BRT Apartments (BRT) 10-Q 6 Aug 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2015	Aug. 06, 2015
Document and Entity Information
Entity Registrant Name	BRT REALTY TRUST
Entity Central Index Key	14,846
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		14,101,056
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
ASSETS
Real estate properties, net of accumulated depreciation and amortization of $29,736 and $27,424	$ 623,883	$ 635,612
Cash and cash equivalents	16,186	23,181
Deferred costs, net	14,461	13,515
Deposits and escrows	10,134	12,273
Other assets, net	12,277	15,632
Assets of discontinued operations	0	2,017
Disposal Group, Including Discontinued Operation, Assets, Current	68,259	0
Total Assets	766,537	734,620
Liabilities:
Mortgages payable	483,532	482,406
Junior subordinated notes	37,400	37,400
Accounts payable and accrued liabilities	19,132	15,185
Deferred income	30,990	30,990
Mortgages payable held for sale	43,291	0
Total Liabilities	614,345	565,981
Commitments and contingencies	0	0
BRT Realty Trust shareholders’ equity:
Preferred shares	0	0
Shares of beneficial interest	40,285	40,965
Additional paid-in capital	161,612	166,209
Accumulated other comprehensive loss	(30)	(8)
Accumulated deficit	(82,850)	(77,026)
Total BRT Realty Trust shareholders’ equity	119,017	130,140
Non-controlling interests	33,175	38,499
Total Equity	152,192	168,639
Total Liabilities and Equity	766,537	734,620
Multi-Family Real Estate
ASSETS
Total Assets	586,648
Multi-Family Real Estate | Variable Interest Entity Primary Beneficiary [Member]
ASSETS
Restricted cash	5,875	9,555
RBHTRB Newark Holdings LLC [Member] | Variable Interest Entity Primary Beneficiary [Member]
ASSETS
Restricted cash	$ 15,462	$ 22,835

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Real estate properties, accumulated depreciation (in Dollars)	$ 29,736	$ 27,424
Preferred shares, par value (in dollars per share)	$ 1	$ 1
Preferred shares authorized (in shares)	10,000,000	10,000,000
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)	13,428,000	13,655,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental and other revenues from real estate	$ 20,945	$ 17,449	$ 60,612	$ 46,133
Other income	280	319	862	870
Total revenues	21,225	17,768	61,474	47,003
Expenses:
Real estate operating expenses	11,424	10,042	32,147	26,071
Interest expense	6,006	5,411	18,072	15,044
Advisor’s fees, related party	612	475	1,801	1,251
Property acquisition costs	0	718	295	2,246
General and administrative—including $152 and $104 to related party for the three months ended and $434 and $451 for the nine months ended	1,654	1,512	5,047	4,682
Depreciation and amortization	5,037	3,801	14,310	10,375
Total expenses	24,733	21,959	71,672	59,669
Total revenues less total expenses	(3,508)	(4,191)	(10,198)	(12,666)
Gain on sale of real estate	0	3	2,777	3
Total revenues less total expenses	(3,508)	(4,188)	(7,421)	(12,663)
Discontinued operations:
Income from discontinued operations	0	185	0	1,398
Net loss	(3,508)	(4,003)	(7,421)	(11,265)
Plus: net loss attributable to non- controlling interests	930	3,672	1,597	5,609
Net loss attributable to common shareholders	$ (2,578)	$ (331)	$ (5,824)	$ (5,656)
Basic and diluted per share amounts attributable to common shareholders:
Loss from continuing operations (per share)	$ (0.18)	$ (0.03)	$ (0.41)	$ (0.49)
Discontinued operations (per share)	0	0.01	0	0.09
Basic and diluted loss (per share)	$ (0.18)	$ (0.02)	$ (0.41)	$ (0.40)
Amounts attributable to BRT Realty Trust:
Loss from continuing operations	$ (2,578)	$ (516)	$ (5,824)	$ (7,054)
Discontinued operations	0	185	0	1,398
Net loss attributable to BRT Realty Trust	$ (2,578)	$ (331)	$ (5,824)	$ (5,656)
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	14,101,056	14,303,237	14,144,236	14,252,902

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
General and administrative, related party	$ 152	$ 104	$ 434	$ 451

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net loss	$ (3,508)	$ (4,003)	$ (7,421)	$ (11,265)
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	26	(20)	(22)	(10)
Other comprehensive income (loss)	26	(20)	(22)	(10)
Comprehensive loss	(3,482)	(4,023)	(7,443)	(11,275)
Comprehensive loss attributable to non-controlling interests	926	3,675	1,600	5,612
Comprehensive loss attributable to common shareholders	$ (2,556)	$ (348)	$ (5,843)	$ (5,663)

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - 9 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Shares of Beneficial Interest	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss)	Accumulated Deficit	Non- Controlling Interest
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		355	(355)
Compensation expense –restricted stock	676		676
Contributions from non-controlling interests	1,419					1,419
Distributions to non-controlling interests	(3,998)					(3,998)
Purchase of non-controlling interests	(4,679)		(3,531)			(1,148)
Shares repurchased - 345,081 shares	(2,422)	(1,035)	(1,387)
Net loss	(7,421)				(5,824)	(1,597)
Other comprehensive loss	(22)			(22)
Comprehensive loss	(7,443)
Ending balance at Jun. 30, 2015	$ 152,192	$ 40,285	$ 161,612	$ (30)	$ (82,850)	$ 33,175

CONSOLIDATED STATEMENT OF EQUI8

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical)	9 Months Ended
	Jun. 30, 2015shares
Stock repurchased (in shares)	345,081
Shares of Beneficial Interest
Stock repurchased (in shares)	345,081

