BRT Apartments (BRT) 10-Q 8 Aug 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2017	Aug. 05, 2017
Document and Entity Information
Entity Registrant Name	BRT Apartments Corp.
Entity Central Index Key	14,846
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		14,025,031

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
ASSETS
Real estate properties, net of accumulated depreciation and amortization of $57,997 and $41,995	$ 890,100	$ 759,576
Real estate loan	5,650	19,500
Cash and cash equivalents	9,795	27,399
Restricted cash	5,791	7,383
Deposits and escrows	26,407	18,972
Investments in unconsolidated joint ventures	14,134	298
Other assets	5,992	7,775
Real estate properties held for sale	21,515	33,996
Total Assets	979,384	874,899
Liabilities:
Mortgages payable, net of deferred costs of $6,754 and $5,873	691,337	588,457
Junior subordinated notes, net of deferred costs of $387 and $402	37,013	36,998
Accounts payable and accrued liabilities	17,095	20,716
Mortgage payable held for sale	0	27,052
Total Liabilities	745,445	673,223
Commitments and contingencies
Preferred shares, $.01 par and $1 par value:
Authorized 20,000 and 10,000 shares, none issued	0	0
Common stock, $.01 par value, 300,000 shares authorized;
13,336 shares issued at June 30, 2017	133	39,696
Additional paid-in capital	201,776	161,321
Accumulated other comprehensive income (loss)	1,019	(1,602)
Accumulated deficit	(39,986)	(48,125)
Total BRT Apartments Corp. stockholders’ equity	162,942	151,290
Non-controlling interests	70,997	50,386
Total Equity	233,939	201,676
Total Liabilities and Equity	$ 979,384	$ 874,899

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
Debt Instrument [Line Items]
Accumulated depreciation	$ 57,997	$ 41,995
Mortgage payable and junior subordinated notes, deferred costs	$ 7,141	$ 6,275
Preferred shares, par value (in dollars per share)	$ 0.01	$ 1
Preferred shares, authorized (in shares)	20,000,000	10,000,000
Preferred shares, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 3
Common stock, authorized (in shares)	300,000,000
Common stock, issued (in shares)	13,336,000	13,232,000
Mortgages payable
Debt Instrument [Line Items]
Mortgage payable and junior subordinated notes, deferred costs	$ 6,754	$ 5,873
Junior subordinated notes
Debt Instrument [Line Items]
Mortgage payable and junior subordinated notes, deferred costs	$ 387	$ 402

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Rental and other revenues from real estate properties	$ 26,673	$ 23,679	$ 76,404	$ 69,991
Other income	188	608	980	2,641
Total revenues	26,861	24,287	77,384	72,632
Expenses:
Real estate operating expenses - including $696 and $531 to related parties for the three months ended and $1,948 and $1,336 for the nine months ended	13,283	11,986	37,638	35,177
Interest expense - including $0 and $86 to related party for the nine months ended	7,180	6,014	20,269	17,594
Advisor’s fees, related party	0	0	0	693
Property acquisition costs - including $0 and $892 to related parties for the three months ended and $0 and $1,331 for the nine months ended	0	1,408	0	2,418
General and administrative - including $84 and $47 to related parties for the three months ended and $266 and $134 for the nine months ended	2,309	2,373	7,296	6,402
Depreciation	7,561	5,871	21,630	16,487
Total expenses	30,333	27,652	86,833	78,771
Total revenue less total expenses	(3,472)	(3,365)	(9,449)	(6,139)
Equity in loss of unconsolidated joint ventures	(307)	0	(307)	0
Gain on sale of real estate	0	10,263	35,838	35,098
Gain on sale of partnership interest	0	386	0	386
Loss on extinguishment of debt	0	0	(799)	(2,668)
(Loss) income from continuing operations	(3,779)	7,284	25,283	26,677
Provision for taxes	41	0	1,499	0
(Loss) income from continuing operations	(3,820)	7,284	23,784	26,677
Discontinued operations:
Loss from discontinued operations	0	0	0	(2,788)
Gain on sale of partnership interest	0	0	0	15,467
Income from discontinued operations	0	0	0	12,679
Net (loss) income	(3,820)	7,284	23,784	39,356
Net loss (income) attributable to non-controlling interests	418	(1,804)	(15,645)	(10,974)
Net (loss) income attributable to common stockholders	$ (3,402)	$ 5,480	$ 8,139	$ 28,382
Basic and diluted per share amounts attributable to common stockholders:
(Loss) income from continuing operations (in dollars per share)	$ (0.24)	$ 0.39	$ 0.58	$ 1
Income from discontinued operations (in dollars per share)	0	0	0	1.02
Basic and diluted (loss) earnings per share (in dollars per share)	$ (0.24)	$ 0.39	$ 0.58	$ 2.02
Amounts attributable to BRT Apartments Corp.:
(Loss) income from continuing operations	$ (3,402)	$ 5,480	$ 8,139	$ 14,044
Income from discontinued operations	0	0	0	14,338
Net (loss) income attributable to common stockholders	$ (3,402)	$ 5,480	$ 8,139	$ 28,382
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	14,035,074	13,932,515	13,983,495	14,055,436

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Related party - real estate operating expenses	$ 696	$ 531	$ 1,948	$ 1,336
Related party - interest expense		0		86
Related party - property acquisition costs	0	892	0	1,331
Related party - general and administrative	$ 84	$ 47	$ 266	$ 134

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (3,820)	$ 7,284	$ 23,784	$ 39,356
Other comprehensive (loss) income:
Unrealized (loss) gain on derivative instruments	(228)	(855)	3,074	(869)
Other comprehensive (loss) income	(228)	(855)	3,074	(869)
Comprehensive (loss) income	(4,048)	6,429	26,858	38,487
Comprehensive loss (income) attributable to non-controlling interests	1,260	(1,507)	(16,099)	(10,675)
Comprehensive (loss) income attributable to common stockholders	$ (2,788)	$ 4,922	$ 10,759	$ 27,812

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (Parenthetical) - $ / shares	9 Months Ended
	Jun. 30, 2017	Sep. 30, 2016
Statement of Stockholders' Equity [Abstract]
Shares repurchased (in shares)	21,304
Common stock, par value (in dollars per share)	$ 0.01	$ 3

CONSOLIDATED STATEMENT OF EQUI8

CONSOLIDATED STATEMENT OF EQUITY - 9 months ended Jun. 30, 2017 - USD ($) $ in Thousands	Total	Shares of Beneficial Interest / Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Non- Controlling Interest	Common Class AShares of Beneficial Interest / Common Stock
Beginning balance at Sep. 30, 2016	$ 201,676	$ 39,696	$ 161,321	$ (1,602)	$ (48,125)	$ 50,386
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock vesting		375	(375)
Compensation expense - restricted stock and restricted stock units	1,063		1,063
Contributions from non-controlling interests	28,744					28,744
Distributions to non-controlling interests	(24,231)					(24,231)
Shares repurchased - 21,304 shares	(171)	(17)	(153)				$ (1)
Conversion to a Maryland corporation at $.01 par value		(40,054)	39,920				134
Net income	23,784				8,139	15,645
Other comprehensive income	3,074			2,621		453
Comprehensive (loss) income	26,858
Ending balance at Jun. 30, 2017	$ 233,939	$ 0	$ 201,776	$ 1,019	$ (39,986)	$ 70,997	$ 133

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 23,784	$ 39,356
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	21,630	17,618
Amortization of deferred borrowing fees	889	1,431
Amortization of restricted stock and restricted stock units	1,063	689
Gain on sale of real estate	(35,838)	(35,098)
Gain on sale of partnership interest	0	(15,853)
Loss on extinguishment of debt	799	2,668
Effect of deconsolidation of non-controlling interest	0	(1,692)
Increases and decreases from changes in other assets and liabilities:
Decrease (increase) in interest receivable	2,328	(2,212)
(Increase) in deposits and escrows	(7,435)	(2,567)
Decrease in other assets	1,217	1,782
(Decrease) increase in accounts payable and accrued liabilities	(2,033)	776
Net cash provided by operating activities	6,404	6,898
Cash flows from investing activities:
Collections from real estate loans	13,850	0
Additions to real estate properties	(196,810)	(189,299)
Net costs capitalized to real estate properties	(7,261)	(36,411)
Proceeds from the sale of real estate properties	128,647	166,400
Distributions from unconsolidated joint ventures	282	0
Contributions to unconsolidated joint ventures	(14,394)	0
Proceeds from the sale of interest in joint venture	0	19,242
Net cash used in investing activities	(74,094)	(41,898)
Cash flows from financing activities:
Proceeds from mortgages payable	131,344	175,614
Increase in other borrowed funds	0	6,001
Mortgage payoffs	(79,215)	(114,902)
Mortgage principal payments	(3,858)	(3,852)
Increase in deferred financing costs	(2,527)	(1,932)
Capital contributions from non-controlling interests	28,744	22,639
Capital distributions to non-controlling interests	(24,231)	(27,085)
Proceeds from sale of New Market Tax Credits	0	2,746
Repurchase of shares of beneficial interest/common stock	(171)	(2,058)
Net cash provided by financing activities	50,086	57,171
Net (decrease) increase in cash and cash equivalents	(17,604)	22,171
Cash and cash equivalents at beginning of period	27,399	15,556
Cash and cash equivalents at end of period	9,795	37,727
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of capitalized interest of $249 and $248 respectively	19,353	20,069
Taxes paid	1,899	632
Acquisition of real estate through assumption of debt	27,638	16,051
Real estate properties reclassified to assets held for sale	21,515	27,020
Mortgage payable reclassified to held for sale	0	26,400
RBHTRB Newark Holdings LLC | Variable Interest Entity, Primary Beneficiary
Cash flows from investing activities:
Net change in restricted cash	0	(1,952)
Multi-Family Real Estate | Variable Interest Entity, Primary Beneficiary
Cash flows from investing activities:
Net change in restricted cash	$ 1,592	$ 122

CONSOLIDATED STATEMENT OF CAS10

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Statement of Cash Flows [Abstract]
Capitalized interest	$ 249	$ 248

Organization and Background

Organization and Background	9 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Background	Organization and Background BRT Apartments Corp. (the "Company"), a Maryland corporation, is the successor to BRT Realty Trust, a Massachusetts business trust, pursuant to the conversion on March 18, 2017, of BRT Realty Trust into BRT Apartments Corp. The conversion had no impact on the Company's business or management and was treated as a tax-free exchange under relevant Internal Revenue Service regulations. The Company owns, operates and develops multi‑family properties and owns and operates other assets, including real estate and a real estate loan. The Company conducts its operations to qualify as a real estate investment trust, or REIT, for federal income tax purposes. Generally, the multi‑family properties are acquired with venture partners in transactions in which the Company contributes 70% to 80% of the equity. At June 30, 2017 , the Company owns: (a) 35 multi-family properties with 9,890 units (including 445 units at two properties in the lease up stage and 402 units at a property under construction), located in 11 states with a carrying value of $901,084,000 ; and (b) interests in two unconsolidated multi-family joint ventures with a carrying value of $13,925,000 . The Company also owns and operates various other real estate assets. At June 30, 2017 , the carrying value of these other real estate assets was $16,182,000 , including a real estate loan of $5,650,000 .

