BRT Apartments (BRT) 10-Q 9 Feb 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2015	Feb. 05, 2016
Document and Entity Information
Entity Registrant Name	BRT REALTY TRUST
Entity Central Index Key	14,846
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		14,242,106

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015
ASSETS
Real estate properties, net of accumulated depreciation and amortization of $46,301 and $40,640	$ 769,320	$ 733,168
Cash and cash equivalents	21,379	15,556
Deferred costs, net	15,581	15,010
Deposits and escrows	14,484	12,875
Other assets	14,701	15,616
Real estate assets held for sale	23,869	23,859
Total Assets	880,482	835,879
Liabilities:
Mortgages payable	596,204	566,438
Junior subordinated notes	37,400	37,400
Other borrowings - including $8,000 to related party	14,001	0
Accounts payable and accrued liabilities	21,019	21,629
Deferred income	33,736	30,990
Mortgages payable held for sale	19,248	19,248
Total Liabilities	721,608	675,705
Commitments and contingencies	0	0
BRT Realty Trust shareholders’ equity:
Preferred shares	0	0
Shares of beneficial interest	40,285	40,285
Additional paid-in capital	162,072	161,842
Accumulated other comprehensive (loss)	(38)	(58)
Accumulated deficit	(81,448)	(79,414)
Total BRT Realty Trust shareholders’ equity	120,871	122,655
Non-controlling interests	38,003	37,519
Total Equity	158,874	160,174
Total Liabilities and Equity	880,482	835,879
Multi-Family Real Estate [Member]
ASSETS
Total Assets	689,231
Multi-Family Real Estate [Member] | Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Restricted cash	5,919	6,518
RBHTRB Newark Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Restricted cash	$ 15,229	$ 13,277

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015
Statement of Financial Position [Abstract]
Real estate properties, accumulated depreciation	$ 46,301	$ 40,640
Preferred shares, par value (in dollars per share)	$ 1	$ 1
Preferred shares authorized (in shares)	10,000,000	10,000,000
Preferred shares issued (in shares)	0	0
Shares of beneficial interest, par value (in dollars per share)	$ 3	$ 3
Shares of beneficial interest issued (in shares)	13,248,000	13,248,000
Other borrowings - related party	$ 8,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rental and other revenues from real estate properties	$ 22,935	$ 19,481
Other income	277	296
Total revenues	23,212	19,777
Expenses:
Real estate operating expenses	11,506	10,409
Interest expense	6,928	6,201
Advisor’s fees, related party	693	584
Property acquisition costs - including $ 0 and $246 to related parties	57	295
General and administrative - including $26 and $58 to related parties	1,749	1,657
Depreciation	5,661	4,158
Total expenses	26,594	23,304
Total revenue less total expenses	(3,382)	(3,527)
Gain on sale of real estate	609	0
Net loss	(2,773)	(3,527)
Plus: net loss attributable to non-controlling interests	739	1,029
Net loss attributable to common shareholders	$ (2,034)	$ (2,498)
Basic and diluted per share amounts attributable to common shareholders:
Basic and diluted loss (in dollars per share)	$ (0.14)	$ (0.18)
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	14,101,056	14,243,173

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Related party - real estate operating expenses	$ 433	$ 356
Related party - interest expense	24	0
Related party - property acquisition costs	0	246
Related party - general and administrative	$ 26	$ 58

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net loss	$ (2,773)	$ (3,527)
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	20	(25)
Other comprehensive income (loss)	20	(25)
Comprehensive loss	(2,753)	(3,552)
Less: comprehensive loss attributable to non-controlling interests	736	1,033
Comprehensive loss attributable to common shareholders	$ (2,017)	$ (2,519)

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - 3 months ended Dec. 31, 2015 - USD ($) $ in Thousands	Total	Shares of Beneficial Interest [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive (Loss) [Member]	Accumulated Deficit [Member]	Non- Controlling Interest [Member]
Beginning balance at Sep. 30, 2015	$ 160,174	$ 40,285	$ 161,842	$ (58)	$ (79,414)	$ 37,519
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation expense –restricted stock	230		230
Contributions from non-controlling interests	3,531					3,531
Distributions to non-controlling interests	(2,308)					(2,308)
Net loss	(2,773)				(2,034)	(739)
Other comprehensive income	20			20
Comprehensive loss	(2,753)
Ending balance at Dec. 31, 2015	$ 158,874	$ 40,285	$ 162,072	$ (38)	$ (81,448)	$ 38,003

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net loss	$ (2,773)	$ (3,527)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	6,351	4,908
Amortization of restricted stock	230	206
Gain on sale of real estate	(609)	0
Increases and decreases from changes in other assets and liabilities:
Change in straight-line rent	(62)	(100)
Decrease in interest and dividends receivable	0	17
Increase in prepaid expenses	(717)	(864)
Increase in prepaid interest	(48)	(23)
(Increase) decrease in deposits and escrows	(1,610)	2,324
Decrease in other assets	1,746	4,976
Increase in accounts payable and accrued liabilities	(591)	(269)
Other	0	8
Net cash provided by operating activities	1,917	7,656
Cash flows from investing activities:
Collections from real estate loans	0	2,000
Additions to real estate properties	(10,373)	(10,777)
Net costs capitalized to real estate properties	(15,398)	(17,227)
Purchase of non controlling interests	0	(3,886)
Proceeds from the sale of real estate properties	609	0
Net cash used in investing activities	(26,515)	(23,446)
Cash flows from financing activities:
Proceeds from mortgages payable	20,531	9,341
Increase in other borrowed funds	14,001	0
Mortgage principal payments	(6,818)	(584)
Increase in deferred borrowing costs	(1,262)	(2,346)
Capital contributions from non-controlling interests	3,531	292
Capital distribution to non-controlling interests	(2,308)	(650)
Proceeds from sale of New Market Tax Credits	2,746	0
Repurchase of shares of beneficial interest	0	(2,422)
Net cash provided by financing activities	30,421	3,631
Net increase (decrease) in cash and cash equivalents	5,823	(12,159)
Cash and cash equivalents at beginning of period	15,556	23,181
Cash and cash equivalents at end of period	21,379	11,022
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	7,221	6,273
Taxes paid	11	14
Acquisition of real estate through assumption of debt	16,051	17,173
Real estate properties reclassified to assets held for sale	0	6,748
RBHTRB Newark Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Cash flows from investing activities:
Net change in restricted cash	(1,952)	4,363
Multi-Family Real Estate [Member]
Cash flows from operating activities:
Net loss	(1,669)
Adjustments to reconcile net loss to net cash provided by operating activities:
Gain on sale of real estate	0
Multi-Family Real Estate [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Cash flows from investing activities:
Net change in restricted cash	$ 599	$ 2,081

Organization and Background

Organization and Background	3 Months Ended
	Dec. 31, 2015
Organization and Background [Abstract]
Organization and Background	Organization and Background BRT Realty Trust (“BRT” or the “Trust”) is a business trust organized in Massachusetts. BRT owns, operates and develops (i) multi‑family properties and (ii) commercial and mixed-use real estate assets. The multi‑family properties are generally acquired with venture partners in transactions in which the Trust contributes 80% of the equity. At December 31, 2015, the Trust owns 30 multi-family properties with 8,807 units located in 11 states. BRT conducts its operations to qualify as a real estate investment trust, or REIT, for federal income tax purposes.

