BRT Apartments (BRT) 10-K 14 Dec 17 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2017	Dec. 01, 2017	Mar. 31, 2017
Document and Entity Information
Entity Registrant Name	BRT APARTMENTS CORP.
Entity Central Index Key	14,846
Document Type	10-K
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 64.6
Entity Common Stock, Shares Outstanding		14,022,438
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands		Sep. 30, 2017	Sep. 30, 2016
ASSETS
Real estate properties, net of accumulated depreciation of $64,290 and $41,995		$ 902,281	$ 759,576
Real estate loan		5,500	19,500
Cash and cash equivalents		12,383	27,399
Restricted cash		6,151	7,383
Deposits and escrows		27,839	18,972
Investment in unconsolidated joint ventures		21,415	298
Other assets		9,359	7,775
Real estate properties held for sale		8,969	33,996
Total Assets	[1]	993,897	874,899
Liabilities:
Mortgages payable, net of deferred costs of $6,345 and $5,873		697,826	588,457
Junior subordinated notes, net of deferred costs of $382 and $402		37,018	36,998
Accounts payable and accrued liabilities		22,348	20,716
Mortgage payable held for sale		0	27,052
Total Liabilities	[1]	757,192	673,223
Commitments and contingencies
Preferred shares, $.01 and $1 par value:
Authorized 2,000 and 10,000 shares, none issued		0	0
Common stock, $.01 par value, 300,000 shares authorized,
13,333 shares issued at September 30, 2017		133	39,696
Additional paid-in capital		201,910	161,321
Accumulated other comprehensive income (loss)		1,000	(1,602)
Accumulated deficit		(37,047)	(48,125)
Total BRT Apartments Corp. stockholders' equity		165,996	151,290
Non-controlling interests		70,709	50,386
Total Equity		236,705	201,676
Total Liabilities and Equity		$ 993,897	$ 874,899
[1]	The Company's consolidated balance sheets include the assets and liabilities of consolidated variable interest entities (VIEs). See note 4. The consolidated balance sheets include the following amounts related to the Company's VIEs as of September 30, 2017 and 2016, respectively: $707,546 and $686,101 of real estate properties, $8,626 and $11,855 of cash and cash equivalents, $13,873 and $19,505 of deposits and escrows, $8,148 and $3,584 of other assets, $8,969 and $33,996 of real estate properties held for sale, $558,568 and $535,602 of mortgages payable, $14,419 and $17,893 of accounts payable and accrued liabilities and $0 and $27,052 of mortgage payable held for sale.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016
Debt Instrument [Line Items]
Real estate properties, net of accumulated depreciation	$ 64,290	$ 41,995
Preferred shares, par value (in dollars per share)	$ 0.01	$ 1
Preferred shares, authorized (in shares)	2,000,000	10,000,000
Preferred shares, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 3
Common stock, issued (in shares)	13,333,000	13,232,000
Common stock, authorized (in shares)	300,000,000
Shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 3
Shares of beneficial interest, issued (in shares)	13,333,000	13,232,000
Real estate investment property, net	$ 902,281	$ 759,576
Commitments and contingencies
Deferred mortgage costs	6,727	6,275
Cash and cash equivalents	12,383	27,399
Deposits and escrows	27,839	18,972
Other assets	9,359	7,775
Real estate properties held for sale	8,969	33,996
Mortgages payable	697,826	588,457
Accounts payable and accrued liabilities	22,348	20,716
Mortgage payable held for sale	0	27,052
Mortgages
Debt Instrument [Line Items]
Deferred mortgage costs	6,345	5,873
Junior subordinated notes
Debt Instrument [Line Items]
Deferred mortgage costs	382	402
Variable interest entity
Debt Instrument [Line Items]
Real estate properties, net of accumulated depreciation	52,873	35,525
Real estate investment property, net	707,546	686,101
Cash and cash equivalents	8,626	11,855
Deposits and escrows	13,873	19,505
Other assets	8,148	3,584
Real estate properties held for sale	8,969	33,996
Mortgages payable	558,568	535,602
Accounts payable and accrued liabilities	14,419	17,893
Mortgage payable held for sale	0	27,052
Variable interest entity | Mortgages
Debt Instrument [Line Items]
Deferred mortgage costs	$ 5,170	$ 4,856