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (7,421)	$ (11,265)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	16,048	11,865
Amortization of deferred fee income	0	(388)
Amortization of restricted stock	676	600
Gain on sale of real estate	(2,777)	(3)
Increases and decreases from changes in other assets and liabilities:
Change in straight-line rent	(318)	(430)
Decrease in interest and dividends receivable	16	273
Decrease (increase) in prepaid expenses	21	(607)
(Increase) decrease in prepaid interest	(673)	462
Decrease (increase) in deposits and escrows	2,138	(3,405)
Decrease (increase) in other assets	4,314	(1,508)
Increase in accounts payable and accrued liabilities	(19)	4,881
Other	0	11
Net cash provided by operating activities	12,005	486
Cash flows from investing activities:
Collections from real estate loans	2,000	34,045
Additions to real estate loans	0	(5,532)
Additions to real estate properties	(10,777)	(189,920)
Net costs capitalized to real estate properties	(45,784)	(28,544)
Collection of loan fees	0	180
Purchase of non controlling interests	(4,679)	0
Proceeds from the sale of real estate properties	9,604	27
Net cash used in investing activities	(38,583)	(182,300)
Cash flows from financing activities:
Proceeds from mortgages payable	35,718	139,432
Mortgage principal payments	(8,473)	(993)
Increase in deferred borrowing costs	(2,684)	(2,214)
Capital contributions from non-controlling interests	1,419	20,791
Capital distribution to non-controlling interests	(3,975)	(2,668)
Repurchase of shares of beneficial interest	(2,422)	0
Net cash provided by financing activities	19,583	154,348
Net decrease in cash and cash equivalents	(6,995)	(27,466)
Cash and cash equivalents at beginning of period	23,181	56,905
Cash and cash equivalents at end of period	16,186	29,439
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	18,235	15,773
Taxes paid	131	209
Acquisition of real estate through assumption of debt	17,173	0
Real estate properties reclassified to Real estate properties held for sale	68,259	0
Accrued costs related to real estate property	4	0
RBHTRB Newark Holdings LLC [Member] | Variable Interest Entity Primary Beneficiary [Member]
Cash flows from investing activities:
Net change in restricted cash	7,373	14,251
Multi-Family Real Estate
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Gain on sale of real estate	(2,777)	(3)
Multi-Family Real Estate | Variable Interest Entity Primary Beneficiary [Member]
Cash flows from investing activities:
Net change in restricted cash	$ 3,680	$ (6,807)

Organization and Background

Organization and Background	9 Months Ended
	Jun. 30, 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	9 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	Basis of Preparation The accompanying interim unaudited consolidated financial statements as of June 30, 2015 , and for the three and nine months ended June 30, 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 nine months ended June 30, 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. The distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro-rata to the equity interest each partner has in the applicable venture. 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. Note 2 – Basis of Preparation - continued 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	9 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Equity	Equity Common Share Dividend Distribution During the quarter ended June 30, 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 June 30, 2015 , 414,625 shares of unvested restricted stock are outstanding pursuant to this plan and 258,250 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 June 30, 2015 and 2014 , the Trust recorded $ 232,000 and $214,000 , respectively, of compensation expense. For the nine months ended June 30, 2015 and 2014 , the Trust recorded $676,000 , and $600,000 , respectively, of compensation expense related to the amortization of unearned compensation. At June 30, 2015 , $ 2,415,000 has been deferred as unearned compensation and will be charged to expense over the remaining vesting periods. The weighted average vesting period is 2.6 years. Share Repurchase In the nine months ended June 30, 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 June 30, 2015 and 2014 , were 14,101,056 and 14,303,237 , respectively and for nine months ended June 30, 2015 and 2014 were 14,144,236 and 14,252,902 , respectively.

Real Estate Properties

Real Estate Properties	9 Months Ended
	Jun. 30, 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 Amortization Transfer to Held for Sale Multi-family $ 511,866 $ 27,950 $ 26,613 $ (6,753 ) $ (12,561 ) $ (68,259 ) $ 478,856 Commercial/mixed use (b) 113,021 — 23,087 — (1,655 ) — 134,453 Land 7,972 — — — — — 7,972 Shopping centers/Retail 2,678 — 4 — (80 ) — 2,602 Co-op/condo apartments 75 — — (75 ) — — — Total real estate properties $ 635,612 $ 27,950 $ 49,704 $ (6,828 ) $ (14,296 ) $ (68,259 ) $ 623,883 _________________ (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. Acquisitions and Dispositions 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 a 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 was allocated to the non-controlling partner. On April 1, 2015, the Trust increased its ownership interest in a joint venture that owns a multi-family property in North Charleston, SC from 90% to 100% by purchasing its partner's interest for $790,000 . On July 27, 2015, the Trust, through a consolidated joint venture, purchased a 618 unit multi-family property located in Valley, AL. The contract price was $44,000,000 (exclding $1,900,000 of closing costs, property escrows and working capital). The purchase was financed with $29,000,000 of mortgage debt which has at an annual interest rate of 4.49% and matures in 2025. The Trust contributed $10,400,000 of equity for its 61.25% share of the venture and its partner contributed $6,500,000 for the balance of the interests in the venture. Note 4 ‑ Real Estate Properties - continued Purchase Price Allocation During the nine months ended June 30, 2015 , the Trust finalized the allocation of purchase prices on seven properties purchased in fiscal 2014. 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 June 30, 2015 (dollars in thousands): Preliminary Purchase Price Allocation Adjustments Finalized Purchase Price Allocation Land $ 31,540 $ 807 $ 32,347 Building and Improvements 76,210 (1,517 ) 74,693 Acquisition-related intangible assets (in acquired lease intangibles, net) — 710 710 Total Consideration $ 107,750 $ — $ 107,750 Real Estate Properties Held For Sale At June 30, 2015 the following properties were classified as held for sale (dollars in thousands): Location Net, Book Value At June 30, 2015 Ivy Ridge, Marietta, GA $ 9,182 The Palms, Houston, TX 35,199 Grove at Trinity Pointe, Cordova, TN 23,878 $ 68,259 On July 7, 2015, the Trust sold the property in Marietta, GA, for $17,600,000 . The Trust estimates it will recognize a gain on the sale of approximately $8,000,000 , of which $3,100,000 will be allocated to the non-controlling partner. On July 21, 2015, the Trust sold the property in Houston, TX, for $39,900,000 , including the purchaser's assumption of the $24,100,000 mortgage debt. The Trust estimates it will recognize a gain on the sale of approximately $4,000,000 , of which $800,000 will be allocated to the non-controlling partner.