Basis of Preparation

Basis of Preparation	3 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	Basis of Preparation The accompanying interim unaudited consolidated financial statements as of December 31, 2015 , and for the three months ended December 31, 2015 and 2014 , reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for such interim periods. The results of operations for the three months ended December 31, 2015 and 2014 , are not necessarily indicative of the results for the full year. The consolidated balance sheet as of September 30, 2015 , has been derived from the audited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States ("GAAP") for complete financial statements. The consolidated financial statements include the accounts and operations of BRT Realty Trust, its wholly owned subsidiaries, and its majority owned or controlled real estate entities and its interests in variable interest entities in which the Trust is determined to be the primary beneficiary. Material intercompany balances and transactions have been eliminated. RBH‑TRB Newark Holdings LLC, referred to herein as the Newark Joint Venture, was determined to be a variable interest entity (“VIE”) because the total equity investment at risk is not sufficient to permit it to finance its activities without additional subordinated financial support by its equity holders. 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 an investor that has disproportionately fewer voting rights. It was determined that the Trust is the primary beneficiary of these joint ventures because it has a controlling interest in that it has the power to direct the activities 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 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 a controlling financial interest in the entity due to its substantive participating rights. The distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro-rata to the equity interest each partner has in the applicable venture. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates.

Equity

Equity	3 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Equity	Equity Common Share Dividend Distribution During the quarter ended December 31, 2015 , the Trust did not declare a dividend on its shares. Restricted Shares The Trust’s 2012 Incentive Plan, approved by its shareholders in March 2012, permits the Trust to grant stock options, restricted stock, restricted stock units, performance shares awards and any one or more of the foregoing, up to a maximum of 600,000 shares. In January 2016 , the Trust granted 141,050 shares of restricted stock pursuant to this plan. As of December 31, 2015 , 414,475 shares of unvested restricted stock are outstanding pursuant to this plan and 258,150 shares of unvested restricted stock are outstanding pursuant to the Trust’s 2009 equity incentive plan (the "Prior Plan"). No additional awards may be granted under the Prior Plan. All restricted shares vest five years from the date of grant and under specified circumstances, including a change in control, may vest earlier. For accounting purposes, the restricted shares are not included in the outstanding shares shown on the consolidated balance sheets until they vest, but are included in the earnings per share computation. For the three months ended December 31, 2015 and 2014 , the Trust recorded $ 230,000 and $206,000 , respectively, of compensation expense related to the amortization of unearned compensation. At December 31, 2015 and September 30, 2014, $ 1,955,000 and $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 2.1 years. Per Share Data Basic earnings (loss) per share is determined by dividing net income (loss) applicable to common shareholders for the applicable period by the weighted average number of shares of beneficial interest outstanding during such period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue shares of beneficial interest were exercised or converted into shares of beneficial interest or resulted in the issuance of shares of beneficial interest that share in the earnings of the Trust. Diluted earnings (loss) per share is determined by dividing net income (loss) applicable to common shareholders for the applicable period by the weighted average number of shares of beneficial interest outstanding during such period plus the dilutive effect of the Trust's unvested restricted stock using the treasury stock method. Basic and diluted shares outstanding for the three months ended December 31, 2015 and 2014 , were 14,101,056 and 14,243,173 , respectively.

Real Estate Properties

Real Estate Properties	3 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties A summary of real estate properties owned including a multi-family property held for sale is as follows (dollars in thousands): Additions Capitalized Costs and Improvements Depreciation Multi-family $ 605,040 $ 26,425 $ 8,767 $ (4,958 ) $ 635,274 Mixed use - Newark Joint Venture 141,441 — 6,631 (677 ) 147,395 Land - Daytona, FL 7,972 — — — 7,972 Shopping centers/Retail - Yonkers, NY 2,574 — — (26 ) 2,548 Total real estate properties $ 757,027 $ 26,425 $ 15,398 $ (5,661 ) $ 793,189 Real Estate Property Held For Sale At December 31, 2015, The Grove at Trinity Point property in Cordova, TN was held for sale. The property, which has a book value of $23,869,000 , is under contract for sale. The Trust estimates it will recognize a gain on the sale of the property of approximately $6,800,000 , of which approximately $2,700,000 will be allocated to the minority partner.

Acquisitions

Acquisitions	3 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Acquisitions	Acquisitions Set forth below is information for the quarter ended December 31, 2015 regarding the Trusts' purchase of multi-family properties. The Trust has a 65% interest in the Charleston, SC venture and it wholly owns the La Grange, GA property. Location Purchase Date No. of Units Contract Purchase Price Acquisition Mortgage Debt Initial BRT Equity Property Acquisition Cost Charleston, SC (a) 10/13/2015 271 $ 3,625 — $ 6,558 — La Grange, GA 11/18/2015 236 22,800 $ 16,051 6,824 $ 57 507 $ 26,425 $ 16,051 $ 13,382 $ 57 ___________________________________________________ (a) This acquisition of 41.5 acres of land was purchased for development. The Charleston, SC purchase was accounted for as an asset acquisition and the La Grange, GA purchase was accounted for as a business combination. The purchase price for the La Grange purchase was allocated to the acquired assets and assumed liabilities based on management's estimate of the 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 three months ended December 31, 2015 (dollars in thousands): Preliminary Purchase Price Allocation Land $ 5,905 Buildings and Improvements 20,520 Total Consideration $ 26,425 Subsequent to December 31, 2015 , the Trust purchased two multi-family properties. The Trust has a 75% interest in the venture that purchased the Katy, TX property and an 80% in the interest in the venture that purchased the Macon, GA property. Location Purchase Date No. of Units Contract Purchase Price Acquisition Mortgage Debt Initial BRT Equity Property Acquisition Cost Katy, TX 1/22/2016 268 $ 40,250 $ 30,750 $ 8,150 $ 397 Macon, GA 2/1/2016 240 14,525 11,200 3,250 158 508 $ 54,775 $ 41,950 $ 11,400 $ 555

Real Estate Property Held For S

Real Estate Property Held For Sale	3 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Real Estate Property Held For Sale	Real Estate Properties A summary of real estate properties owned including a multi-family property held for sale is as follows (dollars in thousands): Additions Capitalized Costs and Improvements Depreciation Multi-family $ 605,040 $ 26,425 $ 8,767 $ (4,958 ) $ 635,274 Mixed use - Newark Joint Venture 141,441 — 6,631 (677 ) 147,395 Land - Daytona, FL 7,972 — — — 7,972 Shopping centers/Retail - Yonkers, NY 2,574 — — (26 ) 2,548 Total real estate properties $ 757,027 $ 26,425 $ 15,398 $ (5,661 ) $ 793,189 Real Estate Property Held For Sale At December 31, 2015, The Grove at Trinity Point property in Cordova, TN was held for sale. The property, which has a book value of $23,869,000 , is under contract for sale. The Trust estimates it will recognize a gain on the sale of the property of approximately $6,800,000 , of which approximately $2,700,000 will be allocated to the minority partner.

