table summarizes our segment reporting for the period indicated (dollars in thousands):
		Three Months Ended December 31, 2014
		Multi-Family				Other				Total
		Real Estate				Real Estate
	Rental and other revenues from real estate properties	$	18,161			$	1,320			$	19,481
	Other income	—				296				296
	Total revenues	18,161				1,616				19,777
	Operating expenses relating to real estate properties	9,215				1,194				10,409
	Interest expense	4,709				1,492				6,201
	Advisor’s fee, related party	485				99				584
	Property acquisition costs	295				—				295
	General and administrative	1,557				100				1,657
	Depreciation and amortization	3,502				656				4,158
	Total expenses	19,763				3,541				23,304
	Loss from continuing operations	(1,602		)		(1,925		)		(3,527		)
	Plus: net loss attributable to non-controlling interests	197				832				1,029
	Net (loss) income attributable to common shareholders	$	(1,405	)		$	(1,093	)		$	(2,498	)
	Segment assets at December 31, 2014	$	580,309			$	169,984			750.293
	The following table summarizes our segment reporting for the period indicated (dollars in thousands):
			Three Months Ended December 31, 2013
			Multi-Family				Other				Total
			Real Estate				Real Estate
	Rental and other revenues from real estate properties		$	12,607			$	1,200			$	13,807
	Other income		—				271				271
	Total revenues		12,607				1,471				14,078
	Operating expenses related to real estate properties		6,560				1,074				7,634
	Interest expense		3,485				1,199				4,684
	Advisor’s fees, related party		293				69				362
	Property acquisition costs		1,181				—				1,181
	General and administrative		1,512				117				1,629
	Depreciation and amortization		2,764				426				3,190
	Total expenses		15,795				2,885				18,680
	Loss from continuing operations		(3,188		)		(1,414		)		(4,602		)
	Plus net loss attributable to non-controlling interests		187				831				1,018
	Net (loss) income attributable to common shareholders before reconciling items		$	(3,001	)		$	(583	)		$	(3,584	)
	Reconciling adjustments:
	Discontinued operations		—				—				851
	Net loss attributable to common shareholders		$	(3,001	)		$	(583	)		$	(2,733	)
	Segment assets at December 31, 2013 (a)		$	397,618			$	149,275			$	546,893
	(a) excludes $66,678 of assets related to discontinued operations

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Schedule of financial assets measured at fair value	Set forth below is information regarding the Trust’s financial liabilities measured at fair value as of December 31, 2014 (dollars in thousands):
		Carrying and Fair Value		Fair Value Measurements
				Using Fair Value Hierarchy
				Level 1	Level 2
	Financial Liabilities:
	Interest rate swap	$	33	—	$	33

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	3 Months Ended
	Dec. 31, 2014
Interest Rate Derivatives
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheets	The table below presents the fair value of the Trust’s derivative financial instrument as well as its classification on the consolidated balance sheets as of the dates indicated (amounts in thousands):
	Derivatives as of:
	31-Dec-14					30-Sep-14
	Balance Sheet Location		Fair Value			Balance Sheet Location		Fair Value
	Accounts payable and accrued liabilities		$	33		Accounts payable and accrued liabilities		$	8
Schedule of effect of derivative financial instrument on consolidated statements of comprehensive (loss) income	The following table presents the effect of the Trust’s interest rate swap on the consolidated statements of comprehensive (loss) income for the dates indicated (dollars in thousands):
		Three Months Ended
		December 31,
		2014			2013
	Amount of gain recognized on derivative in Other Comprehensive Income	$	31		$	18
	Amount of loss reclassified from Accumulated	$	(9	)	$	(9	)
	Other Comprehensive Income into Interest Expense
Designated As Hedging Instrument [Member]
Interest Rate Derivatives
Schedule of outstanding interest rate derivatives	As of December 31, 2014, the Trust had the following outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk (dollars in thousands):
	Interest Rate Derivative		Notional			Rate			Maturity
	Interest rate swap		$	1,743,000		5.25	%		1-Apr-22

Organization_and_Background_De

Organization and Background (Details) (Corporate Joint Venture [Member], Property Acquisition [Member], Apartment Building [Member])	3 Months Ended
	Dec. 31, 2014
Minimum [Member]
Organization, background and significant accounting policies
Equity contribution in each transaction (as a percent)	50.00%
Maximum [Member]
Organization, background and significant accounting policies
Equity contribution in each transaction (as a percent)	90.00%