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Rental and other revenue from real estate properties	$ 104,477	$ 95,202	$ 81,026
Other income	1,294	3,319	72
Total revenues	105,771	98,521	81,098
Expenses:
Real estate operating expenses—including $2,725, $1,950 and $1,233 to related parties	51,279	47,519	42,612
Interest expense	28,171	23,878	19,297
Advisor's fees, related party	0	693	2,448
Property acquisition costs—including $0, $2,221 and $1,293 to related parties	0	3,852	1,885
General and administrative—including $346, $157 and $171 to related party	9,396	8,536	6,683
Depreciation	30,491	23,180	18,454
Total expenses	119,337	107,658	91,379
Total revenues less total expenses	(13,566)	(9,137)	(10,281)
Equity in loss of unconsolidated joint ventures	(384)	0	0
Gain on sale of real estate	52,601	46,477	15,005
Gain on sale of partnership interest	0	386	0
Loss on extinguishment of debt	(1,463)	(4,547)	0
Income from continuing operations	37,188	33,179	4,724
Provision for taxes	1,560	700	0
Income from continuing operations, net of taxes	35,628	32,479	4,724
Discontinued operations:
Loss from discontinued operations	0	(2,788)	(6,329)
Gain on sale of partnership interest	0	15,467	0
Income (loss) from discontinued operations	0	12,679	(6,329)
Net income (loss)	35,628	45,158	(1,605)
(Income) attributable to non-controlling interests	(22,028)	(13,869)	(783)
Net income (loss) attributable to common stockholders	$ 13,600	$ 31,289	$ (2,388)
Basic and diluted per share amounts attributable to common stockholders:
Income (loss) from continuing operations (in dollars per share)	$ 0.97	$ 1.21	$ (0.02)
Income (loss) from discontinued operations (in dollars per share)	0	1.02	(0.15)
Basic and diluted earnings (loss) per share (in dollars per share)	$ 0.97	$ 2.23	$ (0.17)
Amounts attributable to BRT Apartments Corp.:
Income (loss) from continuing operations	$ 13,600	$ 16,950	$ (246)
Income (loss) from discontinued operations	0	14,339	(2,142)
Net income (loss) attributable to common stockholders	$ 13,600	$ 31,289	$ (2,388)
Weighted average number of shares of common stock outstanding:
Basic (in shares)	13,993,638	14,017,279	14,133,352
Diluted (in shares)	14,018,843	14,017,279	14,133,352

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Real estate operating expenses	$ 2,725	$ 1,950	$ 1,233
Property acquisition costs, related party	0	2,221	1,293
General and administrative, related party	$ 346	$ 157	$ 171

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 35,628	$ 45,158	$ (1,605)
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	3,047	(1,544)	(50)
Other comprehensive income (loss)	3,047	(1,544)	(50)
Comprehensive income (loss)	38,675	43,614	(1,655)
Comprehensive (income) attributable to non-controlling interests	(22,473)	(13,392)	(776)
Comprehensive income (loss) attributable to common stockholders	$ 16,202	$ 30,222	$ (2,431)

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Total	Shares of Beneficial Interest	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	(Accumulated Deficit)	Non Controlling Interests	Shares of Common StockShares of Beneficial Interest
Beginning balance at Sep. 30, 2014	$ 168,639	$ 40,965	$ 166,209	$ (8)	$ (77,026)	$ 38,499
Increase (Decrease) in Stockholders' Equity
Restricted stock vesting		355	(355)
Compensation expense—restricted stock	906		906
Contributions from non-controlling interests	11,973					11,973
Distributions to non-controlling interests	(12,588)					(12,588)
Purchase of non-controlling interests	(4,679)		(3,531)			(1,148)
Shares repurchased	(2,422)	(1,035)	(1,387)
Net income (loss)	(1,605)				(2,388)	783
Other comprehensive loss	(50)			(50)
Comprehensive income (loss)	(1,655)
Ending balance at Sep. 30, 2015	160,174	40,285	161,842	(58)	(79,414)	37,519
Increase (Decrease) in Stockholders' Equity
Restricted stock vesting		390	(390)
Compensation expense—restricted stock	1,005		1,005
Contributions from non-controlling interests	33,613					33,613
Distributions to non-controlling interests	(32,825)					(32,825)
Shares repurchased	(2,115)	(979)	(1,136)
Net income (loss)	45,158				31,289	13,869
Other comprehensive loss	(1,544)			(1,544)
Comprehensive income (loss)	43,614
Deconsolidation of joint venture upon sale	(1,790)					(1,790)
Ending balance at Sep. 30, 2016	201,676	39,696	161,321	(1,602)	(48,125)	50,386
Increase (Decrease) in Stockholders' Equity
Restricted stock vesting		375	(375)
Compensation expense—restricted stock	1,219		1,219
Contributions from non-controlling interests	31,606					31,606
Distributions to non-controlling interests	(33,756)					(33,756)
Shares repurchased	(193)	(17)	(175)				$ (1)
Net income (loss)	35,628				13,600	22,028
Other comprehensive loss	3,047			2,602		445
Comprehensive income (loss)	38,675
Distributions - Common Stock - $0.18 per share	(2,522)				(2,522)
Conversion to a Maryland corporation at $.01 par value		(40,054)	39,920				134
Ending balance at Sep. 30, 2017	$ 236,705	$ 0	$ 201,910	$ 1,000	$ (37,047)	$ 70,709	$ 133