Real Estate Properties Held For

Real Estate Properties Held For Sale	9 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Real Estate Properties Held For Sale	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 Amortization Transfer to Held for Sale Multi-family $ 511,866 $ 27,950 $ 26,613 $ (6,753 ) $ (12,561 ) $ (68,259 ) $ 478,856 Commercial/mixed use (b) 113,021 — 23,087 — (1,655 ) — 134,453 Land 7,972 — — — — — 7,972 Shopping centers/Retail 2,678 — 4 — (80 ) — 2,602 Co-op/condo apartments 75 — — (75 ) — — — Total real estate properties $ 635,612 $ 27,950 $ 49,704 $ (6,828 ) $ (14,296 ) $ (68,259 ) $ 623,883 _________________ (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. Acquisitions and Dispositions 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 a 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 was allocated to the non-controlling partner. On April 1, 2015, the Trust increased its ownership interest in a joint venture that owns a multi-family property in North Charleston, SC from 90% to 100% by purchasing its partner's interest for $790,000 . On July 27, 2015, the Trust, through a consolidated joint venture, purchased a 618 unit multi-family property located in Valley, AL. The contract price was $44,000,000 (exclding $1,900,000 of closing costs, property escrows and working capital). The purchase was financed with $29,000,000 of mortgage debt which has at an annual interest rate of 4.49% and matures in 2025. The Trust contributed $10,400,000 of equity for its 61.25% share of the venture and its partner contributed $6,500,000 for the balance of the interests in the venture. Note 4 ‑ Real Estate Properties - continued Purchase Price Allocation During the nine months ended June 30, 2015 , the Trust finalized the allocation of purchase prices on seven properties purchased in fiscal 2014. 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 June 30, 2015 (dollars in thousands): Preliminary Purchase Price Allocation Adjustments Finalized Purchase Price Allocation Land $ 31,540 $ 807 $ 32,347 Building and Improvements 76,210 (1,517 ) 74,693 Acquisition-related intangible assets (in acquired lease intangibles, net) — 710 710 Total Consideration $ 107,750 $ — $ 107,750 Real Estate Properties Held For Sale At June 30, 2015 the following properties were classified as held for sale (dollars in thousands): Location Net, Book Value At June 30, 2015 Ivy Ridge, Marietta, GA $ 9,182 The Palms, Houston, TX 35,199 Grove at Trinity Pointe, Cordova, TN 23,878 $ 68,259 On July 7, 2015, the Trust sold the property in Marietta, GA, for $17,600,000 . The Trust estimates it will recognize a gain on the sale of approximately $8,000,000 , of which $3,100,000 will be allocated to the non-controlling partner. On July 21, 2015, the Trust sold the property in Houston, TX, for $39,900,000 , including the purchaser's assumption of the $24,100,000 mortgage debt. The Trust estimates it will recognize a gain on the sale of approximately $4,000,000 , of which $800,000 will be allocated to the non-controlling partner.

Debt Obligations

Debt Obligations	9 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Debt obligations consist of the following (dollars in thousands): June 30, 2015 September 30, 2014 Mortgages payable (a) $ 483,532 $ 482,406 Junior subordinated notes 37,400 37,400 Total debt obligations $ 520,932 $ 519,806 (a) Excludes mortgages payable held for sale of $43,291 Note 6 – Debt Obligations - continued Mortgages Payable The Trust assumed mortgage debt of $17,173,000 in connection with its purchase, in December 2014, of a multi-family property located in Pensacola, FL. The mortgage has an annual interest rate of 4.85% , requires interest only payments 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 with an annual interest rate of 4.19% . The new mortgage requires interest payments only until November 2015 and matures in November 2024 . During the nine months ended June 30, 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 % April 2019 West Palm Beach, FL 3/20/15 $ 4,000 4.35 % April 2019 Junior Subordinated Notes At June 30, 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 are set forth in the table below: Interest Period Interest Rate August 1, 2012 through April 29, 2016 4.90 % 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 June 30, 2015 and 2014 , and $ $1,375,000 for each of the nine months ended June 30, 2015 and 2014 . Amortization of the deferred costs, a component of interest expense, was $5,000 for each of the three months ended June 30, 2015 and 2014 , and $15,000 for each of the nine months ended June 30, 2015 and 2014 .

