BRT Apartments (BRT) 10-Q 8 May 15 2015 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Mar. 31, 2015	5-May-15
Document and Entity Information
Entity Registrant Name	BRT REALTY TRUST
Entity Central Index Key	14846
Document Type	10-Q
Document Period End Date	31-Mar-15
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	Q2

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Sep. 30, 2014
In Thousands, unless otherwise specified
ASSETS
Real estate properties, net of accumulated depreciation and amortization of $34,380 and $27,424	$682,774	$635,612
Cash and cash equivalents	18,011	23,181
Deferred costs, net	14,760	13,515
Deposits and escrows	8,829	12,273
Other assets, net	12,301	15,632
Assets of discontinued operations	0	2,017
Total Assets	760,129	734,620
Liabilities:
Mortgages payable	516,519	482,406
Junior subordinated notes	37,400	37,400
Accounts payable and accrued liabilities	19,481	15,185
Deferred income	30,990	30,990
Total Liabilities	604,390	565,981
Commitments and contingencies	0	0
BRT Realty Trust shareholders’ equity:
Preferred shares	0	0
Shares of beneficial interest	40,283	40,965
Additional paid-in capital	161,879	166,209
Accumulated other comprehensive (loss)	-56	-8
Accumulated deficit	-80,272	-77,026
Total BRT Realty Trust shareholders’ equity	121,834	130,140
Non-controlling interests	33,905	38,499
Total Equity	155,739	168,639
Total Liabilities and Equity	760,129	734,620
Variable Interest Entity Primary Beneficiary [Member] | RBHTRB Newark Holdings LLC [Member]
ASSETS
Restricted cash	16,673	22,835
Multi-Family Real Estate [Member]
ASSETS
Total Assets	583,438
Multi-Family Real Estate [Member] | Variable Interest Entity Primary Beneficiary [Member]
ASSETS
Restricted cash	$6,781	$9,555

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]
Real estate properties, accumulated depreciation (in Dollars)	$34,380	$27,424
Preferred shares, par value (in dollars per share)	$1	$1
Preferred shares authorized (in shares)	10,000	10,000
Preferred shares issued (in shares)	0	0
Shares of beneficial interest, par value (in dollars per share)	$3	$3
Shares of beneficial interest issued (shares)	13,428	13,655

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rental and other revenues from real estate	$20,186	$14,877	$39,667	$28,684
Other income	286	280	582	551
Total revenues	20,472	15,157	40,249	29,235
Expenses:
Real estate operating expenses	10,314	8,395	20,723	16,029
Interest expense	5,865	4,949	12,066	9,633
Advisor’s fees, related party	605	414	1,189	776
Property acquisition costs	0	292	295	1,528
General and administrative—including $206 and $134 to related party for the three months ended and $282 and $347 for the six months ended	1,736	1,596	3,393	3,170
Depreciation and amortization	5,115	3,384	9,273	6,574
Total expenses	23,635	19,030	46,939	37,710
Total revenues less total expenses	-3,163	-3,873	-6,690	-8,475
Gain on sale of real estate	2,777	0	2,777	0
Total revenues less total expenses	-386	-3,873	-3,913	-8,475
Discontinued operations:
Income from discontinued operations	0	362	0	1,213
Net loss	-386	-3,511	-3,913	-7,262
Plus: net (income) loss attributable to non- controlling interests	-362	919	667	1,937
Net loss attributable to common shareholders	-748	-2,592	-3,246	-5,325
Basic and diluted per share amounts attributable to common shareholders:
Loss from continuing operations	($0.05)	($0.21)	($0.23)	($0.46)
Discontinued operations	$0	$0.03	$0	$0.09
Basic and diluted loss per share	($0.05)	($0.18)	($0.23)	($0.37)
Amounts attributable to BRT Realty Trust:
Loss from continuing operations	-748	-2,954	-3,246	-6,538
Discontinued operations	0	362	0	1,213
Net loss attributable to BRT Realty Trust	($748)	($2,592)	($3,246)	($5,325)
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	14,086,761	14,294,022	14,165,826	14,227,734

CONSOLIDATED_STATEMENTS_OF_OPE1

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
General and administrative, related party	$206	$134	$282	$347

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net loss	($386)	($3,511)	($3,913)	($7,262)
Other comprehensive (loss) income:
Unrealized (loss) gain on derivative instruments	-23	-17	-48	10
Other comprehensive (loss) income	-23	-17	-48	10
Comprehensive loss	-409	-3,528	-3,961	-7,252
Comprehensive (income) loss attributable to non-controlling interests	-359	926	667	1,937
Comprehensive loss attributable to common shareholders	($768)	($2,602)	($3,294)	($5,315)

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, unless otherwise specified
Beginning balance at Sep. 30, 2014	$168,639	$40,965	$166,209	($8)	($77,026)	$38,499
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock vesting		353	-353
Compensation expense –restricted stock	444		444
Contributions from non-controlling interests	292					292
Distributions to non-controlling interests	-3,367					-3,367
Purchase of non-controlling interests	-3,886		-3,034			-852
Shares repurchased - 345,081 shares	-2,422	-1,035	-1,387
Net loss	-3,913				-3,246	-667
Other comprehensive loss	-48			-48
Comprehensive loss	-3,961
Ending balance at Mar. 31, 2015	$155,739	$40,283	$161,879	($56)	($80,272)	$33,905

CONSOLIDATED_STATEMENT_OF_EQUI1

CONSOLIDATED STATEMENT OF EQUITY - Parenthetical	6 Months Ended
	Mar. 31, 2015
Stock repurchased (shares)	345,081
Common Stock [Member]
Stock repurchased (shares)	345,081