Restricted Cash

Restricted Cash	3 Months Ended
	Dec. 31, 2015
Cash and Cash Equivalents [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	3 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Debt obligations consist of the following (dollars in thousands): December 31, 2015 September 30, 2015 Mortgages payable (a) $ 596,204 $ 566,438 Junior subordinated notes 37,400 37,400 Other borrowings - including $8,000 to related party 14,001 — Total debt obligations $ 647,605 $ 603,838 _____________________________________ (a) Excludes mortgages payable held for sale of $19,248 Mortgages Payable During the three months ended December 31, 2015, the Trust purchased a multi-family property and incurred the following debt (dollars in thousands): Location Closing Date Acquisition Mortgage Debt Interest Rate Maturity Date LaGrange, GA 11/15/15 $ 16,051 4.36 % Febraury 2022 During the three months ended December 31, 2015 , the Trust obtained additional mortgage financing as set forth in the table below (dollars in thousands): Location Closing Date Additional Mortgage Debt Interest Rate Maturity Date Pensacola, FL 10/13/15 $ 3,194 4.92 % March 2022 Atlanta, GA 11/10/15 5,000 4.93 % July 2021 $ 8,194 In the quarter ended December 31, 2015 , the Newark Joint Venture refinanced mortgage debt of $5,508,000 with a 6% interest rate and maturing in 2030 with new mortgage debt of $7,054,000 with a 5.75% interest rate and maturing in January 2022. The new debt was obtained in connection with a $2,746,000 New Markets Tax Credit transaction. See Note 9 "Deferred Income (New Markets Tax Credit Transaction)". Junior Subordinated Notes At December 31, 2015 and September 30, 2015 , the Trust's junior subordinated notes had an outstanding principal balance of $37,400,000 . The interest rates on the outstanding notes are set forth in the table below: Interest Period Interest Rate August 1, 2012 through April 29, 2016 4.90 % April 30, 2016 through April 30, 2036 Libor + 2.00% The junior subordinated notes require interest only payments through maturity, at which time repayment of the outstanding principal and unpaid interest become due. Interest expense for each of the three months ended December 31, 2015 and 2014 was $458,000 . Amortization of the deferred costs, a component of interest expense, was $5,000 for each of the three months ended December 31, 2015 and 2014 . Other borrowings On December 11, 2015, the Trust borrowed $8,000,000 , on an unsecured basis, from Gould Investors L.P. , a related party. The note bears interest at 5.24% and matures on the earlier and to the extent of (i) May 10, 2016 and (ii) the receipt of proceeds from the sale of the Trust's equity interest in the Newark Joint Venture or the repayment of the Newark Joint Venture loan. At December 31, 2015, the principal amount of such loan, which is eliminated in consolidation, was $19,500,000 . In the quarter ended December 31, 2015 , the Newark Joint Venture borrowed $6,001,000 pursuant to the EB-5 Immigrant Investor Program. These loans bear interest at a rate of 4.00% per annum and have stated terms of five years, subject to two one-year extension options.

Deferred Income (New Markets Ta

Deferred Income (New Markets Tax Credit Transaction)	3 Months Ended
	Dec. 31, 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 December 30, 2015, affiliates of US Bank contributed $2,746,000 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. US Bank, Chase and Goldman are entitled to receive tax credits against their qualified investments in the project over seven years commencing as of the dates of their respective contributions. At the end of the seven years , the Newark Joint Venture subsidiaries have the option to acquire the special purpose entities for a nominal fee. Included in deferred income on the Trust's consolidated balance sheet at December 31, 2015 and September 30, 2015 are $33,736,000 and $30,990,000 , respectively, of the US Bank, Chase and Goldman contributions, which are net of fees of the NMTC transactions and Newark Joint Venture financing transactions. These amounts will be recognized into income when the obligations to comply with the requirements of the NMTC program as set forth in the applicable provisions of the Internal Revenue Code of 1986, as amended (the “Code”), are eliminated. The failure of the Newark Joint Venture to comply with the requirements of the NMTC program may result in the reversal of the tax credit benefits and the related obligation of the Newark Joint Venture to indemnify the beneficiaries of such credits. The tax credits are subject to recapture for a seven year period as provided in the Code. Costs incurred in structuring these transactions are deferred and will be recognized as an expense based on the maturities of the various mortgage financings, including the debt financing obtained by the Newark Joint Venture contemporaneously with the NMTC transactions. At December 31, 2015 and September 30, 2015 , these costs totaled $9,800,000 and $9,700,000 , respectively, and are included in deferred costs on the consolidated balance sheets. The Trust determined that the special purpose subsidiaries are VIE's. The VIE's ongoing activities, which include collecting and remitting interest and fees and NMTC compliance, were all considered in the design of the special purpose entities and are not anticipated to affect the economic performance during the life of the VIE's. Management considered the obligation to deliver tax benefits, provide guarantees to Chase and Goldman and the Trust's obligation to absorb the losses of the VIE. Management also considered Chase's and Goldman's lack of a material interest in the underlying economics of the project. Management concluded that the Trust is the primary beneficiary and has therefore consolidated the VIE's.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions During the quarter ended December 31, 2015 and 2014, respectively, the Trust paid REIT Management, a related party, advisory fees pursuant to its Advisory Agreement of $693,000 and $584,000 respectively. The Advisory Agreement terminated effective December 31, 2015. In lieu thereof, the Trust will retain personnel, including related parties, to provide the services previously provided pursuant to such agreement. The aggregate fee in calendar 2016 for the provision of such services may not exceed $1,150,000 . Majestic Property Management Corp., a related party, provides management services to the Trust for certain properties owned by the Trust and joint ventures in which the Trust participates. These fees amounted to $11,000 and $9,000 for the three months ended December 31, 2015 and 2014, respectively. The allocation of expenses for the shared facilities, personnel and other resources used by the Trust is computed in accordance with a shared services agreement by and among the Trust and related parties. Amounts paid pursuant to the agreement are included in general and administrative expenses on the consolidated statement of operations. During the quarter ended December 31, 2015 and 2014, the Trust paid Gould Investors L.P., $51,000 and $41,000 , respectively, for services provided under the agreement. Management of many of the Trust's multi-family properties is performed by the Trust's joint venture partners or their affiliates. In addition, the Trust may pay an acquisition fee to a joint venture partner in connection with a property purchased by such joint venture. Management and acquisition fees to these related parties for the quarter ended December 31, 2015 and 2014 amounted to $422,000 and $594,000 , respectively. On December 11, 2015, the Trust borrowed $8,000,000 from Gould Investors L.P. - see Note 8 “Debt Obligations - Other Borrowings”. Interest for the quarter ended December 31, 2015, at a rate of 5.24% , was $24,000 . In the fiscal year ended September 30, 2015, the Trust leased space from an affiliate of Gould Investors, L.P. The rent paid for the quarter ended December 31, 2014, was $38,000 . Commencing with the quarter ended March 31, 2015, the building was sold and the Trust ceased paying rent to Gould Investors for such space.

