BRT Apartments (BRT) 10-K 13 Dec 16 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2016	Dec. 01, 2016	Mar. 31, 2016
Document and Entity Information
Entity Registrant Name	BRT REALTY TRUST
Entity Central Index Key	14,846
Document Type	10-K
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 54.4
Entity Common Stock, Shares Outstanding		13,898,835
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015
ASSETS
Real estate properties, net of accumulated depreciation of $41,995 and $34,142	$ 759,576	$ 591,727
Real estate loan	19,500	0
Cash and cash equivalents	27,399	15,556
Restricted cash	7,383	6,518
Deposits and escrows	18,972	12,782
Other assets	8,073	6,882
Assets of discontinued operations	0	163,545
Real estate properties held for sale	33,996	23,859
Total Assets	874,899	820,869
Liabilities:
Mortgages payable, net of deferred costs of $5,873 and $4,905	588,457	451,159
Junior subordinated notes, net of deferred costs of $402 and $422	36,998	36,978
Accounts payable and accrued liabilities	20,716	14,780
Liabilities of discontinued operations	0	138,530
Mortgage payable held for sale	27,052	19,248
Total Liabilities	673,223	660,695
Commitments and contingencies
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, 13,232 and 13,428 issued	39,696	40,285
Additional paid-in capital	161,321	161,842
Accumulated other comprehensive loss	(1,602)	(58)
Accumulated deficit	(48,125)	(79,414)
Total BRT Realty Trust shareholders' equity	151,290	122,655
Non-controlling interests	50,386	37,519
Total Equity	201,676	160,174
Total Liabilities and Equity	$ 874,899	$ 820,869

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015
Statement of Financial Position [Abstract]
Real estate properties, net of accumulated depreciation	$ 41,995	$ 34,142
Debt Issuance Costs, Net	$ 6,275	$ 5,327
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)	13,232,000	13,428,000
Debt Instrument [Line Items]
Commitments and contingencies
Mortgages
Statement of Financial Position [Abstract]
Debt Issuance Costs, Net	5,873	4,905
Junior subordinated notes
Statement of Financial Position [Abstract]
Debt Issuance Costs, Net	$ 402	$ 422

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Rental and other revenue from real estate properties	$ 90,945	$ 77,023	$ 61,725
Other income	3,319	72	88
Total revenues	94,264	77,095	61,813
Expenses:
Real estate operating expenses—including $1,950, $1,233 and $1,120 to related parties	43,262	38,609	32,984
Interest expense	23,878	19,297	16,434
Advisor's fees, related party	693	2,448	1,801
Property acquisition costs—including $2,221,$1,293 and $1,677 to related parties	3,852	1,885	2,542
General and administrative—including $1,020, $171 and $286 to related party	8,536	6,683	6,324
Provision for Federal tax	700	0	0
Depreciation	23,180	18,454	13,945
Total expenses	104,101	87,376	74,030
Total revenues less total expenses	(9,837)	(10,281)	(12,217)
Gain on sale of real estate	46,477	15,005	0
Gain on sale of partnership interest	386	0	0
Loss on extinguishment of debt	(4,547)	0	0
Income (loss) from continuing operations	32,479	4,724	(12,217)
Discontinued operations:
Loss from discontinued operations—including $214 to related party in 2014	(2,788)	(6,329)	(3,949)
Gain on sale of partnership interest	15,467	0	0
Income (loss) from discontinued operations	12,679	(6,329)	(3,949)
Net income (loss)	45,158	(1,605)	(16,166)
(Income) loss attributable to non-controlling interests	(13,869)	(783)	6,712
Net income (loss) attributable to common shareholders	$ 31,289	$ (2,388)	$ (9,454)
Basic and diluted per share amounts attributable to common shareholders:
Income (loss) from continuing operations (in dollars per share)	$ 1.21	$ (0.02)	$ (0.81)
Income (loss) from discontinued operations (in dollars per share)	1.02	(0.15)	0.15
Basic and diluted earnings (loss) per share (in dollars per share)	$ 2.23	$ (0.17)	$ (0.66)
Amounts attributable to BRT Realty Trust:
Income (loss) from continuing operations	$ 16,950	$ (246)	$ (11,550)
Income (loss) from discontinued operations	14,339	(2,142)	2,096
Net income (loss) attributable to common shareholders	$ 31,289	$ (2,388)	$ (9,454)
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	14,017,279	14,133,352	14,265,589

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Real estate operating expenses	$ 1,950	$ 1,233	$ 1,120
Property acquisition costs, related party	2,221	1,293	1,677
General and administrative, related party	1,020	171	286
Loss from discontinued operations, related party	$ 0	$ 0	$ 214

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 45,158	$ (1,605)	$ (16,166)
Other comprehensive loss:
Unrealized loss on derivative instruments	(1,544)	(50)	(2)
Other comprehensive loss	(1,544)	(50)	(2)
Comprehensive income (loss)	43,614	(1,655)	(16,168)
Comprehensive (income) loss attributable to non-controlling interests	(13,392)	(776)	6,712
Comprehensive income (loss) attributable to common shareholders	$ 30,222	$ (2,431)	$ (9,456)

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Total	Shares of Beneficial Interest	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	(Accumulated Deficit)	Non Controlling Interests
Beginning balance at Sep. 30, 2013	$ 165,258	$ 40,606	$ 165,763	$ (6)	$ (67,572)	$ 26,467
Increase (Decrease) in Stockholders' Equity
Restricted stock vesting		359	(359)
Compensation expense—restricted stock	805		805
Contributions from non-controlling interests	22,062					22,062
Distributions to non-controlling interests	(3,318)					(3,318)
Net loss	(16,166)				(9,454)	(6,712)
Other comprehensive loss	(2)			(2)
Comprehensive income (loss)	(16,168)
Ending balance at Sep. 30, 2014	168,639	40,965	166,209	(8)	(77,026)	38,499
Increase (Decrease) in Stockholders' Equity
Restricted stock vesting		355	(355)
Compensation expense—restricted stock	906		906
Contributions from non-controlling interests	11,973					11,973
Distributions to non-controlling interests	(12,588)					(12,588)
Purchase of non-controlling interests	(4,679)		(3,531)			(1,148)
Shares repurchased	(2,422)	(1,035)	(1,387)
Net loss	(1,605)				(2,388)	783
Other comprehensive loss	(50)			(50)
Comprehensive income (loss)	(1,655)
Ending balance at Sep. 30, 2015	160,174	40,285	161,842	(58)	(79,414)	37,519
Increase (Decrease) in Stockholders' Equity
Restricted stock vesting		390	(390)
Compensation expense—restricted stock	1,005		1,005
Contributions from non-controlling interests	33,613					33,613
Distributions to non-controlling interests	(32,825)					(32,825)
Deconsolidation of joint venture upon sale	(1,790)					(1,790)
Shares repurchased	(2,115)	(979)	(1,136)
Net loss	45,158				31,289	13,869
Other comprehensive loss	(1,544)			(1,544)
Comprehensive income (loss)	43,614
Ending balance at Sep. 30, 2016	$ 201,676	$ 39,696	$ 161,321	$ (1,602)	$ (48,125)	$ 50,386

CONSOLIDATED STATEMENT OF EQUI8

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - shares	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Statement of Stockholders' Equity [Abstract]
Shares repurchased (in shares)	326,421	345,081

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income (loss)	$ 45,158	$ (1,605)	$ (16,166)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Recovery of previously provided allowances	0	0	(10)
Depreciation and amortization	25,994	22,957	17,535
Amortization of deferred fee income	0	0	(393)
Amortization of restricted stock	1,005	906	805
Gain on sale of partnership interests	(15,853)	0	0
Gain on sale of real estate assets	(46,477)	(15,005)	0
Loss on extinguishment of debt	4,547	0	0
Increase in straight line rent	(27)	(411)	(569)
Effect of deconsolidation of non-controlling interest	(1,692)	0	0
Increases and decreases from changes in other assets and liabilities:
(Increase) decrease in interest and dividends receivable	(2,380)	17	273
Increase in prepaid expenses	(278)	(93)	(548)
Increase in prepaid interest	0	(881)	(1,016)
Increase in deposits and escrows	(6,190)	(602)	(5,963)
Increase in accounts payable and accrued liabilities	4,897	1,739	7,416
Increase (decrease) in security deposits and other receivables	1,376	1,385	(6,199)
Net cash provided by (used in) operating activities	10,080	8,407	(4,835)
Cash flows from investing activities:
Collections from real estate loans	0	2,000	34,045
Additions to real estate loans	0	0	(5,533)
Loan loss recoveries	0	0	10
Additions to real estate properties	(302,628)	(84,295)	(205,220)
Net costs capitalized to real estate owned	(46,844)	(59,407)	(43,130)
Collection of loan fees	0	0	180
Purchase of non controlling interest	0	(4,679)	0
Proceeds from the sale of real estate owned	197,264	66,398	75
Proceeds from the sale of joint venture interests	19,242	0	0
Net cash used in investing activities	(135,783)	(67,388)	(219,324)
Cash flows from financing activities:
Proceeds from mortgages payable	267,788	98,907	170,767
Increase in other borrowed funds	6,001	0	0
Mortgage payoffs	(130,090)	(37,504)	0
Mortgage principal payments	(5,081)	(3,252)	(1,577)
Increase in deferred borrowing costs	(2,490)	(3,758)	(2,641)
Loss on extinguishment of debt	(4,547)	0	0
Capital contributions from non-controlling interests	33,613	11,973	22,062
Capital distributions to non-controlling interests	(32,826)	(12,588)	(3,318)
Proceeds from sale of New Markets Tax Credits	2,746	0	5,142
Repurchase of shares of beneficial interest	(2,115)	(2,422)	0
Net cash provided by financing activities	137,546	51,356	190,435
Net increase (decrease) in cash and cash equivalents	11,843	(7,625)	(33,724)
Cash and cash equivalents at beginning of year	15,556	23,181	56,905
Cash and cash equivalents at end of year	27,399	15,556	23,181
Supplemental disclosures of cash flow information:
Cash paid during the year for interest expense, including capitalized interest of $1,568, $2,602 and $1,310 in 2016, 2015 and 2014	27,680	24,324	19,700
Cash paid during the year for income and excise taxes	1,264	131	255
Acquisition of real estate through assumption of debt	16,051	45,129	28,615
Commercial/mixed use properties | Newark Joint Venture | Primary Beneficiary
Cash flows from investing activities:
Net change in restricted cash	(1,952)	9,558	6,444
Multi-family residential
Cash flows from investing activities:
Net change in restricted cash	$ (865)	$ 3,037	$ (6,195)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Supplemental Cash Flow Information [Abstract]
Capitalized interest	$ 1,568	$ 2,602	$ 1,310

ORGANIZATION, BACKGROUND AND SI

ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES	ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES Organization and Background BRT Realty Trust (“BRT” or the “Trust”) is a business trust organized in Massachusetts. BRT owns, operates and develops 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 80% of the equity. At September 30, 2016, the Trust owns 33 multi-family properties with 9,420 units located in 10 states (including 271 units at a property under construction and 350 units at a property in the lease up stage). At September 30, 2016, the net book value of the multi-family assets (including real estate assets held for sale) was $783,084,000 . The Trust also owns and operates various other real estate assets. At September 30, 2016, the net book value of the other real estate assets was $29,989,000 , 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. Principles of Consolidation The consolidated financial statements include the accounts and operations of BRT Realty Trust, its wholly owned subsidiaries, and its majority owned or controlled real estate entities and its interests in variable interest entities in which the Trust is determined to be the primary beneficiary. Material intercompany balances and transactions have been eliminated. 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. It was determined that the Trust is the primary beneficiary of these joint ventures because it has a controlling financial interest in that it has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE. The joint venture that owns a property in Dallas, TX was determined not to be a VIE but is consolidated because the Trust has substantive participating rights in the entity. With respect to its unconsolidated joint ventures, as (i) the Trust is primarily the managing member but does not exercise substantial operating control over these entities or the Trust is not the managing member and (ii) such entities are not VIEs, the Trust has determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes. Certain items on the consolidated financial statements for the prior years have been reclassified to conform with the current year's presentation, including the reclassification of the operations and related assets of the Newark Joint Venture to discontinued operations and the reclassification of deferred loan costs on the consolidated balance sheets from assets to a reduction of the carrying amount of mortgage payable. Income Tax Status The Trust qualifies as a real estate investment trust under sections 856-860 of the Internal Revenue Code of 1986, as amended. The Trustees may, at their option, elect to operate the Trust as a business trust not qualifying as a real estate investment trust. The Trust will not be subject to federal, and generally state and local taxes on amounts it distributes to shareholders, provided it distributes 90% of its taxable income and meets other conditions. The Trust currently has net operating loss carryforwards which it can use to reduce taxable income. Use of the net operating loss carryforward is subject to an alternative minimum tax. NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) In accordance with Accounting Standards Codification ("ASC") Topic 740 - "Income Taxes", the Trust believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Trust's financial position or results of operations. The Trust's income tax returns for the previous six years are subject to review by the Internal Revenue Service. Revenue Recognition Rental revenue from multi-family properties is recorded when due from residents and is recognized monthly as it is earned. Rental payments are due in advance. Leases on residential properties are generally for terms that do not exceed one year. Rental revenue from commercial properties, including the base rent that each tenant is required to pay in accordance with the terms of their respective leases, net of any rent concessions and lease incentives, is reported on a straight-line basis over the non-cancellable term of the lease. Real Estate Properties Real estate properties are stated at cost, net of accumulated depreciation, and include real property acquired through acquisition, development or foreclosure. The Trust assesses the fair value of real estate acquired (including land, buildings and improvements, and identified intangibles such as above and below market leases and acquired in-place leases, if any) and acquired liabilities and allocates the acquisition price based on these assessments. Depreciation for multi-family properties is computed on a straight-line basis over an estimated useful life of 30 years. Intangible assets (and liabilities) are amortized over the remaining life of the related leases at the time of acquisition and is usually less than one year. . Expenditures for maintenance and repairs are charged to operations as incurred. Real estate is classified as held for sale when management has determined that it has met the applicable criteria. Real estate assets that are expected to be disposed of are valued at the lower of their carrying amount or their fair value less costs to sell on an individual asset basis. Real estate classified as held for sale is not depreciated. The Trust accounts for the sale of real estate when title passes to the buyer, sufficient equity payments have been received, there is no continuing involvement by the Trust and there is reasonable assurance that the remaining receivable, if any, will be collected. Real Estate Asset Impairments The Trust reviews each real estate asset owned, including investments in real estate ventures, to determine if there are indicators of impairment. If such indicators are present, the Trust determines whether the carrying amount of the asset can be recovered. Recognition of impairment is required if the undiscounted cash flows estimated to be generated by the asset are less than the asset's carrying amount and that carrying amount exceeds the estimated fair value of the asset. In evaluating a property for impairment, various factors are considered, including estimated current and expected operating cash flow from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of such real estate in the ordinary course of business. Valuation adjustments may be necessary in the event that effective interest rates, rent-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. If future evaluations result in a decrease in the value of the property below its carrying value, the reduction will be recognized as an impairment charge. The fair values related to the impaired real estate assets are considered to be a level 3 valuation within the fair value hierarchy. Fixed Asset Capitalization A variety of costs may be incurred in the development of the Trust's properties. After a determination is made to capitalize a cost, it is allocated to the specific project that is benefited. The costs of land and building under development include specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, and other costs incurred during the period of development. A construction project is considered substantially completed when it is available for occupancy, but no later than NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) one year from cessation of major construction activity. The Trust ceases capitalization when the project is available for occupancy. Equity Based Compensation Compensation expense for grants of restricted stock and restricted stock units ("RSUs") are amortized over the vesting period of such awards, based upon the estimated fair value of such award at the grant date. The deferred compensation related to the RSUs to be recognized as expense is net of certain and performance assumptions which are re-evaluated quarterly. For accounting purposes, the restricted shares are not included in the outstanding shares shown on the consolidated balance sheets until they vest; however, they are included in the calculation of both basic and diluted earnings per share as they participate in the earnings of the Trust. Derivatives and Hedging Activities The Trust's objective in using derivative financial instruments is to manage interest rate risk related to variable rate debt. The Trust does not use derivatives for trading or speculative purposes. The Trust records all derivatives on its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Trust has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (loss) and subsequently reclassified to earnings in the period in which the hedge transaction affects earnings. The ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which they occur. Per Share Data Basic earnings (loss) per share is determined by dividing net income (loss) applicable to common shareholders for the applicable year by the weighted average number of shares of beneficial interest outstanding during such year. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue shares of beneficial interest were exercised or converted into shares of beneficial interest or resulted in the issuance of shares of beneficial interest that share in the earnings of the Trust. Diluted earnings (loss) per share is determined by dividing net income (loss) applicable to common shareholders for the applicable year by the sum of the weighted average number of shares of beneficial interest outstanding plus the dilutive effect of the Trust's unvested restricted stock using the treasury stock method. Cash Equivalents Cash equivalents consist of highly liquid investments; primarily direct United States treasury obligations with maturities of three months or less when purchased. Restricted Cash Restricted cash consists of cash held for construction costs and property improvements at specific properties as may be required by contractual arrangements. Deferred Costs Fees and costs incurred in connection with multi-family property financings are deferred and amortized over the term of the related debt obligations. Fees and costs paid related to the successful negotiation of commercial leases are deferred and amortized on a straight-line basis over the terms of the respective leases. NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Segment Reporting The Trust operates in two reportable segments: (i) multi-family real estate; and (ii) other real estate assets. The multi-family real estate segment includes the ownership, operation and development of the Trust's multi-family properties and the other real estate segment includes all activities related to the ownership, operation and disposition of the Trust's other real estate assets. New Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2018. In 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. 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 elected early adoption for the fiscal year ended September 30, 2016, and its adoption did not have a material effect on its consolidated financial statements. 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 August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), which provides specific guidance on eight cash flow classification issues and how to reduce diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The effective date of the standard will be fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Trust is currently evaluating the new guidance to determine the impact, if any, it may have on its consolidated financial statements.

