Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2016 | May. 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 | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding (in shares) | 13,914,274 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 |
ASSETS | ||
Real estate properties, net of accumulated depreciation and amortization of $37,767 and $40,640 | $ 637,244 | $ 591,727 |
Real estate loan | 19,500 | 0 |
Cash and cash equivalents | 34,792 | 15,556 |
Restricted cash - multi-family | 6,988 | 6,518 |
Deferred costs, net | 6,040 | 5,327 |
Deposits and escrows | 9,840 | 12,782 |
Other assets | 6,352 | 6,882 |
Assets of discontinued operations | 0 | 173,228 |
Real estate asset held for sale | 32,219 | 23,859 |
Total Assets | 752,975 | 835,879 |
Liabilities: | ||
Mortgages payable | 495,136 | 456,064 |
Junior subordinated notes | 37,400 | 37,400 |
Accounts payable and accrued liabilities | 14,310 | 14,780 |
Liabilities of discontinued operations | 0 | 148,213 |
Mortgage payable held for sale | 26,400 | 19,248 |
Total Liabilities | $ 573,246 | $ 675,705 |
Commitments and contingencies | ||
BRT Realty Trust shareholders’ equity: | ||
Preferred shares | $ 0 | $ 0 |
Shares of beneficial interest | 39,919 | 40,285 |
Additional paid-in capital | 161,041 | 161,842 |
Accumulated other comprehensive loss | (72) | (58) |
Accumulated deficit | (56,512) | (79,414) |
Total BRT Realty Trust shareholders’ equity | 144,376 | 122,655 |
Non-controlling interests | 35,353 | 37,519 |
Total Equity | 179,729 | 160,174 |
Total Liabilities and Equity | $ 752,975 | $ 835,879 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Real estate properties, accumulated depreciation | $ 37,767 | $ 40,640 |
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) | 13,306 | 13,428 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues: | ||||
Rental and other revenues from real estate properties | $ 22,831 | $ 19,098 | $ 44,229 | $ 37,597 |
Other income | 2,026 | 25 | 2,033 | 52 |
Total revenues | 24,857 | 19,123 | 46,262 | 37,649 |
Expenses: | ||||
Real estate operating expenses | 10,935 | 9,215 | 21,108 | 18,580 |
Interest expense | 6,049 | 4,738 | 11,580 | 9,499 |
Advisor's fee, related party | 0 | 605 | 693 | 1,189 |
Property acquisition costs | 953 | 0 | 1,010 | 295 |
General and administrative | 2,280 | 1,736 | 4,029 | 3,393 |
Depreciation | 5,632 | 4,544 | 10,616 | 8,202 |
Total expenses | 25,849 | 20,838 | 49,036 | 41,158 |
Total revenue less total expenses | (992) | (1,715) | (2,774) | (3,509) |
Gain on sale of real estate | 24,226 | 2,777 | 24,835 | 2,777 |
Loss on extinguishment of debt | (2,668) | 0 | (2,668) | 0 |
Income from continuing operations | 20,566 | 1,062 | 19,393 | (732) |
Loss from discontinued operations | (1,188) | (1,448) | (2,788) | (3,181) |
Gain on sale of partnership interest | 15,467 | 0 | 15,467 | 0 |
Discontinued operations | 14,279 | (1,448) | 12,679 | (3,181) |
Net income (loss) | 34,845 | (386) | 32,072 | (3,913) |
Plus: net (income) loss attributable to non-controlling interests | (9,909) | (362) | (9,170) | 667 |
Net income (loss) attributable to common shareholders | $ 24,936 | $ (748) | $ 22,902 | $ (3,246) |
Basic and diluted per share amounts attributable to common shareholders: | ||||
Income (loss) from continuing operations (in dollars per share) | $ 0.75 | $ 0.05 | $ 0.72 | $ (0.01) |
Income (loss) from discontinued operations (in dollars per share) | 1.01 | (0.10) | 0.90 | (0.22) |
Basic and diluted loss (in dollars per share) | $ 1.76 | $ (0.05) | $ 1.62 | $ (0.23) |
Income (loss) from continuing operations | $ 9,957 | $ (174) | $ 8,564 | $ (2,188) |
Income (loss) from discontinued operations | $ 14,979 | $ (574) | $ 14,338 | $ (1,058) |
Weighted average number of common shares outstanding: | ||||
Basic and diluted (in shares) | 14,132,235 | 14,086,761 | 14,116,560 | 14,165,826 |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||||
Related party - real estate operating expenses | $ 372 | $ 369 | $ 804 | $ 725 |
Related party - interest expense | 62 | 0 | 86 | 0 |
Related party - property acquisition costs | 439 | 0 | 439 | 276 |
Related party - general and administrative | $ 60 | $ 69 | $ 87 | $ 127 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 34,845 | $ (386) | $ 32,072 | $ (3,913) |
Other comprehensive loss: | ||||
Unrealized loss on derivative instruments | (34) | (23) | (14) | (48) |
Other comprehensive loss | (34) | (23) | (14) | (48) |
Comprehensive income (loss) | 34,811 | (409) | 32,058 | (3,961) |
Less: comprehensive income (loss) attributable to non-controlling interests | 9,904 | 359 | 9,168 | (667) |
Comprehensive income (loss) attributable to common shareholders | $ 24,907 | $ (768) | $ 22,890 | $ (3,294) |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY - 6 months ended Mar. 31, 2016 - 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] | ||||||
Restricted stock vesting | 390 | (390) | ||||
Compensation expense –restricted stock | 418 | 418 | ||||
Contributions from non-controlling interests | 10,964 | 10,964 | ||||
Distributions to non-controlling interests | (21,013) | (21,013) | ||||
Deconsolidation of joint venture upon sale | (1,287) | (1,287) | ||||
Shares repurchased - 252,000 shares | (1,585) | (756) | (829) | |||
Net income | 32,072 | 22,902 | 9,170 | |||
Other comprehensive loss | (14) | (14) | ||||
Comprehensive income | 32,058 | |||||
Ending balance at Mar. 31, 2016 | $ 179,729 | $ 39,919 | $ 161,041 | $ (72) | $ (56,512) | $ 35,353 |
CONSOLIDATED STATEMENT OF EQUI8
CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) | 6 Months Ended |
Mar. 31, 2016shares | |
Statement of Stockholders' Equity [Abstract] | |
Shares repurchased (in shares) | 252,000 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 32,072 | $ (3,913) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 12,943 | 10,492 |
Amortization of restricted stock | 418 | 444 |
Gain on sale of real estate | (24,835) | (2,777) |
Gain on sale of partnership interest | (15,467) | 0 |
Loss on extinguishment of debt | (2,668) | 0 |
Effect of deconsolidation of non-controlling interest | (1,687) | 0 |
Increases and decreases from changes in other assets and liabilities: | ||
(Increase) decrease in interest and dividends receivable | (2,040) | 17 |
Increase in prepaid expenses | (86) | (1,503) |
Increase in prepaid interest | 0 | 598 |
Decrease in deposits and escrows | 3,035 | 3,285 |
Decrease in other assets | 2,566 | 4,390 |
Increase in accounts payable and accrued liabilities | (89) | 4,248 |
Net cash provided by operating activities | 9,498 | 15,281 |
Cash flows from investing activities: | ||
Collections from real estate loans | 0 | 2,000 |
Additions to real estate properties | (100,148) | (10,777) |
Net costs capitalized to real estate properties | (25,244) | (35,307) |
Purchase of non controlling interests | 0 | (3,886) |
Proceeds from the sale of real estate properties | 94,602 | 9,605 |
Proceeds from the sale of joint venture interest | 16,870 | 0 |
Net cash used in investing activities | (16,342) | (29,429) |
Cash flows from financing activities: | ||
Proceeds from mortgages payable | 96,527 | 24,549 |
Increase in other borrowed funds | 6,001 | 0 |
Mortgage payoffs | (60,552) | (6,233) |
Mortgage amortization | (2,591) | (1,376) |
Loss on extinguishment of debt | (2,668) | 0 |
Increase in deferred borrowing costs | (1,750) | (2,465) |
Capital contributions from non-controlling interests | 10,964 | 292 |
Capital distribution to non-controlling interests | (21,013) | (3,367) |
Proceeds from sale of New Market Tax Credits | 2,746 | 0 |
Repurchase of shares of beneficial interest | (1,584) | (2,422) |
Net cash provided by financing activities | 26,080 | 8,978 |
Net increase (decrease) in cash and cash equivalents | 19,236 | (5,170) |
Cash and cash equivalents at beginning of period | 15,556 | 23,181 |
Cash and cash equivalents at end of period | 34,792 | 18,011 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 14,181 | 12,230 |
Taxes paid | 536 | 21 |
Acquisition of real estate through assumption of debt | 16,051 | 17,173 |
Real estate properties reclassified to assets held for sale | 32,219 | 0 |
RBHTRB Newark Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash flows from investing activities: | ||
Net change in restricted cash | (1,952) | 6,162 |
Multi-Family Real Estate [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash flows from investing activities: | ||
Net change in restricted cash | $ (470) | $ 2,774 |
Organization and Background
Organization and Background | 6 Months Ended |
Mar. 31, 2016 | |
