BRT Apartments (BRT) 10-K 11 Dec 15 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2015	Dec. 01, 2015	Mar. 31, 2015
Document and Entity Information
Entity Registrant Name	BRT REALTY TRUST
Entity Central Index Key	14,846
Document Type	10-K
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 58.4
Entity Common Stock, Shares Outstanding		14,101,056
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
ASSETS
Real estate properties, net of accumulated depreciation of $40,640 and $27,424	$ 733,168	$ 635,612
Cash and cash equivalents	15,556	23,181
Deferred costs, net	15,010	13,515
Deposits and escrows	12,875	12,273
Other assets	15,616	15,632
Real estate property held for sale	23,859	0
Assets of discontinued operations	0	2,017
Total Assets	835,879	734,620
Liabilities:
Mortgages payable	566,438	482,406
Junior subordinated notes	37,400	37,400
Accounts payable and accrued liabilities	21,629	15,185
Deferred income	30,990	30,990
Mortgage payable held for sale	19,248	0
Total Liabilities	675,705	565,981
Commitments and contingencies	0	0
BRT Realty Trust shareholders' equity:
Preferred shares, $1 par value: Authorized 10,000 shares, none issued	0	0
Shares of beneficial interest, $3 par value: Authorized number of shares, unlimited, 13,428 and 13,655 issued	40,285	40,965
Additional paid-in capital	161,842	166,209
Accumulated other comprehensive loss	(58)	(8)
Accumulated deficit	(79,414)	(77,026)
Total BRT Realty Trust shareholders' equity	122,655	130,140
Non-controlling interests	37,519	38,499
Total Equity	160,174	168,639
Total Liabilities and Equity	835,879	734,620
Multi-Family Real Estate
ASSETS
Total Assets		569,357
Primary Beneficiary | Multi-Family Real Estate
ASSETS
Restricted cash	6,518	9,555
Primary Beneficiary | Newark Joint Venture
ASSETS
Restricted cash	$ 13,277	$ 22,835

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Statement of Financial Position [Abstract]
Real estate properties, accumulated depreciation	$ 40,640	$ 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 (in shares)	13,428	13,655

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Revenues:
Rental and other revenue from real estate properties	$ 81,358	$ 65,254	$ 30,592
Other income	1,139	1,160	1,411
Total revenues	82,497	66,414	32,003
Expenses:
Real estate operating expenses—including $1,233,$1,120 and $426 to related parties	43,219	37,067	16,409
Interest expense	24,177	20,670	11,978
Advisor's fees, related party	2,448	1,801	971
Property acquisition costs—including $1,293,$1,677 and $1,382 to related parties	1,885	2,542	2,637
General and administrative—including $171, $286 and $442 to related party	6,683	6,324	5,862
Depreciation	20,695	15,576	7,094
Total expenses	99,107	83,980	44,951
Total revenues less total expenses	(16,610)	(17,566)	(12,948)
Gain on sale of real estate	15,005	0	0
Gain on sale of available-for-sale securities	0	0	530
Gain on sale of partnership interest	0	0	5,481
Loss from continuing operations	(1,605)	(17,566)	(6,937)
Discontinued operations:
Discontinued operations—including $0, $214 and $831 to related party	0	1,400	8,257
Gain on sale of real estate assets	0	0	769
Income from discontinued operations	0	1,400	9,026
Net (loss) income	(1,605)	(16,166)	2,089
Plus: net (income) loss attributable to non-controlling interests	(783)	6,712	2,924
Net (loss) income attributable to common shareholders	$ (2,388)	$ (9,454)	$ 5,013
Basic and diluted per share amounts attributable to common shareholders:
Loss from continuing operations (in dollars per share)	$ (0.17)	$ (0.76)	$ (0.28)
Income from discontinued operations (in dollars per share)	0	0.10	0.63
Basic and diluted (loss) earnings per share (in dollars per share)	$ (0.17)	$ (0.66)	$ 0.35
Amounts attributable to BRT Realty Trust:
Loss from continuing operations	$ (2,388)	$ (10,854)	$ (3,244)
Income from discontinued operations	0	1,400	8,257
Net (loss) income attributable to common shareholders	$ (2,388)	$ (9,454)	$ 5,013
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	14,133,352	14,265,589	14,137,091

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
General and administrative to related party	$ 171	$ 286	$ 442
Related party component of discontinued operations	0	214	831
Affiliated Entity | Real Estate Operating Fees
Related party expenses	1,233	1,120	426
Affiliated Entity | Payment Of Acquisition Fee
Related party expenses	$ 1,293	$ 1,677	$ 1,382

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (1,605)	$ (16,166)	$ 2,089
Other comprehensive (loss) income:
Net unrealized (loss) on available-for-sale securities	0	0	(460)
Unrealized (loss) gain on derivative instruments	(50)	(2)	98
Other comprehensive— loss	(50)	(2)	(362)
Comprehensive (loss) income	(1,655)	(16,168)	1,727
Plus comprehensive (income) loss attributable to non-controlling interests	(776)	6,712	2,909
Comprehensive (loss) income attributable to common shareholders	$ (2,431)	$ (9,456)	$ 4,636

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Total	Shares of Beneficial Interest	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	(Accumulated Deficit)	Non Controlling Interests
Beginning balance at Sep. 30, 2012	$ 147,018	$ 40,420	$ 165,258	$ 356	$ (72,585)	$ 13,569
Increase (Decrease) in Stockholders' Equity
Restricted stock vesting		186	(186)
Compensation expense—restricted stock	691		691
Contributions from non-controlling interests	17,192					17,192
Distributions to non-controlling interests	(1,370)					(1,370)
Net income (loss)	2,089				5,013	(2,924)
Other comprehensive loss	(362)			(362)
Comprehensive (loss) income	1,727
Ending balance at Sep. 30, 2013	165,258	40,606	165,763	(6)	(67,572)	26,467
Increase (Decrease) in Stockholders' Equity
Restricted stock vesting		359	(359)
Compensation expense—restricted stock	805		805
Contributions from non-controlling interests	22,062					22,062
Distributions to non-controlling interests	(3,318)					(3,318)
Net income (loss)	(16,166)				(9,454)	(6,712)
Other comprehensive loss	(2)			(2)
Comprehensive (loss) income	(16,168)
Ending balance at Sep. 30, 2014	168,639	40,965	166,209	(8)	(77,026)	38,499
Increase (Decrease) in Stockholders' Equity
Restricted stock vesting		355	(355)
Compensation expense—restricted stock	906		906
Contributions from non-controlling interests	11,973					11,973
Distributions to non-controlling interests	(12,588)					(12,588)
Purchase of non-controlling interests	(4,679)		(3,531)			(1,148)
Shares repurchased - 345,081 shares	(2,422)	(1,035)	(1,387)
Net income (loss)	(1,605)				(2,388)	783
Other comprehensive loss	(50)			(50)
Comprehensive (loss) income	(1,655)
Ending balance at Sep. 30, 2015	$ 160,174	$ 40,285	$ 161,842	$ (58)	$ (79,414)	$ 37,519

CONSOLIDATED STATEMENT OF EQUI8

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical)	12 Months Ended
	Sep. 30, 2015shares
Statement of Stockholders' Equity [Abstract]
Shares repurchased (in shares)	345,081

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities
Net (loss) income	$ (1,605)	$ (16,166)	$ 2,089
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Recovery of previously provided allowances	0	(10)	(1,066)
Depreciation and amortization	22,957	17,535	8,713
Amortization of deferred fee income	0	(393)	(1,820)
Amortization of restricted stock	906	805	691
Gain on sale of partnership interest	0	0	(5,481)
Gain on sale of real estate assets	(15,005)	0	(769)
Gain on sale of available-for-sale securities	0	0	(530)
Equity in earnings of unconsolidated joint ventures	0	(19)	(198)
Distribution of earnings of unconsolidated joint ventures	0	8	175
(Increase) decrease in straight line rent	(411)	(569)	(264)
Increases and decreases from changes in other assets and liabilities:
Decrease in interest and dividends receivable	17	273	183
Increase in prepaid expenses	(93)	(548)	(440)
(Increase) decrease in prepaid interest	(881)	(1,016)	2,463
Increase in accounts payable and accrued liabilities	1,739	7,416	1,460
Decrease in deferred costs	0	0	(519)
Increase (decrease) in security deposits and other receivable	783	(12,167)	(3,995)
Other	0	16	74
Net cash provided by (used in) operating activities	8,407	(4,835)	766
Cash flows from investing activities:
Collections from real estate loans	2,000	34,045	76,872
Additions to real estate loans	0	(5,533)	(70,288)
Loan loss recoveries	0	10	1,066
Additions to real estate properties	(84,295)	(205,220)	(185,453)
Net costs capitalized to real estate owned	(59,407)	(43,130)	(33,860)
Collection of loan fees	0	180	1,520
Purchase of non controlling interest	(4,679)	0	0
Proceeds from sale of real estate owned	66,398	75	887
Proceeds from sale of available-for-sale securities	0	0	1,318
Proceeds from the sale of partnership interest	0	0	5,522
Net cash used in investing activities	(67,388)	(219,324)	(179,444)
Cash flows from financing activities:
Proceeds from borrowed funds	0	0	3,000
Repayment of borrowed funds	0	0	(3,000)
Proceeds from mortgages payable	98,907	170,767	147,957
Mortgage principal payments	(40,756)	(1,577)	(4,025)
Increase in deferred borrowing costs	(3,758)	(2,641)	(2,052)
Capital contributions from non-controlling interests	11,973	22,062	17,192
Capital distributions to non-controlling interests	(12,588)	(3,318)	(1,370)
Proceeds from sale of New Markets Tax Credits	0	5,142	0
Repurchase of shares of beneficial interest	(2,422)	0	0
Net cash provided by financing activities	51,356	190,435	157,702
Net decrease in cash and cash equivalents	(7,625)	(33,724)	(20,976)
Cash and cash equivalents at beginning of year	23,181	56,905	77,881
Cash and cash equivalents at end of year	15,556	23,181	56,905
Supplemental disclosures of cash flow information:
Cash paid during the year for interest expense, including capitalized interest of $2,602, $1,310 and $1,820 in 2015, 2014 and 2013	24,324	19,700	10,753
Cash paid during the year for income and excise taxes	131	255	133
Acquisition of real estate through assumption of debt	45,129	28,615	0
Commercial/mixed use properties | Newark Joint Venture | Primary Beneficiary
Cash flows from investing activities:
Net change in restricted cash	9,558	6,444	25,973
Multi-family residential
Cash flows from investing activities:
Net change in restricted cash	$ 3,037	$ (6,195)	$ (3,001)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Statement of Cash Flows [Abstract]
Capitalized interest	$ 2,602	$ 1,310	$ 1,820

ORGANIZATION, BACKGROUND AND SI

ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES	ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES 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. At September 30, 2015, the Trust owns 28 multi-family properties with 8,300 units and located in 11 states. BRT conducts its operations to qualify as a real estate investment trust, or REIT, for Federal income tax purposes. Principles of Consolidation 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. It was determined that the Trust is the primary beneficiary of this joint venture because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE. The Trust's consolidated joint ventures that own multi-family properties, other than the joint venture which owns a multi-family property in Kennesaw, GA, were determined to be VIE's because the voting rights of some equity investors are not proportional to their obligations to absorb the expected losses of the entity and their right to receive the expected residual returns. In addition, substantially all of the entity's activities either involve or are conducted on behalf of the investor that has disproportionately fewer voting rights. It was determined that the Trust is the primary beneficiary of these joint ventures because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE. The joint venture that owns the Kennesaw, GA property was determined not to be a VIE but is consolidated because the Trust has substantive participating rights in the entity giving it a controlling financial interest in the entity. With respect to its unconsolidated joint ventures, as (i) the Trust is primarily the managing member but does not exercise substantial operating control over these entities or the Trust is not the managing member and (ii) such entities are not VIE's, the Trust has determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes. Certain items on the consolidated financial statements for the prior years have been reclassified to conform with the current year's presentation, including the reclassification of certain expenses from general and administrative to property acquisition costs and the reclassification of the operations and related assets of the Trust's loan and investment segment to discontinued operations. Income Tax Status The Trust qualifies as a real estate investment trust under sections 856-860 of the Internal Revenue Code of 1986, as amended. The Trustees may, at their option, elect to operate the Trust as a business trust not qualifying as a real estate investment trust. In accordance with ASC Topic 740, the Trust believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Trust's financial position or results of operations. The Trust's income tax returns for the previous six years are subject to review by the Internal Revenue Service. NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) Revenue Recognition Rental revenue from residential properties is recorded when due from residents and is recognized monthly as it is earned. Rental payments are due in advance. Leases on residential properties are generally for terms that do not exceed one year. Rental revenue from commercial properties, including the base rent that each tenant is required to pay in accordance with the terms of their respective leases, net of any rent concessions and lease incentives, is reported on a straight-line basis over the non-cancellable term of the lease. Real Estate Properties Real estate properties are stated at cost, net of accumulated depreciation, and include real property acquired through acquisition, development or foreclosure. The Trust assesses the fair value of real estate acquired (including land, buildings and improvements, and identified intangibles such as above and below market leases and acquired in-place leases, if any) and acquired liabilities and allocates the acquisition price based on these assessments. Fixed-rate renewal options have been included in the calculation of the fair value of acquired leases where applicable. Depreciation is computed on a straight-line basis over the estimated useful lives of the tangible assets. Intangible assets (and liabilities) are amortized over the remaining life of the related lease at the time of acquisition. There were no unamortized value of in-place leases at September 30, 2015 and 2014 . Expenditures for maintenance and repairs are charged to operations as incurred. Real estate is classified as held for sale when management has determined that it has met the applicable criteria. Real estate assets that are expected to be disposed of are valued at the lower of their carrying amount or their fair value less costs to sell on an individual asset basis. The Trust accounts for the sale of real estate when title passes to the buyer, sufficient equity payments have been received, there is no continuing involvement by the Trust and there is reasonable assurance that the remaining receivable, if any, will be collected. Real Estate Asset Impairments The Trust reviews each real estate asset owned, including investments in real estate ventures, to determine if there are indicators of impairment. If such indicators are present, the Trust determines whether the carrying amount of the asset can be recovered. Recognition of impairment is required if the undiscounted cash flows estimated to be generated by the asset are less than the asset's carrying amount and that carrying amount exceeds the estimated fair value of the asset. In evaluating a property for impairment, various factors are considered, including estimated current and expected operating cash flow from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of such real estate in the ordinary course of business. Valuation adjustments may be necessary in the event that effective interest rates, rent-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. If future evaluations result in a decrease in the value of the property below its carrying value, the reduction will be recognized as an impairment charge. The fair values related to the impaired real estate are considered to be a level 3 valuation within the fair value hierarchy. Fixed Asset Capitalization A variety of costs may be incurred in the development of the Trust's properties. After a determination is made to capitalize a cost, it is allocated to the specific project that is benefited. The costs of land and building under development include specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, and other costs incurred during the period of development. A construction project is considered substantially completed when it is available for occupancy, but no later than one year from cessation of major construction activity. The Trust ceases capitalization when the project is available for occupancy. NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) Equity Based Compensation Compensation expense for restricted stock awards is amortized over the vesting period of such awards, based upon the estimated fair value of such restricted stock at the grant date. For accounting purposes, the restricted shares are not included in the outstanding shares shown on the consolidated balance sheets until they vest; however, they are included in the calculation of both basic and diluted earnings per share as they participate in the earnings of the Trust. Derivatives and Hedging Activities The Trust's objective in using derivative financial instruments is to manage interest rate risk. The Trust does not use derivatives for trading or speculative purposes. The Trust records all derivatives on its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative; whether the Trust has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (loss) and subsequently reclassified to earnings in the period in which the hedge transaction affects earnings. The ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which they occur. Per Share Data Basic earnings (loss) per share is determined by dividing net income (loss) applicable to common shareholders for the applicable year by the weighted average number of shares of beneficial interest outstanding during such year. 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 (loss) per share is determined by dividing net income (loss) applicable to common shareholders for the applicable year by the sum of the weighted average number of shares of beneficial interest outstanding plus the dilutive effect of the Trust's unvested restricted stock using the treasury stock method. Cash Equivalents Cash equivalents consist of highly liquid investments, primarily direct United States treasury obligations with maturities of three months or less when purchased. Restricted Cash Restricted cash—Newark and restricted cash—multi-family consist principally of cash held for construction costs and property improvements at specific properties as may be required by contractual arrangements. Deferred Costs Fees and costs incurred in connection with multi-family property financings and the New Markets Tax Credits related to the Newark Joint Venture (Note 9) are deferred and amortized over the term of the related debt obligations. Fees and costs paid related to the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) Segment Reporting As of September 30, 2015 and 2014 , the Trust operates in two reportable segments: (i) multi-family real estate; and (ii) other real estate. The multi-family real estate segment includes the ownership, operation and development of the Trust's multi-family properties and the other real estate segment includes all activities related to the ownership, development, operation and disposition of the Trust's other real estate assets. In the year ended September 30, 2013, the Trust operated in a third segment, the loan and investment segment, which includes all activities related to the origination and servicing of the Trust's loan portfolio and other investments. The operations and assets related to this segment are reported as part of discontinued operations as the Trust no longer operates in this segment. New Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2018. 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