REAL ESTATE PROPERTIES

REAL ESTATE PROPERTIES	12 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
REAL ESTATE PROPERTIES	REAL ESTATE PROPERTIES Real estate properties (including real estate properties held for sale), consist of the following: September 30, 2016 Land $ 128,409 Building 684,133 Building improvements 25,717 Real estate properties 838,259 Accumulated depreciation (44,687 ) Total real estate properties, net $ 793,572 A summary of activity in real estate properties (including properties held for sale), for the year ended September 30, 2016 , follows (dollars in thousands): September 30, Additions Capitalized Sales Depreciation, September 30, Multi-family $ 605,040 $ 318,680 $ 39,611 $ (157,174 ) $ (23,072 ) $ 783,085 Land - Daytona, FL 7,972 — 49 — — 8,021 Shopping centers/retail - Yonkers, NY 2,574 — — — (108 ) 2,466 ​ ​ ​ ​ ​ ​ Total real estate properties $ 615,586 $ 318,680 $ 39,660 $ (157,174 ) $ (23,180 ) $ 793,572 The acquisitions completed in the year ended September 30, 2016 and described in Note 3-Acquisitions, Dispositions and Impairment Charges, have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and assumed liabilities based on management's estimate of fair value of these acquired assets and assumed liabilities at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Trust expects to finalize the valuations and complete the purchase price allocations within one year from the date of the applicable acquisition. The following table summarizes the preliminary allocations of the purchase prices of assets acquired during the year ended September 30, 2016 (dollars in thousands): Preliminary Land $ 53,054 Buildings and Improvements 264,474 Lease Intangibles 1,152 Total Consideration $ 318,680 NOTE 2—REAL ESTATE PROPERTIES (continued) The preliminary measurements of fair value reflected above are subject to change. The Trust expects to finalize the valuations and complete the purchase price allocation as soon as practicable but in no event beyond one year from the date of the applicable acquisition. The following table summarizes the preliminary allocations of the purchase price of ten properties purchased between July 1, 2015 and September 30, 2016, and the finalized allocation of the purchase price, as adjusted, as of September 30, 2016 (dollars in thousands): Preliminary Adjustments Finalized Land $ 42,361 $ (6,568 ) $ 35,793 Buildings and Improvements 260,107 4,999 265,106 Acquisition-related intangible assets (in acquired lease intangibles, net) (1) 733 1,569 2,302 Total Consideration $ 303,201 $ — $ 303,201 A summary of the Trust's multi-family properties by state as and for the year ended September 30, 2016 , is as follows (dollars in thousands): Location Number of Units at September 30, 2016 2016 % of 2016 Texas 2,750 $ 19,957 22 % Florida 1,186 15,652 17 % Georgia 1,309 14,576 16 % Tennessee 456 9,735 11 % Alabama 826 6,966 8 % South Carolina 1,033 6,613 8 % Missouri 420 3,854 4 % Indiana 400 3,152 4 % Kansas — 3,132 3 % Mississippi 776 2,678 3 % Ohio 264 2,440 3 % Arkansas — 783 1 % 9,420 $ 89,538 100 % Future minimum rentals to be received by the Trust pursuant to non-cancellable operating leases with terms in excess of one year, from a commercial property owned by the Trust at September 30, 2016 , are as follows (dollars in thousands): Year Ending September 30, Amount 2017 $ 1,103 2018 1,120 2019 1,120 2020 1,120 2021 1,129 Thereafter 5,685 Total $ 11,277 Leases at the Trust's multi-family properties are generally for a term of one year or less and are not reflected in the above table. ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES Property Acquisitions The table below provides information for the year ended September 30, 2016 regarding the Trust's purchases of multi-family properties (dollars in thousands): Location Purchase No. of Acquisition Initial BRT Ownership Percentage Property N. Charleston, SC 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 02/01/16 240 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 Atlanta, GA 8/15/2016 271 39,125 27,375 10,769 74 % 577 Southaven, MS 9/1/2016 384 38,205 30,564 6,060 60 % 347 San Antonio, TX 9/19/2016 288 36,000 27,000 8,060 72 % 510 3,336 $ 318,680 $ 238,212 $ 73,895 $ 3,852 Subsequent to September 30, 2016 , the Trust purchased three multi-family properties with 933 units, including a 5.8 acre parcel of land on which it contemplates constructing 339 multi-family units. Information regarding these purchases is set forth below (dollars in thousands): Location Purchase Date No. of Units Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Estimated Property Acquisition Costs Fredricksburg, VA 11/04/2016 220 $ 38,490 $ 29,940 $ 8,720 80 % $ 643 Columbia, SC 11/10/2016 374 58,300 41,000 5,670 32 % 71 Columbia, SC (1) 11/10/2016 339 5,915 — 8,665 46 % — 933 $ 102,705 $ 70,940 $ 23,055 $ 714 (1) Represents the purchase of a 5.8 acre parcel of land on which the Trust contemplates the construction of 339 multi-family units. NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - (continued) Property Dispositions The following table is a summary of the real estate properties disposed of by the Trust in the year ended September 30, 2016 (dollars in thousands): Location Sale Date No. of Units Sales Price Gain on Sale Non-controlling partner portion of gain Cordova, TN 3/2/2016 464 31,100 6,731 2,195 Kennesaw, GA 3/15/2016 450 64,000 17,462 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 Little Rock, AK (1) 6/6/2016 172 2,372 386 — Wichita, KS 9/1/2016 496 30,400 10,718 4,241 2,206 $ 200,672 $ 45,593 $ 18,795 (1) Reflects the sale of a partnership interest The Trust also sold two cooperative units located in Manhattan, NY for $1,377,000 and recognized a gain of $1,271,000 on the sales. The following table is a summary of the real estate properties disposed of by the Trust subsequent to the year ended September 30, 2016 (dollars in thousands): Location Sale Date No. of Units Sales Price Gain on Sale Non-controlling partner portion of gain Greenville, SC 10/19/2016 350 $ 68,000 $ 18,937 $ 9,669 Panama City, FL 10/26/2016 160 14,720 7,390 3,732 Atlanta, GA 11/21/2016 350 36,750 8,796 4,046 Hixon, TN 11/30/2016 156 10,775 479 120 1,016 $ 130,245 $ 35,602 $ 17,567 Impairment Charges The Trust reviews each real estate asset owned, including those held through investments in unconsolidated joint ventures, for impairment when there is an event or a change in circumstances indicating that the carrying amount may not be recoverable. The Trust measures and records impairment losses, and reduces the carrying value of properties, when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Trust does not expect to recover its carrying costs on properties held for use, the Trust reduces its carrying costs to fair value, and for properties held for sale, the Trust reduces its carrying value to the fair value less costs to sell. During the years ended September 30, 2016 , 2015 , and 2014 , no impairment charges were recorded. Management does not believe that the values of any properties are impaired as of September 30, 2016 . REAL ESTATE PROPERTY HELD FOR SALE At September 30, 2016 , the Sandtown Vistas property in Atlanta, GA and the Spring Valley property in Panama City, FL were held for sale. The Sandtown Vista property, which had a book value of $27,076,000 , was sold on November 21, 2016. 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. The Spring Valley property, which had a book value of $6,920,000 , was sold on October 26, 2016. The Trust estimates it will recognize a gain on the sale of the property of $7,400,000 of which approximately $3,700,000 will be allocated to the non-controlling partner.

ACQUISITIONS, DISPOSITIONS AND

ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES	12 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES	REAL ESTATE PROPERTIES Real estate properties (including real estate properties held for sale), consist of the following: September 30, 2016 Land $ 128,409 Building 684,133 Building improvements 25,717 Real estate properties 838,259 Accumulated depreciation (44,687 ) Total real estate properties, net $ 793,572 A summary of activity in real estate properties (including properties held for sale), for the year ended September 30, 2016 , follows (dollars in thousands): September 30, Additions Capitalized Sales Depreciation, September 30, Multi-family $ 605,040 $ 318,680 $ 39,611 $ (157,174 ) $ (23,072 ) $ 783,085 Land - Daytona, FL 7,972 — 49 — — 8,021 Shopping centers/retail - Yonkers, NY 2,574 — — — (108 ) 2,466 ​ ​ ​ ​ ​ ​ Total real estate properties $ 615,586 $ 318,680 $ 39,660 $ (157,174 ) $ (23,180 ) $ 793,572 The acquisitions completed in the year ended September 30, 2016 and described in Note 3-Acquisitions, Dispositions and Impairment Charges, have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and assumed liabilities based on management's estimate of fair value of these acquired assets and assumed liabilities at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Trust expects to finalize the valuations and complete the purchase price allocations within one year from the date of the applicable acquisition. The following table summarizes the preliminary allocations of the purchase prices of assets acquired during the year ended September 30, 2016 (dollars in thousands): Preliminary Land $ 53,054 Buildings and Improvements 264,474 Lease Intangibles 1,152 Total Consideration $ 318,680 NOTE 2—REAL ESTATE PROPERTIES (continued) The preliminary measurements of fair value reflected above are subject to change. The Trust expects to finalize the valuations and complete the purchase price allocation as soon as practicable but in no event beyond one year from the date of the applicable acquisition. The following table summarizes the preliminary allocations of the purchase price of ten properties purchased between July 1, 2015 and September 30, 2016, and the finalized allocation of the purchase price, as adjusted, as of September 30, 2016 (dollars in thousands): Preliminary Adjustments Finalized Land $ 42,361 $ (6,568 ) $ 35,793 Buildings and Improvements 260,107 4,999 265,106 Acquisition-related intangible assets (in acquired lease intangibles, net) (1) 733 1,569 2,302 Total Consideration $ 303,201 $ — $ 303,201 A summary of the Trust's multi-family properties by state as and for the year ended September 30, 2016 , is as follows (dollars in thousands): Location Number of Units at September 30, 2016 2016 % of 2016 Texas 2,750 $ 19,957 22 % Florida 1,186 15,652 17 % Georgia 1,309 14,576 16 % Tennessee 456 9,735 11 % Alabama 826 6,966 8 % South Carolina 1,033 6,613 8 % Missouri 420 3,854 4 % Indiana 400 3,152 4 % Kansas — 3,132 3 % Mississippi 776 2,678 3 % Ohio 264 2,440 3 % Arkansas — 783 1 % 9,420 $ 89,538 100 % Future minimum rentals to be received by the Trust pursuant to non-cancellable operating leases with terms in excess of one year, from a commercial property owned by the Trust at September 30, 2016 , are as follows (dollars in thousands): Year Ending September 30, Amount 2017 $ 1,103 2018 1,120 2019 1,120 2020 1,120 2021 1,129 Thereafter 5,685 Total $ 11,277 Leases at the Trust's multi-family properties are generally for a term of one year or less and are not reflected in the above table. ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES Property Acquisitions The table below provides information for the year ended September 30, 2016 regarding the Trust's purchases of multi-family properties (dollars in thousands): Location Purchase No. of Acquisition Initial BRT Ownership Percentage Property N. Charleston, SC 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 02/01/16 240 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 Atlanta, GA 8/15/2016 271 39,125 27,375 10,769 74 % 577 Southaven, MS 9/1/2016 384 38,205 30,564 6,060 60 % 347 San Antonio, TX 9/19/2016 288 36,000 27,000 8,060 72 % 510 3,336 $ 318,680 $ 238,212 $ 73,895 $ 3,852 Subsequent to September 30, 2016 , the Trust purchased three multi-family properties with 933 units, including a 5.8 acre parcel of land on which it contemplates constructing 339 multi-family units. Information regarding these purchases is set forth below (dollars in thousands): Location Purchase Date No. of Units Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Estimated Property Acquisition Costs Fredricksburg, VA 11/04/2016 220 $ 38,490 $ 29,940 $ 8,720 80 % $ 643 Columbia, SC 11/10/2016 374 58,300 41,000 5,670 32 % 71 Columbia, SC (1) 11/10/2016 339 5,915 — 8,665 46 % — 933 $ 102,705 $ 70,940 $ 23,055 $ 714 (1) Represents the purchase of a 5.8 acre parcel of land on which the Trust contemplates the construction of 339 multi-family units. NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - (continued) Property Dispositions The following table is a summary of the real estate properties disposed of by the Trust in the year ended September 30, 2016 (dollars in thousands): Location Sale Date No. of Units Sales Price Gain on Sale Non-controlling partner portion of gain Cordova, TN 3/2/2016 464 31,100 6,731 2,195 Kennesaw, GA 3/15/2016 450 64,000 17,462 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 Little Rock, AK (1) 6/6/2016 172 2,372 386 — Wichita, KS 9/1/2016 496 30,400 10,718 4,241 2,206 $ 200,672 $ 45,593 $ 18,795 (1) Reflects the sale of a partnership interest The Trust also sold two cooperative units located in Manhattan, NY for $1,377,000 and recognized a gain of $1,271,000 on the sales. The following table is a summary of the real estate properties disposed of by the Trust subsequent to the year ended September 30, 2016 (dollars in thousands): Location Sale Date No. of Units Sales Price Gain on Sale Non-controlling partner portion of gain Greenville, SC 10/19/2016 350 $ 68,000 $ 18,937 $ 9,669 Panama City, FL 10/26/2016 160 14,720 7,390 3,732 Atlanta, GA 11/21/2016 350 36,750 8,796 4,046 Hixon, TN 11/30/2016 156 10,775 479 120 1,016 $ 130,245 $ 35,602 $ 17,567 Impairment Charges The Trust reviews each real estate asset owned, including those held through investments in unconsolidated joint ventures, for impairment when there is an event or a change in circumstances indicating that the carrying amount may not be recoverable. The Trust measures and records impairment losses, and reduces the carrying value of properties, when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Trust does not expect to recover its carrying costs on properties held for use, the Trust reduces its carrying costs to fair value, and for properties held for sale, the Trust reduces its carrying value to the fair value less costs to sell. During the years ended September 30, 2016 , 2015 , and 2014 , no impairment charges were recorded. Management does not believe that the values of any properties are impaired as of September 30, 2016 . REAL ESTATE PROPERTY HELD FOR SALE At September 30, 2016 , the Sandtown Vistas property in Atlanta, GA and the Spring Valley property in Panama City, FL were held for sale. The Sandtown Vista property, which had a book value of $27,076,000 , was sold on November 21, 2016. 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. The Spring Valley property, which had a book value of $6,920,000 , was sold on October 26, 2016. The Trust estimates it will recognize a gain on the sale of the property of $7,400,000 of which approximately $3,700,000 will be allocated to the non-controlling partner.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Sep. 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 Loan Receivable”) 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 consolidated balance sheet at September 30, 2016 . The NJV Loan Receivable 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 Loan Receivable 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"). The NJV Loan Receivable provided that the Deferred Interest was to be paid in June 2016 and at maturity in June 2017. At September 30, 2016 , the amount of Deferred Interest that has been recognized is $2,380,000 . The Trust has agreed from time-to-time to defer the payment of the Deferred Interest, and most recently entered into an agreement dated October 31, 2016 with the Newark Joint Venture pursuant to which the Trust agreed, among other things, to defer, until December 31, 2016, the payment of the Deferred Interest; provided, however, that in the event a transaction is completed prior to January 1, 2017 that results in, among other things, (a) in the release of certain of the mortgages securing the NJV Loan Receivable and (b) the Trust’s receipt of not less (i) than $5,900,000 in principal amount of the NJV Loan Receivable and (ii) $750,000 of Deferred Interest, the payment of the remaining balance of the Deferred Interest will be deferred until June 2017. 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 twelve months ended September 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 Deposits and escrows 93 Other assets 8,734 Total assets of discontinued operations $ 163,545 LIABILITIES Mortgage payable, net of deferred costs of $9,683 $ 100,692 Accounts payable and accrued liabilities 6,848 Deferred income 30,990 Total liabilities of discontinued operations $ 138,530 Statement of Operations Twelve Months Ended September 30, 2016 2015 Revenues: Rental and other revenue from real estate properties $ 2,437 $ 4,335 Other income 444 1,067 Total revenues 2,881 5,402 Expenses: Real estate operating expenses 2,277 4,610 Interest expense 2,242 4,880 Depreciation 1,150 2,241 Total expense 5,669 11,731 Income from discontinued operations (2,788 ) (6,329 ) Gain on sale of partnership interest 15,467 — Discontinued operations $ 12,679 $ (6,329 )

REAL ESTATE PROPERTY HELD FOR S

REAL ESTATE PROPERTY HELD FOR SALE	12 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
REAL ESTATE PROPERTY HELD FOR SALE	REAL ESTATE PROPERTIES Real estate properties (including real estate properties held for sale), consist of the following: September 30, 2016 Land $ 128,409 Building 684,133 Building improvements 25,717 Real estate properties 838,259 Accumulated depreciation (44,687 ) Total real estate properties, net $ 793,572 A summary of activity in real estate properties (including properties held for sale), for the year ended September 30, 2016 , follows (dollars in thousands): September 30, Additions Capitalized Sales Depreciation, September 30, Multi-family $ 605,040 $ 318,680 $ 39,611 $ (157,174 ) $ (23,072 ) $ 783,085 Land - Daytona, FL 7,972 — 49 — — 8,021 Shopping centers/retail - Yonkers, NY 2,574 — — — (108 ) 2,466 ​ ​ ​ ​ ​ ​ Total real estate properties $ 615,586 $ 318,680 $ 39,660 $ (157,174 ) $ (23,180 ) $ 793,572 The acquisitions completed in the year ended September 30, 2016 and described in Note 3-Acquisitions, Dispositions and Impairment Charges, have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and assumed liabilities based on management's estimate of fair value of these acquired assets and assumed liabilities at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Trust expects to finalize the valuations and complete the purchase price allocations within one year from the date of the applicable acquisition. The following table summarizes the preliminary allocations of the purchase prices of assets acquired during the year ended September 30, 2016 (dollars in thousands): Preliminary Land $ 53,054 Buildings and Improvements 264,474 Lease Intangibles 1,152 Total Consideration $ 318,680 NOTE 2—REAL ESTATE PROPERTIES (continued) The preliminary measurements of fair value reflected above are subject to change. The Trust expects to finalize the valuations and complete the purchase price allocation as soon as practicable but in no event beyond one year from the date of the applicable acquisition. The following table summarizes the preliminary allocations of the purchase price of ten properties purchased between July 1, 2015 and September 30, 2016, and the finalized allocation of the purchase price, as adjusted, as of September 30, 2016 (dollars in thousands): Preliminary Adjustments Finalized Land $ 42,361 $ (6,568 ) $ 35,793 Buildings and Improvements 260,107 4,999 265,106 Acquisition-related intangible assets (in acquired lease intangibles, net) (1) 733 1,569 2,302 Total Consideration $ 303,201 $ — $ 303,201 A summary of the Trust's multi-family properties by state as and for the year ended September 30, 2016 , is as follows (dollars in thousands): Location Number of Units at September 30, 2016 2016 % of 2016 Texas 2,750 $ 19,957 22 % Florida 1,186 15,652 17 % Georgia 1,309 14,576 16 % Tennessee 456 9,735 11 % Alabama 826 6,966 8 % South Carolina 1,033 6,613 8 % Missouri 420 3,854 4 % Indiana 400 3,152 4 % Kansas — 3,132 3 % Mississippi 776 2,678 3 % Ohio 264 2,440 3 % Arkansas — 783 1 % 9,420 $ 89,538 100 % Future minimum rentals to be received by the Trust pursuant to non-cancellable operating leases with terms in excess of one year, from a commercial property owned by the Trust at September 30, 2016 , are as follows (dollars in thousands): Year Ending September 30, Amount 2017 $ 1,103 2018 1,120 2019 1,120 2020 1,120 2021 1,129 Thereafter 5,685 Total $ 11,277 Leases at the Trust's multi-family properties are generally for a term of one year or less and are not reflected in the above table. ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES Property Acquisitions The table below provides information for the year ended September 30, 2016 regarding the Trust's purchases of multi-family properties (dollars in thousands): Location Purchase No. of Acquisition Initial BRT Ownership Percentage Property N. Charleston, SC 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 02/01/16 240 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 Atlanta, GA 8/15/2016 271 39,125 27,375 10,769 74 % 577 Southaven, MS 9/1/2016 384 38,205 30,564 6,060 60 % 347 San Antonio, TX 9/19/2016 288 36,000 27,000 8,060 72 % 510 3,336 $ 318,680 $ 238,212 $ 73,895 $ 3,852 Subsequent to September 30, 2016 , the Trust purchased three multi-family properties with 933 units, including a 5.8 acre parcel of land on which it contemplates constructing 339 multi-family units. Information regarding these purchases is set forth below (dollars in thousands): Location Purchase Date No. of Units Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Estimated Property Acquisition Costs Fredricksburg, VA 11/04/2016 220 $ 38,490 $ 29,940 $ 8,720 80 % $ 643 Columbia, SC 11/10/2016 374 58,300 41,000 5,670 32 % 71 Columbia, SC (1) 11/10/2016 339 5,915 — 8,665 46 % — 933 $ 102,705 $ 70,940 $ 23,055 $ 714 (1) Represents the purchase of a 5.8 acre parcel of land on which the Trust contemplates the construction of 339 multi-family units. NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - (continued) Property Dispositions The following table is a summary of the real estate properties disposed of by the Trust in the year ended September 30, 2016 (dollars in thousands): Location Sale Date No. of Units Sales Price Gain on Sale Non-controlling partner portion of gain Cordova, TN 3/2/2016 464 31,100 6,731 2,195 Kennesaw, GA 3/15/2016 450 64,000 17,462 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 Little Rock, AK (1) 6/6/2016 172 2,372 386 — Wichita, KS 9/1/2016 496 30,400 10,718 4,241 2,206 $ 200,672 $ 45,593 $ 18,795 (1) Reflects the sale of a partnership interest The Trust also sold two cooperative units located in Manhattan, NY for $1,377,000 and recognized a gain of $1,271,000 on the sales. The following table is a summary of the real estate properties disposed of by the Trust subsequent to the year ended September 30, 2016 (dollars in thousands): Location Sale Date No. of Units Sales Price Gain on Sale Non-controlling partner portion of gain Greenville, SC 10/19/2016 350 $ 68,000 $ 18,937 $ 9,669 Panama City, FL 10/26/2016 160 14,720 7,390 3,732 Atlanta, GA 11/21/2016 350 36,750 8,796 4,046 Hixon, TN 11/30/2016 156 10,775 479 120 1,016 $ 130,245 $ 35,602 $ 17,567 Impairment Charges The Trust reviews each real estate asset owned, including those held through investments in unconsolidated joint ventures, for impairment when there is an event or a change in circumstances indicating that the carrying amount may not be recoverable. The Trust measures and records impairment losses, and reduces the carrying value of properties, when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Trust does not expect to recover its carrying costs on properties held for use, the Trust reduces its carrying costs to fair value, and for properties held for sale, the Trust reduces its carrying value to the fair value less costs to sell. During the years ended September 30, 2016 , 2015 , and 2014 , no impairment charges were recorded. Management does not believe that the values of any properties are impaired as of September 30, 2016 . REAL ESTATE PROPERTY HELD FOR SALE At September 30, 2016 , the Sandtown Vistas property in Atlanta, GA and the Spring Valley property in Panama City, FL were held for sale. The Sandtown Vista property, which had a book value of $27,076,000 , was sold on November 21, 2016. 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. The Spring Valley property, which had a book value of $6,920,000 , was sold on October 26, 2016. The Trust estimates it will recognize a gain on the sale of the property of $7,400,000 of which approximately $3,700,000 will be allocated to the non-controlling partner.