Basis of Preparation

Basis of Preparation	9 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	Basis of Preparation The accompanying interim unaudited consolidated financial statements as of June 30, 2017 , and for the three and nine months ended June 30, 2017 and 2016 , reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for such interim periods. The results of operations for the three and nine months ended June 30, 2017 and 2016 , are not necessarily indicative of the results for the full year. The consolidated balance sheet as of September 30, 2016 , has been derived from the audited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States ("GAAP") for complete financial statements. The consolidated financial statements include the accounts and operations of the Company, its wholly owned subsidiaries, and its majority owned or controlled real estate entities and its interests in variable interest entities ("VIEs") in which the Company is determined to be the primary beneficiary. Material inter-company balances and transactions have been eliminated. The Company’s consolidated joint ventures that own multi‑family properties were determined to be VIEs because the voting rights of some equity investors in the applicable joint venture entity are not proportional to their obligations to absorb the expected losses of the entity and their right to receive the expected residual returns. In addition, substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately fewer voting rights. It was determined that the Company is the primary beneficiary of these joint ventures because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits that could potentially be significant to the VIE. The joint ventures that own properties in Dallas, TX and St. Louis, MO were determined not to be a VIEs but are consolidated because the Company has substantive participating rights in such entities. With respect to its unconsolidated joint ventures, as (i) the Company is primarily the managing member but does not exercise substantial operating control over these entities or the Company is not the managing member and (ii) such entities are not VIEs, the Company has determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes. The distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro-rata to the percentage equity interest each partner has in the applicable venture. For the three and nine months ended June 30, 2016, the Company reclassified approximately $1,043,000 and $3,126,000 of tenant utility reimbursements from real estate operating expenses to rental and other revenues from real estate properties to conform with the current period presentation. This reclassification increased total revenues and expenses by $1,043,000 and $3,126,000 , respectively, and had no effect on the Company's financial position, results of operations or cash flows. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates.

Equity

Equity	9 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Equity	Equity Common Stock Dividend Distribution During the three and nine months ended June 30, 2017 and 2016 , the Company did not declare a dividend on its shares. Stock Based Compensation The Company's Amended and Restated 2016 Incentive Plan (the "Plan") permits the Company to grant: (i) stock options, restricted stock, restricted stock units, performance share awards and any one or more of the foregoing, up to a maximum of 600,000 shares; and (ii) cash settled dividend equivalent rights in tandem with the grant of restricted stock units and certain performance based awards. Restricted Stock Units Pursuant to the Plan, in June 2016, the Company issued restricted stock units (the "Units") to acquire up to 450,000 shares of common stock (the "Pay for Performance Program"). In March 2021, recipients of the Units are entitled to receive (i) the underlying shares if certain performance metrics are satisfied at the vesting date, and (ii) an amount equal to the cash dividends paid from the grant date through the vesting date with respect to the shares of common stock underlying the Units if, when, and to the extent, the related Units vest. Because the Units are not participating securities, for financial statement 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. Expense is recognized over the five year vesting period on the Units which the Company expects to vest. The Company recorded $110,000 and $329,000 of compensation expense related to the amortization of unearned compensation with respect to the Units in the three and nine months ended June 30, 2017 , respectively, and $50,000 in both the three and nine months ended June 30, 2016 . At June 30, 2017 and September 30, 2016, $1,643,000 and $1,972,000 , respectively, has been deferred and will be charged to expense over the remaining vesting period. Restricted Stock In January 2017, the Company granted 147,500 shares of restricted stock pursuant to the Plan. As of June 30, 2017 , an aggregate of 689,375 shares of unvested restricted stock are outstanding pursuant to the 2016 Incentive Plan and the 2012 Incentive Plan (the "Prior Plan"). No additional awards may be granted under the Prior Plan. All shares of restricted stock vest five years from the date of grant and under specified circumstances, including a change in control, may vest earlier. For financial statement purposes, the restricted stock is not included in the outstanding shares shown on the consolidated balance sheets until they vest, but are included in the earnings per share computation. For the three months ended June 30, 2017 and 2016 , the Company recorded $ 243,000 and $221,000 , respectively, of compensation expense related to the amortization of unearned compensation with respect to the restricted stock awards. For the nine months ended June 30, 2017 and 2016 , the Company recorded $1,063,000 and $639,000 , respectively, of compensation expense related to the amortization of unearned compensation with respect to the restricted stock awards. At June 30, 2017 and September 30, 2016, $ 2,599,000 and $2,089,000 has been deferred as unearned compensation and will be charged to expense over the remaining vesting periods of these restricted stock awards. The weighted average vesting period of these shares of restricted stock is 2.6 years. Stock Buyback On March 11, 2016, the Board of Directors approved a repurchase program authorizing the Company to repurchase up to $5,000,000 of shares of common stock through September 30, 2017. During the nine months ended June 30, 2017 , the Company purchased 21,304 shares of common stock at an average market price of $8.14 per share for a purchase price of approximately $171,000 . Per Share Data Basic earnings (loss) per share is determined by dividing net income (loss) applicable to common shareholders for the applicable period by the weighted average number of common shares outstanding during such period. The Units are excluded from the basic earnings per share calculation, as they are not participating securities. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares or resulted in the issuance of common shares that share in the earnings of the Company. Diluted earnings (loss) per share is determined by dividing net income (loss) applicable to common stockholders for the applicable period by the weighted average number of shares of common stock outstanding during such period. For the three and nine months ended June 30, 2017 , none of the Units are included in the diluted weighted average as they did not meet the applicable performance metrics during such periods. Basic and diluted shares outstanding for the three months ended June 30, 2017 and 2016 , were 14,035,074 and 13,932,515 , respectively, and for the nine months ended June 30, 2017 and 2016 , were 13,983,495 and 14,055,436 , respectively.

Real Estate Properties

Real Estate Properties	9 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties Real estate properties (including properties held for sale) consist of the following (dollars in thousands): June 30, 2017 September 30, 2016 Land $ 141,215 $ 128,409 Building 799,849 684,133 Building improvements 31,254 25,717 Real estate properties 972,318 838,259 Accumulated depreciation (60,703 ) (44,687 ) Total real estate properties, net $ 911,615 $ 793,572 A summary of real estate properties owned (including properties held for sale) follows (dollars in thousands): Depreciation Sales Multi-family $ 783,085 $ 224,449 $ 7,136 $ (21,548 ) $ (92,037 ) $ 901,085 Land - Daytona, FL 8,021 — — — — 8,021 Shopping centers/Retail - Yonkers, NY 2,466 125 (82 ) — 2,509 Total real estate properties $ 793,572 $ 224,449 $ 7,261 $ (21,630 ) $ (92,037 ) $ 911,615 The following table summarizes the preliminary allocations of the purchase price of eight properties purchased between August 1, 2016 and June 30, 2017 and the finalized allocation of the purchase price of such properties, as adjusted as of June 30, 2017 (dollars in thousands): Preliminary Purchase Price Allocation Adjustments Finalized Purchase Price Allocation Land $ 35,743 $ (1,550 ) $ 34,193 Building and improvements 276,122 341 276,463 Acquisition-related intangible assets 3,013 1,209 4,222 Total consideration $ 314,878 $ — $ 314,878 Depreciation expense recorded related to purchase price allocation adjustments were $0 and $784,000 for the three and nine months ended June 30, 2017, respectively. Real Estate Property Held For Sale At June 30, 2017, three properties located in Humble and Pasadena, TX are under contract for sale and are classified as real estate properties held for sale. The properties have an aggregate carrying value of $21,515,000 . The sale of these properties was completed in July 2017. At September 30, 2016, the Sandtown Vista property in Atlanta, GA and the Spring Valley property in Panama City, FL were held for sale. The Sandtown Vista property, which had a carrying value of $27,076,000 , was sold on November 21, 2016. The Spring Valley property, which had a carrying value $6,920,000 , was sold on October 26, 2016.

Acquisitions and Dispositions

Acquisitions and Dispositions	9 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions Property Acquisitions The table below provides information for the nine months ended June 30, 2017 regarding the Company's purchases of multi-family properties (dollars in thousands): Location Purchase Date No. of Units Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Capitalized Acquisition Costs Fredricksburg, VA 11/4/2016 220 $ 38,490 $ 29,900 $ 8,720 80 % $ 643 St. Louis, MO 2/28/2017 53 8,000 6,200 2,002 75.5 % 134 St. Louis, MO 2/28/2017 128 27,000 20,000 6,001 75.5 % 423 Creve Coeur, MO 4/4/2017 174 39,600 29,000 9,408 78 % 569 West Nashville, TN (a) 6/2/2017 402 5,228 — 4,800 58 % — Farmers Branch, TX 6/29/2017 509 85,698 55,200 16,200 50 % 992 1,486 $ 204,016 $ 140,300 $ 47,131 $ 2,761 _______________________________ (a) This 44.0 acre land parcel was purchased for development. (b) See Note 15. The table below provides information for the nine months ended June 30, 2016 regarding the Company's purchases of multi-family properties (dollars in thousands): Location Purchase Date No. of Units Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Expensed Acquisition Costs N. Charleston, SC (a) 10/13/2015 271 $ 3,625 — $ 6,558 65 % — La Grange, GA 11/18/2015 236 22,800 $ 16,051 6,824 100 % $ 57 Katy, TX 1/22/2016 268 40,250 30,750 8,150 75 % 382 Macon, GA 2/1/2016 240 14,525 11,200 3,250 80 % 158 Southaven, MS 2/29/2016 392 35,000 28,000 5,856 60 % 413 San Antonio, TX 5/6/2016 288 35,150 26,400 6,688 65 % $ 539 Dallas, TX 5/11/2016 494 37,000 27,938 6,750 50 % $ 567 Columbia, SC 5/31/2016 204 17,000 12,934 4,930 80 % $ 302 2,393 $ 205,350 $ 153,273 $ 49,006 $ 2,418 (a) This 41.5 acre land parcel was purchased for development. The initial equity includes funds contributed in connection with commencement of construction. Property Dispositions The following table is a summary of the real estate properties disposed of by the Company in the nine months ended June 30, 2017 (dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner portion of gain Greenville, NC 10/19/2016 350 $ 68,000 $ 18,483 $ 9,329 Panama City, FL 10/26/2016 160 14,720 7,393 3,478 Atlanta, GA 11/21/2016 350 36,750 8,905 4,166 Hixson, TN 11/30/2016 156 10,775 608 152 New York, NY 12/21/2016 1 465 449 — 1,017 $ 130,710 $ 35,838 $ 17,125 In July 2017, the Company sold three properties located in Humble and Pasadena, Texas for $39,000,000 . The Company anticipates recognizing, in the quarter ending September 30, 2017, an aggregate gain on the sale of the properties of approximately $16,700,000 , of which approximately $7,400,000 will be allocated to non-controlling interests. In connection with the sale, we also incurred approximately $662,000 of mortgage prepayment costs of which approximately $290,000 will be allocated to non-controlling interests. The following table is a summary of the real estate properties disposed of by the Company in the nine months ended June 30, 2016 (dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner portion of gain New York, NY 10/1/2015 1 $ 652 $ 609 — Cordova, TN 3/2/2016 464 31,100 6,764 $ 2,195 Kennesaw, GA 3/15/2016 450 64,000 17,429 10,037 Pooler, GA 4/6/2016 300 38,500 5,710 1,405 Collierville, TN 6/1/2016 324 34,300 4,586 917 1,539 $ 168,552 $ 35,098 $ 14,554

Real Estate Loan

Real Estate Loan	9 Months Ended
	Jun. 30, 2017
Receivables [Abstract]
Real Estate Loan	Real Estate Loan As a result of the sale of the Company's interest in the Newark Joint Venture in February 2016, the mortgage loan owed to the Company by the venture (the "NJV Loan Receivable"), which, prior to the sale, was eliminated in consolidation, is reflected as a real estate loan on the consolidated balance sheets. At September 30, 2016, the principal balance of the NJV Loan Receivable was $19,500,000 . In February 2017, the Company received (i) a $13,600,000 principal paydown of the NJV Loan Receivable and (ii) $2,606,000 , representing all the interest ( i.e. , current and deferred) due through the repayment date. In connection with this transaction, the Company released certain properties from the mortgages securing the NJV Loan Receivable. This receivable, bears interest, payable monthly at a rate of 11% per year, is secured by several properties in Newark, NJ, and matures in October 2017. At June 30, 2017 , the principal balance of the NJV Loan Receivable is $5,650,000 .

