BRT Apartments (BRT) 10-Q 9 Aug 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2016	Aug. 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	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		13,906,702

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Sep. 30, 2015
ASSETS
Real estate properties, net of accumulated depreciation and amortization of $38,024 and $34,142	$ 668,985	$ 591,727
Real estate loan	19,500	0
Cash and cash equivalents	37,727	15,556
Restricted cash	6,397	6,518
Deferred costs, net	5,950	5,327
Deposits and escrows	15,442	12,782
Other assets	7,100	6,882
Assets of discontinued operations	0	173,228
Real estate asset held for sale	27,020	23,859
Total Assets	788,121	835,879
Liabilities:
Mortgages payable	516,617	456,064
Junior subordinated notes	37,400	37,400
Accounts payable and accrued liabilities	15,919	14,780
Liabilities of discontinued operations	0	148,213
Mortgage payable held for sale	27,130	19,248
Total Liabilities	597,066	675,705
Commitments and contingencies
BRT Realty Trust shareholders’ equity:
Preferred shares, $1 par value: Authorized 10,000 shares, none issued	0	0
Shares of beneficial interest, $3 par value: Authorized number of shares, unlimited, 13,240 and 13,428 issued	39,720	40,285
Additional paid-in capital	161,038	161,842
Accumulated other comprehensive loss	(927)	(58)
Accumulated deficit	(51,032)	(79,414)
Total BRT Realty Trust shareholders’ equity	148,799	122,655
Non-controlling interests	42,256	37,519
Total Equity	191,055	160,174
Total Liabilities and Equity	$ 788,121	$ 835,879

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Sep. 30, 2015
Statement of Financial Position [Abstract]
Real estate properties, accumulated depreciation	$ 38,024	$ 34,142
Preferred shares, par value (in dollars per share)	$ 1	$ 1
Preferred shares authorized (in shares)	10,000,000	10,000,000
Preferred shares issued (in shares)	0	0
Shares of beneficial interest, par value (in dollars per share)	$ 3	$ 3
Shares of beneficial interest issued (in shares)	13,240,000	13,428,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Rental and other revenues from real estate properties	$ 22,637	$ 19,778	$ 66,866	$ 57,375
Other income	608	12	2,641	64
Total revenues	23,245	19,790	69,507	57,439
Expenses:
Real estate operating expenses - including $531 and $353 to related parties for the three months ended and $1,336 and $1,065 for the nine months ended	10,944	10,022	32,052	28,602
Interest expense - including $86 to related party for the nine months ended June 30, 2016	6,014	4,855	17,594	14,354
Advisor’s fees, related party	0	612	693	1,801
Property acquisition costs - including $892 and $276 to related parties for the three months ended and $1,331 and $276 for the nine months ended	1,408	0	2,418	295
General and administrative - including $47 and $57 to related party for the three months ended and $134 and $184 for the nine months ended	2,373	1,654	6,402	5,047
Depreciation	5,871	4,453	16,487	12,655
Total expenses	26,610	21,596	75,646	62,754
Total revenue less total expenses	(3,365)	(1,806)	(6,139)	(5,315)
Gain on sale of real estate	10,263	0	35,098	2,777
Gain on sale of partnership interest	386	0	386	0
Loss on extinguishment of debt	0	0	(2,668)	0
Income (loss) from continuing operations	7,284	(1,806)	26,677	(2,538)
Discontinued operations:
Loss from discontinued operations	0	(1,702)	(2,788)	(4,883)
Gain on sale of partnership interest	0	0	15,467	0
(Loss) income from discontinued operations	0	(1,702)	12,679	(4,883)
Net income (loss)	7,284	(3,508)	39,356	(7,421)
Net (income) loss attributable to non-controlling interests	(1,804)	930	(10,974)	1,597
Net income (loss) attributable to common shareholders	$ 5,480	$ (2,578)	$ 28,382	$ (5,824)
Basic and diluted per share amounts attributable to common shareholders:
Income (loss) from continuing operations (in dollars per share)	$ 0.39	$ (0.13)	$ 1	$ (0.29)
(Loss) income from discontinued operations (in dollars per share)	0	(0.05)	1.02	(0.12)
Basic and diluted earnings (loss) (in dollars per share)	$ 0.39	$ (0.18)	$ 2.02	$ (0.41)
Income (loss) from continuing operations	$ 5,480	$ (1,883)	$ 14,044	$ (4,069)
Income (loss) from discontinued operations	$ 0	$ (695)	$ 14,338	$ (1,755)
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	13,932,515	14,101,056	14,055,436	14,144,236

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Related party - real estate operating expenses	$ 531	$ 353	$ 1,336	$ 1,065
Related party - interest expense	0	0	86	0
Related party - property acquisition costs	892	276	1,331	276
Related party - general and administrative	$ 141	$ 152	$ 439	$ 434

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 7,284	$ (3,508)	$ 39,356	$ (7,421)
Other comprehensive loss:
Unrealized (loss) gain on derivative instruments	(855)	26	(869)	(22)
Other comprehensive (loss) income	(855)	26	(869)	(22)
Comprehensive income (loss)	6,429	(3,482)	38,487	(7,443)
Comprehensive income (loss) attributable to non-controlling interests	1,507	(926)	10,675	(1,600)
Comprehensive income (loss) attributable to common shareholders	$ 4,922	$ (2,556)	$ 27,812	$ (5,843)

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - 9 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Total	Shares of Beneficial Interest	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss)	Accumulated Deficit	Non- Controlling Interest
Beginning balance at Sep. 30, 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 and restricted stock units	689		689
Contributions from non-controlling interests	22,639					22,639
Distributions to non-controlling interests	(27,086)					(27,086)
Deconsolidation of joint ventures upon sale	(1,790)					(1,790)
Shares repurchased - 318,554 shares	(2,058)	(955)	(1,103)
Net income	39,356				28,382	10,974
Other comprehensive loss	(869)			(869)
Comprehensive income	38,487
Ending balance at Jun. 30, 2016	$ 191,055	$ 39,720	$ 161,038	$ (927)	$ (51,032)	$ 42,256

CONSOLIDATED STATEMENT OF EQUI8

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - shares	1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 29, 2016	Jun. 30, 2016	Jun. 30, 2016
Statement of Stockholders' Equity [Abstract]
Shares repurchased (in shares)	252,000	66,554	318,554

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ 39,356	$ (7,421)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	19,049	16,048
Amortization of restricted stock	689	676
Gain on sale of real estate	(35,098)	(2,777)
Gain on sale of partnership interest	15,853	0
Loss on extinguishment of debt	2,668	0
Effect of deconsolidation of non-controlling interest	(1,692)	0
Increases and decreases from changes in other assets and liabilities:
(Increase) decrease in interest and dividends receivable	(2,212)	16
(Increase) decrease in prepaid expenses	(434)	(652)
(Increase) decrease in deposits and escrows	(2,567)	2,138
Decrease in other assets	2,216	3,996
Increase (decrease) in accounts payable and accrued liabilities	776	(19)
Net cash provided by operating activities	6,898	12,005
Cash flows from investing activities:
Collections from real estate loans	0	2,000
Additions to real estate properties	(189,299)	(10,777)
Net costs capitalized to real estate properties	(36,411)	(45,784)
Purchase of non controlling interests	0	(4,679)
Proceeds from the sale of real estate properties	166,400	9,604
Proceeds from the sale of joint venture interest	19,242	0
Net cash used in investing activities	(41,898)	(38,583)
Cash flows from financing activities:
Proceeds from mortgages payable	175,614	35,718
Increase in other borrowed funds	6,001	0
Mortgage payoffs	(112,234)	(8,473)
Mortgage amortization	(3,852)	0
Loss on extinguishment of debt	(2,668)	0
Increase in deferred borrowing costs	(1,932)	(2,684)
Capital contributions from non-controlling interests	22,639	1,419
Capital distribution to non-controlling interests	(27,085)	(3,975)
Proceeds from sale of New Market Tax Credits	2,746	0
Repurchase of shares of beneficial interest	(2,058)	(2,422)
Net cash provided by financing activities	57,171	19,583
Net increase (decrease) in cash and cash equivalents	22,171	(6,995)
Cash and cash equivalents at beginning of period	15,556	23,181
Cash and cash equivalents at end of period	37,727	16,186
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	20,069	18,235
Taxes paid	632	131
Acquisition of real estate through assumption of debt	16,051	17,173
Real estate properties reclassified to assets held for sale	27,020	68,259
Accrued costs related to real estate property	0	3,920
Mortgage payable reclassified to held for sale	26,400	0
RBHTRB Newark Holdings LLC | Variable Interest Entity, Primary Beneficiary
Cash flows from investing activities:
Net change in restricted cash	(1,952)	7,373
Multi-Family Real Estate | Variable Interest Entity, Primary Beneficiary
Cash flows from investing activities:
Net change in restricted cash	$ 122	$ 3,680

Organization and Background

Organization and Background	9 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [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. Generally, the multi‑family properties are acquired with venture partners in transactions in which the Trust contributes 65% to 80% of the equity. At June 30, 2016 , the Trust owns 31 multi-family properties with 8,973 units located in 11 states (including 271 units at a property under construction and 350 units at a property in the lease up stage). At June 30, 2016, the net book value of the multi family assets (including real estate asset held for sale) was $685,537,000 . The Trust also owns and operates various other real estate assets. At June 30, 2016 , the net book value of the real property included in these other real estate assets was $29,968,000 , including a real estate loan of $19,500,000 . BRT conducts its operations to qualify as a real estate investment trust, or REIT, for federal income tax purposes.