Equity_Details

Equity (Details) (USD $)	3 Months Ended		1 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Jan. 31, 2015
Restricted Shares
Shares Repurchased	345,081
Price per share	$7.02
Value of shares repurchased and retired	$2,422
Per Share Data
Basic and diluted shares outstanding	14,243,173	14,162,887
Restricted Stock [Member]
Restricted Shares
Compensation expense	206	180
Unearned compensation	$1,872
Remaining weighted average vesting period	2 years 1 month 6 days
Stock Incentive Plan2012 [Member]
Restricted Shares
Shares authorized for issuance	600,000
Stock Incentive Plan2012 [Member] | Restricted Stock [Member]
Restricted Shares
Shares outstanding	271,975
Vesting period for shares issued	5 years
Equity Incentive Plan2003 And Equity Incentive Plan2009 [Member]
Restricted Shares
Number of additional awards available for grant (shares)	0
Equity Incentive Plan2003 And Equity Incentive Plan2009 [Member] | Restricted Stock [Member]
Restricted Shares
Shares outstanding	376,300
Vesting period for shares issued	5 years
Subsequent Event [Member] | Stock Incentive Plan2012 [Member] | Restricted Stock [Member]
Restricted Shares
Issued (in shares)			142,950

Real_Estate_Properties_Details

Real Estate Properties (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at the beginning of the period	$635,612
Additions	27,950
Capitalized Costs and Improvements	17,227
Depreciation, amortization and other changes	-10,902
Balance at the end of the period	669,887
Apartment Building [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at the beginning of the period	511,866
Additions	27,950
Capitalized Costs and Improvements	9,007
Depreciation, amortization and other changes	-10,374
Balance at the end of the period	538,449
Commercial Mixed Use Property [Member] | Variable Interest Entity Primary Beneficiary [Member] | RBHTRB Newark Holdings LLC [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at the beginning of the period	113,021
Additions	0
Capitalized Costs and Improvements	8,216
Depreciation, amortization and other changes	-500
Balance at the end of the period	120,737
Land [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at the beginning of the period	7,972
Additions	0
Capitalized Costs and Improvements	0
Depreciation, amortization and other changes	0
Balance at the end of the period	7,972
Retail Site [Member] | Variable Interest Entity Primary Beneficiary [Member] | RBHTRB Newark Holdings LLC [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at the beginning of the period	2,678
Additions	0
Capitalized Costs and Improvements	4
Depreciation, amortization and other changes	-27
Balance at the end of the period	2,655
Co Op Condominium Apartment Building [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at the beginning of the period	75
Additions	0
Capitalized Costs and Improvements	0
Depreciation, amortization and other changes	-1
Balance at the end of the period	$74

Real_Estate_Properties_Additio

Real Estate Properties - Additional Information (Details) (USD $)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2014
Real Estate Properties
Cash paid during the period for interest	$6,273,000	$4,158,000
Property acquisition costs	295,000	1,181,000
Corporate Joint Venture [Member] | Houston TX [Member]
Real Estate Properties
Interest in joint venture (as a percent)	91.00%		80.00%
Payments to Acquire Interest in Joint Venture	2,036,000
Corporate Joint Venture [Member] | Decatur, GA [Member]
Real Estate Properties
Interest in joint venture (as a percent)	100.00%		80.00%
Payments to Acquire Interest in Joint Venture	1,850,000
Corporate Joint Venture [Member] | Houston, TX and Decatur, GA [Member]
Real Estate Properties
Professional fees	153,000
Mortgages [Member] | Apartment Building [Member] | Property Acquisition [Member] | Affiliated Entity [Member] | Pensacola, FL [Member]
Real Estate Properties
Number of Units in Real Estate Property	276
Real Estate Investment Property Contract Purchase Price	27,950,000
Debt Instrument, Face Amount	17,173,000
Payments to Acquire Interest in Subsidiaries and Affiliates	11,380,000
Property acquisition costs	295,000
Variable Interest Entity Primary Beneficiary [Member] | Commercial Mixed Use Property [Member] | RBHTRB Newark Holdings LLC [Member] | Newark NJ [Member]
Real Estate Properties
Area of Real Estate Property	690,000
Number of Units in Real Estate Property	61
Payments to Acquire Interest in Joint Venture	4,972,000
Cash paid during the period for interest	2,489,000
Variable Interest Entity Primary Beneficiary [Member] | Mortgages [Member] | Commercial Mixed Use Property [Member] | RBHTRB Newark Holdings LLC [Member] | Newark NJ [Member]
Real Estate Properties
Notes Payable, Related Parties	$19,500,000
Construction in Progress [Member] | Variable Interest Entity Primary Beneficiary [Member] | Commercial Mixed Use Property [Member] | RBHTRB Newark Holdings LLC [Member] | Newark NJ [Member]
Real Estate Properties
Area of Real Estate Property	6,000
Number of Units in Real Estate Property	62