REAL ESTATE PROPERTIES	12 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
REAL ESTATE PROPERTIES	REAL ESTATE PROPERTIES A summary of activity in real estate properties(including a multi-family property held for sale), for the year ended September 30, 2015 , follows (dollars in thousands): September 30, Additions Capitalized Sales Depreciation, September 30, Multi-family $ 511,866 $ 129,425 $ 33,399 $ (51,319 ) $ (18,331 ) $ 605,040 Commercial/mixed use(a) 113,021 — 30,661 — (2,241 ) 141,441 Land (b) 7,972 — — — — 7,972 Shopping centers/retail (c) 2,678 — 4 — (108 ) 2,574 Co-op/Condo Apts 75 — — (75 ) — — ​ ​ ​ ​ ​ ​ Total real estate properties $ 635,612 $ 129,425 $ 64,064 $ (51,394 ) $ (20,680 ) $ 757,027 _______________________________________________________________________________ NOTE 2—REAL ESTATE PROPERTIES (continued) (a) Represents the real estate assets of RBH-TRB Newark Holdings LLC, a consolidated VIE, which owns operating and development properties in Newark, NJ. These properties contain a mix of office, retail, residential, charter schools and surface parking aggregating approximately 565,000 square feet of commercial space and 61 residential apartment units (excluding 16,000 square feet of commercial space and 62 residential apartment units currently under construction). Certain of these assets are subject to a mortgage in the aggregate principal balance of $19,500,000 held by the Trust, which is eliminated in consolidation. Several of the assets are also encumbered by other mortgages which are discussed in Note 5—Debt Obligations—Mortgages Payable. The Trust made net capital contributions of $1,836,000 and $4,972,000 to this venture in the years ended September 30, 2015 and 2014 , respectively, representing its proportionate share of capital required to fund the operations of the venture for its next fiscal year and, in the year ended September 30, 2014, to purchase additional land parcels. The 2014 contribution includes $2,489,000 for the payment of deferred interest on the loan held by the Trust. (b) Represents an 8.9 acre development parcel located in Daytona Beach, FL acquired in foreclosure. (c) The Trust, through a joint venture in which it has an 85% interest, owns a leasehold interest in a portion of a retail shopping center located in Yonkers, NY. The leasehold interest is for approximately 28,500 square feet and, including all option periods, expires in 2045. The acquisitions completed in the year ended September 30, 2015 and described in Note 3-Acquisitions, Dispositions and Impairments, have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and assumed liabilities based on management's estimate of fair value of these acquired assets and assumed liabilities at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Trust expects to finalize the valuations and complete the purchase price allocations within one year from the date of the applicable acquisition. The following table summarizes the preliminary allocations of the purchase prices of assets acquired and liabilities assumed during the year ended September 30, 2015 (dollars in thousands): Preliminary Purchase Price Allocation Land $ 15,163 Buildings and Improvements 114,287 Total Consideration $ 129,450 NOTE 2—REAL ESTATE PROPERTIES (continued) The following table summarizes the preliminary allocations of the purchase price of properties as recorded as of September 30, 2014 , and the finalized allocation of the purchase price, as adjusted, as of September 30, 2015 (dollars in thousands): Preliminary Purchase Price Allocation Adjustments Finalized Purchase Price Allocation Land $ 58,700 $ (10,052 ) $ 48,648 Buildings and Improvements 172,500 8,692 181,192 Acquisition-related intangible assets (in acquired lease intangibles, net) (1) — 1,360 1,360 Total Consideration $ 231,200 — $ 231,200 A summary of the Trust's multi-family properties by state as at and for the year ended September 30, 2015 , is as follows (dollars in thousands): Location Number of Units 2015 Revenue % of Revenue Texas (a) 1,412 $ 19,135 25 % Tennessee 1,244 14,931 20 Georgia 1,312 14,334 19 Florida (a) 1,186 11,742 15 Kansas 496 3,405 5 Indiana 400 2,988 4 South Carolina 568 2,892 4 Alabama (a) 826 2,699 4 Ohio 264 2,331 3 Arkansas 172 1,122 1 Missouri (a) 420 64 — 8,300 $ 75,643 100 % (a) Includes properties purchased during the year ended September 30, 2015. Future minimum rentals to be received by the Trust pursuant to non-cancellable operating leases with terms in excess of one year, from commercial properties owned by the Trust at September 30, 2015 , are as follows (dollars in thousands): Year Ending September 30, Amount 2016 $ 3,945 2017 3,575 2018 3,360 2019 3,397 2020 3,489 Thereafter 37,096 Total $ 54,862 Leases at the Trust's multi-family properties are generally for a term of one year or less and are not reflected in the above table. ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES Property Acquisitions Set forth below is information for the year ended September 30, 2015 regarding the Trust's purchases of multi-family properties through joint ventures. The Trust has an 80% equity interest in each venture, except for the Pensacola, FL and Valley, AL ventures in each of which it has a 97.5% interest (dollars in thousands): Location Purchase No. of Contract Acquisition Mortgage Debt Initial BRT Equity Property Acquisition Costs Pensacola, FL 12/22/2014 276 $ 27,950 $ 17,173 $ 11,380 $ 258 Valley, AL 7/27/2015 618 43,750 28,990 10,351 629 San Marco, TX 09/08/2015 192 21,725 17,158 4,720 535 Lake St. Louis, MO 09/25/2015 420 36,000 27,957 8,500 447 Other — — — — 16 1,506 $ 129,425 $ 91,278 $ 34,951 $ 1,885 Subsequent to September 30, 2015, the Trust purchased two properties. The Trust has an 65% equity interest in the venture that purchased the Charleston, SC property and the LaGrange, GA property is wholly owned. Information regarding these purchases is set forth below: Location Purchase No. of Contract Acquisition Mortgage Debt Initial BRT Equity Property Acquisition Costs Charleston, SC ( a) 12/22/2014 271 $ 27,950 $ — $ 11,380 $ — LaGrange, GA 7/24/2015 236 22,800 16,052 6,558 57,000 507 $ 50,750 $ 16,052 $ 17,938 $ 57,000 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 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 . NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - (continued) Property Dispositions Set forth below is a summary of the real estate properties disposed of by the Trust in the year ended September 30, 2015(dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner portion of gain Lawrenceville, GA 2/5/2015 170 $ 9,700 $ 2,655 $ 1,141 Marietta, GA 7/7/2015 207 17,600 7,781 3,179 Houston, TX 7/24/2015 236 39,848 3,846 769 New York, NY 9/30/2015 1 635 601 — Misc. — — 122 — 614 $ 67,783 $ 15,005 $ 5,089 Impairment Charges The Trust reviews each real estate asset, including those held through investments in unconsolidated joint ventures, for impairment when there is an event or a change in circumstances indicating that the carrying amount may not be recoverable. The Trust measures and records impairment losses, and reduces the carrying value of properties, when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Trust does not expect to recover its carrying costs on properties held for use, the Trust reduces its carrying costs to fair value, and for properties held for sale, the Trust reduces its carrying value to the fair value less costs to sell. During the years ended September 30, 2015 , 2014 , and 2013 , no impairment charges were recorded. Management does not believe that the values of any properties are impaired as of September 30, 2015 . REAL ESTATE PROPERTY HELD FOR SALE At September 30, 2015, The Grove at Trinity Point property in Cordova, TN was held for sale. The property which has a book value of $23,859,000 , is under contract for sale.

ACQUISITIONS, DISPOSITIONS AND

ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES	12 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES	REAL ESTATE PROPERTIES A summary of activity in real estate properties(including a multi-family property held for sale), for the year ended September 30, 2015 , follows (dollars in thousands): September 30, Additions Capitalized Sales Depreciation, September 30, Multi-family $ 511,866 $ 129,425 $ 33,399 $ (51,319 ) $ (18,331 ) $ 605,040 Commercial/mixed use(a) 113,021 — 30,661 — (2,241 ) 141,441 Land (b) 7,972 — — — — 7,972 Shopping centers/retail (c) 2,678 — 4 — (108 ) 2,574 Co-op/Condo Apts 75 — — (75 ) — — ​ ​ ​ ​ ​ ​ Total real estate properties $ 635,612 $ 129,425 $ 64,064 $ (51,394 ) $ (20,680 ) $ 757,027 _______________________________________________________________________________ NOTE 2—REAL ESTATE PROPERTIES (continued) (a) Represents the real estate assets of RBH-TRB Newark Holdings LLC, a consolidated VIE, which owns operating and development properties in Newark, NJ. These properties contain a mix of office, retail, residential, charter schools and surface parking aggregating approximately 565,000 square feet of commercial space and 61 residential apartment units (excluding 16,000 square feet of commercial space and 62 residential apartment units currently under construction). Certain of these assets are subject to a mortgage in the aggregate principal balance of $19,500,000 held by the Trust, which is eliminated in consolidation. Several of the assets are also encumbered by other mortgages which are discussed in Note 5—Debt Obligations—Mortgages Payable. The Trust made net capital contributions of $1,836,000 and $4,972,000 to this venture in the years ended September 30, 2015 and 2014 , respectively, representing its proportionate share of capital required to fund the operations of the venture for its next fiscal year and, in the year ended September 30, 2014, to purchase additional land parcels. The 2014 contribution includes $2,489,000 for the payment of deferred interest on the loan held by the Trust. (b) Represents an 8.9 acre development parcel located in Daytona Beach, FL acquired in foreclosure. (c) The Trust, through a joint venture in which it has an 85% interest, owns a leasehold interest in a portion of a retail shopping center located in Yonkers, NY. The leasehold interest is for approximately 28,500 square feet and, including all option periods, expires in 2045. The acquisitions completed in the year ended September 30, 2015 and described in Note 3-Acquisitions, Dispositions and Impairments, have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and assumed liabilities based on management's estimate of fair value of these acquired assets and assumed liabilities at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Trust expects to finalize the valuations and complete the purchase price allocations within one year from the date of the applicable acquisition. The following table summarizes the preliminary allocations of the purchase prices of assets acquired and liabilities assumed during the year ended September 30, 2015 (dollars in thousands): Preliminary Purchase Price Allocation Land $ 15,163 Buildings and Improvements 114,287 Total Consideration $ 129,450 NOTE 2—REAL ESTATE PROPERTIES (continued) The following table summarizes the preliminary allocations of the purchase price of properties as recorded as of September 30, 2014 , and the finalized allocation of the purchase price, as adjusted, as of September 30, 2015 (dollars in thousands): Preliminary Purchase Price Allocation Adjustments Finalized Purchase Price Allocation Land $ 58,700 $ (10,052 ) $ 48,648 Buildings and Improvements 172,500 8,692 181,192 Acquisition-related intangible assets (in acquired lease intangibles, net) (1) — 1,360 1,360 Total Consideration $ 231,200 — $ 231,200 A summary of the Trust's multi-family properties by state as at and for the year ended September 30, 2015 , is as follows (dollars in thousands): Location Number of Units 2015 Revenue % of Revenue Texas (a) 1,412 $ 19,135 25 % Tennessee 1,244 14,931 20 Georgia 1,312 14,334 19 Florida (a) 1,186 11,742 15 Kansas 496 3,405 5 Indiana 400 2,988 4 South Carolina 568 2,892 4 Alabama (a) 826 2,699 4 Ohio 264 2,331 3 Arkansas 172 1,122 1 Missouri (a) 420 64 — 8,300 $ 75,643 100 % (a) Includes properties purchased during the year ended September 30, 2015. Future minimum rentals to be received by the Trust pursuant to non-cancellable operating leases with terms in excess of one year, from commercial properties owned by the Trust at September 30, 2015 , are as follows (dollars in thousands): Year Ending September 30, Amount 2016 $ 3,945 2017 3,575 2018 3,360 2019 3,397 2020 3,489 Thereafter 37,096 Total $ 54,862 Leases at the Trust's multi-family properties are generally for a term of one year or less and are not reflected in the above table. ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES Property Acquisitions Set forth below is information for the year ended September 30, 2015 regarding the Trust's purchases of multi-family properties through joint ventures. The Trust has an 80% equity interest in each venture, except for the Pensacola, FL and Valley, AL ventures in each of which it has a 97.5% interest (dollars in thousands): Location Purchase No. of Contract Acquisition Mortgage Debt Initial BRT Equity Property Acquisition Costs Pensacola, FL 12/22/2014 276 $ 27,950 $ 17,173 $ 11,380 $ 258 Valley, AL 7/27/2015 618 43,750 28,990 10,351 629 San Marco, TX 09/08/2015 192 21,725 17,158 4,720 535 Lake St. Louis, MO 09/25/2015 420 36,000 27,957 8,500 447 Other — — — — 16 1,506 $ 129,425 $ 91,278 $ 34,951 $ 1,885 Subsequent to September 30, 2015, the Trust purchased two properties. The Trust has an 65% equity interest in the venture that purchased the Charleston, SC property and the LaGrange, GA property is wholly owned. Information regarding these purchases is set forth below: Location Purchase No. of Contract Acquisition Mortgage Debt Initial BRT Equity Property Acquisition Costs Charleston, SC ( a) 12/22/2014 271 $ 27,950 $ — $ 11,380 $ — LaGrange, GA 7/24/2015 236 22,800 16,052 6,558 57,000 507 $ 50,750 $ 16,052 $ 17,938 $ 57,000 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 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 . NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - (continued) Property Dispositions Set forth below is a summary of the real estate properties disposed of by the Trust in the year ended September 30, 2015(dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner portion of gain Lawrenceville, GA 2/5/2015 170 $ 9,700 $ 2,655 $ 1,141 Marietta, GA 7/7/2015 207 17,600 7,781 3,179 Houston, TX 7/24/2015 236 39,848 3,846 769 New York, NY 9/30/2015 1 635 601 — Misc. — — 122 — 614 $ 67,783 $ 15,005 $ 5,089 Impairment Charges The Trust reviews each real estate asset, including those held through investments in unconsolidated joint ventures, for impairment when there is an event or a change in circumstances indicating that the carrying amount may not be recoverable. The Trust measures and records impairment losses, and reduces the carrying value of properties, when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Trust does not expect to recover its carrying costs on properties held for use, the Trust reduces its carrying costs to fair value, and for properties held for sale, the Trust reduces its carrying value to the fair value less costs to sell. During the years ended September 30, 2015 , 2014 , and 2013 , no impairment charges were recorded. Management does not believe that the values of any properties are impaired as of September 30, 2015 . REAL ESTATE PROPERTY HELD FOR SALE At September 30, 2015, The Grove at Trinity Point property in Cordova, TN was held for sale. The property which has a book value of $23,859,000 , is under contract for sale.