CONSOLIDATED_STATEMENT_OF_CASH

CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	($3,913)	($7,262)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	10,492	7,529
Amortization of deferred fee income	0	-297
Amortization of restricted stock	444	394
Gain on sale of real estate	-2,777	0
Increases and decreases from changes in other assets and liabilities:
Change in straight-line rent	-201	-268
Decrease in interest and dividends receivable	17	116
Increase in prepaid expenses	-1,503	-483
Decrease in prepaid interest	598	432
Decrease (increase) in deposits and escrows	3,285	-1,495
Decrease (increase) in other assets	4,588	-734
Increase in accounts payable and accrued liabilities	4,248	1,831
Other	3	3
Net cash provided by (used in) operating activities	15,281	-234
Cash flows from investing activities:
Collections from real estate loans	2,000	18,727
Additions to real estate loans	0	-5,532
Additions to real estate properties	-10,777	-107,320
Net costs capitalized to real estate properties	-35,307	-15,272
Collection of loan fees	0	180
Purchase of non controlling interests	-3,886	0
Proceeds from the sale of real estate properties	9,605	0
Net cash used in investing activities	-29,429	-100,079
Cash flows from financing activities:
Proceeds from mortgages payable	24,549	80,535
Mortgage principal payments	-7,609	-530
Increase in deferred borrowing costs	-2,465	-1,493
Capital contributions from non-controlling interests	292	11,504
Capital distribution to non-controlling interests	-3,367	-1,984
Repurchase of shares of beneficial interest	-2,422	0
Net cash provided by financing activities	8,978	88,032
Net decrease in cash and cash equivalents	-5,170	-12,281
Cash and cash equivalents at beginning of period	23,181	60,265
Cash and cash equivalents at end of period	18,011	47,984
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	12,230	8,646
Taxes paid	21	158
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	6,162	9,138
Multi-Family Real Estate [Member]
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Gain on sale of real estate	-2,777
Multi-Family Real Estate [Member] | Variable Interest Entity Primary Beneficiary [Member]
Cash flows from investing activities:
Net change in restricted cash	$2,774	$0

Organization_and_Background

Organization and Background	6 Months Ended
	Mar. 31, 2015
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 owns, operates and develops (i) multi‑family properties and (ii) commercial and mixed-use real estate assets.
	The multi‑family properties are generally acquired with venture partners in transactions in which the Trust contributes 80% 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	6 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	Basis of Preparation
	The accompanying interim unaudited consolidated financial statements as of March 31, 2015, and for the three and six months ended March 31, 2015 and 2014, 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 and six months ended March 31, 2015 and 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 ("GAAP") 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 entity.
	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 an 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 that most significantly impact the economic performance and it has the obligation to absorb losses and the right to receive benefits that could potentially be significant to the entity.
	The joint venture that owns the Kennesaw, GA property was determined not to be a VIE but is consolidated because the Trust has a controlling financial interest in the entity due to its substantive participating rights.
	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	6 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Equity	Equity
	Common Share Dividend Distribution
	During the quarter ended March 31, 2015, 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. In January 2015, the Trust granted 142,950 shares of restricted stock pursuant to this plan. As of March 31, 2015, 414,925 shares of unvested restricted stock are outstanding pursuant to this plan and 258,450 shares of unvested restricted stock are outstanding pursuant to the Trust’s 2009 equity incentive plan (the "Prior Plan"). No additional awards may be granted under the Prior Plan. The restricted shares granted under the 2012 Incentive Plan and the Prior Plan vest five 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 March 31, 2015 and 2014, the Trust recorded $ 238,000 and $214,000, respectively, of compensation expense. For the six months ended March 31, 2015 and 2014, the Trust recorded $444,000, and $394,000, respectively of compensation expense related to the amortization of unearned compensation. At March 31, 2015, $2,646,000 has been deferred as unearned compensation and will be charged to expense over the remaining vesting periods. The weighted average vesting period is 2.8 years.
	Share Repurchase
	In the six months ended March 31, 2015, 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 loss per share was determined by dividing net loss applicable to common shareholders for the applicable period 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 March 31, 2015 and 2014, were 14,086,761 and 14,294,022, respectively and for six months ended March 31, 2015 and 2014 were 14,165,826 and 14,227,734, respectively.

Real_Estate_Properties

Real Estate Properties	6 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties
	A summary of real estate properties owned is as follows (dollars in thousands):
				Additions (a)			Capitalized Costs and Improvements		Sales and other reductions			Depreciation and
		30-Sep-14										Amortization			31-Mar-15
		Balance													Balance
	Multi-family	$	511,866	$	27,950		$	17,938	$	(6,753	)	$	(8,142	)	$	542,859
	Commercial/mixed use (b)	113,021		—			17,365		—			(1,072		)	129,314
	Land	7,972		—			—		—			—			7,972
	Shopping centers/Retail	2,678		—			4		—			(53		)	2,629
	Co-op/condo apartments	75		—			—		(75		)	—			—
	Total real estate properties	$	635,612	$	27,950		$	35,307	$	(6,828	)	$	(9,267	)	$	682,774
	_________________
	(a)	In December 2014, the Trust purchased a 276 unit multi-family property located in Pensacola, FL. The contract price was $27,950,000. The Trust assumed $17,173,000 in mortgage debt, provided equity of $11,380,000, incurred $295,000 in acquisition costs and $308,000 of closing adjustments.
	(b)	Represents the real estate assets of RBH‑TRB Newark Holdings LLC, a consolidated VIE (the "Newark Joint Venture") 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 26,000 square feet of commercial space and 143 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.
	During the six months ended March 31, 2015, 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.
	On February 5, 2015, the Trust sold its Lawrenceville, GA multi-family property for a gross sales price of $9,700,000. The Trust recognized a gain on the sale of $2,654,000, of which approximately $1,140,000 represents the non-controlling partner's share of the gain.
	On April 9, 2015, a consolidated joint venture that owns a property in Houston, TX, entered into a contract to sell the property for $39,900,000, including the assumption of the existing mortgage debt of $24,100,000. The Trust anticipates that the transaction, which is subject to the satisfaction of customary closings conditions ( including the mortgage lender's approval of the purchaser's assumption of the mortgage debt) will close in the quarter ending September 30, 2015. The Trust estimates it will record a gain of approximately $5,300,000 on the sale.
	Note 4 ‑ Real Estate Properties - continued
	During the six months ended March 31, 2015, the Trust finalized the allocation of purchase prices on four properties purchased in the prior fiscal year. The following table summarizes the preliminary allocation of the purchase price of properties as recorded on September 30, 2014 and the finalized allocation of the purchase price, as adjusted, as of March 31, 2015 (dollars in thousands):
		Preliminary Purchase Price Allocation		Adjustments			Finalized Purchase Price Allocation
	Land	$	21,324	$	(61	)	$	21,263
	Building and Improvements	34,096		(326		)	33,770
	Acquisition-related intangible assets (in acquired lease intangibles, net)	—		387			387
	Total Consideration	$	55,420	$	—		$	55,420