Basis of Preparation

Basis of Preparation	9 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	Basis of Preparation The accompanying interim unaudited consolidated financial statements as of June 30, 2016 , and for the three and nine months ended June 30, 2016 and 2015 , reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for such interim periods. The results of operations for the three and nine months ended June 30, 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 joint venture that owns the Dallas, TX property was determined not to be a VIE but is consolidated because the Trust has a controlling financial interest in the entity due to its substantive participating rights. The distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro-rata to the percentage 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 (i) balance sheet and revenue and expense items related to the Newark Joint Venture, which are now reported as discontinued operations and (ii) reclassification of real estate properties and mortgages to held for sale. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates.
New Accounting Pronouncements	New Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which requires all excess tax benefits or deficiencies to be recognized as income tax expense or benefit in the income statement. In addition, excess tax benefits should be classified along with other income tax cash flows as an operating activity in the statement of cash flows. Application of the standard is required for the annual and interim periods beginning after December 15, 2016. Early adoption is permitted. The Trust is currently evaluating the impact of this new standard on our consolidated financial statements. 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 evaluating the impact the adoption of the guidance will have on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under this analysis, limited partnerships and other similar entities will be considered a VIE unless the limited partners hold substantive kick-out rights or participating rights. The guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The Trust has not elected early adoption and is evaluating the new guidance to determine the impact it may have on its consolidated financial statements.

Equity

Equity	9 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Equity	Equity Common Share Dividend Distribution During the nine months ended June 30, 2016 , the Trust did not declare a dividend on its shares. Stock Based Compensation 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. Pursuant to the Plan, during the quarter ended June 30, 2016, the Trust issued restricted stock units (the "Units") to acquire up to 450,000 common shares (the "Pay for Performance Program"). Subject to satisfying a continued service requirement through the five years ending March 31, 2021 (the “Performance Period”), the Units entitle the recipients to acquire in the aggregate, (i) 200,000 shares (the “TSR Award”) based on achieving, during the Performance Period, certain levels in compounded annual growth rate (“CAGR”) in total shareholder return (“TSR”), and (ii) 200,000 shares based on achieving, during the Performance Period, certain levels in CAGR in adjusted funds from operations, as determined pursuant to the performance agreement. In addition, subject to satisfying the continued service requirement, up to 50,000 shares may be added to or subtracted from the TSR Award, based on attaining or failing to attain, during the Performance Period, of CAGR in TSR relative to the CAGR in TSR for the constituent REITs that comprise, with specified exceptions, the FTSE NAREIT Equity Apartment Index. Recipients of the Units are entitled to receive cash dividends with respect to the common shares underlying the Units as if the underlying shares were outstanding during the Performance Period, if, when, and to the extent, the related Units vests. Accordingly, for accounting purposes, the shares underlying the Units are excluded in the outstanding shares reflected on the balance sheet. For the awards which vest based on TSR, a third party appraiser prepared a Monte Carlo simulation pricing model to assist management in determining the fair value. For the awards which vest based on adjusted funds from operations, the fair value is based on the market value on the date of grant. Expense is not recognized on the Units which the Trust does not expect to vest as a result of service conditions or the Trust’s performance expectations. The total amount recorded as deferred compensation with respect to the Units is $2,117,000 and is being charged to General and administrative expense over the approximate five year vesting period. The deferred compensation expense to be recognized is net of certain forfeiture and performance assumptions. The Trust recorded $50,000 of compensation expense related to the amortization of unearned compensation with respect to the Units in the three and nine months ended June 30, 2016 . In January 2016 , the Trust granted 141,050 shares of restricted stock pursuant to the 2012 Incentive Plan (the "2012 Plan"). As of June 30, 2016 , an aggregate of 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 June 30, 2016 and 2015 , the Trust recorded $ 221,000 and $232,000 , respectively, of compensation expense related to the amortization of unearned compensation with respect to the restricted share awards. For the nine months ended June 30, 2016 and 2015 , the Trust recorded $639,000 and $676,000 , respectively of compensation expense related to the amortization of unearned compensation with respect to the restricted share awards. At June 30, 2016 and September 30, 2015, $ 2,311,000 and $2,184,000 has been deferred as unearned compensation and will be charged to expense over the remaining vesting periods of these restricted share awards. The weighted average vesting period of these restricted shares is 2.6 years. Share Buyback In February 2016, pursuant to a share repurchase program then in effect, the Trust purchased 252,000 shares of beneficial interest at the market price of $6.26 for a purchase price , including commission, of $1,584,000 . On March 11, 2016, the Board of Trustees approved a new share repurchase program authorizing the Trust to repurchase up to $5,000,000 of shares of beneficial interest through September 30, 2017. During the quarter ended June 30, 2016, the Trust purchased 66,554 shares of beneficial interest at an average market price of $7.11 for a purchase price, including commissions, of $474,000 . 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. The Units are excluded from the basic earnings per share calculation, as they are not participating securities. 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. For the three and nine month periods ended June 30, 2016, none of the Units are included in the diluted weighted average as they did not meet the applicable performance metrics during such periods. Basic and diluted shares outstanding for the three months ended June 30, 2016 and 2015 , were 13,932,515 and 14,101,056 , respectively, and for the nine months ended June 30, 2016 and 2015 were 14,055,436 and 14,144,236 , respectively.

Real Estate Properties

Real Estate Properties	9 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties A summary of real estate properties owned (including properties held for sale) follows (dollars in thousands): Depreciation Sales Multi-family $ 605,040 $ 205,350 $ 29,225 $ (16,390 ) $ (137,688 ) $ 685,537 Land - Daytona, FL 7,972 — 2 — — 7,974 Shopping centers/Retail - Yonkers, NY 2,574 — — (80 ) — 2,494 Total real estate properties $ 615,586 $ 205,350 $ 29,227 $ (16,470 ) $ (137,688 ) $ 696,005 The following table summarizes the preliminary allocations of the purchase prices of assets acquired during the three months ended June 30, 2016 (dollars in thousands): Preliminary Purchase Price Allocation Land $ 18,875 Buildings and Improvements 69,688 Acquisition-related intangible assets 587 Total Consideration $ 89,150 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 seven properties purchased between July 1, 2015 and June 30, 2016 and the finalized allocation of the purchase price of such properties, as adjusted, as of June 30, 2016 (dollars in thousands): Preliminary Purchase Price Allocation Adjustments Finalized Purchase Price Allocation Land $ 28,556 $ (4,730 ) $ 23,826 Building and improvements 181,912 4,087 185,999 Acquisition-related intangible assets 332 643 975 Total Consideration $ 210,800 $ — $ 210,800 Real Estate Property Held For Sale At June 30, 2016 , the Sandtown Vista, Atlanta, GA property was classified as a real estate asset held for sale. The property has a book value of $27,020,000 . The Trust estimates it will recognize a gain on the sale of the property of approximately $8,800,000 , of which approximately $4,000,000 will be allocated to the non-controlling partner. This sale is anticipated to close in the first quarter of the Trust's 2017 fiscal year and is subject to the lender consenting to the purchaser's assumption of the mortgage loan securing the property and other customary closing conditions. 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 and Dispositions