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 multi‑family properties and owns and operates other assets, including real estate and a real estate loan. The multi‑family properties are generally acquired with venture partners in transactions in which the Trust generally contributes 65% to 80% of the equity. At March 31, 2016 , the Trust owns 31 multi-family properties with 8,793 units located in 12 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 | 6 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Preparation | Basis of Preparation The accompanying interim unaudited consolidated financial statements as of March 31, 2016 , and for the three and six months ended March 31, 2016 and 2015 , reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for such interim periods. The results of operations for the three and six months ended March 31, 2016 and 2015 , 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 ("VIE's") in which the Trust is determined to be the primary beneficiary. Material inter-company balances and transactions have been eliminated. The Trust’s consolidated joint ventures that own multi‑family properties, 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 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. Certain items on the consolidated financial statements for the prior fiscal periods have been reclassified to conform with the current year's presentation, including the reclassification of balance sheet and revenue and expense items related to the Newark Joint Venture which are now reported as discontinued operations. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates. |
Equity
Equity | 6 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Equity | Equity Common Share Dividend Distribution During the quarter ended March 31, 2016 , the Trust did not declare a dividend on its shares. Restricted Shares The Trust's Amended and Restated 2016 Incentive Plan (the "Plan") 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. The Plan also allows for the grant of cash settled dividend equivalent rights in tandem with the grant of restricted stock units and certain performance based awards. As of March 31, 2016, no shares have been granted under this plan. In January 2016 , the Trust granted 141,050 shares of restricted stock pursuant to the 2012 Incentive Plan (the "2012 Plan"). As of March 31, 2016 , 667,025 shares of unvested restricted stock are outstanding pursuant to the 2012 Plan and the 2009 Incentive Plan ( collectively the "Prior Plans"). No additional awards may be granted under the Prior Plans. 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 March 31, 2016 and 2015 , the Trust recorded $ 188,000 and $206,000 , respectively, of compensation expense related to the amortization of unearned compensation. For the six months ended March 31, 2016 and 2015 , the Trust recorded $418,000 and $444,000 , respectively of compensation expense related to the amortization of unearned compensation. At March 31, 2016 and September 30, 2015, $ 2,532,000 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 2.8 years. Share Buyback In February 2016, the Trust purchased 252,000 shares of beneficial interest at the market price of $6.26 for a total, including commission, of $1,584,000 under the existing share repurchase authorization. On March 11, 2016, the Board of Trustees approved a new share repurchase program authorizing the Trust repurchase up to $5,000,000 of shares of beneficial interest through September 30, 2017. On April 27, 2016, the Trust purchased 59,232 shares of beneficial interest at the market price of $7.10 for a total of $421,000 . 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 March 31, 2016 and 2015 , were 14,132,235 and 14,086,761 , respectively, and for the six months ended March 31, 2016 and 2015 were 14,116,560 and 14,165,826 , respectively. |
Real Estate Properties
Real Estate Properties | 6 Months Ended |
Mar. 31, 2016 | |
Real Estate [Abstract] | |
Real Estate Properties | Real Estate Properties A summary of real estate properties owned ( including properties held for sale) is as follows (dollars in thousands): Additions Capitalized Costs and Improvements Depreciation Sales Multi-family $ 605,040 $ 116,200 $ 18,059 $ (10,562 ) $ (69,767 ) $ 658,970 Land - Daytona, FL 7,972 — 1 — — 7,973 Shopping centers/Retail - Yonkers, NY 2,574 — — (54 ) — 2,520 Total real estate properties $ 615,586 $ 116,200 $ 18,060 $ (10,616 ) $ (69,767 ) $ 669,463 The following table summarizes the preliminary allocations of the purchase prices of assets acquired and liabilities assumed during the three months ended March 31, 2016 (dollars in thousands): Preliminary Purchase Price Allocation Land $ 14,508 Buildings and Improvements 101,692 Total Consideration $ 116,200 The preliminary measurements of fair value reflected above 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 price of properties at the time of purchase and the finalized allocation of the purchase price, as adjusted, as of March 31, 2016 (dollars in thousands): Preliminary Purchase Price Allocation Adjustments Finalized Purchase Price Allocation Land $ 9,553 $ (3,598 ) $ 5,955 Building and Improvements 91,922 3,129 95,051 Acquisition-related intangible assets (in acquired lease intangibles, net) — 469 469 Total Consideration $ 101,475 $ — $ 101,475 Real Estate Property Held For Sale At March 31, 2016 , the Courtney Station, Pooler, GA property was classified as a real estate asset held for sale. The property, which has a book value of $ 32,219,000 , was sold in April 2016. The Trust estimates it will recognize a gain on the sale of the property of approximately $5,700,000 , of which approximately $ 1,510,000 will be allocated to the non-controlling partner. At September 30, 2015, the Grove at Trinity, Cordova, TN property, was classified as a real estate asset held for sale. This property was sold in the quarter ended March 31, 2016 and the Trust recognized a gain of $ 6,764,000 , of which $2,195,000 was allocated to the non-controlling partner. See Note 5 - Acquisitions and Dispositions. |
Acquisitions, Dispositions
Acquisitions, Dispositions | 6 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions, Dispositions | Acquisitions and Dispositions Property Acquisitions The table below provides information for the six months ended March 31, 2016 regarding the Trust's purchases of multi-family properties (dollars in thousands). Location Purchase Date No. of Units Contract Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Property Acquisition Cost N. Charleston, SC (a) 10/13/2015 271 $ 3,625 — $ 6,558 65 % — La Grange, GA 11/18/2015 236 22,800 $ 16,051 6,824 100 % $ 57 Katy, TX 1/22/2016 268 40,250 30,750 8,150 75 % 382 Macon, GA 2/1/2016 240 14,525 11,200 3,250 80 % 158 Southaven, MS 2/29/2016 392 35,000 28,000 5,856 60 % 413 1,407 $ 116,200 $ 86,001 $ 30,638 $ 1,010 ___________________________________________________ (a) This acquisition of 41.5 acres of land was purchased for development. The initial equity includes funds contributed in connection with the commencement of construction. Acquisition costs related to this development have been capitalized. The North Charleston, SC purchase was accounted for as an asset acquisition and the other purchases were accounted for as business combinations. The purchase price for the business combinations is 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. On May 6, 2016, the Trust, through a joint venture, purchased a multi-family property located in San Antonio, TX, for $35,150,000 , including $26,400,000 of mortgage debt obtained in connection with the acquisition. The Trust contributed equity of $ 6,858,000 for its 65% interest. Property Dispositions The following table is a summary of the real estate properties disposed of by the Trust in the six months ended March 31, 2016 (dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner portion of gain New York, NY 10/1/2015 1 $ 652 $ 609 — Cordova, TN 3/2/2016 464 31,100 6,764 $ 2,195 Kennesaw, GA 3/15/2016 450 64,000 17,462 10,037 915 $ 95,752 $ 24,835 $ 12,232 |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On February 23, 2016, the Trust sold, through subsidiaries which owned such interests, its equity interests in RBH - TRB Newark Holdings, LLC, (the "Newark Joint Venture"), to RBH Partners III, LLC, for $16,900,000 . The buyer is an affiliate of the Trust's former partners in the Newark Joint Venture. The Trust recognized a gain of $15,467,000 in connection with this sale. In addition, the Trust (i) may be paid up to an additional $900,000 by the newly formed parent of the Newark Joint Venture (“Holdco”) upon the achievement of specified investment returns, development of certain properties, realization of specified cost savings and any one or more of the foregoing and (ii) has been granted a nominal profit participation interest in Holdco. Other than the agreement of the Trust's subsidiary to provide an indemnity with respect to up to $2,800,000 of obligations related to the venture, neither the Trust nor its subsidiaries have any guaranty, indemnity or similar obligations with respect to the Newark Joint Venture. As a result of this transaction, the mortgage debt in principal amount of $19,500,000 owed to the Trust by this venture (the “NJV Debt”), which had previously been eliminated in consolidation in the Trust's consolidated balance sheet at September 30, 2015, is reflected as a real estate loan in the Trust's consolidated balance sheet at March 31, 2016. The NJV Debt matures in June 2017 and bears an annual interest rate of 11% . Six percent ( 6% ) is to be paid on a monthly basis. Five percent 5% is deferred and is to be paid in June 2016 and at maturity in June 2017. At March 31, 2016, the amount of deferred interest that has accrued is $1,930,000 . This mortgage debt is secured by various contiguous parcels on Market Street (between University Avenue and Washington Street) in Newark, NJ. The site is approximately 68,000 square feet and has approximately 303,000 square feet of rentable space. The assets and liabilities as of September 30, 2015 of the Newark Joint Venture and the statement of operations for the three and six months ended March 31, 2016 and 2015, are summarized as follows (dollars in thousands): Balance Sheet September 30, 2015 ASSETS Real estate properties, net $ 141,441 Restricted cash 13,277 Deferred costs, net 9,683 Deposits and escrows 93 Other assets 8,734 Total assets of discontinued operations $ 173,228 LIABILITIES Mortgage payable $ 110,375 Accounts payable and accrued liabilities 6,848 Deferred income 30,990 Total liabilities of discontinued operations $ 148,213 Statement of Operations Three Months Ended Six Months Ended March 31, 2016 2015 2016 2015 Revenues: Rental and other revenue from real estate properties $ 900 $ 1,088 $ 2,437 $ 2,070 Other income 174 261 444 530 Total revenues 1,074 1,349 2,881 2,600 Expenses: Real estate operating expenses 944 1,099 2,277 2,143 Interest expense 845 1,127 2,242 2,567 Depreciation 473 571 1,150 1,071 Total expense 2,262 2,797 5,669 5,781 Income from discontinued operations (1,188 ) (1,448 ) (2,788 ) (3,181 ) Gain on sale of partnership interest 15,467 — 15,467 — Discontinued operations $ 14,279 $ (1,448 ) $ 12,679 $ (3,181 ) |