Debt_Obligations

Debt Obligations	6 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt Obligations	ligations consist of the following (dollars in thousands):
		March 31, 2015				September 30, 2014
	Mortgages payable	$	516,519			$	482,406
	Junior subordinated notes	37,400				37,400
	Total debt obligations	$	553,919			$	519,806
	Mortgages Payable
	The Trust assumed mortgage debt of $17,173,000 in connection with the Trust's purchase, in December 2014, of a multi-family property located in Pensacola, FL. The mortgage bears interest at 4.85%, is interest only for 12 months and matures in October 2018.
	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.
	During the six months ended March 31, 2015, the Trust obtained additional mortgage financing as set forth in the table below (dollars in thousands):
	Location		Closing Date		Additional Mortgage Debt			Interest Rate		Maturity Date
	Melbourne, FL		1/23/15		$	1,907		4.17	%	Apr-19
	West Palm Beach, FL		3/20/15		$	4,000		4.35	%	Apr-19
	Note 5 – Debt Obligations - continued
	Junior Subordinated Notes
	At March 31, 2015 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 March 31, 2015 and 2014, and $916,000 for each of the six months ended March 31, 2015 and 2014. Amortization of the deferred costs, a component of interest expense, was $5,000 for each of the three months ended March 31, 2015 and 2014, and $10,000 for each of the six months ended March 31, 2015 and 2014.

Deferred_Income_New_Markets_Ta

Deferred Income (New Markets Tax Credit Transaction)	6 Months Ended
	Mar. 31, 2015
Deferred Revenue Disclosure [Abstract]
Deferred Income (New Markets Tax Credit Transaction)	Deferred Income (New Markets Tax Credit Transaction)
	In connection with the Newark Joint Venture's 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 seven years commencing as of the dates of their respective contributions. At the end of the seven years, the Newark Joint Venture subsidiaries have the option to acquire the special purpose entities for a nominal fee.
	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.
	The deferred income on the Trust’s consolidated balance sheets at March 31, 2015 and September 30, 2014 in the amount of $30,990,000 represents 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”), are satisfied. 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 March 31, 2015 and September 30, 2014, these costs totaled $10.2 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 VIEs. The VIEs 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 VIEs.
	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 VIEs.