Segment Reporting

Segment Reporting	3 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Management determined that the Trust operates in two reportable segments: a multi-family property segment which includes the ownership, operation and developing of its multi-family properties; and an other real estate segment which includes the ownership, operation and developing of the its other real estate assets and, in particular, the Newark Joint Venture. The following tables summarize our segment reporting for the periods indicated (dollars in thousands): Three months ended December 31, 2015 Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate properties $ 21,082 $ 1,853 $ 22,935 Other income — 277 277 Total revenues 21,082 2,130 23,212 Expenses: Real estate operating expenses 10,023 1,483 11,506 Interest expense 5,459 1,469 6,928 Advisor’s fee, related party 594 99 693 Property acquisition costs 57 — 57 General and administrative 1,661 88 1,749 Depreciation 4,957 704 5,661 Total expenses 22,751 3,843 26,594 Total revenue less total expense (1,669 ) (1,713 ) (3,382 ) Gain on sale of real estate — 609 609 Net loss (1,669 ) (1,104 ) (2,773 ) Plus: net (income) loss attributable to non-controlling interests (199 ) 938 739 Net loss attributable to common shareholders $ (1,868 ) $ (166 ) $ (2,034 ) Segment Assets at December 31, 2015 $ 689,231 $ 191,251 $ 880,482 Note 11- Segment Reporting - continued Three Months Ended December 31, 2014 Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate properties $ 18,161 $ 1,320 $ 19,481 Other income — 296 296 Total revenues 18,161 1,616 19,777 Expenses: Real estate operating expenses 9,215 1,194 10,409 Interest expense 4,709 1,492 6,201 Advisor’s fees, related party 485 99 584 Property acquisition costs 295 — 295 General and administrative 1,557 100 1,657 Depreciation 3,502 656 4,158 Total expenses 19,763 3,541 23,304 Loss from continuing operations (1,602 ) (1,925 ) (3,527 ) Plus: net loss attributable to non-controlling interests 197 832 1,029 Net loss attributable to common shareholders $ (1,405 ) $ (1,093 ) $ (2,498 ) Segment Assets at December 31, 2014 $ 580,309 $ 169,984 $ 750,293

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Financial Instruments Not Measured at Fair Value The following methods and assumptions were used to estimate the fair value of each class of financial instruments that are not recorded at fair value on the consolidated balance sheets: Cash and cash equivalents, restricted cash, accounts receivable (included in other assets), accounts payable and accrued liabilities: The carrying amounts reported in the balance sheets for these instruments approximate their fair value due to the short term nature of these accounts. Junior subordinated notes: At December 31, 2015 and September 30, 2015 the estimated fair value of the notes is lower than their carrying value by approximately $ 17,500,000 and $21,400,000 based on a market interest rate of 6.76% and 6.37% , respectively. Mortgages payable: At December 31, 2015 , the estimated fair value of the Trust’s mortgages payable is lower than their carrying value by approximately $2,826,000 assuming market interest rates between 2.06% and 14.25% and at September 30, 2015 , the estimated fair value of the Trust's mortgages paya ble was greater than their carrying value by approximately $890,000 assuming market interest rates between 1.99% and 15.00% . Market interest rates were determined using rates which the Trust believes reflects institutional lender yield requirements. Other borrowed funds: At December 31, 2015, the estimated fair value of the Trust's other borrowed funds were equal to their carrying value assuming market interest rates of between 4% and 5.24% . Market interest rates were determined using rates which the Trust believes reflects institiutional yield requirements. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value assumptions. Financial Instruments Measured at Fair Value The Trust’s fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. The Trust does not currently own any financial instruments that are classified as Level 3. Set forth below is information regarding the Trust’s financial liabilities measured at fair value as of December 31, 2015 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Financial Liabilities: Interest rate swap $ 38 — $ 38 Derivative financial instrument: Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. At December 31, 2015 , this derivative is included in other accounts payable and accrued liabilities on the consolidated balance sheet. Although the Trust has determined that the majority of the inputs used to value its derivative fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with it utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparty. As of December 31, 2015 , the Trust assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative position and determined that the credit valuation adjustments are not significant to the overall valuation of its derivative. As a result, the Trust determined that its derivative valuation is classified in Level 2 of the fair value hierarchy.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Cash Flow Hedges of Interest Rate Risk The Trust’s 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. 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 December 31, 2015 , the Trust had the following outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk (dollars in thousands): Interest Rate Derivative Notional Amount Rate Maturity Interest rate swap $ 1,641 5.25 % April 1, 2022 The table below presents the fair value of the Trust’s derivative financial instrument as well as its classification on the consolidated balance sheets as of the dates indicated (amounts in thousands): Derivatives as of: December 31, 2015 September 30, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Accounts payable and accrued liabilities $ 38 Accounts payable and accrued liabilities $ 58 As of December 31, 2015 , the Trust did not have any derivative instruments that were considered to be ineffective and does not use derivative instruments for trading or speculative purposes. The following table presents the effect of the Trust’s interest rate swap on the consolidated statements of comprehensive loss for the dates indicated (dollars in thousands): Three Months Ended 2015 2014 Amount of gain recognized on derivative in Other Comprehensive Loss $ 12 $ 31 Amount of loss reclassified from Accumulated Other Comprehensive Loss into Interest Expense $ (8 ) $ (9 ) No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Trust’s cash flow hedges during the three months ended December 31, 2015 and December 31, 2014 . During the twelve months ending September 30, 2016 , the Trust estimates an additional $23,000 will be reclassified from other comprehensive income (loss) 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 December 31, 2015 , the fair value of the derivative in a net liability position, which includes accrued interest, but excludes any adjustment for nonperformance risk related to this agreement, was $42,000 . As of December 31, 2015 , the Trust has not posted any collateral related to this agreement. If the Trust had been in breach of this agreement at December 31, 2015 , it could have been required to settle its obligations thereunder at its termination value of $42,000 .

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Dec. 31, 2015
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03 Interest - Imputation of Interest, which amends the balance sheet presentation for debt issuance costs. Under the amended guidance, a company will present unamortized debt issuance costs as a direct deduction from the carrying amount of that debt liability. The guidance is to be applied on a retrospective basis, and is effective for annual reporting periods beginning after December 15, 2015, with early adoption being permitted. The Trust is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements.