Acquisitions and Dispositions	9 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions Property Acquisitions The table below provides information for the nine months ended June 30, 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 Costs 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 San Antonio, TX 5/6/2016 288 35,150 26,400 6,688 65 % 539 Dallas, TX 5/11/2016 494 37,000 27,938 6,750 50 % 567 Columbia, SC 5/31/2016 204 17,000 12,934 4,930 80 % 302 2,393 $ 205,350 $ 153,273 $ 49,006 $ 2,418 ___________________________________________________ (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 of $63,000 related to this development have been capitalized. The N. 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 the acquired assets and assumed liabilities at the dates of acquisition. Property Dispositions The following table is a summary of the real estate properties disposed of by the Trust in the nine months ended June 30, 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 17,429 10,037 Pooler, GA 4/6/2016 300 38,500 5,710 1,405 Collierville, TN 6/1/2016 324 34,300 4,586 917 1,539 $ 168,552 $ 35,098 $ 14,554 On June 6, 2016, the Trust sold its partnership interest in a venture that owned a Little Rock, AK property. The Trust sold its interest for $2,342,000 and recognized a gain of $386,000 on the sale. On July 27, 2016, the Trust entered into a contract to sell the Wichita, KS property for $30,000,000 . The sale is subject to customary closing conditions. The Trust anticipates a gain on the sale of the property of approximately $7,700,000 (net of a mortgage prepayment charge of $1,900,000 ), of which $2,900,000 will be allocated to non-controlling interests.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Jun. 30, 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 "NJV Sale"). 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. None of these amounts will be recognized until received. 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 the NJV Sale, the mortgage debt in principal amount of $19,500,000 (the “NJV Debt”) owed to the Trust by this venture (which was not included on the Trust's consolidated balance sheet at September 30, 2015 as such debt and the interest that had accrued thereon was eliminated in consolidation), is reflected as a real estate loan on the balance sheet at June 30, 2016. The NJV 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 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 ("Current Interest") and five percent ( 5% ) is deferred (the"Deferred Interest"). Prior to the June 3, 2016 agreement described below, Deferred Interest was to be paid in June 2016 and at maturity in June 2017. At June 30, 2016, the amount of Deferred Interest that has been recognized is $2,212,000 . Effective as of June 3, 2016, the Trust entered into an agreement with the Newark Joint Venture pursuant to which the Trust agreed, among other things, (i) to defer, until September 30, 2016, the payment of the Deferred Interest owed at June 30, 2016, (ii) subject to the Trust's receipt of $750,000 of Deferred Interest, to release certain of the mortgages securing the NJV Debt in connection with the repayment (the "Repayment"), if any, of all or a portion of such debt on or before September 30, 2016, and (iii) in the event a Repayment occurs before September 30, 2016, to defer the payment of any remaining Deferred Interest until the June 2017 maturity of the NJV Debt. The assets and liabilities as of September 30, 2015 of the discontinued operations of the Newark Joint Venture and the statement of operations for the three and nine months ended June 30, 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 Nine Months Ended June 30, 2016 2015 2016 2015 Revenues: Rental and other revenue from real estate properties $ — $ 1,167 $ 2,437 $ 3,237 Other income — 268 444 798 Total revenues — 1,435 2,881 4,035 Expenses: Real estate operating expenses — 1,402 2,277 3,545 Interest expense — 1,151 2,242 3,718 Depreciation — 584 1,150 1,655 Total expense — 3,137 5,669 8,918 Income from discontinued operations — (1,702 ) (2,788 ) (4,883 ) Gain on sale of partnership interest — — 15,467 — Discontinued operations $ — $ (1,702 ) $ 12,679 $ (4,883 )

Real Estate Property Held For S

Real Estate Property Held For Sale	9 Months Ended
	Jun. 30, 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) follows (dollars in thousands): Depreciation Sales Multi-family $ 605,040 $ 205,350 $ 29,225 $ (16,390 ) $ (137,688 ) $ 685,537 Land - Daytona, FL 7,972 — 2 — — 7,974 Shopping centers/Retail - Yonkers, NY 2,574 — — (80 ) — 2,494 Total real estate properties $ 615,586 $ 205,350 $ 29,227 $ (16,470 ) $ (137,688 ) $ 696,005 The following table summarizes the preliminary allocations of the purchase prices of assets acquired during the three months ended June 30, 2016 (dollars in thousands): Preliminary Purchase Price Allocation Land $ 18,875 Buildings and Improvements 69,688 Acquisition-related intangible assets 587 Total Consideration $ 89,150 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 seven properties purchased between July 1, 2015 and June 30, 2016 and the finalized allocation of the purchase price of such properties, as adjusted, as of June 30, 2016 (dollars in thousands): Preliminary Purchase Price Allocation Adjustments Finalized Purchase Price Allocation Land $ 28,556 $ (4,730 ) $ 23,826 Building and improvements 181,912 4,087 185,999 Acquisition-related intangible assets 332 643 975 Total Consideration $ 210,800 $ — $ 210,800 Real Estate Property Held For Sale At June 30, 2016 , the Sandtown Vista, Atlanta, GA property was classified as a real estate asset held for sale. The property has a book value of $27,020,000 . The Trust estimates it will recognize a gain on the sale of the property of approximately $8,800,000 , of which approximately $4,000,000 will be allocated to the non-controlling partner. This sale is anticipated to close in the first quarter of the Trust's 2017 fiscal year and is subject to the lender consenting to the purchaser's assumption of the mortgage loan securing the property and other customary closing conditions. 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	9 Months Ended
	Jun. 30, 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 represents funds that are held by or on behalf of the Trust specifically for capital improvements at certain multi-family properties.

Debt Obligations

Debt Obligations	9 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Debt obligations consist of the following (dollars in thousands): June 30, 2016 September 30, 2015 Mortgages payable (a) $ 516,617 $ 456,064 Junior subordinated notes 37,400 37,400 Total debt obligations $ 554,017 $ 493,464 _____________________________________ (a) Excludes mortgages payable held for sale of $27,130 and $19,248 at June 30, 2016 and September 30, 2015, respectively. Mortgages Payable During the nine months ended June 30, 2016, the Trust incurred the following fixed rate mortgage debt in connection with the following acquisitions (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 San Antonio, TX 5/6/16 26,400 3.61 % 23 months May 2023 Dallas, TX 5/11/16 27,938 4.01 % 24 months May 2028 Columbia, SC 5/31/16 12,934 4.28 % 36 months June 2026 $ 153,273 During the nine months ended June 30, 2016 , the Trust obtained supplemental fixed rate mortgage financing as set forth in the table below (dollars in thousands): Location Closing Date Supplemental 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 Huntsville, AL 4/15/16 2,650 5.29 % November 2023 $ 14,709 During the nine months ended June 30, 2016, $8,034,000 was advanced on the construction loan that financed the Greenville, SC (Southridge) development and $6,808,000 was advanced on the loan that is financing the N. Charleston, SC (Factory at Garco) development. Junior Subordinated Notes At June 30, 2016 and September 30, 2015 , the Trust's junior subordinated notes had an outstanding principal balance of $37,400,000 . At June 30, 2016, the interest rate on the outstanding balance is three month LIBOR + 2.00% ( i.e. , 2.64%). The junior subordinated notes require interest only payments through the maturity date of April 30, 2036, at which time repayment of the outstanding principal and unpaid interest become due. Interest expense for the three months ended June 30, 2016 and 2015 was $318,000 and $458,000 , respectively; interest expense for the nine months ended June 30, 2016 and 2015 was $1,233,000 and $1,375,000 , respectively. Amortization of the deferred costs, a component of interest expense, was $5,000 for each of the three months ended June 30, 2016 and 2015 , and $15,000 for each of the nine months ended June 30, 2016 and 2015 .

Related Party Transactions

Related Party Transactions	9 Months Ended
	Jun. 30, 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 $612,000 , respectively, for the three months ended June 30, 2016 and 2015 and $ 693,000 and $ 1,801,000 , respectively, for the nine months ended June 30, 2016 and 2015. The Advisory Agreement terminated effective December 31, 2015. Effective as of January 1, 2016, 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 June 30, 2016 and $575,000 in the nine months ended June 30, 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 $7,000 and $6,000 for the three months ended June 30, 2016 and 2015 , respectively and $26,000 and $23,000 for the nine months ended June 30, 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, $47,000 and $57,000 , in the three months ended June 30, 2016 and 2015, respectively, and $134,000 and $184,000 for the nine months ended June 30, 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 nine months ended June 30, 2015 , was $64,000 . The building was sold to a third party and the Trust ceased paying rent to Gould Investors in February 2015. On December 11, 2015, the Trust borrowed $8,000,000 from Gould Investors L.P. at an interest rate of 5.24%. This loan was satisfied on February 24, 2016. Interest expense during the nine months ended June 30, 2016 , was $86,000 . 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 three months ended June 30, 2016 and 2015 was $1,416,000 and $353,000 , respectively. For the nine months ended June 30, 2016 and 2015, these fees were $2,643,000 and $1,340,000 respectively.