Segment_Reporting

Segment Reporting	6 Months Ended
	Mar. 31, 2015
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 March 31, 2014, the Trust also operated a third segment - the origination and servicing of a loan portfolio. The Trust no longer operates the third segment and the operations of the segment are reported as discontinued operations.
	The following tables summarize our segment reporting for the periods indicated (dollars in thousands):
		Three months ended March 31, 2015
		Multi-Family				Other				Total
		Real Estate				Real Estate
	Revenues:
	Rental and other revenues from real estate	$	18,795			$	1,391			$	20,186
	Other income	—				286				286
	Total revenues	18,795				1,677				20,472
	Expenses:
	Real estate operating expenses	9,105				1,209				10,314
	Interest expense	4,686				1,179				5,865
	Advisor’s fee, related party	518				87				605
	General and administrative	1,632				104				1,736
	Depreciation and amortization	4,514				601				5,115
	Total expenses	20,455				3,180				23,635
	Total revenues less total expenses	(1,660		)		(1,503		)		(3,163		)
	Gain on sale of real estate	2,777				—				2,777
	Net income (loss)	1,117				(1,503		)		(386		)
	Plus: net (income) loss attributable to non-controlling interests	(1,212		)		850				(362		)
	Net loss attributable to common shareholders	$	(95	)		$	(653	)		$	(748	)
	Segment assets at March 31, 2015	$	583,438			$	176,691			$	760,129
	Note 7 - Segment Reporting - continued
			Three months ended March 31, 2014
			Multi-Family				Other				Total
			Real Estate				Real Estate
	Revenues:
	Rental and other revenues from real estate		$	13,718			$	1,159			$	14,877
	Other income		—				280				280
	Total revenues		13,718				1,439				15,157
	Expenses:
	Real estate operating expenses		7,336				1,059				8,395
	Interest expense		3,759				1,190				4,949
	Advisor’s fees, related party		326				88				414
	Property acquisition costs		292				—				292
	General and administrative		1,485				111				1,596
	Depreciation and amortization		2,942				442				3,384
	Total expenses		16,140				2,890				19,030
	Loss from continuing operations		(2,422		)		(1,451		)		(3,873		)
	Plus: net loss attributable to non-controlling interests		81				838				919
	Net loss attributable to common shareholders before reconciling items		$	(2,341	)		$	(613	)		$	(2,954	)
	Reconciling adjustments:
	Discontinued operations										362
	Net loss attributable to common shareholders										$	(2,592	)
	Segment assets at March 31, 2014 (a)		$	397,718			$	176,634			$	574,352
	_______________________________
	(a) Excludes $59,637 of assets related to discontinued operations.
	Note 7 – Segment Reporting - continued
		Six Months Ended March 31, 2015
		Multi-Family				Other
		Real Estate				Real Estate				Total
	Revenues:
	Rental and other revenues from real estate	$	36,956			$	2,711			$	39,667
	Other income	—				582				582
	Total revenues	36,956				3,293				40,249
	Expenses:
	Real estate operating expenses	18,320				2,403				20,723
	Interest expense	9,395				2,671				12,066
	Advisor’s fee, related party	1,003				186				1,189
	Property acquisition costs	295				—				295
	General and administrative	3,190				203				3,393
	Depreciation and amortization	8,144				1,129				9,273
	Total expenses	40,347				6,592				46,939
Total revenues less total expenses	(3,391		)		(3,299		)		(6,690		)
Gain on sale of real estate	2,777				—				2,777
Net loss	(614		)		(3,299		)		(3,913		)
Plus: net (income) loss attributable to non-controlling interests	(1,015		)		1,682				667
Net (loss) income attributable to common shareholders	$	(1,629	)		$	(1,617	)		$	(3,246	)
Segment assets at March 31, 2015	$	583,438			$	176,691			$	760,129
Note 7 – Segment Reporting - continued
		Six Months Ended March 31, 2014
		Multi-Family				Other
		Real Estate				Real Estate				Total
Revenues:
Rental and other revenues from real estate		$	26,325			$	2,359			$	28,684
Other income		—				551				551
Total revenues		26,325				2,910				29,235
Expenses:
Real estate operating expenses		13,896				2,133				16,029
Interest expense		7,244				2,389				9,633
Advisor’s fees, related party		619				157				776
Property acquisition costs		1,528				—				1,528
General and administrative		2,942				228				3,170
Depreciation and amortization		5,706				868				6,574
Total expenses		31,935				5,775				37,710
Loss from continuing operations		(5,610		)		(2,865		)		(8,475		)
Plus: net loss attributable to non-controlling interests		268				1,669				1,937
Net loss attributable to common shareholders before reconciling items		$	(5,342	)		$	(1,196	)		$	(6,538	)
Reconciling adjustments:
Discontinued operations										1,213
Net loss attributable to common shareholders										$	(5,325	)
Segment assets at March 31, 2014 (a)		$	397,718			$	176,634			$	574,352
_______________________________
(a) Excludes $59,637 of assets related to discontinued operations.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	6 Months Ended
	Mar. 31, 2015
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 March 31, 2015 and 2014, the estimated fair value of the Trust’s junior subordinated notes is lower than their carrying value by approximately $21,000,000 and $24,300,000 based on a market interest rate of 6.15% and 6.84%, respectively.
	Mortgages payable: At March 31, 2015, the estimated fair value of the Trust’s mortgages payable is greater than their carrying value by approximately $7,000,000 assuming market interest rates between 2.79% and 8.79% and
	at March 31, 2014, the estimated fair value of the Trust's mortgages payable was lower than their carrying value by approximately $12,000,000 assuming market interest rates between 2.42% and 9.58% . Market interest rates were determined using rates which the Trust believes reflects institutional lender yield 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 March 31, 2015 (dollars in thousands):
		Carrying and Fair Value		Fair Value Measurements
				Using Fair Value Hierarchy
				Level 1	Level 2
	Financial Liabilities:
	Interest rate swap	$	56	—	$	56
	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 March 31, 2015, this derivative is included in other accounts payable and accrued liabilities on the consolidated balance sheet.
	Note 8 – Fair Value of Financial Instruments - continued
	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 March 31, 2015, 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	6 Months Ended
	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments
	Cash Flow Hedges of Interest Rate Risk
	The Trust’s objective in using interest rate derivatives is to add stability to variable rate interest payments and expense by managing 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 March 31, 2015, 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		$	1,718		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:
	March 31, 2015					30-Sep-14
	Balance Sheet Location		Fair Value			Balance Sheet Location		Fair Value
	Accounts payable and accrued liabilities		$	56		Accounts payable and accrued liabilities		$	8
	As of March 31, 2015, the Trust did not have any derivative instruments that were considered to be ineffective and does not use derivative instruments for trading or speculative purposes.
	Note 9 – Derivative Financial Instruments - continued
	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							Six Months Ended
		March 31,							March 31,
		2015			2014				2015			2014
	Amount of loss recognized on derivative in Other Comprehensive Income	$	(28	)	$	(25	)		$	(60	)	$	(7	)
	Amount of loss reclassified from Accumulated	$	(8	)	$	(8	)		$	(17	)	$	(17	)
	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 and six months ended March 31, 2015 and March 31, 2014. The Trust estimates an additional $30,000 will be reclassified from other comprehensive income (loss) as an increase to interest expense over the next twelve months.
	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 March 31, 2015, the fair value of the derivative in a net liability position, which includes accrued interest, but excludes any adjustment for nonperformance risk related to this agreement, was $56,000. As of March 31, 2015, the Trust has not posted any collateral related to this agreement. If the Trust had been in breach of this agreement at March 31, 2015, it could have been required to settle its obligations thereunder at its termination value of $56,000.

Subsequent_Events

Subsequent Events	6 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events
	Subsequent events have been evaluated and any significant events, relative to our consolidated financial statements as of March 31, 2015 that warrant additional disclosure, have been included in the notes to the consolidated financial statements

New_Accounting_Pronouncements

New Accounting Pronouncements	6 Months Ended
	Mar. 31, 2015
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements
	In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03 Interest - Imputation of Interest, which amends the balance sheet presentation for debt issuance costs. Under the amended guidance, a company will present unamortized debt issuance costs as a direct deduction from the carrying amount of that debt liability. The guidance is to be applied on a retrospective basis, and is effective for annual reporting periods beginning after December 15, 2015, with early adoption being permitted. The Trust is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements.
	In January 2015, the FASB issued ASU No. 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, which simplifies income statement presentation by eliminating extraordinary items from US GAAP. The ASU retains current presentation and disclosure requirements for an event or transaction that is of an unusual nature or of a type that indicates infrequency of occurrence. Transactions that meet both criteria would now also follow such presentation and disclosure requirements. The ASU is effective in annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted; however, adoption must occur at the beginning of an annual period. An entity can elect to apply the guidance prospectively or retrospectively. The Trust elected early adoption for the fiscal year beginning October 1, 2014, and its adoption did not have a material effect on its consolidated financial statements.