Real Estate Property Held For S
Real Estate Property Held For Sale | 6 Months Ended |
Mar. 31, 2016 | |
Real Estate [Abstract] | |
Real Estate Property Held For Sale | Real Estate Properties A summary of real estate properties owned ( including properties held for sale) is as follows (dollars in thousands): Additions Capitalized Costs and Improvements Depreciation Sales Multi-family $ 605,040 $ 116,200 $ 18,059 $ (10,562 ) $ (69,767 ) $ 658,970 Land - Daytona, FL 7,972 — 1 — — 7,973 Shopping centers/Retail - Yonkers, NY 2,574 — — (54 ) — 2,520 Total real estate properties $ 615,586 $ 116,200 $ 18,060 $ (10,616 ) $ (69,767 ) $ 669,463 The following table summarizes the preliminary allocations of the purchase prices of assets acquired and liabilities assumed during the three months ended March 31, 2016 (dollars in thousands): Preliminary Purchase Price Allocation Land $ 14,508 Buildings and Improvements 101,692 Total Consideration $ 116,200 The preliminary measurements of fair value reflected above 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 price of properties at the time of purchase and the finalized allocation of the purchase price, as adjusted, as of March 31, 2016 (dollars in thousands): Preliminary Purchase Price Allocation Adjustments Finalized Purchase Price Allocation Land $ 9,553 $ (3,598 ) $ 5,955 Building and Improvements 91,922 3,129 95,051 Acquisition-related intangible assets (in acquired lease intangibles, net) — 469 469 Total Consideration $ 101,475 $ — $ 101,475 Real Estate Property Held For Sale At March 31, 2016 , the Courtney Station, Pooler, GA property was classified as a real estate asset held for sale. The property, which has a book value of $ 32,219,000 , was sold in April 2016. The Trust estimates it will recognize a gain on the sale of the property of approximately $5,700,000 , of which approximately $ 1,510,000 will be allocated to the non-controlling partner. At September 30, 2015, the Grove at Trinity, Cordova, TN property, was classified as a real estate asset held for sale. This property was sold in the quarter ended March 31, 2016 and the Trust recognized a gain of $ 6,764,000 , of which $2,195,000 was allocated to the non-controlling partner. See Note 5 - Acquisitions and Dispositions. |
Restricted Cash
Restricted Cash | 6 Months Ended |
Mar. 31, 2016 | |
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 sheets, 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 | 6 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Obligations | Debt Obligations Debt obligations consist of the following (dollars in thousands): March 31, 2016 September 30, 2015 Mortgages payable (a) $ 495,136 $ 456,064 Junior subordinated notes 37,400 37,400 Total debt obligations $ 532,536 $ 493,464 _____________________________________ (a) Excludes mortgages payable held for sale of $26,400 and $19,248 at March 31, 2016 and September 30, 2015 respectively. Mortgages Payable During the six months ended March 31,2016, the Trust purchased four multi-family properties and incurred the following fixed rate debt (dollars in thousands): Location Closing Date Acquisition Mortgage Debt Interest Rate Interest only period Maturity Date LaGrange, GA 11/18/15 $ 16,051 4.36 % - February 2022 Katy, TX 1/22/16 30,750 4.44 % 60 months February 2026 Macon, GA 2/1/16 11,200 4.39 % 24 months February 2026 Southaven, MS 2/29/16 28,000 4.24 % 60 months March 2026 $ 86,001 During the six months ended March 31, 2016 , the Trust obtained additional fixed rate 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 Houston, TX 2/9/16 3,865 4.94 % August 2021 $ 12,059 During the six months ended March 31, 2016, $5,260,000 and $416,000 was advanced on the construction loans that are financing the Southridge and North Charleston (Factory at Garco) developments. Junior Subordinated Notes At March 31, 2016 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 and six months ended March 31, 2016 and 2015 was $458,000 and $916,000 respectively. Amortization of the deferred costs, a component of interest expense, was $5,000 for each of the three months ended March 31, 2016 and 2015 , and $10,000 for each of the six months ended March 31, 2016 and 2015 . At May 1, 2016 the interest rate on the notes for the next three months is 2.64% 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 bore interest at 5.24% and was paid in full on February 24, 2016. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Trust paid REIT Management, a related party, advisory fees pursuant to its Advisory Agreement of $0 and $605,000 , respectively, for the three months ended March 31, 2016 and 2015 and $ 693,000 and $ 1,189,000 , respectively, for the six months ended March 31, 2016 and 2015. The Advisory Agreement terminated effective December 31, 2015. In lieu thereof, the Trust retained certain of its executive officers and its former chairman of the board to provide the services previously provided pursuant to such agreement. The aggregate fee in calendar 2016 for the provision of such services will not exceed $1,150,000 . These fees totaled $287,500 in the three months ended March 31, 2016. 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 $8,000 and $6,000 for the three months ended March 31, 2016 and 2015 , respectively and $19,000 and $15,000 for the six months ended March 31, 2016 and 2015, 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. The Trust paid Gould Investors L.P., a related party, $160,000 and $177,000 , in the three months ended March 31, 2016 and 2015, respectively, and $297,000 and $218,000 for the six months ended March 31, 2016 and 2015, respectively, for services provided under the agreement. 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 three and six months ended March 31, 2015 , was $26,000 and $64,000 , respectively. During the quarter ended March 31, 2015, the building was sold to a third party and the Trust ceased paying rent to Gould Investors for such space. On December 11, 2015, the Trust borrowed $8,000,000 from Gould Investors L.P. - see Note 9 “Debt Obligations - Other Borrowings”. Interest for the three and six months ended March 31, 2016 , at a rate of 5.24% , was $62,000 and $86,000 respectively. This loan was satisfied on February 24, 2016. Management of many of the Trust's multi-family properties is performed by the Trust's joint venture partners or their affiliates (none of these joint venture partners is Gould Investors L.P. or its 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 March 31, 2016 and 2015 amounted to $804,000 and $363,000 , respectively. For the six months ended March 31, 2016 and 2015, these fees amount to $1,227,000 and $987,000 respectively. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Mar. 31, 2016 | |