REAL ESTATE PROPERTY HELD FOR S

REAL ESTATE PROPERTY HELD FOR SALE	12 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
REAL ESTATE PROPERTY HELD FOR SALE	REAL ESTATE PROPERTIES A summary of activity in real estate properties(including a multi-family property held for sale), for the year ended September 30, 2015 , follows (dollars in thousands): September 30, Additions Capitalized Sales Depreciation, September 30, Multi-family $ 511,866 $ 129,425 $ 33,399 $ (51,319 ) $ (18,331 ) $ 605,040 Commercial/mixed use(a) 113,021 — 30,661 — (2,241 ) 141,441 Land (b) 7,972 — — — — 7,972 Shopping centers/retail (c) 2,678 — 4 — (108 ) 2,574 Co-op/Condo Apts 75 — — (75 ) — — ​ ​ ​ ​ ​ ​ Total real estate properties $ 635,612 $ 129,425 $ 64,064 $ (51,394 ) $ (20,680 ) $ 757,027 _______________________________________________________________________________ NOTE 2—REAL ESTATE PROPERTIES (continued) (a) Represents the real estate assets of RBH-TRB Newark Holdings LLC, a consolidated VIE, which owns operating and development properties in Newark, NJ. These properties contain a mix of office, retail, residential, charter schools and surface parking aggregating approximately 565,000 square feet of commercial space and 61 residential apartment units (excluding 16,000 square feet of commercial space and 62 residential apartment units currently under construction). Certain of these assets are subject to a mortgage in the aggregate principal balance of $19,500,000 held by the Trust, which is eliminated in consolidation. Several of the assets are also encumbered by other mortgages which are discussed in Note 5—Debt Obligations—Mortgages Payable. The Trust made net capital contributions of $1,836,000 and $4,972,000 to this venture in the years ended September 30, 2015 and 2014 , respectively, representing its proportionate share of capital required to fund the operations of the venture for its next fiscal year and, in the year ended September 30, 2014, to purchase additional land parcels. The 2014 contribution includes $2,489,000 for the payment of deferred interest on the loan held by the Trust. (b) Represents an 8.9 acre development parcel located in Daytona Beach, FL acquired in foreclosure. (c) The Trust, through a joint venture in which it has an 85% interest, owns a leasehold interest in a portion of a retail shopping center located in Yonkers, NY. The leasehold interest is for approximately 28,500 square feet and, including all option periods, expires in 2045. The acquisitions completed in the year ended September 30, 2015 and described in Note 3-Acquisitions, Dispositions and Impairments, have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and assumed liabilities based on management's estimate of fair value of these acquired assets and assumed liabilities at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Trust expects to finalize the valuations and complete the purchase price allocations within one year from the date of the applicable acquisition. The following table summarizes the preliminary allocations of the purchase prices of assets acquired and liabilities assumed during the year ended September 30, 2015 (dollars in thousands): Preliminary Purchase Price Allocation Land $ 15,163 Buildings and Improvements 114,287 Total Consideration $ 129,450 NOTE 2—REAL ESTATE PROPERTIES (continued) The following table summarizes the preliminary allocations of the purchase price of properties as recorded as of September 30, 2014 , and the finalized allocation of the purchase price, as adjusted, as of September 30, 2015 (dollars in thousands): Preliminary Purchase Price Allocation Adjustments Finalized Purchase Price Allocation Land $ 58,700 $ (10,052 ) $ 48,648 Buildings and Improvements 172,500 8,692 181,192 Acquisition-related intangible assets (in acquired lease intangibles, net) (1) — 1,360 1,360 Total Consideration $ 231,200 — $ 231,200 A summary of the Trust's multi-family properties by state as at and for the year ended September 30, 2015 , is as follows (dollars in thousands): Location Number of Units 2015 Revenue % of Revenue Texas (a) 1,412 $ 19,135 25 % Tennessee 1,244 14,931 20 Georgia 1,312 14,334 19 Florida (a) 1,186 11,742 15 Kansas 496 3,405 5 Indiana 400 2,988 4 South Carolina 568 2,892 4 Alabama (a) 826 2,699 4 Ohio 264 2,331 3 Arkansas 172 1,122 1 Missouri (a) 420 64 — 8,300 $ 75,643 100 % (a) Includes properties purchased during the year ended September 30, 2015. Future minimum rentals to be received by the Trust pursuant to non-cancellable operating leases with terms in excess of one year, from commercial properties owned by the Trust at September 30, 2015 , are as follows (dollars in thousands): Year Ending September 30, Amount 2016 $ 3,945 2017 3,575 2018 3,360 2019 3,397 2020 3,489 Thereafter 37,096 Total $ 54,862 Leases at the Trust's multi-family properties are generally for a term of one year or less and are not reflected in the above table. ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES Property Acquisitions Set forth below is information for the year ended September 30, 2015 regarding the Trust's purchases of multi-family properties through joint ventures. The Trust has an 80% equity interest in each venture, except for the Pensacola, FL and Valley, AL ventures in each of which it has a 97.5% interest (dollars in thousands): Location Purchase No. of Contract Acquisition Mortgage Debt Initial BRT Equity Property Acquisition Costs Pensacola, FL 12/22/2014 276 $ 27,950 $ 17,173 $ 11,380 $ 258 Valley, AL 7/27/2015 618 43,750 28,990 10,351 629 San Marco, TX 09/08/2015 192 21,725 17,158 4,720 535 Lake St. Louis, MO 09/25/2015 420 36,000 27,957 8,500 447 Other — — — — 16 1,506 $ 129,425 $ 91,278 $ 34,951 $ 1,885 Subsequent to September 30, 2015, the Trust purchased two properties. The Trust has an 65% equity interest in the venture that purchased the Charleston, SC property and the LaGrange, GA property is wholly owned. Information regarding these purchases is set forth below: Location Purchase No. of Contract Acquisition Mortgage Debt Initial BRT Equity Property Acquisition Costs Charleston, SC ( a) 12/22/2014 271 $ 27,950 $ — $ 11,380 $ — LaGrange, GA 7/24/2015 236 22,800 16,052 6,558 57,000 507 $ 50,750 $ 16,052 $ 17,938 $ 57,000 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 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 . NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - (continued) Property Dispositions Set forth below is a summary of the real estate properties disposed of by the Trust in the year ended September 30, 2015(dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner portion of gain Lawrenceville, GA 2/5/2015 170 $ 9,700 $ 2,655 $ 1,141 Marietta, GA 7/7/2015 207 17,600 7,781 3,179 Houston, TX 7/24/2015 236 39,848 3,846 769 New York, NY 9/30/2015 1 635 601 — Misc. — — 122 — 614 $ 67,783 $ 15,005 $ 5,089 Impairment Charges The Trust reviews each real estate asset, including those held through investments in unconsolidated joint ventures, for impairment when there is an event or a change in circumstances indicating that the carrying amount may not be recoverable. The Trust measures and records impairment losses, and reduces the carrying value of properties, when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Trust does not expect to recover its carrying costs on properties held for use, the Trust reduces its carrying costs to fair value, and for properties held for sale, the Trust reduces its carrying value to the fair value less costs to sell. During the years ended September 30, 2015 , 2014 , and 2013 , no impairment charges were recorded. Management does not believe that the values of any properties are impaired as of September 30, 2015 . REAL ESTATE PROPERTY HELD FOR SALE At September 30, 2015, The Grove at Trinity Point property in Cordova, TN was held for sale. The property which has a book value of $23,859,000 , is under contract for sale.

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
	Sep. 30, 2015
Restricted Cash and Investments [Abstract]
RESTRICTED CASH	RESTRICTED CASH Restricted cash represents funds that are being held for specific purposes and are therefore not generally available for general corporate purposes. As reflected on the consolidated balance sheet: (i) "Restricted cash—Newark" represents funds that are held by third parties for the construction of residential/commercial buildings at the Newark Joint Venture's Teachers Village Project; and (ii) "Restricted cash—multi-family" represents funds that are held by or on behalf of the Trust specifically for capital improvements at multi-family properties.

DEBT OBLIGATIONS

DEBT OBLIGATIONS	12 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS Debt obligations consist of the following (dollars in thousands): September 30, 2015 2014 Mortgages payable (including mortgage held for sale) $ 585,686 $ 482,406 Junior subordinated notes 37,400 37,400 Total debt obligations $ 623,086 $ 519,806 Mortgage Payable At September 30, 2015, $473,646,000 of mortgage debt is outstanding on the Trust's 28 multi family properties with a weighted average interest rate of 3.99% and a weighted average remaining term to maturity of 6.5 years. Scheduled principal repayments for the next five years and thereafter are as follows (dollars in thousands): Year Ending September 30, Principal Payments Due 2016 $ 5,635 2017 7,249 2018 8,027 2019 142,385 2020 43,169 Thereafter 267,181 $ 473,646 At September 30, 2015, $112,040,000 of mortgage debt is outstanding on the Trust's other real estate properties with a weighted average interest rate of 5.53% and a weighted average remaining term to maturity of 10.5 years. Scheduled principal repayments for the next five years and thereafter are as follows: (dollars in thousands): Year Ending September 30, Principal Payments Due 2016 $ 1,998 2017 2,635 2018 2,829 2019 23,971 2020 8,669 Thereafter 71,938 $ 112,040 NOTE 6—DEBT OBLIGATIONS - (continued) Junior Subordinated Notes At September 30, 2015 and 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 below: Interest period Interest Rate August 1, 2012 through April 29, 2016 4.9 % April 30, 2016 through April 30, 2036 Three month LIBOR + 2.00 The junior subordinated notes require interest only payments through the maturity date, at which time repayment of all outstanding principal and interest are due. Interest expense for each of the years ended September 30, 2015 , 2014 and 2013 , which includes amortization of deferred costs, was $1,853,000 . Unsecured short term borrowing On December 11, 2015, the Trust borrowed $8,000,000 , on a short term unsecured basis, from Gould Investors L.P. , a related party. The note bears interest at 5.24% and will mature on the earlier of (i) May 10, 2016 or (ii) the receipt of funds from the sale of the Trust's equity interest in the Newark Joint Venture or the repayment of the Newark Joint Venture loan, in principal amount of $19,500,000 , which is eliminated in consolidation.

DEFERRED INCOME (NEW MARKETS TA

DEFERRED INCOME (NEW MARKETS TAX CREDIT TRANSACTION)	12 Months Ended
	Sep. 30, 2015
Deferred Revenue Disclosure [Abstract]
DEFERRED INCOME (NEW MARKETS TAX CREDIT TRANSACTION)	DEFERRED INCOME (NEW MARKETS TAX CREDIT TRANSACTION) In connection with the Teachers Village project, on September 30, 2014, affiliates of JP Morgan Chase ("Chase") contributed $5,100,000 , and on September 12, 2012 and February 3, 2012, affiliates of Goldman Sachs (" Goldman") contributed $16,400,000 and $11,200,000 , respectively, to special purpose subsidiaries of the Newark Joint Venture and these subsidiaries received the proceeds from the sale of New Markets Tax Credits ("NMTC") for which the project qualified. Chase and Goldman are entitled to receive tax credits against their qualified investments in the project over the seven years commencing as of the dates of their respective contributions. At the end of the seven years, the Newark Joint Venture subsidiaries have the option to acquire the special purpose entities for a nominal fee. Included in deferred income on the Trust's consolidated balance sheet at September 30, 2015 and 2014 are $30,990,000 of the Chase and Goldman contributions, which are net of fees of the NMTC transactions and Newark Joint Venture financing transactions. These amounts will be recognized into income when the obligations to comply with the requirements of the NMTC program as set forth in the applicable provisions of the Internal Revenue Code of 1986, as amended (the "Code"), is eliminated. The failure of the Newark Joint Venture to comply with the requirements of the NMTC program may result in the reversal of the tax credit benefits and the related obligation of the Newark Joint Venture to indemnify the beneficiaries of such credits. The tax credits are subject to recapture for a seven year period as provided in the Code. Costs incurred in structuring these transactions are deferred and will be recognized as an expense based on the maturities of the various mortgage financings, including the debt financing obtained by the Newark Joint Venture contemporaneously with the NMTC transactions. At September 30, 2015 and 2014 , these costs totaled $9.7 million and $8.7 million and are included in deferred costs on the consolidated balance sheets. The Trust determined that the special purpose subsidiaries are VIE's. The VIE's ongoing activities, which include collecting and remitting interest and fees and NMTC compliance, were all considered in the design of the special purpose entities and are not anticipated to affect the economic performance during the life of the VIE's. Management considered the obligation to deliver tax benefits, provide guarantees to Chase and Goldman and the Trust's obligation to absorb the losses of the VIE. Management also considered Chase's and Goldman's lack of a material interest in the underlying economics of the project. Management concluded that the Trust is the primary beneficiary and has therefore consolidated the VIE's.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Trust elected to be taxed as a real estate investment trust ("REIT"),pursuant to the Code. As a REIT, the Trust will generally not be subject to Federal income taxes at the corporate level if it distributes 100% of its REIT taxable income, as defined, to its shareholders. To maintain its REIT status, the Trust must distribute at least 90% of its taxable income; however if it does not distribute 100% of its taxable income, it will be taxed on undistributed income. There are a number of organizational NOTE 8—INCOME TAXES - (continued) and operational requirements the Trust must meet to remain a REIT. If the Trust fails to qualify as a REIT in any taxable year, its taxable income will be subject to Federal income tax at regular corporate tax rates and it may not be able to qualify as a REIT for four subsequent tax years. Even if it is qualified as a REIT, the Trust is subject to certain state and local income taxes and to Federal income and excise taxes on the undistributed taxable income. For income tax purposes, the Trust reports on a calendar year. During the years ended September 30, 2015 , 2014 and 2013 , the Trust recorded $18,000 , $155,000 and $102,000 , respectively, of state franchise tax expense, net of refunds, relating to the 2014 , 2013 and 2012 tax years. During the years ended September 30, 2014 and 2013, the Trust also paid $13,000 and $182,000 , respectively, in alternative minimum tax, which resulted from the use of net operating loss carryforwards in tax years 2013 and 2012. Earnings and profits, which determine the taxability of dividends to shareholders, differs from net income reported for financial statement purposes due to various items including timing differences related to loan loss provisions, impairment charges, depreciation methods and carrying values. At December 31, 2014 , the Trust had a net operating loss carry forward of $65,286,000 . These net operating losses may be available in future years to reduce taxable income when it is generated. These tax loss carry forwards begin to expire in 2029.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS' EQUITY Distributions During the year ended September 30, 2015 , 2014 and 2013, the Trust did not declare or pay any dividends. Restricted Shares The Trust's 2012 Incentive Plan, approved by its shareholders in January 2012, permits the Trust to grant stock options, restricted stock, restricted stock units, performance shares awards and any one or more of the foregoing, up to a maximum of 600,000 shares. As of September 30, 2015 , 414,925 shares were issued and 414,625 shares were outstanding pursuant to this plan. An aggregate of 258,250 shares of restricted stock were granted pursuant to the Trust's 2009 equity incentive plan (the "Prior Plan") and have not yet vested. No additional awards may be granted under the Prior Plan. The restricted shares that have been 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. During the years ended September 30, 2015 , 2014 and 2013 , the Trust issued 142,950 , 140,600 and 131,525 restricted shares, respectively, under the Trust's equity incentive plans. The estimated fair value of restricted stock at the date of grant is amortized ratably into expense over the applicable vesting period. For the years ended September 30, 2015 , 2014 and 2013 , the Trust recognized $906,000 , $805,000 and $691,000 of compensation expense, respectively. At September 30, 2015 , $2,184,000 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. Changes in number of shares outstanding under the Trust's equity incentive plans are shown below: Years Ended September 30, 2015 2014 2013 Outstanding at beginning of the year 648,225 627,425 580,180 Issued 142,950 140,600 131,525 Cancelled — (300 ) (22,000 ) Vested (118,300 ) (119,500 ) (62,280 ) Outstanding at the end of the year 672,875 648,225 627,425 Earnings (Loss) Per Share The following table sets forth the computation of basic and diluted earnings (loss) per share (dollars in thousands): 2015 2014 2013 Numerator for basic and diluted earnings per share attributable to common shareholders: Net (loss) income attributable to common shareholders $ (2,388 ) $ (9,454 ) $ 5,013 Denominator: Denominator for basic earnings per share—weighted average shares 14,133,352 14,265,589 14,137,091 Denominator for diluted earnings per share—adjusted weighted average shares and assumed conversions 14,133,352 14,265,589 14,137,091 Basic (loss) earnings per share $ (0.17 ) $ (0.66 ) $ 0.35 Diluted (loss) earnings per share $ (0.17 ) $ (0.66 ) $ 0.35 Share Buyback and Treasury Shares In September 2013, the Board of Trustees approved a share repurchase program authorizing the Trust to spend up to $2,000,000 through September 2015 to repurchase its shares of beneficial interest. In December 2014,the Board of Trustees increased to $4 million the amount the Trust can spend to repurchase shares of beneficial interest and extended the program through September 30, 2017. On December 12, 2014, the Trust purchased 345,081 shares of beneficial interest at a price of $7.02 per share, or a total of $2,422,000 .

ADVISOR'S COMPENSATION AND RELA

ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS	12 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS	ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS Certain of the Trust's officers and trustees are also officers and directors of REIT Management Corp. ("REIT Management") to which the Trust, pursuant to an amended and restated advisory agreement, as amended, paid advisory fees for administrative services and investment advice. Fredric H. Gould, a trustee and former Chairman of the Board of the Trust, is the sole shareholder of REIT Management. The Advisory Agreement, as amended, provides that (i) it renews automatically on July 1st of each year, unless earlier terminated with or without cause, (ii) the minimum and maximum fees payable in a twelve month period to REIT Management were set at $750,000 and $4 million , respectively, subject to adjustment for any period of less than twelve months and (iii) the Trust is to pay REIT Management the following annual fees which are to be paid on a quarterly basis: • .45% of the average book value of all real estate properties, excluding depreciation; • .25% of the average amount of the fair market value of marketable securities; • .15% of the average amount of cash and cash equivalents; • 1.0% of the average principal amount of earning loans; and • .35% of the average amount of the fair market value of non-earning loans; To the extent loans or real estate are held by joint ventures or other arrangements in which the Trust has an interest, fees vary based on, among other things, the nature of the asset ( i.e., real estate or loans), the nature of the Trust's involvement ( i.e., active or passive) and the extent of the Trust's equity interests in such arrangements. Advisory fees amounted to $ $2,448,000 , $2,016,000 and $1,802,000 for the years ended September 30, 2015, 2014 and 2013, respectively, of which $ 214,000 and $831,000 , in the years ended September 30, 2014 and 2013, respectively, is reported as a component of discontinued operations. Effective as of December 31, 2015, the Advisory Agreement will terminate. In lieu thereof, the Trust will retain personnel, including related parties, to provide the services previously provided pursuant to such agreement. The aggregate fees in calendar 2016 for the provision of such services may not exceed $1.15 million . Management of certain properties owned by the Trust and certain joint venture properties is provided by Majestic Property Management Corp., a corporation in which Fredric H. Gould is the sole shareholder, under renewable year-to-year agreements. Certain of the Trust's officers and Trustees are also officers and directors of Majestic Property Management Corp. Majestic Property Management Corp. provides real property management, real estate brokerage and construction supervision services to these properties. For the years ended September 30, 2015 , 2014 and 2013 , fees for these services aggregated $56,000 , $28,000 , and $81,000 , respectively. Fredric H. Gould is also vice chairman of the board of directors of One Liberty Properties, Inc., a related party, and certain of the Trust's officers and Trustees are also officers and directors of One Liberty Properties, Inc. In addition, Mr. Gould is an executive officer and sole shareholder of Georgetown Partners, Inc., the managing general partner of Gould Investors L.P., a related party. Certain of the Trust's officers and Trustees are also officers and directors of Georgetown Partners, Inc. The allocation of expenses for the shared facilities, personnel and other resources is computed in accordance with a shared services agreement by and among the Trust and the affiliated entities and is included in general and administrative expense on the statements of operations. During the years ended September 30, 2015 , 2014 and 2013 , allocated general and administrative expenses reimbursed by the Trust to Gould Investors L.P. pursuant to the shared services agreement aggregated $532,000 , $474,000 and $633,000 , respectively. In the three months ended December 31, 2014, the Trust sold its last loan receivable with an outstanding balance of $2,000,000 to Gould Investors, L.P. at face value. Management of many of our properties is performed by our partners or their affiliates. In addition, we may pay an acquisition fee to our partner upon the purchase of a property. Management and acquisition fees amounted to $2,678,000 , $2,797,000 and $1,808,000 for the years ended September 30, 2015, 2014 and 2013, respectively. In addition to its share of rent included as part of the Shared Services Agreement, the Trust leased additional space in the same building directly from an affiliate of Gould Investors, L.P. prior to the sale of the building in January 2015. The rent paid was $64,000 , $149,000 and $146,000 in the years ended September 30, 2015, 2014 and 2013, respectively. The Trust obtains insurance ( primarily property insurance) in conjunction with Gould Investors, L.P. and reimburses them for the Trust's share of the insurance cost. Insurance reimbursements to Gould for the years ended September 30, 2015, 2014 and 2013 were $15,000 , $15,000 and $13,000 respectively. On December 11, 2015, the Trust borrowed $8,000,000 from Gould Investors L.P. - see Note 6" Debt Obligations - Unsecured Short Term Borrowing".