Subsequent Events

Subsequent Events	3 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent events have been evaluated and any significant events, relative to our consolidated financial statements as of December 31, 2015 that warrant additional disclosure, have been included in the notes to the consolidated financial statements

Basis of Preparation (Policies)

Basis of Preparation (Policies)	3 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	The accompanying interim unaudited consolidated financial statements as of December 31, 2015 , and for the three months ended December 31, 2015 and 2014 , reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for such interim periods. The results of operations for the three months ended December 31, 2015 and 2014 , are not necessarily indicative of the results for the full year. The consolidated balance sheet as of September 30, 2015 , has been derived from the audited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States ("GAAP") for complete financial statements.
Consolidated Financial Statements and Variable Interest Entities	The consolidated financial statements include the accounts and operations of BRT Realty Trust, its wholly owned subsidiaries, and its majority owned or controlled real estate entities and its interests in variable interest entities in which the Trust is determined to be the primary beneficiary. Material intercompany balances and transactions have been eliminated. RBH‑TRB Newark Holdings LLC, referred to herein as the Newark Joint Venture, was determined to be a variable interest entity (“VIE”) because the total equity investment at risk is not sufficient to permit it to finance its activities without additional subordinated financial support by its equity holders. 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 an investor that has disproportionately fewer voting rights. It was determined that the Trust is the primary beneficiary of these joint ventures because it has a controlling interest in that it has the power to direct the activities 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 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 a controlling financial interest in the entity due to its substantive participating rights. The distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro-rata to the equity interest each partner has in the applicable venture. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates.
New Accounting Pronouncements	New Accounting Pronouncements In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03 Interest - Imputation of Interest, which amends the balance sheet presentation for debt issuance costs. Under the amended guidance, a company will present unamortized debt issuance costs as a direct deduction from the carrying amount of that debt liability. The guidance is to be applied on a retrospective basis, and is effective for annual reporting periods beginning after December 15, 2015, with early adoption being permitted. The Trust is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements.

Real Estate Properties (Tables)

Real Estate Properties (Tables)	3 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Summary of real estate properties owned	A summary of real estate properties owned including a multi-family property held for sale is as follows (dollars in thousands): Additions Capitalized Costs and Improvements Depreciation Multi-family $ 605,040 $ 26,425 $ 8,767 $ (4,958 ) $ 635,274 Mixed use - Newark Joint Venture 141,441 — 6,631 (677 ) 147,395 Land - Daytona, FL 7,972 — — — 7,972 Shopping centers/Retail - Yonkers, NY 2,574 — — (26 ) 2,548 Total real estate properties $ 757,027 $ 26,425 $ 15,398 $ (5,661 ) $ 793,189

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Schedule of real estate acquisitions	Location Purchase Date No. of Units Contract Purchase Price Acquisition Mortgage Debt Initial BRT Equity Property Acquisition Cost Charleston, SC (a) 10/13/2015 271 $ 3,625 — $ 6,558 — La Grange, GA 11/18/2015 236 22,800 $ 16,051 6,824 $ 57 507 $ 26,425 $ 16,051 $ 13,382 $ 57 The following table summarizes the preliminary allocations of the purchase prices of assets acquired and liabilities assumed during the three months ended December 31, 2015 (dollars in thousands): Preliminary Purchase Price Allocation Land $ 5,905 Buildings and Improvements 20,520 Total Consideration $ 26,425 Location Purchase Date No. of Units Contract Purchase Price Acquisition Mortgage Debt Initial BRT Equity Property Acquisition Cost Katy, TX 1/22/2016 268 $ 40,250 $ 30,750 $ 8,150 $ 397 Macon, GA 2/1/2016 240 14,525 11,200 3,250 158 508 $ 54,775 $ 41,950 $ 11,400 $ 555

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of debt obligations	Debt obligations consist of the following (dollars in thousands): December 31, 2015 September 30, 2015 Mortgages payable (a) $ 596,204 $ 566,438 Junior subordinated notes 37,400 37,400 Other borrowings - including $8,000 to related party 14,001 — Total debt obligations $ 647,605 $ 603,838 _____________________________________ (a) Excludes mortgages payable held for sale of $19,248
Schedule of debt information	During the three months ended December 31, 2015 , the Trust obtained additional mortgage financing as set forth in the table below (dollars in thousands): Location Closing Date Additional Mortgage Debt Interest Rate Maturity Date Pensacola, FL 10/13/15 $ 3,194 4.92 % March 2022 Atlanta, GA 11/10/15 5,000 4.93 % July 2021 $ 8,194 During the three months ended December 31, 2015, the Trust purchased a multi-family property and incurred the following debt (dollars in thousands): Location Closing Date Acquisition Mortgage Debt Interest Rate Maturity Date LaGrange, GA 11/15/15 $ 16,051 4.36 % Febraury 2022 The interest rates on the outstanding notes are set forth in the table below: Interest Period Interest Rate August 1, 2012 through April 29, 2016 4.90 % April 30, 2016 through April 30, 2036 Libor + 2.00%

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Summary of segment reporting	The following tables summarize our segment reporting for the periods indicated (dollars in thousands): Three months ended December 31, 2015 Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate properties $ 21,082 $ 1,853 $ 22,935 Other income — 277 277 Total revenues 21,082 2,130 23,212 Expenses: Real estate operating expenses 10,023 1,483 11,506 Interest expense 5,459 1,469 6,928 Advisor’s fee, related party 594 99 693 Property acquisition costs 57 — 57 General and administrative 1,661 88 1,749 Depreciation 4,957 704 5,661 Total expenses 22,751 3,843 26,594 Total revenue less total expense (1,669 ) (1,713 ) (3,382 ) Gain on sale of real estate — 609 609 Net loss (1,669 ) (1,104 ) (2,773 ) Plus: net (income) loss attributable to non-controlling interests (199 ) 938 739 Net loss attributable to common shareholders $ (1,868 ) $ (166 ) $ (2,034 ) Segment Assets at December 31, 2015 $ 689,231 $ 191,251 $ 880,482 Note 11- Segment Reporting - continued Three Months Ended December 31, 2014 Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate properties $ 18,161 $ 1,320 $ 19,481 Other income — 296 296 Total revenues 18,161 1,616 19,777 Expenses: Real estate operating expenses 9,215 1,194 10,409 Interest expense 4,709 1,492 6,201 Advisor’s fees, related party 485 99 584 Property acquisition costs 295 — 295 General and administrative 1,557 100 1,657 Depreciation 3,502 656 4,158 Total expenses 19,763 3,541 23,304 Loss from continuing operations (1,602 ) (1,925 ) (3,527 ) Plus: net loss attributable to non-controlling interests 197 832 1,029 Net loss attributable to common shareholders $ (1,405 ) $ (1,093 ) $ (2,498 ) Segment Assets at December 31, 2014 $ 580,309 $ 169,984 $ 750,293

Fair Value of Financial Instr29

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of financial assets measured at fair value	Set forth below is information regarding the Trust’s financial liabilities measured at fair value as of December 31, 2015 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Financial Liabilities: Interest rate swap $ 38 — $ 38