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
	Sep. 30, 2016
Restricted Cash and Investments [Abstract]
RESTRICTED CASH	RESTRICTED CASH Restricted cash represents funds for specific purposes and therefore are not generally available for general corporate purposes. As reflected on the consolidated balance sheet, restricted cash represents funds held by or on behalf of the Trust specifically for capital improvements at multi-family properties.

DEBT OBLIGATIONS

DEBT OBLIGATIONS	12 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS Debt obligations consist of the following (dollars in thousands): September 30, 2016 2015 Mortgages payable $ 621,382 $ 475,312 Junior subordinated notes 37,400 37,400 Deferred mortgage costs (6,275 ) (5,327 ) Total debt obligations $ 652,507 $ 507,385 Mortgage Payable At September 30, 2016, $621,382,000 of mortgage debt (including $27,052,000 classified as held for sale) is outstanding on the Trust's 33 multi-family properties and one commercial property with a weighted average interest rate of 3.98% and a weighted average remaining term to maturity of seven years. Scheduled principal repayments for the next five years and thereafter are as follows (dollars in thousands): Year Ending September 30, Scheduled Principal Payments 2017 $ 5,649 2018 6,828 2019 127,067 2020 32,431 2021 46,683 Thereafter 402,724 $ 621,382 During the twelve months ended September 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 2/01/16 11,200 4.39% 24 months February 2026 Southaven, MS 2/29/16 28,000 4.24% 60 months March 2026 San Antonio, TX (1) 5/06/16 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 Atlanta, GA 8/15/16 27,375 3.97% 36 months August 2026 Southaven,MS 9/01/16 30,564 3.73% 60 months September 2026 San Antonio, TX (1) 9/16/16 27,000 4.05% 36 months September 2026 $ 238,212 (1) Debt is fixed rate by use of an interest rate swap. During the twelve months ended September 30, 2016 , the Trust obtained supplemental fixed rate 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 2/09/16 3,865 4.94% August 2021 Huntsville,AL 4/15/16 2,650 5.29% November 2023 $ 14,709 Junior Subordinated Notes At September 30, 2016 and 2015 the Trust's junior subordinated notes had an outstanding principal balance of $37,400,000 . At September 30, 2016 , the interest rate on the outstanding balance is three month LIBOR + 2.00% or 2.76% . The junior subordinated notes require interest only payments through the maturity date, at which time repayment of all outstanding principal and interest is due. Interest expense for each of the years ended September 30, 2016 , 2015 and 2014 , which includes amortization of deferred costs, was $1,510,000 , $1,853,000 and $1,853,000 , respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Trust elected to be taxed as a real estate investment trust ("REIT"),pursuant to the Code. As a REIT, the Trust will generally not be subject to Federal income taxes at the corporate level if it distributes 100% of its REIT taxable income, as defined, to its shareholders. To maintain its REIT status, the Trust must distribute at least 90% of its taxable income; however if it does not distribute 100% of its taxable income, it will be taxed on undistributed income. There are a number of organizational and operational requirements the Trust must meet to remain a REIT. If the Trust fails to qualify as a REIT in any taxable year, its taxable income will be subject to Federal income tax at regular corporate tax rates and it may not be able to qualify as a REIT for four subsequent tax years. Even if it is qualified as a REIT, the Trust is subject to certain state and local income taxes and to Federal income and excise taxes on the undistributed taxable income. For income tax purposes, the Trust reports on a calendar year. During the years ended September 30, 2016 , 2015 and 2014 , the Trust recorded $689,000 , $18,000 and $155,000 , respectively, of Federal alternative minimum tax and state franchise tax expense, net of refunds, relating to the 2016 , 2015 and 2014 calendar years. Earnings and profits, which determine the taxability of dividends to shareholders, differs from net income reported for financial statement purposes due to various items, including timing differences related to loan loss provisions, impairment charges, depreciation methods and carrying values. At December 31, 2015 , the Trust had a net operating loss carry forward of $69,193,000 . These net operating losses may be available in future years to reduce taxable income when it is generated. These tax loss carry forwards begin to expire in 2030

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS' EQUITY Common Share Dividend Distribution During the year ended September 30, 2016 , 2015 and 2014 , the Trust did not declare or pay any dividends. 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 year ended September 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, except in the case of death, disability, retirement or change in control, 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 (the "AFFO Award"). 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 NOTE 9—SHAREHOLDERS' EQUITY (continued) 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 vest and were determined not to be participating securities. Accordingly, for accounting purposes, the shares underlying the Units are excluded in the outstanding shares reflected on the consolidated balance sheet and from the calculation of basic earnings per share. The shares are contingently issuable shares but have not been included in the diluted earnings per share as the performance and market criteria have not been met. For the TSR Awards, a third party appraiser prepared a Monte Carlo simulation pricing model to assist management in determining the fair value. For the AFFO Awards, 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 $146,000 of compensation expense related to the amortization of unearned compensation with respect to the Units in the twelve months ended September 30, 2016 . In January 2016, the Trust granted 141,050 shares of restricted stock pursuant to the 2012 Incentive Plan (the "2012 Plan"). 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. During the years ended September 30, 2016, 2015 and 2014, the Trust recorded $859,000 and $906,000 , and $805,000 respectively, of compensation expense related to the amortization of unearned compensation with respect to the restricted share awards. At September 30, 2016 and September 30, 2015, $2,089,000 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 2.3 years. NOTE 9—SHAREHOLDERS' EQUITY (continued) Changes in number of restricted shares outstanding under the Trust's equity incentive plans are shown below: Years Ended September 30, 2016 2015 2014 Outstanding at beginning of the year 672,875 648,225 627,425 Issued 141,050 142,950 140,600 Cancelled (16,850 ) — (300 ) Vested (130,300 ) (118,300 ) (119,500 ) Outstanding at the end of the year 666,775 672,875 648,225 The following table reflects the compensation expense recorded for all incentive plans (dollars in thousands): Years Ended September 30, 2016 2015 2014 Restricted stock grants $ 859 $ 906 $ 805 Restricted stock units 146 — — Total compensation $ 1,005 $ 906 $ 805 Earnings (Loss) Per Share The following table sets forth the computation of basic and diluted earnings (loss) per share (dollars in thousands): 2016 2015 2014 Numerator for basic and diluted earnings per share attributable to common shareholders: Net income (loss) attributable to common shareholders $ 31,289 $ (2,388 ) $ (9,454 ) Denominator: Denominator for basic earnings per share—weighted average shares 14,017,279 14,133,352 14,265,589 Denominator for diluted earnings per share—adjusted weighted average shares and assumed conversions 14,017,279 14,133,352 14,265,589 Basic earnings (loss) per share $ 2.23 $ (0.17 ) $ (0.66 ) Diluted earnings (loss) per share $ 2.23 $ (0.17 ) $ (0.66 ) Share Buyback In February 2016, pursuant to a share purchase program then in effect, the Trust purchased 252,000 shares of beneficial interest at the market price of $6.29 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. Pursuant to this authorization the Trust, from such date through September 30, 2016, repurchased 74,421 shares of beneficial interest at an average market price of $7.13 , for a purchase price, including commissions, of $530,000 .

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Sep. 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 $693,000 $2,448,000 and $2,016,000 for the years ended September 30, 2016 , 2015 and 2014 , respectively. 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 services previously provided pursuant to such agreement. The aggregate fees paid in 2016 fiscal year for these services were $863,000 . Management of certain properties owned by the Trust and certain joint venture properties is provided by Majestic Property Management Corp., a corporation in which Fredric H. Gould is the sole shareholder, under renewable year-to-year agreements. Certain of the Trust's officers and Trustees are also officers and directors of Majestic Property Management Corp. Majestic Property Management Corp. provides real property management, real estate brokerage and construction supervision services to these properties. For the years ended September 30, 2016 , 2015 and 2014 , fees for these services were $34,000 , $56,000 , and $28,000 , respectively. Fredric H. Gould is the vice chairman of the board of directors of One Liberty Properties, Inc., a related party, and certain of the Trust's officers and Trustees are also officers and, or directors of One Liberty Properties, Inc. In addition, Mr. Gould is an executive officer and sole shareholder of Georgetown Partners, Inc., the managing general partner of Gould Investors L.P., a related party. Certain of the Trust's officers and Trustees are also officers and/or directors of Georgetown Partners, Inc. The allocation of expenses for the shared facilities, personnel and other resources is computed in accordance with a shared services agreement by and among the Trust and the affiliated entities and is included in general and administrative expense on the statements of operations. During the years ended September 30, 2016 , 2015 and 2014 , allocated general and administrative expenses reimbursed by the Trust to Gould Investors L.P. pursuant to the shared services agreement aggregated $549,000 , $532,000 and $474,000 , respectively. 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 for the year ended September 30, 2016 was $86,000 . Management of many of the Trust's properties is performed by its partners or their affiliates. In addition, the Trust may pay an acquisition fee to its partner upon the purchase of a property. These management and acquisition fees amounted to $4,140,000 , $2,678,000 and $2,797,000 for the years ended September 30, 2016 , 2015 and 2014 , respectively. In addition to its share of rent included as part of the Shared Services Agreement, the Trust leased additional space in the same building directly from an affiliate of Gould Investors L.P. prior to the sale of the building in January 2015. The rent paid was $64,000 and $149,000 in the years ended September 30, 2015 and 2014 , respectively. The Trust obtains insurance (primarily property insurance) in conjunction with Gould Investors L.P. and reimburses Gould for the Trust's share of the insurance cost. Insurance reimbursements to Gould Investors L.P. for the years ended September 30, 2016 , 2015 and 2014 were $41,000 , $15,000 and $15,000 respectively. See Note 4 - Discontinued Operations for information regarding the Trust's sale of its interest in the Newark Joint Venture.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING Management has determined that the Trust operates in two reportable segments: a multi-family real estate segment which includes the ownership, operation and development of its multi-family properties, and another real estate segment, which includes the ownership and operation and development of its other real estate assets. The following table summarizes the Trust's segment reporting for the year ended September 30, 2016 (dollars in thousands): Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate properties $ 89,538 $ 1,407 $ 90,945 Other income — 3,319 3,319 Total revenues 89,538 4,726 94,264 Expenses: Real estate operating expenses 42,679 583 43,262 Interest expense 23,739 139 23,878 Advisor's fee, related party 593 100 693 Property acquisition costs 3,852 — 3,852 General and administrative 8,313 223 8,536 Provision for federal taxes 686 14 700 Depreciation 22,251 929 23,180 Total expenses 102,113 1,988 104,101 Total revenues less total expenses (12,575 ) 2,738 (9,837 ) Gain on sale of real estate 45,206 1,271 46,477 Gain on sale of partnership interest 386 — 386 Loss on extinguishment of debt (4,547 ) — (4,547 ) Income from continuing operations 28,470 4,009 32,479 Net (income) attributable to non-controlling interests (15,420 ) (108 ) (15,528 ) Net income attributable to common shareholders before reconciling items $ 13,050 $ 3,901 $ 16,951 Reconciling adjustment: Discontinued operations, net of non controlling interests 14,338 Net income attributable to common shareholders $ 31,289 Segment assets at September 30, 2016 $ 844,430 $ 31,001 NOTE 11—SEGMENT REPORTING - (continued) The following table summarizes the Trust's segment reporting for the year ended September 30, 2015 (dollars in thousands): Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate properties $ 75,643 $ 1,380 $ 77,023 Other income — 72 72 Total revenues 75,643 1,452 77,095 Expenses: Real estate operating expenses 38,000 609 38,609 Interest expense 18,944 353 19,297 Advisor's fee, related party 2,077 371 2,448 Property acquisition costs 1,885 — 1,885 General and administrative 6,314 369 6,683 Depreciation 18,336 118 18,454 Total expenses 85,556 1,820 87,376 Total revenues less total expenses (9,913 ) (368 ) (10,281 ) Gain on sale of real estate 14,404 601 15,005 Income (loss) from continuing operations 4,491 233 4,724 Net (income) loss attributable to non-controlling interests (4,877 ) (93 ) (4,970 ) Net income (loss) attributable to common shareholders before reconciling adjustment $ (386 ) $ 140 $ (246 ) Reconciling adjustment: Discontinued operations, net of non controlling interests (2,142 ) Net income attributable to common shareholders $ (2,388 ) Segment assets at September 30, 2015 $ 616,909 $ 55,425 NOTE 11—SEGMENT REPORTING - (continued) The following table summarizes the Trust's segment reporting for the year ended September 30, 2014 (dollars in thousands): Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate properties $ 60,362 $ 1,363 $ 61,725 Other income 4 84 88 Total revenues 60,366 1,447 61,813 Expenses: Operating expenses relating to real estate properties 32,347 637 32,984 Interest expense 16,212 222 16,434 Advisor's fee, related party 1,466 335 1,801 Property acquisition costs 2,542 — 2,542 General and administrative 5,887 437 6,324 Depreciation 13,828 117 13,945 Total expenses 72,282 1,748 74,030 Loss from continuing operations (11,916 ) (301 ) (12,217 ) Plus: net loss attributable to non-controlling interests 759 (92 ) 667 Net (loss) income attributable to common shareholders before reconciling adjustments $ (11,157 ) $ (393 ) $ (11,550 ) Reconciling adjustment: Other income 65 Discontinued operations, net of non controlling interests 2,031 Net loss attributable to common shareholders $ (9,454 ) Segment assets at September 30, 2014 $ 569,357 $ 31,075

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Sep. 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 reported at fair value on the consolidated balance sheets: Cash and cash equivalents, restricted cash, accounts receivable (included in other assets), accounts payable and accrued liabilities: The carrying amounts reported in the balance sheets for these instruments approximate their fair value due to the short term nature of these accounts. Junior subordinated notes: At September 30, 2016 and 2015 , the estimated fair value of the Trust's junior subordinated notes is less than their carrying value by approximately $16,549,000 , and $20,174,000 , respectively based on market interest rates of 6.35% and 6.38% , respectively. Mortgages payable: At September 30, 2016 , the estimated fair value of the Trust's mortgages payable is greater than their carrying value by approximately $10,629,000 assuming market interest rates between 3.05% and 4.25% . At September 30, 2015, the estimated fair value was lower than the carrying value by $890,000 , assuming market interest rates between 1.99% and 15.00% . Market interest rates were determined using current financing transaction information provided by third party institutions. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value assumptions. The fair values of the real estate loans and debt obligations are considered to be Level 2 valuations within the fair value hierarchy. Financial Instruments Measured at Fair Value The Trust's fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between markets participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other "observable" market inputs and Level 3 assets/liabilities are valued based significantly on "unobservable" market inputs. The Trust does not currently own any financial instruments that are classified as Level 3. Set forth below is information regarding the Trust's financial assets and liabilities measured at fair value as of September 30, 2016 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Financial Liabilities: Interest rate swap $ (1,602 ) — $ (1,602 ) Derivative financial instruments: Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, and implied volatilities. At September 30, 2016 , these derivatives are included in accounts payable and accrued liabilities on the consolidated balance sheet. Although the Trust has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with it utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparty. As of September 30, 2016 , the Trust assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Trust determined that its derivative valuation is classified in Level 2 of the fair value hierarchy.