Real Estate Property Held For S

Real Estate Property Held For Sale	9 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Real Estate Property Held For Sale	Real Estate Properties Real estate properties (including properties held for sale) consist of the following (dollars in thousands): June 30, 2017 September 30, 2016 Land $ 141,215 $ 128,409 Building 799,849 684,133 Building improvements 31,254 25,717 Real estate properties 972,318 838,259 Accumulated depreciation (60,703 ) (44,687 ) Total real estate properties, net $ 911,615 $ 793,572 A summary of real estate properties owned (including properties held for sale) follows (dollars in thousands): Depreciation Sales Multi-family $ 783,085 $ 224,449 $ 7,136 $ (21,548 ) $ (92,037 ) $ 901,085 Land - Daytona, FL 8,021 — — — — 8,021 Shopping centers/Retail - Yonkers, NY 2,466 125 (82 ) — 2,509 Total real estate properties $ 793,572 $ 224,449 $ 7,261 $ (21,630 ) $ (92,037 ) $ 911,615 The following table summarizes the preliminary allocations of the purchase price of eight properties purchased between August 1, 2016 and June 30, 2017 and the finalized allocation of the purchase price of such properties, as adjusted as of June 30, 2017 (dollars in thousands): Preliminary Purchase Price Allocation Adjustments Finalized Purchase Price Allocation Land $ 35,743 $ (1,550 ) $ 34,193 Building and improvements 276,122 341 276,463 Acquisition-related intangible assets 3,013 1,209 4,222 Total consideration $ 314,878 $ — $ 314,878 Depreciation expense recorded related to purchase price allocation adjustments were $0 and $784,000 for the three and nine months ended June 30, 2017, respectively. Real Estate Property Held For Sale At June 30, 2017, three properties located in Humble and Pasadena, TX are under contract for sale and are classified as real estate properties held for sale. The properties have an aggregate carrying value of $21,515,000 . The sale of these properties was completed in July 2017. At September 30, 2016, the Sandtown Vista property in Atlanta, GA and the Spring Valley property in Panama City, FL were held for sale. The Sandtown Vista property, which had a carrying value of $27,076,000 , was sold on November 21, 2016. The Spring Valley property, which had a carrying value $6,920,000 , was sold on October 26, 2016.

Restricted Cash

Restricted Cash	9 Months Ended
	Jun. 30, 2017
Cash and Cash Equivalents [Abstract]
Restricted Cash	Restricted Cash Restricted cash represents funds held for specific purposes and are therefore not generally available for general corporate purposes. The restricted cash reflected on the consolidated balance sheets represents funds that are held by or on behalf of the Company specifically for capital improvements at certain multi-family properties.

Investments in Unconsolidated V

Investments in Unconsolidated Ventures	9 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	Investment in Unconsolidated Ventures During the nine months ended June 30, 2017 , the Company purchased interests in two unconsolidated joint ventures: (i) a $5,670,000 investment for a 32% interest in a venture which owns a 374 unit multi-family property; and (ii) an $8,665,000 investment for a 46% interest in a venture that contemplates the construction of 339 multi-family units. The properties owned by these ventures are located in Columbia, SC. Construction financing for this development project has been secured.

Debt Obligations

Debt Obligations	9 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Debt obligations consist of the following (dollars in thousands): June 30, 2017 September 30, 2016 Mortgages payable (a) $ 698,091 $ 621,382 Junior subordinated notes 37,400 37,400 Deferred mortgage costs (7,141 ) (6,275 ) Total debt obligations, net of deferred costs $ 728,350 $ 652,507 ___________________________________ (a) Excludes mortgages payable held for sale of $27,052,000 at September 30, 2016. Mortgages Payable During the nine months ended June 30, 2017 , the Company obtained the following mortgage debt in connection with the following property acquisitions (dollars in thousands): Location Closing Date Acquisition Mortgage Debt Interest Rate Interest only period Maturity Date Fredricksburg, VA 11/4/16 $ 27,639 3.68 % N/A February 2027 Fredricksburg, VA 11/4/16 2,261 4.84 % N/A February 2027 St. Louis, MO 2/28/17 20,000 4.79 % 6 years March 2027 St. Louis, MO 2/28/17 6,200 4.84 % 6 years March 2027 Creve Coeur, MO 4/4/17 29,000 LIBOR + 2.50% N/A July 2018 (a) Farmers Branch, TX 6/29/17 55,200 4.22 % 5 years July 2028 $ 140,300 (a) Mortgage contains nine month extension option. During the nine months ended June 30, 2017 , the Company obtained supplemental fixed rate mortgage financing as set forth in the table below (dollars in thousands): Location Closing Date Supplemental Mortgage Debt Interest Rate Maturity Date Decatur, GA 5/30/17 $ 4,941 5.32 % December 2022 The Company has two construction loans that have been, or will be, used to finance two separate construction projects. Information regarding these loans at June 30, 2017 is set forth below(dollars in thousand): Location Closing Date Maximum Loan Amount Amount outstanding Interest Rate Maturity Date Extension Option N Charleston, SC (1) 10/13/2015 $ 30,265 $ 27,289 LIBOR + 1.70% 10/13/2019 1 year Nashville,TN 6/2/2017 47,426 — LIBOR + 2.85% 6/2/2020 N/A $ 77,691 $ 27,289 (1) This property is currently in lease up. Junior Subordinated Notes At June 30, 2017 and September 30, 2016 , the Company's junior subordinated notes had an outstanding principal balance of $37,400,000 , before deferred financing costs of $387,000 and $ 402,000 , respectively. At June 30, 2017 , the interest rate on the outstanding balance is three month LIBOR + 2.00% or 3.17% . The junior subordinated notes require interest only payments through the maturity date of April 30, 2036, at which time repayment of the outstanding principal and unpaid interest become due. Interest expense, including the amortization of deferred costs, for the three months ended June 30, 2017 and 2016 , was $300,000 and $322,000 , respectively, and for the nine months ended June 30, 2017 and 2016 , was $862,000 and $1,248,000 , respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Majestic Property Management Corp., a related party, provides management services to the Company for certain properties owned by the Company and joint ventures in which the Company participates. These fees amounted to $9,000 and $7,000 for the three months ended June 30, 2017 and 2016 , and $25,000 and $26,000 for the nine months ended June 30, 2017 and 2016 , respectively. The allocation of expenses for the shared facilities, personnel and other resources used by the Company is determined in accordance with a shared services agreement by and among the Company and related parties. Amounts paid pursuant to the agreement are included in general and administrative expenses on the consolidated statements of operations. The Company reimbursed Gould Investors L.P., a related party, $84,000 and $47,000 , for the three months ended June 30, 2017 and 2016 , respectively, and $266,000 and $134,000 for the nine months ended June 30, 2017 and 2016 , respectively, for services provided under the agreement. Management of many of the Company's multi-family properties (including two unconsolidated multi-family properties) is performed by the Company's joint venture partners or their affiliates (none of these joint venture partners is Gould Investors L.P. or its affiliates). Management fees to these related parties for the three months ended June 30, 2017 and 2016 were $726,000 and $525,000 , respectively, and for the nine months ended June 30, 2017 and 2016, were $2,022,000 and $1,312,000 , respectively. In addition, the Company may pay an acquisition fee to a joint venture partner in connection with a property purchased by such joint venture. Acquisition fees to these related parties for the three months ended June 30, 2017 and 2016 , were $1,255,000 and $892,000 , respectively, and for the nine months ended June 30, 2017 and 2016 were $1,904,000 and $1,331,000 , respectively. During the three months ended December 31, 2015, the Company borrowed $8,000,000 from Gould Investors L.P., a related party. Interest for the three and nine months ended June 30, 2016 was $62,000 and $86,000 , respectively. This loan was repaid on February 24, 2016.