Segment Reporting

Segment Reporting	9 Months Ended
	Jun. 30, 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 June 30, 2016 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 22,281 $ 356 $ 22,637 Other income — 608 608 Total revenues 22,281 964 23,245 Expenses: Real estate operating expenses 10,789 155 10,944 Interest expense 5,991 23 6,014 Property acquisition costs 1,408 — 1,408 General and administrative 2,326 47 2,373 Depreciation 5,844 27 5,871 Total expenses 26,358 252 26,610 Total revenue less total expenses (4,077 ) 712 (3,365 ) Gain on sale of real estate 10,263 — 10,263 Gain on sale of partnership interest 386 — 386 (Loss) income from continuing operations 6,572 712 7,284 Net (income) loss attributable to non-controlling interests (1,776 ) (28 ) (1,804 ) Net income attributable to common shareholders before reconciling items $ 4,796 $ 684 $ 5,480 Reconciling adjustment: Discontinued operations — Net income attributable to common shareholders $ 5,480 Segment Assets at June 30, 2016 $ 757,522 $ 30,599 $ 788,121 Note 11- Segment Reporting - continued Three Months Ended June 30, 2015 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 19,425 $ 353 $ 19,778 Other income — 12 12 Total revenues 19,425 365 19,790 Expenses: Real estate operating expenses 9,875 147 10,022 Interest expense 4,652 203 4,855 Advisor's fee, related party 522 90 612 General and administrative 1,571 83 1,654 Depreciation and amortization 4,423 30 4,453 Total expenses 21,043 553 21,596 Total revenues less total expenses (1,618 ) (188 ) (1,806 ) Net (income) loss attributable to non-controlling interests (52 ) 982 930 Net (loss) income attributable to common shareholders before reconciling items $ (1,670 ) $ 794 $ (876 ) Reconciling adjustment: Discontinued operations (1,702 ) Net loss attributable to common shareholders $ (2,578 ) Segment Assets at June 30, 2015 $ 586,648 $ 15,301 $ 601,949 Note 11- Segment Reporting - continued Nine Months Ended June 30, 2016 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 65,836 $ 1,030 $ 66,866 Other income — 2,641 2,641 Total revenues 65,836 3,671 69,507 Expenses: Real estate operating expenses 31,604 448 32,052 Interest expense 17,478 116 17,594 Advisor's fee, related party 593 100 693 Property acquisition costs 2,418 — 2,418 General and administrative 6,221 181 6,402 Depreciation 16,407 80 16,487 Total expenses 74,721 925 75,646 Total revenue less total expenses (8,885 ) 2,746 (6,139 ) Gain on sale of real estate 34,489 609 35,098 Gain on sale of partnership interest 386 — 386 Loss on extinguishment of debt (2,668 ) — (2,668 ) Income from continuing operations 23,322 3,355 26,677 Net (income) loss attributable to non-controlling interests (12,555 ) 1,581 (10,974 ) Net income attributable to common shareholders before reconciling items $ 10,767 $ 4,936 $ 15,703 Reconciling adjustment: Discontinued operations 12,679 Net income attributable to common shareholders $ 28,382 Segment Assets at June 30, 2016 $ 757,522 $ 30,599 $ 788,121 Note 11- Segment Reporting - continued Nine Months Ended June 30, 2015 Multi-Family Real Estate Other Real Estate Total Rental and other revenues from real estate properties $ 56,382 $ 993 $ 57,375 Other income — 64 64 Total revenues 56,382 1,057 57,439 Expenses: Real estate operating expenses 28,195 407 28,602 Interest expense 14,047 307 14,354 Advisor's fee, related party 1,525 276 1,801 Property acquisition costs 295 — 295 General and administrative 4,760 287 5,047 Depreciation 12,567 88 12,655 Total expenses 61,389 1,365 62,754 Total revenue less total expenses (5,007 ) (308 ) (5,315 ) Gain on sale of real estate 2,777 — 2,777 Income from continuing operations (2,230 ) (308 ) (2,538 ) Net (income) loss attributable to non-controlling interests (1,067 ) 2,664 1,597 Net (loss) income attributable to common shareholders before reconciling items $ (3,297 ) $ 2,356 $ (941 ) Reconciling adjustment: Discontinued operations (4,883 ) Net loss attributable to common shareholders $ (5,824 ) Segment Assets at June 30, 2015 $ 586,648 $ 15,301 $ 601,949

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Jun. 30, 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 June 30, 2016 and September 30, 2015 the estimated fair value of the notes is lower than their carrying value by approximately $16,771,000 and $21,400,000 based on a market interest rate of 6.15% and 6.37% , respectively. Mortgages payable: At June 30, 2016 , the estimated fair value of the Trust’s mortgages payable is greater than their carrying value by approximately $9,983,000 assuming market interest rates between 2.15% and 4.61% 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. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value assumptions. Financial Instruments Measured at Fair Value The Trust’s fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. The Trust does not currently own any financial instruments that are classified as Level 3. Set forth below is information regarding the Trust’s financial liabilities measured at fair value as of June 30, 2016 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Financial Liabilities: Interest rate swaps $ 928 — $ 928 Derivative financial instruments: Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. At June 30, 2016 , these derivatives are 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 derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with them utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. As of June 30, 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 derivatives. As a result, the Trust determined that its derivatives valuation is classified in Level 2 of the fair value hierarchy.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Jun. 30, 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 June 30, 2016 , the Trust had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands): Interest Rate Derivative Notional Amount Rate Maturity Interest rate swap $ 1,586 5.25 % April 1, 2022 Interest rate swap $ 26,400 3.61 % May 6, 2023 The table below presents the fair value of the Trust’s derivative financial instrument as well as its classification on the consolidated balance sheets as of the dates indicated (amounts in thousands): Derivatives as of: June 30, 2016 September 30, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Accounts payable and accrued liabilities $ 928 Accounts payable and accrued liabilities $ 58 As of June 30, 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 swaps on the consolidated statements of comprehensive loss for the dates indicated (dollars in thousands): Three Months Ended Nine Months Ended 2016 2015 2016 2015 Amount of loss recognized on derivative in Other Comprehensive Income (loss) $ (906 ) $ 18 $ (935 ) $ (47 ) Amount of loss reclassified from Accumulated Other Comprehensive Income (loss) into Interest Expense $ (50 ) $ (8 ) $ (65 ) $ (25 ) No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Trust’s cash flow hedges during the three and nine months ended June 30, 2016 and June 30, 2015 . During the twelve months ending September 30, 2016 , the Trust estimates an additional $294,000 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 counterparties 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 obligations. As of June 30, 2016 , the fair value of the derivatives in a net liability position, which includes accrued interest, but excludes any adjustment for nonperformance risk related to these agreement, was $988,000 . As of June 30, 2016 , the Trust has not posted any collateral related to these agreements. If the Trust had been in breach of these agreements at June 30, 2016 , it could have been required to settle its obligations thereunder at its termination value of $988,000 .

Subsequent Events

Subsequent Events	9 Months Ended
	Jun. 30, 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 June 30, 2016 that warrant additional disclosure, have been included in the notes to the consolidated financial statements.

Basis of Preparation (Policies)

Basis of Preparation (Policies)	9 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	The accompanying interim unaudited consolidated financial statements as of June 30, 2016 , and for the three and nine months ended June 30, 2016 and 2015 , reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for such interim periods. The results of operations for the three and nine months ended June 30, 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 joint venture that owns the Dallas, TX property was determined not to be a VIE but is consolidated because the Trust has a controlling financial interest in the entity due to its substantive participating rights. The distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro-rata to the percentage equity interest each partner has in the applicable venture.
New Accounting Pronouncements	New Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which requires all excess tax benefits or deficiencies to be recognized as income tax expense or benefit in the income statement. In addition, excess tax benefits should be classified along with other income tax cash flows as an operating activity in the statement of cash flows. Application of the standard is required for the annual and interim periods beginning after December 15, 2016. Early adoption is permitted. The Trust is currently evaluating the impact of this new standard on our consolidated financial statements. 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 evaluating the impact the adoption of the guidance will have on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under this analysis, limited partnerships and other similar entities will be considered a VIE unless the limited partners hold substantive kick-out rights or participating rights. The guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The Trust has not elected early adoption and is evaluating the new guidance to determine the impact it may have on its consolidated financial statements.