Deferred Income (New Markets Ta

Deferred Income (New Markets Tax Credit Transaction)	9 Months Ended
	Jun. 30, 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. Note 7 – Deferred Income (New Markets Tax Credit Transaction) - continued The deferred income on the Trust’s consolidated balance sheets at June 30, 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 June 30, 2015 and September 30, 2014 , these costs totaled $9.9 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	9 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2015 Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate $ 19,425 $ 1,520 $ 20,945 Other income — 280 280 Total revenues 19,425 1,800 21,225 Expenses: Real estate operating expenses 9,875 1,549 11,424 Interest expense 4,652 1,354 6,006 Advisor’s fee, related party 522 90 612 General and administrative 1,571 83 1,654 Depreciation and amortization 4,423 614 5,037 Total expenses 21,043 3,690 24,733 Net loss (1,618 ) (1,890 ) (3,508 ) Plus: net (income) loss attributable to non-controlling interests (52 ) 982 930 Net loss attributable to common shareholders $ (1,670 ) $ (908 ) $ (2,578 ) Segment Assets at June 30, 2015 $ 586,648 $ 179,889 $ 766,537 Note 8 - Segment Reporting - continued Three months ended June 30, 2014 Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate $ 16,201 $ 1,248 $ 17,449 Other income — 319 319 Total revenues 16,201 1,567 17,768 Expenses: Real estate operating expenses 8,759 1,283 10,042 Interest expense 4,310 1,101 5,411 Advisor’s fees, related party 391 84 475 Property acquisition costs 718 — 718 General and administrative 1,410 102 1,512 Depreciation and amortization 3,363 438 3,801 Total expenses 18,951 3,008 21,959 Total revenues less total expenses (2,750 ) (1,441 ) (4,191 ) Gain on sale of real estate assets 3 — 3 Loss from continuing operations (2,747 ) (1,441 ) (4,188 ) Plus: net loss attributable to non-controlling interests 150 3,522 3,672 Net (loss) income attributable to common shareholders before reconciling items $ (2,597 ) $ 2,081 $ (516 ) Reconciling adjustments: Discontinued operations 185 Net loss attributable to common shareholders $ (331 ) Segment Assets at June 30, 2014 (a) $ 545,676 $ 151,557 $ 697,233 _______________________________ (a) Excludes $ $3,028 of assets related to discontinued operations. Note 8 – Segment Reporting - continued Nine Months Ended June 30, 2015 Multi-Family Other Revenues: Rental and other revenues from real estate $ 56,382 $ 4,230 $ 60,612 Other income — 862 862 Total revenues 56,382 5,092 61,474 Expenses: Real estate operating expenses 28,195 3,952 32,147 Interest expense 14,047 4,025 18,072 Advisor’s fee, related party 1,525 276 1,801 Property acquisition costs 295 — 295 General and administrative 4,760 287 5,047 Depreciation and amortization 12,567 1,743 14,310 Total expenses 61,389 10,283 71,672 Total revenues less total expenses (5,007 ) (5,191 ) (10,198 ) Gain on sale of real estate 2,777 — 2,777 Net loss (2,230 ) (5,191 ) (7,421 ) Plus: net (income) loss attributable to non-controlling interests (1,067 ) 2,664 1,597 Net loss attributable to common shareholders $ (3,297 ) $ (2,527 ) $ (5,824 ) Segment Assets at June 30, 2015 $ 586,648 $ 179,889 $ 766,537 Note 8 – Segment Reporting - continued Nine Months Ended June 30, 2014 Multi-Family Other Revenues: Rental and other revenues from real estate $ 42,526 $ 3,607 $ 46,133 Other income — 870 870 Total revenues 42,526 4,477 47,003 Expenses: Real estate operating expenses 22,655 3,416 26,071 Interest expense 11,555 3,489 15,044 Advisor’s fees, related party 1,010 241 1,251 Property acquisition costs 2,246 — 2,246 General and administrative 4,351 331 4,682 Depreciation and amortization 9,069 1,306 10,375 Total expenses 50,886 8,783 59,669 Total revenues less total expenses (8,360 ) (4,306 ) (12,666 ) Gain on sale of real estate assets 3 — 3 Loss from continuing operations (8,357 ) (4,306 ) (12,663 ) Plus: net loss attributable to non-controlling interests 418 5,191 5,609 Net (loss) income attributable to common shareholders before reconciling items $ (7,939 ) $ 885 $ (7,054 ) Reconciling adjustments: Discontinued operations 1,398 Net loss attributable to common shareholders $ (5,656 ) Segment Assets at June 30, 2014 (a) $ 545,676 $ 151,557 $ 697,233 _______________________________ (a) Excludes $ $3,028 of assets related to discontinued operations.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Jun. 30, 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 June 30, 2015 and 2014 , the estimated fair value of the Trust’s junior subordinated notes is lower than their carrying value by approximately $ 17,500,000 and $21,800,000 based on a market interest rate of 6.53% and 6.84% , respectively. Mortgages payable: At June 30, 2015 , the estimated fair value of the Trust’s mortgages payable is lower than their carrying value by approximately $ 4,800,000 assuming market interest rates between 2.13% and 9.26% and at June 30, 2014 , the estimated fair value of the Trust's mortgages payable was lower than their carrying value by approximately $8,700,000 assuming market interest rates between 2.13% and 9.38% . 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 June 30, 2015 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Financial Liabilities: Interest rate swap $ 30 — $ 30 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 June 30, 2015 , this derivative is included in other accounts payable and accrued liabilities on the consolidated balance sheet. Note 9 – 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 June 30, 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 Instrument

Derivative Financial Instruments	9 Months Ended
	Jun. 30, 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 loss on our consolidated balance sheets and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. As of June 30, 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 $ 1,691 5.25 % April 1, 2022 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: June 30, 2015 September 30, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Accounts payable and accrued liabilities $ 30 Accounts payable and accrued liabilities $ 8 As of June 30, 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 10 – Derivative Financial Instruments - continued The following table presents the effect of the Trust’s interest rate swap on the consolidated statements of comprehensive loss for the dates indicated (dollars in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Amount of gain (loss) recognized on derivative in Other Comprehensive Loss $ 18 $ (29 ) $ (47 ) $ (36 ) Amount of loss reclassified from Accumulated Other Comprehensive Loss into Interest Expense $ (8 ) $ (9 ) $ (25 ) $ (26 ) 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 nine months ended June 30, 2015 and June 30, 2014 . The Trust estimates an additional $28,000 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 June 30, 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 $31,000 . As of June 30, 2015 , the Trust has not posted any collateral related to this agreement. If the Trust had been in breach of this agreement at June 30, 2015 , it could have been required to settle its obligations thereunder at its termination value of $31,000 .

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Jun. 30, 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Jun. 30, 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 June 30, 2015 that warrant additional disclosure, have been included in the notes to the consolidated financial statements

Basis of Preparation (Policies)

Basis of Preparation (Policies)	9 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	The accompanying interim unaudited consolidated financial statements as of June 30, 2015 , and for the three and nine months ended June 30, 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 nine months ended June 30, 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. The distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro-rata to the equity interest each partner has in the applicable venture. 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. Note 2 – Basis of Preparation - continued 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.
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.