Basis_of_Preparation_Policies

Basis of Preparation (Policies)	6 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements
	In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03 Interest - Imputation of Interest, which amends the balance sheet presentation for debt issuance costs. Under the amended guidance, a company will present unamortized debt issuance costs as a direct deduction from the carrying amount of that debt liability. The guidance is to be applied on a retrospective basis, and is effective for annual reporting periods beginning after December 15, 2015, with early adoption being permitted. The Trust is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements.
	In January 2015, the FASB issued ASU No. 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, which simplifies income statement presentation by eliminating extraordinary items from US GAAP. The ASU retains current presentation and disclosure requirements for an event or transaction that is of an unusual nature or of a type that indicates infrequency of occurrence. Transactions that meet both criteria would now also follow such presentation and disclosure requirements. The ASU is effective in annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted; however, adoption must occur at the beginning of an annual period. An entity can elect to apply the guidance prospectively or retrospectively. The Trust elected early adoption for the fiscal year beginning October 1, 2014, and its adoption did not have a material effect on its consolidated financial statements.
Basis of Preparation	The accompanying interim unaudited consolidated financial statements as of March 31, 2015, and for the three and six months ended March 31, 2015 and 2014, 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 and six months ended March 31, 2015 and 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 ("GAAP") 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 entity.
	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 an 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 that most significantly impact the economic performance and it has the obligation to absorb losses and the right to receive benefits that could potentially be significant to the entity.
	The joint venture that owns the Kennesaw, GA property was determined not to be a VIE but is consolidated because the Trust has a controlling financial interest in the entity due to its substantive participating rights.
	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.

Real_Estate_Properties_Tables

Real Estate Properties (Tables)	6 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Summary of real estate properties owned	A summary of real estate properties owned is as follows (dollars in thousands):
				Additions (a)			Capitalized Costs and Improvements		Sales and other reductions			Depreciation and
		30-Sep-14										Amortization			31-Mar-15
		Balance													Balance
	Multi-family	$	511,866	$	27,950		$	17,938	$	(6,753	)	$	(8,142	)	$	542,859
	Commercial/mixed use (b)	113,021		—			17,365		—			(1,072		)	129,314
	Land	7,972		—			—		—			—			7,972
	Shopping centers/Retail	2,678		—			4		—			(53		)	2,629
	Co-op/condo apartments	75		—			—		(75		)	—			—
	Total real estate properties	$	635,612	$	27,950		$	35,307	$	(6,828	)	$	(9,267	)	$	682,774
	_________________
	(a)	In December 2014, the Trust purchased a 276 unit multi-family property located in Pensacola, FL. The contract price was $27,950,000. The Trust assumed $17,173,000 in mortgage debt, provided equity of $11,380,000, incurred $295,000 in acquisition costs and $308,000 of closing adjustments.
	(b)	Represents the real estate assets of RBH‑TRB Newark Holdings LLC, a consolidated VIE (the "Newark Joint Venture") 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 26,000 square feet of commercial space and 143 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.
Schedule of real estate properties purchased	The following table summarizes the preliminary allocation of the purchase price of properties as recorded on September 30, 2014 and the finalized allocation of the purchase price, as adjusted, as of March 31, 2015 (dollars in thousands):
		Preliminary Purchase Price Allocation		Adjustments			Finalized Purchase Price Allocation
	Land	$	21,324	$	(61	)	$	21,263
	Building and Improvements	34,096		(326		)	33,770
	Acquisition-related intangible assets (in acquired lease intangibles, net)	—		387			387
	Total Consideration	$	55,420	$	—		$	55,420