Derivative Financial Instrume30

Derivative Financial Instruments (Tables)	3 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of outstanding interest rate derivatives	As of December 31, 2015 , the Trust had the following outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk (dollars in thousands): Interest Rate Derivative Notional Amount Rate Maturity Interest rate swap $ 1,641 5.25 % April 1, 2022
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheets	The table below presents the fair value of the Trust’s derivative financial instrument as well as its classification on the consolidated balance sheets as of the dates indicated (amounts in thousands): Derivatives as of: December 31, 2015 September 30, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Accounts payable and accrued liabilities $ 38 Accounts payable and accrued liabilities $ 58
Schedule of effect of derivative financial instrument on consolidated statements of comprehensive (loss) income	The following table presents the effect of the Trust’s interest rate swap on the consolidated statements of comprehensive loss for the dates indicated (dollars in thousands): Three Months Ended 2015 2014 Amount of gain recognized on derivative in Other Comprehensive Loss $ 12 $ 31 Amount of loss reclassified from Accumulated Other Comprehensive Loss into Interest Expense $ (8 ) $ (9 )

Organization and Background (De

Organization and Background (Details)	3 Months Ended
	Dec. 31, 2015statepropertyproperty_unit
Organization, background and significant accounting policies
Number of properties | property	30
No. of Units | property_unit	8,807
Number of states | state	11
Corporate Joint Venture [Member] | Property Acquisition [Member] | Multi-family [Member] | Maximum [Member]
Organization, background and significant accounting policies
Equity contribution in each transaction (as a percent)	80.00%

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Mar. 31, 2012
Per Share Data
Basic and diluted shares outstanding (in shares)		14,101,056	14,243,173
Restricted Stock [Member]
Restricted Shares
Compensation expense		$ 230	$ 206
Deferred unearned compensation		$ 1,955		$ 2,184
Remaining weighted average vesting period		2 years 1 month 6 days
Stock Incentive Plan 2012 [Member]
Restricted Shares
Shares authorized for issuance (up to) (in shares)					600,000
Stock Incentive Plan 2012 [Member] | Restricted Stock [Member]
Restricted Shares
Shares outstanding (in shares)		414,475
Vesting period for shares issued		5 years
Stock Incentive Plan 2012 [Member] | Restricted Stock [Member] | Subsequent Event [Member]
Restricted Shares
Issued (in shares)	141,050
Equity Incentive Plan 2009 [Member]
Restricted Shares
Number of additional awards available for grant (in shares)		0
Equity Incentive Plan 2009 [Member] | Restricted Stock [Member]
Restricted Shares
Shares outstanding (in shares)		258,150
Vesting period for shares issued		5 years

Real Estate Properties (Details

Real Estate Properties (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2015USD ($)
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate property, beginning balance	$ 757,027
Additions	26,425
Capitalized Costs and Improvements	15,398
Depreciation	(5,661)
Real estate property, ending balance	793,189
Multi-family [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate property, beginning balance	605,040
Additions	26,425
Capitalized Costs and Improvements	8,767
Depreciation	(4,958)
Real estate property, ending balance	635,274
Commercial/mixed use [Member] | Variable Interest Entity, Primary Beneficiary [Member] | RBHTRB Newark Holdings LLC [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate property, beginning balance	141,441
Additions	0
Capitalized Costs and Improvements	6,631
Depreciation	(677)
Real estate property, ending balance	147,395
Land [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate property, beginning balance	7,972
Additions	0
Capitalized Costs and Improvements	0
Depreciation	0
Real estate property, ending balance	7,972
Shopping centers/Retail [Member] | Variable Interest Entity, Primary Beneficiary [Member] | RBHTRB Newark Holdings LLC [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate property, beginning balance	2,574
Additions	0
Capitalized Costs and Improvements	0
Depreciation	(26)
Real estate property, ending balance	$ 2,548

Acquisitions (Details)

Acquisitions (Details) - property	1 Months Ended	3 Months Ended
	Feb. 09, 2016	Dec. 31, 2015
Subsequent Event [Member]
Real Estate Properties
Number of Businesses Acquired	2
Charleston, SC [Member] | Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Property Acquisition [Member] | Multi-family [Member]
Real Estate Properties
Interest in joint venture (as a percent)		65.00%
Katy, TX [Member] | Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Property Acquisition [Member] | Multi-family [Member] | Subsequent Event [Member]
Real Estate Properties
Interest in joint venture (as a percent)	75.00%
Macon, GA [Member] | Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Property Acquisition [Member] | Multi-family [Member] | Subsequent Event [Member]
Real Estate Properties
Interest in joint venture (as a percent)	80.00%

Acquisitions - Allocation of Pu

Acquisitions - Allocation of Purchase Price (Details) $ in Thousands	Dec. 31, 2015USD ($)
Business Combinations [Abstract]
Land	$ 5,905
Buildings and Improvements	20,520
Total Consideration	$ 26,425

Acquisitions - Schedule of Prop

Acquisitions - Schedule of Property Acquisitions (Details)	Feb. 01, 2016USD ($)property_unit	Jan. 22, 2016USD ($)property_unit	Nov. 18, 2015USD ($)property_unit	Oct. 13, 2015USD ($)aproperty_unit	Feb. 09, 2016USD ($)property_unit	Dec. 31, 2015USD ($)property_unit	Dec. 31, 2014USD ($)	Dec. 11, 2015USD ($)
Real Estate Properties
No. of Units | property_unit						8,807
Property Acquisition Cost						$ 57,000	$ 295,000
Corporate Joint Venture [Member]
Real Estate Properties
Acquisition Mortgage Debt								$ 19,500,000
Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Multi-family [Member] | Property Acquisition [Member]
Real Estate Properties
No. of Units | property_unit						507
Contract Purchase Price						$ 26,425,000
Initial BRT Equity						13,382,000
Property Acquisition Cost						57,000
Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Multi-family [Member] | Property Acquisition [Member] | Subsequent Event [Member]
Real Estate Properties
No. of Units | property_unit					508
Contract Purchase Price					$ 54,775,000
Initial BRT Equity					11,400,000
Property Acquisition Cost					555,000
Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Multi-family [Member] | Property Acquisition [Member] | Mortgages [Member]
Real Estate Properties
Acquisition Mortgage Debt						$ 16,051,000
Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Multi-family [Member] | Property Acquisition [Member] | Mortgages [Member] | Subsequent Event [Member]
Real Estate Properties
Acquisition Mortgage Debt					$ 41,950,000
Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Charleston, SC [Member] | Multi-family [Member]
Real Estate Properties
Acres of land | a				41.5
Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Charleston, SC [Member] | Multi-family [Member] | Property Acquisition [Member]
Real Estate Properties
No. of Units | property_unit				271
Contract Purchase Price				$ 3,625,000
Initial BRT Equity				6,558,000
Property Acquisition Cost				0
Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Charleston, SC [Member] | Multi-family [Member] | Property Acquisition [Member] | Mortgages [Member]
Real Estate Properties
Acquisition Mortgage Debt				$ 0
Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | La Grange, GA [Member] | Multi-family [Member] | Property Acquisition [Member]
Real Estate Properties
No. of Units | property_unit			236
Contract Purchase Price			$ 22,800,000
Initial BRT Equity			6,824,000
Property Acquisition Cost			57,000
Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | La Grange, GA [Member] | Multi-family [Member] | Property Acquisition [Member] | Mortgages [Member]
Real Estate Properties
Acquisition Mortgage Debt			$ 16,051,000
Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Katy, TX [Member] | Multi-family [Member] | Property Acquisition [Member] | Subsequent Event [Member]
Real Estate Properties
No. of Units | property_unit		268
Contract Purchase Price		$ 40,250,000
Initial BRT Equity		8,150,000
Property Acquisition Cost		397,000
Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Katy, TX [Member] | Multi-family [Member] | Property Acquisition [Member] | Mortgages [Member] | Subsequent Event [Member]
Real Estate Properties
Acquisition Mortgage Debt		$ 30,750,000
Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Macon, GA [Member] | Multi-family [Member] | Property Acquisition [Member] | Subsequent Event [Member]
Real Estate Properties
No. of Units | property_unit	240
Contract Purchase Price	$ 14,525,000
Initial BRT Equity	3,250,000
Property Acquisition Cost	158,000
Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Macon, GA [Member] | Multi-family [Member] | Property Acquisition [Member] | Mortgages [Member] | Subsequent Event [Member]
Real Estate Properties
Acquisition Mortgage Debt	$ 11,200,000