CONSOLIDATED STATEMENT OF EQUI8

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Statement of Stockholders' Equity [Abstract]
Shares repurchased (in shares)	23,897	326,421	345,081
Common stock, par value (in dollars per share)	$ 0.01	$ 3
Dividends paid (in dollars per share)	$ 0.18	$ 0	$ 0

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ 35,628	$ 45,158	$ (1,605)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	31,754	25,994	22,957
Amortization of restricted stock	1,219	1,005	906
Equity in (loss) of unconsolidated subsidiaries	384	0	0
Gain on sale of partnership interests	0	(15,853)	0
Gain on sale of real estate assets	(52,601)	(46,477)	(15,005)
Loss on extinguishment of debt	1,463	4,547	0
Effect of deconsolidation of non-controlling interest	0	(1,692)	0
Increases and decreases from changes in other assets and liabilities:
Decrease (increase) in interest and dividends receivable	2,328	(2,380)	17
Increase in deposits and escrows	(8,867)	(6,190)	(602)
Increase in accounts payable and accrued liabilities	698	4,897	1,739
Decrease in other assets	1,085	1,071	0
Net cash provided by operating activities	13,091	10,080	8,407
Cash flows from investing activities:
Collections from real estate loans	14,000	0	2,000
Additions to real estate properties	(228,354)	(302,628)	(84,295)
Net costs capitalized to real estate owned	(9,298)	(46,844)	(59,407)
Purchase of non controlling interest	0	0	(4,679)
Proceeds from the sale of real estate owned	167,013	197,264	66,398
Distributions from unconsolidated joint ventures	424	0	0
Contributions to unconsolidated joint ventures	(21,894)	0	0
Proceeds from the sale of joint venture interests	0	19,242	0
Net cash used in investing activities	(76,877)	(135,783)	(67,388)
Cash flows from financing activities:
Proceeds from mortgages payable	155,172	267,788	98,907
Increase in other borrowed funds	0	6,001	0
Mortgage payoffs	(96,322)	(130,090)	(37,504)
Mortgage principal payments	(5,163)	(5,081)	(3,252)
Increase in deferred borrowing costs	(2,574)	(2,491)	(3,758)
Capital contributions from non-controlling interests	31,606	33,613	11,973
Capital distributions to non-controlling interests	(33,756)	(32,825)	(12,588)
Proceeds from sale of New Markets Tax Credits	0	2,746	0
Repurchase of shares of common stock	(193)	(2,115)	(2,422)
Net cash provided by financing activities	48,770	137,546	51,356
Net (decrease) increase in cash and cash equivalents	(15,016)	11,843	(7,625)
Cash and cash equivalents at beginning of year	27,399	15,556	23,181
Cash and cash equivalents at end of year	12,383	27,399	15,556
Supplemental disclosures of cash flow information:
Cash paid during the year for interest expense, including capitalized interest of $263, $1,568 and $2,602 in 2017, 2016 and 2015	27,135	27,680	24,324
Cash paid during the year for income and excise taxes	1,884	1,264	131
Acquisition of real estate through assumption of debt	27,638	16,051	45,129
Assets removed due to casualty loss	3,571	0	0
Commercial/mixed use properties | Newark Joint Venture | Primary beneficiary
Cash flows from investing activities:
Net change in restricted cash	0	(1,952)	9,558
Multi-family residential
Cash flows from investing activities:
Net change in restricted cash	$ 1,232	$ (865)	$ 3,037

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Supplemental Cash Flow Information [Abstract]
Capitalized interest	$ 263	$ 1,568	$ 2,602