Real_Estate_Assets_Held_For_Sa1

Real Estate Assets Held For Sale (Details) (Water Vista Property [Member], Subsequent Event [Member], Water Vista Property [Member], USD $)	Feb. 05, 2015
In Millions, unless otherwise specified
Water Vista Property [Member] | Subsequent Event [Member] | Water Vista Property [Member]
Property, Plant and Equipment [Line Items]
Sales price of assets held for sale	$9.70

Debt_Obligations_Details

Debt Obligations (Details) (USD $)	Dec. 31, 2014	Sep. 30, 2014
In Thousands, unless otherwise specified
Debt Obligations
Total debt obligations	$539,503	$519,806
Mortgages [Member]
Debt Obligations
Total debt obligations	502,103	482,406
Junior Subordinated Debt [Member]
Debt Obligations
Total debt obligations	$37,400	$37,400

Debt_Obligations_Mortgage_Paya

Debt Obligations - Mortgage Payable (Details) (USD $)	3 Months Ended
	Dec. 31, 2014	Oct. 04, 2013
Mortgages [Member] | Mortgages Maturing In October2018 [Member] | Pensacola, FL [Member]
Debt Obligations
Acquisition Mortgage Debt	$17,173,000
Interest Rate	4.85%
Interest Only Period	12 months
Adjustable Rate Residential Mortgage [Member] | Mortgage Maturing in November 2014 [Member] | Houston TX [Member]
Debt Obligations
Acquisition Mortgage Debt		6,494,000
Fixed Rate Residential Mortgage [Member] | Mortgage Maturing in November 2014 [Member] | Houston TX [Member]
Debt Obligations
Acquisition Mortgage Debt		$7,500,000
Interest Rate		4.19%

Debt_Obligations_Junior_Subord

Debt Obligations - Junior Subordinated Notes (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2014
Debt Instrument [Line Items]
Total debt obligations	$539,503		519,806
Junior Subordinated Debt [Member]
Debt Instrument [Line Items]
Total debt obligations	37,400		37,400
Interest Expense	458	458
Amortization of deferred costs included in interest expense	$5	$5
Debt Instrument, Interest Rate 30 April, 2016 Through 30 April, 2036 [Member] | Junior Subordinated Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis	LIBOR		LIBOR
Debt Instrument, Basis Spread on Variable Rate	2.00%		2.00%
Debt Instrument, Interest Rate 1 August, 2012 Through 29 April, 2016 [Member] | Junior Subordinated Debt [Member]
Debt Instrument [Line Items]
Interest Rate	4.90%		4.90%

Deferred_Income_New_Markets_Ta1

Deferred Income (New Markets Tax Credit Transaction) (Details) (USD $)	0 Months Ended			12 Months Ended
In Thousands, unless otherwise specified	Sep. 11, 2012	Feb. 03, 2012	Sep. 30, 2014	Sep. 30, 2012	Dec. 31, 2014
Deferred Income (New Markets Tax Credit Transaction)
Deferred income			$30,990		$30,990
Deferred costs, net			13,515		15,112
New Markets Tax Credit Program Special Purpose Entity [Member] | Federal New Markets Tax Credit Transaction [Member]
Deferred Income (New Markets Tax Credit Transaction)
Maximum percentage of qualified investment permitted in NMTC to claim credits against Federal income tax					39.00%
Variable Interest Entity Primary Beneficiary [Member] | Investor [Member] | New Markets Tax Credit Program Special Purpose Entity [Member] | Federal New Markets Tax Credit Transaction [Member]
Deferred Income (New Markets Tax Credit Transaction)
Period over which tax credits is receivable	7 years	7 years
Deferred income			30,990
Variable Interest Entity Primary Beneficiary [Member] | RBHTRB Newark Holdings LLC [Member] | Investor [Member] | New Markets Tax Credit Program Special Purpose Entity [Member] | Federal New Markets Tax Credit Transaction [Member]
Deferred Income (New Markets Tax Credit Transaction)
Amount contributed to effect financing transaction	16,400	11,200	5,100
Deferred costs, net			$8,700		$10,400
Variable Interest Entity Primary Beneficiary [Member] | RBHTRB Newark Holdings LLC [Member] | Subsidiaries [Member] | New Markets Tax Credit Program Special Purpose Entity [Member]
Deferred Income (New Markets Tax Credit Transaction)
Period after which option to acquire special purpose entity may be exercised				7 years