Debt_Obligations_Tables

Debt Obligations (Tables)	6 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of debt obligations	Debt obligations consist of the following (dollars in thousands):
		March 31, 2015				September 30, 2014
	Mortgages payable	$	516,519			$	482,406
	Junior subordinated notes	37,400				37,400
	Total debt obligations	$	553,919			$	519,806
Schedule of debt information	During the six months ended March 31, 2015, the Trust obtained additional mortgage financing as set forth in the table below (dollars in thousands):
	Location		Closing Date		Additional Mortgage Debt			Interest Rate		Maturity Date
	Melbourne, FL		1/23/15		$	1,907		4.17	%	Apr-19
	West Palm Beach, FL		3/20/15		$	4,000		4.35	%	Apr-19
	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)	6 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Summary of segment reporting	The following tables summarize our segment reporting for the periods indicated (dollars in thousands):
		Three months ended March 31, 2015
		Multi-Family				Other				Total
		Real Estate				Real Estate
	Revenues:
	Rental and other revenues from real estate	$	18,795			$	1,391			$	20,186
	Other income	—				286				286
	Total revenues	18,795				1,677				20,472
	Expenses:
	Real estate operating expenses	9,105				1,209				10,314
	Interest expense	4,686				1,179				5,865
	Advisor’s fee, related party	518				87				605
	General and administrative	1,632				104				1,736
	Depreciation and amortization	4,514				601				5,115
	Total expenses	20,455				3,180				23,635
	Total revenues less total expenses	(1,660		)		(1,503		)		(3,163		)
	Gain on sale of real estate	2,777				—				2,777
	Net income (loss)	1,117				(1,503		)		(386		)
	Plus: net (income) loss attributable to non-controlling interests	(1,212		)		850				(362		)
	Net loss attributable to common shareholders	$	(95	)		$	(653	)		$	(748	)
	Segment assets at March 31, 2015	$	583,438			$	176,691			$	760,129
	Note 7 - Segment Reporting - continued
			Three months ended March 31, 2014
			Multi-Family				Other				Total
			Real Estate				Real Estate
	Revenues:
	Rental and other revenues from real estate		$	13,718			$	1,159			$	14,877
	Other income		—				280				280
	Total revenues		13,718				1,439				15,157
	Expenses:
	Real estate operating expenses		7,336				1,059				8,395
	Interest expense		3,759				1,190				4,949
	Advisor’s fees, related party		326				88				414
	Property acquisition costs		292				—				292
	General and administrative		1,485				111				1,596
	Depreciation and amortization		2,942				442				3,384
	Total expenses		16,140				2,890				19,030
	Loss from continuing operations		(2,422		)		(1,451		)		(3,873		)
	Plus: net loss attributable to non-controlling interests		81				838				919
	Net loss attributable to common shareholders before reconciling items		$	(2,341	)		$	(613	)		$	(2,954	)
	Reconciling adjustments:
	Discontinued operations										362
	Net loss attributable to common shareholders										$	(2,592	)
	Segment assets at March 31, 2014 (a)		$	397,718			$	176,634			$	574,352
	_______________________________
	(a) Excludes $59,637 of assets related to discontinued operations.
	Note 7 – Segment Reporting - continued
		Six Months Ended March 31, 2015
		Multi-Family				Other
		Real Estate				Real Estate				Total
	Revenues:
	Rental and other revenues from real estate	$	36,956			$	2,711			$	39,667
	Other income	—				582				582
	Total revenues	36,956				3,293				40,249
	Expenses:
	Real estate operating expenses	18,320				2,403				20,723
	Interest expense	9,395				2,671				12,066
	Advisor’s fee, related party	1,003				186				1,189
	Property acquisition costs	295				—				295
	General and administrative	3,190				203				3,393
	Depreciation and amortization	8,144				1,129				9,273
	Total expenses	40,347				6,592				46,939
	Total revenues less total expenses	(3,391		)		(3,299		)		(6,690		)
	Gain on sale of real estate	2,777				—				2,777
Net loss	(614		)		(3,299		)		(3,913		)
Plus: net (income) loss attributable to non-controlling interests	(1,015		)		1,682				667
Net (loss) income attributable to common shareholders	$	(1,629	)		$	(1,617	)		$	(3,246	)
Segment assets at March 31, 2015	$	583,438			$	176,691			$	760,129
Note 7 – Segment Reporting - continued
		Six Months Ended March 31, 2014
		Multi-Family				Other
		Real Estate				Real Estate				Total
Revenues:
Rental and other revenues from real estate		$	26,325			$	2,359			$	28,684
Other income		—				551				551
Total revenues		26,325				2,910				29,235
Expenses:
Real estate operating expenses		13,896				2,133				16,029
Interest expense		7,244				2,389				9,633
Advisor’s fees, related party		619				157				776
Property acquisition costs		1,528				—				1,528
General and administrative		2,942				228				3,170
Depreciation and amortization		5,706				868				6,574
Total expenses		31,935				5,775				37,710
Loss from continuing operations		(5,610		)		(2,865		)		(8,475		)
Plus: net loss attributable to non-controlling interests		268				1,669				1,937
Net loss attributable to common shareholders before reconciling items		$	(5,342	)		$	(1,196	)		$	(6,538	)
Reconciling adjustments:
Discontinued operations										1,213
Net loss attributable to common shareholders										$	(5,325	)
Segment assets at March 31, 2014 (a)		$	397,718			$	176,634			$	574,352
_______________________________
(a) Excludes $59,637 of assets related to discontinued operations.

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Mar. 31, 2015
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 March 31, 2015 (dollars in thousands):
		Carrying and Fair Value		Fair Value Measurements
				Using Fair Value Hierarchy
				Level 1	Level 2
	Financial Liabilities:
	Interest rate swap	$	56	—	$	56

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	6 Months Ended
	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of outstanding interest rate derivatives	As of March 31, 2015, 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		$	1,718		5.25	%		1-Apr-22
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:
	March 31, 2015					30-Sep-14
	Balance Sheet Location		Fair Value			Balance Sheet Location		Fair Value
	Accounts payable and accrued liabilities		$	56		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							Six Months Ended
		March 31,							March 31,
		2015			2014				2015			2014
	Amount of loss recognized on derivative in Other Comprehensive Income	$	(28	)	$	(25	)		$	(60	)	$	(7	)
	Amount of loss reclassified from Accumulated	$	(8	)	$	(8	)		$	(17	)	$	(17	)
	Other Comprehensive Income into Interest Expense

Organization_and_Background_De

Organization and Background (Details) (Corporate Joint Venture [Member], Property Acquisition [Member], Apartment Building [Member], Maximum [Member])	6 Months Ended
	Mar. 31, 2015
Corporate Joint Venture [Member] | Property Acquisition [Member] | Apartment Building [Member] | Maximum [Member]
Organization, background and significant accounting policies
Equity contribution in each transaction (as a percent)	80.00%

Equity_Details

Equity (Details) (USD $)	3 Months Ended		6 Months Ended		1 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Jan. 31, 2015
Restricted Shares
Stock repurchased (shares)			345,081
Price per share			$7.02
Value of shares repurchased and retired			$2,422
Per Share Data
Basic and diluted shares outstanding	14,086,761	14,294,022	14,165,826	14,227,734
Restricted Stock [Member]
Restricted Shares
Compensation expense	238	214	444	394
Unearned compensation	2,646		$2,646
Remaining weighted average vesting period			2 years 9 months 18 days
Stock Incentive Plan2012 [Member]
Restricted Shares
Shares authorized for issuance (in shares)	600,000		600,000
Stock Incentive Plan2012 [Member] | Restricted Stock [Member]
Restricted Shares
Issued (in shares)					142,950
Shares outstanding (in shares)	414,925		414,925
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		0
Equity Incentive Plan2003 And Equity Incentive Plan2009 [Member] | Restricted Stock [Member]
Restricted Shares
Shares outstanding (in shares)	258,450		258,450
Vesting period for shares issued			5 years