ORGANIZATION, BACKGROUND AND SI

ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES	ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES Organization and Background BRT Apartments Corp. (“BRT” or the “Company”) is the successor to BRT Realty Trust pursuant to the conversion of BRT Realty Trust from a Massachusetts business trust to a Maryland corporation on March 18, 2017. BRT owns, operates and develops multi‑family properties and owns and operates other assets, including real estate and a real estate loan. Generally, the multi‑family properties are acquired with venture partners in transactions in which the Company contributes 70% to 80% of the equity. At September 30, 2017 , the Company owns 33 multi-family properties with 9,568 units located in 11 states (including 402 units at a property under development). At September 30, 2017 , the net book value of the multi-family assets (including real estate assets held for sale), was $900,746,000 . The Company also owns and operates various other real estate assets. At September 30, 2017 , the net book value of the other real estate assets was $16,004,000 , including a real estate loan of $5,500,000 . BRT conducts its operations to qualify as a real estate investment trust, or REIT, for Federal income tax purposes. Principles of Consolidation The consolidated financial statements include the accounts and operations of BRT Apartments Corp. , its wholly owned subsidiaries, and its majority owned or controlled entities and its interests in variable interest entities ("VIEs") in which the Company has determined it is the primary beneficiary. Material intercompany 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 are not proportional to their obligations to absorb the expected losses of the entity and their right to receive the expected residual returns. It was determined that the Company is the primary beneficiary of these joint ventures because it has a controlling financial interest in that it has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE. The joint ventures that own properties in Dallas, TX and St. Louis, MO were determined not to be VIE's 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 determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes. Certain items on the consolidated financial statements for the prior years have been reclassified to conform with the current year's presentation, including the reclassification (i) of the operations and related assets of the Newark Joint Venture to discontinued operations, (ii) of deferred loan costs on the consolidated balance sheets from assets to a reduction of the carrying amount of mortgage payable and (iii) tenant utility reimbursements from real estate operating expenses to rental and other revenues from real estate properties. The reclassification of tenant utility reimbursements increased total revenues and expenses by $4,066,000 and $4,033,000 in 2016 and 2015, respectively, and had no effect on the Company's financial position, results of operation or cash flows. Income Tax Status The Company qualifies as a real estate investment trust under sections 856-860 of the Internal Revenue Code of 1986, as amended. The board of directors may, at its option, elect to revoke or terminate the Company's election to qualify as a real estate investment trust. The Company will not be subject to federal, and generally state and local taxes on amounts it distributes to stockholders, provided it distributes 90% of its ordinary taxable income and meets other conditions. The Company currently has net operating loss carryforwards which it can use to reduce taxable income. Use of the net operating loss carryforward is subject to an alternative minimum tax. NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) In accordance with Accounting Standards Codification ("ASC") Topic 740 - "Income Taxes", the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Company's financial position or results of operations. The Company's income tax returns for the previous six years are subject to review by the Internal Revenue Service. Revenue Recognition Rental revenue from multi-family properties is recorded when due from residents and is recognized monthly as it is earned. Rental payments are due in advance. Leases on residential properties are generally for terms that do not exceed one year. Rental revenue from commercial properties, including the base rent that each tenant is required to pay in accordance with the terms of their respective leases, net of any rent concessions and lease incentives, is reported on a straight-line basis over the non-cancellable term of the lease. Real Estate Properties Real estate properties are stated at cost, net of accumulated depreciation, and include real property acquired through acquisition, development or foreclosure. The Company assesses the fair value of real estate acquired (including land, buildings and improvements, and identified intangibles such as acquired in-place leases) and acquired liabilities and allocates the acquisition price, including transaction costs, based on these assessments. Depreciation for multi-family properties is computed on a straight-line basis over an estimated useful life of 30 years. Intangible assets (and liabilities) are amortized over the remaining life of the related leases at the time of acquisition and is usually less than one year. Expenditures for maintenance and repairs are charged to operations as incurred. Real estate is classified as held for sale when management has determined that the applicable criteria have been met. Real estate assets that are expected to be disposed of are valued at the lower of their carrying amount or their fair value less costs to sell on an individual asset basis. Real estate classified as held for sale is not depreciated. The Company accounts for the sale of real estate when title passes to the buyer, sufficient equity payments have been received, there is no continuing involvement by the Company and there is reasonable assurance that the remaining receivable, if any, will be collected. Real Estate Asset Impairments The Company reviews each real estate asset owned, including investments in real estate ventures, to determine if there are indicators of impairment. If such indicators are present, the Company determines whether the carrying amount of the asset can be recovered. Recognition of impairment is required if the undiscounted cash flows estimated to be generated by the asset are less than the asset's carrying amount and that carrying amount exceeds the estimated fair value of the asset. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends, the effects of leasing demands, and other factors. In evaluating a property for impairment, various factors are considered, including estimated current and expected operating cash flow from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of such real estate in the ordinary course of business. Valuation adjustments may be necessary in the event that effective interest rates, rent-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. If future evaluations result in a decrease in the value of the property below its carrying value, NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) the reduction will be recognized as an impairment charge. The fair values related to the impaired real estate assets are considered to be a level 3 valuation within the fair value hierarchy. Fixed Asset Capitalization A variety of costs may be incurred in the development of the Company's properties. After a determination is made to capitalize a cost, it is allocated to the specific project that is benefited. The costs of land and building under development include specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, and other costs incurred during the period of development. A construction project is considered substantially completed when it is available for occupancy, but no later than one year from cessation of major construction activity. The Company ceases capitalization when the project is available for occupancy. Equity Based Compensation Compensation expense for grants of restricted stock and restricted stock units ("RSUs") are amortized over the vesting period of such awards, based upon the estimated fair value of such award at the grant date. The deferred compensation related to the RSUs to be recognized as expense is net of certain and performance assumptions which are re-evaluated quarterly. For accounting purposes, the restricted shares are not included in the outstanding shares shown on the consolidated balance sheets until they vest; however, they are included in the calculation of both basic and diluted earnings per share as they participate in the earnings of the Company. Derivatives and Hedging Activities The Company's objective in using derivative financial instruments is to manage interest rate risk related to variable rate debt. The Company does not use derivatives for trading or speculative purposes. The Company records all derivatives on its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (loss) and subsequently reclassified to earnings in the period in which the hedge transaction affects earnings. The ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which they occur. Per Share Data Basic earnings (loss) per share is determined by dividing net income (loss) applicable to holders of common stock for the applicable year by the weighted average number of shares of common stock outstanding during such year. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue shares of common stock were exercised or converted into shares of common stock or resulted in the issuance of shares of common stock that share in the earnings of the Company. Diluted earnings (loss) per share is determined by dividing net income (loss) applicable to the holders of common stock for the applicable year by the sum of the weighted average number of shares of common stock outstanding plus the dilutive effect of the Company's unvested restricted stock units using the treasury stock method. Cash Equivalents Cash equivalents consist of highly liquid investments; primarily, direct United States treasury obligations with maturities of three months or less when purchased. NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) Restricted Cash Restricted cash consists of cash held for construction costs and property improvements for specific properties as may be required by contractual arrangements. Deferred Costs Fees and costs incurred in connection with multi-family property financings are deferred and amortized over the term of the related debt obligations. Fees and costs paid related to the successful negotiation of commercial leases are deferred and amortized on a straight-line basis over the terms of the respective leases. Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Segment Reporting The Company operates in two reportable segments: (i) multi-family real estate; and (ii) other real estate assets. The multi-family real estate segment includes the ownership, operation and development of the Company's multi-family properties and the other real estate segment includes all activities related to the ownership, operation and disposition of the Company's other real estate assets. New Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), prescribes a single, common revenue standards which supersedes nearly all existing revenue recognition guidance under U.S. GAAP, including most industry-specific requirements. 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 outlines a five step model to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a modified retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2018. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03 Interest - Imputation of Interest, which amends the balance sheet presentation for debt issuance costs. Under the amended guidance, a company will present unamortized debt issuance costs as a direct deduction from the carrying amount of that debt liability. The guidance is to be applied on a retrospective basis, and is effective for annual reporting periods beginning after December 15, 2015, with early adoption being permitted. The Company elected early adoption for the fiscal year ended September 30, 2017 , and its adoption did not have a material effect on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 , Leases. ASU 2016-02 supersedes the current accounting for leases and while retaining two distinct types of leases, finance and operating, (i) requires lessees to record a right of use asset and a related liability for the rights and obligations associated with a lease, regardless of lease classification, and recognize lease expense in a manner similar to current accounting (ii) eliminates most real estate specific lease provisions, and (iii) aligns many of the underlying lessor model principles with those in the new revenue standard. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and early adoption is permitted. We are required to adopt ASU 2016-02 using the modified retrospective approach which requires us to record leases existing as of or are entered into after the beginning of the NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) earliest comparative period presented in the financial statements under the new lease standard. We are currently evaluating the impact of our pending adoption of ASU No. 2016-02 on our consolidated financial statements. We believe our adoption of the new leasing standard will have an immaterial increase in the assets and liabilities on our consolidated balance sheets, with no material impact to our consolidated statements of income and comprehensive income. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), which provides specific guidance on eight cash flow classification issues and how to reduce diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The effective date of the standard will be fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact, if any, on its consolidated financial statements. 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 year ended September 30, 2017, capitalized acquisition costs were $3,364,000 , without giving effect to non-controlling interests.