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 development of multi-family properties; and an other assets segment which includes the ownership and operation of the Trust's other real estate assets and a real estate loan. The following tables summarize our segment reporting for the periods indicated (dollars in thousands): Three Months Ended March 31, 2016 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 22,473 $ 358 $ 22,831 Other income — 2,026 2,026 Total revenues 22,473 2,384 24,857 Expenses: Real estate operating expenses 10,793 142 10,935 Interest expense 6,028 21 6,049 Property acquisition costs 953 — 953 General and administrative 2,234 46 2,280 Depreciation 5,605 27 5,632 Total expenses 25,613 236 25,849 Total revenue less total expenses (3,140 ) 2,148 (992 ) Gain on sale of real estate 24,226 — 24,226 Loss on extinguishment of debt (2,668 ) — (2,668 ) Income from continuing operations 18,418 2,148 20,566 Plus: net (income) loss attributable to non-controlling interests (10,581 ) 672 (9,909 ) Net income attributable to common shareholders before reconciling items $ 7,837 $ 2,820 $ 10,657 Reconciling adjustment: Discontinued operations 14,279 Net income attributable to common shareholders $ 24,936 Segment Assets at March 31, 2016 $ 722,338 $ 30,637 $ 752,975 Note 11- Segment Reporting - continued Three Months Ended March 31, 2015 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 18,795 $ 303 $ 19,098 Other income — 25 25 Total revenues 18,795 328 19,123 Expenses: Real estate operating expenses 9,105 110 9,215 Interest expense 4,686 52 4,738 Advisor's fee, related party 518 87 605 General and administrative 1,632 104 1,736 Depreciation and amortization 4,514 30 4,544 Total expenses 20,455 383 20,838 Total Revenues less total expenses (1,660 ) (55 ) (1,715 ) Gain on sale of real estate assets 2,777 — 2,777 Income from continuing operations 1,117 (55 ) 1,062 Plus: net loss attributable to non-controlling interests (1,212 ) 850 (362 ) Net (loss) income attributable to common shareholders $ (95 ) $ 795 $ 700 Reconciling adjustment: Discontinued operations (1,448 ) Net loss attributable to common shareholders $ (748 ) Segment Assets at March 31, 2015 $ 583,438 $ 17,075 $ 600,513 Note 11- Segment Reporting - continued Six Months Ended March 31, 2016 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 43,556 $ 673 $ 44,229 Other income — 2,033 2,033 Total revenues 43,556 2,706 46,262 Expenses: Real estate operating expenses 20,816 292 21,108 Interest expense 11,487 93 11,580 Advisor's fee, related party 594 99 693 Property acquisition costs 1,010 — 1,010 General and administrative 3,895 134 4,029 Depreciation 10,563 53 10,616 Total expenses 48,365 671 49,036 Total revenue less total expenses (4,809 ) 2,035 (2,774 ) Gain on sale of real estate 24,226 609 24,835 Loss on extinguishment of debt (2,668 ) — (2,668 ) Income from continuing operations 16,749 2,644 19,393 Plus: net (income) loss attributable to non-controlling interests (10,780 ) 1,610 (9,170 ) Net income attributable to common shareholders before reconciling items $ 5,969 $ 4,254 $ 10,223 Reconciling adjustment: Discontinued operations 12,679 Net income attributable to common shareholders $ 22,902 Segment Assets at March 31, 2016 $ 722,338 $ 30,637 $ 752,975 Note 11- Segment Reporting - continued Six Months Ended March 31, 2015 Multi-Family Real Estate Other Real Estate Total Rental and other revenues from real estate properties $ 36,956 $ 641 $ 37,597 Other income — 52 52 Total revenues 36,956 693 37,649 Expenses: Real estate operating expenses 18,320 260 18,580 Interest expense 9,395 104 9,499 Advisor's fee, related party 1,003 186 1,189 Property acquisition costs 295 — 295 General and administrative 3,190 203 3,393 Depreciation 8,144 58 8,202 Total expenses 40,347 811 41,158 Total revenue less total expenses (3,391 ) (118 ) (3,509 ) Gain on sale of real estate 2,777 — 2,777 Income from continuing operations (614 ) (118 ) (732 ) Plus: net (income) loss attributable to non-controlling interests (1,015 ) 1,682 667 Net (loss) income attributable to common shareholders before reconciling items $ (1,629 ) $ 1,564 $ (65 ) Reconciling adjustment: Discontinued operations (3,181 ) Net loss attributable to common shareholders $ (3,246 ) Segment Assets at March 31, 2015 $ 583,438 $ 17,075 $ 600,513 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and September 30, 2015 the estimated fair value of the notes is lower than their carrying value by approximately $ 19,948,000 and $21,400,000 based on a market interest rate of 6.11% and 6.37% , respectively. Mortgages payable: At March 31, 2016 , the estimated fair value of the Trust’s mortgages payable is greater than their carrying value by approximately $5,246,000 assuming market interest rates between 3.28% and 4.71% and at September 30, 2015 , the estimated fair value of the Trust's mortgages payable 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 March 31, 2016 , 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 institutional yield requirements. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value assumptions. Financial Instruments Measured at Fair Value The Trust’s fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. The Trust does not currently own any financial instruments that are classified as Level 3. Set forth below is information regarding the Trust’s financial liabilities measured at fair value as of March 31, 2016 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Financial Liabilities: Interest rate swap $ 72 — $ 72 Derivative financial instrument: Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. At March 31, 2016 , 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 March 31, 2016 , 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 | 6 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 , 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 $ 1,613 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: March 31, 2016 September 30, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Accounts payable and accrued liabilities $ 72 Accounts payable and accrued liabilities $ 58 As of March 31, 2016 , 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 Six Months Ended March 31, 2016 2016 2015 2016 2015 Amount of loss recognized on derivative in Other Comprehensive Income (loss) $ (41 ) $ (28 ) $ (29 ) $ (60 ) Amount of loss reclassified from Accumulated Other Comprehensive Income (loss) into Interest Expense $ (7 ) $ (8 ) $ (15 ) $ (17 ) No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Trust’s cash flow hedges during the three and six months ended March 31, 2016 and March 31, 2015 . During the twelve months ending September 30, 2016 , the Trust estimates an additional $24,000 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 March 31, 2016 , 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 $78,000 . As of March 31, 2016 , the Trust has not posted any collateral related to this agreement. If the Trust had been in breach of this agreement at March 31, 2016 , it could have been required to settle its obligations thereunder at its termination value of $78,000 . |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Mar. 31, 2016 | |
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 | 6 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent events have been evaluated and any significant events, relative to our consolidated financial statements as of March 31, 2016 that warrant additional disclosure, have been included in the notes to the consolidated financial statements. |
Basis of Preparation (Policies)
Basis of Preparation (Policies) | 6 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Preparation | The accompanying interim unaudited consolidated financial statements as of March 31, 2016 , and for the three and six months ended March 31, 2016 and 2015 , reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for such interim periods. The results of operations for the three and six months ended March 31, 2016 and 2015 , 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 ("VIE's") in which the Trust is determined to be the primary beneficiary. Material inter-company balances and transactions have been eliminated. The Trust’s consolidated joint ventures that own multi‑family properties, 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 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. |
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) | 6 Months Ended |
Mar. 31, 2016 | |
Real Estate [Abstract] | |
Summary of real estate properties owned | A summary of real estate properties owned ( including properties held for sale) is as follows (dollars in thousands): Additions Capitalized Costs and Improvements Depreciation Sales Multi-family $ 605,040 $ 116,200 $ 18,059 $ (10,562 ) $ (69,767 ) $ 658,970 Land - Daytona, FL 7,972 — 1 — — 7,973 Shopping centers/Retail - Yonkers, NY 2,574 — — (54 ) — 2,520 Total real estate properties $ 615,586 $ 116,200 $ 18,060 $ (10,616 ) $ (69,767 ) $ 669,463 |
Schedule of assets acquired and liabilities assumed | The following table summarizes the preliminary allocations of the purchase prices of assets acquired and liabilities assumed during the three months ended March 31, 2016 (dollars in thousands): Preliminary Purchase Price Allocation Land $ 14,508 Buildings and Improvements 101,692 Total Consideration $ 116,200 The following table summarizes the preliminary allocations of the purchase price of properties at the time of purchase and the finalized allocation of the purchase price, as adjusted, as of March 31, 2016 (dollars in thousands): Preliminary Purchase Price Allocation Adjustments Finalized Purchase Price Allocation Land $ 9,553 $ (3,598 ) $ 5,955 Building and Improvements 91,922 3,129 95,051 Acquisition-related intangible assets (in acquired lease intangibles, net) — 469 469 Total Consideration $ 101,475 $ — $ 101,475 |
Acquisitions, Dispositions (Tab