COMMITMENT

COMMITMENT	12 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENT	COMMITMENT The Trust maintains a non-contributory defined contribution pension plan covering eligible employees and officers. Contributions by the Trust are made through a money purchase plan, based upon a percent of qualified employees' total salary as defined therein. Pension expense approximated $324,000 , $322,000 and $322,000 during the years ended September 30, 2016 , 2015 and 2014 , respectively. At September 30, 2016 and 2015 , $ 47,000 and $50,000 , respectively, remains unpaid and is included in accounts payable and accrued liabilities on the consolidated balance sheets.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Sep. 30, 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 September 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 $ 1,559 5.25 % April 1, 2022 Interest Rate Swap $ 26,400 3.61 % May 6, 2023 Interest Rate Swap $ 27,000 4.05 % September 19, 2026 Derivatives as of: September 30, 2016 September 30, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Other Assets $ — Other assets $ — Accounts payable and accrued liabilities $ 1,602 Accounts payable and accrued liabilities $ 58 The following table presents the effect of the Trust's derivative financial instrument on the consolidated statements of comprehensive income (loss) for the years ended September 30, 2016 , 2015 and 2014 (dollars in thousands): Year Ended September 30, 2016 2015 2014 Amount of loss recognized on derivative in Other Comprehensive Income $ (1,695 ) $ (83 ) $ (37 ) Amount of loss reclassified from Accumulated Other Comprehensive (loss) income into Interest Expense $ (150 ) $ (33 ) $ (36 ) NOTE 14—DERIVATIVE FINANCIAL INSTRUMENTS - (continued) No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Trust's cash flow hedges during the years ended September 30, 2016 , 2015 or 2014 . During the twelve months ending September 30, 2017 , the Trust estimates an additional $502,000 will be reclassified from other comprehensive income as an increase to interest expense. Credit-risk-related Contingent Features The agreement between the Trust and its derivatives counterparty provides that if the Trust defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Trust could be declared in default on its derivative obligation. As of September 30, 2016 , the fair value of the derivative in a net liability position, which includes accrued interest, but excludes any adjustment for nonperformance risk related to this agreement, was $1,732,000 . As of September 30, 2016 , the Trust has not posted any collateral related to this agreement. If the Trust had been in breach of this agreement at September 30, 2016 , it could have been required to settle its obligations thereunder at its termination value of $1,732,000 .

QUARTERLY FINANCIAL DATA (Unaud

QUARTERLY FINANCIAL DATA (Unaudited)	12 Months Ended
	Sep. 30, 2016
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL DATA (Unaudited)	QUARTERLY FINANCIAL DATA (Unaudited) 2016 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 21,405 $ 24,857 $ 23,245 $ 24,757 $ 94,264 Expenses 23,187 25,849 26,610 28,455 104,101 Total revenues less total expenses (1,782 ) (992 ) (3,365 ) (3,698 ) (9,837 ) Gain on sale of real estate 609 24,226 10,263 11,379 46,477 Gain on sale of partnership interest — — 386 — 386 Loss on extinguishment of debt — (2,668 ) — (1,879 ) (4,547 ) (Loss) income from continuing operations (1,173 ) 20,566 7,284 5,802 32,479 (Loss) income from discontinued operations (1,600 ) 14,279 — — 12,679 Net (loss) income (2,773 ) 34,845 7,284 5,802 45,158 Net loss (income) attributable to non-controlling interests 739 (9,909 ) (1,804 ) (2,895 ) (13,869 ) Net (loss) income attributable to common shareholders $ (2,034 ) $ 24,936 $ 5,480 $ 2,907 $ 31,289 Basic and per share amounts attributable to common shareholders Continuing operations $ (0.10 ) $ 0.70 $ 0.39 $ 0.21 $ 1.21 Discontinued operations (0.04 ) 1.06 — — 1.02 Basic and diluted (loss) income per share $ (0.14 ) $ 1.76 $ 0.39 $ 0.21 $ 2.23 NOTE 15—QUARTERLY FINANCIAL DATA (Unaudited) - (continued) 2015 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 18,526 $ 19,123 $ 19,790 $ 19,656 $ 77,095 Expenses 20,320 20,838 21,596 24,622 87,376 Total revenues less total expenses (1,794 ) (1,715 ) (1,806 ) (4,966 ) (10,281 ) Gain on sale of real estate — 2,777 — 12,228 15,005 (Loss) income from continuing operations (1,794 ) 1,062 (1,806 ) 7,262 4,724 Loss from discontinued operations (1,733 ) (1,448 ) (1,702 ) (1,446 ) (6,329 ) Net (loss) income (3,527 ) (386 ) (3,508 ) 5,816 (1,605 ) Net loss (income) attributable to non-controlling interests 1,029 (362 ) 930 (2,380 ) (783 ) Net (loss) income attributable to common shareholders $ (2,498 ) $ (748 ) $ (2,578 ) $ 3,436 $ (2,388 ) Basic and per share amounts attributable to common shareholders Continuing operations $ (0.15 ) $ (0.01 ) $ (0.13 ) $ 0.27 $ (0.02 ) Discontinued operations (0.03 ) (0.04 ) (0.05 ) (0.03 ) (0.15 ) Basic and diluted (loss) income per share $ (0.18 ) $ (0.05 ) $ (0.18 ) $ 0.24 $ (0.17 )

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Sep. 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 September 30, 2016 that warrant additional disclosure have been included in the notes to the consolidated financial statements.

SCHEDULE III - REAL ESTATE PROP

SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION	12 Months Ended
	Sep. 30, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION	Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount At Which Carried at September 30, 2016 Depreciation Life For Latest Income Statement Description Encumbrances Land Buildings and Improvements Land Improvements Carrying Land Buildings and Total Accumulated Date of Date Acquired Commercial Yonkers, NY. $ 1,560 — $ 4,000 — $ 194 — — $ 4,194 $ 4,194 $ 1,727 (c) Aug-2000 39 years South Daytona, FL. — $ 10,437 — 49 — — $ 8,021 — 8,021 — N/A Feb-2008 N/A Multi-Family Residential Palm Beach Gardens, FL 47,125 16,260 43,132 — 4,420 — 16,260 47,552 63,812 8,054 1970 Mar-2012 30 years Melbourne, FL 9,211 1,150 8,680 — 1,414 — 1,150 10,094 11,244 1,900 1987 Mar-2012 30 years North Charleston, SC 17,130 2,436 18,970 — 1,002 — 2,436 19,972 22,408 2,871 2010 Oct-2012 30 years Decatur, GA 10,352 1,697 8,676 — 1,413 — 1,697 10,089 11,786 1,379 1954 Nov-2012 30 years Panama City, FL 5,336 1,411 5,745 — 716 — 1,411 6,461 7,872 952 1987 Jan-2013 30 years Houston, TX (Stone) 12,899 5,143 11,524 — 400 — 5,143 11,924 17,067 1,503 1978 April-2013 30 years Houston, TX (Pathways) 7,398 3,044 5,463 — 838 — 3,044 6,301 9,345 753 1979 April-2013 30 years Hixon, TN 8,117 1,231 9,561 — 298 — 1,231 9,859 11,090 1,137 1989 May-2013 30 years Pasadena, TX (Ashwood) 3,988 1,513 3,864 — 429 — 1,513 4,293 5,806 502 1984 Oct-2013 30 years Humble, TX (Parkside) 4,930 1,113 5,534 — 467 — 1,113 6,001 7,114 677 1983 Oct-2013 30 years Humble, TX (Meadowbrook) 7,726 1,996 8,425 — 794 — 1,996 9,219 11,215 1,003 1982 Oct-2013 30 years Huntsville, AL 12,212 1,047 10,942 — 1,439 — 1,047 12,381 13,428 1,339 1985 Oct-2013 30 years Columbus, OH 10,164 2,810 11,240 — 315 — 2,810 11,555 14,365 1,450 1999 Nov-2013 30 years Indianapolis, IN 14,500 4,477 14,240 — 1,997 — 4,477 16,237 20,714 1,573 2007 Jan-2014 30 years Greenville, SC 37,961 7,487 — — 41,680 608 7,487 42,288 49,775 1,665 2014 Jan-2014 30 years Nashville, TN 23,623 4,565 22,054 — 2,239 — 4,565 24,293 28,858 2,001 1985 April-2014 30 years Atlanta, GA 27,052 2,283 25,921 — 670 — 2,283 26,591 28,874 1,799 2009 June-2014 30 years Houston, TX (Kendall) 15,314 1,849 13,346 — 1,557 — 1,849 14,903 16,752 1,264 1981 July-2014 30 years Pensacola, FL 19,750 2,758 25,192 — 521 — 2,758 25,713 28,471 1,826 2008 Dec-2014 30 years Valley, AL 28,990 1,040 42,710 — 455 — 1,040 43,165 44,205 2,130 2009 July-2014 30 years San Marcos, TX 17,158 2,163 19,562 — 183 — 2,163 19,745 21,908 974 2014 Sept-2015 30 years Lake St. Louis, MO 27,397 2,752 33,248 — 421 — 2,752 33,669 36,421 1,360 1986 Sept-2015 30 years North Charleston, SC 13,544 3,704 — — 21,131 55 3,704 21,186 24,890 — 2016 Oct-15 30 years LaGrange, GA 15,786 832 21,968 — 389 — 832 22,357 23,189 770 2009 Nov-15 30 years Katy, TX 30,750 4,194 36,056 — 240 — 4,194 36,296 40,490 1,149 2008 Jan-16 30 years Macon, GA 11,200 1,876 12,649 — 180 — 1,876 12,829 14,705 389 1988 Feb-16 30 years Southaven, MS 28,000 2,090 32,910 — 1,286 — 2,090 34,196 36,286 812 2002 Feb-16 30 years San Antonio, TX 26,400 5,540 29,610 — 443 — 5,540 30,053 35,593 728 2013 May-16 30 years Dallas, TX 27,937 13,073 23,927 — 917 — 13,073 24,844 37,917 409 1986 May-16 30 years Columbia, SC 12,934 2,233 14,767 — 93 — 2,233 14,860 17,093 284 1996 May-16 30 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount At Which Carried at September 30, 2016 Depreciation Life For Latest Income Statement Description Encumbrances Land Buildings and Improvements Land Improvements Carrying Land Buildings and Total Accumulated Date of Date Acquired Atlanta, GA 27,375 9,491 29,634 — 7 — 9,491 29,641 39,132 155 1989 Aug-16 30 years Southaven, MS 30,563 2,100 36,105 — 14 — 2,100 36,119 38,219 100 2005 Sep-16 30 years San Antonio, TX 27,000 5,030 30,970 — — — 5,030 30,970 36,000 52 2015 Sep-16 30 years Total $ 621,382 $ 130,825 $ 620,625 $ 49 $ 88,562 $ 663 $ 128,409 $ 709,850 $ 838,259 $ 44,687 (a) (b) Notes to the schedule: (a) Total real estate properties $ 838,259 Less: Accumulated depreciation and amortization (44,687 ) Net real estate properties $ 793,572 (b) Amortization of the Trust's leasehold interests is over the shorter of estimated useful life or the term of the respective land lease. (c) Information not readily obtainable. A reconciliation of real estate properties is as follows: 2016 2015 2014 Balance at beginning of year $ 757,027 $ 635,612 $ 402,896 Additions: Acquisitions 318,680 129,425 205,220 Capital improvements 19,649 8,442 8,273 Capitalized development expenses and carrying costs 27,194 55,623 34,857 365,523 193,490 248,350 Deductions: Sales 150,786 51,394 80 Depreciation/amortization/paydowns 24,328 20,681 15,554 Reconciliation of partnership interest 153,864 — — 328,978 72,075 15,634 Balance at end of year $ 793,572 $ 757,027 635,612

ORGANIZATION, BACKGROUND AND 28

ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation - general	The consolidated financial statements include the accounts and operations of BRT Realty Trust, its wholly owned subsidiaries, and its majority owned or controlled real estate entities and its interests in variable interest entities in which the Trust is determined to be the primary beneficiary. Material intercompany balances and transactions have been eliminated.
Principles of Consolidation - VIE's	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. It was determined that the Trust is the primary beneficiary of these joint ventures because it has a controlling financial interest in that it has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE. The joint venture that owns a property in Dallas, TX was determined not to be a VIE but is consolidated because the Trust has substantive participating rights in the entity. With respect to its unconsolidated joint ventures, as (i) the Trust is primarily the managing member but does not exercise substantial operating control over these entities or the Trust is not the managing member and (ii) such entities are not VIEs, the Trust has determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes.
Principles of Consolidation - reclassified items	Certain items on the consolidated financial statements for the prior years have been reclassified to conform with the current year's presentation, including the reclassification of the operations and related assets of the Newark Joint Venture to discontinued operations and the reclassification of deferred loan costs on the consolidated balance sheets from assets to a reduction of the carrying amount of mortgage payable.
Income Tax Status	Income Tax Status The Trust qualifies as a real estate investment trust under sections 856-860 of the Internal Revenue Code of 1986, as amended. The Trustees may, at their option, elect to operate the Trust as a business trust not qualifying as a real estate investment trust. The Trust will not be subject to federal, and generally state and local taxes on amounts it distributes to shareholders, provided it distributes 90% of its taxable income and meets other conditions. The Trust currently has net operating loss carryforwards which it can use to reduce taxable income. Use of the net operating loss carryforward is subject to an alternative minimum tax. NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) In accordance with Accounting Standards Codification ("ASC") Topic 740 - "Income Taxes", the Trust believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Trust's financial position or results of operations. The Trust's income tax returns for the previous six years are subject to review by the Internal Revenue Service.
Revenue Recognition	Revenue Recognition Rental revenue from multi-family properties is recorded when due from residents and is recognized monthly as it is earned. Rental payments are due in advance. Leases on residential properties are generally for terms that do not exceed one year. Rental revenue from commercial properties, including the base rent that each tenant is required to pay in accordance with the terms of their respective leases, net of any rent concessions and lease incentives, is reported on a straight-line basis over the non-cancellable term of the lease.
Real Estate Properties	Real Estate Properties Real estate properties are stated at cost, net of accumulated depreciation, and include real property acquired through acquisition, development or foreclosure. The Trust assesses the fair value of real estate acquired (including land, buildings and improvements, and identified intangibles such as above and below market leases and acquired in-place leases, if any) and acquired liabilities and allocates the acquisition price based on these assessments. Depreciation for multi-family properties is computed on a straight-line basis over an estimated useful life of 30 years. Intangible assets (and liabilities) are amortized over the remaining life of the related leases at the time of acquisition and is usually less than one year. . Expenditures for maintenance and repairs are charged to operations as incurred. Real estate is classified as held for sale when management has determined that it has met the applicable criteria. Real estate assets that are expected to be disposed of are valued at the lower of their carrying amount or their fair value less costs to sell on an individual asset basis. Real estate classified as held for sale is not depreciated. The Trust accounts for the sale of real estate when title passes to the buyer, sufficient equity payments have been received, there is no continuing involvement by the Trust and there is reasonable assurance that the remaining receivable, if any, will be collected.
Real Estate Asset Impairments	Real Estate Asset Impairments The Trust reviews each real estate asset owned, including investments in real estate ventures, to determine if there are indicators of impairment. If such indicators are present, the Trust determines whether the carrying amount of the asset can be recovered. Recognition of impairment is required if the undiscounted cash flows estimated to be generated by the asset are less than the asset's carrying amount and that carrying amount exceeds the estimated fair value of the asset. In evaluating a property for impairment, various factors are considered, including estimated current and expected operating cash flow from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of such real estate in the ordinary course of business. Valuation adjustments may be necessary in the event that effective interest rates, rent-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. If future evaluations result in a decrease in the value of the property below its carrying value, the reduction will be recognized as an impairment charge. The fair values related to the impaired real estate assets are considered to be a level 3 valuation within the fair value hierarchy.
Fixed Asset Capitalization	Fixed Asset Capitalization A variety of costs may be incurred in the development of the Trust's properties. After a determination is made to capitalize a cost, it is allocated to the specific project that is benefited. The costs of land and building under development include specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, and other costs incurred during the period of development. A construction project is considered substantially completed when it is available for occupancy, but no later than NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) one year from cessation of major construction activity. The Trust ceases capitalization when the project is available for occupancy.
Equity Based Compensation	Equity Based Compensation Compensation expense for grants of restricted stock and restricted stock units ("RSUs") are amortized over the vesting period of such awards, based upon the estimated fair value of such award at the grant date. The deferred compensation related to the RSUs to be recognized as expense is net of certain and performance assumptions which are re-evaluated quarterly. For accounting purposes, the restricted shares are not included in the outstanding shares shown on the consolidated balance sheets until they vest; however, they are included in the calculation of both basic and diluted earnings per share as they participate in the earnings of the Trust.
Derivatives and Hedging Activities	Derivatives and Hedging Activities The Trust's objective in using derivative financial instruments is to manage interest rate risk related to variable rate debt. The Trust does not use derivatives for trading or speculative purposes. The Trust records all derivatives on its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Trust has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (loss) and subsequently reclassified to earnings in the period in which the hedge transaction affects earnings. The ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which they occur.
Per Share Data	Per Share Data Basic earnings (loss) per share is determined by dividing net income (loss) applicable to common shareholders for the applicable year by the weighted average number of shares of beneficial interest outstanding during such year. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue shares of beneficial interest were exercised or converted into shares of beneficial interest or resulted in the issuance of shares of beneficial interest that share in the earnings of the Trust. Diluted earnings (loss) per share is determined by dividing net income (loss) applicable to common shareholders for the applicable year by the sum of the weighted average number of shares of beneficial interest outstanding plus the dilutive effect of the Trust's unvested restricted stock using the treasury stock method.
Cash Equivalents	Cash Equivalents Cash equivalents consist of highly liquid investments; primarily direct United States treasury obligations with maturities of three months or less when purchased.
Restricted Cash	Restricted Cash Restricted cash consists of cash held for construction costs and property improvements at specific properties as may be required by contractual arrangements.
Deferred Costs	Deferred Costs Fees and costs incurred in connection with multi-family property financings are deferred and amortized over the term of the related debt obligations. Fees and costs paid related to the successful negotiation of commercial leases are deferred and amortized on a straight-line basis over the terms of the respective leases.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Segment Reporting	Segment Reporting The Trust operates in two reportable segments: (i) multi-family real estate; and (ii) other real estate assets. The multi-family real estate segment includes the ownership, operation and development of the Trust's multi-family properties and the other real estate segment includes all activities related to the ownership, operation and disposition of the Trust's other real estate assets.
New Pronouncements	New Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2018. In 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. 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 elected early adoption for the fiscal year ended September 30, 2016, and its adoption did not have a material effect on its consolidated financial statements. 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 August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), which provides specific guidance on eight cash flow classification issues and how to reduce diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The effective date of the standard will be fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Trust is currently evaluating the new guidance to determine the impact, if any, it may have on its consolidated financial statements.