REAL ESTATE PROPERTIES

REAL ESTATE PROPERTIES	12 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
REAL ESTATE PROPERTIES	REAL ESTATE PROPERTIES Real estate properties (including real estate properties held for sale), consist of the following: September 30, 2017 2016 Land $ 138,094 $ 128,409 Building 808,366 684,133 Building improvements 31,411 25,717 Real estate properties 977,871 838,259 Accumulated depreciation (66,621 ) (44,687 ) Total real estate properties, net $ 911,250 $ 793,572 NOTE 2—REAL ESTATE PROPERTIES (continued) A summary of activity in real estate properties (including properties held for sale), for the year ended September 30, 2017 , follows (dollars in thousands): Depreciation and Sales Other Dispositions Multi-family $ 783,085 $ 255,992 $ 9,173 $ (30,379 ) $ (113,552 ) $ (3,571 ) $ 900,748 Land - Daytona, FL 8,021 — — — — — 8,021 Retail shopping center - Yonkers, NY 2,466 — 125 (110 ) — — 2,481 Total real estate properties $ 793,572 $ 255,992 $ 9,298 $ (30,489 ) $ (113,552 ) $ (3,571 ) $ 911,250 Other dispositions set forth in the table above reflect the $ 3,571,000 reduction of the net book value of assets related to Retreat at Cinco Ranch, Katy, TX, which was damaged by Hurricane Harvey. The net book value was reduced due to damage to 96 ground floor units, the clubhouse, pool, landscaping and all HVAC units. The cost of repairing the damage is expected to be covered completely by insurance proceeds excluding a $100,000 deductible. Though the insurance claim has not been resolved, the Company believes it is probable that it will recover $3,471,000 and therefore has recognized such sum in insurance recoveries. Through December 12, 2017, the Company has received $1,100,000 in insurance proceeds. The acquisitions completed in the year ended September 30, 2017 and described in note 3-Acquisitions, Dispositions and Impairment Charges, have been accounted for as asset acquisitions. The purchase prices were allocated to the acquired assets and assumed liabilities based on management's estimate of the relative fair value of these acquired assets and assumed liabilities at the dates of acquisition. The following table summarizes the preliminary allocations of the purchase price of nine properties purchased between August 1, 2016 and September 30, 2017 , and the finalized allocation of the purchase price, as adjusted, as of September 30, 2017 (dollars in thousands): Preliminary Adjustments Finalized Land $ 39,296 $ (1,550 ) $ 37,746 Buildings and improvements 299,327 341 299,668 Acquisition-related intangible assets (in acquired lease intangibles, net) 4,180 1,209 5,389 Total consideration $ 342,803 $ — $ 342,803 NOTE 2—REAL ESTATE PROPERTIES (continued) A summary of the Company's multi-family properties by state as and for the year ended September 30, 2017 , is as follows (dollars in thousands): Location Number of Properties at September 30, 2017 Number of Units at September 30, 2017 2017 % of 2017 Texas 9 2,695 $ 32,011 31.1 % Florida (a) 4 1,268 15,339 14.9 % Georgia 4 959 11,842 11.5 % Tennessee 2 702 4,339 4.2 % Alabama 2 826 7,849 7.6 % South Carolina 3 683 6,305 6.1 % Missouri 4 775 7,694 7.5 % Indiana 1 400 3,418 3.3 % Mississippi 2 776 8,310 8.1 % Ohio 1 264 2,671 2.6 % Virginia 1 220 3,160 3.1 % 33 9,568 $ 102,938 100 % ________________________ (a) Includes Waverly Place Apartments - Melbourne, FL, which was sold on October 25, 2017. This property has 208 units and accounted for $2,567 of 2017 revenues. Future minimum rentals to be received by the Company pursuant to non-cancellable operating leases with terms in excess of one year, from a commercial property owned by the Company at September 30, 2017 , are as follows (dollars in thousands): Year Ending September 30, Amount 2018 $ 1,119 2019 1,119 2020 1,119 2021 1,132 2022 1,185 Thereafter 4,500 Total $ 10,174 Leases at the Company's multi-family properties are generally for a term of one year or less and are not reflected in the above table. REAL ESTATE PROPERTY HELD FOR SALE At September 30, 2017 , Waverly Place Apartments, Melbourne, FL, with a book value of $8,969,000 , was held for sale. This property was sold on October 25, 2017. The Company estimates it will recognize a gain on the sale of the property of approximately $12,700,000 , of which approximately $2,800,000 will be allocated to the non-controlling partner.