Real Estate Property Held For37

Real Estate Property Held For Sale - Narrative (Details) $ in Thousands	Dec. 31, 2015USD ($)
Real Estate [Abstract]
Real estate held for sale	$ 23,869
Estimated gain on sale of property	6,800
Estimated gain on the sale of property allocated to minority partner	$ 2,700

Debt Obligations (Details)

Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015
Debt Obligations
Total debt obligations	$ 647,605	$ 603,838
Other borrowings - related party	8,000
Mortgages payable held for sale	19,248	19,248
Mortgages payable [Member]
Debt Obligations
Total debt obligations	596,204	566,438
Junior subordinated notes [Member]
Debt Obligations
Total debt obligations	37,400	37,400
Other borrowings [Member]
Debt Obligations
Total debt obligations	$ 14,001	$ 0

Debt Obligations - Mortgage Pay

Debt Obligations - Mortgage Payable (Details) - USD ($)	Sep. 30, 2014	Sep. 12, 2012	Feb. 03, 2012	Dec. 31, 2015	Dec. 31, 2014	Nov. 15, 2015	Nov. 10, 2015	Oct. 13, 2015	Sep. 30, 2015
Debt Obligations
Amount contributed to effect financing transaction				$ 2,746,000	$ 0
RBHTRB Newark Holdings LLC [Member] | New Markets Tax Credit Program Special Purpose Entity [Member] | Federal New Markets Tax Credit Transaction [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Investor [Member]
Debt Obligations
Amount contributed to effect financing transaction	$ 5,100,000	$ 16,400,000	$ 11,200,000	2,746,000
Mortgages [Member]
Debt Obligations
Debt, face amount				$ 7,054,000					$ 5,508,000
Interest Rate				5.75%					6.00%
Mortgages [Member] | Mortgages Maturing in February 2022 [Member] | La Grange, GA [Member]
Debt Obligations
Debt, face amount						$ 16,051,000
Interest Rate						4.36%
Mortgages [Member] | Mortgages Maturing in March 2022 [Member] | Pensacola, FL [Member]
Debt Obligations
Debt, face amount								$ 3,194,000
Interest Rate								4.92%
Mortgages [Member] | Mortgages Maturing In July 2021 [Member] | Atlanta, GA [Member]
Debt Obligations
Debt, face amount							$ 5,000,000
Interest Rate							4.93%
Mortgages [Member] | Additional Mortgages Obtained [Member]
Debt Obligations
Debt, face amount				$ 8,194,000

Debt Obligations - Junior Subor

Debt Obligations - Junior Subordinated Notes (Details) - Junior subordinated notes [Member] - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total debt obligations	$ 37,400	$ 37,400	$ 37,400
Interest Expense			458	$ 458
Amortization of deferred costs included in interest expense			$ 5	$ 5
Debt Instrument, Interest Rate 1 August, 2012 Through 29 April, 2016 [Member]
Debt Instrument [Line Items]
Interest rate	4.90%	4.90%	4.90%
Debt Instrument, Interest Rate 30 April, 2016 Through 30 April, 2036 [Member]
Debt Instrument [Line Items]
Description of variable rate basis	LIBOR	LIBOR
Basis spread on variable rate	2.00%	2.00%

Debt Obligations - Other Borrow

Debt Obligations - Other Borrowings (Details) - USD ($)	Dec. 31, 2015	Dec. 11, 2015
Corporate Joint Venture [Member]
Short-term Debt [Line Items]
Debt, face amount		$ 19,500,000
Notes Payable, Other Payables [Member] | EB-5 Immigrant Investor Program Note [Member]
Short-term Debt [Line Items]
Debt, face amount	$ 6,001,000
Interest rate	4.00%
Notes Payable, Other Payables [Member] | Affiliated Entity [Member] | Unsecured Short Term Borrowing From Gould Investors L.P. [Member]
Short-term Debt [Line Items]
Debt, face amount		$ 8,000,000
Interest rate	5.24%	5.24%

Deferred Income (New Markets 42

Deferred Income (New Markets Tax Credit Transaction) (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Sep. 12, 2012	Feb. 03, 2012	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2015
Deferred Income (New Markets Tax Credit Transaction)
Amount contributed to effect financing transaction				$ 2,746	$ 0
Deferred income				33,736		$ 30,990
Deferred costs, net				15,581		15,010
Variable Interest Entity, Primary Beneficiary [Member] | Investor [Member] | New Markets Tax Credit Program Special Purpose Entity [Member] | Federal New Markets Tax Credit Transaction [Member]
Deferred Income (New Markets Tax Credit Transaction)
Deferred income				$ 33,740		30,990
Tax credit recapture period				7 years
Variable Interest Entity, Primary Beneficiary [Member] | RBHTRB Newark Holdings LLC [Member] | Investor [Member] | New Markets Tax Credit Program Special Purpose Entity [Member] | Federal New Markets Tax Credit Transaction [Member]
Deferred Income (New Markets Tax Credit Transaction)
Amount contributed to effect financing transaction	$ 5,100	$ 16,400	$ 11,200	$ 2,746
Deferred costs, net				$ 9,800		$ 9,700
Variable Interest Entity, Primary Beneficiary [Member] | RBHTRB Newark Holdings LLC [Member] | Subsidiaries [Member] | New Markets Tax Credit Program Special Purpose Entity [Member]
Deferred Income (New Markets Tax Credit Transaction)
Period after which option to acquire special purpose entity may be exercised				7 years