Segment Reporting

Segment Reporting	9 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Management determined that the Company operates in two reportable segments: a multi-family property segment, which includes the ownership, operation and development of multi-family properties; and an other assets segment, which includes the ownership and operation of the Company's other real estate assets and a real estate loan. The following tables summarize the Company's segment reporting for the periods indicated (dollars in thousands): Three Months Ended June 30, 2017 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 26,269 $ 404 $ 26,673 Other income — 188 188 Total revenues 26,269 592 26,861 Expenses: Real estate operating expenses 13,142 141 13,283 Interest expense 7,054 126 7,180 General and administrative 2,263 46 2,309 Depreciation 7,532 29 7,561 Total expenses 29,991 342 30,333 Total revenue less total expenses (3,722 ) 250 (3,472 ) Equity in (loss) earnings from unconsolidated joint ventures (331 ) 24 (307 ) (Loss) income from continuing operations (4,053 ) 274 (3,779 ) Provision for taxes 41 — 41 (Loss) income from continuing operation, net of taxes (4,094 ) 274 (3,820 ) Net loss (income) attributable to non-controlling interests 451 (33 ) 418 Net loss attributable to common stockholders $ (3,643 ) $ 241 $ (3,402 ) Segment Assets at June 30, 2017 $ 962,259 $ 17,125 $ 979,384 Three Months Ended June 30, 2016 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 23,323 $ 356 $ 23,679 Other income — 608 608 Total revenues 23,323 964 24,287 Expenses: Real estate operating expenses 11,831 155 11,986 Interest expense 5,991 23 6,014 Property acquisition costs 1,408 — 1,408 General and administrative 2,326 47 2,373 Depreciation 5,844 27 5,871 Total expenses 27,400 252 27,652 Total revenues less total expenses (4,077 ) 712 (3,365 ) Gain on sale of real estate 10,263 — 10,263 Gain on sale of partnership interest 386 — 386 Income from continuing operations 6,572 712 7,284 Net income attributable to non-controlling interests (1,776 ) (28 ) (1,804 ) Net income attributable to common stockholders $ 4,796 $ 684 $ 5,480 Segment Assets at June 30, 2016 $ 757,522 $ 30,599 $ 788,121 Nine Months Ended June 30, 2017 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 75,229 $ 1,175 $ 76,404 Other income (9 ) 989 980 Total revenues 75,220 2,164 77,384 Expenses: Real estate operating expenses 37,241 397 37,638 Interest expense 19,016 1,253 20,269 General and administrative 7,150 146 7,296 Depreciation 21,547 83 21,630 Total expenses 84,954 1,879 86,833 Total revenue less total expenses (9,734 ) 285 (9,449 ) Equity in (loss) earnings from unconsolidated joint ventures (331 ) 24 (307 ) Gain on sale of real estate 35,389 449 35,838 Loss on extinguishment of debt (799 ) — (799 ) Income from continuing operations 24,525 758 25,283 Provision for taxes 1,470 29 1,499 Income from continuing operations, net of taxes 23,055 729 23,784 Net income attributable to non-controlling interests (15,544 ) (101 ) (15,645 ) Net income attributable to common stockholders $ 7,511 $ 628 $ 8,139 Segment Assets at June 30, 2017 $ 962,259 $ 17,125 $ 979,384 Nine Months Ended June 30, 2016 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 68,961 $ 1,030 $ 69,991 Other income — 2,641 2,641 Total revenues 68,961 3,671 72,632 Expenses: Real estate operating expenses 34,729 448 35,177 Interest expense 17,478 116 17,594 Advisor's fee, related party 593 100 693 Property acquisition costs 2,418 — 2,418 General and administrative 6,221 181 6,402 Depreciation 16,407 80 16,487 Total expenses 77,846 925 78,771 Total revenue less total expenses (8,885 ) 2,746 (6,139 ) Gain on sale of real estate 34,489 609 35,098 Gain on sale of partnership interest 386 386 Loss on extinguishment of debt (2,668 ) — (2,668 ) Income from continuing operations 23,322 3,355 26,677 Net (income) loss attributable to non-controlling interests (12,555 ) 1,581 (10,974 ) Net income attributable to common stockholders before reconciling adjustment $ 10,767 $ 4,936 15,703 Reconciling adjustment: Discontinued operations, net of non-controlling interest 12,679 Net income attributable to common stockholders $ 28,382 Segment Assets at June 30, 2016 $ 757,522 $ 30,599 $ 788,121

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Financial Instruments Not Measured at Fair Value The following methods and assumptions were used to estimate the fair value of each class of financial instruments that are not recorded at fair value on the consolidated balance sheets: Cash and cash equivalents, restricted cash, accounts receivable (included in other assets), accounts payable and accrued liabilities: The carrying amounts reported in the balance sheets for these instruments approximate their fair value due to the short term nature of these accounts. Junior subordinated notes: At June 30, 2017 and September 30, 2016 , the estimated fair value of the notes is lower than their carrying value by approximately $15,939,000 and $16,549,000 based on a market interest rate of 6.76% and 6.37% , respectively. Mortgages payable: At June 30, 2017 , the estimated fair value of the Company’s mortgages payable is lower than their carrying value by approximately $11,880,000 assuming market interest rates between 3.78% and 5.02% and at September 30, 2016 , the estimated fair value of the Company's mortgages payable was greater than their carrying value by approximately $10,629,000 assuming market interest rates between 3.05% and 4.25% . Market interest rates were determined using rates which the Company believes reflects institutional lender yield requirements at the balance sheet dates. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value assumptions. Financial Instruments Measured at Fair Value The Company’s fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. The Company does not currently own any financial instruments that are classified as Level 3. Set forth below is information regarding the Company’s financial assets and liabilities measured at fair value as of June 30, 2017 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Financial Assets: Interest rate swaps $ 1,489 — $ 1,489 Financial Liabilities: Interest rate swap $ 17 — $ 17 Derivative financial instruments: Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. At June 30, 2017 , these derivatives are included in other assets and other accounts payable and accrued liabilities on the consolidated balance sheet. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with them utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. As of June 30, 2017 , the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative position and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivatives valuation is classified in Level 2 of the fair value hierarchy.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Cash Flow Hedges of Interest Rate Risk The Company's objective in using interest rate derivatives is to manage its exposure to interest rate movements. To accomplish this objective, the Company 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 Company 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 Company's variable-rate debt. As of June 30, 2017 , the Company 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 Fixed Rate Maturity Interest rate swap $ 1,475 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 The table below presents the fair value of the Company’s derivative financial instruments as well as its classification on the consolidated balance sheets as of the dates indicated (amounts in thousands): Derivatives as of: June 30, 2017 September 30, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Other Assets $ 1,489 Other Assets $ — Accounts payable and accrued liabilities $ 17 Accounts payable and accrued liabiltities $ 1,602 As of June 30, 2017 , the Company did not have any derivative instruments that were considered to be ineffective and does not use derivative instruments for trading or speculative purposes. The following table presents the effect of the Company’s interest rate swaps on the consolidated statements of comprehensive (loss) income for the dates indicated (dollars in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Amount of gain recognized on derivative in Other Comprehensive Income (loss) $ (309 ) $ (906 ) $ 2,739 $ (935 ) Amount of gain (loss) reclassified from Accumulated Other Comprehensive Income (loss) into Interest Expense $ (80 ) $ (50 ) $ (336 ) $ (65 ) No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company's cash flow hedges during the three and nine months ended June 30, 2017 and June 30, 2016 . The Company estimates an additional $126,000 will be reclassified from other comprehensive income (loss) as an increase to interest expense over the next twelve months. Credit-risk-related Contingent Features The agreement between the Company and its derivative counterparties provides that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Company could be declared in default on its derivative obligations. As of June 30, 2017 , the fair value of the derivative in a net liability position, which includes accrued interest, but excludes any adjustment for nonperformance risk related to these agreement, was $17,000 . As of June 30, 2017 , the Company has not posted any collateral related to these agreements. If the Company had been in breach of these agreements at June 30, 2017 , it could have been required to settle its obligations thereunder at its termination value of $17,000 .

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In January 2017, the Financial Accounting Standards Board ("FASB") issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The ASU clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or business combinations. The ASU is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. Early adoption is permitted. The Company elected early adoption effective for the quarter ended December 31, 2016. The Company's net income was favorably impacted as a result of the capitalization of acquisition costs - in prior periods, property acquisition costs were expensed during the period incurred. During the three and nine months ended June 30, 2017 , capitalized acquisition costs were $1,561,000 and $2,761,000 , respectively, without giving effect to non-controlling interests. 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 Company is currently evaluating the impact of this new standard on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under this analysis, limited partnerships and other similar entities will be considered a VIE unless the limited partners hold substantive kick-out rights or participating rights. The guidance is effective for annual periods beginning after December 15, 2015, including interim periods within those periods, with early adoption permitted. The Company adopted this guidance in the quarter December 31, 2016 and its adoption did not have a material effect on its consolidated financial statements. 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 thereafter, 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). The Company is 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 it will adopt the standard in 2018.

Subsequent Events

Subsequent Events	9 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent events have been evaluated and any significant events, relative to our consolidated financial statements as of June 30, 2017 that warrant additional disclosure, have been included in the notes to the consolidated financial statements.

Basis of Preparation (Policies)

Basis of Preparation (Policies)	9 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	The accompanying interim unaudited consolidated financial statements as of June 30, 2017 , and for the three and nine months ended June 30, 2017 and 2016 , reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for such interim periods. The results of operations for the three and nine months ended June 30, 2017 and 2016 , are not necessarily indicative of the results for the full year. The consolidated balance sheet as of September 30, 2016 , has been derived from the audited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States ("GAAP") for complete financial statements.
Consolidated Financial Statements and Variable Interest Entities	The consolidated financial statements include the accounts and operations of the Company, its wholly owned subsidiaries, and its majority owned or controlled real estate entities and its interests in variable interest entities ("VIEs") in which the Company is determined to be the primary beneficiary. Material inter-company balances and transactions have been eliminated. The Company’s consolidated joint ventures that own multi‑family properties were determined to be VIEs because the voting rights of some equity investors in the applicable joint venture entity are not proportional to their obligations to absorb the expected losses of the entity and their right to receive the expected residual returns. In addition, substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately fewer voting rights. It was determined that the Company is the primary beneficiary of these joint ventures because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits that could potentially be significant to the VIE. The joint ventures that own properties in Dallas, TX and St. Louis, MO were determined not to be a VIEs but are consolidated because the Company has substantive participating rights in such entities. With respect to its unconsolidated joint ventures, as (i) the Company is primarily the managing member but does not exercise substantial operating control over these entities or the Company is not the managing member and (ii) such entities are not VIEs, the Company has determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes. The distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro-rata to the percentage equity interest each partner has in the applicable venture. For the three and nine months ended June 30, 2016, the Company reclassified approximately $1,043,000 and $3,126,000 of tenant utility reimbursements from real estate operating expenses to rental and other revenues from real estate properties to conform with the current period presentation. This reclassification increased total revenues and expenses by $1,043,000 and $3,126,000 , respectively, and had no effect on the Company's financial position, results of operations or cash flows. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates.
New Accounting Pronouncements	New Accounting Pronouncements In January 2017, the Financial Accounting Standards Board ("FASB") issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The ASU clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or business combinations. The ASU is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. Early adoption is permitted. The Company elected early adoption effective for the quarter ended December 31, 2016. The Company's net income was favorably impacted as a result of the capitalization of acquisition costs - in prior periods, property acquisition costs were expensed during the period incurred. During the three and nine months ended June 30, 2017 , capitalized acquisition costs were $1,561,000 and $2,761,000 , respectively, without giving effect to non-controlling interests. 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 Company is currently evaluating the impact of this new standard on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under this analysis, limited partnerships and other similar entities will be considered a VIE unless the limited partners hold substantive kick-out rights or participating rights. The guidance is effective for annual periods beginning after December 15, 2015, including interim periods within those periods, with early adoption permitted. The Company adopted this guidance in the quarter December 31, 2016 and its adoption did not have a material effect on its consolidated financial statements. 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 thereafter, 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). The Company is 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 it will adopt the standard in 2018.