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS Effective November 1, 2014 the Trust no longer had any loans in its portfolio and ceased originating loans. The loan origination and servicing activities have been reclassified to discontinued operations on the consolidated statements of operations and balances related to this activity have been reclassified as "Assets related to discontinued operations" on the consolidated balance sheets.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING Commencing with the the year ended September 30, 2014, management determined that the Trust operates in two reportable segments: a multi-family real estate segment which includes the ownership and operation of its multi-family properties, and an other real estate segment, which includes the ownership, operation and development of its other real estate assets; in particular, the Newark Joint Venture. In the year ended September 30, 2013 the Trust operated in a third segment which included the origination and servicing of the Trust's loan portfolio. The Trust no longer operates in this third segment and the operations of this segment are reported as discontinued operations. The following table summarizes the Trust's segment reporting for the year ended September 30, 2015 (dollars in thousands): Multi-Family Other Total Revenues: Rental and other revenues from real estate properties $ 75,643 $ 5,715 $ 81,358 Other income — 1,139 1,139 Total revenues 75,643 6,854 82,497 Expenses: Real estate operating expenses 38,000 5,219 43,219 Interest expense 18,944 5,233 24,177 Advisor's fee, related party 2,077 371 2,448 Property acquisition costs 1,885 — 1,885 General and administrative 6,314 369 6,683 Depreciation and amortization 18,336 2,359 20,695 Total expenses 85,556 13,551 99,107 Total revenues less total expenses (9,913 ) (6,697 ) (16,610 ) Gain on sale of real estate 14,404 601 15,005 Net income (loss) 4,491 (6,096 ) (1,605 ) Plus: net (income) loss attributable to non-controlling interests (4,482 ) 3,699 (783 ) Net income (loss) attributable to common shareholders $ 9 $ (2,397 ) $ (2,388 ) Segment assets at September 30, 2015 $ 616,909 $ 218,970 $ 835,879 NOTE 12—SEGMENT REPORTING - (continued) The following table summarizes the Trust's segment reporting for the year ended September 30, 2014 (dollars in thousands): Multi-Family Other Total Revenues: Rental and other revenues from real estate properties $ 60,362 $ 4,892 $ 65,254 Other income 4 1,091 1,095 Total revenues 60,366 5,983 66,349 Expenses: Operating expenses relating to real estate properties 32,347 4,720 37,067 Interest expense 16,212 4,458 20,670 Advisor's fee, related party 1,466 335 1,801 Property acquisition costs 2,542 — 2,542 General and administrative 5,887 437 6,324 Depreciation and amortization 13,828 1,748 15,576 Total expenses 72,282 11,698 83,980 Loss from continuing operations (11,916 ) (5,715 ) (17,631 ) Plus: net loss attributable to non-controlling interests 759 5,953 6,712 Net (loss) income attributable to common shareholders before reconciling adjustments $ (11,157 ) $ 238 (10,919 ) Other income 65 Discontinued operations 1,400 Net loss attributable to common shareholders $ (9,454 ) Segment assets at September 30, 2014 $ 569,357 $ 163,246 NOTE 12—SEGMENT REPORTING - (continued) The following table summarizes the Trust's segment reporting for the year ended September 30, 2013 (dollars in thousands): Multi-Family Other Total Revenues: Rental and other revenues from real estate properties $ 27,265 $ 3,327 $ 30,592 Other income — 1,270 1,270 ​ ​ ​ ​ Total revenues 27,265 4,597 31,862 Expenses: Operating expenses relating to real estate properties 13,570 2,839 16,409 Interest expense 8,193 3,785 11,978 Advisor's fee, related party 750 221 971 Property acquisition costs 2,637 — 2,637 General and administrative 5,490 372 5,862 Depreciation and amortization 6,119 975 7,094 ​ ​ ​ ​ Total expenses 36,759 8,192 44,951 Total revenues less total expenses (9,494 ) (3,595 ) (13,089 ) Gain on sale of partnership interest — 5,481 5,481 (Loss) income from continuing operations (9,494 ) 1,886 (7,608 ) Discontinued operations: Gain on sale of real estate assets — 769 769 Income from discontinued operations — 769 769 Net (loss) income (9,494 ) 2,655 (6,839 ) Plus: net loss attributable to non-controlling interests 480 2,444 2,924 Net (loss) income attributable to common shareholders before reconciling adjustments $ (9,014 ) $ 5,099 (3,915 ) Reconciling adjustments: Other income 141 Gain on sale of available-for-sale securities 530 Discontinued operations 8,257 Net income attributable to common shareholders $ 5,013 Segment assets at September 30, 2013 $ 312,962 $ 149,487

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Sep. 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 reported 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 balance sheets for these instruments approximate their fair value due to the short term nature of these accounts. Junior subordinated notes: At September 30, 2015 and 2014 , the estimated fair value of the Trust's junior subordinated notes is less than their carrying value by approximately $20,174,000 , and $22,527,000 , respectively based on market interest rates of 6.38% and 6.71% , respectively. Mortgages payable: At September 30, 2015 and 2014 ,the estimated fair value of the Trust's mortgages payable is greater than their carrying value by approximately $890,000 assuming market interest rates between 1.99% and 15.00% . At September 30, 2014, the estimated fair value was lower than the carrying value by $9,451,000 , assuming market interest rates between 2.22% and 9.37% . Market interest rates were determined using current financing transaction information provided by third party institutions. 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. The fair values of the real estate loans and debt obligations are considered to be Level 2 valuations within the fair value hierarchy. 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 markets 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 assets and liabilities measured at fair value as of September 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 $ (58 ) — $ (58 ) Derivative financial instruments: 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, and implied volatilities. At September 30, 2015 , these derivatives are included in accounts payable and accrued liabilities on the consolidated balance sheet. Although the Trust has determined that the majority of the inputs used to value its derivatives 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 September 30, 2015 , the Trust assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Trust determined that its derivative valuation is classified in Level 2 of the fair value hierarchy.

COMMITMENT

COMMITMENT	12 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENT	COMMITMENT The Trust maintains a non-contributory defined contribution pension plan covering eligible employees and officers. Contributions by the Trust are made through a money purchase plan, based upon a percent of qualified employees' total salary as defined therein. Pension expense approximated $322,000 , $322,000 and $310,000 during the years ended September 30, 2015 , 2014 and 2013 , respectively. At September 30, 2015 and 2014 , $ 50,000 and $48,000 , respectively, remains unpaid and is included in accounts payable and accrued liabilities on the consolidated balance sheets.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Sep. 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 objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Trust primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Trust making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives, designated and that qualify as cash flow hedges, is recorded in accumulated other comprehensive income (loss) on our consolidated balance sheets and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. In March 2012 the Trust entered into an interest rate swap agreement used to hedge the variable cash flows associated with existing variable-rate debt. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Trust's variable-rate debt. As of September 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 Amount Rate Maturity Interest Rate Swap $ 1,665 5.25 % April 1, 2022 Derivatives as of: September 30, 2015 September 30, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Other Assets $ — Other assets $ — Accounts payable and accrued liabilities $ 58 Accounts payable and accrued liabilities $ 8 The following table presents the effect of the Trust's derivative financial instrument on the consolidated statements of comprehensive income (loss) for the years ended September 30, 2015 , 2014 and 2013 (dollars in thousands): Year Ended 2015 2014 2013 (Loss) amount of gain (loss) recognized on derivative in Other Comprehensive Income $ (83 ) $ (37 ) $ 61 Amount of (loss) reclassified from Accumulated Other Comprehensive (loss) income into Interest Expense $ (33 ) $ (36 ) $ (37 ) 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 years ended September 30, 2015 , 2014 or 2013 . During the twelve months ending NOTE 15—DERIVATIVE FINANCIAL INSTRUMENTS - (continued) September 30, 2016 , the Trust estimates an additional $32,000,000 will be reclassified from other comprehensive income as an increase to interest expense. 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 September 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 $63,000,000 . As of September 30, 2015 , the Trust has not posted any collateral related to this agreement. If the Trust had been in breach of this agreement at September 30, 2015 , it could have been required to settle its obligations thereunder at its termination value of $63,000,000 .

QUARTERLY FINANCIAL DATA (Unaud

QUARTERLY FINANCIAL DATA (Unaudited)	12 Months Ended
	Sep. 30, 2015
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL DATA (Unaudited)	QUARTERLY FINANCIAL DATA (Unaudited) 2015 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 19,777 $ 20,472 $ 21,225 $ 21,023 $ 82,497 Expenses 23,304 23,635 24,733 27,435 99,107 Revenues less expenses (3,527 ) (3,163 ) (3,508 ) (6,412 ) (16,610 ) Gain on sale of real estate — 2,777 — 12,228 15,005 (Loss) from continuing operations (3,527 ) (386 ) (3,508 ) 5,816 (1,605 ) Net loss (3,527 ) (386 ) (3,508 ) 5,816 (1,605 ) Plus: net loss attributable to non-controlling interests 1,029 (362 ) 930 (2,380 ) (783 ) Net (loss) income attributable to common shareholders $ (2,498 ) $ (748 ) $ (2,578 ) $ 3,436 $ (2,388 ) Basic and per share amounts attributable to common shareholders Continuing operations $ (0.18 ) $ (0.05 ) $ (0.18 ) $ 0.24 $ (0.17 ) Discontinued operations — — — — — Basic and diluted loss per share $ (0.18 ) $ (0.05 ) $ (0.18 ) $ 0.24 $ (0.17 ) 2014 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 14,078 $ 15,156 $ 17,771 $ 19,409 $ 66,414 Expenses 18,681 19,028 21,959 24,312 83,980 (Loss) from continuing operations (4,603 ) (3,872 ) (4,188 ) (4,903 ) (17,566 ) Income from discontinued operations: Discontinued operations 852 361 185 2 1,400 Net loss (3,751 ) (3,511 ) (4,003 ) (4,901 ) (16,166 ) Plus: net loss attributable to non-controlling interests 1,018 919 3,672 1,103 6,712 Net loss attributable to common shareholders $ (2,733 ) $ (2,592 ) $ (331 ) $ (3,798 ) $ (9,454 ) Basic and per share amounts attributable to common shareholders Continuing operations $ (0.25 ) $ (0.21 ) $ (0.03 ) $ (0.27 ) $ (0.76 ) Discontinued operations 0.06 0.03 0.01 — 0.10 Basic and diluted loss per share $ (0.19 ) $ (0.18 ) $ (0.02 ) $ (0.27 ) $ (0.66 )

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Sep. 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 September 30, 2015 that warrant additional disclosure have been included in the notes to the consolidated financial statements.

SCHEDULE III - REAL ESTATE PROP

SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION	12 Months Ended
	Sep. 30, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION	Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount At Which Carried at September 30, 2015 Depreciation Life For Latest Income Statement Description Encumbrances Land Buildings and Improvements Land Improvements Carrying Land Buildings and Total Accumulated Date of Date Acquired Commercial Yonkers, NY. $ 1,666 — $ 4,000 — $ 194 — — $ 4,194 $ 4,194 $ 1,619 (c) Aug-2000 39 years South Daytona, FL. — $ 10,437 — — — — $ 7,972 — 7,972 — N/A Feb-2008 N/A Newark, NJ 110,374 17,088 19,033 $ 4,830 96,488 $ 10,499 21,918 126,020 147,938 6,498 (c) June-2008 39 years Multi-Family Residential Palm Beach Gardens, FL 48,032 16,260 43,140 — 2,102 — 16,260 45,243 61,503 6,182 1970 Mar-2012 30 years Melbourne, FL 9,381 1,150 8,100 — 1,538 — 1,150 9,638 10,788 1,449 1987 Mar-2012 30 years Collierville, TN 25,610 6,420 25,680 — 631 — 6,420 26,311 32,731 2,829 2000 June-2012 30 years North Charleston, SC 17,455 2,436 19,075 — 657 — 2,436 19,732 22,168 2,146 2010 Oct-2012 30 years Cordova, TN 19,248 1,823 23,627 — 700 — 1,823 24,327 26,150 2,290 1986 Nov-2012 30 years Decatur, GA 10,490 1,698 8,752 — 1,070 — 1,698 9,822 11,520 981 1954 Nov-2012 30 years Panama City, FL 5,436 1,411 5,790 — 586 — 1,411 6,376 7,787 682 1987 Jan-2013 30 years Houston, TX (Stone) 13,127 5,143 11,620 — 230 — 5,143 11,850 16,993 1,059 1978 April-2013 30 years Pooler, GA 26,400 1,848 33,402 — 219 — 1,848 33,621 35,469 2,869 2008 April-2013 30 years Houston, TX (Pathways) 7,500 3,044 5,521 — 526 — 3,044 6,047 9,091 503 1979 April-2013 30 years Hixon, TN 8,137 1,231 9,613 — 187 — 1,231 9,800 11,031 777 1989 May-2013 30 years Kennesaw, GA 35,900 5,566 43,484 — 512 — 5,566 43,996 49,562 3,177 2002 Sept-2013 30 years Pasadena, TX (Ashwood) 4,047 1,513 3,907 — 300 — 1,513 4,207 5,720 323 1984 Oct-2013 30 years Humble, TX (Parkside) 5,002 1,113 5,587 — 319 — 1,113 5,906 7,019 440 1983 Oct-2013 30 years Humble, TX (Meadowbrook) 7,839 1,996 8,504 — 566 — 1,996 9,070 11,066 642 1982 Oct-2013 30 years Huntsville, AL 9,573 1,047 11,003 — 1,176 — 1,047 12,179 13,226 853 1985 Oct-2013 30 years Columbus, OH 10,365 2,810 11,240 — 241 — 2,810 11,481 14,291 958 1999 Nov-2013 30 years Indianapolis, IN 14,500 4,477 14,323 — 1,526 — 4,477 15,849 20,326 934 2007 Jan-2014 30 years Greenville, SC 29,429 7,100 — — 36,385 360 7,100 36,745 43,845 284 2014 Jan-2014 30 years Nashville, TN 24,038 4,565 22,185 — 261 — 4,565 22,446 27,011 1,185 1985 April-2014 30 years Little Rock, AK 3,981 2,041 4,709 — 37 — 2,041 4,746 6,787 311 1985 April-2014 30 years Witchita, KS 13,528 1,992 18,758 — 298 — 1,992 19,056 21,048 1,085 1999 April-2014 30 years Atlanta, GA 22,165 2,283 26,067 — 343 — 2,283 26,410 28,693 1,165 2009 June-2014 30 years Houston, TX (Kendall) 11,475 1,849 13,451 — 1,303 — 1,849 14,754 16,603 683 1981 July-2014 30 years Pensacola, FL 16,929 2,758 25,192 — — — 2,758 25,192 27,950 776 2008 Dec-2014 30 years Valley, AL 28,990 1,044 42,706 — — — 1,044 42,706 43,750 230 2009 July-2014 30 years San Marcos, TX 17,158 4,930 16,795 — — — 4,930 16,795 21,725 — 2014 Sept-2015 30 years Lake St. Louis, MO 27,910 3,579 32,421 — — — 3,579 32,421 36,000 — 1986 Sept-2015 30 years Total $ 585,686 $ 120,652 $ 517,685 $ 4,830 $ 148,395 $ 10,859 $ 123,017 $ 676,940 $ 799,957 $ 42,930 (a) (b) Notes to the schedule: (a) Total real estate properties $ 799,957 Less: Accumulated depreciation and amortization (42,930 ) Net real estate properties $ 757,027 (b) Amortization of the Trust's leasehold interests is over the shorter of estimated useful life or the term of the respective land lease. (c) Information not readily obtainable. A reconciliation of real estate properties is as follows: 2015 2014 2013 Balance at beginning of year $ 635,612 $ 402,896 $ 190,317 Additions: Acquisitions 129,425 205,220 185,453 Capital improvements 8,442 8,273 3,371 Capitalized development expenses and carrying costs 55,623 34,857 30,947 193,490 248,350 219,771 Deductions: Sales 51,394 80 117 Depreciation/amortization/paydowns 20,681 15,554 7,075 72,075 15,634 7,192 Balance at end of year $ 757,027 635,612 $ 402,896