REAL ESTATE PROPERTIES (Tables)

REAL ESTATE PROPERTIES (Tables)	12 Months Ended
	Sep. 30, 2016
Acquisitions
Schedule of Real Estate Properties	Real estate properties (including real estate properties held for sale), consist of the following: September 30, 2016 Land $ 128,409 Building 684,133 Building improvements 25,717 Real estate properties 838,259 Accumulated depreciation (44,687 ) Total real estate properties, net $ 793,572 A summary of activity in real estate properties (including properties held for sale), for the year ended September 30, 2016 , follows (dollars in thousands): September 30, Additions Capitalized Sales Depreciation, September 30, Multi-family $ 605,040 $ 318,680 $ 39,611 $ (157,174 ) $ (23,072 ) $ 783,085 Land - Daytona, FL 7,972 — 49 — — 8,021 Shopping centers/retail - Yonkers, NY 2,574 — — — (108 ) 2,466 ​ ​ ​ ​ ​ ​ Total real estate properties $ 615,586 $ 318,680 $ 39,660 $ (157,174 ) $ (23,180 ) $ 793,572
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	A summary of the Trust's multi-family properties by state as and for the year ended September 30, 2016 , is as follows (dollars in thousands): Location Number of Units at September 30, 2016 2016 % of 2016 Texas 2,750 $ 19,957 22 % Florida 1,186 15,652 17 % Georgia 1,309 14,576 16 % Tennessee 456 9,735 11 % Alabama 826 6,966 8 % South Carolina 1,033 6,613 8 % Missouri 420 3,854 4 % Indiana 400 3,152 4 % Kansas — 3,132 3 % Mississippi 776 2,678 3 % Ohio 264 2,440 3 % Arkansas — 783 1 % 9,420 $ 89,538 100 %
Schedule of Operating Leases, Future Minimum Payments, Receivable	Future minimum rentals to be received by the Trust pursuant to non-cancellable operating leases with terms in excess of one year, from a commercial property owned by the Trust at September 30, 2016 , are as follows (dollars in thousands): Year Ending September 30, Amount 2017 $ 1,103 2018 1,120 2019 1,120 2020 1,120 2021 1,129 Thereafter 5,685 Total $ 11,277
2016 real estate property acquisitions
Acquisitions
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary allocations of the purchase prices of assets acquired during the year ended September 30, 2016 (dollars in thousands): Preliminary Land $ 53,054 Buildings and Improvements 264,474 Lease Intangibles 1,152 Total Consideration $ 318,680 NOTE 2—REAL ESTATE PROPERTIES (continued) The preliminary measurements of fair value reflected above are subject to change. The Trust expects to finalize the valuations and complete the purchase price allocation as soon as practicable but in no event beyond one year from the date of the applicable acquisition.
July 1, 2015 through September 30, 2016 real estate property acquisitions
Acquisitions
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary allocations of the purchase price of ten properties purchased between July 1, 2015 and September 30, 2016, and the finalized allocation of the purchase price, as adjusted, as of September 30, 2016 (dollars in thousands): Preliminary Adjustments Finalized Land $ 42,361 $ (6,568 ) $ 35,793 Buildings and Improvements 260,107 4,999 265,106 Acquisition-related intangible assets (in acquired lease intangibles, net) (1) 733 1,569 2,302 Total Consideration $ 303,201 $ — $ 303,201

ACQUISITIONS, DISPOSITIONS AN30

ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES (Tables)	12 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Schedule of Real Estate Acquisitions	Information regarding these purchases is set forth below (dollars in thousands): Location Purchase Date No. of Units Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Estimated Property Acquisition Costs Fredricksburg, VA 11/04/2016 220 $ 38,490 $ 29,940 $ 8,720 80 % $ 643 Columbia, SC 11/10/2016 374 58,300 41,000 5,670 32 % 71 Columbia, SC (1) 11/10/2016 339 5,915 — 8,665 46 % — 933 $ 102,705 $ 70,940 $ 23,055 $ 714 (1) Represents the purchase of a 5.8 acre parcel of land on which the Trust contemplates the construction of 339 multi-family units. The table below provides information for the year ended September 30, 2016 regarding the Trust's purchases of multi-family properties (dollars in thousands): Location Purchase No. of Acquisition Initial BRT Ownership Percentage Property N. Charleston, SC 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 02/01/16 240 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 Atlanta, GA 8/15/2016 271 39,125 27,375 10,769 74 % 577 Southaven, MS 9/1/2016 384 38,205 30,564 6,060 60 % 347 San Antonio, TX 9/19/2016 288 36,000 27,000 8,060 72 % 510 3,336 $ 318,680 $ 238,212 $ 73,895 $ 3,852
Schedule of Real Estate Disposals	The following table is a summary of the real estate properties disposed of by the Trust subsequent to the year ended September 30, 2016 (dollars in thousands): Location Sale Date No. of Units Sales Price Gain on Sale Non-controlling partner portion of gain Greenville, SC 10/19/2016 350 $ 68,000 $ 18,937 $ 9,669 Panama City, FL 10/26/2016 160 14,720 7,390 3,732 Atlanta, GA 11/21/2016 350 36,750 8,796 4,046 Hixon, TN 11/30/2016 156 10,775 479 120 1,016 $ 130,245 $ 35,602 $ 17,567 The following table is a summary of the real estate properties disposed of by the Trust in the year ended September 30, 2016 (dollars in thousands): Location Sale Date No. of Units Sales Price Gain on Sale Non-controlling partner portion of gain Cordova, TN 3/2/2016 464 31,100 6,731 2,195 Kennesaw, GA 3/15/2016 450 64,000 17,462 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 Little Rock, AK (1) 6/6/2016 172 2,372 386 — Wichita, KS 9/1/2016 496 30,400 10,718 4,241 2,206 $ 200,672 $ 45,593 $ 18,795 (1) Reflects the sale of a partnership interest 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 twelve months ended September 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 Deposits and escrows 93 Other assets 8,734 Total assets of discontinued operations $ 163,545 LIABILITIES Mortgage payable, net of deferred costs of $9,683 $ 100,692 Accounts payable and accrued liabilities 6,848 Deferred income 30,990 Total liabilities of discontinued operations $ 138,530 Statement of Operations Twelve Months Ended September 30, 2016 2015 Revenues: Rental and other revenue from real estate properties $ 2,437 $ 4,335 Other income 444 1,067 Total revenues 2,881 5,402 Expenses: Real estate operating expenses 2,277 4,610 Interest expense 2,242 4,880 Depreciation 1,150 2,241 Total expense 5,669 11,731 Income from discontinued operations (2,788 ) (6,329 ) Gain on sale of partnership interest 15,467 — Discontinued operations $ 12,679 $ (6,329 )

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Real Estate Disposals	The following table is a summary of the real estate properties disposed of by the Trust subsequent to the year ended September 30, 2016 (dollars in thousands): Location Sale Date No. of Units Sales Price Gain on Sale Non-controlling partner portion of gain Greenville, SC 10/19/2016 350 $ 68,000 $ 18,937 $ 9,669 Panama City, FL 10/26/2016 160 14,720 7,390 3,732 Atlanta, GA 11/21/2016 350 36,750 8,796 4,046 Hixon, TN 11/30/2016 156 10,775 479 120 1,016 $ 130,245 $ 35,602 $ 17,567 The following table is a summary of the real estate properties disposed of by the Trust in the year ended September 30, 2016 (dollars in thousands): Location Sale Date No. of Units Sales Price Gain on Sale Non-controlling partner portion of gain Cordova, TN 3/2/2016 464 31,100 6,731 2,195 Kennesaw, GA 3/15/2016 450 64,000 17,462 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 Little Rock, AK (1) 6/6/2016 172 2,372 386 — Wichita, KS 9/1/2016 496 30,400 10,718 4,241 2,206 $ 200,672 $ 45,593 $ 18,795 (1) Reflects the sale of a partnership interest 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 twelve months ended September 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 Deposits and escrows 93 Other assets 8,734 Total assets of discontinued operations $ 163,545 LIABILITIES Mortgage payable, net of deferred costs of $9,683 $ 100,692 Accounts payable and accrued liabilities 6,848 Deferred income 30,990 Total liabilities of discontinued operations $ 138,530 Statement of Operations Twelve Months Ended September 30, 2016 2015 Revenues: Rental and other revenue from real estate properties $ 2,437 $ 4,335 Other income 444 1,067 Total revenues 2,881 5,402 Expenses: Real estate operating expenses 2,277 4,610 Interest expense 2,242 4,880 Depreciation 1,150 2,241 Total expense 5,669 11,731 Income from discontinued operations (2,788 ) (6,329 ) Gain on sale of partnership interest 15,467 — Discontinued operations $ 12,679 $ (6,329 )

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	12 Months Ended
	Sep. 30, 2016
Debt Obligations
Schedule of Debt Obligations	Debt obligations consist of the following (dollars in thousands): September 30, 2016 2015 Mortgages payable $ 621,382 $ 475,312 Junior subordinated notes 37,400 37,400 Deferred mortgage costs (6,275 ) (5,327 ) Total debt obligations $ 652,507 $ 507,385
Schedule of Maturities of Long-term Debt	Scheduled principal repayments for the next five years and thereafter are as follows (dollars in thousands): Year Ending September 30, Scheduled Principal Payments 2017 $ 5,649 2018 6,828 2019 127,067 2020 32,431 2021 46,683 Thereafter 402,724 $ 621,382
Schedule of Outstanding Debt	During the twelve months ended September 30, 2016 , the Trust obtained supplemental fixed rate 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 2/09/16 3,865 4.94% August 2021 Huntsville,AL 4/15/16 2,650 5.29% November 2023 $ 14,709 During the twelve months ended September 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 2/01/16 11,200 4.39% 24 months February 2026 Southaven, MS 2/29/16 28,000 4.24% 60 months March 2026 San Antonio, TX (1) 5/06/16 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 Atlanta, GA 8/15/16 27,375 3.97% 36 months August 2026 Southaven,MS 9/01/16 30,564 3.73% 60 months September 2026 San Antonio, TX (1) 9/16/16 27,000 4.05% 36 months September 2026 $ 238,212 (1) Debt is fixed rate by use of an interest rate swap.

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of changes in number of shares outstanding under equity incentive plans	Changes in number of restricted shares outstanding under the Trust's equity incentive plans are shown below: Years Ended September 30, 2016 2015 2014 Outstanding at beginning of the year 672,875 648,225 627,425 Issued 141,050 142,950 140,600 Cancelled (16,850 ) — (300 ) Vested (130,300 ) (118,300 ) (119,500 ) Outstanding at the end of the year 666,775 672,875 648,225
Schedule of compensation expense recorded for all incentive plans	The following table reflects the compensation expense recorded for all incentive plans (dollars in thousands): Years Ended September 30, 2016 2015 2014 Restricted stock grants $ 859 $ 906 $ 805 Restricted stock units 146 — — Total compensation $ 1,005 $ 906 $ 805
Schedule of computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings (loss) per share (dollars in thousands): 2016 2015 2014 Numerator for basic and diluted earnings per share attributable to common shareholders: Net income (loss) attributable to common shareholders $ 31,289 $ (2,388 ) $ (9,454 ) Denominator: Denominator for basic earnings per share—weighted average shares 14,017,279 14,133,352 14,265,589 Denominator for diluted earnings per share—adjusted weighted average shares and assumed conversions 14,017,279 14,133,352 14,265,589 Basic earnings (loss) per share $ 2.23 $ (0.17 ) $ (0.66 ) Diluted earnings (loss) per share $ 2.23 $ (0.17 ) $ (0.66 )

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Summary of segment reporting	The following table summarizes the Trust's segment reporting for the year ended September 30, 2016 (dollars in thousands): Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate properties $ 89,538 $ 1,407 $ 90,945 Other income — 3,319 3,319 Total revenues 89,538 4,726 94,264 Expenses: Real estate operating expenses 42,679 583 43,262 Interest expense 23,739 139 23,878 Advisor's fee, related party 593 100 693 Property acquisition costs 3,852 — 3,852 General and administrative 8,313 223 8,536 Provision for federal taxes 686 14 700 Depreciation 22,251 929 23,180 Total expenses 102,113 1,988 104,101 Total revenues less total expenses (12,575 ) 2,738 (9,837 ) Gain on sale of real estate 45,206 1,271 46,477 Gain on sale of partnership interest 386 — 386 Loss on extinguishment of debt (4,547 ) — (4,547 ) Income from continuing operations 28,470 4,009 32,479 Net (income) attributable to non-controlling interests (15,420 ) (108 ) (15,528 ) Net income attributable to common shareholders before reconciling items $ 13,050 $ 3,901 $ 16,951 Reconciling adjustment: Discontinued operations, net of non controlling interests 14,338 Net income attributable to common shareholders $ 31,289 Segment assets at September 30, 2016 $ 844,430 $ 31,001 NOTE 11—SEGMENT REPORTING - (continued) The following table summarizes the Trust's segment reporting for the year ended September 30, 2015 (dollars in thousands): Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate properties $ 75,643 $ 1,380 $ 77,023 Other income — 72 72 Total revenues 75,643 1,452 77,095 Expenses: Real estate operating expenses 38,000 609 38,609 Interest expense 18,944 353 19,297 Advisor's fee, related party 2,077 371 2,448 Property acquisition costs 1,885 — 1,885 General and administrative 6,314 369 6,683 Depreciation 18,336 118 18,454 Total expenses 85,556 1,820 87,376 Total revenues less total expenses (9,913 ) (368 ) (10,281 ) Gain on sale of real estate 14,404 601 15,005 Income (loss) from continuing operations 4,491 233 4,724 Net (income) loss attributable to non-controlling interests (4,877 ) (93 ) (4,970 ) Net income (loss) attributable to common shareholders before reconciling adjustment $ (386 ) $ 140 $ (246 ) Reconciling adjustment: Discontinued operations, net of non controlling interests (2,142 ) Net income attributable to common shareholders $ (2,388 ) Segment assets at September 30, 2015 $ 616,909 $ 55,425 NOTE 11—SEGMENT REPORTING - (continued) The following table summarizes the Trust's segment reporting for the year ended September 30, 2014 (dollars in thousands): Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate properties $ 60,362 $ 1,363 $ 61,725 Other income 4 84 88 Total revenues 60,366 1,447 61,813 Expenses: Operating expenses relating to real estate properties 32,347 637 32,984 Interest expense 16,212 222 16,434 Advisor's fee, related party 1,466 335 1,801 Property acquisition costs 2,542 — 2,542 General and administrative 5,887 437 6,324 Depreciation 13,828 117 13,945 Total expenses 72,282 1,748 74,030 Loss from continuing operations (11,916 ) (301 ) (12,217 ) Plus: net loss attributable to non-controlling interests 759 (92 ) 667 Net (loss) income attributable to common shareholders before reconciling adjustments $ (11,157 ) $ (393 ) $ (11,550 ) Reconciling adjustment: Other income 65 Discontinued operations, net of non controlling interests 2,031 Net loss attributable to common shareholders $ (9,454 ) Segment assets at September 30, 2014 $ 569,357 $ 31,075

FAIR VALUE OF FINANCIAL INSTR35

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities measured at fair value	Set forth below is information regarding the Trust's financial assets and liabilities measured at fair value as of September 30, 2016 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Financial Liabilities: Interest rate swap $ (1,602 ) — $ (1,602 )

DERIVATIVE FINANCIAL INSTRUME36

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Sep. 30, 2016
Interest Rate Derivatives
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheets	Derivatives as of: September 30, 2016 September 30, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Other Assets $ — Other assets $ — Accounts payable and accrued liabilities $ 1,602 Accounts payable and accrued liabilities $ 58
Schedule of effect of derivative financial instrument on consolidated statements of comprehensive income	The following table presents the effect of the Trust's derivative financial instrument on the consolidated statements of comprehensive income (loss) for the years ended September 30, 2016 , 2015 and 2014 (dollars in thousands): Year Ended September 30, 2016 2015 2014 Amount of loss recognized on derivative in Other Comprehensive Income $ (1,695 ) $ (83 ) $ (37 ) Amount of loss reclassified from Accumulated Other Comprehensive (loss) income into Interest Expense $ (150 ) $ (33 ) $ (36 )
Designated as a hedge
Interest Rate Derivatives
Schedule of interest rate derivative	As of September 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 $ 1,559 5.25 % April 1, 2022 Interest Rate Swap $ 26,400 3.61 % May 6, 2023 Interest Rate Swap $ 27,000 4.05 % September 19, 2026

QUARTERLY FINANCIAL DATA (Una37

QUARTERLY FINANCIAL DATA (Unaudited) (Tables)	12 Months Ended
	Sep. 30, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly financial data	2016 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 21,405 $ 24,857 $ 23,245 $ 24,757 $ 94,264 Expenses 23,187 25,849 26,610 28,455 104,101 Total revenues less total expenses (1,782 ) (992 ) (3,365 ) (3,698 ) (9,837 ) Gain on sale of real estate 609 24,226 10,263 11,379 46,477 Gain on sale of partnership interest — — 386 — 386 Loss on extinguishment of debt — (2,668 ) — (1,879 ) (4,547 ) (Loss) income from continuing operations (1,173 ) 20,566 7,284 5,802 32,479 (Loss) income from discontinued operations (1,600 ) 14,279 — — 12,679 Net (loss) income (2,773 ) 34,845 7,284 5,802 45,158 Net loss (income) attributable to non-controlling interests 739 (9,909 ) (1,804 ) (2,895 ) (13,869 ) Net (loss) income attributable to common shareholders $ (2,034 ) $ 24,936 $ 5,480 $ 2,907 $ 31,289 Basic and per share amounts attributable to common shareholders Continuing operations $ (0.10 ) $ 0.70 $ 0.39 $ 0.21 $ 1.21 Discontinued operations (0.04 ) 1.06 — — 1.02 Basic and diluted (loss) income per share $ (0.14 ) $ 1.76 $ 0.39 $ 0.21 $ 2.23 NOTE 15—QUARTERLY FINANCIAL DATA (Unaudited) - (continued) 2015 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 18,526 $ 19,123 $ 19,790 $ 19,656 $ 77,095 Expenses 20,320 20,838 21,596 24,622 87,376 Total revenues less total expenses (1,794 ) (1,715 ) (1,806 ) (4,966 ) (10,281 ) Gain on sale of real estate — 2,777 — 12,228 15,005 (Loss) income from continuing operations (1,794 ) 1,062 (1,806 ) 7,262 4,724 Loss from discontinued operations (1,733 ) (1,448 ) (1,702 ) (1,446 ) (6,329 ) Net (loss) income (3,527 ) (386 ) (3,508 ) 5,816 (1,605 ) Net loss (income) attributable to non-controlling interests 1,029 (362 ) 930 (2,380 ) (783 ) Net (loss) income attributable to common shareholders $ (2,498 ) $ (748 ) $ (2,578 ) $ 3,436 $ (2,388 ) Basic and per share amounts attributable to common shareholders Continuing operations $ (0.15 ) $ (0.01 ) $ (0.13 ) $ 0.27 $ (0.02 ) Discontinued operations (0.03 ) (0.04 ) (0.05 ) (0.03 ) (0.15 ) Basic and diluted (loss) income per share $ (0.18 ) $ (0.05 ) $ (0.18 ) $ 0.24 $ (0.17 )