Real Estate Properties (Tables)

Real Estate Properties (Tables)	9 Months Ended
	Jun. 30, 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 Amortization Transfer to Held for Sale Multi-family $ 511,866 $ 27,950 $ 26,613 $ (6,753 ) $ (12,561 ) $ (68,259 ) $ 478,856 Commercial/mixed use (b) 113,021 — 23,087 — (1,655 ) — 134,453 Land 7,972 — — — — — 7,972 Shopping centers/Retail 2,678 — 4 — (80 ) — 2,602 Co-op/condo apartments 75 — — (75 ) — — — Total real estate properties $ 635,612 $ 27,950 $ 49,704 $ (6,828 ) $ (14,296 ) $ (68,259 ) $ 623,883 _________________ (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 June 30, 2015 (dollars in thousands): Preliminary Purchase Price Allocation Adjustments Finalized Purchase Price Allocation Land $ 31,540 $ 807 $ 32,347 Building and Improvements 76,210 (1,517 ) 74,693 Acquisition-related intangible assets (in acquired lease intangibles, net) — 710 710 Total Consideration $ 107,750 $ — $ 107,750

Real Estate Properties Held F24

Real Estate Properties Held For Sale (Tables)	9 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Schedule of Properties Held For Sale	At June 30, 2015 the following properties were classified as held for sale (dollars in thousands): Location Net, Book Value At June 30, 2015 Ivy Ridge, Marietta, GA $ 9,182 The Palms, Houston, TX 35,199 Grove at Trinity Pointe, Cordova, TN 23,878 $ 68,259

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of debt obligations	Debt obligations consist of the following (dollars in thousands): June 30, 2015 September 30, 2014 Mortgages payable (a) $ 483,532 $ 482,406 Junior subordinated notes 37,400 37,400 Total debt obligations $ 520,932 $ 519,806 (a) Excludes mortgages payable held for sale of $43,291
Schedule of debt information	The interest rates on the outstanding notes are set forth in the table below: Interest Period Interest Rate August 1, 2012 through April 29, 2016 4.90 % April 30, 2016 through April 30, 2036 Libor + 2.00% During the nine months ended June 30, 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 % April 2019 West Palm Beach, FL 3/20/15 $ 4,000 4.35 % April 2019

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Jun. 30, 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 June 30, 2015 Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate $ 19,425 $ 1,520 $ 20,945 Other income — 280 280 Total revenues 19,425 1,800 21,225 Expenses: Real estate operating expenses 9,875 1,549 11,424 Interest expense 4,652 1,354 6,006 Advisor’s fee, related party 522 90 612 General and administrative 1,571 83 1,654 Depreciation and amortization 4,423 614 5,037 Total expenses 21,043 3,690 24,733 Net loss (1,618 ) (1,890 ) (3,508 ) Plus: net (income) loss attributable to non-controlling interests (52 ) 982 930 Net loss attributable to common shareholders $ (1,670 ) $ (908 ) $ (2,578 ) Segment Assets at June 30, 2015 $ 586,648 $ 179,889 $ 766,537 Note 8 - Segment Reporting - continued Three months ended June 30, 2014 Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate $ 16,201 $ 1,248 $ 17,449 Other income — 319 319 Total revenues 16,201 1,567 17,768 Expenses: Real estate operating expenses 8,759 1,283 10,042 Interest expense 4,310 1,101 5,411 Advisor’s fees, related party 391 84 475 Property acquisition costs 718 — 718 General and administrative 1,410 102 1,512 Depreciation and amortization 3,363 438 3,801 Total expenses 18,951 3,008 21,959 Total revenues less total expenses (2,750 ) (1,441 ) (4,191 ) Gain on sale of real estate assets 3 — 3 Loss from continuing operations (2,747 ) (1,441 ) (4,188 ) Plus: net loss attributable to non-controlling interests 150 3,522 3,672 Net (loss) income attributable to common shareholders before reconciling items $ (2,597 ) $ 2,081 $ (516 ) Reconciling adjustments: Discontinued operations 185 Net loss attributable to common shareholders $ (331 ) Segment Assets at June 30, 2014 (a) $ 545,676 $ 151,557 $ 697,233 _______________________________ (a) Excludes $ $3,028 of assets related to discontinued operations. Note 8 – Segment Reporting - continued Nine Months Ended June 30, 2015 Multi-Family Other Revenues: Rental and other revenues from real estate $ 56,382 $ 4,230 $ 60,612 Other income — 862 862 Total revenues 56,382 5,092 61,474 Expenses: Real estate operating expenses 28,195 3,952 32,147 Interest expense 14,047 4,025 18,072 Advisor’s fee, related party 1,525 276 1,801 Property acquisition costs 295 — 295 General and administrative 4,760 287 5,047 Depreciation and amortization 12,567 1,743 14,310 Total expenses 61,389 10,283 71,672 Total revenues less total expenses (5,007 ) (5,191 ) (10,198 ) Gain on sale of real estate 2,777 — 2,777 Net loss (2,230 ) (5,191 ) (7,421 ) Plus: net (income) loss attributable to non-controlling interests (1,067 ) 2,664 1,597 Net loss attributable to common shareholders $ (3,297 ) $ (2,527 ) $ (5,824 ) Segment Assets at June 30, 2015 $ 586,648 $ 179,889 $ 766,537 Note 8 – Segment Reporting - continued Nine Months Ended June 30, 2014 Multi-Family Other Revenues: Rental and other revenues from real estate $ 42,526 $ 3,607 $ 46,133 Other income — 870 870 Total revenues 42,526 4,477 47,003 Expenses: Real estate operating expenses 22,655 3,416 26,071 Interest expense 11,555 3,489 15,044 Advisor’s fees, related party 1,010 241 1,251 Property acquisition costs 2,246 — 2,246 General and administrative 4,351 331 4,682 Depreciation and amortization 9,069 1,306 10,375 Total expenses 50,886 8,783 59,669 Total revenues less total expenses (8,360 ) (4,306 ) (12,666 ) Gain on sale of real estate assets 3 — 3 Loss from continuing operations (8,357 ) (4,306 ) (12,663 ) Plus: net loss attributable to non-controlling interests 418 5,191 5,609 Net (loss) income attributable to common shareholders before reconciling items $ (7,939 ) $ 885 $ (7,054 ) Reconciling adjustments: Discontinued operations 1,398 Net loss attributable to common shareholders $ (5,656 ) Segment Assets at June 30, 2014 (a) $ 545,676 $ 151,557 $ 697,233 _______________________________ (a) Excludes $ $3,028 of assets related to discontinued operations.