ORGANIZATION, BACKGROUND AND 29

ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Principles of Consolidation - general	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.
Principles of Consolidation - VIE's	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. It was determined that the Trust is the primary beneficiary of this joint venture because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE. The Trust's consolidated joint ventures that own multi-family properties, other than the joint venture which owns a multi-family property in Kennesaw, GA, were determined to be VIE's because the voting rights of some equity investors are not proportional to their obligations to absorb the expected losses of the entity and their right to receive the expected residual returns. In addition, substantially all of the entity's activities either involve or are conducted on behalf of the investor that has disproportionately fewer voting rights. It was determined that the Trust is the primary beneficiary of these joint ventures because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE. The joint venture that owns the Kennesaw, GA property was determined not to be a VIE but is consolidated because the Trust has substantive participating rights in the entity giving it a controlling financial interest in the entity. With respect to its unconsolidated joint ventures, as (i) the Trust is primarily the managing member but does not exercise substantial operating control over these entities or the Trust is not the managing member and (ii) such entities are not VIE's, the Trust has determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes.
Principles of Consolidation - reclassified items	Certain items on the consolidated financial statements for the prior years have been reclassified to conform with the current year's presentation, including the reclassification of certain expenses from general and administrative to property acquisition costs and the reclassification of the operations and related assets of the Trust's loan and investment segment to discontinued operations.
Income Tax Status	Income Tax Status The Trust qualifies as a real estate investment trust under sections 856-860 of the Internal Revenue Code of 1986, as amended. The Trustees may, at their option, elect to operate the Trust as a business trust not qualifying as a real estate investment trust. In accordance with ASC Topic 740, the Trust believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Trust's financial position or results of operations. The Trust's income tax returns for the previous six years are subject to review by the Internal Revenue Service.
Revenue Recognition	Revenue Recognition Rental revenue from residential properties is recorded when due from residents and is recognized monthly as it is earned. Rental payments are due in advance. Leases on residential properties are generally for terms that do not exceed one year. Rental revenue from commercial properties, including the base rent that each tenant is required to pay in accordance with the terms of their respective leases, net of any rent concessions and lease incentives, is reported on a straight-line basis over the non-cancellable term of the lease.
Real Estate Properties	Real Estate Properties Real estate properties are stated at cost, net of accumulated depreciation, and include real property acquired through acquisition, development or foreclosure. The Trust assesses the fair value of real estate acquired (including land, buildings and improvements, and identified intangibles such as above and below market leases and acquired in-place leases, if any) and acquired liabilities and allocates the acquisition price based on these assessments. Fixed-rate renewal options have been included in the calculation of the fair value of acquired leases where applicable. Depreciation is computed on a straight-line basis over the estimated useful lives of the tangible assets. Intangible assets (and liabilities) are amortized over the remaining life of the related lease at the time of acquisition. There were no unamortized value of in-place leases at September 30, 2015 and 2014 . Expenditures for maintenance and repairs are charged to operations as incurred. Real estate is classified as held for sale when management has determined that it has met the applicable criteria. Real estate assets that are expected to be disposed of are valued at the lower of their carrying amount or their fair value less costs to sell on an individual asset basis. The Trust accounts for the sale of real estate when title passes to the buyer, sufficient equity payments have been received, there is no continuing involvement by the Trust and there is reasonable assurance that the remaining receivable, if any, will be collected.
Real Estate Asset Impairments	Real Estate Asset Impairments The Trust reviews each real estate asset owned, including investments in real estate ventures, to determine if there are indicators of impairment. If such indicators are present, the Trust determines whether the carrying amount of the asset can be recovered. Recognition of impairment is required if the undiscounted cash flows estimated to be generated by the asset are less than the asset's carrying amount and that carrying amount exceeds the estimated fair value of the asset. In evaluating a property for impairment, various factors are considered, including estimated current and expected operating cash flow from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of such real estate in the ordinary course of business. Valuation adjustments may be necessary in the event that effective interest rates, rent-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. If future evaluations result in a decrease in the value of the property below its carrying value, the reduction will be recognized as an impairment charge. The fair values related to the impaired real estate are considered to be a level 3 valuation within the fair value hierarchy.
Fixed Asset Capitalization	Fixed Asset Capitalization A variety of costs may be incurred in the development of the Trust's properties. After a determination is made to capitalize a cost, it is allocated to the specific project that is benefited. The costs of land and building under development include specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, and other costs incurred during the period of development. A construction project is considered substantially completed when it is available for occupancy, but no later than one year from cessation of major construction activity. The Trust ceases capitalization when the project is available for occupancy.
Equity Based Compensation	Equity Based Compensation Compensation expense for restricted stock awards is amortized over the vesting period of such awards, based upon the estimated fair value of such restricted stock at the grant date. For accounting purposes, the restricted shares are not included in the outstanding shares shown on the consolidated balance sheets until they vest; however, they are included in the calculation of both basic and diluted earnings per share as they participate in the earnings of the Trust.
Derivatives and Hedging Activities	Derivatives and Hedging Activities The Trust's objective in using derivative financial instruments is to manage interest rate risk. The Trust does not use derivatives for trading or speculative purposes. The Trust records all derivatives on its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative; whether the Trust has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (loss) and subsequently reclassified to earnings in the period in which the hedge transaction affects earnings. The ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which they occur.
Per Share Data	Per Share Data Basic earnings (loss) per share is determined by dividing net income (loss) applicable to common shareholders for the applicable year by the weighted average number of shares of beneficial interest outstanding during such year. 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 (loss) per share is determined by dividing net income (loss) applicable to common shareholders for the applicable year by the sum of the weighted average number of shares of beneficial interest outstanding plus the dilutive effect of the Trust's unvested restricted stock using the treasury stock method.
Cash Equivalents	Cash Equivalents Cash equivalents consist of highly liquid investments, primarily direct United States treasury obligations with maturities of three months or less when purchased.
Restricted Cash	Restricted Cash Restricted cash—Newark and restricted cash—multi-family consist principally of cash held for construction costs and property improvements at specific properties as may be required by contractual arrangements.
Deferred Costs	Deferred Costs Fees and costs incurred in connection with multi-family property financings and the New Markets Tax Credits related to the Newark Joint Venture (Note 9) are deferred and amortized over the term of the related debt obligations. Fees and costs paid related to the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Segment Reporting	Segment Reporting As of September 30, 2015 and 2014 , the Trust operates in two reportable segments: (i) multi-family real estate; and (ii) other real estate. The multi-family real estate segment includes the ownership, operation and development of the Trust's multi-family properties and the other real estate segment includes all activities related to the ownership, development, operation and disposition of the Trust's other real estate assets. In the year ended September 30, 2013, the Trust operated in a third segment, the loan and investment segment, which includes all activities related to the origination and servicing of the Trust's loan portfolio and other investments. The operations and assets related to this segment are reported as part of discontinued operations as the Trust no longer operates in this segment.
New Pronouncements	New Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2018. 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)	12 Months Ended
	Sep. 30, 2015
Acquisitions
Schedule of Real Estate Properties	A summary of activity in real estate properties(including a multi-family property held for sale), for the year ended September 30, 2015 , follows (dollars in thousands): September 30, Additions Capitalized Sales Depreciation, September 30, Multi-family $ 511,866 $ 129,425 $ 33,399 $ (51,319 ) $ (18,331 ) $ 605,040 Commercial/mixed use(a) 113,021 — 30,661 — (2,241 ) 141,441 Land (b) 7,972 — — — — 7,972 Shopping centers/retail (c) 2,678 — 4 — (108 ) 2,574 Co-op/Condo Apts 75 — — (75 ) — — ​ ​ ​ ​ ​ ​ Total real estate properties $ 635,612 $ 129,425 $ 64,064 $ (51,394 ) $ (20,680 ) $ 757,027 _______________________________________________________________________________ NOTE 2—REAL ESTATE PROPERTIES (continued) (a) Represents the real estate assets of RBH-TRB Newark Holdings LLC, a consolidated VIE, which owns operating and development properties in Newark, NJ. These properties contain a mix of office, retail, residential, charter schools and surface parking aggregating approximately 565,000 square feet of commercial space and 61 residential apartment units (excluding 16,000 square feet of commercial space and 62 residential apartment units currently under construction). Certain of these assets are subject to a mortgage in the aggregate principal balance of $19,500,000 held by the Trust, which is eliminated in consolidation. Several of the assets are also encumbered by other mortgages which are discussed in Note 5—Debt Obligations—Mortgages Payable. The Trust made net capital contributions of $1,836,000 and $4,972,000 to this venture in the years ended September 30, 2015 and 2014 , respectively, representing its proportionate share of capital required to fund the operations of the venture for its next fiscal year and, in the year ended September 30, 2014, to purchase additional land parcels. The 2014 contribution includes $2,489,000 for the payment of deferred interest on the loan held by the Trust. (b) Represents an 8.9 acre development parcel located in Daytona Beach, FL acquired in foreclosure. (c) The Trust, through a joint venture in which it has an 85% interest, owns a leasehold interest in a portion of a retail shopping center located in Yonkers, NY. The leasehold interest is for approximately 28,500 square feet and, including all option periods, expires in 2045.
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	A summary of the Trust's multi-family properties by state as at and for the year ended September 30, 2015 , is as follows (dollars in thousands): Location Number of Units 2015 Revenue % of Revenue Texas (a) 1,412 $ 19,135 25 % Tennessee 1,244 14,931 20 Georgia 1,312 14,334 19 Florida (a) 1,186 11,742 15 Kansas 496 3,405 5 Indiana 400 2,988 4 South Carolina 568 2,892 4 Alabama (a) 826 2,699 4 Ohio 264 2,331 3 Arkansas 172 1,122 1 Missouri (a) 420 64 — 8,300 $ 75,643 100 % (a) Includes properties purchased during the year ended September 30, 2015.
Schedule of Operating Leases, Future Minimum Payments, Receivable	Future minimum rentals to be received by the Trust pursuant to non-cancellable operating leases with terms in excess of one year, from commercial properties owned by the Trust at September 30, 2015 , are as follows (dollars in thousands): Year Ending September 30, Amount 2016 $ 3,945 2017 3,575 2018 3,360 2019 3,397 2020 3,489 Thereafter 37,096 Total $ 54,862
2014 real estate property acquisitions
Acquisitions
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary allocations of the purchase prices of assets acquired and liabilities assumed during the year ended September 30, 2015 (dollars in thousands): Preliminary Purchase Price Allocation Land $ 15,163 Buildings and Improvements 114,287 Total Consideration $ 129,450
2013 real estate property acquisitions
Acquisitions
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary allocations of the purchase price of properties as recorded as of September 30, 2014 , and the finalized allocation of the purchase price, as adjusted, as of September 30, 2015 (dollars in thousands): Preliminary Purchase Price Allocation Adjustments Finalized Purchase Price Allocation Land $ 58,700 $ (10,052 ) $ 48,648 Buildings and Improvements 172,500 8,692 181,192 Acquisition-related intangible assets (in acquired lease intangibles, net) (1) — 1,360 1,360 Total Consideration $ 231,200 — $ 231,200

ACQUISITIONS, DISPOSITIONS AN31

ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES (Tables)	12 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Schedule of Real Estate Acquisitions	Information regarding these purchases is set forth below: Location Purchase No. of Contract Acquisition Mortgage Debt Initial BRT Equity Property Acquisition Costs Charleston, SC ( a) 12/22/2014 271 $ 27,950 $ — $ 11,380 $ — LaGrange, GA 7/24/2015 236 22,800 16,052 6,558 57,000 507 $ 50,750 $ 16,052 $ 17,938 $ 57,000 The Trust has an 80% equity interest in each venture, except for the Pensacola, FL and Valley, AL ventures in each of which it has a 97.5% interest (dollars in thousands): Location Purchase No. of Contract Acquisition Mortgage Debt Initial BRT Equity Property Acquisition Costs Pensacola, FL 12/22/2014 276 $ 27,950 $ 17,173 $ 11,380 $ 258 Valley, AL 7/27/2015 618 43,750 28,990 10,351 629 San Marco, TX 09/08/2015 192 21,725 17,158 4,720 535 Lake St. Louis, MO 09/25/2015 420 36,000 27,957 8,500 447 Other — — — — 16 1,506 $ 129,425 $ 91,278 $ 34,951 $ 1,885
Schedule of Real Estate Disposals	Set forth below is a summary of the real estate properties disposed of by the Trust in the year ended September 30, 2015(dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner portion of gain Lawrenceville, GA 2/5/2015 170 $ 9,700 $ 2,655 $ 1,141 Marietta, GA 7/7/2015 207 17,600 7,781 3,179 Houston, TX 7/24/2015 236 39,848 3,846 769 New York, NY 9/30/2015 1 635 601 — Misc. — — 122 — 614 $ 67,783 $ 15,005 $ 5,089

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	12 Months Ended
	Sep. 30, 2015
Debt Obligations
Schedule of Debt Obligations	Debt obligations consist of the following (dollars in thousands): September 30, 2015 2014 Mortgages payable (including mortgage held for sale) $ 585,686 $ 482,406 Junior subordinated notes 37,400 37,400 Total debt obligations $ 623,086 $ 519,806
Schedule of Maturities of Long-term Debt	Scheduled principal repayments for the next five years and thereafter are as follows (dollars in thousands): Year Ending September 30, Principal Payments Due 2016 $ 5,635 2017 7,249 2018 8,027 2019 142,385 2020 43,169 Thereafter 267,181 $ 473,646 Scheduled principal repayments for the next five years and thereafter are as follows: (dollars in thousands): Year Ending September 30, Principal Payments Due 2016 $ 1,998 2017 2,635 2018 2,829 2019 23,971 2020 8,669 Thereafter 71,938 $ 112,040
Junior subordinated notes
Debt Obligations
Schedule of Outstanding Debt	At September 30, 2015 and 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 below: Interest period Interest Rate August 1, 2012 through April 29, 2016 4.9 % April 30, 2016 through April 30, 2036 Three month LIBOR + 2.00

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of changes in number of shares outstanding under equity incentive plans	Changes in number of shares outstanding under the Trust's equity incentive plans are shown below: Years Ended September 30, 2015 2014 2013 Outstanding at beginning of the year 648,225 627,425 580,180 Issued 142,950 140,600 131,525 Cancelled — (300 ) (22,000 ) Vested (118,300 ) (119,500 ) (62,280 ) Outstanding at the end of the year 672,875 648,225 627,425
Schedule of computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings (loss) per share (dollars in thousands): 2015 2014 2013 Numerator for basic and diluted earnings per share attributable to common shareholders: Net (loss) income attributable to common shareholders $ (2,388 ) $ (9,454 ) $ 5,013 Denominator: Denominator for basic earnings per share—weighted average shares 14,133,352 14,265,589 14,137,091 Denominator for diluted earnings per share—adjusted weighted average shares and assumed conversions 14,133,352 14,265,589 14,137,091 Basic (loss) earnings per share $ (0.17 ) $ (0.66 ) $ 0.35 Diluted (loss) earnings per share $ (0.17 ) $ (0.66 ) $ 0.35

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Summary of segment reporting	The following table summarizes the Trust's segment reporting for the year ended September 30, 2015 (dollars in thousands): Multi-Family Other Total Revenues: Rental and other revenues from real estate properties $ 75,643 $ 5,715 $ 81,358 Other income — 1,139 1,139 Total revenues 75,643 6,854 82,497 Expenses: Real estate operating expenses 38,000 5,219 43,219 Interest expense 18,944 5,233 24,177 Advisor's fee, related party 2,077 371 2,448 Property acquisition costs 1,885 — 1,885 General and administrative 6,314 369 6,683 Depreciation and amortization 18,336 2,359 20,695 Total expenses 85,556 13,551 99,107 Total revenues less total expenses (9,913 ) (6,697 ) (16,610 ) Gain on sale of real estate 14,404 601 15,005 Net income (loss) 4,491 (6,096 ) (1,605 ) Plus: net (income) loss attributable to non-controlling interests (4,482 ) 3,699 (783 ) Net income (loss) attributable to common shareholders $ 9 $ (2,397 ) $ (2,388 ) Segment assets at September 30, 2015 $ 616,909 $ 218,970 $ 835,879 NOTE 12—SEGMENT REPORTING - (continued) The following table summarizes the Trust's segment reporting for the year ended September 30, 2014 (dollars in thousands): Multi-Family Other Total Revenues: Rental and other revenues from real estate properties $ 60,362 $ 4,892 $ 65,254 Other income 4 1,091 1,095 Total revenues 60,366 5,983 66,349 Expenses: Operating expenses relating to real estate properties 32,347 4,720 37,067 Interest expense 16,212 4,458 20,670 Advisor's fee, related party 1,466 335 1,801 Property acquisition costs 2,542 — 2,542 General and administrative 5,887 437 6,324 Depreciation and amortization 13,828 1,748 15,576 Total expenses 72,282 11,698 83,980 Loss from continuing operations (11,916 ) (5,715 ) (17,631 ) Plus: net loss attributable to non-controlling interests 759 5,953 6,712 Net (loss) income attributable to common shareholders before reconciling adjustments $ (11,157 ) $ 238 (10,919 ) Other income 65 Discontinued operations 1,400 Net loss attributable to common shareholders $ (9,454 ) Segment assets at September 30, 2014 $ 569,357 $ 163,246 NOTE 12—SEGMENT REPORTING - (continued) The following table summarizes the Trust's segment reporting for the year ended September 30, 2013 (dollars in thousands): Multi-Family Other Total Revenues: Rental and other revenues from real estate properties $ 27,265 $ 3,327 $ 30,592 Other income — 1,270 1,270 ​ ​ ​ ​ Total revenues 27,265 4,597 31,862 Expenses: Operating expenses relating to real estate properties 13,570 2,839 16,409 Interest expense 8,193 3,785 11,978 Advisor's fee, related party 750 221 971 Property acquisition costs 2,637 — 2,637 General and administrative 5,490 372 5,862 Depreciation and amortization 6,119 975 7,094 ​ ​ ​ ​ Total expenses 36,759 8,192 44,951 Total revenues less total expenses (9,494 ) (3,595 ) (13,089 ) Gain on sale of partnership interest — 5,481 5,481 (Loss) income from continuing operations (9,494 ) 1,886 (7,608 ) Discontinued operations: Gain on sale of real estate assets — 769 769 Income from discontinued operations — 769 769 Net (loss) income (9,494 ) 2,655 (6,839 ) Plus: net loss attributable to non-controlling interests 480 2,444 2,924 Net (loss) income attributable to common shareholders before reconciling adjustments $ (9,014 ) $ 5,099 (3,915 ) Reconciling adjustments: Other income 141 Gain on sale of available-for-sale securities 530 Discontinued operations 8,257 Net income attributable to common shareholders $ 5,013 Segment assets at September 30, 2013 $ 312,962 $ 149,487