Real Estate Properties (Tables)

Real Estate Properties (Tables)	9 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Summary of real estate properties owned	Real estate properties (including properties held for sale) consist of the following (dollars in thousands): June 30, 2017 September 30, 2016 Land $ 141,215 $ 128,409 Building 799,849 684,133 Building improvements 31,254 25,717 Real estate properties 972,318 838,259 Accumulated depreciation (60,703 ) (44,687 ) Total real estate properties, net $ 911,615 $ 793,572 A summary of real estate properties owned (including properties held for sale) follows (dollars in thousands): Depreciation Sales Multi-family $ 783,085 $ 224,449 $ 7,136 $ (21,548 ) $ (92,037 ) $ 901,085 Land - Daytona, FL 8,021 — — — — 8,021 Shopping centers/Retail - Yonkers, NY 2,466 125 (82 ) — 2,509 Total real estate properties $ 793,572 $ 224,449 $ 7,261 $ (21,630 ) $ (92,037 ) $ 911,615
Schedule of assets acquired and liabilities assumed	The following table summarizes the preliminary allocations of the purchase price of eight properties purchased between August 1, 2016 and June 30, 2017 and the finalized allocation of the purchase price of such properties, as adjusted as of June 30, 2017 (dollars in thousands): Preliminary Purchase Price Allocation Adjustments Finalized Purchase Price Allocation Land $ 35,743 $ (1,550 ) $ 34,193 Building and improvements 276,122 341 276,463 Acquisition-related intangible assets 3,013 1,209 4,222 Total consideration $ 314,878 $ — $ 314,878

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	9 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
Schedule of real estate acquisitions	The table below provides information for the nine months ended June 30, 2016 regarding the Company's purchases of multi-family properties (dollars in thousands): Location Purchase Date No. of Units Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Expensed Acquisition Costs N. Charleston, SC (a) 10/13/2015 271 $ 3,625 — $ 6,558 65 % — La Grange, GA 11/18/2015 236 22,800 $ 16,051 6,824 100 % $ 57 Katy, TX 1/22/2016 268 40,250 30,750 8,150 75 % 382 Macon, GA 2/1/2016 240 14,525 11,200 3,250 80 % 158 Southaven, MS 2/29/2016 392 35,000 28,000 5,856 60 % 413 San Antonio, TX 5/6/2016 288 35,150 26,400 6,688 65 % $ 539 Dallas, TX 5/11/2016 494 37,000 27,938 6,750 50 % $ 567 Columbia, SC 5/31/2016 204 17,000 12,934 4,930 80 % $ 302 2,393 $ 205,350 $ 153,273 $ 49,006 $ 2,418 (a) This 41.5 acre land parcel was purchased for development. The initial equity includes funds contributed in connection with commencement of construction. The table below provides information for the nine months ended June 30, 2017 regarding the Company's purchases of multi-family properties (dollars in thousands): Location Purchase Date No. of Units Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Capitalized Acquisition Costs Fredricksburg, VA 11/4/2016 220 $ 38,490 $ 29,900 $ 8,720 80 % $ 643 St. Louis, MO 2/28/2017 53 8,000 6,200 2,002 75.5 % 134 St. Louis, MO 2/28/2017 128 27,000 20,000 6,001 75.5 % 423 Creve Coeur, MO 4/4/2017 174 39,600 29,000 9,408 78 % 569 West Nashville, TN (a) 6/2/2017 402 5,228 — 4,800 58 % — Farmers Branch, TX 6/29/2017 509 85,698 55,200 16,200 50 % 992 1,486 $ 204,016 $ 140,300 $ 47,131 $ 2,761 _______________________________ (a) This 44.0 acre land parcel was purchased for development. (b) See Note 15.
Schedule of property dispositions	The following table is a summary of the real estate properties disposed of by the Company in the nine months ended June 30, 2017 (dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner portion of gain Greenville, NC 10/19/2016 350 $ 68,000 $ 18,483 $ 9,329 Panama City, FL 10/26/2016 160 14,720 7,393 3,478 Atlanta, GA 11/21/2016 350 36,750 8,905 4,166 Hixson, TN 11/30/2016 156 10,775 608 152 New York, NY 12/21/2016 1 465 449 — 1,017 $ 130,710 $ 35,838 $ 17,125 The following table is a summary of the real estate properties disposed of by the Company in the nine months ended June 30, 2016 (dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner portion of gain New York, NY 10/1/2015 1 $ 652 $ 609 — Cordova, TN 3/2/2016 464 31,100 6,764 $ 2,195 Kennesaw, GA 3/15/2016 450 64,000 17,429 10,037 Pooler, GA 4/6/2016 300 38,500 5,710 1,405 Collierville, TN 6/1/2016 324 34,300 4,586 917 1,539 $ 168,552 $ 35,098 $ 14,554

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of debt obligations	Debt obligations consist of the following (dollars in thousands): June 30, 2017 September 30, 2016 Mortgages payable (a) $ 698,091 $ 621,382 Junior subordinated notes 37,400 37,400 Deferred mortgage costs (7,141 ) (6,275 ) Total debt obligations, net of deferred costs $ 728,350 $ 652,507 ___________________________________ (a) Excludes mortgages payable held for sale of $27,052,000 at September 30, 2016.
Schedule of debt information	During the nine months ended June 30, 2017 , the Company obtained the following mortgage debt in connection with the following property acquisitions (dollars in thousands): Location Closing Date Acquisition Mortgage Debt Interest Rate Interest only period Maturity Date Fredricksburg, VA 11/4/16 $ 27,639 3.68 % N/A February 2027 Fredricksburg, VA 11/4/16 2,261 4.84 % N/A February 2027 St. Louis, MO 2/28/17 20,000 4.79 % 6 years March 2027 St. Louis, MO 2/28/17 6,200 4.84 % 6 years March 2027 Creve Coeur, MO 4/4/17 29,000 LIBOR + 2.50% N/A July 2018 (a) Farmers Branch, TX 6/29/17 55,200 4.22 % 5 years July 2028 $ 140,300 (a) Mortgage contains nine month extension option. During the nine months ended June 30, 2017 , the Company obtained supplemental fixed rate mortgage financing as set forth in the table below (dollars in thousands): Location Closing Date Supplemental Mortgage Debt Interest Rate Maturity Date Decatur, GA 5/30/17 $ 4,941 5.32 % December 2022 Information regarding these loans at June 30, 2017 is set forth below(dollars in thousand): Location Closing Date Maximum Loan Amount Amount outstanding Interest Rate Maturity Date Extension Option N Charleston, SC (1) 10/13/2015 $ 30,265 $ 27,289 LIBOR + 1.70% 10/13/2019 1 year Nashville,TN 6/2/2017 47,426 — LIBOR + 2.85% 6/2/2020 N/A $ 77,691 $ 27,289 (1) This property is currently in lease up.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Summary of segment reporting	The following tables summarize the Company's segment reporting for the periods indicated (dollars in thousands): Three Months Ended June 30, 2017 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 26,269 $ 404 $ 26,673 Other income — 188 188 Total revenues 26,269 592 26,861 Expenses: Real estate operating expenses 13,142 141 13,283 Interest expense 7,054 126 7,180 General and administrative 2,263 46 2,309 Depreciation 7,532 29 7,561 Total expenses 29,991 342 30,333 Total revenue less total expenses (3,722 ) 250 (3,472 ) Equity in (loss) earnings from unconsolidated joint ventures (331 ) 24 (307 ) (Loss) income from continuing operations (4,053 ) 274 (3,779 ) Provision for taxes 41 — 41 (Loss) income from continuing operation, net of taxes (4,094 ) 274 (3,820 ) Net loss (income) attributable to non-controlling interests 451 (33 ) 418 Net loss attributable to common stockholders $ (3,643 ) $ 241 $ (3,402 ) Segment Assets at June 30, 2017 $ 962,259 $ 17,125 $ 979,384 Three Months Ended June 30, 2016 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 23,323 $ 356 $ 23,679 Other income — 608 608 Total revenues 23,323 964 24,287 Expenses: Real estate operating expenses 11,831 155 11,986 Interest expense 5,991 23 6,014 Property acquisition costs 1,408 — 1,408 General and administrative 2,326 47 2,373 Depreciation 5,844 27 5,871 Total expenses 27,400 252 27,652 Total revenues less total expenses (4,077 ) 712 (3,365 ) Gain on sale of real estate 10,263 — 10,263 Gain on sale of partnership interest 386 — 386 Income from continuing operations 6,572 712 7,284 Net income attributable to non-controlling interests (1,776 ) (28 ) (1,804 ) Net income attributable to common stockholders $ 4,796 $ 684 $ 5,480 Segment Assets at June 30, 2016 $ 757,522 $ 30,599 $ 788,121 Nine Months Ended June 30, 2017 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 75,229 $ 1,175 $ 76,404 Other income (9 ) 989 980 Total revenues 75,220 2,164 77,384 Expenses: Real estate operating expenses 37,241 397 37,638 Interest expense 19,016 1,253 20,269 General and administrative 7,150 146 7,296 Depreciation 21,547 83 21,630 Total expenses 84,954 1,879 86,833 Total revenue less total expenses (9,734 ) 285 (9,449 ) Equity in (loss) earnings from unconsolidated joint ventures (331 ) 24 (307 ) Gain on sale of real estate 35,389 449 35,838 Loss on extinguishment of debt (799 ) — (799 ) Income from continuing operations 24,525 758 25,283 Provision for taxes 1,470 29 1,499 Income from continuing operations, net of taxes 23,055 729 23,784 Net income attributable to non-controlling interests (15,544 ) (101 ) (15,645 ) Net income attributable to common stockholders $ 7,511 $ 628 $ 8,139 Segment Assets at June 30, 2017 $ 962,259 $ 17,125 $ 979,384 Nine Months Ended June 30, 2016 Multi-Family Real Estate Other Assets Total Revenues: Rental and other revenues from real estate properties $ 68,961 $ 1,030 $ 69,991 Other income — 2,641 2,641 Total revenues 68,961 3,671 72,632 Expenses: Real estate operating expenses 34,729 448 35,177 Interest expense 17,478 116 17,594 Advisor's fee, related party 593 100 693 Property acquisition costs 2,418 — 2,418 General and administrative 6,221 181 6,402 Depreciation 16,407 80 16,487 Total expenses 77,846 925 78,771 Total revenue less total expenses (8,885 ) 2,746 (6,139 ) Gain on sale of real estate 34,489 609 35,098 Gain on sale of partnership interest 386 386 Loss on extinguishment of debt (2,668 ) — (2,668 ) Income from continuing operations 23,322 3,355 26,677 Net (income) loss attributable to non-controlling interests (12,555 ) 1,581 (10,974 ) Net income attributable to common stockholders before reconciling adjustment $ 10,767 $ 4,936 15,703 Reconciling adjustment: Discontinued operations, net of non-controlling interest 12,679 Net income attributable to common stockholders $ 28,382 Segment Assets at June 30, 2016 $ 757,522 $ 30,599 $ 788,121

Fair Value of Financial Instr32

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Schedule of financial assets measured at fair value	Set forth below is information regarding the Company’s financial assets and liabilities measured at fair value as of June 30, 2017 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Financial Assets: Interest rate swaps $ 1,489 — $ 1,489 Financial Liabilities: Interest rate swap $ 17 — $ 17

Derivative Financial Instrume33

Derivative Financial Instruments (Tables)	9 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of outstanding interest rate derivatives	As of June 30, 2017 , the Company 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 Fixed Rate Maturity Interest rate swap $ 1,475 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
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheets	The table below presents the fair value of the Company’s derivative financial instruments as well as its classification on the consolidated balance sheets as of the dates indicated (amounts in thousands): Derivatives as of: June 30, 2017 September 30, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Other Assets $ 1,489 Other Assets $ — Accounts payable and accrued liabilities $ 17 Accounts payable and accrued liabiltities $ 1,602
Schedule of effect of derivative financial instrument on consolidated statements of comprehensive (loss) income	The following table presents the effect of the Company’s interest rate swaps on the consolidated statements of comprehensive (loss) income for the dates indicated (dollars in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Amount of gain recognized on derivative in Other Comprehensive Income (loss) $ (309 ) $ (906 ) $ 2,739 $ (935 ) Amount of gain (loss) reclassified from Accumulated Other Comprehensive Income (loss) into Interest Expense $ (80 ) $ (50 ) $ (336 ) $ (65 )