ORGANIZATION, BACKGROUND AND 38

ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2016USD ($)statepropertysegmentproperty_unit	Sep. 30, 2015USD ($)
Real Estate Properties
Number of states in which entity operates | state	10
Number of properties owned and operated | property	33
Number of units | property_unit	9,420
Number of units in real estate property, under construction | property	271
Number of units in real estate property, in lease up stage | property	350
Real estate investment property, net	$ 759,576	$ 591,727
Real estate investments, other	29,989
Mortgage loans on real estate	$ 19,500
Number of reportable segments | segment	2
Multi-family residential
Real Estate Properties
Real estate investment property, net	$ 783,084
Joint ventures | Purchase of properties | Multi-family residential
Real Estate Properties
Equity contribution in each transaction (as a percent)	80.00%
Building | Multi-family residential
Real Estate Properties
Real estate property, estimated useful life	30 years
Maximum
Real Estate Properties
Period from cessation of major construction activity to consider construction project as substantially completed	1 year
Maximum | Multi-family residential
Real Estate Properties
Operating leases, term of contract	1 year

REAL ESTATE PROPERTIES (Details

REAL ESTATE PROPERTIES (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015
Real Estate [Abstract]
Land	$ 128,409
Building	684,133
Building improvements	25,717
Real estate properties	838,259
Accumulated depreciation	(44,687)
Total real estate properties, net	$ 793,572	$ 615,586

REAL ESTATE PROPERTIES (Detai40

REAL ESTATE PROPERTIES (Details 1) $ in Thousands	12 Months Ended
	Sep. 30, 2016USD ($)
Activity in real estate properties
Balance at the beginning of the period	$ 615,586
Additions	318,680
Capitalized Costs and Improvements	39,660
Sales	(157,174)
Depreciation, Amortization and other Reductions	(23,180)
Balance at the end of the period	793,572
Multi-family residential
Activity in real estate properties
Balance at the beginning of the period	605,040
Additions	318,680
Capitalized Costs and Improvements	39,611
Sales	(157,174)
Depreciation, Amortization and other Reductions	(23,072)
Balance at the end of the period	783,085
Land
Activity in real estate properties
Balance at the beginning of the period	7,972
Additions	0
Capitalized Costs and Improvements	49
Sales	0
Depreciation, Amortization and other Reductions	0
Balance at the end of the period	8,021
Shopping centers/retail | Primary Beneficiary | Newark Joint Venture
Activity in real estate properties
Balance at the beginning of the period	2,574
Additions	0
Capitalized Costs and Improvements	0
Sales	0
Depreciation, Amortization and other Reductions	(108)
Balance at the end of the period	$ 2,466

REAL ESTATE PROPERTIES (Detai41

REAL ESTATE PROPERTIES (Details 2) $ in Thousands	12 Months Ended	15 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)
Acquisitions
Number of properties acquired | property		10
2016 real estate property acquisitions
Allocations of purchase prices of assets acquired and liabilities assumed
Total Consideration	$ 318,680	$ 318,680
2016 real estate property acquisitions | Land
Allocations of purchase prices of assets acquired and liabilities assumed
Real estate property	53,054	53,054
2016 real estate property acquisitions | Buildings and Improvements
Allocations of purchase prices of assets acquired and liabilities assumed
Real estate property	264,474	264,474
2016 real estate property acquisitions | Acquisition-related intangible assets
Allocations of purchase prices of assets acquired and liabilities assumed
Acquisition-related intangible assets	1,152	1,152
July 1, 2015 through September 30, 2016 real estate property acquisitions
Allocations of purchase prices of assets acquired and liabilities assumed
Total Consideration	303,201	303,201
Adjustments to preliminary allocations of purchase price of properties
Total Consideration	0
July 1, 2015 through September 30, 2016 real estate property acquisitions | Leases acquired
Allocations of purchase prices of assets acquired and liabilities assumed
Acquisition-related intangible assets	2,302	2,302
Adjustments to preliminary allocations of purchase price of properties
Acquisition-related intangible assets	1,569
July 1, 2015 through September 30, 2016 real estate property acquisitions | Land
Allocations of purchase prices of assets acquired and liabilities assumed
Real estate property	35,793	35,793
Adjustments to preliminary allocations of purchase price of properties
Real estate property	(6,568)
July 1, 2015 through September 30, 2016 real estate property acquisitions | Buildings and Improvements
Allocations of purchase prices of assets acquired and liabilities assumed
Real estate property	265,106	$ 265,106
Adjustments to preliminary allocations of purchase price of properties
Real estate property	$ 4,999
Preliminary | July 1, 2015 through September 30, 2016 real estate property acquisitions
Allocations of purchase prices of assets acquired and liabilities assumed
Total Consideration			$ 303,201
Preliminary | July 1, 2015 through September 30, 2016 real estate property acquisitions | Leases acquired
Allocations of purchase prices of assets acquired and liabilities assumed
Acquisition-related intangible assets			733
Preliminary | July 1, 2015 through September 30, 2016 real estate property acquisitions | Land
Allocations of purchase prices of assets acquired and liabilities assumed
Real estate property			42,361
Preliminary | July 1, 2015 through September 30, 2016 real estate property acquisitions | Buildings and Improvements
Allocations of purchase prices of assets acquired and liabilities assumed
Real estate property			$ 260,107

REAL ESTATE PROPERTIES (Detai42

REAL ESTATE PROPERTIES (Details 3) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2016USD ($)property_unit	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2016USD ($)property_unit	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	9,420								9,420
2016 Revenue | $	$ 24,757	$ 23,245	$ 24,857	$ 21,405	$ 19,656	$ 19,790	$ 19,123	$ 18,526	$ 94,264	$ 77,095	$ 61,813
Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	9,420								9,420
2016 Revenue | $									$ 89,538
% of 2016 Revenue									100.00%
Texas | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	2,750								2,750
2016 Revenue | $									$ 19,957
% of 2016 Revenue									22.00%
Florida | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	1,186								1,186
2016 Revenue | $									$ 15,652
% of 2016 Revenue									17.00%
Georgia | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	1,309								1,309
2016 Revenue | $									$ 14,576
% of 2016 Revenue									16.00%
Tennessee | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	456								456
2016 Revenue | $									$ 9,735
% of 2016 Revenue									11.00%
Alabama | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	826								826
2016 Revenue | $									$ 6,966
% of 2016 Revenue									8.00%
South Carolina | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	1,033								1,033
2016 Revenue | $									$ 6,613
% of 2016 Revenue									8.00%
Missouri | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	420								420
2016 Revenue | $									$ 3,854
% of 2016 Revenue									4.00%
Indiana | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	400								400
2016 Revenue | $									$ 3,152
% of 2016 Revenue									4.00%
Kansas | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	0								0
2016 Revenue | $									$ 3,132
% of 2016 Revenue									3.00%
Mississippi | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	776								776
2016 Revenue | $									$ 2,678
% of 2016 Revenue									3.00%
Ohio | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	264								264
2016 Revenue | $									$ 2,440
% of 2016 Revenue									3.00%
Arkansas | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of units | property_unit	0								0
2016 Revenue | $									$ 783
% of 2016 Revenue									1.00%

REAL ESTATE PROPERTIES (Detai43

REAL ESTATE PROPERTIES (Details 4) $ in Thousands	12 Months Ended
	Sep. 30, 2016USD ($)
Commercial
Future minimum rentals to be received pursuant to non-cancellable operating leases
2,017	$ 1,103
2,018	1,120
2,019	1,120
2,020	1,120
2,021	1,129
Thereafter	5,685
Total	$ 11,277
Maximum | Multi-family residential
Real Estate Properties
Operating leases, term of contract	1 year

ACQUISITIONS, DISPOSITIONS AN44

ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - Schedule of Property Acquisitions (Details)

Nov. 10, 2016USD ($)property_unit

Nov. 04, 2016USD ($)property_unit

Sep. 19, 2016USD ($)property_unit

Sep. 01, 2016USD ($)property_unit

Aug. 15, 2016USD ($)property_unit

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 ($)property_unit

Dec. 09, 2016USD ($)apropertyproperty_unit

Sep. 30, 2016USD ($)property_unit

Sep. 30, 2015USD ($)

Sep. 30, 2014USD ($)

Oct. 01, 2016aproperty_unit

Acquisitions

No. of Units | property_unit

9,420

Property acquisition costs

$ 3,852,000

$ 1,885,000

$ 2,542,000

Joint ventures | Purchase of properties | Multi-family residential | Primary Beneficiary

Acquisitions

No. of Units | property_unit

3,336

Purchase Price

$ 318,680,000

Initial BRT Equity

73,895,000

Property acquisition costs

3,852,000

Joint ventures | Purchase of properties | N. Charleston, SC | Multi-family residential | Primary Beneficiary

Acquisitions

No. of Units | property_unit

271

Purchase Price

$ 3,625,000

Initial BRT Equity

$ 6,558,000

Ownership Percentage

65.00%

Property acquisition costs

$ 0

Joint ventures | Purchase of properties | LaGrange, GA | Multi-family residential | Primary Beneficiary

Acquisitions

No. of Units | property_unit

236

Purchase Price

$ 22,800,000

Initial BRT Equity

$ 6,824,000

Ownership Percentage

100.00%

Property acquisition costs

$ 57,000

Joint ventures | Purchase of properties | Katy, TX | Multi-family residential | Primary Beneficiary

Acquisitions

No. of Units | property_unit

268

Purchase Price

$ 40,250,000

Initial BRT Equity

$ 8,150,000

Ownership Percentage

75.00%

Property acquisition costs

$ 382,000

Joint ventures | Purchase of properties | Macon, GA | Multi-family residential | Primary Beneficiary

Acquisitions

No. of Units | property_unit

240

Purchase Price

$ 14,525,000

Initial BRT Equity

$ 3,250,000

Ownership Percentage

80.00%

Property acquisition costs

$ 158,000

Joint ventures | Purchase of properties | Southaven, MS (Location 1) | Multi-family residential | Primary Beneficiary

Acquisitions

No. of Units | property_unit

392

Purchase Price

$ 35,000,000

Initial BRT Equity

$ 5,856,000

Ownership Percentage

60.00%

Property acquisition costs

$ 413,000

Joint ventures | Purchase of properties | San Antonio, TX (Location 1) | Multi-family residential | Primary Beneficiary

Acquisitions

No. of Units | property_unit

288

Purchase Price

$ 35,150,000

Initial BRT Equity

$ 6,688,000

Ownership Percentage

65.00%

Property acquisition costs

$ 539,000

Joint ventures | Purchase of properties | Dallas, TX | Multi-family residential | Primary Beneficiary

Acquisitions

No. of Units | property_unit

494

Purchase Price

$ 37,000,000

Initial BRT Equity

$ 6,750,000

Ownership Percentage

50.00%

Property acquisition costs

$ 567,000

Joint ventures | Purchase of properties | Columbia, SC (Location 1) | Multi-family residential | Primary Beneficiary

Acquisitions

No. of Units | property_unit

204

Purchase Price

$ 17,000,000

Initial BRT Equity

$ 4,930,000

Ownership Percentage

80.00%

Property acquisition costs

$ 302,000

Joint ventures | Purchase of properties | Atlanta, GA (Location 2) | Multi-family residential | Primary Beneficiary

Acquisitions

No. of Units | property_unit

271

Purchase Price

$ 39,125,000

Initial BRT Equity

$ 10,769,000

Ownership Percentage

74.00%

Property acquisition costs

$ 577,000

Joint ventures | Purchase of properties | Southaven, MS (Location 2) | Multi-family residential | Primary Beneficiary

Acquisitions

No. of Units | property_unit

384

Purchase Price

$ 38,205,000

Initial BRT Equity

$ 6,060,000

Ownership Percentage

60.00%

Property acquisition costs

$ 347,000

Joint ventures | Purchase of properties | San Antonio, TX (Location 2) | Multi-family residential | Primary Beneficiary

Acquisitions

No. of Units | property_unit

288

Purchase Price

$ 36,000,000

Initial BRT Equity

$ 8,060,000

Ownership Percentage

72.00%

Property acquisition costs

$ 510,000

Joint ventures | Mortgages | Purchase of properties | Multi-family residential | Primary Beneficiary

Acquisitions

Acquisition Mortgage Debt

$ 238,212,000

Joint ventures | Mortgages | Purchase of properties | N. Charleston, SC | Multi-family residential | Primary Beneficiary

Acquisitions

Acquisition Mortgage Debt

$ 0

Joint ventures | Mortgages | Purchase of properties | LaGrange, GA | Multi-family residential | Primary Beneficiary

Acquisitions

Acquisition Mortgage Debt

$ 16,051,000

Joint ventures | Mortgages | Purchase of properties | Katy, TX | Multi-family residential | Primary Beneficiary

Acquisitions

Acquisition Mortgage Debt

$ 30,750,000

Joint ventures | Mortgages | Purchase of properties | Macon, GA | Multi-family residential | Primary Beneficiary

Acquisitions

Acquisition Mortgage Debt

$ 11,200,000

Joint ventures | Mortgages | Purchase of properties | Southaven, MS (Location 1) | Multi-family residential | Primary Beneficiary

Acquisitions

Acquisition Mortgage Debt

$ 28,000,000

Joint ventures | Mortgages | Purchase of properties | San Antonio, TX (Location 1) | Multi-family residential | Primary Beneficiary

Acquisitions

Acquisition Mortgage Debt

$ 26,400,000

Joint ventures | Mortgages | Purchase of properties | Dallas, TX | Multi-family residential | Primary Beneficiary

Acquisitions

Acquisition Mortgage Debt

$ 27,938,000

Joint ventures | Mortgages | Purchase of properties | Columbia, SC (Location 1) | Multi-family residential | Primary Beneficiary

Acquisitions

Acquisition Mortgage Debt

$ 12,934,000

Joint ventures | Mortgages | Purchase of properties | Atlanta, GA (Location 2) | Multi-family residential | Primary Beneficiary

Acquisitions

Acquisition Mortgage Debt

$ 27,375,000

Joint ventures | Mortgages | Purchase of properties | Southaven, MS (Location 2) | Multi-family residential | Primary Beneficiary

Acquisitions

Acquisition Mortgage Debt

$ 30,564,000

Joint ventures | Mortgages | Purchase of properties | San Antonio, TX (Location 2) | Multi-family residential | Primary Beneficiary

Acquisitions

Acquisition Mortgage Debt

$ 27,000,000

Subsequent Event

Acquisitions

Number of properties acquired | property

3

Area of real estate property | a

5.8

5.8

Number of units in real estate property to be constructed | property_unit

339

339

Subsequent Event | Purchase of properties

Acquisitions

No. of Units | property_unit

933

Subsequent Event | Joint ventures | Purchase of properties | Multi-family residential | Primary Beneficiary

Acquisitions

No. of Units | property_unit

933

Purchase Price

$ 102,705,000

Initial BRT Equity

23,055,000

Property acquisition costs

714,000

Subsequent Event | Joint ventures | Purchase of properties | Fredricksburg, VA | Multi-family residential | Primary Beneficiary

Acquisitions

No. of Units | property_unit

220

Purchase Price

$ 38,490,000

Initial BRT Equity

$ 8,720,000

Ownership Percentage

80.00%

Property acquisition costs

$ 643,000

Subsequent Event | Joint ventures | Purchase of properties | Columbia, SC (Location 2) | Multi-family residential | Primary Beneficiary

Acquisitions

No. of Units | property_unit

374

Purchase Price

$ 58,300,000

Initial BRT Equity

$ 5,670,000

Ownership Percentage

32.00%

Property acquisition costs

$ 71,000

Subsequent Event | Joint ventures | Purchase of properties | Columbia, SC (Location 3) | Multi-family residential | Primary Beneficiary

Acquisitions

No. of Units | property_unit

339

Purchase Price

$ 5,915,000

Initial BRT Equity

$ 8,665,000

Ownership Percentage

46.00%

Property acquisition costs

$ 0

Subsequent Event | Joint ventures | Mortgages | Purchase of properties | Multi-family residential | Primary Beneficiary

Acquisitions

Acquisition Mortgage Debt

$ 70,940,000

Subsequent Event | Joint ventures | Mortgages | Purchase of properties | Fredricksburg, VA | Multi-family residential | Primary Beneficiary

Acquisitions

Acquisition Mortgage Debt

$ 29,940,000

Subsequent Event | Joint ventures | Mortgages | Purchase of properties | Columbia, SC (Location 2) | Multi-family residential | Primary Beneficiary

Acquisitions

Acquisition Mortgage Debt

41,000,000

Subsequent Event | Joint ventures | Mortgages | Purchase of properties | Columbia, SC (Location 3) | Multi-family residential | Primary Beneficiary

Acquisitions

Acquisition Mortgage Debt

$ 0

ACQUISITIONS, DISPOSITIONS AN45

ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - Schedule of Property Dispositions (Details)

Nov. 30, 2016USD ($)property_unit

Nov. 21, 2016USD ($)property_unit

Oct. 26, 2016USD ($)property_unit

Oct. 19, 2016USD ($)property_unit

Sep. 01, 2016USD ($)property_unit

Jun. 06, 2016USD ($)property_unit

Jun. 01, 2016USD ($)property_unit

Apr. 06, 2016USD ($)property_unit

Mar. 15, 2016USD ($)property_unit

Mar. 02, 2016USD ($)property_unit

Dec. 09, 2016USD ($)property_unit

Sep. 30, 2016USD ($)property_unit

Sep. 30, 2015USD ($)

Sep. 30, 2014USD ($)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

No. of Units | property_unit

9,420

Gain on Sale

$ (2,788,000)

$ (6,329,000)

$ (3,949,000)

Impairment of real estate

$ 0

$ 0

$ 0

Discontinued Operations, Disposed of by Sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

No. of Units | property_unit

2,206

Sales Price

$ 200,672,000

Gain on Sale

45,593,000

Non-controlling partner portion of gain

$ 18,795,000

Discontinued Operations, Disposed of by Sale | Cordova, TN

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

No. of Units | property_unit

464

Sales Price

$ 31,100,000

Gain on Sale

6,731,000

Non-controlling partner portion of gain

$ 2,195,000

Discontinued Operations, Disposed of by Sale | Kennesaw, GA

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

No. of Units | property_unit

450

Sales Price

$ 64,000,000

Gain on Sale

17,462,000

Non-controlling partner portion of gain

$ 10,037,000

Discontinued Operations, Disposed of by Sale | Pooler, GA

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

No. of Units | property_unit

300

Sales Price

$ 38,500,000

Gain on Sale

5,710,000

Non-controlling partner portion of gain

$ 1,405,000

Discontinued Operations, Disposed of by Sale | Collierville, TN

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

No. of Units | property_unit

324

Sales Price

$ 34,300,000

Gain on Sale

4,586,000

Non-controlling partner portion of gain

$ 917,000

Discontinued Operations, Disposed of by Sale | Little Rock A K

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

No. of Units | property_unit

172

Sales Price

$ 2,372,000

Gain on Sale

386,000

Non-controlling partner portion of gain

$ 0

Discontinued Operations, Disposed of by Sale | Wichita, KS

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

No. of Units | property_unit

496

Sales Price

$ 30,400,000

Gain on Sale

10,718,000

Non-controlling partner portion of gain

$ 4,241,000

Discontinued Operations, Disposed of by Sale | Manhattan, NY

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

No. of Units | property_unit

2

Sales Price

$ 1,377,000

Gain on Sale

$ 1,271,000

Subsequent Event | Discontinued Operations, Disposed of by Sale

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

No. of Units | property_unit

1,016

Sales Price

$ 130,245,000

Gain on Sale

35,602,000

Non-controlling partner portion of gain

$ 17,567,000

Subsequent Event | Discontinued Operations, Disposed of by Sale | Greenville, SC (Location 2)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