Fair Value of Financial Instr27

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Jun. 30, 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 June 30, 2015 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Financial Liabilities: Interest rate swap $ 30 — $ 30

Derivative Financial Instrume28

Derivative Financial Instruments (Tables)	9 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of outstanding interest rate derivatives	As of June 30, 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 $ 1,691 5.25 % April 1, 2022
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: June 30, 2015 September 30, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Accounts payable and accrued liabilities $ 30 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 for the dates indicated (dollars in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Amount of gain (loss) recognized on derivative in Other Comprehensive Loss $ 18 $ (29 ) $ (47 ) $ (36 ) Amount of loss reclassified from Accumulated Other Comprehensive Loss into Interest Expense $ (8 ) $ (9 ) $ (25 ) $ (26 )

Organization and Background (De

Organization and Background (Details)	9 Months Ended
	Jun. 30, 2015
Corporate Joint Venture [Member] | Property Acquisition [Member] | Multi-family | Maximum [Member]
Organization, background and significant accounting policies
Equity contribution in each transaction (as a percent)	80.00%

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2012
Restricted Shares
Stock repurchased (in shares)				345,081
Price per share				$ 7.02
Value of shares repurchased and retired				$ 2,422
Per Share Data
Basic and diluted shares outstanding		14,101,056	14,303,237	14,144,236	14,252,902
Restricted Stock [Member]
Restricted Shares
Compensation expense		$ 232	$ 214	$ 676	$ 600
Unearned compensation		$ 2,415		$ 2,415
Remaining weighted average vesting period				2 years 7 months 6 days
Equity Incentive Plan 2003 and Equity Incentive Plan 2009 [Member] | Restricted Stock [Member]
Restricted Shares
Vesting period for shares issued				5 years
Stock Incentive Plan2012 [Member]
Restricted Shares
Shares authorized for issuance (in shares)						600,000
Stock Incentive Plan2012 [Member] | Restricted Stock [Member]
Restricted Shares
Issued (in shares)	142,950
Shares outstanding (in shares)		414,625		414,625
Vesting period for shares issued				5 years
Equity Incentive Plan 2009 [Member]
Restricted Shares
Number of additional awards available for grant (shares)		0		0
Equity Incentive Plan 2009 [Member] | Restricted Stock [Member]
Restricted Shares
Shares outstanding (in shares)		258,250		258,250

Real Estate Properties (Details

Real Estate Properties (Details) ft² in Thousands	Dec. 31, 2014USD ($)property	Jun. 30, 2015USD ($)ft²property	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)ft²property	Jun. 30, 2014USD ($)
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				49,704,000
Sales and other reductions				(6,828,000)
Depreciation and Amortization				(14,296,000)
Transfer to Held for Sale				(68,259,000)
Balance at the end of the period		$ 623,883,000		623,883,000
Property acquisition costs		0	$ 718,000	295,000	$ 2,246,000
Multi-family
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				26,613,000
Sales and other reductions				(6,753,000)
Depreciation and Amortization				(12,561,000)
Transfer to Held for Sale				(68,259,000)
Balance at the end of the period		478,856,000		478,856,000
Multi-family | Mortgages [Member] | Pensacola, FL [Member] | Property Acquisition [Member] | Affiliated Entity [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Number of units (properties) | property	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
Commercial/mixed use | 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				23,087,000
Sales and other reductions				0
Depreciation and Amortization				(1,655,000)
Transfer to Held for Sale				0
Balance at the end of the period		$ 134,453,000		$ 134,453,000
Commercial/mixed use | Newark NJ [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) | property		61		61
Areas of real estate (in sqft) | ft²		690		690
Commercial/mixed use | Construction in Progress [Member] | Newark NJ [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) | property		143		143
Areas of real estate (in sqft) | ft²		26		26
Commercial/mixed use | Mortgages [Member] | Newark NJ [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
Land
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
Transfer to Held for Sale				0
Balance at the end of the period		7,972,000		7,972,000
Shopping centers/Retail | 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				(80,000)
Transfer to Held for Sale				0
Balance at the end of the period		2,602,000		2,602,000
Co-op/condo apartments
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
Transfer to Held for Sale				0
Balance at the end of the period		$ 0		$ 0

Real Estate Properties - Additi

Real Estate Properties - Additional Information (Details) $ in Thousands	Jul. 27, 2015USD ($)property_unit	Jul. 21, 2015USD ($)	Apr. 01, 2015USD ($)	Feb. 05, 2015USD ($)	Sep. 30, 2014	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2015	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Real Estate Properties
Proceeds from the sale of real estate properties									$ 9,604	$ 27
Gain on sale of real estate						$ 0	$ 3		$ 2,777	$ 3
Corporate Joint Venture [Member] | Houston TX [Member]
Real Estate Properties
Interest in joint venture (as a percent)					80.00%				91.00%
Payments to acquire interest in JV									$ 2,036
Corporate Joint Venture [Member] | Decatur, GA [Member]
Real Estate Properties
Interest in joint venture (as a percent)					80.00%				100.00%
Payments to acquire interest in JV									$ 1,850
Corporate Joint Venture [Member] | Houston, TX and Decatur, GA [Member]
Real Estate Properties
Professional fees									$ 153
Corporate Joint Venture [Member] | North Charleston, SC [Member]
Real Estate Properties
Interest in joint venture (as a percent)			100.00%					90.00%
Payments to acquire interest in JV			$ 790
Multi-family | Lawrenceville, GA [Member]
Real Estate Properties
Proceeds from the sale of real estate properties				$ 9,700
Gain on sale of real estate				2,654
Non- Controlling Interest | Multi-family | Lawrenceville, GA [Member]
Real Estate Properties
Gain on sale of real estate				$ 1,140
Subsequent Event [Member] | Multi-family | Houston TX [Member]
Real Estate Properties
Proceeds from the sale of real estate properties		$ 39,900
Gain on sale of real estate		4,000
Subsequent Event [Member] | Non- Controlling Interest | Multi-family | Houston TX [Member]
Real Estate Properties
Gain on sale of real estate		$ 800
Subsequent Event [Member] | Multi-family Property, Valley, AL [Member] | Corporate Joint Venture [Member]
Real Estate Properties
Number of units (properties) | property_unit	618
Contract price	$ 44,000
Closing costs, property escrows, and working capital	2,000
Equity issued	$ 10,400
Ownership share of venture	61.25%
Noncontrolling interest ownership share	$ 6,500
Subsequent Event [Member] | Mortgages [Member] | Multi-family Property, Valley, AL [Member] | Corporate Joint Venture [Member]
Real Estate Properties
Proceeds from mortgage debt	$ 29,000
Interest Rate	4.49%