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 11, 2015
Related Party Transaction [Line Items]
Related party expense	$ 0	$ 246,000
Cap on 2016 advisory fees	1,150,000
Related party - general and administrative	26,000	58,000
Related party - interest expense	24,000	0
Amended And Restated Advisory Agreement January2012 [Member] | Real Estate Investment Trust Management Corporation [Member]
Related Party Transaction [Line Items]
Related party expense	693,000	584,000
Real Property Management Real Estate Brokerage And Construction Supervision Services [Member] | Majestic Property Management Corporation [Member]
Related Party Transaction [Line Items]
Related party expense	11,000	9,000
Shared Services Agreement [Member] | Gould Investors Limited Partnership [Member]
Related Party Transaction [Line Items]
Related party - general and administrative	$ 51,000	41,000
Affiliated Entity [Member] | Unsecured Short Term Borrowing From Gould Investors L.P. [Member] | Notes Payable, Other Payables [Member]
Related Party Transaction [Line Items]
Debt, face amount			$ 8,000,000
Interest rate	5.24%		5.24%
Related party - interest expense	$ 24,000
Affiliated Entity [Member] | Payment Of Acquisition Fee [Member]
Related Party Transaction [Line Items]
Related party expense	$ 422,000	594,000
Affiliated Entity [Member] | Rent Expense [Member]
Related Party Transaction [Line Items]
Related party expense		$ 38,000

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2015USD ($)segment	Dec. 31, 2014USD ($)	Sep. 30, 2015USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	2
Revenues:
Rental and other revenues from real estate properties	$ 22,935	$ 19,481
Other income	277	296
Total revenues	23,212	19,777
Expenses:
Real estate operating expenses	11,506	10,409
Interest expense	6,928	6,201
Advisor’s fees, related party	693	584
Property acquisition costs - including $ 0 and $246 to related parties	57	295
General and administrative	1,749	1,657
Depreciation	5,661	4,158
Total expenses	26,594	23,304
Total revenue less total expenses	(3,382)	(3,527)
Gain on sale of real estate	609	0
Net loss	(2,773)	(3,527)
Plus: net (income) loss attributable to non-controlling interests	739	1,029
Net loss attributable to common shareholders	(2,034)	(2,498)
Total Assets	880,482	750,293	$ 835,879
Multi-Family Real Estate [Member]
Expenses:
Gain on sale of real estate	0
Net loss	(1,669)
Plus: net (income) loss attributable to non-controlling interests	(199)	197
Net loss attributable to common shareholders	(1,868)	(1,405)
Total Assets	689,231	580,309
Other Real Estate [Member]
Expenses:
Gain on sale of real estate	609
Net loss	(1,104)
Plus: net (income) loss attributable to non-controlling interests	938	832
Net loss attributable to common shareholders	(166)	(1,093)
Total Assets	191,251	169,984
Operating Segments [Member]
Revenues:
Rental and other revenues from real estate properties	22,935	19,481
Other income	277	296
Total revenues	23,212	19,777
Expenses:
Real estate operating expenses	11,506	10,409
Interest expense	6,928	6,201
Advisor’s fees, related party	693	584
Property acquisition costs - including $ 0 and $246 to related parties	57	295
General and administrative	1,749	1,657
Depreciation	5,661	4,158
Total expenses	26,594	23,304
Total revenue less total expenses	(3,382)
Net loss		(3,527)
Operating Segments [Member] | Multi-Family Real Estate [Member]
Revenues:
Rental and other revenues from real estate properties	21,082	18,161
Other income	0	0
Total revenues	21,082	18,161
Expenses:
Real estate operating expenses	10,023	9,215
Interest expense	5,459	4,709
Advisor’s fees, related party	594	485
Property acquisition costs - including $ 0 and $246 to related parties	57	295
General and administrative	1,661	1,557
Depreciation	4,957	3,502
Total expenses	22,751	19,763
Total revenue less total expenses	(1,669)
Net loss		(1,602)
Operating Segments [Member] | Other Real Estate [Member]
Revenues:
Rental and other revenues from real estate properties	1,853	1,320
Other income	277	296
Total revenues	2,130	1,616
Expenses:
Real estate operating expenses	1,483	1,194
Interest expense	1,469	1,492
Advisor’s fees, related party	99	99
Property acquisition costs - including $ 0 and $246 to related parties	0	0
General and administrative	88	100
Depreciation	704	656
Total expenses	3,843	3,541
Total revenue less total expenses	$ (1,713)
Net loss		$ (1,925)

Fair Value of Financial Instr45

Fair Value of Financial Instruments (Details) - Level 2 [Member] - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Sep. 30, 2015
Market Approach Valuation Technique [Member] | Junior subordinated notes [Member]
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	6.76%		6.37%
Market Approach Valuation Technique [Member] | Mortgages [Member] | Minimum [Member]
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	2.06%	1.99%
Market Approach Valuation Technique [Member] | Mortgages [Member] | Maximum [Member]
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	14.25%	15.00%
Market Approach Valuation Technique [Member] | Other borrowings [Member] | Minimum [Member]
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	4.00%
Market Approach Valuation Technique [Member] | Other borrowings [Member] | Maximum [Member]
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	5.24%
Carrying and Fair Value [Member] | Junior subordinated notes [Member]
Financial Instruments Not Measured at Fair Value
Estimated fair value lower than carrying value	$ 17,500		$ 21,400
Carrying and Fair Value [Member] | Mortgages [Member]
Financial Instruments Not Measured at Fair Value
Estimated fair value lower than carrying value	$ 2,800	$ 890

Fair Value of Financial Instr46

Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value (Details) $ in Thousands	Dec. 31, 2015USD ($)
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative financial instruments	$ 42
Fair Value Measurements Recurring [Member] | Level 1 [Member] | Interest rate swap [Member]
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative financial instruments	0
Fair Value Measurements Recurring [Member] | Level 2 [Member] | Interest rate swap [Member]
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative financial instruments	38
Fair Value Measurements Recurring [Member] | Carrying and Fair Value [Member] | Interest rate swap [Member]
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative financial instruments	$ 38

Derivative Financial Instrume47

Derivative Financial Instruments (Details) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2015
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Amount of gain recognized on derivative in Other Comprehensive Loss	$ 12,000	$ 31,000
Gain or loss recognized related to hedge ineffectiveness	0	0
Gain from components excluded from assessment of cash flow hedge effectiveness	0	0
Estimated amount to be reclassified from Accumulated other comprehensive income (loss) as an increase to interest expense	23,000
Interest Expense [Member]
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Amount of loss reclassified from Accumulated Other Comprehensive Loss into Interest Expense	(8,000)	$ (9,000)
Accounts Payable And Accrued Liabilities [Member]
Fair value of derivative financial instruments
Fair value of derivative financial instrument liability	38,000		$ 58,000
Designated As Hedging Instrument [Member] | Interest rate swap [Member]
Interest Rate Derivatives
Notional Amount	$ 1,641,000
Rate (as a percent)	5.25%

Derivative Financial Instrume48

Derivative Financial Instruments - Credit-Risk-Related Contingent Features (Details) $ in Thousands	Dec. 31, 2015USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivatives in a liability position	$ 42
Assets needed if breach of agreement	$ 42