Real Estate Properties (Tables)

Real Estate Properties (Tables)	9 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Summary of real estate properties owned	A summary of real estate properties owned (including properties held for sale) follows (dollars in thousands): Depreciation Sales Multi-family $ 605,040 $ 205,350 $ 29,225 $ (16,390 ) $ (137,688 ) $ 685,537 Land - Daytona, FL 7,972 — 2 — — 7,974 Shopping centers/Retail - Yonkers, NY 2,574 — — (80 ) — 2,494 Total real estate properties $ 615,586 $ 205,350 $ 29,227 $ (16,470 ) $ (137,688 ) $ 696,005
Schedule of assets acquired and liabilities assumed	The following table summarizes the preliminary allocations of the purchase prices of assets acquired during the three months ended June 30, 2016 (dollars in thousands): Preliminary Purchase Price Allocation Land $ 18,875 Buildings and Improvements 69,688 Acquisition-related intangible assets 587 Total Consideration $ 89,150 The following table summarizes the preliminary allocations of the purchase price of seven properties purchased between July 1, 2015 and June 30, 2016 and the finalized allocation of the purchase price of such properties, as adjusted, as of June 30, 2016 (dollars in thousands): Preliminary Purchase Price Allocation Adjustments Finalized Purchase Price Allocation Land $ 28,556 $ (4,730 ) $ 23,826 Building and improvements 181,912 4,087 185,999 Acquisition-related intangible assets 332 643 975 Total Consideration $ 210,800 $ — $ 210,800

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	9 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Schedule of real estate acquisitions	The table below provides information for the nine months ended June 30, 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 Costs 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 San Antonio, TX 5/6/2016 288 35,150 26,400 6,688 65 % 539 Dallas, TX 5/11/2016 494 37,000 27,938 6,750 50 % 567 Columbia, SC 5/31/2016 204 17,000 12,934 4,930 80 % 302 2,393 $ 205,350 $ 153,273 $ 49,006 $ 2,418 ___________________________________________________ (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 of $63,000 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 nine months ended June 30, 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 17,429 10,037 Pooler, GA 4/6/2016 300 38,500 5,710 1,405 Collierville, TN 6/1/2016 324 34,300 4,586 917 1,539 $ 168,552 $ 35,098 $ 14,554 The assets and liabilities as of September 30, 2015 of the discontinued operations of the Newark Joint Venture and the statement of operations for the three and nine months ended June 30, 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 Nine Months Ended June 30, 2016 2015 2016 2015 Revenues: Rental and other revenue from real estate properties $ — $ 1,167 $ 2,437 $ 3,237 Other income — 268 444 798 Total revenues — 1,435 2,881 4,035 Expenses: Real estate operating expenses — 1,402 2,277 3,545 Interest expense — 1,151 2,242 3,718 Depreciation — 584 1,150 1,655 Total expense — 3,137 5,669 8,918 Income from discontinued operations — (1,702 ) (2,788 ) (4,883 ) Gain on sale of partnership interest — — 15,467 — Discontinued operations $ — $ (1,702 ) $ 12,679 $ (4,883 )

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Jun. 30, 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 nine months ended June 30, 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 17,429 10,037 Pooler, GA 4/6/2016 300 38,500 5,710 1,405 Collierville, TN 6/1/2016 324 34,300 4,586 917 1,539 $ 168,552 $ 35,098 $ 14,554 The assets and liabilities as of September 30, 2015 of the discontinued operations of the Newark Joint Venture and the statement of operations for the three and nine months ended June 30, 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 Nine Months Ended June 30, 2016 2015 2016 2015 Revenues: Rental and other revenue from real estate properties $ — $ 1,167 $ 2,437 $ 3,237 Other income — 268 444 798 Total revenues — 1,435 2,881 4,035 Expenses: Real estate operating expenses — 1,402 2,277 3,545 Interest expense — 1,151 2,242 3,718 Depreciation — 584 1,150 1,655 Total expense — 3,137 5,669 8,918 Income from discontinued operations — (1,702 ) (2,788 ) (4,883 ) Gain on sale of partnership interest — — 15,467 — Discontinued operations $ — $ (1,702 ) $ 12,679 $ (4,883 )

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of debt obligations	Debt obligations consist of the following (dollars in thousands): June 30, 2016 September 30, 2015 Mortgages payable (a) $ 516,617 $ 456,064 Junior subordinated notes 37,400 37,400 Total debt obligations $ 554,017 $ 493,464 _____________________________________ (a) Excludes mortgages payable held for sale of $27,130 and $19,248 at June 30, 2016 and September 30, 2015, respectively.
Schedule of debt information	During the nine months ended June 30, 2016, the Trust incurred the following fixed rate mortgage debt in connection with the following acquisitions (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 San Antonio, TX 5/6/16 26,400 3.61 % 23 months May 2023 Dallas, TX 5/11/16 27,938 4.01 % 24 months May 2028 Columbia, SC 5/31/16 12,934 4.28 % 36 months June 2026 $ 153,273 During the nine months ended June 30, 2016 , the Trust obtained supplemental fixed rate mortgage financing as set forth in the table below (dollars in thousands): Location Closing Date Supplemental 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 Huntsville, AL 4/15/16 2,650 5.29 % November 2023 $ 14,709

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Jun. 30, 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 June 30, 2016 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 22,281 $ 356 $ 22,637 Other income — 608 608 Total revenues 22,281 964 23,245 Expenses: Real estate operating expenses 10,789 155 10,944 Interest expense 5,991 23 6,014 Property acquisition costs 1,408 — 1,408 General and administrative 2,326 47 2,373 Depreciation 5,844 27 5,871 Total expenses 26,358 252 26,610 Total revenue less total expenses (4,077 ) 712 (3,365 ) Gain on sale of real estate 10,263 — 10,263 Gain on sale of partnership interest 386 — 386 (Loss) income from continuing operations 6,572 712 7,284 Net (income) loss attributable to non-controlling interests (1,776 ) (28 ) (1,804 ) Net income attributable to common shareholders before reconciling items $ 4,796 $ 684 $ 5,480 Reconciling adjustment: Discontinued operations — Net income attributable to common shareholders $ 5,480 Segment Assets at June 30, 2016 $ 757,522 $ 30,599 $ 788,121 Note 11- Segment Reporting - continued Three Months Ended June 30, 2015 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 19,425 $ 353 $ 19,778 Other income — 12 12 Total revenues 19,425 365 19,790 Expenses: Real estate operating expenses 9,875 147 10,022 Interest expense 4,652 203 4,855 Advisor's fee, related party 522 90 612 General and administrative 1,571 83 1,654 Depreciation and amortization 4,423 30 4,453 Total expenses 21,043 553 21,596 Total revenues less total expenses (1,618 ) (188 ) (1,806 ) Net (income) loss attributable to non-controlling interests (52 ) 982 930 Net (loss) income attributable to common shareholders before reconciling items $ (1,670 ) $ 794 $ (876 ) Reconciling adjustment: Discontinued operations (1,702 ) Net loss attributable to common shareholders $ (2,578 ) Segment Assets at June 30, 2015 $ 586,648 $ 15,301 $ 601,949 Note 11- Segment Reporting - continued Nine Months Ended June 30, 2016 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 65,836 $ 1,030 $ 66,866 Other income — 2,641 2,641 Total revenues 65,836 3,671 69,507 Expenses: Real estate operating expenses 31,604 448 32,052 Interest expense 17,478 116 17,594 Advisor's fee, related party 593 100 693 Property acquisition costs 2,418 — 2,418 General and administrative 6,221 181 6,402 Depreciation 16,407 80 16,487 Total expenses 74,721 925 75,646 Total revenue less total expenses (8,885 ) 2,746 (6,139 ) Gain on sale of real estate 34,489 609 35,098 Gain on sale of partnership interest 386 — 386 Loss on extinguishment of debt (2,668 ) — (2,668 ) Income from continuing operations 23,322 3,355 26,677 Net (income) loss attributable to non-controlling interests (12,555 ) 1,581 (10,974 ) Net income attributable to common shareholders before reconciling items $ 10,767 $ 4,936 $ 15,703 Reconciling adjustment: Discontinued operations 12,679 Net income attributable to common shareholders $ 28,382 Segment Assets at June 30, 2016 $ 757,522 $ 30,599 $ 788,121 Note 11- Segment Reporting - continued Nine Months Ended June 30, 2015 Multi-Family Real Estate Other Real Estate Total Rental and other revenues from real estate properties $ 56,382 $ 993 $ 57,375 Other income — 64 64 Total revenues 56,382 1,057 57,439 Expenses: Real estate operating expenses 28,195 407 28,602 Interest expense 14,047 307 14,354 Advisor's fee, related party 1,525 276 1,801 Property acquisition costs 295 — 295 General and administrative 4,760 287 5,047 Depreciation 12,567 88 12,655 Total expenses 61,389 1,365 62,754 Total revenue less total expenses (5,007 ) (308 ) (5,315 ) Gain on sale of real estate 2,777 — 2,777 Income from continuing operations (2,230 ) (308 ) (2,538 ) Net (income) loss attributable to non-controlling interests (1,067 ) 2,664 1,597 Net (loss) income attributable to common shareholders before reconciling items $ (3,297 ) $ 2,356 $ (941 ) Reconciling adjustment: Discontinued operations (4,883 ) Net loss attributable to common shareholders $ (5,824 ) Segment Assets at June 30, 2015 $ 586,648 $ 15,301 $ 601,949

Fair Value of Financial Instr30

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Jun. 30, 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 June 30, 2016 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Financial Liabilities: Interest rate swaps $ 928 — $ 928