ACQUISITIONS, DISPOSITIONS AND

ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES	12 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES	ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES Property Acquisitions The tables below provides information regarding the Company's purchases of multi-family properties during the years ended September 30, (dollars in thousands): 2017 Location Purchase No. of Acquisition Initial BRT Ownership Percentage Capitalized Property Fredricksburg, VA 11/4/2016 220 $ 38,490 $ 29,900 $ 8,720 80 % $ 643 St. Louis, MO 2/28/2017 128 27,000 20,000 6,001 76 % 423 St. Louis, MO 2/28/2017 53 8,000 6,200 2,002 76 % 134 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 % 226 Farmers Branch, TX 6/29/2017 509 85,698 55,200 16,200 50 % 992 Tallahassee, FL 8/30/2017 242 27,588 21,524 7,015 80 % 377 1,728 $ 231,604 $ 161,824 $ 54,146 $ 3,364 ______________________ (a) A development property. 2016 Location Purchase No. of Acquisition Initial BRT Ownership Percentage Property 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 Atlanta, GA 8/15/2016 271 39,125 27,375 10,769 74 % 577 Southaven, MS 9/1/2016 384 38,205 30,564 6,060 60 % 347 San Antonio, TX 9/19/2016 288 36,000 27,000 8,060 72 % 510 3,336 $ 318,680 $ 238,212 $ 73,895 $ 3,852 ________________________ (a) A development property. NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - (continued) The table below provides information regarding the real estate properties acquired by the Company subsequent to September 30, 2017 (dollars in thousands): Location Purchase No. of Acquisition Initial BRT Ownership Percentage Capitalized Property Madison, AL 12/7/2017 204 $ 18,420 $ 15,000 $ 4,456 80 % $ 174 Property Dispositions The tables below provide information regarding the Company's disposition of real estate properties during the years ended September 30, (dollars in thousands): 2017 Location Sale Date No. of Units Sales Price Gain on Sale Non-Controlling Partner's Share 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 — Humble, TX 7/27/2017 260 18,000 7,707 3,143 Humble, TX 7/27/2017 160 11,300 4,767 1,943 Pasadena, TX 7/27/2017 144 9,750 4,289 2,629 1,581 $ 169,760 $ 52,601 $ 24,840 2016 Location Sale Date No. of Units Sales Price Gain on Sale Non-Controlling Partner's Share of Gain Cordova, TN 3/2/2016 464 $ 31,100 $ 6,731 $ 2,195 Kennesaw, GA 3/15/2016 450 64,000 17,462 10,037 Pooler, GA 4/6/2016 300 38,500 5,710 1,405 Collierville, TN 6/1/2016 324 34,300 4,586 917 Little Rock, AK (a) 6/6/2016 172 2,372 386 — Wichita, KS 9/1/2016 496 30,400 10,718 4,241 New York, NY 12/17/2016 2 1,377 1,271 — 2,208 $ 202,049 $ 46,864 $ 18,795 _____________________________ (a) Reflects the sale of a partnership interest NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - (continued) The table below provides information regarding the real estate properties disposed of by the Company subsequent to September 30, 2017 (dollars in thousands): Location Sale Date No. of Units Sales Price Estimated Gain on Sale Non-Controlling Partner's Share of Estimated Gain Melbourne, FL 10/25/2017 208 $ 22,250 $ 12,700 $ 2,800 Impairment Charges The Company reviews each real estate asset owned, including those held through investments in unconsolidated joint ventures, for impairment when there is an event or a change in circumstances indicating that the carrying amount may not be recoverable. The Company measures and records impairment losses, and reduces the carrying value of properties, when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying costs to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell. During the years ended September 30, 2017 , 2016 , and 2015 , no impairment charges were recorded.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES The Company conducts a large portion of its business with joint venture partners. Many of the Company's consolidated joint ventures that own properties were determined to be variable interest entities ("VIEs") because the voting rights of some equity partners are not proportional to their obligations to absorb the expected loses of the entity and their rights to receive expected residual returns. It was determined that the Company is the primary beneficiary of these joint venture because it has a controlling financial interest in that it has the power to direct the activities of the VIE that most significantly impacts the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE. The following is a summary of the carrying amounts with respect to the consolidated VIEs and their classification on the Company's consolidated balance sheets (amounts in thousands): September 30, 2017 2016 ASSETS Real estate properties, net of depreciation of $52,873 and $35,525 $ 707,546 $ 686,101 Cash and cash equivalents 8,626 11,855 Deposits and escrows 13,873 19,505 Other assets 8,148 3,584 Real estate properties held for sale 8,969 33,996 Total Assets $ 747,162 $ 755,041 LIABILITIES Mortgages payable, net of deferred costs of $5,170 and $4,856 $ 558,568 $ 535,602 Accounts payable and accrued liabilities 14,419 17,893 Mortgage payable held for sale — 27,052 Total Liabilities $ 572,987 $ 580,547