Real Estate Properties - Proper

Real Estate Properties - Property Acquisition, Purchase Price Allocation (Details) - Jun. 30, 2015 - Series Of Real Estate Property Acquisitions Year2014 [Member] - USD ($) $ in Thousands	Total
Allocation of purchase prices of assets acquired and liabilities assumed
Total consideration	$ 107,750
Adjustments to preliminary allocations of purchase price of properties
Total consideration	0
Previously reported
Allocation of purchase prices of assets acquired and liabilities assumed
Total consideration	107,750
Acquisition-related intangible assets (in acquired lease intangibles, net)
Allocation of purchase prices of assets acquired and liabilities assumed
Acquisition related intangibles	710
Adjustments to preliminary allocations of purchase price of properties
Acquisition related intangibles	710
Acquisition-related intangible assets (in acquired lease intangibles, net) | Previously reported
Allocation of purchase prices of assets acquired and liabilities assumed
Acquisition related intangibles	0
Land
Allocation of purchase prices of assets acquired and liabilities assumed
Real estate property	32,347
Adjustments to preliminary allocations of purchase price of properties
Real estate property	807
Land | Previously reported
Allocation of purchase prices of assets acquired and liabilities assumed
Real estate property	31,540
Building and Improvements
Allocation of purchase prices of assets acquired and liabilities assumed
Real estate property	74,693
Adjustments to preliminary allocations of purchase price of properties
Real estate property	(1,517)
Building and Improvements | Previously reported
Allocation of purchase prices of assets acquired and liabilities assumed
Real estate property	$ 76,210

Real Estate Properties Held F34

Real Estate Properties Held For Sale - Assets Held For Sale (Details) $ in Thousands	Jun. 30, 2015USD ($)
Long Lived Assets Held-for-sale [Line Items]
Real Estate Held-for-sale	$ 68,259
Multi-family | Marietta, GA [Member]
Long Lived Assets Held-for-sale [Line Items]
Real Estate Held-for-sale	9,182
Multi-family | Houston TX [Member]
Long Lived Assets Held-for-sale [Line Items]
Real Estate Held-for-sale	35,199
Multi-family | Cordova, TN [Member]
Long Lived Assets Held-for-sale [Line Items]
Real Estate Held-for-sale	$ 23,878

Real Estate Properties Held F35

Real Estate Properties Held For Sale - Narrative (Details) - USD ($)	Jul. 21, 2015	Jul. 07, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Real Estate Properties
Proceeds from the sale of real estate properties					$ 9,604,000	$ 27,000
Gain on sale of real estate			$ 0	$ 3,000	$ 2,777,000	$ 3,000
Subsequent Event [Member] | Houston TX [Member] | Multi-family
Real Estate Properties
Proceeds from the sale of real estate properties	$ 39,900,000
Gain on sale of real estate	4,000,000
Subsequent Event [Member] | Marietta, GA [Member] | Multi-family
Real Estate Properties
Proceeds from the sale of real estate properties		$ 17,600,000
Gain on sale of real estate		8,000,000
Subsequent Event [Member] | Non- Controlling Interest | Houston TX [Member] | Multi-family
Real Estate Properties
Gain on sale of real estate	800,000
Subsequent Event [Member] | Non- Controlling Interest | Marietta, GA [Member] | Multi-family
Real Estate Properties
Gain on sale of real estate		$ 3,100,000
Mortgages [Member] | Subsequent Event [Member] | Houston TX [Member] | Multi-family
Real Estate Properties
Debt note	$ 24,100,000

Debt Obligations (Details)

Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Debt Obligations
Total debt obligations	$ 520,932	$ 519,806
Mortgages payable held for sale	43,291	0
Mortgages [Member]
Debt Obligations
Total debt obligations	483,532	482,406
Junior subordinated notes
Debt Obligations
Total debt obligations	$ 37,400	$ 37,400

Debt Obligations - Mortgage Pay

Debt Obligations - Mortgage Payable (Details) - Mortgages [Member] - USD ($)	Dec. 31, 2014	Jun. 30, 2015	Mar. 20, 2015	Jan. 23, 2015
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
Mortgage Maturing in November 2014 [Member] | Adjustable Rate Residential Mortgage [Member] | Houston TX [Member]
Debt Obligations
Acquisition Mortgage Debt		$ 6,494,000
Mortgage Maturing in November 2014 [Member] | Fixed Rate Residential Mortgage [Member] | Houston TX [Member]
Debt Obligations
Acquisition Mortgage Debt		$ 7,500,000
Interest Rate		4.19%
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] | West Palm Beach, FL [Member]
Debt Obligations
Acquisition Mortgage Debt			$ 4,000,000
Interest Rate			4.35%

Debt Obligations - Junior Subor

Debt Obligations - Junior Subordinated Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt Instrument [Line Items]
Total debt obligations	$ 520,932	$ 519,806	$ 520,932		$ 520,932
Junior subordinated notes
Debt Instrument [Line Items]
Total debt obligations	$ 37,400	$ 37,400	37,400		37,400
Interest Expense			458	$ 458	1,375	$ 1,375
Amortization of deferred costs included in interest expense			$ 5,000	$ 5,000	$ 15,000	$ 15,000
Debt Instrument, Interest Rate 1 August, 2012 Through 29 April, 2016 [Member] | Junior subordinated notes
Debt Instrument [Line Items]
Interest Rate	4.90%	4.90%	4.90%		4.90%
Debt Instrument, Interest Rate 30 April, 2016 Through 30 April, 2036 [Member] | Junior subordinated notes
Debt Instrument [Line Items]
Description of variable rate basis	LIBOR	LIBOR
Basis spread on variable rate	2.00%	2.00%