Derivative Financial Instrume31

Derivative Financial Instruments (Tables)	9 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of outstanding interest rate derivatives	As of June 30, 2016 , the Trust had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands): Interest Rate Derivative Notional Amount Rate Maturity Interest rate swap $ 1,586 5.25 % April 1, 2022 Interest rate swap $ 26,400 3.61 % May 6, 2023
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheets	The table below presents the fair value of the Trust’s derivative financial instrument as well as its classification on the consolidated balance sheets as of the dates indicated (amounts in thousands): Derivatives as of: June 30, 2016 September 30, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Accounts payable and accrued liabilities $ 928 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 swaps on the consolidated statements of comprehensive loss for the dates indicated (dollars in thousands): Three Months Ended Nine Months Ended 2016 2015 2016 2015 Amount of loss recognized on derivative in Other Comprehensive Income (loss) $ (906 ) $ 18 $ (935 ) $ (47 ) Amount of loss reclassified from Accumulated Other Comprehensive Income (loss) into Interest Expense $ (50 ) $ (8 ) $ (65 ) $ (25 )

Organization and Background (De

Organization and Background (Details)	9 Months Ended
	Jun. 30, 2016USD ($)statepropertyproperty_unit	Sep. 30, 2015USD ($)
Organization, background and significant accounting policies
Number of properties | property	31
Number of units | property_unit	8,973
Number of states | state	11
Number of units under construction | property	271
Number of units in lease up stage | property	350
Real Estate Investment Property, Net	$ 668,985,000	$ 591,727,000
Real Estate Investment Property, Net	29,968,000
Mortgage Loans on Real Estate	19,500,000
Multi-family
Organization, background and significant accounting policies
Real Estate Investment Property, Net	$ 685,537,000
Corporate Joint Venture | Property Acquisition | Multi-family | Minimum
Organization, background and significant accounting policies
Equity contribution in each transaction (as a percent)	65.00%
Corporate Joint Venture | Property Acquisition | Multi-family | Maximum
Organization, background and significant accounting policies
Equity contribution in each transaction (as a percent)	80.00%

Equity (Details)

Equity (Details) - USD ($)	Mar. 11, 2016	Feb. 29, 2016	Jan. 31, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Sep. 30, 2015
Share Buyback
Shares repurchased (in shares)		252,000		66,554		318,554
Beneficial interest purchased, price per share (in dollars per share)	$ 7.11	$ 6.26
Beneficial interest purchased, value	$ 474,000	$ 1,584,000				$ 2,058,000
Per Share Data
Basic and diluted shares outstanding (in shares)				13,932,515	14,101,056	14,055,436	14,144,236
New Share Repurchase Program
Share Buyback
Beneficial interest purchased authorized amount	$ 5,000,000
Restricted Stock
Restricted Shares
Compensation expense				$ 221,000	$ 232,000	$ 639,000	$ 676,000
Deferred unearned compensation				$ 2,311,000		$ 2,311,000		$ 2,184,000
Remaining weighted average vesting period						2 years 7 months 18 days
Incentive Plan 2016
Restricted Shares
Shares authorized for issuance (up to) (in shares)				600,000		600,000
Compensation expense						$ 50,000
Incentive Plan 2016 | Restricted Stock Units (RSUs)
Restricted Shares
Issued (in shares)				450,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period				5 years
Vesting period for shares issued				5 years
Compensation expense				$ 50,000
Deferred unearned compensation				$ 2,117,000		$ 2,117,000
Stock Incentive Plan 2012 | Restricted Stock
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
Restricted Shares
Number of additional awards available for grant (in shares)				0		0
Equity Incentive Plan 2009 | Restricted Stock
Restricted Shares
Vesting period for shares issued						5 years
CAGR in shareholder return | Incentive Plan 2016 | Restricted Stock Units (RSUs)
Restricted Shares
Issued (in shares)				200,000
CAGR in adjusted funds from operations | Incentive Plan 2016 | Restricted Stock Units (RSUs)
Restricted Shares
Issued (in shares)				200,000
CAGR relative to FTSE NAREIT Equity Apartment Index | Incentive Plan 2016 | Restricted Stock Units (RSUs)
Restricted Shares
Issued (in shares)				50,000

Real Estate Properties (Details

Real Estate Properties (Details) ft² in Thousands, $ in Thousands	9 Months Ended
	Jun. 30, 2016USD ($)ft²
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate property, beginning balance	$ 615,586
Additions	205,350
Capitalized Costs and Improvements	29,227
Depreciation	(16,470)
Sales	(137,688)
Real estate property, ending balance	696,005
Multi-family
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate property, beginning balance	605,040
Additions	205,350
Capitalized Costs and Improvements	29,225
Depreciation	(16,390)
Sales	(137,688)
Real estate property, ending balance	685,537
Land
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate property, beginning balance	7,972
Additions	0
Capitalized Costs and Improvements	2
Depreciation	0
Sales	0
Real estate property, ending balance	7,974
Shopping centers/Retail | Variable Interest Entity, Primary Beneficiary | RBHTRB Newark Holdings LLC
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	(80)
Sales	0
Real estate property, ending balance	$ 2,494
Newark, NJ
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Net Rentable Area | ft²	303

Real Estate Properties - Assets

Real Estate Properties - Assets Acquired and Liabilities Assumed (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2016USD ($)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Total consideration	$ 89,150
Previously Acquired
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Total consideration	210,800
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract]
Total consideration	0
Acquisition-related intangible assets (in acquired lease intangibles, net) | Previously Acquired
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Acquisition-related intangibles	975
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract]
Acquisition-related intangibles	643
Adjustments | Previously Acquired
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Total consideration	210,800
Adjustments | Acquisition-related intangible assets (in acquired lease intangibles, net) | Previously Acquired
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Acquisition-related intangibles	332
Land
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Real estate property	18,875
Land | Previously Acquired
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Real estate property	23,826
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract]
Real estate property	(4,730)
Land | Adjustments | Previously Acquired
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Real estate property	28,556
Buildings and Improvements
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Real estate property	69,688
Buildings and Improvements | Previously Acquired
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Real estate property	185,999
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract]
Real estate property	4,087
Buildings and Improvements | Adjustments | Previously Acquired
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Real estate property	181,912
Indefinite-lived Intangible Assets
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Acquisition-related intangibles	$ 587

Acquisitions and Dispositions36

Acquisitions and Dispositions (Details) - USD ($) $ in Thousands	Jun. 06, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Business Combinations [Abstract]
Proceeds from sale of partnership interest	$ 2,342
Gain on sale of partnership interest	$ 386	$ 386	$ 0	$ 386	$ 0

Acquisitions and Dispositions -

Acquisitions and Dispositions - Schedule of Property Acquisitions (Details)

May 31, 2016USD ($)property_unit

May 11, 2016USD ($)property_unit

May 06, 2016USD ($)property_unit

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

Jun. 30, 2016USD ($)property_unit

Jun. 30, 2015USD ($)

Jun. 30, 2016USD ($)property_unit

Jun. 30, 2015USD ($)

Real Estate Properties

No. of Units | property_unit

8,973

8,973

Property Acquisition Costs

$ 1,408,000

$ 0

$ 2,418,000

$ 295,000

Business Acquisition, Transaction Costs

$ 63,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | Multi-family | Property Acquisition

Real Estate Properties

No. of Units | property_unit

2,393

2,393

Contract Purchase Price

$ 205,350,000

$ 205,350,000

Initial BRT Equity

49,006,000

Property Acquisition Costs

2,418,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | Multi-family | Property Acquisition | Mortgages

Real Estate Properties

Acquisition Mortgage Debt

$ 153,273,000

$ 153,273,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | Charleston, SC | Multi-family

Real Estate Properties

Acres of land | a

41.5

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | Charleston, SC | Multi-family | Property Acquisition

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 Costs

$ 0

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | Charleston, SC | Multi-family | Property Acquisition | Mortgages

Real Estate Properties

Acquisition Mortgage Debt

$ 0

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | La Grange, GA | Multi-family | Property Acquisition

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 Costs

$ 57,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | La Grange, GA | Multi-family | Property Acquisition | Mortgages

Real Estate Properties

Acquisition Mortgage Debt

$ 16,051,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | Katy, TX | Multi-family | Property Acquisition

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 Costs

$ 382,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | Katy, TX | Multi-family | Property Acquisition | Mortgages

Real Estate Properties

Acquisition Mortgage Debt

$ 30,750,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | Macon, GA | Multi-family | Property Acquisition

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 Costs

$ 158,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | Macon, GA | Multi-family | Property Acquisition | Mortgages

Real Estate Properties

Acquisition Mortgage Debt

$ 11,200,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | Southaven, MS | Multi-family | Property Acquisition

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 Costs

$ 413,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | Southaven, MS | Multi-family | Property Acquisition | Mortgages

Real Estate Properties

Acquisition Mortgage Debt

$ 28,000,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | San Antonio, TX | Multi-family | Property Acquisition