Acquisitions, Dispositions (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of real estate acquisitions | The table below provides information for the six months ended March 31, 2016 regarding the Trust's purchases of multi-family properties (dollars in thousands). Location Purchase Date No. of Units Contract Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Property Acquisition Cost N. Charleston, SC (a) 10/13/2015 271 $ 3,625 — $ 6,558 65 % — La Grange, GA 11/18/2015 236 22,800 $ 16,051 6,824 100 % $ 57 Katy, TX 1/22/2016 268 40,250 30,750 8,150 75 % 382 Macon, GA 2/1/2016 240 14,525 11,200 3,250 80 % 158 Southaven, MS 2/29/2016 392 35,000 28,000 5,856 60 % 413 1,407 $ 116,200 $ 86,001 $ 30,638 $ 1,010 ___________________________________________________ (a) This acquisition of 41.5 acres of land was purchased for development. The initial equity includes funds contributed in connection with the commencement of construction. Acquisition costs related to this development have been capitalized. |
Schedule of property dispositions | The following table is a summary of the real estate properties disposed of by the Trust in the six months ended March 31, 2016 (dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner portion of gain New York, NY 10/1/2015 1 $ 652 $ 609 — Cordova, TN 3/2/2016 464 31,100 6,764 $ 2,195 Kennesaw, GA 3/15/2016 450 64,000 17,462 10,037 915 $ 95,752 $ 24,835 $ 12,232 The assets and liabilities as of September 30, 2015 of the Newark Joint Venture and the statement of operations for the three and six months ended March 31, 2016 and 2015, are summarized as follows (dollars in thousands): Balance Sheet September 30, 2015 ASSETS Real estate properties, net $ 141,441 Restricted cash 13,277 Deferred costs, net 9,683 Deposits and escrows 93 Other assets 8,734 Total assets of discontinued operations $ 173,228 LIABILITIES Mortgage payable $ 110,375 Accounts payable and accrued liabilities 6,848 Deferred income 30,990 Total liabilities of discontinued operations $ 148,213 Statement of Operations Three Months Ended Six Months Ended March 31, 2016 2015 2016 2015 Revenues: Rental and other revenue from real estate properties $ 900 $ 1,088 $ 2,437 $ 2,070 Other income 174 261 444 530 Total revenues 1,074 1,349 2,881 2,600 Expenses: Real estate operating expenses 944 1,099 2,277 2,143 Interest expense 845 1,127 2,242 2,567 Depreciation 473 571 1,150 1,071 Total expense 2,262 2,797 5,669 5,781 Income from discontinued operations (1,188 ) (1,448 ) (2,788 ) (3,181 ) Gain on sale of partnership interest 15,467 — 15,467 — Discontinued operations $ 14,279 $ (1,448 ) $ 12,679 $ (3,181 ) |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued operations balance sheet and statement of operations | The following table is a summary of the real estate properties disposed of by the Trust in the six months ended March 31, 2016 (dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner portion of gain New York, NY 10/1/2015 1 $ 652 $ 609 — Cordova, TN 3/2/2016 464 31,100 6,764 $ 2,195 Kennesaw, GA 3/15/2016 450 64,000 17,462 10,037 915 $ 95,752 $ 24,835 $ 12,232 The assets and liabilities as of September 30, 2015 of the Newark Joint Venture and the statement of operations for the three and six months ended March 31, 2016 and 2015, are summarized as follows (dollars in thousands): Balance Sheet September 30, 2015 ASSETS Real estate properties, net $ 141,441 Restricted cash 13,277 Deferred costs, net 9,683 Deposits and escrows 93 Other assets 8,734 Total assets of discontinued operations $ 173,228 LIABILITIES Mortgage payable $ 110,375 Accounts payable and accrued liabilities 6,848 Deferred income 30,990 Total liabilities of discontinued operations $ 148,213 Statement of Operations Three Months Ended Six Months Ended March 31, 2016 2015 2016 2015 Revenues: Rental and other revenue from real estate properties $ 900 $ 1,088 $ 2,437 $ 2,070 Other income 174 261 444 530 Total revenues 1,074 1,349 2,881 2,600 Expenses: Real estate operating expenses 944 1,099 2,277 2,143 Interest expense 845 1,127 2,242 2,567 Depreciation 473 571 1,150 1,071 Total expense 2,262 2,797 5,669 5,781 Income from discontinued operations (1,188 ) (1,448 ) (2,788 ) (3,181 ) Gain on sale of partnership interest 15,467 — 15,467 — Discontinued operations $ 14,279 $ (1,448 ) $ 12,679 $ (3,181 ) |
Debt Obligations (Tables)
Debt Obligations (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of debt obligations | Debt obligations consist of the following (dollars in thousands): March 31, 2016 September 30, 2015 Mortgages payable (a) $ 495,136 $ 456,064 Junior subordinated notes 37,400 37,400 Total debt obligations $ 532,536 $ 493,464 _____________________________________ (a) Excludes mortgages payable held for sale of $26,400 and $19,248 at March 31, 2016 and September 30, 2015 respectively. |
Schedule of debt information | The interest rates on the outstanding notes are set forth in the table below: Interest Period Interest Rate August 1, 2012 through April 29, 2016 4.90 % April 30, 2016 through April 30, 2036 Libor + 2.00% During the six months ended March 31,2016, the Trust purchased four multi-family properties and incurred the following fixed rate debt (dollars in thousands): Location Closing Date Acquisition Mortgage Debt Interest Rate Interest only period Maturity Date LaGrange, GA 11/18/15 $ 16,051 4.36 % - February 2022 Katy, TX 1/22/16 30,750 4.44 % 60 months February 2026 Macon, GA 2/1/16 11,200 4.39 % 24 months February 2026 Southaven, MS 2/29/16 28,000 4.24 % 60 months March 2026 $ 86,001 During the six months ended March 31, 2016 , the Trust obtained additional fixed rate 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 Houston, TX 2/9/16 3,865 4.94 % August 2021 $ 12,059 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Summary of segment reporting | The following tables summarize our segment reporting for the periods indicated (dollars in thousands): Three Months Ended March 31, 2016 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 22,473 $ 358 $ 22,831 Other income — 2,026 2,026 Total revenues 22,473 2,384 24,857 Expenses: Real estate operating expenses 10,793 142 10,935 Interest expense 6,028 21 6,049 Property acquisition costs 953 — 953 General and administrative 2,234 46 2,280 Depreciation 5,605 27 5,632 Total expenses 25,613 236 25,849 Total revenue less total expenses (3,140 ) 2,148 (992 ) Gain on sale of real estate 24,226 — 24,226 Loss on extinguishment of debt (2,668 ) — (2,668 ) Income from continuing operations 18,418 2,148 20,566 Plus: net (income) loss attributable to non-controlling interests (10,581 ) 672 (9,909 ) Net income attributable to common shareholders before reconciling items $ 7,837 $ 2,820 $ 10,657 Reconciling adjustment: Discontinued operations 14,279 Net income attributable to common shareholders $ 24,936 Segment Assets at March 31, 2016 $ 722,338 $ 30,637 $ 752,975 Note 11- Segment Reporting - continued Three Months Ended March 31, 2015 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 18,795 $ 303 $ 19,098 Other income — 25 25 Total revenues 18,795 328 19,123 Expenses: Real estate operating expenses 9,105 110 9,215 Interest expense 4,686 52 4,738 Advisor's fee, related party 518 87 605 General and administrative 1,632 104 1,736 Depreciation and amortization 4,514 30 4,544 Total expenses 20,455 383 20,838 Total Revenues less total expenses (1,660 ) (55 ) (1,715 ) Gain on sale of real estate assets 2,777 — 2,777 Income from continuing operations 1,117 (55 ) 1,062 Plus: net loss attributable to non-controlling interests (1,212 ) 850 (362 ) Net (loss) income attributable to common shareholders $ (95 ) $ 795 $ 700 Reconciling adjustment: Discontinued operations (1,448 ) Net loss attributable to common shareholders $ (748 ) Segment Assets at March 31, 2015 $ 583,438 $ 17,075 $ 600,513 Note 11- Segment Reporting - continued Six Months Ended March 31, 2016 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 43,556 $ 673 $ 44,229 Other income — 2,033 2,033 Total revenues 43,556 2,706 46,262 Expenses: Real estate operating expenses 20,816 292 21,108 Interest expense 11,487 93 11,580 Advisor's fee, related party 594 99 693 Property acquisition costs 1,010 — 1,010 General and administrative 3,895 134 4,029 Depreciation 10,563 53 10,616 Total expenses 48,365 671 49,036 Total revenue less total expenses (4,809 ) 2,035 (2,774 ) Gain on sale of real estate 24,226 609 24,835 Loss on extinguishment of debt (2,668 ) — (2,668 ) Income from continuing operations 16,749 2,644 19,393 Plus: net (income) loss attributable to non-controlling interests (10,780 ) 1,610 (9,170 ) Net income attributable to common shareholders before reconciling items $ 5,969 $ 4,254 $ 10,223 Reconciling adjustment: Discontinued operations 12,679 Net income attributable to common shareholders $ 22,902 Segment Assets at March 31, 2016 $ 722,338 $ 30,637 $ 752,975 Note 11- Segment Reporting - continued Six Months Ended March 31, 2015 Multi-Family Real Estate Other Real Estate Total Rental and other revenues from real estate properties $ 36,956 $ 641 $ 37,597 Other income — 52 52 Total revenues 36,956 693 37,649 Expenses: Real estate operating expenses 18,320 260 18,580 Interest expense 9,395 104 9,499 Advisor's fee, related party 1,003 186 1,189 Property acquisition costs 295 — 295 General and administrative 3,190 203 3,393 Depreciation 8,144 58 8,202 Total expenses 40,347 811 41,158 Total revenue less total expenses (3,391 ) (118 ) (3,509 ) Gain on sale of real estate 2,777 — 2,777 Income from continuing operations (614 ) (118 ) (732 ) Plus: net (income) loss attributable to non-controlling interests (1,015 ) 1,682 667 Net (loss) income attributable to common shareholders before reconciling items $ (1,629 ) $ 1,564 $ (65 ) Reconciling adjustment: Discontinued operations (3,181 ) Net loss attributable to common shareholders $ (3,246 ) Segment Assets at March 31, 2015 $ 583,438 $ 17,075 $ 600,513 |