Real_Estate_Properties_Details

Real Estate Properties (Details) (USD $)	3 Months Ended		6 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at the beginning of the period			$635,612,000
Additions			27,950,000
Capitalized Costs and Improvements			35,307,000
Sales and other reductions			-6,828,000
Depreciation and Amortization			-9,267,000
Balance at the end of the period	682,774,000		682,774,000
Property acquisition costs	0	292,000	295,000	1,528,000
Apartment Building [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at the beginning of the period			511,866,000
Additions			27,950,000
Capitalized Costs and Improvements			17,938,000
Sales and other reductions			-6,753,000
Depreciation and Amortization			-8,142,000
Balance at the end of the period	542,859,000		542,859,000
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			113,021,000
Additions			0
Capitalized Costs and Improvements			17,365,000
Sales and other reductions			0
Depreciation and Amortization			-1,072,000
Balance at the end of the period	129,314,000		129,314,000
Land [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at the beginning of the period			7,972,000
Additions			0
Capitalized Costs and Improvements			0
Sales and other reductions			0
Depreciation and Amortization			0
Balance at the end of the period	7,972,000		7,972,000
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			2,678,000
Additions			0
Capitalized Costs and Improvements			4,000
Sales and other reductions			0
Depreciation and Amortization			-53,000
Balance at the end of the period	2,629,000		2,629,000
Co Op Condominium Apartment Building [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at the beginning of the period			75,000
Additions			0
Capitalized Costs and Improvements			0
Sales and other reductions			-75,000
Depreciation and Amortization			0
Balance at the end of the period	0		0
Newark NJ [Member] | 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]
Number of units (properties)	61		61
Areas of real estate (in sqft)	690,000		690,000
Mortgages [Member] | Pensacola, FL [Member] | Property Acquisition [Member] | Apartment Building [Member] | Affiliated Entity [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Number of units (properties)					276
Contract purchase price					27,950,000
Debt note					17,173,000
Payments to acquire interest in property					11,380,000
Property acquisition costs					295,000
Closing adjustments					308,000
Mortgages [Member] | Newark NJ [Member] | 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]
Notes payable	$19,500,000		$19,500,000
Construction in Progress [Member] | Newark NJ [Member] | 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]
Number of units (properties)	143		143
Areas of real estate (in sqft)	26,000		26,000

Real_Estate_Properties_Additio

Real Estate Properties - Additional Information (Details) (USD $)	3 Months Ended		6 Months Ended		3 Months Ended	0 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Feb. 05, 2015	Apr. 09, 2015
Real Estate Properties
Proceeds from the sale of real estate properties			$9,605	$0
Gain on sale of real estate	2,777	0	2,777	0
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
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
Corporate Joint Venture [Member] | Houston, TX and Decatur, GA [Member]
Real Estate Properties
Professional fees	153
Apartment Building [Member] | Lawrenceville, GA [Member]
Real Estate Properties
Proceeds from the sale of real estate properties						9,700
Gain on sale of real estate						2,654
Noncontrolling Interest [Member] | Apartment Building [Member] | Lawrenceville, GA [Member]
Real Estate Properties
Gain on sale of real estate						1,140
Subsequent Event [Member] | Apartment Building [Member] | Corporate Joint Venture [Member] | Houston TX [Member]
Real Estate Properties
Proceeds from the sale of real estate properties							39,900
Gain on sale of real estate							$5,300

Real_Estate_Properties_Propert

Real Estate Properties - Property Acquisition, Purchase Price Allocation (Details) (Series Of Real Estate Property Acquisitions Year2014 [Member], USD $)	6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Allocation of purchase prices of assets acquired and liabilities assumed
Total consideration	$55,420
Adjustments to preliminary allocations of purchase price of properties
Total consideration	0
Scenario, Previously Reported [Member]
Allocation of purchase prices of assets acquired and liabilities assumed
Total consideration	55,420
Building and Building Improvements [Member]
Allocation of purchase prices of assets acquired and liabilities assumed
Real estate property	33,770
Adjustments to preliminary allocations of purchase price of properties
Real estate property	-326
Building and Building Improvements [Member] | Scenario, Previously Reported [Member]
Allocation of purchase prices of assets acquired and liabilities assumed
Real estate property	34,096
Land [Member]
Allocation of purchase prices of assets acquired and liabilities assumed
Real estate property	21,263
Adjustments to preliminary allocations of purchase price of properties
Real estate property	-61
Land [Member] | Scenario, Previously Reported [Member]
Allocation of purchase prices of assets acquired and liabilities assumed
Real estate property	21,324
Leases Acquired In Place Including Market Adjustment, Intangible Assets, Gross [Member]
Allocation of purchase prices of assets acquired and liabilities assumed
Acquisition related intangibles	387
Adjustments to preliminary allocations of purchase price of properties
Acquisition related intangibles	387
Leases Acquired In Place Including Market Adjustment, Intangible Assets, Gross [Member] | Scenario, Previously Reported [Member]
Allocation of purchase prices of assets acquired and liabilities assumed
Acquisition related intangibles	$0

Debt_Obligations_Details

Debt Obligations (Details) (USD $)	Mar. 31, 2015	Sep. 30, 2014
In Thousands, unless otherwise specified
Debt Obligations
Total debt obligations	$553,919	$519,806
Mortgages [Member]
Debt Obligations
Total debt obligations	516,519	482,406
Junior Subordinated Debt [Member]
Debt Obligations
Total debt obligations	$37,400	$37,400

Debt_Obligations_Mortgage_Paya

Debt Obligations - Mortgage Payable (Details) (Mortgages [Member], USD $)	0 Months Ended
	Dec. 31, 2014	Jan. 23, 2015	Mar. 20, 2015	Oct. 04, 2013
Mortgages Maturing in October 2018 [Member] | Pensacola, FL [Member]
Debt Obligations
Acquisition Mortgage Debt	$17,173,000
Interest Rate	4.85%
Interest rate term	12 months
Mortgages Maturing In April 2019 [Member] | Melbourne, FL [Member]
Debt Obligations
Acquisition Mortgage Debt		1,907,000
Interest Rate		4.17%
Mortgages Maturing In April 2019 [Member] | Pensacola, FL [Member]
Debt Obligations
Acquisition Mortgage Debt			4,000,000
Interest Rate			4.35%
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		6 Months Ended	0 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2015	Sep. 30, 2014
Debt Instrument [Line Items]
Total debt obligations	$553,919		$553,919	553,919	519,806
Junior Subordinated Debt [Member]
Debt Instrument [Line Items]
Total debt obligations	37,400		37,400	37,400	37,400
Interest Expense	458	458	916
Amortization of deferred costs included in interest expense	$5	$5	$10
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
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%	4.90%	4.90%