FAIR VALUE OF FINANCIAL INSTR35

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities measured at fair value	Trust's financial assets and liabilities measured at fair value as of September 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 $ (58 ) — $ (58 )

DERIVATIVE FINANCIAL INSTRUME36

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Sep. 30, 2015
Interest Rate Derivatives
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheets	Derivatives as of: September 30, 2015 September 30, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Other Assets $ — Other assets $ — Accounts payable and accrued liabilities $ 58 Accounts payable and accrued liabilities $ 8
Schedule of effect of derivative financial instrument on consolidated statements of comprehensive income	The following table presents the effect of the Trust's derivative financial instrument on the consolidated statements of comprehensive income (loss) for the years ended September 30, 2015 , 2014 and 2013 (dollars in thousands): Year Ended 2015 2014 2013 (Loss) amount of gain (loss) recognized on derivative in Other Comprehensive Income $ (83 ) $ (37 ) $ 61 Amount of (loss) reclassified from Accumulated Other Comprehensive (loss) income into Interest Expense $ (33 ) $ (36 ) $ (37 )
Designated as a hedge
Interest Rate Derivatives
Schedule of interest rate derivative	As of September 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 Amount Rate Maturity Interest Rate Swap $ 1,665 5.25 % April 1, 2022

QUARTERLY FINANCIAL DATA (Una37

QUARTERLY FINANCIAL DATA (Unaudited) (Tables)	12 Months Ended
	Sep. 30, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly financial data	2015 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 19,777 $ 20,472 $ 21,225 $ 21,023 $ 82,497 Expenses 23,304 23,635 24,733 27,435 99,107 Revenues less expenses (3,527 ) (3,163 ) (3,508 ) (6,412 ) (16,610 ) Gain on sale of real estate — 2,777 — 12,228 15,005 (Loss) from continuing operations (3,527 ) (386 ) (3,508 ) 5,816 (1,605 ) Net loss (3,527 ) (386 ) (3,508 ) 5,816 (1,605 ) Plus: net loss attributable to non-controlling interests 1,029 (362 ) 930 (2,380 ) (783 ) Net (loss) income attributable to common shareholders $ (2,498 ) $ (748 ) $ (2,578 ) $ 3,436 $ (2,388 ) Basic and per share amounts attributable to common shareholders Continuing operations $ (0.18 ) $ (0.05 ) $ (0.18 ) $ 0.24 $ (0.17 ) Discontinued operations — — — — — Basic and diluted loss per share $ (0.18 ) $ (0.05 ) $ (0.18 ) $ 0.24 $ (0.17 ) 2014 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 14,078 $ 15,156 $ 17,771 $ 19,409 $ 66,414 Expenses 18,681 19,028 21,959 24,312 83,980 (Loss) from continuing operations (4,603 ) (3,872 ) (4,188 ) (4,903 ) (17,566 ) Income from discontinued operations: Discontinued operations 852 361 185 2 1,400 Net loss (3,751 ) (3,511 ) (4,003 ) (4,901 ) (16,166 ) Plus: net loss attributable to non-controlling interests 1,018 919 3,672 1,103 6,712 Net loss attributable to common shareholders $ (2,733 ) $ (2,592 ) $ (331 ) $ (3,798 ) $ (9,454 ) Basic and per share amounts attributable to common shareholders Continuing operations $ (0.25 ) $ (0.21 ) $ (0.03 ) $ (0.27 ) $ (0.76 ) Discontinued operations 0.06 0.03 0.01 — 0.10 Basic and diluted loss per share $ (0.19 ) $ (0.18 ) $ (0.02 ) $ (0.27 ) $ (0.66 )

ORGANIZATION, BACKGROUND AND 38

ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Sep. 30, 2015USD ($)statepropertysegmentproperty_unit	Sep. 30, 2014USD ($)segment
Organization, background and significant accounting policies
Number of properties owned and operated | property	28
Number of units | property_unit	8,300
Number of states properties are owned | state	11
Number of reportable segments | segment	2	2
In-place leases
Organization, background and significant accounting policies
Unamortized value | $	$ 0	$ 0
Maximum
Organization, background and significant accounting policies
Period from cessation of major construction activity to consider a construction project as substantially completed	1 year
Multi-family residential | Maximum
Organization, background and significant accounting policies
Lease term	1 year
Joint ventures | Purchase of properties | Multi-family residential | Minimum
Organization, background and significant accounting policies
Equity contribution in each transaction (as a percent)	80.00%

REAL ESTATE PROPERTIES (Details

REAL ESTATE PROPERTIES (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2015USD ($)
Activity in real estate properties
Balance at the beginning of the period	$ 635,612
Additions	129,425
Capitalized Costs and Improvements	64,064
Sales	(51,394)
Depreciation, Amortization and other Reductions	(20,680)
Balance at the end of the period	757,027
Multi-family residential
Activity in real estate properties
Balance at the beginning of the period	511,866
Additions	129,425
Capitalized Costs and Improvements	33,399
Sales	(51,319)
Depreciation, Amortization and other Reductions	(18,331)
Balance at the end of the period	605,040
Commercial/mixed use properties | Primary Beneficiary | Newark Joint Venture
Activity in real estate properties
Balance at the beginning of the period	113,021
Additions	0
Capitalized Costs and Improvements	30,661
Sales	0
Depreciation, Amortization and other Reductions	(2,241)
Balance at the end of the period	141,441
Land
Activity in real estate properties
Balance at the beginning of the period	7,972
Additions	0
Capitalized Costs and Improvements	0
Sales	0
Depreciation, Amortization and other Reductions	0
Balance at the end of the period	7,972
Shopping centers/retail
Activity in real estate properties
Balance at the beginning of the period	2,678
Additions	0
Capitalized Costs and Improvements	4
Sales	0
Depreciation, Amortization and other Reductions	(108)
Balance at the end of the period	2,574
Co-op/Condo Apts
Activity in real estate properties
Balance at the beginning of the period	75
Additions	0
Capitalized Costs and Improvements	0
Sales	(75)
Depreciation, Amortization and other Reductions	0
Balance at the end of the period	$ 0

REAL ESTATE PROPERTIES - Footno

REAL ESTATE PROPERTIES - Footnote (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2015USD ($)aft²property_unit	Sep. 30, 2014USD ($)
Real Estate Properties
Number of units | property_unit	8,300
Daytona Beach FL | Real estate acquired in foreclosure
Real Estate Properties
Area of development parcel (in acres) | a	8.9
Primary Beneficiary | Newark, NJ | Commercial | Newark Joint Venture
Real Estate Properties
Area of real estate properties (in square feet) | ft²	565,000
Primary Beneficiary | Newark, NJ | Multi-family residential | Newark Joint Venture
Real Estate Properties
Number of units | property_unit	61
Primary Beneficiary | Newark, NJ | Commercial/mixed use properties | Newark Joint Venture
Real Estate Properties
Amount contributed | $	$ 1,836	$ 4,972
Payment of deferred interest on loan included in equity contribution | $		$ 2,489
Primary Beneficiary | Yonkers, NY | Shopping centers/retail
Real Estate Properties
Area of real estate properties (in square feet) | ft²	28,500
Interest in joint venture (as a percent)	85.00%
Property development | Primary Beneficiary | Newark, NJ | Commercial | Newark Joint Venture
Real Estate Properties
Area of real estate properties (in square feet) | ft²	16,000
Property development | Primary Beneficiary | Newark, NJ | Multi-family residential | Newark Joint Venture
Real Estate Properties
Number of units | property_unit	62
Mortgages | Primary Beneficiary | Newark, NJ | Commercial/mixed use properties | Newark Joint Venture
Real Estate Properties
Mortgage on assets | $	$ 19,500

REAL ESTATE PROPERTIES (Detai41

REAL ESTATE PROPERTIES (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
2014 real estate property acquisitions
Allocations of purchase prices of assets acquired and liabilities assumed
Total Consideration	$ 129,450
2014 real estate property acquisitions | Land
Allocations of purchase prices of assets acquired and liabilities assumed
Real estate property	15,163
2014 real estate property acquisitions | Buildings and Improvements
Allocations of purchase prices of assets acquired and liabilities assumed
Real estate property	114,287
2013 real estate property acquisitions
Allocations of purchase prices of assets acquired and liabilities assumed
Total Consideration	231,200
Adjustments to preliminary allocations of purchase price of properties
Total Consideration	0
2013 real estate property acquisitions | Acquired lease intangibles
Allocations of purchase prices of assets acquired and liabilities assumed
Acquisition-related intangible assets	1,360
Adjustments to preliminary allocations of purchase price of properties
Acquisition-related intangible assets	1,360
2013 real estate property acquisitions | Land
Allocations of purchase prices of assets acquired and liabilities assumed
Real estate property	48,648
Adjustments to preliminary allocations of purchase price of properties
Real estate property	(10,052)
2013 real estate property acquisitions | Buildings and Improvements
Allocations of purchase prices of assets acquired and liabilities assumed
Real estate property	181,192
Adjustments to preliminary allocations of purchase price of properties
Real estate property	$ 8,692
Preliminary | 2013 real estate property acquisitions
Allocations of purchase prices of assets acquired and liabilities assumed
Total Consideration		$ 231,200
Preliminary | 2013 real estate property acquisitions | Land
Allocations of purchase prices of assets acquired and liabilities assumed
Real estate property		58,700
Preliminary | 2013 real estate property acquisitions | Buildings and Improvements
Allocations of purchase prices of assets acquired and liabilities assumed
Real estate property		$ 172,500

REAL ESTATE PROPERTIES (Detai42

REAL ESTATE PROPERTIES (Details 3) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2015USD ($)property_unit	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Sep. 30, 2015USD ($)property_unit	Sep. 30, 2014USD ($)	Sep. 30, 2013USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	8,300								8,300
2015 Revenue | $	$ 21,023	$ 21,225	$ 20,472	$ 19,777	$ 19,409	$ 17,771	$ 15,156	$ 14,078	$ 82,497	$ 66,414	$ 32,003
Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	8,300								8,300
2015 Revenue | $									$ 75,643
% of Revenue									100.00%
Texas | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	1,412								1,412
2015 Revenue | $									$ 19,135
% of Revenue									25.00%
Tennessee | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	1,244								1,244
2015 Revenue | $									$ 14,931
% of Revenue									20.00%
Georgia | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	1,312								1,312
2015 Revenue | $									$ 14,334
% of Revenue									19.00%
Florida | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	1,186								1,186
2015 Revenue | $									$ 11,742
% of Revenue									15.00%
Kansas | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	496								496
2015 Revenue | $									$ 3,405
% of Revenue									5.00%
Indiana | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	400								400
2015 Revenue | $									$ 2,988
% of Revenue									4.00%
South Carolina | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	568								568
2015 Revenue | $									$ 2,892
% of Revenue									4.00%
Alabama | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	826								826
2015 Revenue | $									$ 2,699
% of Revenue									4.00%
Ohio | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	264								264
2015 Revenue | $									$ 2,331
% of Revenue									3.00%
Arkansas | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	172								172
2015 Revenue | $									$ 1,122
% of Revenue									1.00%
Missouri | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	420								420
2015 Revenue | $									$ 64
% of Revenue									0.00%

REAL ESTATE PROPERTIES (Detai43

REAL ESTATE PROPERTIES (Details 4) - Commercial $ in Thousands	Sep. 30, 2015USD ($)
Future minimum rentals to be received pursuant to non-cancellable operating leases
2,016	$ 3,945
2,017	3,575
2,018	3,360
2,019	3,397
2,020	3,489
Thereafter	37,096
Total	$ 54,862

ACQUISITIONS, DISPOSITIONS AN44

ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES (Details)	Apr. 01, 2015USD ($)	Dec. 11, 2015USD ($)property	Dec. 31, 2014USD ($)	Mar. 31, 2015	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2013USD ($)
Real Estate Properties
Impairment of real estate					$ 0	$ 0	$ 0
Subsequent Event
Real Estate Properties
Number of properties purchased | property		2
Joint ventures | Houston TX
Real Estate Properties
Interest in joint venture (as a percent)			91.00%			80.00%
Amount contributed			$ 2,036,000
Joint ventures | Decatur, GA
Real Estate Properties
Interest in joint venture (as a percent)			100.00%			80.00%
Amount contributed			$ 1,850,000
Joint ventures | Houston, TX and Decatur, GA
Real Estate Properties
Professional fees			$ 153,000
Joint ventures | North Charleston, SC
Real Estate Properties
Interest in joint venture (as a percent)	100.00%			90.00%
Amount contributed	$ 790,000
Joint ventures | Purchase of properties | Primary Beneficiary | Multi-family residential
Real Estate Properties
Interest in joint venture (as a percent)					80.00%
Amount contributed					$ 34,951,000
Joint ventures | Purchase of properties | Primary Beneficiary | Multi-family residential | Subsequent Event
Real Estate Properties
Amount contributed		$ 17,938,000
Joint ventures | Purchase of properties | Primary Beneficiary | Multi-family residential | Pensacola, FL and Valley, AL
Real Estate Properties
Interest in joint venture (as a percent)					97.50%
Joint ventures | Purchase of properties | Primary Beneficiary | Multi-family residential | Charleston, SC | Subsequent Event
Real Estate Properties
Interest in joint venture (as a percent)		65.00%
Amount contributed		$ 11,380,000

ACQUISITIONS, DISPOSITIONS AN45

ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - Schedule of Property Acquisitions (Details)	2 Months Ended	12 Months Ended
	Dec. 11, 2015USD ($)property_unit	Sep. 30, 2015USD ($)property_unit	Sep. 30, 2014USD ($)	Sep. 30, 2013USD ($)
Real Estate Properties
No. of Units | property_unit		8,300
Property acquisition costs		$ 1,885,000	$ 2,542,000	$ 2,637,000
Joint ventures | Subsequent Event
Real Estate Properties
Debt face amount	$ 19,500,000
Purchase of properties | Multi-family residential | Primary Beneficiary | Joint ventures
Real Estate Properties
No. of Units | property_unit		1,506
Contract purchase price		$ 129,425,000
Amount contributed		34,951,000
Property acquisition costs		1,885,000
Purchase of properties | Multi-family residential | Primary Beneficiary | Joint ventures | Subsequent Event
Real Estate Properties
No. of Units | property_unit	507
Contract purchase price	$ 50,750,000
Amount contributed	17,938,000
Property acquisition costs	57,000,000
Purchase of properties | Multi-family residential | Primary Beneficiary | Joint ventures | Mortgages
Real Estate Properties
Debt face amount		$ 91,278,000
Purchase of properties | Multi-family residential | Primary Beneficiary | Joint ventures | Mortgages | Subsequent Event
Real Estate Properties
Debt face amount	$ 16,052,000
Purchase of properties | Multi-family residential | Pensacola, FL | Primary Beneficiary | Joint ventures
Real Estate Properties
No. of Units | property_unit		276
Contract purchase price		$ 27,950,000
Amount contributed		11,380,000
Property acquisition costs		258,000
Purchase of properties | Multi-family residential | Pensacola, FL | Primary Beneficiary | Joint ventures | Mortgages
Real Estate Properties
Debt face amount		$ 17,173,000
Purchase of properties | Multi-family residential | Valley, AL | Primary Beneficiary | Joint ventures
Real Estate Properties
No. of Units | property_unit		618
Contract purchase price		$ 43,750,000
Amount contributed		10,351,000
Property acquisition costs		629,000
Purchase of properties | Multi-family residential | Valley, AL | Primary Beneficiary | Joint ventures | Mortgages
Real Estate Properties
Debt face amount		$ 28,990,000
Purchase of properties | Multi-family residential | San Marco, TX | Primary Beneficiary | Joint ventures
Real Estate Properties
No. of Units | property_unit		192
Contract purchase price		$ 21,725,000
Amount contributed		4,720,000
Property acquisition costs		535,000
Purchase of properties | Multi-family residential | San Marco, TX | Primary Beneficiary | Joint ventures | Mortgages
Real Estate Properties
Debt face amount		$ 17,158,000
Purchase of properties | Multi-family residential | Lake St. Louis, MO | Primary Beneficiary | Joint ventures
Real Estate Properties
No. of Units | property_unit		420
Contract purchase price		$ 36,000,000
Amount contributed		8,500,000
Property acquisition costs		447,000
Purchase of properties | Multi-family residential | Lake St. Louis, MO | Primary Beneficiary | Joint ventures | Mortgages
Real Estate Properties
Debt face amount		$ 27,957,000
Purchase of properties | Multi-family residential | Other | Primary Beneficiary | Joint ventures
Real Estate Properties
No. of Units | property_unit		0
Contract purchase price		$ 0
Debt face amount		0
Amount contributed		0
Property acquisition costs		$ 16,000
Purchase of properties | Multi-family residential | Charleston, SC | Primary Beneficiary | Joint ventures | Subsequent Event
Real Estate Properties
No. of Units | property_unit	271
Contract purchase price	$ 27,950,000
Amount contributed	11,380,000
Property acquisition costs	0
Purchase of properties | Multi-family residential | Charleston, SC | Primary Beneficiary | Joint ventures | Mortgages | Subsequent Event
Real Estate Properties
Debt face amount	$ 0
Purchase of properties | Multi-family residential | LaGrange, GA | Primary Beneficiary | Joint ventures | Subsequent Event
Real Estate Properties
No. of Units | property_unit	236
Contract purchase price	$ 22,800,000
Amount contributed	6,558,000
Property acquisition costs	57,000,000
Purchase of properties | Multi-family residential | LaGrange, GA | Primary Beneficiary | Joint ventures | Mortgages | Subsequent Event
Real Estate Properties
Debt face amount	$ 16,052,000