Fair Value of Financial Instr31
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets measured at fair value | Set forth below is information regarding the Trust’s financial liabilities measured at fair value as of March 31, 2016 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Financial Liabilities: Interest rate swap $ 72 — $ 72 |
Derivative Financial Instrume32
Derivative Financial Instruments (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of outstanding interest rate derivatives | As of March 31, 2016 , 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 $ 1,613 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: March 31, 2016 September 30, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Accounts payable and accrued liabilities $ 72 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 Six Months Ended March 31, 2016 2016 2015 2016 2015 Amount of loss recognized on derivative in Other Comprehensive Income (loss) $ (41 ) $ (28 ) $ (29 ) $ (60 ) Amount of loss reclassified from Accumulated Other Comprehensive Income (loss) into Interest Expense $ (7 ) $ (8 ) $ (15 ) $ (17 ) |
Organization and Background (De
Organization and Background (Details) | 6 Months Ended |
Mar. 31, 2016statepropertyproperty_unit | |
Organization, background and significant accounting policies | |
Number of properties | property | 31 |
Number of units | property_unit | 8,793 |
Number of states | state | 12 |
Corporate Joint Venture [Member] | Property Acquisition [Member] | Multi-family [Member] | Minimum [Member] | |
Organization, background and significant accounting policies | |
Equity contribution in each transaction (as a percent) | 65.00% |
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 ($) | Apr. 27, 2016 | Feb. 29, 2016 | Jan. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 11, 2016 | Sep. 30, 2015 |
Share Buyback | |||||||||
Beneficial interest purchased (in shares) | 252,000 | ||||||||
Beneficial interest purchased, price per share (in dollars per share) | $ 6.26 | ||||||||
Beneficial interest purchased, value | $ 1,584,000 | ||||||||
Per Share Data | |||||||||
Basic and diluted shares outstanding (in shares) | 14,132,235 | 14,086,761 | 14,116,560 | 14,165,826 | |||||
Subsequent Event [Member] | |||||||||
Share Buyback | |||||||||
Beneficial interest purchased (in shares) | 59,232 | ||||||||
Beneficial interest purchased, price per share (in dollars per share) | $ 7.10 | ||||||||
Beneficial interest purchased, value | $ 421,000 | ||||||||
New Share Repurchase Program [Member] | |||||||||
Share Buyback | |||||||||
Beneficial interest purchased authorized amount | $ 5,000,000 | ||||||||
Restricted Stock [Member] | |||||||||
Restricted Shares | |||||||||
Compensation expense | $ 188,000 | $ 206,000 | $ 418,000 | $ 444,000 | |||||
Deferred unearned compensation | $ 2,532,000 | $ 2,532,000 | $ 2,184,000 | ||||||
Remaining weighted average vesting period | 2 years 9 months 18 days | ||||||||
Stock Incentive Plan 2012 [Member] | |||||||||
Restricted Shares | |||||||||
Shares authorized for issuance (up to) (in shares) | 600,000 | 600,000 | |||||||
Stock Incentive Plan 2012 [Member] | Restricted Stock [Member] | |||||||||
Restricted Shares | |||||||||
Issued (in shares) | 141,050 | ||||||||
Shares outstanding (in shares) | 667,025 | 667,025 | |||||||
Vesting period for shares issued | 5 years | ||||||||
Equity Incentive Plan 2009 [Member] | |||||||||
Restricted Shares | |||||||||
Number of additional awards available for grant (in shares) | 0 | 0 | |||||||
Equity Incentive Plan 2009 [Member] | Restricted Stock [Member] | |||||||||
Restricted Shares | |||||||||
Vesting period for shares issued | 5 years |
Real Estate Properties (Details
Real Estate Properties (Details) $ in Thousands | 6 Months Ended |
Mar. 31, 2016USD ($) | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |
Real estate property, beginning balance | $ 615,586 |
Additions | 116,200 |
Capitalized Costs and Improvements | 18,060 |
Depreciation | (10,616) |
Sales | (69,767) |
Real estate property, ending balance | 669,463 |
Multi-family [Member] | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |
Real estate property, beginning balance | 605,040 |
Additions | 116,200 |
Capitalized Costs and Improvements | 18,059 |
Depreciation | (10,562) |
Sales | (69,767) |
Real estate property, ending balance | 658,970 |
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 | 1 |
Depreciation | 0 |
Sales | 0 |
Real estate property, ending balance | 7,973 |
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 | (54) |
Sales | 0 |
Real estate property, ending balance | $ 2,520 |
Real Estate Properties - Assets
Real Estate Properties - Assets Acquired and Liabilities Assumed (Details) $ in Thousands | 6 Months Ended |
Mar. 31, 2016USD ($) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |
Total consideration | $ 116,200 |
Previously Acquired [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |
Total consideration | 101,475 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | |
Total consideration | 0 |
Acquisition-related intangible assets (in acquired lease intangibles, net) [Member] | Previously Acquired [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |
Acquisition-related intangibles | 469 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | |
Acquisition-related intangibles | 469 |
Adjustments [Member] | Previously Acquired [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |
Total consideration | 101,475 |
Adjustments [Member] | Acquisition-related intangible assets (in acquired lease intangibles, net) [Member] | Previously Acquired [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |
Acquisition-related intangibles | 0 |
Land [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |
Real estate property | 14,508 |
Land [Member] | Previously Acquired [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |
Real estate property | 5,955 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | |
Real estate property | (3,598) |
Land [Member] | Adjustments [Member] | Previously Acquired [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |
Real estate property | 9,553 |
Buildings and Improvements [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |
Real estate property | 101,692 |
Buildings and Improvements [Member] | Previously Acquired [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |
Real estate property | 95,051 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | |
Real estate property | 3,129 |
Buildings and Improvements [Member] | Adjustments [Member] | Previously Acquired [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |
Real estate property | $ 91,922 |
Acquisitions, Dispositions (Det
Acquisitions, Dispositions (Details) - Multi-family [Member] - USD ($) | 1 Months Ended | 6 Months Ended |
May. 09, 2016 | Mar. 31, 2016 | |
Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Property Acquisition [Member] | ||
Real Estate Properties | ||
Contract purchase price | $ 116,200,000 | |
Initial BRT equity | $ 30,638,000 | |
San Antonio, TX [Member] | Subsequent Event [Member] | ||
Real Estate Properties | ||
Contract purchase price | $ 35,150,000 | |
Debt, face amount | 26,400,000 | |
Initial BRT equity | $ 6,858,000 | |
Interest in joint venture (as a percent) | 65.00% |
Acquisitions, Dispositions - Sc
Acquisitions, Dispositions - Schedule of Property Acquisitions (Details) | Feb. 29, 2016USD ($)property_unit | Feb. 01, 2016USD ($)property_unit | Jan. 22, 2016USD ($)property_unit | Nov. 18, 2015USD ($)property_unit | Oct. 13, 2015USD ($)aproperty_unit | Mar. 31, 2016USD ($)property_unit | Mar. 31, 2015USD ($) | Mar. 31, 2016USD ($)property_unit | Mar. 31, 2015USD ($) |
Real Estate Properties | |||||||||
No. of Units | property_unit | 8,793 | 8,793 | |||||||
Property Acquisition Cost | $ 953,000 | $ 0 | $ 1,010,000 | $ 295,000 | |||||
Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Multi-family [Member] | Property Acquisition [Member] | |||||||||
Real Estate Properties | |||||||||
No. of Units | property_unit | 1,407 | 1,407 | |||||||
Contract Purchase Price | $ 116,200,000 | $ 116,200,000 | |||||||
Initial BRT Equity | 30,638,000 | ||||||||
Property Acquisition Cost | 1,010,000 | ||||||||
Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Multi-family [Member] | Property Acquisition [Member] | Mortgages [Member] | |||||||||
Real Estate Properties | |||||||||
Acquisition Mortgage Debt | $ 86,001,000 | $ 86,001,000 | |||||||
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 | ||||||||
Interest in joint venture (as a percent) | 65.00% | ||||||||
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 | ||||||||
Interest in joint venture (as a percent) | 100.00% | ||||||||
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] | |||||||||
Real Estate Properties | |||||||||
No. of Units | property_unit | 268 | ||||||||
Contract Purchase Price | $ 40,250,000 | ||||||||
Initial BRT Equity | $ 8,150,000 | ||||||||
Interest in joint venture (as a percent) | 75.00% | ||||||||
Property Acquisition Cost | $ 382,000 | ||||||||
Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Katy, TX [Member] | Multi-family [Member] | Property Acquisition [Member] | Mortgages [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] | |||||||||
Real Estate Properties | |||||||||
No. of Units | property_unit | 240 | ||||||||
Contract Purchase Price | $ 14,525,000 | ||||||||
Initial BRT Equity | $ 3,250,000 | ||||||||
Interest in joint venture (as a percent) | 80.00% | ||||||||
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] | |||||||||
Real Estate Properties | |||||||||
Acquisition Mortgage Debt | $ 11,200,000 | ||||||||
Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Southaven, MS [Member] | Multi-family [Member] | Property Acquisition [Member] | |||||||||
Real Estate Properties | |||||||||
No. of Units | property_unit | 392 | ||||||||
Contract Purchase Price | $ 35,000,000 | ||||||||
Initial BRT Equity | $ 5,856,000 | ||||||||
Interest in joint venture (as a percent) | 60.00% | ||||||||
Property Acquisition Cost | $ 413,000 | ||||||||
Corporate Joint Venture [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Southaven, MS [Member] | Multi-family [Member] | Property Acquisition [Member] | Mortgages [Member] | |||||||||
Real Estate Properties | |||||||||
Acquisition Mortgage Debt | $ 28,000,000 |
Acquisitions, Dispositions - Pr
Acquisitions, Dispositions - Property Dispositions (Details) $ in Thousands | Mar. 16, 2016USD ($)property_unit | Mar. 02, 2016USD ($)property_unit | Oct. 01, 2015USD ($)property_unit | Mar. 31, 2016USD ($)property_unit | Mar. 31, 2015USD ($) | Mar. 31, 2016USD ($)property_unit | Mar. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||||
No. of Units | property_unit | 8,793 | 8,793 | |||||
Gain on Sale | $ (1,188) | $ (1,448) | $ (2,788) | $ (3,181) | |||
Discontinued Operations, Disposed of by Sale [Member] | |||||||
Business Acquisition [Line Items] | |||||||
No. of Units | property_unit | 915 | 915 | |||||
Sales Price | $ 95,752 | $ 95,752 | |||||
Gain on Sale | 24,835 | ||||||
Non-controlling partner portion of gain | $ 12,232 | ||||||
Discontinued Operations, Disposed of by Sale [Member] | New York, NY [Member] | |||||||
Business Acquisition [Line Items] | |||||||
No. of Units | property_unit | 1 | ||||||
Sales Price | $ 652 | ||||||
Gain on Sale | 609 | ||||||
Non-controlling partner portion of gain | $ 0 | ||||||
Discontinued Operations, Disposed of by Sale [Member] | Cordova, TN [Member] | |||||||
Business Acquisition [Line Items] | |||||||
No. of Units | property_unit | 464 | ||||||
Sales Price | $ 31,100 | ||||||
Gain on Sale | 6,764 | ||||||
Non-controlling partner portion of gain | $ 2,195 | ||||||
Discontinued Operations, Disposed of by Sale [Member] | Kennesaw, GA [Member] | |||||||
Business Acquisition [Line Items] | |||||||
No. of Units | property_unit | 450 | ||||||
Sales Price | $ 64,000 | ||||||
Gain on Sale | 17,462 | ||||||
Non-controlling partner portion of gain | $ 10,037 |
Discontinued Operations (Detail
Discontinued Operations (Details) ft² in Thousands | Feb. 23, 2016USD ($) | Mar. 31, 2016USD ($)ft² | Mar. 31, 2015USD ($) | Mar. 31, 2016USD ($)ft² | Mar. 31, 2015USD ($) |
Newark, NJ [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Square feet of site | ft² | 68 | 68 | |||
Rentable space | ft² | 303 | 303 | |||
RBHTRB Newark Holdings LLC [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sales price | $ 16,900,000 | ||||
Gain on sale of partnership interest | 15,467,000 | $ 15,467,000 | $ 0 | $ 15,467,000 | $ 0 |
Additional consideration receivable upon metric achievement | 900,000 | ||||
Indemnity related to venture (up to) | 2,800,000 | ||||
Mortgage receivable | $ 19,500,000 | ||||
Stated rate | 11.00% | ||||
Interest rate, due monthly | 6.00% | ||||
Interest rate, portion due at maturity | 5.00% | ||||
Interest accrued | $ 1,900,000 |
Discontinued Operations - Balan
Discontinued Operations - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 |
ASSETS | ||
Total assets of discontinued operations | $ 0 | $ 173,228 |
LIABILITIES | ||
Total liabilities of discontinued operations | $ 0 | 148,213 |
RBHTRB Newark Holdings LLC [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||
ASSETS | ||
Real estate properties, net | 141,441 | |
Restricted cash | 13,277 | |
Deferred costs, net | 9,683 | |
Deposits and escrows | 93 | |
Other assets | 8,734 | |
Total assets of discontinued operations | 173,228 | |
LIABILITIES | ||
Mortgage payable | 110,375 | |
Accounts payable and accrued liabilities | 6,848 | |
Deferred income | 30,990 | |
Total liabilities of discontinued operations | $ 148,213 |
Discontinued Operations - State
Discontinued Operations - Statement of Operations (Details) - RBHTRB Newark Holdings LLC [Member] - Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] - USD ($) $ in Thousands | Feb. 23, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Revenues: | |||||
Rental and other revenue from real estate properties | $ 900 | $ 1,088 | $ 2,437 | $ 2,070 | |
Other income | 174 | 261 | 444 | 530 | |
Total revenues | 1,074 | 1,349 | 2,881 | 2,600 | |
Expenses: | |||||
Real estate operating expenses | 944 | 1,099 | 2,277 | 2,143 | |
Interest expense | 845 | 1,127 | 2,242 | 2,567 | |
Depreciation | 473 | 571 | 1,150 | 1,071 | |
Total expense | 2,262 | 2,797 | 5,669 | 5,781 | |
Income from discontinued operations | (1,188) | (1,448) | (2,788) | (3,181) | |
Gain on sale of partnership interest | $ 15,467 | 15,467 | 0 | 15,467 | 0 |
Discontinued operations | $ 14,279 | $ (1,448) | $ 12,679 | $ (3,181) |
Real Estate Property Held For43
Real Estate Property Held For Sale - Narrative (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Pooler, GA [Member] | |
Real Estate [Line Items] | |
Real estate held for sale | $ 32,219 |
Estimated gain on sale of property | 5,700 |
Estimated gain on the sale of property allocated to minority partner | 1,510 |
Cordova, TN [Member] | |
Real Estate [Line Items] | |
Estimated gain on sale of property | 6,764 |
Estimated gain on the sale of property allocated to minority partner | $ 2,195 |
Debt Obligations (Details)
Debt Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 |
Debt Obligations | ||
Total debt obligations | $ 532,536 | $ 493,464 |
Mortgages payable held for sale | 26,400 | 19,248 |
Mortgages payable [Member] | ||
Debt Obligations | ||
Total debt obligations | 495,136 | 456,064 |
Junior subordinated notes [Member] | ||
Debt Obligations | ||
Total debt obligations | $ 37,400 | $ 37,400 |
Debt Obligations - Mortgage Pay
Debt Obligations - Mortgage Payable (Details) - USD ($) | Feb. 29, 2016 | Feb. 01, 2016 | Jan. 22, 2016 | Mar. 31, 2016 | Feb. 09, 2016 | Nov. 18, 2015 | Nov. 10, 2015 | Oct. 13, 2015 |
Southridge Financing [Member] | ||||||||
Debt Obligations | ||||||||
Advances on construction loans | $ 5,260,000 | |||||||
Factory at Garco Development [Member] | ||||||||
Debt Obligations | ||||||||
Advances on construction loans | 416,000 | |||||||
Mortgages [Member] | ||||||||
Debt Obligations | ||||||||
Debt, face amount | 86,001,000 | |||||||
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 February 2026 [Member] | Katy, TX [Member] | ||||||||
Debt Obligations | ||||||||
Debt, face amount | $ 30,750,000 | |||||||
Interest Rate | 4.44% | |||||||
Interest only period | 60 months | |||||||
Mortgages [Member] | Mortgages Maturing in February 2026 [Member] | Macon, GA [Member] | ||||||||
Debt Obligations | ||||||||
Debt, face amount | $ 11,200,000 | |||||||
Interest Rate | 4.39% | |||||||
Interest only period | 24 months | |||||||
Mortgages [Member] | Mortgages Maturing in March 2026 [Member] | Southaven, MS [Member] | ||||||||
Debt Obligations | ||||||||
Debt, face amount | $ 28,000,000 | |||||||
Interest Rate | 4.24% | |||||||
Interest only period | 60 months | |||||||
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] | Mortgages Maturing in August 2021 [Member] | Houston, TX [Member] | ||||||||
Debt Obligations | ||||||||
Debt, face amount | $ 3,865,000 | |||||||
Interest Rate | 4.94% | |||||||
Mortgages [Member] | Additional Mortgages Obtained [Member] | ||||||||
Debt Obligations | ||||||||
Debt, face amount | $ 12,059,000 |
Debt Obligations - Junior Subor
Debt Obligations - Junior Subordinated Notes (Details) - Junior subordinated notes [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | May. 01, 2016 |
Debt Instrument [Line Items] | |||||||
Total debt obligations | $ 37,400 | $ 37,400 | $ 37,400 | ||||
Interest expense | 458 | $ 916 | 458 | $ 916 | |||
Amortization of deferred costs included in interest expense | $ 5 | $ 5 | $ 10 | $ 10 | |||
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% | |||||
Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 2.64% |
Debt Obligations - Other Borrow
Debt Obligations - Other Borrowings (Details) - Notes Payable, Other Payables [Member] - Affiliated Entity [Member] - Unsecured Short Term Borrowing From Gould Investors L.P. [Member] - USD ($) | Mar. 31, 2016 | Dec. 11, 2015 |
Short-term Debt [Line Items] | ||
Debt, face amount | $ 8,000,000 | |
Interest rate | 5.24% | 5.24% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 11, 2015 | |
Related Party Transaction [Line Items] | |||||
Related party expense | $ 439,000 | $ 0 | $ 439,000 | $ 276,000 | |
Cap on 2016 advisory fees | 1,150,000 | ||||