Deferred Income (New Markets 39

Deferred Income (New Markets Tax Credit Transaction) (Details) - USD ($)	Sep. 30, 2014	Sep. 11, 2012	Feb. 03, 2012	Jun. 30, 2015
Deferred Income (New Markets Tax Credit Transaction)
Deferred income	$ 30,990,000			$ 30,990,000
Deferred costs, net	13,515,000			$ 14,461,000
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	30,990,000			$ 30,990,000
Tax credit recapture period				7 years
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	5,100,000	$ 16,400,000	$ 11,200,000
Deferred costs, net	$ 8,700,000			$ 9,900,000
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) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)	Sep. 30, 2014USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			2
Revenues:
Rental and other revenues from real estate	$ 20,945	$ 17,449	$ 60,612	$ 46,133
Other income	280	319	862	870
Total revenues	21,225	17,768	61,474	47,003
Expenses:
Real estate operating expenses	11,424	10,042	32,147	26,071
Interest expense	6,006	5,411	18,072	15,044
Advisor’s fees, related party	612	475	1,801	1,251
Property acquisition costs	0	718	295	2,246
General and administrative	1,654	1,512	5,047	4,682
Depreciation and amortization	5,037	3,801	14,310	10,375
Total expenses	24,733	21,959	71,672	59,669
Total revenues less total expenses	(3,508)	(4,191)	(10,198)	(12,666)
Gain on sale of real estate	0	3	2,777	3
Net loss	(3,508)	(4,188)	(7,421)	(12,663)
Plus: net (income) loss attributable to non-controlling interests	930	3,672	1,597	5,609
Net (loss) income attributable to common shareholders before reconciling items	(2,578)	(516)	(5,824)	(7,054)
Discontinued operations	0	185	0	1,398
Net loss attributable to common shareholders	(2,578)	(331)	(5,824)	(5,656)
Total Assets	766,537	697,233	766,537	697,233	$ 734,620
Assets of discontinued operations	0	3,028	0	3,028	$ 2,017
Multi-Family Real Estate
Revenues:
Rental and other revenues from real estate	19,425	16,201	56,382	42,526
Other income	0	0	0	0
Total revenues	19,425	16,201	56,382	42,526
Expenses:
Real estate operating expenses	9,875	8,759	28,195	22,655
Interest expense	4,652	4,310	14,047	11,555
Advisor’s fees, related party	522	391	1,525	1,010
Property acquisition costs		718	295	2,246
General and administrative	1,571	1,410	4,760	4,351
Depreciation and amortization	4,423	3,363	12,567	9,069
Total expenses	21,043	18,951	61,389	50,886
Total revenues less total expenses		(2,750)	(5,007)	(8,360)
Gain on sale of real estate		3	2,777	3
Net loss	(1,618)	(2,747)	(2,230)	(8,357)
Plus: net (income) loss attributable to non-controlling interests	(52)	150	(1,067)	418
Net (loss) income attributable to common shareholders before reconciling items		(2,597)		(7,939)
Net loss attributable to common shareholders	(1,670)		(3,297)
Total Assets	586,648	545,676	586,648	545,676
Other Real Estate
Revenues:
Rental and other revenues from real estate	1,520	1,248	4,230	3,607
Other income	280	319	862	870
Total revenues	1,800	1,567	5,092	4,477
Expenses:
Real estate operating expenses	1,549	1,283	3,952	3,416
Interest expense	1,354	1,101	4,025	3,489
Advisor’s fees, related party	90	84	276	241
Property acquisition costs		0	0	0
General and administrative	83	102	287	331
Depreciation and amortization	614	438	1,743	1,306
Total expenses	3,690	3,008	10,283	8,783
Total revenues less total expenses		(1,441)	(5,191)	(4,306)
Gain on sale of real estate		0	0	0
Net loss	(1,890)	(1,441)	(5,191)	(4,306)
Plus: net (income) loss attributable to non-controlling interests	982	3,522	2,664	5,191
Net (loss) income attributable to common shareholders before reconciling items		2,081		885
Net loss attributable to common shareholders	(908)		(2,527)
Total Assets	$ 179,889	$ 151,557	$ 179,889	$ 151,557

Fair Value of Financial Instr41

Fair Value of Financial Instruments (Details) - Level 2 - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Market Approach Valuation Technique [Member] | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	6.53%	6.84%
Market Approach Valuation Technique [Member] | Mortgages [Member] | Minimum [Member]
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	2.13%	2.13%
Market Approach Valuation Technique [Member] | Mortgages [Member] | Maximum [Member]
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	9.26%	9.38%
Carrying and Fair Value | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Estimated fair value lower than carrying value	$ 17.5	$ 21.8
Carrying and Fair Value | Mortgages [Member]
Financial Instruments Not Measured at Fair Value
Estimated fair value lower than carrying value	$ 4.8	$ 8.7

Fair Value of Financial Instr42

Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value (Details) - Fair Value Measurements Recurring [Member] - Interest rate swap $ in Thousands	Jun. 30, 2015USD ($)
Level 1
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative financial instruments	$ 0
Level 2
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative financial instruments	30
Carrying and Fair Value
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative financial instruments	$ 30

Derivative Financial Instrume43

Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2014
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Amount of gain (loss) recognized on derivative in Other Comprehensive Loss	$ 18	$ (29)	$ (47)	$ (36)
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	28		28
Credit-risk-related Contingent Features
Fair value of the derivative in a net asset position	31		31
Termination value for settlement of obligation	31		31
Interest Expense [Member]
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Amount of loss reclassified from Accumulated Other Comprehensive Loss into Interest Expense	(8)	$ (9)	(25)	$ (26)
Accounts Payable And Accrued Liabilities [Member]
Fair value of derivative financial instruments
Fair value of derivative financial instrument liability	30		30		$ 8
Designated As Hedging Instrument [Member] | Interest rate swap
Interest Rate Derivatives
Notional Amount	$ 1,691		$ 1,691
Rate (as a percent)	5.25%		5.25%