No. of Units | property_unit

350

Sales Price

$ 68,000,000

Gain on Sale

18,937,000

Non-controlling partner portion of gain

$ 9,669,000

Subsequent Event | Discontinued Operations, Disposed of by Sale | Panama City, FL (Location 2)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

No. of Units | property_unit

160

Sales Price

$ 14,720,000

Gain on Sale

7,390,000

Non-controlling partner portion of gain

$ 3,732,000

Subsequent Event | Discontinued Operations, Disposed of by Sale | Atlanta, GA (Location 3)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

No. of Units | property_unit

350

Sales Price

$ 36,750,000

Gain on Sale

8,796,000

Non-controlling partner portion of gain

$ 4,046,000

Subsequent Event | Discontinued Operations, Disposed of by Sale | Hixon, TN

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

No. of Units | property_unit

156

Sales Price

$ 10,775,000

Gain on Sale

479,000

Non-controlling partner portion of gain

$ 120,000

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) ft² in Thousands	Feb. 23, 2016USD ($)	Sep. 30, 2016USD ($)ft²	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Dec. 09, 2016a	Oct. 31, 2016USD ($)	Oct. 01, 2016a
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of partnership interest		$ 15,467,000	$ 0	$ 0
Newark Joint Venture | 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	15,467,000	$ 0
Additional consideration receivable	900,000
Liability arrangement, amount outstanding	$ 2,800,000
Notes and loans receivable, net		$ 19,500,000
Loan receivable, stated rate		11.00%
Loan receivable, stated rate, monthly		6.00%
Loan receivable, stated rate, accrued until maturity		5.00%
Interest receivable, noncurrent		$ 2,380,000
Newark, NJ
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property | ft²		68
Net rentable area | ft²		303
Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of real estate property | a					5.8		5.8
Principal Due Upon Release of Certain Mortgages						$ 5,900,000
Deferred Interest Due Upon Release of Certain Mortgages						$ 750,000

DISCONTINUED OPERATIONS - Balan

DISCONTINUED OPERATIONS - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015
ASSETS
Total assets of discontinued operations	$ 0	$ 163,545
LIABILITIES
Deferred costs		9,683
Total liabilities of discontinued operations	$ 0	138,530
Newark Joint Venture | Disposal Group, Disposed of by Sale, Not Discontinued Operations
ASSETS
Real estate properties, net		141,441
Restricted cash		13,277
Deposits and escrows		93
Other assets		8,734
Total assets of discontinued operations		163,545
LIABILITIES
Mortgage payable, net of deferred costs of $9,683		100,692
Accounts payable and accrued liabilities		6,848
Deferred income		30,990
Total liabilities of discontinued operations		$ 138,530

DISCONTINUED OPERATIONS - State

DISCONTINUED OPERATIONS - Statement of Operations (Details) - USD ($) $ in Thousands	Feb. 23, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Expenses:
Gain on sale of partnership interest		$ 15,467	$ 0	$ 0
Newark Joint Venture | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Revenues:
Rental and other revenue from real estate properties		2,437	4,335
Other income		444	1,067
Total revenues		2,881	5,402
Expenses:
Real estate operating expenses		2,277	4,610
Interest expense		2,242	4,880
Depreciation		1,150	2,241
Total expense		5,669	11,731
Income from discontinued operations		(2,788)	(6,329)
Gain on sale of partnership interest	$ 15,467	15,467	0
Discontinued operations		$ 12,679	$ (6,329)

REAL ESTATE PROPERTY HELD FOR49

REAL ESTATE PROPERTY HELD FOR SALE (Details) - USD ($) $ in Thousands	Nov. 21, 2016	Oct. 26, 2016	Dec. 09, 2016	Sep. 30, 2016
Atlanta, GA
Real Estate [Line Items]
Real estate held-for-sale				$ 27,076
Panama City, FL (Location 1)
Real Estate [Line Items]
Real estate held-for-sale				$ 6,920
Subsequent Event
Real Estate [Line Items]
Sales of real estate	$ 27,076	$ 6,920
Subsequent Event | Atlanta, GA
Real Estate [Line Items]
Estimated proceeds from sale of property held-for-sale, portion allocated to minority partners			$ 4,000
Estimated gains (losses) on sales of real estate held for sale			8,800
Subsequent Event | Panama City, FL (Location 1)
Real Estate [Line Items]
Estimated proceeds from sale of property held-for-sale, portion allocated to minority partners			3,700
Estimated gains (losses) on sales of real estate held for sale			$ 7,400

DEBT OBLIGATIONS - Mortgage Pay

DEBT OBLIGATIONS - Mortgage Payable (Details)

Sep. 16, 2016USD ($)

Sep. 01, 2016USD ($)

Aug. 15, 2016USD ($)

May 31, 2016USD ($)

May 11, 2016USD ($)

May 06, 2016USD ($)

Feb. 29, 2016USD ($)

Feb. 01, 2016USD ($)

Jan. 22, 2016USD ($)

Sep. 30, 2016USD ($)property

Apr. 15, 2016USD ($)

Feb. 09, 2016USD ($)

Nov. 18, 2015USD ($)

Nov. 10, 2015USD ($)

Oct. 13, 2015USD ($)

Sep. 30, 2015USD ($)

Debt Instrument [Line Items]

Debt, long-term and short-term debt, combined amount

$ 652,507,000

$ 507,385,000

Deferred mortgage costs

(6,275,000)

(5,327,000)

Mortgages held for sale

$ 27,052,000

Number of properties owned and operated | property

33

Mortgages

Debt Instrument [Line Items]

Debt face amount

$ 238,212,000

Mortgages | Multi-family residential

Debt Instrument [Line Items]

Number of properties owned and operated | property

33

Debt, weighted average interest rate

3.98%

Average maturity

7 years

Maturities of Long-term Debt [Abstract]

2,017

$ 5,649,000

2,018

6,828,000

2,019

127,067,000

2,020

32,431,000

2,021

46,683,000

Thereafter

402,724,000

Total debt obligations

621,382,000

Junior subordinated notes

Debt Instrument [Line Items]

Debt, long-term and short-term debt, combined amount

37,400,000

37,400,000

Deferred mortgage costs

(402,000)

(422,000)

Mortgages

Debt Instrument [Line Items]

Debt, long-term and short-term debt, combined amount

621,382,000

475,312,000

Deferred mortgage costs

(5,873,000)

$ (4,905,000)

Additional mortgages obtained | Mortgages

Debt Instrument [Line Items]

Debt face amount

$ 14,709,000

LaGrange, GA | Mortgages Maturing in February 2022 | Mortgages

Debt Instrument [Line Items]

Debt face amount

$ 16,051,000

Interest rate (as a percent)

4.36%

Katy, TX | Mortgages Maturing in February 2026 | Mortgages

Debt Instrument [Line Items]

Debt face amount

$ 30,750,000

Interest rate (as a percent)

4.44%

Average maturity

60 months

Macon, GA | Mortgages Maturing in February 2026 | Mortgages

Debt Instrument [Line Items]

Debt face amount

$ 11,200,000

Interest rate (as a percent)

4.39%

Average maturity

24 months

Southaven, MS (Location 1) | Mortgages Maturing in March 2026 | Mortgages

Debt Instrument [Line Items]

Debt face amount

$ 28,000,000

Interest rate (as a percent)

4.24%

Average maturity

60 months

San Antonio, TX (Location 1) | Mortgages Maturing in May 2023 | Mortgages

Debt Instrument [Line Items]

Debt face amount

$ 26,400,000

Interest rate (as a percent)

3.61%

Average maturity

23 months

Dallas, TX | Mortgages Maturing in May 2028 | Mortgages

Debt Instrument [Line Items]

Debt face amount

$ 27,938,000

Interest rate (as a percent)

4.01%

Average maturity

24 months

Columbia, SC (Location 1) | Mortgages Maturing in June 2026 | Mortgages

Debt Instrument [Line Items]

Debt face amount

$ 12,934,000

Interest rate (as a percent)

4.28%

Average maturity

36 months

Atlanta, GA (Location 2) | Mortgages Maturing in August 2026 | Mortgages

Debt Instrument [Line Items]

Debt face amount

$ 27,375,000

Interest rate (as a percent)

3.97%

Average maturity

36 months

Southaven, MS (Location 2) | Mortgages Maturing in September 2026 | Mortgages

Debt Instrument [Line Items]

Debt face amount

$ 30,564,000

Interest rate (as a percent)

3.73%

Average maturity

60 months

San Antonio, TX (Location 2) | Mortgages Maturing in September 2026 | Mortgages

Debt Instrument [Line Items]

Debt face amount

$ 27,000,000

Interest rate (as a percent)

4.05%

Average maturity

36 months

Pensacola, FL | Mortgages Maturing in March 2022 | Mortgages

Debt Instrument [Line Items]

Debt face amount

$ 3,194,000

Interest rate (as a percent)

4.92%

Atlanta, GA (Location 1) | Mortgages Maturing in July 2021 | Mortgages

Debt Instrument [Line Items]

Debt face amount

$ 5,000,000

Interest rate (as a percent)

4.93%

Houston, TX | Mortgages Maturing in August 2021 | Mortgages

Debt Instrument [Line Items]

Debt face amount

$ 3,865,000

Interest rate (as a percent)

4.94%

Huntsville, AL | Mortgages Maturing in November 2023 | Mortgages

Debt Instrument [Line Items]

Debt face amount

$ 2,650,000

Interest rate (as a percent)

5.29%

DEBT OBLIGATIONS - Junior Subor

DEBT OBLIGATIONS - Junior Subordinated Notes (Details) - Junior subordinated notes - USD ($)	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Debt Obligations
Outstanding principal balance	$ 37,400,000	$ 37,400,000
Interest expense	$ 1,510,000	$ 1,853,000	$ 1,853,000
April 30, 2016 through April 30, 2036 | LIBOR
Debt Obligations
Interest rate (as a percent)	2.76%
Margin interest above reference rate (as a percent)	2.00%

INCOME TAXES (Detail)

INCOME TAXES (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2015
Income Tax Disclosure [Abstract]
State franchise tax expense, net of refunds	$ 689	$ 18	$ 155
Tax loss carry forward				$ 69,193

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Restricted Shares
Compensation expense		$ 1,005	$ 906	$ 805
Dividends declared (in dollars per share)		$ 0	$ 0	$ 0
Dividends paid (in dollars per share)		$ 0	$ 0	$ 0
Restricted Stock Units (RSUs)
Restricted Shares
Compensation expense		$ 146	$ 0	$ 0
Restricted stock
Restricted Shares
Shares granted but not yet vested (in shares)		666,775	672,875	648,225	627,425
Compensation expense		$ 859	$ 906	$ 805
Unearned compensation		$ 2,089	$ 2,184
Remaining weighted average vesting period		2 years 3 months 18 days
Grants in period (in shares)		141,050	142,950	140,600
Incentive Plan 2016
Restricted Shares
Shares authorized for issuance (in shares)		600,000
Incentive Plan 2016 | Restricted Stock Units (RSUs)
Restricted Shares
Vesting period for shares issued		5 years
Compensation expense		$ 146
Unearned compensation		$ 2,117
Grants in period (in shares)		450,000
Vesting period		5 years
2012 Stock Incentive Plan | Restricted stock
Restricted Shares
Vesting period for shares issued		5 years
Grants in period (in shares)	141,050
Equity Incentive Plan 2009
Restricted Shares
Number of additional awards available for grant (in shares)		0
CAGR in Shareholder Return | Incentive Plan 2016 | Restricted Stock Units (RSUs)
Restricted Shares
Grants in period (in shares)		200,000
CAGR in Adjusted Funds from Operations | Incentive Plan 2016 | Restricted Stock Units (RSUs)
Restricted Shares
Grants in period (in shares)		200,000
CAGR Relative to FTSE NAREIT Equity Apartment Index | Incentive Plan 2016 | Restricted Stock Units (RSUs)
Restricted Shares
Grants in period (in shares)		50,000

SHAREHOLDERS' EQUITY (Details 2

SHAREHOLDERS' EQUITY (Details 2) - Restricted stock - shares	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Changes in number of shares outstanding
Outstanding at beginning of the year (in shares)	672,875	648,225	627,425
Issued (in shares)	141,050	142,950	140,600
Cancelled (in shares)	(16,850)	0	(300)
Vested (in shares)	(130,300)	(118,300)	(119,500)
Outstanding at the end of the year (in shares)	666,775	672,875	648,225

SHAREHOLDERS' EQUITY (Details 3

SHAREHOLDERS' EQUITY (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Equity incentive plans
Compensation expense	$ 1,005	$ 906	$ 805
Restricted stock
Equity incentive plans
Compensation expense	859	906	805
Restricted Stock Units (RSUs)
Equity incentive plans
Compensation expense	$ 146	$ 0	$ 0

SHAREHOLDERS' EQUITY (Details 4

SHAREHOLDERS' EQUITY (Details 4) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Numerator for basic and diluted earnings per share attributable to common shareholders:
Net income (loss) attributable to common shareholders	$ 31,289	$ (2,388)	$ (9,454)
Denominator:
Denominator for basic earnings per share-weighted average shares	14,017,279	14,133,352	14,265,589
Denominator for diluted earnings per share-adjusted weighted average shares and assumed conversions	14,017,279	14,133,352	14,265,589
Basic earnings (loss) per share (in dollars per share)	$ 2.23	$ (0.17)	$ (0.66)
Diluted earnings (loss) per share (in dollars per share)	$ 2.23	$ (0.17)	$ (0.66)

SHAREHOLDERS' EQUITY (Details 5

SHAREHOLDERS' EQUITY (Details 5) - USD ($)	1 Months Ended	7 Months Ended
	Feb. 29, 2016	Sep. 30, 2016	Mar. 11, 2016
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]
Treasury stock, shares acquired (in shares)	252,000	74,421
Treasury stock acquired, average cost per share (in dollars per share)	$ 6.29	$ 7.13
Treasury stock, value acquired, cost method	$ 1,584,000	$ 530,000
New Share Repurchase Program [Member]
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]
Authorized amount under the share repurchase program			$ 5,000,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014	Dec. 11, 2015
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Property acquisition costs, related party	$ 2,221,000	$ 1,293,000	$ 1,677,000
General and administrative to related party	1,020,000	171,000	286,000
Amended and Restated Advisory Agreement, as amended in January 2012 | Real Estate Investment Trust Management Corporation [Member]
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Property acquisition costs, related party	693,000	2,448,000	2,016,000
Director | Advisory Services
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Property acquisition costs, related party	863,000
Majestic Property Management Corp. | Real property management, real estate brokerage and construction supervision services
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Property acquisition costs, related party	34,000	56,000	28,000
Gould Investors L.P. | Shared services agreement
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
General and administrative to related party	549,000	532,000	474,000
Affiliated Entity | Payment Of Acquisition Fee
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Property acquisition costs, related party	4,140,000	2,678,000	2,797,000
Affiliated Entity | Rent Expense
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Property acquisition costs, related party		64,000	149,000
Affiliated Entity | Insurance Reimbursement
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Property acquisition costs, related party	41,000	$ 15,000	$ 15,000
Unsecured Short Term Borrowing From Gould Investors L.P. | Notes Payable, Other Payables | Affiliated Entity
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Debt face amount				$ 8,000,000
Interest rate (as a percent)				5.24%
Interest expense, related party	$ 86,000

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2016USD ($)segment	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment									2
Revenues:
Rental and other revenues from real estate properties									$ 90,945	$ 77,023	$ 61,725
Other income									3,319	72	88
Total revenues	$ 24,757	$ 23,245	$ 24,857	$ 21,405	$ 19,656	$ 19,790	$ 19,123	$ 18,526	94,264	77,095	61,813
Expenses:
Real estate operating expenses									43,262	38,609	32,984
Interest expense									23,878	19,297	16,434
Advisor's fees, related party									693	2,448	1,801
Property acquisition costs									3,852	1,885	2,542
General and administrative									8,536	6,683	6,324
Provision for federal taxes									700	0	0
Depreciation									23,180	18,454	13,945
Total expenses	28,455	26,610	25,849	23,187	24,622	21,596	20,838	20,320	104,101	87,376	74,030
Total revenues less total expenses	(3,698)	(3,365)	(992)	(1,782)	(4,966)	(1,806)	(1,715)	(1,794)	(9,837)	(10,281)	(12,217)
Income (loss) from continuing operations	5,802	7,284	20,566	(1,173)	7,262	(1,806)	1,062	(1,794)	32,479	4,724	(12,217)
Gain on sale of real estate	11,379	10,263	24,226	609	12,228	0	2,777	0	46,477	15,005	0
Gain on sale of partnership interest	0	386	0	0					386	0	0
Net income (loss)	5,802	7,284	34,845	(2,773)	5,816	(3,508)	(386)	(3,527)	45,158	(1,605)	(16,166)
Net (income) loss attributable to non-controlling interests	(2,895)	(1,804)	(9,909)	739	(2,380)	930	(362)	1,029	(13,869)	(783)	6,712
Net income (loss) attributable to common shareholders									31,289	(2,388)	(9,454)
Income (loss) from continuing operations									16,950	(246)	(11,550)
Discontinued operations, net of non controlling interests									14,339	(2,142)	2,096
Net income (loss) attributable to common shareholders	2,907	$ 5,480	$ 24,936	$ (2,034)	3,436	$ (2,578)	$ (748)	$ (2,498)	31,289	(2,388)	(9,454)
Segment assets	874,899				820,869				874,899	820,869
Before reconciling adjustments
Revenues:
Rental and other revenues from real estate properties									90,945	77,023	61,725
Other income									3,319	72	88
Total revenues									94,264	77,095	61,813
Expenses:
Real estate operating expenses									43,262	38,609	32,984
Interest expense									23,878	19,297	16,434
Advisor's fees, related party									693	2,448	1,801
Property acquisition costs									3,852	1,885	2,542
General and administrative									8,536	6,683	6,324
Provision for federal taxes									700
Depreciation									23,180	18,454	13,945
Total expenses									104,101	87,376	74,030
Total revenues less total expenses									(9,837)	(10,281)
Income (loss) from continuing operations											(12,217)
Gain on sale of real estate									46,477	15,005
Gain on sale of partnership interest									386
Loss on extinguishment of debt									(4,547)
Net income (loss)									32,479	4,724
Net (income) loss attributable to non-controlling interests									(15,528)	(4,970)	667
Net income (loss) attributable to common shareholders											(11,550)
Income (loss) from continuing operations									16,951	(246)
Net income (loss) attributable to common shareholders										(2,388)	(9,454)
Reconciling adjustments
Revenues:
Other income											65
Expenses:
Discontinued operations, net of non controlling interests									14,338	(2,142)	2,031
Multi-Family Real Estate
Expenses:
Segment assets											569,357
Multi-Family Real Estate | Before reconciling adjustments
Revenues:
Rental and other revenues from real estate properties									89,538	75,643	60,362
Other income									0	0	4
Total revenues									89,538	75,643	60,366
Expenses:
Real estate operating expenses									42,679	38,000	32,347
Interest expense									23,739	18,944	16,212
Advisor's fees, related party									593	2,077	1,466
Property acquisition costs									3,852	1,885	2,542
General and administrative									8,313	6,314	5,887
Provision for federal taxes									686
Depreciation									22,251	18,336	13,828
Total expenses									102,113	85,556	72,282
Total revenues less total expenses									(12,575)	(9,913)
Income (loss) from continuing operations											(11,916)
Gain on sale of real estate									45,206	14,404
Gain on sale of partnership interest									386
Loss on extinguishment of debt									(4,547)
Net income (loss)									28,470	4,491
Net (income) loss attributable to non-controlling interests									(15,420)	(4,877)	759
Net income (loss) attributable to common shareholders											(11,157)
Income (loss) from continuing operations									13,050	(386)
Segment assets	844,430				616,909				844,430	616,909
Other Real Estate | Before reconciling adjustments
Revenues:
Rental and other revenues from real estate properties									1,407	1,380	1,363
Other income									3,319	72	84
Total revenues									4,726	1,452	1,447
Expenses:
Real estate operating expenses									583	609	637
Interest expense									139	353	222
Advisor's fees, related party									100	371	335
Property acquisition costs									0	0	0
General and administrative									223	369	437
Provision for federal taxes									14
Depreciation									929	118	117
Total expenses									1,988	1,820	1,748
Total revenues less total expenses									2,738	(368)
Income (loss) from continuing operations											(301)
Gain on sale of real estate									1,271	601
Gain on sale of partnership interest									0
Loss on extinguishment of debt									0
Net income (loss)									4,009	233
Net (income) loss attributable to non-controlling interests									(108)	(93)	(92)
Net income (loss) attributable to common shareholders											(393)
Income (loss) from continuing operations									3,901	140
Segment assets	$ 31,001				$ 55,425				$ 31,001	$ 55,425	$ 31,075