ACQUISITIONS, DISPOSITIONS AN46

ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - Schedule of Property Dispositions (Details) $ in Thousands	Sep. 30, 2015USD ($)property_unit	Jul. 24, 2015USD ($)property_unit	Jul. 07, 2015USD ($)property_unit	Feb. 05, 2015USD ($)property_unit	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Sep. 30, 2015USD ($)property_unit	Sep. 30, 2014USD ($)	Sep. 30, 2013USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
No. of Units | property_unit	8,300								8,300
Income from discontinued operations					$ 2	$ 185	$ 361	$ 852	$ 0	$ 1,400	$ 9,026
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
No. of Units | property_unit	614								614
Sales Price	$ 67,783								$ 67,783
Income from discontinued operations									15,005
Non-controlling partner portion of gain									$ 5,089
Discontinued Operations, Disposed of by Sale | Lawrenceville GA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
No. of Units | property_unit				170
Sales Price				$ 9,700
Income from discontinued operations				2,655
Non-controlling partner portion of gain				$ 1,141
Discontinued Operations, Disposed of by Sale | Marietta GA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
No. of Units | property_unit			207
Sales Price			$ 17,600
Income from discontinued operations			7,781
Non-controlling partner portion of gain			$ 3,179
Discontinued Operations, Disposed of by Sale | Houston TX
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
No. of Units | property_unit		236
Sales Price		$ 39,848
Income from discontinued operations		3,846
Non-controlling partner portion of gain		$ 769
Discontinued Operations, Disposed of by Sale | New York, NY
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
No. of Units | property_unit	1								1
Sales Price	$ 635								$ 635
Income from discontinued operations	601
Non-controlling partner portion of gain	$ 0
Discontinued Operations, Disposed of by Sale | Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
No. of Units | property_unit	0								0
Sales Price	$ 0								$ 0
Income from discontinued operations									122
Non-controlling partner portion of gain									$ 0

REAL ESTATE PROPERTY HELD FOR47

REAL ESTATE PROPERTY HELD FOR SALE (Details) $ in Thousands	Sep. 30, 2015USD ($)
Real Estate [Abstract]
Real estate held-for-sale	$ 23,859
Estimated proceeds from sale of property held-for-sale	6,800
Estimated proceeds from sale of property held-for-sale, portion allocated to minority partners	$ 2,700

DEBT OBLIGATIONS (Details)

DEBT OBLIGATIONS (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Debt Obligations
Total debt obligations	$ 623,086	$ 519,806
Mortgages
Debt Obligations
Total debt obligations	585,686	482,406
Junior subordinated notes
Debt Obligations
Total debt obligations	$ 37,400	$ 37,400

DEBT OBLIGATIONS - Mortgage Pa

DEBT OBLIGATIONS - Mortgage Payable (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)
Debt Instrument [Line Items]
Total debt obligations	$ 623,086	$ 519,806
Number of properties owned and operated | property	28
Mortgages | Multi-family residential
Debt Instrument [Line Items]
Principal payments due, 2016	$ 5,635
Principal payments due, 2017	7,249
Principal payments due, 2018	8,027
Principal payments due, 2019	142,385
Principal payments due, 2020	43,169
Thereafter	267,181
Total debt obligations	$ 473,646
Number of properties owned and operated | property	28
Debt, weighted average interest rate	3.99%
Average maturity	6 years 6 months
Mortgages | Other Real Estate
Debt Instrument [Line Items]
Principal payments due, 2016	$ 1,998
Principal payments due, 2017	2,635
Principal payments due, 2018	2,829
Principal payments due, 2019	23,971
Principal payments due, 2020	8,669
Thereafter	71,938
Total debt obligations	$ 112,040
Debt, weighted average interest rate	5.53%
Average maturity	10 years 6 months

DEBT OBLIGATIONS - Junior Subor

DEBT OBLIGATIONS - Junior Subordinated Notes (Details) - Junior subordinated notes - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Debt Obligations
Outstanding principal balance	$ 37,400	$ 37,400
Interest expense	$ 1,853	$ 1,853	$ 1,853
August 1, 2012 through April 29, 2016
Debt Obligations
Interest Rate (as a percent)	4.90%	4.90%
April 30, 2016 through April 30, 2036 | LIBOR
Debt Obligations
Margin interest above reference rate (as a percent)	2.00%	2.00%

DEBT OBLIGATIONS - Unsecured Sh

DEBT OBLIGATIONS - Unsecured Short Term Borrowing (Details) - Subsequent Event	Dec. 11, 2015USD ($)
Affiliated Entity | Notes Payable, Other Payables | Unsecured Short Term Borrowing From Gould Investors L.P.
Short-term Debt [Line Items]
Debt face amount	$ 8,000,000
Interest Rate (as a percent)	5.24%
Joint ventures
Short-term Debt [Line Items]
Debt face amount	$ 19,500,000

DEFERRED INCOME (NEW MARKETS 52

DEFERRED INCOME (NEW MARKETS TAX CREDIT TRANSACTION) (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Sep. 12, 2012	Feb. 03, 2012	Sep. 30, 2015
Deferred Income (New Markets Tax Credit Transaction)
Deferred income	$ 30,990			$ 30,990
Deferred costs, net	13,515			$ 15,010
New Markets Tax Credit Transaction
Deferred Income (New Markets Tax Credit Transaction)
Recapture period				7 years
Affiliates of JP Morgan Chase | Newark Joint Venture special purpose subsidiaries | New Markets Tax Credit Transaction
Deferred Income (New Markets Tax Credit Transaction)
Amount contributed	$ 5,100
Period over which tax credits is receivable	7 years
Affiliates of Goldman Sachs | Newark Joint Venture special purpose subsidiaries | New Markets Tax Credit Transaction
Deferred Income (New Markets Tax Credit Transaction)
Amount contributed		$ 16,400	$ 11,200
Period over which tax credits is receivable		7 years	7 years
Newark Joint Venture special purpose subsidiaries | Primary Beneficiary | J P Morgan Chase and Goldman Sachs Affiliates [Member] | New Markets Tax Credit Transaction
Deferred Income (New Markets Tax Credit Transaction)
Deferred income	$ 30,990			$ 30,990
Newark Joint Venture | Newark Joint Venture special purpose subsidiaries | New Markets Tax Credit Transaction
Deferred Income (New Markets Tax Credit Transaction)
Period after which option to acquire special purpose entity may be exercised				7 years
Newark Joint Venture | Primary Beneficiary | Newark Joint Venture special purpose subsidiaries | New Markets Tax Credit Transaction
Deferred Income (New Markets Tax Credit Transaction)
Deferred costs, net	$ 8,700			$ 9,700

INCOME TAXES (Detail)

INCOME TAXES (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Percentage of taxable income required to be distributed to shareholders to be not liable for federal corporate income taxes	100.00%
Minimum percentage of taxable income required to be distributed to shareholders in order to maintain the REIT status	90.00%
Subsequent tax period of ineligibility to be taxed as a REIT if the Trust fails to qualify as a REIT in any taxable year	4 years
State franchise tax expense, net of refunds	$ 18	$ 155	$ 102
Payment of alternative minimum tax resulted from the use of net operating loss carryforwards		$ 13	$ 182
Tax loss carry forward				$ 65,286

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($)	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 12, 2014	Sep. 30, 2012
September 2013 share repurchase program
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]
Authorized amount under the share repurchase program			$ 2,000,000	$ 4,000,000
Shares purchased (in shares)					345,081
Share repurchase price (in dollars per share)					$ 7.02
Total purchase price					$ 2,422,000
Restricted stock
Restricted Shares
Shares granted but not yet vested	672,875	648,225	627,425			580,180
Vesting period for shares issued	5 years
Compensation expense	$ 906,000	$ 805,000	$ 691,000
Unearned compensation	$ 2,184,000
Remaining weighted average vesting period	2 years 7 months 6 days
2012 Stock Incentive Plan
Restricted Shares
Shares authorized for issuance	600,000
Shares outstanding	414,625
Number of shares issued	414,925
Prior Plans
Restricted Shares
Number of additional awards available for grant	0
Prior Plans | Restricted stock
Restricted Shares
Shares granted but not yet vested	258,250

SHAREHOLDERS' EQUITY (Details 2

SHAREHOLDERS' EQUITY (Details 2) - Restricted stock - shares	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Changes in number of shares outstanding
Outstanding at beginning of the year (in shares)	648,225	627,425	580,180
Issued (in shares)	142,950	140,600	131,525
Cancelled (in shares)	0	(300)	(22,000)
Vested (in shares)	(118,300)	(119,500)	(62,280)
Outstanding at the end of the year (in shares)	672,875	648,225	627,425

SHAREHOLDERS' EQUITY (Details 3

SHAREHOLDERS' EQUITY (Details 3) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Numerator for basic and diluted earnings per share attributable to common shareholders:
Net (loss) income attributable to common shareholders	$ 3,436	$ (2,578)	$ (748)	$ (2,498)	$ (3,798)	$ (331)	$ (2,592)	$ (2,733)	$ (2,388)	$ (9,454)	$ 5,013
Denominator:
Denominator for basic earnings per share-weighted average shares									14,133,352	14,265,589	14,137,091
Denominator for diluted earnings per share-adjusted weighted average shares and assumed conversions									14,133,352	14,265,589	14,137,091
Basic (loss) earnings per share (in dollars per share)									$ (0.17)	$ (0.66)	$ 0.35
Diluted (loss) earnings per share (in dollars per share)									$ (0.17)	$ (0.66)	$ 0.35

ADVISOR'S COMPENSATION AND RE57

ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jan. 01, 2012	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013	Dec. 11, 2015	Dec. 31, 2014
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Advisory fees reported as component of discontinued operations		$ 0	$ 214,000	$ 831,000
Advisory fees limit		1,200,000
General and administrative to related party		171,000	286,000	442,000
REIT Management | Amended and Restated Advisory Agreement, as amended in January 2012
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Advisory fees payable on quarterly basis as a percentage of average book value of all real estate properties, excluding depreciation	0.45%
Advisory fees payable on quarterly basis as a percentage of average amount of the fair market value of marketable securities	0.25%
Advisory fees payable on quarterly basis as a percentage of average amount of cash and cash equivalents	0.15%
Advisory fees payable on quarterly basis as a percentage of average principal amount of earning loans	1.00%
Advisory fees payable on quarterly basis as a percentage of average amount of the fair market value of non-earning loans	0.35%
Related party expenses		2,448,000	2,016,000	1,802,000
REIT Management | Amended and Restated Advisory Agreement, as amended in January 2012 | Minimum
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Fees payable in a twelve month period	$ 750,000
REIT Management | Amended and Restated Advisory Agreement, as amended in January 2012 | Maximum
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Fees payable in a twelve month period	$ 4,000,000
Majestic Property Management Corp. | Real property management, real estate brokerage and construction supervision services
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Related party expenses		56,000	28,000	81,000
Gould Investors L.P. | Shared services agreement
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
General and administrative to related party		532,000	474,000	633,000
Affiliated Entity
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Loans and leases receivable sold to related party, outstanding balance						$ 2,000,000
Affiliated Entity | Payment Of Acquisition Fee
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Related party expenses		2,678,000,000	2,797,000,000	1,808,000
Affiliated Entity | Rent Expense
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Related party expenses		64,000	149,000	146,000
Affiliated Entity | Insurance Reimbursement
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Related party expenses		$ 15,000	$ 15,000	$ 13,000
Notes Payable, Other Payables | Subsequent Event | Unsecured Short Term Borrowing From Gould Investors L.P. | Affiliated Entity
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Debt face amount					$ 8,000,000

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Sep. 30, 2015USD ($)segment	Sep. 30, 2014USD ($)segment	Sep. 30, 2013USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment									2	2
Revenues:
Rental and other revenues from real estate properties									$ 81,358	$ 65,254	$ 30,592
Other income									1,139	1,160	1,411
Total revenues	$ 21,023	$ 21,225	$ 20,472	$ 19,777	$ 19,409	$ 17,771	$ 15,156	$ 14,078	82,497	66,414	32,003
Expenses:
Operating expenses relating to real estate properties									43,219	37,067	16,409
Interest expense									24,177	20,670	11,978
Advisor's fees, related party									2,448	1,801	971
Property acquisition costs									1,885	2,542	2,637
General and administrative									6,683	6,324	5,862
Depreciation and amortization									20,695	15,576	7,094
Total expenses	27,435	24,733	23,635	23,304	24,312	21,959	19,028	18,681	99,107	83,980	44,951
Total revenues less total expenses	(6,412)	(3,508)	(3,163)	(3,527)					(16,610)	(17,566)	(12,948)
Gain on sale of real estate	12,228	0	2,777	0					15,005	0	0
Gain on sale of partnership interest									0	0	5,481
Loss from continuing operations	5,816	(3,508)	(386)	(3,527)	(4,903)	(4,188)	(3,872)	(4,603)	(1,605)	(17,566)	(6,937)
Gain on sale of real estate assets									0	0	769
Discontinued operations:
Income from discontinued operations					2	185	361	852	0	1,400	9,026
Gain on sale of available-for-sale securities									0	0	530
Net (loss) income	5,816	(3,508)	(386)	(3,527)	(4,901)	(4,003)	(3,511)	(3,751)	(1,605)	(16,166)	2,089
Plus: net loss attributable to non-controlling interests	(2,380)	930	(362)	1,029	1,103	3,672	919	1,018	(783)	6,712	2,924
Net (loss) income attributable to common shareholders	3,436	$ (2,578)	$ (748)	$ (2,498)	(3,798)	$ (331)	$ (2,592)	$ (2,733)	(2,388)	(9,454)	5,013
Segment assets	835,879				734,620				835,879	734,620
Before reconciling adjustments
Revenues:
Rental and other revenues from real estate properties									81,358	65,254	30,592
Other income									1,139	1,095	1,270
Total revenues									82,497	66,349	31,862
Expenses:
Operating expenses relating to real estate properties									43,219	37,067	16,409
Interest expense									24,177	20,670	11,978
Advisor's fees, related party									2,448	1,801	971
Property acquisition costs									1,885	2,542	2,637
General and administrative									6,683	6,324	5,862
Depreciation and amortization									20,695	15,576	7,094
Total expenses									99,107	83,980	44,951
Total revenues less total expenses									(16,610)		(13,089)
Gain on sale of real estate									15,005
Gain on sale of partnership interest											5,481
Loss from continuing operations										(17,631)	(7,608)
Gain on sale of real estate assets											769
Discontinued operations:
Income from discontinued operations											769
Net (loss) income									(1,605)		(6,839)
Plus: net loss attributable to non-controlling interests									(783)	6,712	2,924
Net (loss) income attributable to common shareholders									(2,388)	(10,919)	(3,915)
Segment assets	835,879								835,879
Reconciling adjustments
Revenues:
Other income										65	141
Discontinued operations:
Income from discontinued operations										1,400	8,257
Gain on sale of available-for-sale securities											530
Multi-Family Real Estate
Discontinued operations:
Segment assets					569,357					569,357	312,962
Multi-Family Real Estate | Before reconciling adjustments
Revenues:
Rental and other revenues from real estate properties									75,643	60,362	27,265
Other income									0	4	0
Total revenues									75,643	60,366	27,265
Expenses:
Operating expenses relating to real estate properties									38,000	32,347	13,570
Interest expense									18,944	16,212	8,193
Advisor's fees, related party									2,077	1,466	750
Property acquisition costs									1,885	2,542	2,637
General and administrative									6,314	5,887	5,490
Depreciation and amortization									18,336	13,828	6,119
Total expenses									85,556	72,282	36,759
Total revenues less total expenses									(9,913)		(9,494)
Gain on sale of real estate									14,404
Gain on sale of partnership interest											0
Loss from continuing operations										(11,916)	(9,494)
Gain on sale of real estate assets											0
Discontinued operations:
Income from discontinued operations											0
Net (loss) income									4,491		(9,494)
Plus: net loss attributable to non-controlling interests									(4,482)	759	480
Net (loss) income attributable to common shareholders									9	(11,157)	(9,014)
Segment assets	616,909								616,909
Other Real Estate
Discontinued operations:
Segment assets					$ 163,246					163,246	149,487
Other Real Estate | Before reconciling adjustments
Revenues:
Rental and other revenues from real estate properties									5,715	4,892	3,327
Other income									1,139	1,091	1,270
Total revenues									6,854	5,983	4,597
Expenses:
Operating expenses relating to real estate properties									5,219	4,720	2,839
Interest expense									5,233	4,458	3,785
Advisor's fees, related party									371	335	221
Property acquisition costs									0	0	0
General and administrative									369	437	372
Depreciation and amortization									2,359	1,748	975
Total expenses									13,551	11,698	8,192
Total revenues less total expenses									(6,697)		(3,595)
Gain on sale of real estate									601
Gain on sale of partnership interest											5,481
Loss from continuing operations										(5,715)	1,886
Gain on sale of real estate assets											769
Discontinued operations:
Income from discontinued operations											769
Net (loss) income									(6,096)		2,655
Plus: net loss attributable to non-controlling interests									3,699	5,953	2,444
Net (loss) income attributable to common shareholders									(2,397)	$ 238	$ 5,099
Segment assets	$ 218,970								$ 218,970