Deferred_Income_New_Markets_Ta1

Deferred Income (New Markets Tax Credit Transaction) (Details) (USD $)	0 Months Ended			6 Months Ended
In Thousands, unless otherwise specified	Sep. 11, 2012	Feb. 03, 2012	Sep. 30, 2014	Mar. 31, 2015
Deferred Income (New Markets Tax Credit Transaction)
Deferred income			$30,990	30,990
Deferred costs, net			13,515	14,760
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)
Tax Credit Receivable Term	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	10,200
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		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014
			segment
Segment Reporting [Abstract]
Number of reportable segments			2
Revenues:
Rental and other revenues from real estate	$20,186	$14,877	$39,667	$28,684
Other income	286	280	582	551
Total revenues	20,472	15,157	40,249	29,235
Expenses:
Real estate operating expenses	10,314	8,395	20,723	16,029
Interest expense	5,865	4,949	12,066	9,633
Advisor’s fees, related party	605	414	1,189	776
Property acquisition costs	0	292	295	1,528
General and Administrative Expense	1,736	1,596	3,393	3,170
Depreciation and amortization	5,115	3,384	9,273	6,574
Total expenses	23,635	19,030	46,939	37,710
Total revenues less total expenses	-3,163	-3,873	-6,690	-8,475
Gain on sale of real estate	2,777	0	2,777	0
Net income (loss)	-386	-3,873	-3,913	-8,475
Plus: net (income) loss attributable to non-controlling interests	-362	919	667	1,937
Loss from continuing operations	-748	-2,954	-3,246	-6,538
Discontinued operations	0	362	0	1,213
Net loss attributable to common shareholders	-748	-2,592	-3,246	-5,325
Total Assets	760,129	574,352	760,129	574,352	734,620
Assets of discontinued operations	0		0		2,017
Multi-Family Real Estate [Member]
Revenues:
Rental and other revenues from real estate	18,795	13,718	36,956	26,325
Other income	0	0	0	0
Total revenues	18,795	13,718	36,956	26,325
Expenses:
Real estate operating expenses	9,105	7,336	18,320	13,896
Interest expense	4,686	3,759	9,395	7,244
Advisor’s fees, related party	518	326	1,003	619
Property acquisition costs		292	295	1,528
General and Administrative Expense	1,632	1,485	3,190	2,942
Depreciation and amortization	4,514	2,942	8,144	5,706
Total expenses	20,455	16,140	40,347	31,935
Total revenues less total expenses	-1,660		-3,391
Gain on sale of real estate	2,777		2,777
Net income (loss)	1,117	-2,422	-614	-5,610
Plus: net (income) loss attributable to non-controlling interests	-1,212	81	-1,015	268
Loss from continuing operations		-2,341		-5,342
Net loss attributable to common shareholders	-95		-1,629
Total Assets	583,438	397,718	583,438	397,718
Other Real Estate [Member]
Revenues:
Rental and other revenues from real estate	1,391	1,159	2,711	2,359
Other income	286	280	582	551
Total revenues	1,677	1,439	3,293	2,910
Expenses:
Real estate operating expenses	1,209	1,059	2,403	2,133
Interest expense	1,179	1,190	2,671	2,389
Advisor’s fees, related party	87	88	186	157
Property acquisition costs		0	0	0
General and Administrative Expense	104	111	203	228
Depreciation and amortization	601	442	1,129	868
Total expenses	3,180	2,890	6,592	5,775
Total revenues less total expenses	-1,503		-3,299
Gain on sale of real estate	0		0
Net income (loss)	-1,503	-1,451	-3,299	-2,865
Plus: net (income) loss attributable to non-controlling interests	850	838	1,682	1,669
Loss from continuing operations		-613		-1,196
Net loss attributable to common shareholders	-653		-1,617
Total Assets	176,691	176,634	176,691	176,634
Loan and Investment [Member]
Expenses:
Assets of discontinued operations		$59,637		$59,637

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Details) (Fair Value Inputs Level2 [Member], USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Market Approach Valuation Technique [Member] | Junior Subordinated Debt [Member]
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	6.15%	6.84%
Market Approach Valuation Technique [Member] | Mortgages [Member] | Minimum [Member]
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	2.79%	2.42%
Market Approach Valuation Technique [Member] | Mortgages [Member] | Maximum [Member]
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	8.79%	9.58%
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	24.3
Estimate of Fair Value Measurement [Member] | Mortgages [Member]
Financial Instruments Not Measured at Fair Value
Estimated fair value lower than carrying value	7	12

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 $)	Mar. 31, 2015
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	$56
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	$56

Derivative_Financial_Instrumen2

Derivative Financial Instruments (Details) (USD $)	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Amount of loss recognized on derivative in Other Comprehensive Income	($28,000)	($25,000)	($60,000)	($7,000)
Gain or loss recognized related to hedge ineffectiveness	0	0	0	0
Gain from components excluded from assessment of cash flow hedge effectiveness	0	0	0	0
Estimated amount to be reclassified from Accumulated other comprehensive income (loss) as an increase to interest expense	30,000		30,000
Credit-risk-related Contingent Features
Fair value of the derivative in a net asset position	56,000		56,000
Termination value for settlement of obligation	56,000		56,000
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	-8,000	-8,000	-17,000	-17,000
Accounts Payable And Accrued Liabilities [Member]
Fair value of derivative financial instruments
Fair value of derivative financial instrument liability	56,000		56,000		8,000
Designated As Hedging Instrument [Member] | Interest Rate Swap [Member]
Interest Rate Derivatives
Notional Amount	$1,718,000		$1,718,000
Rate (as a percent)	5.25%		5.25%