Real Estate Properties

No. of Units | property_unit

288

Contract Purchase Price

$ 35,150,000

Initial BRT Equity

$ 6,688,000

Interest in joint venture (as a percent)

65.00%

Property Acquisition Costs

$ 539,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | San Antonio, TX | Multi-family | Property Acquisition | Mortgages

Real Estate Properties

Acquisition Mortgage Debt

$ 26,400,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | Dallas, TX | Multi-family | Property Acquisition

Real Estate Properties

No. of Units | property_unit

494

Contract Purchase Price

$ 37,000,000

Initial BRT Equity

$ 6,750,000

Interest in joint venture (as a percent)

50.00%

Property Acquisition Costs

$ 567,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | Dallas, TX | Multi-family | Property Acquisition | Mortgages

Real Estate Properties

Acquisition Mortgage Debt

$ 27,938,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | Columbia, SC | Multi-family | Property Acquisition

Real Estate Properties

No. of Units | property_unit

204

Contract Purchase Price

$ 17,000,000

Initial BRT Equity

$ 4,930,000

Interest in joint venture (as a percent)

80.00%

Property Acquisition Costs

$ 302,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | Columbia, SC | Multi-family | Property Acquisition | Mortgages

Real Estate Properties

Acquisition Mortgage Debt

$ 12,934,000

Acquisitions and Dispositions38

Acquisitions and Dispositions - Property Dispositions (Details) $ in Thousands	Jul. 27, 2016USD ($)	Jun. 01, 2016USD ($)property_unit	Apr. 06, 2016USD ($)property_unit	Mar. 16, 2016USD ($)property_unit	Mar. 02, 2016USD ($)property_unit	Oct. 01, 2015USD ($)property_unit	Jun. 30, 2016USD ($)property_unit	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)property_unit	Jun. 30, 2015USD ($)
Business Acquisition [Line Items]
No. of Units | property_unit							8,973		8,973
Gain on Sale							$ 0	$ (1,702)	$ (2,788)	$ (4,883)
Mortgage payable prepayment									$ 26,400	$ 0
Pooler, GA
Business Acquisition [Line Items]
Estimated gain on sale of property							8,800
Estimated non-controlling partner portion of gain							$ 4,000
Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
No. of Units | property_unit							1,539		1,539
Sales Price							$ 168,552		$ 168,552
Gain on Sale									35,098
Non-controlling partner portion of gain									$ 14,554
Discontinued Operations, Disposed of by Sale | New York, NY
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 | Cordova, TN
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 | Kennesaw, GA
Business Acquisition [Line Items]
No. of Units | property_unit				450
Sales Price				$ 64,000
Gain on Sale				17,429
Non-controlling partner portion of gain				$ 10,037
Discontinued Operations, Disposed of by Sale | Pooler, GA
Business Acquisition [Line Items]
No. of Units | property_unit			300
Sales Price			$ 38,500
Gain on Sale			5,710
Non-controlling partner portion of gain			$ 1,405
Discontinued Operations, Disposed of by Sale | Collierville, TN
Business Acquisition [Line Items]
No. of Units | property_unit		324
Sales Price		$ 34,300
Gain on Sale		4,586
Non-controlling partner portion of gain		$ 917
Subsequent Event | Whichita, KS
Business Acquisition [Line Items]
Estimated Proceeds From Sale of Property Held-For-Sale	$ 30,000
Estimated gain on sale of property	7,700
Mortgage payable prepayment	1,900
Estimated non-controlling partner portion of gain	$ 2,900

Discontinued Operations (Detail

Discontinued Operations (Details) ft² in Thousands	Feb. 23, 2016USD ($)	Jun. 30, 2016USD ($)ft²	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)ft²	Jun. 30, 2015USD ($)	Aug. 08, 2016USD ($)	Jun. 03, 2016USD ($)	Sep. 30, 2015USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of partnership interest		$ 0	$ 0	$ 15,467,000	$ 0
Deposits and escrows		$ 15,442,000		$ 15,442,000				$ 12,782,000
Newark, NJ
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square feet of site | ft²		68		68
Net Rentable Area | ft²		303		303
RBHTRB Newark Holdings LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations
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	$ 0	$ 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	$ 2,212,000
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent							$ 750,000
Subsequent Event | RBHTRB Newark Holdings LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt Instrument, Periodic Payment, Interest						$ 112,000
Deposits and escrows						$ 262,000

Discontinued Operations - Balan

Discontinued Operations - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	Jun. 30, 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 | Disposal Group, Disposed of by Sale, Not Discontinued Operations
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) - USD ($) $ in Thousands	Feb. 23, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Expenses:
Gain on sale of partnership interest		$ 0	$ 0	$ 15,467	$ 0
RBHTRB Newark Holdings LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Revenues:
Rental and other revenue from real estate properties		0	1,167	2,437	3,237
Other income		0	268	444	798
Total revenues		0	1,435	2,881	4,035
Expenses:
Real estate operating expenses		0	1,402	2,277	3,545
Interest expense		0	1,151	2,242	3,718
Depreciation		0	584	1,150	1,655
Total expense		0	3,137	5,669	8,918
Income from discontinued operations		0	(1,702)	(2,788)	(4,883)
Gain on sale of partnership interest	$ 15,467	0	0	15,467	0
Discontinued operations		$ 0	$ (1,702)	$ 12,679	$ (4,883)

Real Estate Property Held For42

Real Estate Property Held For Sale - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Mar. 31, 2016
Pooler, GA
Real Estate [Line Items]
Real estate held for sale	$ 27,020
Estimated gain on sale of property	8,800
Estimated non-controlling partner portion of gain	$ 4,000
Cordova, TN
Real Estate [Line Items]
Gains (Losses) on Sales of Investment Real Estate		$ 6,764
Non-controlling partner | Cordova, TN
Real Estate [Line Items]
Gains (Losses) on Sales of Investment Real Estate		$ 2,195

Debt Obligations (Details)

Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Sep. 30, 2015
Debt Obligations
Total debt obligations	$ 554,017	$ 493,464
Mortgages payable
Debt Obligations
Total debt obligations	516,617	456,064
Junior subordinated notes
Debt Obligations
Total debt obligations	$ 37,400	$ 37,400

Debt Obligations - Mortgage Pay

Debt Obligations - Mortgage Payable (Details) - USD ($)