Organization and Background (De

Organization and Background (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2017USD ($)statepropertyproperty_unitinvestment	Sep. 30, 2016USD ($)
Organization, background and significant accounting policies
Number of properties | property	35
Number of units | property_unit	9,890
Number of units in properties in lease up stage | property_unit	445
Number of properties in lease up stage | property	2
Number of units under construction | property_unit	402
Number of states | state	11
Real estate properties, net	$ 890,100	$ 759,576
Number of investments | investment	2
Investments in unconsolidated joint ventures	$ 14,134	298
Real estate investments, other	16,182
Real estate loan	5,650	$ 19,500
Multi-family
Organization, background and significant accounting policies
Real estate properties, net	$ 901,084
Two Unconsolidated Joint Ventures
Organization, background and significant accounting policies
Number of investments | investment	2
Investments in unconsolidated joint ventures	$ 13,925
Minimum | Corporate Joint Venture | Property Acquisition | Multi-family
Organization, background and significant accounting policies
Equity contribution in each transaction (as a percent)	70.00%
Maximum | Corporate Joint Venture | Property Acquisition | Multi-family
Organization, background and significant accounting policies
Equity contribution in each transaction (as a percent)	80.00%

Basis of Preparation - (Details

Basis of Preparation - (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Real Estate [Line Items]
Total revenues	$ 26,861	$ 24,287	$ 77,384	$ 72,632
Operating expenses	$ 30,333	27,652	$ 86,833	78,771
Restatement Adjustment
Real Estate [Line Items]
Tenant utility reimbursements reclassified		1,043		3,126
Total revenues		1,043		3,126
Operating expenses		$ 1,043,000		$ 3,126,000

Equity (Details)

Equity (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Jan. 31, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2016	Mar. 11, 2016
Equity incentive plans
Dividends declared per share (in dollars per share)			$ 0	$ 0	$ 0	$ 0
Restricted Shares
Compensation expense				$ 50,000		$ 50,000
Share Buyback
Shares repurchased (in shares)					21,304
Beneficial interest purchased, price per share (in dollars per share)					$ 8.14
Beneficial interest purchased, value					$ 171,000
Per Share Data
Basic and diluted shares outstanding (in shares)			14,035,074	13,932,515	13,983,495	14,055,436
New Share Repurchase Program
Share Buyback
Beneficial interest purchased authorized amount								$ 5,000,000
Restricted Stock
Restricted Shares
Compensation expense			$ 243,000	$ 221,000	$ 1,063,000	$ 639,000
Deferred unearned compensation			$ 2,599,000		$ 2,599,000		$ 2,089,000
Remaining weighted average vesting period					2 years 7 months 6 days
Incentive Plan 2016
Restricted Shares
Shares authorized for issuance (up to) (in shares)			600,000		600,000
Incentive Plan 2016 | Restricted Stock Units (RSUs)
Restricted Shares
Issued (in shares)		450,000
Vesting period for shares issued					5 years
Compensation expense			$ 110,000		$ 329,000
Deferred unearned compensation			$ 1,643,000		$ 1,643,000		$ 1,972,000
Incentive Plan 2016 | Restricted Stock
Restricted Shares
Issued (in shares)	147,500
Vesting period for shares issued					5 years
Incentive Plan 2012
Restricted Shares
Number of additional awards available for grant (in shares)			0		0
Incentive Plan 2012 | Restricted Stock
Restricted Shares
Shares outstanding (in shares)			689,375		689,375

Real Estate Properties (Details

Real Estate Properties (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Sep. 30, 2016
Real Estate Properties
Land		$ 141,215	$ 128,409
Building		799,849	684,133
Building improvements		31,254	25,717
Real estate properties		972,318	838,259
Accumulated depreciation		(60,703)	(44,687)
Total real estate properties, net	$ 793,572	911,615	793,572
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	793,572
Additions	224,449
Capitalized Costs and Improvements	7,261
Depreciation	(21,630)
Sales	(92,037)
Real estate properties, ending balance	911,615
Multi-family
Real Estate Properties
Total real estate properties, net	783,085	901,085	783,085
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	783,085
Additions	224,449
Capitalized Costs and Improvements	7,136
Depreciation	(21,548)
Sales	(92,037)
Real estate properties, ending balance	901,085
Land
Real Estate Properties
Total real estate properties, net	8,021	8,021	8,021
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	8,021
Additions	0
Capitalized Costs and Improvements	0
Depreciation	0
Sales	0
Real estate properties, ending balance	8,021
Shopping centers/Retail | Variable Interest Entity, Primary Beneficiary | RBHTRB Newark Holdings LLC
Real Estate Properties
Total real estate properties, net	2,466	$ 2,509	$ 2,466
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	2,466
Additions
Capitalized Costs and Improvements	125
Depreciation	(82)
Sales	0
Real estate properties, ending balance	$ 2,509

Real Estate Properties - Purcha

Real Estate Properties - Purchase Price Allocations (Details) $ in Thousands	3 Months Ended	9 Months Ended	11 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)property
Business Acquisition [Line Items]
Number of properties acquired | property			8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Depreciation expense related to purchase price allocation adjustments	$ 0	$ 784,000
Previously Acquired
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Total consideration	314,878	314,878	$ 314,878
Adjustments, consideration transferred		0
Previously Acquired | Land
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Real estate property	34,193	34,193	34,193
Adjustments, property, plant and equipment		(1,550)
Previously Acquired | Buildings and Improvements
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Real estate property	276,463	276,463	276,463
Adjustments, property, plant and equipment		341
Previously Acquired | Scenario, Previously Reported
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Total consideration	314,878	314,878	314,878
Previously Acquired | Scenario, Previously Reported | Land
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Real estate property	35,743	35,743	35,743
Previously Acquired | Scenario, Previously Reported | Buildings and Improvements
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Real estate property	276,122	276,122	276,122
Acquisition-related intangible assets | Previously Acquired
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Acquisition-related intangibles	4,222	4,222	4,222
Adjustments, acquisition-related intangible assets		1,209
Acquisition-related intangible assets | Previously Acquired | Scenario, Previously Reported
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Acquisition-related intangibles	$ 3,013	$ 3,013	$ 3,013

Acquisitions and Dispositions39

Acquisitions and Dispositions (Details) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Jul. 31, 2017USD ($)property	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)
Business Acquisition [Line Items]
Gain on Sale			$ 0	$ 0	$ 0	$ (2,788)
Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Sales price			$ 130,710	$ 168,552	130,710	168,552
Gain on Sale					35,838	35,098
Non-controlling partner portion of gain					$ 17,125	$ 14,554
Subsequent Event
Business Acquisition [Line Items]
Number of properties sold | property	3
Subsequent Event | Humble and Pasadena, TX | Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Sales price	$ 39,000
Mortgage prepayment penalties incurred	662
Mortgage prepayment penalties incurred, attributable to noncontrolling interest	$ 290
Scenario, Forecast | Subsequent Event | Humble and Pasadena, TX | Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Gain on Sale		$ 16,700
Non-controlling partner portion of gain		$ 7,400

Acquisitions and Dispositions -

Acquisitions and Dispositions - Schedule of Property Acquisitions (Details)

Jun. 29, 2017USD ($)property_unit

Jun. 02, 2017USD ($)aproperty_unit

Apr. 04, 2017USD ($)property_unit

Feb. 28, 2017USD ($)property_unit

Nov. 04, 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 ($)aproperty_unit

Jun. 30, 2017USD ($)property_unit

Jun. 30, 2016USD ($)property_unit

Jun. 30, 2017USD ($)property_unit

Jun. 30, 2016USD ($)property_unit

Real Estate Properties

No. of Units | property_unit

9,890

9,890

Capitalized Acquisition Costs

$ 0

$ 1,408,000

$ 0

$ 2,418,000

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

Real Estate Properties

No. of Units | property_unit

1,486

2,393

1,486

2,393

Purchase Price

$ 204,016,000

$ 205,350,000

$ 204,016,000

$ 205,350,000

Initial BRT Equity

47,131,000

49,006,000

Capitalized Acquisition Costs

2,761,000

2,418,000

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

Real Estate Properties

Acquisition Mortgage Debt

$ 140,300,000

$ 153,273,000

$ 140,300,000

$ 153,273,000

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

Real Estate Properties

No. of Units | property_unit

220

Purchase Price

$ 38,490,000

Initial BRT Equity

$ 8,720,000

Ownership Percentage

80.00%

Capitalized Acquisition Costs

$ 643,000

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

Real Estate Properties

Acquisition Mortgage Debt

$ 29,900,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | St. Louis, MO | Multi-family | Property Acquisition

Real Estate Properties

No. of Units | property_unit

53

Purchase Price

$ 8,000,000

Initial BRT Equity

$ 2,002,000

Ownership Percentage

75.50%

Capitalized Acquisition Costs

$ 134,000

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

Real Estate Properties

Acquisition Mortgage Debt

$ 6,200,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | St. Louis, MO (Location 2) | Multi-family | Property Acquisition

Real Estate Properties

No. of Units | property_unit

128

Purchase Price

$ 27,000,000

Initial BRT Equity

$ 6,001,000

Ownership Percentage

75.50%

Capitalized Acquisition Costs

$ 423,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | St. Louis, MO (Location 2) | Multi-family | Property Acquisition | Mortgages

Real Estate Properties

Acquisition Mortgage Debt

$ 20,000,000

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

Real Estate Properties

No. of Units | property_unit

174

Purchase Price

$ 39,600,000

Initial BRT Equity

$ 9,408,000

Ownership Percentage

78.00%

Capitalized Acquisition Costs

$ 569,000

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

Real Estate Properties

Acquisition Mortgage Debt

$ 29,000,000

Corporate Joint Venture | Variable Interest Entity, Primary Beneficiary | West Nashville, TN | Multi-family