FAIR VALUE OF FINANCIAL INSTR60

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Level 2 - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Market valuation | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	6.35%	6.38%
Market valuation | Mortgages | Minimum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	3.05%	1.99%
Market valuation | Mortgages | Maximum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	4.25%	15.00%
Estimated fair value | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Estimated fair value lower than carrying value	$ 16,549	$ 20,174
Estimated fair value | Mortgages
Financial Instruments Not Measured at Fair Value
Estimated fair value lower than carrying value	$ 10,629	$ 890

FAIR VALUE OF FINANCIAL INSTR61

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) - Measured at fair value on a recurring basis - Interest Rate Swap $ in Thousands	Sep. 30, 2016USD ($)
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative financial instruments	$ (1,602)
Estimated fair value | Level 2
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative financial instruments	$ (1,602)

COMMITMENT (Detail)

COMMITMENT (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Non-contributory defined contribution pension plan
Pension expense	$ 324	$ 322	$ 322
Unpaid pension expense, included in accounts payable and accrued liabilities	$ 47	$ 50

DERIVATIVE FINANCIAL INSTRUME63

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($)	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2017
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Amount of gain (loss) recognized on derivative in Other Comprehensive Income	$ (1,695,000)	$ (83,000)	$ (37,000)
Gain or loss recognized related to hedge ineffectiveness	0	0	0
Gain or loss recognized related to amounts excluded from effectiveness testing	0	0	0
Collateral posted	0
Credit-risk-related Contingent Features
Fair value of the derivative in a net liability position	1,732,000
Termination value to settlement of obligations	1,732,000
Interest Expense
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Amount of (loss) reclassified from Accumulated Other Comprehensive Income into Interest Expense	(150,000)	(33,000)	$ (36,000)
Other Assets
Fair value of derivative financial instruments
Fair value of derivative financial instrument asset	0	0
Accounts Payable and Accrued Liabilities
Fair value of derivative financial instruments
Fair value of derivative financial instrument liability	1,602,000	$ 58,000
Designated as a hedge | Interest Rate Swap, Maturity Date April 1, 2022
Interest Rate Derivatives
Notional amount	$ 1,559,000
Rate (as a percent)	5.25%
Designated as a hedge | Interest Rate Swap, Maturity Date September 19, 2026
Interest Rate Derivatives
Notional amount	$ 27,000,000
Rate (as a percent)	4.05%
Designated as a hedge | Interest Rate Swap, Maturity Date May 6, 2023
Interest Rate Derivatives
Notional amount	$ 26,400,000
Rate (as a percent)	3.61%
Scenario, Forecast
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Estimated amount to be reclassified from other comprehensive income as an increase to interest expense				$ 502,000

QUARTERLY FINANCIAL DATA (Una64

QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
QUARTERLY FINANCIAL DATA (Unaudited)
Revenues	$ 24,757	$ 23,245	$ 24,857	$ 21,405	$ 19,656	$ 19,790	$ 19,123	$ 18,526	$ 94,264	$ 77,095	$ 61,813
Expenses	28,455	26,610	25,849	23,187	24,622	21,596	20,838	20,320	104,101	87,376	74,030
Total revenues less total expenses	(3,698)	(3,365)	(992)	(1,782)	(4,966)	(1,806)	(1,715)	(1,794)	(9,837)	(10,281)	(12,217)
Gain on sale of real estate	11,379	10,263	24,226	609	12,228	0	2,777	0	46,477	15,005	0
Gain on sale of partnership interest	0	386	0	0					386	0	0
Loss on extinguishment of debt	(1,879)	0	(2,668)	0					(4,547)	0	0
Income (loss) from continuing operations	5,802	7,284	20,566	(1,173)	7,262	(1,806)	1,062	(1,794)	32,479	4,724	(12,217)
(Loss) income from discontinued operations	0	0	14,279	(1,600)	(1,446)	(1,702)	(1,448)	(1,733)	12,679	(6,329)	(3,949)
Net income (loss)	5,802	7,284	34,845	(2,773)	5,816	(3,508)	(386)	(3,527)	45,158	(1,605)	(16,166)
(Income) loss attributable to non-controlling interests	(2,895)	(1,804)	(9,909)	739	(2,380)	930	(362)	1,029	(13,869)	(783)	6,712
Net income (loss) attributable to common shareholders	$ 2,907	$ 5,480	$ 24,936	$ (2,034)	$ 3,436	$ (2,578)	$ (748)	$ (2,498)	$ 31,289	$ (2,388)	$ (9,454)
Basic and per share amounts attributable to common shareholders
Continuing operations (in dollars per share)	$ 0.21	$ 0.39	$ 0.70	$ (0.10)	$ 0.27	$ (0.13)	$ (0.01)	$ (0.15)	$ 1.21	$ (0.02)
Discontinued operations (in dollars per share)	0	0	1.06	(0.04)	(0.03)	(0.05)	(0.04)	(0.03)	1.02	(0.15)
Basic and diluted earnings (loss) per share (in dollars per share)	$ 0.21	$ 0.39	$ 1.76	$ (0.14)	$ 0.24	$ (0.18)	$ (0.05)	$ (0.18)	$ 2.23	$ (0.17)	$ (0.66)

SCHEDULE III - REAL ESTATE PR65

SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2016USD ($)
Real estate properties and accumulated depreciation
Encumbrances	$ 621,382
Initial Cost to Company
Land	130,825
Buildings and Improvements	620,625
Costs Capitalized Subsequent to Acquisition
Land	49
Improvements	88,562
Carrying Costs	663
Gross Amount At Which Carried at September 30, 2016
Land	128,409
Buildings and Improvements	709,850
Total	838,259
Accumulated Depreciation	44,687
Commercial | Yonkers, NY
Real estate properties and accumulated depreciation
Encumbrances	1,560
Initial Cost to Company
Land	0
Buildings and Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	194
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	0
Buildings and Improvements	4,194
Total	4,194
Accumulated Depreciation	$ 1,727
Depreciation Life For Latest Income Statement	39 years
Commercial | South Daytona, FL
Real estate properties and accumulated depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	10,437
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	49
Improvements	0
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	8,021
Buildings and Improvements	0
Total	8,021
Accumulated Depreciation	0
Multi-family residential | Palm Beach Gardens, FL
Real estate properties and accumulated depreciation
Encumbrances	47,125
Initial Cost to Company
Land	16,260
Buildings and Improvements	43,132
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	4,420
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	16,260
Buildings and Improvements	47,552
Total	63,812
Accumulated Depreciation	$ 8,054
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Melbourne, FL
Real estate properties and accumulated depreciation
Encumbrances	$ 9,211
Initial Cost to Company
Land	1,150
Buildings and Improvements	8,680
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	1,414
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	1,150
Buildings and Improvements	10,094
Total	11,244
Accumulated Depreciation	$ 1,900
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | North Charleston, SC
Real estate properties and accumulated depreciation
Encumbrances	$ 17,130
Initial Cost to Company
Land	2,436
Buildings and Improvements	18,970
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	1,002
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	2,436
Buildings and Improvements	19,972
Total	22,408
Accumulated Depreciation	$ 2,871
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Decatur, GA
Real estate properties and accumulated depreciation
Encumbrances	$ 10,352
Initial Cost to Company
Land	1,697
Buildings and Improvements	8,676
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	1,413
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	1,697
Buildings and Improvements	10,089
Total	11,786
Accumulated Depreciation	$ 1,379
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Panama City, FL (Location 1)
Real estate properties and accumulated depreciation
Encumbrances	$ 5,336
Initial Cost to Company
Land	1,411
Buildings and Improvements	5,745
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	716
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	1,411
Buildings and Improvements	6,461
Total	7,872
Accumulated Depreciation	$ 952
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Houston, TX (Stone)
Real estate properties and accumulated depreciation
Encumbrances	$ 12,899
Initial Cost to Company
Land	5,143
Buildings and Improvements	11,524
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	400
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	5,143
Buildings and Improvements	11,924
Total	17,067
Accumulated Depreciation	$ 1,503
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Houston, TX (Pathways)
Real estate properties and accumulated depreciation
Encumbrances	$ 7,398
Initial Cost to Company
Land	3,044
Buildings and Improvements	5,463
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	838
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	3,044
Buildings and Improvements	6,301
Total	9,345
Accumulated Depreciation	$ 753
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Hixson, TN
Real estate properties and accumulated depreciation
Encumbrances	$ 8,117
Initial Cost to Company
Land	1,231
Buildings and Improvements	9,561
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	298
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	1,231
Buildings and Improvements	9,859
Total	11,090
Accumulated Depreciation	$ 1,137
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Pasadena, TX (Ashwood)
Real estate properties and accumulated depreciation
Encumbrances	$ 3,988
Initial Cost to Company
Land	1,513
Buildings and Improvements	3,864
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	429
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	1,513
Buildings and Improvements	4,293
Total	5,806
Accumulated Depreciation	$ 502
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Humble, TX (Parkside)
Real estate properties and accumulated depreciation
Encumbrances	$ 4,930
Initial Cost to Company
Land	1,113
Buildings and Improvements	5,534
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	467
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	1,113
Buildings and Improvements	6,001
Total	7,114
Accumulated Depreciation	$ 677
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Humble, TX (Meadowbrook)
Real estate properties and accumulated depreciation
Encumbrances	$ 7,726
Initial Cost to Company
Land	1,996
Buildings and Improvements	8,425
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	794
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	1,996
Buildings and Improvements	9,219
Total	11,215
Accumulated Depreciation	$ 1,003
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Huntsville, AL
Real estate properties and accumulated depreciation
Encumbrances	$ 12,212
Initial Cost to Company
Land	1,047
Buildings and Improvements	10,942
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	1,439
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	1,047
Buildings and Improvements	12,381
Total	13,428
Accumulated Depreciation	$ 1,339
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Columbus, OH
Real estate properties and accumulated depreciation
Encumbrances	$ 10,164
Initial Cost to Company
Land	2,810
Buildings and Improvements	11,240
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	315
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	2,810
Buildings and Improvements	11,555
Total	14,365
Accumulated Depreciation	$ 1,450
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Indianapolis, IN
Real estate properties and accumulated depreciation
Encumbrances	$ 14,500
Initial Cost to Company
Land	4,477
Buildings and Improvements	14,240
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	1,997
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	4,477
Buildings and Improvements	16,237
Total	20,714
Accumulated Depreciation	$ 1,573
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Greenville, SC (Location 1)
Real estate properties and accumulated depreciation
Encumbrances	$ 37,961
Initial Cost to Company
Land	7,487
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	41,680
Carrying Costs	608
Gross Amount At Which Carried at September 30, 2016
Land	7,487
Buildings and Improvements	42,288
Total	49,775
Accumulated Depreciation	$ 1,665
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Nashville, TN
Real estate properties and accumulated depreciation
Encumbrances	$ 23,623
Initial Cost to Company
Land	4,565
Buildings and Improvements	22,054
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	2,239
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	4,565
Buildings and Improvements	24,293
Total	28,858
Accumulated Depreciation	$ 2,001
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Atlanta, GA (Location 1)
Real estate properties and accumulated depreciation
Encumbrances	$ 27,052
Initial Cost to Company
Land	2,283
Buildings and Improvements	25,921
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	670
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	2,283
Buildings and Improvements	26,591
Total	28,874
Accumulated Depreciation	$ 1,799
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Houston, TX (Kendall)
Real estate properties and accumulated depreciation
Encumbrances	$ 15,314
Initial Cost to Company
Land	1,849
Buildings and Improvements	13,346
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	1,557
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	1,849
Buildings and Improvements	14,903
Total	16,752
Accumulated Depreciation	$ 1,264
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Pensacola, FL
Real estate properties and accumulated depreciation
Encumbrances	$ 19,750
Initial Cost to Company
Land	2,758
Buildings and Improvements	25,192
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	521
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	2,758
Buildings and Improvements	25,713
Total	28,471
Accumulated Depreciation	$ 1,826
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Valley, AL
Real estate properties and accumulated depreciation
Encumbrances	$ 28,990
Initial Cost to Company
Land	1,040
Buildings and Improvements	42,710
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	455
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	1,040
Buildings and Improvements	43,165
Total	44,205
Accumulated Depreciation	$ 2,130
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | San Marcos, TX
Real estate properties and accumulated depreciation
Encumbrances	$ 17,158
Initial Cost to Company
Land	2,163
Buildings and Improvements	19,562
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	183
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	2,163
Buildings and Improvements	19,745
Total	21,908
Accumulated Depreciation	$ 974
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Lake St. Louis, MO
Real estate properties and accumulated depreciation
Encumbrances	$ 27,397
Initial Cost to Company
Land	2,752
Buildings and Improvements	33,248
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	421
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	2,752
Buildings and Improvements	33,669
Total	36,421
Accumulated Depreciation	$ 1,360
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | North Charleston, MO
Real estate properties and accumulated depreciation
Encumbrances	$ 13,544
Initial Cost to Company
Land	3,704
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	21,131
Carrying Costs	55
Gross Amount At Which Carried at September 30, 2016
Land	3,704
Buildings and Improvements	21,186
Total	24,890
Accumulated Depreciation	$ 0
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | LaGrange, GA
Real estate properties and accumulated depreciation
Encumbrances	$ 15,786
Initial Cost to Company
Land	832
Buildings and Improvements	21,968
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	389
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	832
Buildings and Improvements	22,357
Total	23,189
Accumulated Depreciation	$ 770
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Katy, TX
Real estate properties and accumulated depreciation
Encumbrances	$ 30,750
Initial Cost to Company
Land	4,194
Buildings and Improvements	36,056
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	240
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	4,194
Buildings and Improvements	36,296
Total	40,490
Accumulated Depreciation	$ 1,149
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Macon, GA
Real estate properties and accumulated depreciation
Encumbrances	$ 11,200
Initial Cost to Company
Land	1,876
Buildings and Improvements	12,649
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	180
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	1,876
Buildings and Improvements	12,829
Total	14,705
Accumulated Depreciation	$ 389
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Southaven, MS (Location 1)
Real estate properties and accumulated depreciation
Encumbrances	$ 28,000
Initial Cost to Company
Land	2,090
Buildings and Improvements	32,910
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	1,286
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	2,090
Buildings and Improvements	34,196
Total	36,286
Accumulated Depreciation	$ 812
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | San Antonio, TX (Location 1)
Real estate properties and accumulated depreciation
Encumbrances	$ 26,400
Initial Cost to Company
Land	5,540
Buildings and Improvements	29,610
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	443
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	5,540
Buildings and Improvements	30,053
Total	35,593
Accumulated Depreciation	$ 728
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Dallas, TX
Real estate properties and accumulated depreciation
Encumbrances	$ 27,937
Initial Cost to Company
Land	13,073
Buildings and Improvements	23,927
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	917
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	13,073
Buildings and Improvements	24,844
Total	37,917
Accumulated Depreciation	$ 409
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Columbia, SC
Real estate properties and accumulated depreciation
Encumbrances	$ 12,934
Initial Cost to Company
Land	2,233
Buildings and Improvements	14,767
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	93
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	2,233
Buildings and Improvements	14,860
Total	17,093
Accumulated Depreciation	$ 284
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Atlanta, GA (Location 2)
Real estate properties and accumulated depreciation
Encumbrances	$ 27,375
Initial Cost to Company
Land	9,491
Buildings and Improvements	29,634
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	7
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	9,491
Buildings and Improvements	29,641
Total	39,132
Accumulated Depreciation	$ 155
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Southaven, MS (Location 2)
Real estate properties and accumulated depreciation
Encumbrances	$ 30,563
Initial Cost to Company
Land	2,100
Buildings and Improvements	36,105
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	14
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	2,100
Buildings and Improvements	36,119
Total	38,219
Accumulated Depreciation	$ 100
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | San Antonio, TX (Location 2)
Real estate properties and accumulated depreciation
Encumbrances	$ 27,000
Initial Cost to Company
Land	5,030
Buildings and Improvements	30,970
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	0
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2016
Land	5,030
Buildings and Improvements	30,970
Total	36,000
Accumulated Depreciation	$ 52
Depreciation Life For Latest Income Statement	30 years

SCHEDULE III - REAL ESTATE PR66

SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Total real estate properties				$ 838,259
Less: Accumulated depreciation and amortization				(44,687)
Net real estate properties	$ 757,027	$ 635,612	$ 402,896	$ 793,572
Reconciliation of real estate properties
Balance at beginning of year	757,027	635,612	402,896
Additions:
Acquisitions	318,680	129,425	205,220
Capital improvements	19,649	8,442	8,273
Capitalized development expenses and carrying costs	27,194	55,623	34,857
Total additions	365,523	193,490	248,350
Deductions:
Sales	150,786	51,394	80
Depreciation / amortization / paydowns	24,328	20,681	15,554
Reconciliation of partnership interest	153,864	0	0
Total deductions	328,978	72,075	15,634
Balance at end of year	$ 793,572	$ 757,027	$ 635,612