FAIR VALUE OF FINANCIAL INSTR59

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Level 2 - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Market valuation | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	6.38%	6.71%
Market valuation | Mortgages | Minimum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	1.99%	2.22%
Market valuation | Mortgages | Maximum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	15.00%	9.37%
Estimated fair value | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Estimated fair value lower than carrying value	$ 20,174	$ 22,527
Estimated fair value | Mortgages
Financial Instruments Not Measured at Fair Value
Estimated fair value lower than carrying value	$ 890	$ 9,451

FAIR VALUE OF FINANCIAL INSTR60

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) - Measured at fair value on a recurring basis - Interest Rate Swap $ in Thousands	Sep. 30, 2015USD ($)
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative financial instruments	$ (58)
Estimated fair value | Level 2
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative financial instruments	$ (58)

COMMITMENT (Detail)

COMMITMENT (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Non-contributory defined contribution pension plan
Pension expense	$ 322	$ 322	$ 310
Unpaid pension expense, included in accounts payable and accrued liabilities	$ 50	$ 48

DERIVATIVE FINANCIAL INSTRUME62

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($)	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Amount of gain (loss) recognized on derivative in Other Comprehensive Income	$ (83,000)	$ (37,000)	$ 61,000
Gain or loss recognized related to hedge ineffectiveness	0	0	0
Gain or loss recognized related to amounts excluded from effectiveness testing	0	0	0
Estimated amount to be reclassified from other comprehensive income as an increase to interest expense	32,000,000
Credit-risk-related Contingent Features
Fair value of the derivative in a net liability position	63,000,000
Termination value to settlement of obligations	63,000,000
Interest Expense
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	(33,000)	(36,000)	$ (37,000)
Other Assets
Fair value of derivative financial instruments
Fair value of derivative financial instrument asset	0	0
Accounts Payable and Accrued Liabilities
Fair value of derivative financial instruments
Fair value of derivative financial instrument liability	58,000	$ 8,000
Designated as a hedge | Interest Rate Swap
Interest Rate Derivatives
Notional Amount	$ 1,665,000
Rate (as a percent)	5.25%

QUARTERLY FINANCIAL DATA (Una63

QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
QUARTERLY FINANCIAL DATA (Unaudited)
Revenues	$ 21,023	$ 21,225	$ 20,472	$ 19,777	$ 19,409	$ 17,771	$ 15,156	$ 14,078	$ 82,497	$ 66,414	$ 32,003
Expenses	27,435	24,733	23,635	23,304	24,312	21,959	19,028	18,681	99,107	83,980	44,951
Total revenues less total expenses	(6,412)	(3,508)	(3,163)	(3,527)					(16,610)	(17,566)	(12,948)
Gain on sale of real estate	12,228	0	2,777	0					15,005	0	0
Loss from continuing operations	5,816	(3,508)	(386)	(3,527)	(4,903)	(4,188)	(3,872)	(4,603)	(1,605)	(17,566)	(6,937)
Income from discontinued operations:
Discontinued operations					2	185	361	852	0	1,400	9,026
Net (loss) income	5,816	(3,508)	(386)	(3,527)	(4,901)	(4,003)	(3,511)	(3,751)	(1,605)	(16,166)	2,089
Plus: net (income) loss attributable to non-controlling interests	(2,380)	930	(362)	1,029	1,103	3,672	919	1,018	(783)	6,712	2,924
Net (loss) income attributable to common shareholders	$ 3,436	$ (2,578)	$ (748)	$ (2,498)	$ (3,798)	$ (331)	$ (2,592)	$ (2,733)	$ (2,388)	$ (9,454)	$ 5,013
Basic and per share amounts attributable to common shareholders
Continuing operations (in dollars per share)	$ 0.24	$ (0.18)	$ (0.05)	$ (0.18)	$ (0.27)	$ (0.03)	$ (0.21)	$ (0.25)	$ (0.17)	$ (0.76)
Discontinued operations (in dollars per share)	0	0	0	0		0.01	0.03	0.06	0	0.10
Basic and diluted (loss) earnings per share (in dollars per share)	$ 0.24	$ (0.18)	$ (0.05)	$ (0.18)	$ (0.27)	$ (0.02)	$ (0.18)	$ (0.19)	$ (0.17)	$ (0.66)	$ 0.35

SCHEDULE III - REAL ESTATE PR64

SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2015USD ($)
Real estate properties and accumulated depreciation
Encumbrances	$ 585,686
Initial Cost to Company
Land	120,652
Buildings and Improvements	517,685
Costs Capitalized Subsequent to Acquisition
Land	4,830
Improvements	148,395
Carrying Costs	10,859
Gross Amount At Which Carried
Land	123,017
Buildings and Improvements	676,940
Total	799,957
Accumulated Depreciation	42,930
Commercial | Yonkers, NY
Real estate properties and accumulated depreciation
Encumbrances	1,666
Initial Cost to Company
Buildings and Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Improvements	194
Gross Amount At Which Carried
Buildings and Improvements	4,194
Total	4,194
Accumulated Depreciation	$ 1,619
Depreciation Life For Latest Income Statement	39 years
Commercial | South Daytona, FL
Initial Cost to Company
Land	$ 10,437
Gross Amount At Which Carried
Land	7,972
Total	7,972
Commercial | Newark, NJ
Real estate properties and accumulated depreciation
Encumbrances	110,374
Initial Cost to Company
Land	17,088
Buildings and Improvements	19,033
Costs Capitalized Subsequent to Acquisition
Land	4,830
Improvements	96,488
Carrying Costs	10,499
Gross Amount At Which Carried
Land	21,918
Buildings and Improvements	126,020
Total	147,938
Accumulated Depreciation	$ 6,498
Depreciation Life For Latest Income Statement	39 years
Multi-family residential | Palm Beach Gardens, FL
Real estate properties and accumulated depreciation
Encumbrances	$ 48,032
Initial Cost to Company
Land	16,260
Buildings and Improvements	43,140
Costs Capitalized Subsequent to Acquisition
Improvements	2,102
Gross Amount At Which Carried
Land	16,260
Buildings and Improvements	45,243
Total	61,503
Accumulated Depreciation	$ 6,182
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Melbourne, FL
Real estate properties and accumulated depreciation
Encumbrances	$ 9,381
Initial Cost to Company
Land	1,150
Buildings and Improvements	8,100
Costs Capitalized Subsequent to Acquisition
Improvements	1,538
Gross Amount At Which Carried
Land	1,150
Buildings and Improvements	9,638
Total	10,788
Accumulated Depreciation	$ 1,449
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Collierville, TN
Real estate properties and accumulated depreciation
Encumbrances	$ 25,610
Initial Cost to Company
Land	6,420
Buildings and Improvements	25,680
Costs Capitalized Subsequent to Acquisition
Improvements	631
Gross Amount At Which Carried
Land	6,420
Buildings and Improvements	26,311
Total	32,731
Accumulated Depreciation	$ 2,829
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | North Charleston, SC
Real estate properties and accumulated depreciation
Encumbrances	$ 17,455
Initial Cost to Company
Land	2,436
Buildings and Improvements	19,075
Costs Capitalized Subsequent to Acquisition
Improvements	657
Gross Amount At Which Carried
Land	2,436
Buildings and Improvements	19,732
Total	22,168
Accumulated Depreciation	$ 2,146
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Cordova, TN
Real estate properties and accumulated depreciation
Encumbrances	$ 19,248
Initial Cost to Company
Land	1,823
Buildings and Improvements	23,627
Costs Capitalized Subsequent to Acquisition
Improvements	700
Gross Amount At Which Carried
Land	1,823
Buildings and Improvements	24,327
Total	26,150
Accumulated Depreciation	$ 2,290
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Decatur, GA
Real estate properties and accumulated depreciation
Encumbrances	$ 10,490
Initial Cost to Company
Land	1,698
Buildings and Improvements	8,752
Costs Capitalized Subsequent to Acquisition
Improvements	1,070
Gross Amount At Which Carried
Land	1,698
Buildings and Improvements	9,822
Total	11,520
Accumulated Depreciation	$ 981
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Panama City, FL
Real estate properties and accumulated depreciation
Encumbrances	$ 5,436
Initial Cost to Company
Land	1,411
Buildings and Improvements	5,790
Costs Capitalized Subsequent to Acquisition
Improvements	586
Gross Amount At Which Carried
Land	1,411
Buildings and Improvements	6,376
Total	7,787
Accumulated Depreciation	$ 682
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Houston, TX Location 1
Real estate properties and accumulated depreciation
Encumbrances	$ 13,127
Initial Cost to Company
Land	5,143
Buildings and Improvements	11,620
Costs Capitalized Subsequent to Acquisition
Improvements	230
Gross Amount At Which Carried
Land	5,143
Buildings and Improvements	11,850
Total	16,993
Accumulated Depreciation	$ 1,059
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Pooler, GA
Real estate properties and accumulated depreciation
Encumbrances	$ 26,400
Initial Cost to Company
Land	1,848
Buildings and Improvements	33,402
Costs Capitalized Subsequent to Acquisition
Improvements	219
Gross Amount At Which Carried
Land	1,848
Buildings and Improvements	33,621
Total	35,469
Accumulated Depreciation	$ 2,869
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Houston, TX Location 2
Real estate properties and accumulated depreciation
Encumbrances	$ 7,500
Initial Cost to Company
Land	3,044
Buildings and Improvements	5,521
Costs Capitalized Subsequent to Acquisition
Improvements	526
Gross Amount At Which Carried
Land	3,044
Buildings and Improvements	6,047
Total	9,091
Accumulated Depreciation	$ 503
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Hixson, TN
Real estate properties and accumulated depreciation
Encumbrances	$ 8,137
Initial Cost to Company
Land	1,231
Buildings and Improvements	9,613
Costs Capitalized Subsequent to Acquisition
Improvements	187
Gross Amount At Which Carried
Land	1,231
Buildings and Improvements	9,800
Total	11,031
Accumulated Depreciation	$ 777
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Kennesaw, GA
Real estate properties and accumulated depreciation
Encumbrances	$ 35,900
Initial Cost to Company
Land	5,566
Buildings and Improvements	43,484
Costs Capitalized Subsequent to Acquisition
Improvements	512
Gross Amount At Which Carried
Land	5,566
Buildings and Improvements	43,996
Total	49,562
Accumulated Depreciation	$ 3,177
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Houston (Pasadena), TX (Ashwood)
Real estate properties and accumulated depreciation
Encumbrances	$ 4,047
Initial Cost to Company
Land	1,513
Buildings and Improvements	3,907
Costs Capitalized Subsequent to Acquisition
Improvements	300
Gross Amount At Which Carried
Land	1,513
Buildings and Improvements	4,207
Total	5,720
Accumulated Depreciation	$ 323
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Humble, TX (Parkside)
Real estate properties and accumulated depreciation
Encumbrances	$ 5,002
Initial Cost to Company
Land	1,113
Buildings and Improvements	5,587
Costs Capitalized Subsequent to Acquisition
Improvements	319
Gross Amount At Which Carried
Land	1,113
Buildings and Improvements	5,906
Total	7,019
Accumulated Depreciation	$ 440
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Humble, TX (Meadowbrook)
Real estate properties and accumulated depreciation
Encumbrances	$ 7,839
Initial Cost to Company
Land	1,996
Buildings and Improvements	8,504
Costs Capitalized Subsequent to Acquisition
Improvements	566
Gross Amount At Which Carried
Land	1,996
Buildings and Improvements	9,070
Total	11,066
Accumulated Depreciation	$ 642
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Huntsville, AL
Real estate properties and accumulated depreciation
Encumbrances	$ 9,573
Initial Cost to Company
Land	1,047
Buildings and Improvements	11,003
Costs Capitalized Subsequent to Acquisition
Improvements	1,176
Gross Amount At Which Carried
Land	1,047
Buildings and Improvements	12,179
Total	13,226
Accumulated Depreciation	$ 853
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Columbus, OH
Real estate properties and accumulated depreciation
Encumbrances	$ 10,365
Initial Cost to Company
Land	2,810
Buildings and Improvements	11,240
Costs Capitalized Subsequent to Acquisition
Improvements	241
Gross Amount At Which Carried
Land	2,810
Buildings and Improvements	11,481
Total	14,291
Accumulated Depreciation	$ 958
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Indianapolis, IN
Real estate properties and accumulated depreciation
Encumbrances	$ 14,500
Initial Cost to Company
Land	4,477
Buildings and Improvements	14,323
Costs Capitalized Subsequent to Acquisition
Improvements	1,526
Gross Amount At Which Carried
Land	4,477
Buildings and Improvements	15,849
Total	20,326
Accumulated Depreciation	$ 934
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Greenville, South Carolina
Real estate properties and accumulated depreciation
Encumbrances	$ 29,429
Initial Cost to Company
Land	7,100
Costs Capitalized Subsequent to Acquisition
Improvements	36,385
Carrying Costs	360
Gross Amount At Which Carried
Land	7,100
Buildings and Improvements	36,745
Total	43,845
Accumulated Depreciation	$ 284
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Nashville, TN
Real estate properties and accumulated depreciation
Encumbrances	$ 24,038
Initial Cost to Company
Land	4,565
Buildings and Improvements	22,185
Costs Capitalized Subsequent to Acquisition
Improvements	261
Gross Amount At Which Carried
Land	4,565
Buildings and Improvements	22,446
Total	27,011
Accumulated Depreciation	$ 1,185
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Little Rock, AK
Real estate properties and accumulated depreciation
Encumbrances	$ 3,981
Initial Cost to Company
Land	2,041
Buildings and Improvements	4,709
Costs Capitalized Subsequent to Acquisition
Improvements	37
Gross Amount At Which Carried
Land	2,041
Buildings and Improvements	4,746
Total	6,787
Accumulated Depreciation	$ 311
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Wichita, KS
Real estate properties and accumulated depreciation
Encumbrances	$ 13,528
Initial Cost to Company
Land	1,992
Buildings and Improvements	18,758
Costs Capitalized Subsequent to Acquisition
Improvements	298
Gross Amount At Which Carried
Land	1,992
Buildings and Improvements	19,056
Total	21,048
Accumulated Depreciation	$ 1,085
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Atlanta, GA
Real estate properties and accumulated depreciation
Encumbrances	$ 22,165
Initial Cost to Company
Land	2,283
Buildings and Improvements	26,067
Costs Capitalized Subsequent to Acquisition
Improvements	343
Gross Amount At Which Carried
Land	2,283
Buildings and Improvements	26,410
Total	28,693
Accumulated Depreciation	$ 1,165
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Houston, TX Location 5
Real estate properties and accumulated depreciation
Encumbrances	$ 11,475
Initial Cost to Company
Land	1,849
Buildings and Improvements	13,451
Costs Capitalized Subsequent to Acquisition
Improvements	1,303
Gross Amount At Which Carried
Land	1,849
Buildings and Improvements	14,754
Total	16,603
Accumulated Depreciation	$ 683
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Pensacola, FL
Real estate properties and accumulated depreciation
Encumbrances	$ 16,929
Initial Cost to Company
Land	2,758
Buildings and Improvements	25,192
Costs Capitalized Subsequent to Acquisition
Improvements	0
Gross Amount At Which Carried
Land	2,758
Buildings and Improvements	25,192
Total	27,950
Accumulated Depreciation	$ 776
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Valley, AL
Real estate properties and accumulated depreciation
Encumbrances	$ 28,990
Initial Cost to Company
Land	1,044
Buildings and Improvements	42,706
Costs Capitalized Subsequent to Acquisition
Improvements	0
Gross Amount At Which Carried
Land	1,044
Buildings and Improvements	42,706
Total	43,750
Accumulated Depreciation	$ 230
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | San Marco, TX
Real estate properties and accumulated depreciation
Encumbrances	$ 17,158
Initial Cost to Company
Land	4,930
Buildings and Improvements	16,795
Costs Capitalized Subsequent to Acquisition
Improvements	0
Gross Amount At Which Carried
Land	4,930
Buildings and Improvements	16,795
Total	21,725
Accumulated Depreciation	$ 0
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Lake St. Louis, MO
Real estate properties and accumulated depreciation
Encumbrances	$ 27,910
Initial Cost to Company
Land	3,579
Buildings and Improvements	32,421
Costs Capitalized Subsequent to Acquisition
Improvements	0
Gross Amount At Which Carried
Land	3,579
Buildings and Improvements	32,421
Total	36,000
Accumulated Depreciation	$ 0
Depreciation Life For Latest Income Statement	30 years

SCHEDULE III - REAL ESTATE PR65

SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Total real estate properties				$ 799,957
Less: Accumulated depreciation and amortization				(42,930)
Net real estate properties	$ 635,612	$ 402,896	$ 190,317	$ 757,027
Reconciliation of real estate properties
Balance at beginning of year	635,612	402,896	190,317
Additions:
Acquisitions	129,425	205,220	185,453
Capital improvements	8,442	8,273	3,371
Capitalized development expenses and carrying costs	55,623	34,857	30,947
Total additions	193,490	248,350	219,771
Deductions:
Sales	51,394	80	117
Depreciation/amortization/paydowns	20,681	15,554	7,075
Total deductions	72,075	15,634	7,192
Balance at end of year	$ 757,027	$ 635,612	$ 402,896