Real Estate Properties

Area of land | a

41.5

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

Real Estate Properties

No. of Units | property_unit

402

Purchase Price

$ 5,228,000

Initial BRT Equity

$ 4,800,000

Ownership Percentage

58.00%

Capitalized Acquisition Costs

$ 0

Area of land | a

44

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

Real Estate Properties

Acquisition Mortgage Debt

$ 0

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

Real Estate Properties

No. of Units | property_unit

509

Purchase Price

$ 85,698,000

Initial BRT Equity

$ 16,200,000

Ownership Percentage

50.00%

Capitalized Acquisition Costs

$ 992,000

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

Real Estate Properties

Acquisition Mortgage Debt

$ 55,200,000

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

Real Estate Properties

No. of Units | property_unit

271

Purchase Price

$ 3,625,000

Initial BRT Equity

$ 6,558,000

Ownership Percentage

65.00%

Capitalized Acquisition Costs

$ 0

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

Real Estate Properties

Acquisition Mortgage Debt

$ 0

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

Real Estate Properties

No. of Units | property_unit

236

Purchase Price

$ 22,800,000

Initial BRT Equity

$ 6,824,000

Ownership Percentage

100.00%

Capitalized Acquisition Costs

$ 57,000

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

Real Estate Properties

Acquisition Mortgage Debt

$ 16,051,000

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

Real Estate Properties

No. of Units | property_unit

268

Purchase Price

$ 40,250,000

Initial BRT Equity

$ 8,150,000

Ownership Percentage

75.00%

Capitalized Acquisition Costs

$ 382,000

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

Real Estate Properties

Acquisition Mortgage Debt

$ 30,750,000

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

Real Estate Properties

No. of Units | property_unit

240

Purchase Price

$ 14,525,000

Initial BRT Equity

$ 3,250,000

Ownership Percentage

80.00%

Capitalized Acquisition Costs

$ 158,000

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

Real Estate Properties

Acquisition Mortgage Debt

$ 11,200,000

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

Real Estate Properties

No. of Units | property_unit

392

Purchase Price

$ 35,000,000

Initial BRT Equity

$ 5,856,000

Ownership Percentage

60.00%

Capitalized Acquisition Costs

$ 413,000

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

Real Estate Properties

Acquisition Mortgage Debt

$ 28,000,000

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

Real Estate Properties

No. of Units | property_unit

288

Purchase Price

$ 35,150,000

Initial BRT Equity

$ 6,688,000

Ownership Percentage

65.00%

Capitalized Acquisition Costs

$ 539,000

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

Real Estate Properties

Acquisition Mortgage Debt

$ 26,400,000

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

Real Estate Properties

No. of Units | property_unit

494

Purchase Price

$ 37,000,000

Initial BRT Equity

$ 6,750,000

Ownership Percentage

50.00%

Capitalized Acquisition Costs

$ 567,000

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

Real Estate Properties

Acquisition Mortgage Debt

$ 27,938,000

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

Real Estate Properties

No. of Units | property_unit

204

Purchase Price

$ 17,000,000

Initial BRT Equity

$ 4,930,000

Ownership Percentage

80.00%

Capitalized Acquisition Costs

$ 302,000

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

Real Estate Properties

Acquisition Mortgage Debt

$ 12,934,000

Acquisitions and Dispositions41

Acquisitions and Dispositions - Property Dispositions (Details) $ in Thousands	Dec. 21, 2016USD ($)property_unit	Nov. 30, 2016USD ($)property_unit	Nov. 21, 2016USD ($)property_unit	Oct. 26, 2016USD ($)property_unit	Oct. 19, 2016USD ($)property_unit	Jun. 01, 2016USD ($)property_unit	Apr. 06, 2016USD ($)property_unit	Mar. 16, 2016USD ($)property_unit	Mar. 02, 2016USD ($)property_unit	Oct. 01, 2015USD ($)property_unit	Jun. 30, 2017USD ($)property_unit	Jun. 30, 2016USD ($)property_unit	Jun. 30, 2017USD ($)property_unit	Jun. 30, 2016USD ($)property_unit
Business Acquisition [Line Items]
No. of Units | property_unit											9,890		9,890
Gain on Sale											$ 0	$ 0	$ 0	$ (2,788)
Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
No. of Units | property_unit											1,017	1,539	1,017	1,539
Sales Price											$ 130,710	$ 168,552	$ 130,710	$ 168,552
Gain on Sale													35,838	35,098
Non-controlling partner portion of gain													$ 17,125	$ 14,554
Discontinued Operations, Disposed of by Sale | Greenville, NC
Business Acquisition [Line Items]
No. of Units | property_unit					350
Sales Price					$ 68,000
Gain on Sale					18,483
Non-controlling partner portion of gain					$ 9,329
Discontinued Operations, Disposed of by Sale | Panama City, FL
Business Acquisition [Line Items]
No. of Units | property_unit				160
Sales Price				$ 14,720
Gain on Sale				7,393
Non-controlling partner portion of gain				$ 3,478
Discontinued Operations, Disposed of by Sale | Atlanta, GA
Business Acquisition [Line Items]
No. of Units | property_unit			350
Sales Price			$ 36,750
Gain on Sale			8,905
Non-controlling partner portion of gain			$ 4,166
Discontinued Operations, Disposed of by Sale | Hixson, TN
Business Acquisition [Line Items]
No. of Units | property_unit		156
Sales Price		$ 10,775
Gain on Sale		608
Non-controlling partner portion of gain		$ 152
Discontinued Operations, Disposed of by Sale | New York, NY (Location 2)
Business Acquisition [Line Items]
No. of Units | property_unit	1
Sales Price	$ 465
Gain on Sale	449
Non-controlling partner portion of gain	$ 0
Discontinued Operations, Disposed of by Sale | New York, NY
Business Acquisition [Line Items]
No. of Units | property_unit										1
Sales Price										$ 652
Gain on Sale										609
Non-controlling partner portion of gain										$ 0
Discontinued Operations, Disposed of by Sale | Cordova, TN
Business Acquisition [Line Items]
No. of Units | property_unit									464
Sales Price									$ 31,100
Gain on Sale									6,764
Non-controlling partner portion of gain									$ 2,195
Discontinued Operations, Disposed of by Sale | Kennesaw, GA
Business Acquisition [Line Items]
No. of Units | property_unit								450
Sales Price								$ 64,000
Gain on Sale								17,429
Non-controlling partner portion of gain								$ 10,037
Discontinued Operations, Disposed of by Sale | Pooler, GA
Business Acquisition [Line Items]
No. of Units | property_unit							300
Sales Price							$ 38,500
Gain on Sale							5,710
Non-controlling partner portion of gain							$ 1,405
Discontinued Operations, Disposed of by Sale | Collierville, TN
Business Acquisition [Line Items]
No. of Units | property_unit						324
Sales Price						$ 34,300
Gain on Sale						4,586
Non-controlling partner portion of gain						$ 917

Real Estate Loan (Details)

Real Estate Loan (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Feb. 28, 2017	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2016
Mortgage Loans on Real Estate [Line Items]
Real estate loan		$ 5,650		$ 19,500
Collections from real estate loans		13,850	$ 0
RBHTRB Newark Holdings LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Mortgage Loans on Real Estate [Line Items]
Real estate loan		$ 5,650		$ 19,500
Collections from real estate loans	$ 13,600
Proceeds from interest received	$ 2,606
Stated rate		11.00%

Real Estate Property Held For43

Real Estate Property Held For Sale - Narrative (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations $ in Thousands	Jun. 30, 2017USD ($)property	Sep. 30, 2016USD ($)
Humble and Pasadena, TX
Real Estate [Line Items]
Number of properties, under contract for sale | property	3
Real estate held for sale	$ 21,515
Atlanta, GA
Real Estate [Line Items]
Real estate held for sale		$ 27,076
Panama City, FL
Real Estate [Line Items]
Real estate held for sale		$ 6,920

Investments in Unconsolidated44

Investments in Unconsolidated Ventures (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2017USD ($)propertyinvestment	Jun. 30, 2016USD ($)
Schedule of Equity Method Investments [Line Items]
Number of investments | investment	2
Contributions to unconsolidated joint ventures | $	$ 14,394	$ 0
Number of properties | property	35
Joint venture, thirty two percent ownership
Schedule of Equity Method Investments [Line Items]
Contributions to unconsolidated joint ventures | $	$ 5,670
Joint ventures ownership percentage	32.00%
Number of properties | property	374
Joint venture, forty six percent ownership
Schedule of Equity Method Investments [Line Items]
Contributions to unconsolidated joint ventures | $	$ 8,665
Joint ventures ownership percentage	46.00%
Number of real estate properties, to be constructed | property	339

Debt Obligations (Details)

Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
Debt Obligations
Deferred mortgage costs	$ (7,141)	$ (6,275)
Total debt obligations, net of deferred costs	728,350	652,507
Mortgage payable held for sale	0	27,052
Mortgages payable
Debt Obligations
Total debt obligations, net of deferred costs	698,091	621,382
Deferred mortgage costs	(6,754)	(5,873)
Junior subordinated notes
Debt Obligations
Total debt obligations, net of deferred costs	37,400	37,400
Deferred mortgage costs	$ (387)	$ (402)

Debt Obligations - Mortgage Pay

Debt Obligations - Mortgage Payable (Details) - Mortgages - USD ($)	Jun. 29, 2017	Apr. 04, 2017	Feb. 28, 2017	Jun. 30, 2017	May 30, 2017	Nov. 04, 2016
Debt Obligations
Acquisition Mortgage Debt				$ 140,300,000
Mortgages Maturing in February 2027 | Fredricksburg, VA
Debt Obligations
Acquisition Mortgage Debt						$ 27,639,000
Interest Rate						3.68%
Mortgages Maturing in February 2027 | Fredricksburg, VA (Location 2)
Debt Obligations
Acquisition Mortgage Debt						$ 2,261,000
Interest Rate						4.84%
Mortgages Maturing in March 2027 | St. Louis, MO
Debt Obligations
Acquisition Mortgage Debt			$ 20,000,000
Interest Rate			4.79%
Interest only period			6 years
Mortgages Maturing in March 2027 | St. Louis, MO (Location 2)
Debt Obligations
Acquisition Mortgage Debt			$ 6,200,000
Interest Rate			4.84%
Interest only period			6 years
Mortgages Maturing in July 2018 | Creve Coeur, MO
Debt Obligations
Acquisition Mortgage Debt		$ 29,000,000
Mortgages Maturing in July 2028 | Farmers Branch, TX
Debt Obligations
Acquisition Mortgage Debt	$ 55,200,000
Interest Rate	4.22%
Interest only period	5 years
Additional Mortgages Obtained | Decatur, GA
Debt Obligations
Acquisition Mortgage Debt					$ 4,941,000
Interest Rate					5.32%
London Interbank Offered Rate (LIBOR) | Mortgages Maturing in July 2018 | Creve Coeur, MO
Debt Obligations
Basis spread on variable rate		2.50%

Debt Obligations - Construction

Debt Obligations - Construction Loans (Details) - Construction Loans	Jun. 02, 2017USD ($)	Oct. 13, 2015USD ($)	Jun. 30, 2017USD ($)loanproject
Debt Instrument [Line Items]
Number of construction loans | loan			2
Number of construction projects to be financed | project			2
Maximum Loan Amount			$ 77,691,000
Amount outstanding			27,289,000
N Charleston, SC
Debt Instrument [Line Items]
Maximum Loan Amount		$ 30,265,000
Amount outstanding			27,289,000
Extension Option		1 year
N Charleston, SC | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.70%
Nashville,TN
Debt Instrument [Line Items]
Maximum Loan Amount	$ 47,426,000
Amount outstanding			$ 0
Nashville,TN | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.85%