May 31, 2016

May 11, 2016

May 06, 2016

Feb. 29, 2016

Feb. 01, 2016

Jan. 22, 2016

Jun. 30, 2016

Apr. 15, 2016

Feb. 09, 2016

Nov. 18, 2015

Nov. 10, 2015

Oct. 13, 2015

Sep. 30, 2015

Debt Obligations

Mortgage payable held for sale

$ 27,130,000

$ 19,248,000

Southridge Financing

Debt Obligations

Advances on construction loans

8,034,000

Factory at Garco Development

Debt Obligations

Advances on construction loans

6,808,000

Mortgages

Debt Obligations

Debt, face amount

153,273,000

Mortgages | Mortgages Maturing in February 2022 | La Grange, GA

Debt Obligations

Debt, face amount

$ 16,051,000

Interest Rate

4.36%

Mortgages | Mortgages Maturing in February 2026 | Katy, TX

Debt Obligations

Debt, face amount

$ 30,750,000

Interest Rate

4.44%

Interest only period

60 months

Mortgages | Mortgages Maturing in February 2026 | Macon, GA

Debt Obligations

Debt, face amount

$ 11,200,000

Interest Rate

4.39%

Interest only period

24 months

Mortgages | Mortgages Maturing in March 2026 | Southaven, MS

Debt Obligations

Debt, face amount

$ 12,934,000

$ 27,938,000

$ 26,400,000

$ 28,000,000

Interest Rate

4.28%

4.01%

3.61%

4.24%

Interest only period

36 months

24 months

23 months

60 months

Mortgages | Mortgages Maturing in March 2022 | Pensacola, FL

Debt Obligations

Debt, face amount

$ 3,194,000

Interest Rate

4.92%

Mortgages | Mortgages Maturing In July 2021 | Atlanta, GA

Debt Obligations

Debt, face amount

$ 5,000,000

Interest Rate

4.93%

Mortgages | Mortgages Maturing in August 2021 | Houston, TX

Debt Obligations

Debt, face amount

$ 2,650,000

$ 3,865,000

Interest Rate

5.29%

4.94%

Mortgages | Additional Mortgages Obtained

Debt Obligations

Debt, face amount

$ 14,709,000

Debt Obligations - Junior Subor

Debt Obligations - Junior Subordinated Notes (Details) - Junior subordinated notes - USD ($) $ in Thousands	Jun. 30, 2016	Sep. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Debt Instrument [Line Items]
Total debt obligations	$ 37,400	$ 37,400	$ 37,400		$ 37,400
Interest expense			318	$ 458	1,233	$ 1,375
Amortization of deferred costs included in interest expense			$ 5	$ 5	$ 15	$ 15
Debt Instrument, Interest Rate 30 April, 2016 Through 30 April, 2036
Debt Instrument [Line Items]
Description of variable rate basis	LIBOR	LIBOR
Basis spread on variable rate	2.00%	2.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 11, 2015
Related Party Transaction [Line Items]
Related party expense	$ 892,000	$ 276,000	$ 1,331,000	$ 276,000
Cap on 2016 advisory fees			1,150,000
Related party - general and administrative	141,000	152,000	439,000	434,000
Related party - interest expense	0	0	86,000	0
Amended And Restated Advisory Agreement January 2012 | Real Estate Investment Trust Management Corporation
Related Party Transaction [Line Items]
Related party expense	0	612,000	693,000	1,801,000
Director | Advisory Services
Related Party Transaction [Line Items]
Related party expense	287,500		575,000
Real Property Management Real Estate Brokerage And Construction Supervision Services | Majestic Property Management Corporation
Related Party Transaction [Line Items]
Related party expense	7,000	6,000	26,000	23,000
Shared Services Agreement | Gould Investors Limited Partnership
Related Party Transaction [Line Items]
Related party - general and administrative	47,000	57,000	134,000	184,000
Affiliated Entity | Unsecured Short Term Borrowing From Gould Investors L.P. | Notes Payable, Other Payables
Related Party Transaction [Line Items]
Debt, face amount					$ 8,000,000
Related party - interest expense			86,000
Affiliated Entity | Rent Expense
Related Party Transaction [Line Items]
Related party expense				64,000
Affiliated Entity | Payment Of Acquisition Fee
Related Party Transaction [Line Items]
Related party expense	$ 1,416,000	$ 353,000	$ 2,643,000	$ 1,340,000

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	Jun. 06, 2016USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)segment	Jun. 30, 2015USD ($)	Sep. 30, 2015USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment				2
Revenues:
Rental and other revenues from real estate properties		$ 22,637	$ 19,778	$ 66,866	$ 57,375
Other income		608	12	2,641	64
Total revenues		23,245	19,790	69,507	57,439
Expenses:
Real estate operating expenses		10,944	10,022	32,052	28,602
Interest expense		6,014	4,855	17,594	14,354
Advisor’s fees, related party		0	612	693	1,801
Property Acquisition Costs		1,408	0	2,418	295
General and administrative		2,373	1,654	6,402	5,047
Depreciation		5,871	4,453	16,487	12,655
Total expenses		26,610	21,596	75,646	62,754
Total revenue less total expenses		(3,365)	(1,806)	(6,139)	(5,315)
Gain on sale of real estate		10,263	0	35,098	2,777
Gain on sale of partnership interest	$ 386	386	0	386	0
Net income (loss)		7,284	(3,508)	39,356	(7,421)
Net (income) loss attributable to non-controlling interests		(1,804)	930	(10,974)	1,597
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent		5,480	(1,883)	14,044	(4,069)
Income (loss) from discontinued operations		0	(695)	14,338	(1,755)
Net income (loss) attributable to common shareholders		5,480	(2,578)	28,382	(5,824)
Total Assets		788,121	601,949	788,121	601,949	$ 835,879
Multi-Family Real Estate
Expenses:
Gain on sale of partnership interest				386
Total Assets		757,522	586,648	757,522	586,648
Other Real Estate
Expenses:
Gain on sale of partnership interest				0
Total Assets		30,599	15,301	30,599	15,301
Operating Segments
Revenues:
Rental and other revenues from real estate properties		22,637	19,778	66,866	57,375
Other income		608	12	2,641	64
Total revenues		23,245	19,790	69,507	57,439
Expenses:
Real estate operating expenses		10,944	10,022	32,052	28,602
Interest expense		6,014	4,855	17,594	14,354
Advisor’s fees, related party			612	693	1,801
Property Acquisition Costs		1,408		2,418	295
General and administrative		2,373	1,654	6,402	5,047
Depreciation		5,871	4,453	16,487	12,655
Total expenses		26,610	21,596	75,646	62,754
Total revenue less total expenses		(3,365)		(6,139)	(5,315)
Gain on sale of real estate		10,263		35,098	2,777
Gain on sale of partnership interest				386
Loss on extinguishment of debt				(2,668)
Net income (loss)		7,284	(1,806)	26,677	(2,538)
Net (income) loss attributable to non-controlling interests		(1,804)	930	(10,974)	1,597
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent		5,480	(876)	15,703	(941)
Operating Segments | Multi-Family Real Estate
Revenues:
Rental and other revenues from real estate properties		22,281	19,425	65,836	56,382
Other income		0	0	0	0
Total revenues		22,281	19,425	65,836	56,382
Expenses:
Real estate operating expenses		10,789	9,875	31,604	28,195
Interest expense		5,991	4,652	17,478	14,047
Advisor’s fees, related party			522	593	1,525
Property Acquisition Costs		1,408		2,418	295
General and administrative		2,326	1,571	6,221	4,760
Depreciation		5,844	4,423	16,407	12,567
Total expenses		26,358	21,043	74,721	61,389
Total revenue less total expenses		(4,077)		(8,885)	(5,007)
Gain on sale of real estate		10,263		34,489	2,777
Gain on sale of partnership interest				386
Loss on extinguishment of debt				(2,668)
Net income (loss)		6,572	(1,618)	23,322	(2,230)
Net (income) loss attributable to non-controlling interests		(1,776)	(52)	(12,555)	(1,067)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent		4,796	(1,670)	10,767	(3,297)
Operating Segments | Other Real Estate
Revenues:
Rental and other revenues from real estate properties		356	353	1,030	993
Other income		608	12	2,641	64
Total revenues		964	365	3,671	1,057
Expenses:
Real estate operating expenses		155	147	448	407
Interest expense		23	203	116	307
Advisor’s fees, related party			90	100	276
Property Acquisition Costs		0		0	0
General and administrative		47	83	181	287
Depreciation		27	30	80	88
Total expenses		252	553	925	1,365
Total revenue less total expenses		712		2,746	(308)
Gain on sale of real estate		0		609	0
Gain on sale of partnership interest				0
Loss on extinguishment of debt				0
Net income (loss)		712	(188)	3,355	(308)
Net (income) loss attributable to non-controlling interests		(28)	982	1,581	2,664
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent		684	794	4,936	2,356
Segment Reconciling Items
Expenses:
Income (loss) from discontinued operations		$ 0	$ (1,702)	$ 12,679	$ (4,883)

Fair Value of Financial Instr48

Fair Value of Financial Instruments (Details) - Level 2 - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2016	Sep. 30, 2015
Market Approach Valuation Technique | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	6.15%	6.37%
Market Approach Valuation Technique | Mortgages | Minimum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	2.15%	1.99%
Market Approach Valuation Technique | Mortgages | Maximum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	4.61%	15.00%
Carrying and Fair Value | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Estimated fair value lower than carrying value	$ 16,771	$ 21,400
Carrying and Fair Value | Mortgages
Financial Instruments Not Measured at Fair Value
Estimated fair value lower than carrying value	$ 9,983	$ 890

Fair Value of Financial Instr49

Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value (Details) $ in Thousands	Jun. 30, 2016USD ($)
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative financial instruments	$ 988
Fair Value Measurements Recurring | Level 1 | Interest rate swap
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative financial instruments	0
Fair Value Measurements Recurring | Level 2 | Interest rate swap
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative financial instruments	928
Fair Value Measurements Recurring | Carrying and Fair Value | Interest rate swap
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative financial instruments	$ 928

Derivative Financial Instrume50

Derivative Financial Instruments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 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)	$ (906,000)	$ 18,000	$ (935,000)	$ (47,000)
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	(294,000)		(294,000)
Interest Expense
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Amount of loss reclassified from Accumulated Other Comprehensive Income (loss) into Interest Expense	(50,000)	$ (8,000)	(65,000)	$ (25,000)
Accounts Payable And Accrued Liabilities
Fair value of derivative financial instruments
Fair value of derivative financial instrument liability	928,000		928,000		$ 58,000
Designated As Hedging Instrument | Interest Rate Swap, Maturity Date April 1, 2022
Interest Rate Derivatives
Notional Amount	$ 1,586,000		$ 1,586,000
Rate (as a percent)	5.25%		5.25%
Designated As Hedging Instrument | Interest Rate Swap, Maturity Date May 6, 2023
Interest Rate Derivatives
Notional Amount	$ 26,400,000		$ 26,400,000
Rate (as a percent)	3.61%		3.61%

Derivative Financial Instrume51

Derivative Financial Instruments - Credit-Risk-Related Contingent Features (Details) $ in Thousands	Jun. 30, 2016USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivatives in a liability position	$ 988
Assets needed if breach of agreement	$ 988