Segment_Reporting_Details

Segment Reporting (Details) (USD $)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2014
	segment
Segment Reporting [Abstract]
Number of reportable segments	2
Revenues:
Rental and other revenues from real estate properties	$19,481,000	$13,807,000
Other income	296,000	271,000
Total revenues	19,777,000	14,078,000
Expenses:
Operating expenses related to real estate properties	10,409,000	7,634,000
Interest expense	6,201,000	4,684,000
Advisorbs fees, related party	584,000	362,000
Property acquisition costs	295,000	1,181,000
General and administrative	1,657,000	1,629,000
Depreciation and amortization	4,158,000	3,190,000
Total expenses	23,304,000	18,680,000
Loss from continuing operations	-3,527,000	-4,602,000
Plus net loss attributable to non-controlling interests	1,029,000	1,018,000
Net (loss) income attributable to common shareholders before reconciling items	-2,498,000	-3,584,000
Discontinued operations	0	851,000
Net loss attributable to common shareholders	-2,498,000	-2,733,000
Total Assets	750,293,000	546,893,000	734,620,000
Assets of discontinued operations	0		2,017,000
Multi-Family Real Estate [Member]
Revenues:
Rental and other revenues from real estate properties	18,161,000	12,607,000
Other income	0
Total revenues	18,161,000	12,607,000
Expenses:
Operating expenses related to real estate properties	9,215,000	6,560,000
Interest expense	4,709,000	3,485,000
Advisorbs fees, related party	485,000	293,000
Property acquisition costs	295,000	1,181,000
General and administrative	1,557,000	1,512,000
Depreciation and amortization	3,502,000	2,764,000
Total expenses	19,763,000	15,795,000
Loss from continuing operations	-1,602,000	-3,188,000
Plus net loss attributable to non-controlling interests	197,000	187,000
Net (loss) income attributable to common shareholders before reconciling items		-3,001,000
Discontinued operations		0
Net loss attributable to common shareholders	-1,405,000	-3,001,000
Total Assets	580,309,000	397,618,000
Other Real Estate [Member]
Revenues:
Rental and other revenues from real estate properties	1,320,000	1,200,000
Other income	296,000	271,000
Total revenues	1,616,000	1,471,000
Expenses:
Operating expenses related to real estate properties	1,194,000	1,074,000
Interest expense	1,492,000	1,199,000
Advisorbs fees, related party	99,000	69,000
Property acquisition costs	0
General and administrative	100,000	117,000
Depreciation and amortization	656,000	426,000
Total expenses	3,541,000	2,885,000
Loss from continuing operations	-1,925,000	-1,414,000
Plus net loss attributable to non-controlling interests	832,000	831,000
Net (loss) income attributable to common shareholders before reconciling items		-583,000
Discontinued operations		0
Net loss attributable to common shareholders	-1,093,000	-583,000
Total Assets	169,984,000	149,275,000
Loan and Investment [Member]
Expenses:
Assets of discontinued operations		$66,678

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Details) (Fair Value Inputs Level2 [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Market Approach Valuation Technique [Member] | Junior Subordinated Debt [Member]
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	6.37%	7.53%
Market Approach Valuation Technique [Member] | Mortgages [Member] | Minimum [Member]
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	2.05%	2.42%
Market Approach Valuation Technique [Member] | Mortgages [Member] | Maximum [Member]
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	9.09%	9.64%
Estimate of Fair Value Measurement [Member] | Junior Subordinated Debt [Member]
Financial Instruments Not Measured at Fair Value
Estimated fair value lower than carrying value	21,400	24,300
Estimate of Fair Value Measurement [Member] | Mortgages [Member]
Financial Instruments Not Measured at Fair Value
Estimated fair value lower than carrying value	729	17,800

Fair_Value_of_Financial_Instru3

Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value (Details) (Fair Value Measurements Recurring [Member], Interest Rate Swap [Member], USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Fair Value Inputs Level2 [Member]
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative financial instruments	($33)
Fair Value Inputs Level1 [Member]
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative financial instruments	0
Estimate of Fair Value Measurement [Member]
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative financial instruments	($33)

Derivative_Financial_Instrumen2

Derivative Financial Instruments (Details) (USD $)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2014
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Amount of gain recognized on derivative in Other Comprehensive Income	$31,000	$18,000
Gain or loss recognized related to hedge ineffectiveness	0	0
Gain from components excluded from assessment of cash flow hedge effectiveness	0	0
Estimated amount to be reclassified from Accumulated other comprehensive income (loss) as an increase to interest expense	30,000
Credit-risk-related Contingent Features
Fair value of the derivative in a net asset position	33,000
Termination value for settlement of obligation	33,000
Interest Expense [Member]
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Amount of loss reclassified from Accumulated Other Comprehensive Income into Interest Expense	-9,000	-9,000
Accounts Payable And Accrued Liabilities [Member]
Fair value of derivative financial instruments
Fair value of derivative financial instrument liability	33,000		8,000
Designated As Hedging Instrument [Member] | Interest Rate Swap [Member]
Interest Rate Derivatives
Notional Amount	$1,743,000
Rate (as a percent)	5.25%