Debt Obligations - Junior Subor

Debt Obligations - Junior Subordinated Notes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2016
Debt Instrument [Line Items]
Debt issuance, costs	$ 7,141		$ 7,141		$ 6,275
Junior subordinated notes
Debt Instrument [Line Items]
Total debt obligations	37,400		37,400		37,400
Debt issuance, costs	387		387		$ 402
Interest expense	$ 300	$ 322	$ 862	$ 1,248
London Interbank Offered Rate (LIBOR) | Junior subordinated notes
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
Interest rate	3.17%		3.17%

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended		9 Months Ended
	Jun. 30, 2017USD ($)investment	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)investment	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Related party expense	$ 0	$ 892,000	$ 0	$ 1,331,000
Related party - general and administrative	$ 84,000	47,000	$ 266,000	134,000
Number of investments | investment	2		2
Related party - interest expense		0		86,000
Real Property Management Real Estate Brokerage And Construction Supervision Services | Majestic Property Management Corporation
Related Party Transaction [Line Items]
Related party expense	$ 9,000	7,000	$ 25,000	26,000
Shared Services Agreement | Gould Investors Limited Partnership
Related Party Transaction [Line Items]
Related party - general and administrative	84,000	47,000	266,000	134,000
Affiliated Entity
Related Party Transaction [Line Items]
Related party expense	726,000	525,000	2,022,000	1,312,000
Affiliated Entity | Payment Of Acquisition Fee
Related Party Transaction [Line Items]
Related party expense	$ 1,255,000	892,000	$ 1,904,000	1,331,000
Unsecured Short Term Borrowing From Gould Investors L.P. | Notes Payable, Other Payables | Affiliated Entity
Related Party Transaction [Line Items]
Debt instrument, face amount					$ 8,000,000
Related party - interest expense		$ 62,000		$ 86,000

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)segment	Jun. 30, 2016USD ($)	Sep. 30, 2016USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			2
Revenues:
Rental and other revenues from real estate properties	$ 26,673	$ 23,679	$ 76,404	$ 69,991
Other income	188	608	980	2,641
Total revenues	26,861	24,287	77,384	72,632
Expenses:
Real estate operating expenses	13,283	11,986	37,638	35,177
Interest expense	7,180	6,014	20,269	17,594
Advisor’s fees, related party	0	0	0	693
Property acquisition costs	0	1,408	0	2,418
General and administrative	2,309	2,373	7,296	6,402
Depreciation	7,561	5,871	21,630	16,487
Total expenses	30,333	27,652	86,833	78,771
Total revenue less total expenses	(3,472)	(3,365)	(9,449)	(6,139)
Equity in (loss) earnings from unconsolidated joint ventures	(307)	0	(307)	0
Gain on sale of real estate	0	10,263	35,838	35,098
Loss on extinguishment of debt	0	0	(799)	(2,668)
Gain on sale of partnership interest	0	386	0	386
(Loss) income from continuing operations	(3,779)	7,284	25,283	26,677
Provision for taxes	41	0	1,499	0
(Loss) income from continuing operations	(3,820)	7,284	23,784	26,677
Net loss (income) attributable to non-controlling interests	418	(1,804)	(15,645)	(10,974)
Net income attributable to common stockholders before reconciling adjustment	(3,402)	5,480	8,139	14,044
Reconciling adjustment:
Discontinued operations, net of non-controlling interest	0	0	0	14,338
Net (loss) income attributable to common stockholders	(3,402)	5,480	8,139	28,382
Assets	979,384	788,121	979,384	788,121	$ 874,899
Multi-Family Real Estate
Revenues:
Rental and other revenues from real estate properties	26,269
Other income	0
Total revenues	26,269
Expenses:
Real estate operating expenses	13,142
Interest expense	7,054
General and administrative	2,263
Depreciation	7,532
Total expenses	29,991
(Loss) income from continuing operations	(4,053)
Provision for taxes	41
(Loss) income from continuing operations	(4,094)
Net loss (income) attributable to non-controlling interests	451
Reconciling adjustment:
Net (loss) income attributable to common stockholders	(3,643)
Assets	962,259	757,522	962,259	757,522
Other Real Estate
Revenues:
Rental and other revenues from real estate properties	404
Other income	188
Total revenues	592
Expenses:
Real estate operating expenses	141
Interest expense	126
General and administrative	46
Depreciation	29
Total expenses	342
(Loss) income from continuing operations	274
Provision for taxes	0
(Loss) income from continuing operations	274
Net loss (income) attributable to non-controlling interests	(33)
Reconciling adjustment:
Net (loss) income attributable to common stockholders	241
Assets	17,125	30,599	17,125	30,599
Operating Segments
Revenues:
Rental and other revenues from real estate properties		23,679	76,404	69,991
Other income		608	980	2,641
Total revenues		24,287	77,384	72,632
Expenses:
Real estate operating expenses		11,986	37,638	35,177
Interest expense		6,014	20,269	17,594
Advisor’s fees, related party				693
Property acquisition costs		1,408		2,418
General and administrative		2,373	7,296	6,402
Depreciation		5,871	21,630	16,487
Total expenses		27,652	86,833	78,771
Total revenue less total expenses	(3,472)	(3,365)	(9,449)	(6,139)
Equity in (loss) earnings from unconsolidated joint ventures	(307)		(307)
Gain on sale of real estate		10,263	35,838	35,098
Loss on extinguishment of debt			(799)	(2,668)
Gain on sale of partnership interest		386		386
(Loss) income from continuing operations			25,283
Provision for taxes			1,499
(Loss) income from continuing operations		7,284	23,784	26,677
Net loss (income) attributable to non-controlling interests		(1,804)	(15,645)	(10,974)
Net income attributable to common stockholders before reconciling adjustment				15,703
Reconciling adjustment:
Net (loss) income attributable to common stockholders		5,480	8,139
Operating Segments | Multi-Family Real Estate
Revenues:
Rental and other revenues from real estate properties		23,323	75,229	68,961
Other income		0	(9)	0
Total revenues		23,323	75,220	68,961
Expenses:
Real estate operating expenses		11,831	37,241	34,729
Interest expense		5,991	19,016	17,478
Advisor’s fees, related party				593
Property acquisition costs		1,408		2,418
General and administrative		2,326	7,150	6,221
Depreciation		5,844	21,547	16,407
Total expenses		27,400	84,954	77,846
Total revenue less total expenses	(3,722)	(4,077)	(9,734)	(8,885)
Equity in (loss) earnings from unconsolidated joint ventures	(331)		(331)
Gain on sale of real estate		10,263	35,389	34,489
Loss on extinguishment of debt			(799)	(2,668)
Gain on sale of partnership interest		386		386
(Loss) income from continuing operations			24,525
Provision for taxes			1,470
(Loss) income from continuing operations		6,572	23,055	23,322
Net loss (income) attributable to non-controlling interests		(1,776)	(15,544)	(12,555)
Net income attributable to common stockholders before reconciling adjustment				10,767
Reconciling adjustment:
Net (loss) income attributable to common stockholders		4,796	7,511
Operating Segments | Other Real Estate
Revenues:
Rental and other revenues from real estate properties		356	1,175	1,030
Other income		608	989	2,641
Total revenues		964	2,164	3,671
Expenses:
Real estate operating expenses		155	397	448
Interest expense		23	1,253	116
Advisor’s fees, related party				100
Property acquisition costs		0		0
General and administrative		47	146	181
Depreciation		27	83	80
Total expenses		252	1,879	925
Total revenue less total expenses	250	712	285	2,746
Equity in (loss) earnings from unconsolidated joint ventures	$ 24		24
Gain on sale of real estate		0	449	609
Loss on extinguishment of debt			0	0
Gain on sale of partnership interest		0
(Loss) income from continuing operations			758
Provision for taxes			29
(Loss) income from continuing operations		712	729	3,355
Net loss (income) attributable to non-controlling interests		(28)	(101)	1,581
Net income attributable to common stockholders before reconciling adjustment				4,936
Reconciling adjustment:
Net (loss) income attributable to common stockholders		$ 684	$ 628
Segment Reconciling Items
Reconciling adjustment:
Discontinued operations, net of non-controlling interest				$ 12,679

Fair Value of Financial Instr51

Fair Value of Financial Instruments (Details) - Level 2 - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2017	Sep. 30, 2016
Market Approach Valuation Technique | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	6.76%	6.37%
Market Approach Valuation Technique | Mortgages | Minimum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	3.78%	3.05%
Market Approach Valuation Technique | Mortgages | Maximum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	5.02%	4.25%
Carrying and Fair Value | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Estimated fair value (lower) higher than carrying value	$ (15,939)	$ (16,549)
Carrying and Fair Value | Mortgages
Financial Instruments Not Measured at Fair Value
Estimated fair value (lower) higher than carrying value	$ (11,880)	$ 10,629

Fair Value of Financial Instr52

Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative liabilities	$ 17
Fair Value Measurements Recurring | Level 1 | Interest rate swap
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative assets	0
Derivative liabilities		$ 0
Fair Value Measurements Recurring | Level 2 | Interest rate swap
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative assets	1,489
Derivative liabilities		17
Fair Value Measurements Recurring | Carrying and Fair Value | Interest rate swap
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative assets	$ 1,489
Derivative liabilities		$ 17

Derivative Financial Instrume53

Derivative Financial Instruments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2016
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Amount of gain recognized on derivative in Other Comprehensive Income (loss)	$ (309,000)	$ (906,000)	$ 2,739,000	$ (935,000)
Gain or loss recognized related to hedge ineffectiveness	0	0	0	0
Gain from components excluded from assessment of cash flow hedge effectiveness	0	0	0	0
Estimated amount to be reclassified from Accumulated other comprehensive income (loss) as an increase to interest expense	126,000		126,000
Interest Expense
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Amount of gain (loss) reclassified from Accumulated Other Comprehensive Income (loss) into Interest Expense	(80,000)	$ (50,000)	(336,000)	$ (65,000)
Other Assets
Fair value of derivative financial instruments
Fair value of derivative financial instrument asset	1,489,000		1,489,000		$ 0
Accounts payable and accrued liabilities
Fair value of derivative financial instruments
Fair value of derivative financial instrument liability	17,000		17,000		$ 1,602,000
Designated As Hedging Instrument | Interest Rate Swap, Maturity Date April 1, 2022
Interest Rate Derivatives
Notional Amount	$ 1,475,000		$ 1,475,000
Rate (as a percent)	5.25%		5.25%
Designated As Hedging Instrument | Interest Rate Swap, Maturity Date May 6, 2023
Interest Rate Derivatives
Notional Amount	$ 26,400,000		$ 26,400,000
Rate (as a percent)	3.61%		3.61%
Designated As Hedging Instrument | Interest Rate Swap, Maturity Date September 19, 2026
Interest Rate Derivatives
Notional Amount	$ 27,000,000		$ 27,000,000
Rate (as a percent)	4.05%		4.05%

Derivative Financial Instrume54

Derivative Financial Instruments - Credit-Risk-Related Contingent Features (Details) $ in Thousands	Jun. 30, 2017USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivatives in a liability position	$ 17
Assets needed if breach of agreement	$ 17

New Accounting Pronouncements -

New Accounting Pronouncements - (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business combination, capitalized acquisition costs	$ 1,561	$ 2,761