Related party - general and administrative | 60,000 | 69,000 | 87,000 | 127,000 | |
Related party - interest expense | 62,000 | 0 | 86,000 | 0 | |
Amended And Restated Advisory Agreement January2012 [Member] | Real Estate Investment Trust Management Corporation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party expense | 0 | 605,000 | 693,000 | 1,189,000 | |
Director [Member] | Advisory Services [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party expense | 287,500 | ||||
Real Property Management Real Estate Brokerage And Construction Supervision Services [Member] | Majestic Property Management Corporation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party expense | 8,000 | 6,000 | 19,000 | 15,000 | |
Shared Services Agreement [Member] | Gould Investors Limited Partnership [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party - general and administrative | $ 160,000 | 177,000 | $ 297,000 | 218,000 | |
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% | 5.24% | ||
Related party - interest expense | $ 62,000 | $ 86,000 | |||
Affiliated Entity [Member] | Rent Expense [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party expense | 26,000 | 64,000 | |||
Affiliated Entity [Member] | Payment Of Acquisition Fee [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party expense | $ 804,000 | $ 363,000 | $ 1,227,000 | $ 987,000 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2016USD ($)segment | Mar. 31, 2015USD ($) | Sep. 30, 2015USD ($) | |
Segment Reporting [Abstract] | |||||
Number of reportable segments | segment | 2 | ||||
Revenues: | |||||
Rental and other revenues from real estate properties | $ 22,831 | $ 19,098 | $ 44,229 | $ 37,597 | |
Other income | 2,026 | 25 | 2,033 | 52 | |
Total revenues | 24,857 | 19,123 | 46,262 | 37,649 | |
Expenses: | |||||
Real estate operating expenses | 10,935 | 9,215 | 21,108 | 18,580 | |
Interest expense | 6,049 | 4,738 | 11,580 | 9,499 | |
Advisor's fee, related party | 0 | 605 | 693 | 1,189 | |
Property acquisition costs | 953 | 0 | 1,010 | 295 | |
General and administrative | 2,280 | 1,736 | 4,029 | 3,393 | |
Depreciation | 5,632 | 4,544 | 10,616 | 8,202 | |
Total expenses | 25,849 | 20,838 | 49,036 | 41,158 | |
Total revenue less total expenses | (992) | (1,715) | (2,774) | (3,509) | |
Gain on sale of real estate | 24,226 | 2,777 | 24,835 | 2,777 | |
Income from continuing operations | 20,566 | 1,062 | 19,393 | (732) | |
Plus: net (income) loss attributable to non-controlling interests | (9,909) | (362) | (9,170) | 667 | |
Net income attributable to common shareholders before reconciling items | 34,845 | (386) | 32,072 | (3,913) | |
Discontinued operations | 14,279 | (1,448) | 12,679 | (3,181) | |
Net income (loss) attributable to common shareholders | 24,936 | (748) | 22,902 | (3,246) | |
Total Assets | 752,975 | 600,513 | 752,975 | 600,513 | $ 835,879 |
Multi-Family Real Estate [Member] | |||||
Expenses: | |||||
Total Assets | 722,338 | 583,438 | 722,338 | 583,438 | |
Other Real Estate [Member] | |||||
Expenses: | |||||
Total Assets | 30,637 | 17,075 | 30,637 | 17,075 | |
Operating Segments [Member] | |||||
Revenues: | |||||
Rental and other revenues from real estate properties | 22,831 | 19,098 | 44,229 | 37,597 | |
Other income | 2,026 | 25 | 2,033 | 52 | |
Total revenues | 24,857 | 19,123 | 46,262 | 37,649 | |
Expenses: | |||||
Real estate operating expenses | 10,935 | 9,215 | 21,108 | 18,580 | |
Interest expense | 6,049 | 4,738 | 11,580 | 9,499 | |
Advisor's fee, related party | 605 | 693 | 1,189 | ||
Property acquisition costs | 953 | 1,010 | 295 | ||
General and administrative | 2,280 | 1,736 | 4,029 | 3,393 | |
Depreciation | 5,632 | 4,544 | 10,616 | 8,202 | |
Total expenses | 25,849 | 20,838 | 49,036 | 41,158 | |
Total revenue less total expenses | (992) | (1,715) | (2,774) | (3,509) | |
Gain on sale of real estate | 24,226 | 2,777 | 24,835 | 2,777 | |
Loss on extinguishment of debt | (2,668) | (2,668) | |||
Income from continuing operations | 20,566 | 1,062 | 19,393 | (732) | |
Plus: net (income) loss attributable to non-controlling interests | (9,909) | (362) | (9,170) | 667 | |
Net income attributable to common shareholders before reconciling items | 10,657 | 700 | 10,223 | (65) | |
Operating Segments [Member] | Multi-Family Real Estate [Member] | |||||
Revenues: | |||||
Rental and other revenues from real estate properties | 22,473 | 18,795 | 43,556 | 36,956 | |
Other income | 0 | 0 | 0 | 0 | |
Total revenues | 22,473 | 18,795 | 43,556 | 36,956 | |
Expenses: | |||||
Real estate operating expenses | 10,793 | 9,105 | 20,816 | 18,320 | |
Interest expense | 6,028 | 4,686 | 11,487 | 9,395 | |
Advisor's fee, related party | 518 | 594 | 1,003 | ||
Property acquisition costs | 953 | 1,010 | 295 | ||
General and administrative | 2,234 | 1,632 | 3,895 | 3,190 | |
Depreciation | 5,605 | 4,514 | 10,563 | 8,144 | |
Total expenses | 25,613 | 20,455 | 48,365 | 40,347 | |
Total revenue less total expenses | (3,140) | (1,660) | (4,809) | (3,391) | |
Gain on sale of real estate | 24,226 | 2,777 | 24,226 | 2,777 | |
Loss on extinguishment of debt | (2,668) | (2,668) | |||
Income from continuing operations | 18,418 | 1,117 | 16,749 | (614) | |
Plus: net (income) loss attributable to non-controlling interests | (10,581) | (1,212) | (10,780) | (1,015) | |
Net income attributable to common shareholders before reconciling items | 7,837 | (95) | 5,969 | (1,629) | |
Operating Segments [Member] | Other Real Estate [Member] | |||||
Revenues: | |||||
Rental and other revenues from real estate properties | 358 | 303 | 673 | 641 | |
Other income | 2,026 | 25 | 2,033 | 52 | |
Total revenues | 2,384 | 328 | 2,706 | 693 | |
Expenses: | |||||
Real estate operating expenses | 142 | 110 | 292 | 260 | |
Interest expense | 21 | 52 | 93 | 104 | |
Advisor's fee, related party | 87 | 99 | 186 | ||
Property acquisition costs | 0 | 0 | 0 | ||
General and administrative | 46 | 104 | 134 | 203 | |
Depreciation | 27 | 30 | 53 | 58 | |
Total expenses | 236 | 383 | 671 | 811 | |
Total revenue less total expenses | 2,148 | (55) | 2,035 | (118) | |
Gain on sale of real estate | 0 | 0 | 609 | 0 | |
Loss on extinguishment of debt | 0 | 0 | |||
Income from continuing operations | 2,148 | (55) | 2,644 | (118) | |
Plus: net (income) loss attributable to non-controlling interests | 672 | 850 | 1,610 | 1,682 | |
Net income attributable to common shareholders before reconciling items | 2,820 | 795 | 4,254 | 1,564 | |
Segment Reconciling Items [Member] | |||||
Expenses: | |||||
Discontinued operations | $ 14,279 | $ (1,448) | $ 12,679 | $ (3,181) |
Fair Value of Financial Instr50
Fair Value of Financial Instruments (Details) - Level 2 [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | 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) | 6.11% | 6.37% |
Market Approach Valuation Technique [Member] | Mortgages [Member] | Minimum [Member] | ||
Financial Instruments Not Measured at Fair Value | ||
Market interest rate (as a percent) | 3.28% | 1.99% |
Market Approach Valuation Technique [Member] | Mortgages [Member] | Maximum [Member] | ||
Financial Instruments Not Measured at Fair Value | ||
Market interest rate (as a percent) | 4.71% | 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 | $ 19,948 | $ 21,400 |
Carrying and Fair Value [Member] | Mortgages [Member] | ||
Financial Instruments Not Measured at Fair Value | ||
Estimated fair value lower than carrying value | $ 5,246 | $ 890 |
Fair Value of Financial Instr51
Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities) | |
Derivative financial instruments | $ 78 |
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 | 72 |
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 | $ 72 |
Derivative Financial Instrume52
Derivative Financial Instruments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2015 | |
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income | |||||
Amount of loss recognized on derivative in Other Comprehensive Income (loss) | $ (41,000) | $ (28,000) | $ (29,000) | $ (60,000) | |
Gain or loss recognized related to hedge ineffectiveness | 0 | 0 | 0 | 0 | |
Gain from components excluded from assessment of cash flow hedge effectiveness | 0 | 0 | 0 | 0 | |
Estimated amount to be reclassified from Accumulated other comprehensive income (loss) as an increase to interest expense | 24,000 | 24,000 | |||
Interest Expense [Member] | |||||
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income | |||||
Amount of loss reclassified from Accumulated Other Comprehensive Income (loss) into Interest Expense | (7,000) | $ (8,000) | (15,000) | $ (17,000) | |
Accounts Payable And Accrued Liabilities [Member] | |||||
Fair value of derivative financial instruments | |||||
Fair value of derivative financial instrument liability | 72,000 | 72,000 | $ 58,000 | ||
Designated As Hedging Instrument [Member] | Interest rate swap [Member] | |||||
Interest Rate Derivatives | |||||
Notional Amount | $ 1,613,000 | $ 1,613,000 | |||
Rate (as a percent) | 5.25% | 5.25% |
Derivative Financial Instrume53
Derivative Financial Instruments - Credit-Risk-Related Contingent Features (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair value of derivatives in a liability position | $ 78 |
Assets needed if breach of agreement | $ 78 |