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS On February 23, 2016, the Company sold, through subsidiaries which owned such interests, its equity interests in RBH - TRB Newark Holdings, LLC (the "Newark Joint Venture"), to RBH Partners III, LLC, for $16,900,000 (the "NJV Sale"). The Company recognized a gain of $15,467,000 in connection with this sale. Other than the agreement of the Company's subsidiary to provide an indemnity with respect to up to $2,800,000 of obligations related to the venture, neither the Company nor its subsidiaries have any guaranty, indemnity or similar obligations with respect to the Newark Joint Venture. The discontinued operations of the Newark Joint Venture and the statement of operations for the years ended September 30, 2016 and 2015, are summarized as follows (dollars in thousands): Statement of Operations Year Ended September 30, 2016 2015 Revenues: Rental and other revenue from real estate properties $ 2,437 $ 4,335 Other income 444 1,067 Total revenues 2,881 5,402 Expenses: Real estate operating expenses 2,277 4,610 Interest expense 2,242 4,880 Depreciation 1,150 2,241 Total expense 5,669 11,731 Income from discontinued operations (2,788 ) (6,329 ) Gain on sale of partnership interest 15,467 — Discontinued operations $ 12,679 $ (6,329 )

REAL ESTATE LOAN

REAL ESTATE LOAN	12 Months Ended
	Sep. 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 April 2018. At September 30, 2017, the principal balance of the NJV Loan Receivable is $5,500,000 .

REAL ESTATE PROPERTY HELD FOR S

REAL ESTATE PROPERTY HELD FOR SALE	12 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
REAL ESTATE PROPERTY HELD FOR SALE	REAL ESTATE PROPERTIES Real estate properties (including real estate properties held for sale), consist of the following: September 30, 2017 2016 Land $ 138,094 $ 128,409 Building 808,366 684,133 Building improvements 31,411 25,717 Real estate properties 977,871 838,259 Accumulated depreciation (66,621 ) (44,687 ) Total real estate properties, net $ 911,250 $ 793,572 NOTE 2—REAL ESTATE PROPERTIES (continued) A summary of activity in real estate properties (including properties held for sale), for the year ended September 30, 2017 , follows (dollars in thousands): Depreciation and Sales Other Dispositions Multi-family $ 783,085 $ 255,992 $ 9,173 $ (30,379 ) $ (113,552 ) $ (3,571 ) $ 900,748 Land - Daytona, FL 8,021 — — — — — 8,021 Retail shopping center - Yonkers, NY 2,466 — 125 (110 ) — — 2,481 Total real estate properties $ 793,572 $ 255,992 $ 9,298 $ (30,489 ) $ (113,552 ) $ (3,571 ) $ 911,250 Other dispositions set forth in the table above reflect the $ 3,571,000 reduction of the net book value of assets related to Retreat at Cinco Ranch, Katy, TX, which was damaged by Hurricane Harvey. The net book value was reduced due to damage to 96 ground floor units, the clubhouse, pool, landscaping and all HVAC units. The cost of repairing the damage is expected to be covered completely by insurance proceeds excluding a $100,000 deductible. Though the insurance claim has not been resolved, the Company believes it is probable that it will recover $3,471,000 and therefore has recognized such sum in insurance recoveries. Through December 12, 2017, the Company has received $1,100,000 in insurance proceeds. The acquisitions completed in the year ended September 30, 2017 and described in note 3-Acquisitions, Dispositions and Impairment Charges, have been accounted for as asset acquisitions. The purchase prices were allocated to the acquired assets and assumed liabilities based on management's estimate of the relative fair value of these acquired assets and assumed liabilities at the dates of acquisition. The following table summarizes the preliminary allocations of the purchase price of nine properties purchased between August 1, 2016 and September 30, 2017 , and the finalized allocation of the purchase price, as adjusted, as of September 30, 2017 (dollars in thousands): Preliminary Adjustments Finalized Land $ 39,296 $ (1,550 ) $ 37,746 Buildings and improvements 299,327 341 299,668 Acquisition-related intangible assets (in acquired lease intangibles, net) 4,180 1,209 5,389 Total consideration $ 342,803 $ — $ 342,803 NOTE 2—REAL ESTATE PROPERTIES (continued) A summary of the Company's multi-family properties by state as and for the year ended September 30, 2017 , is as follows (dollars in thousands): Location Number of Properties at September 30, 2017 Number of Units at September 30, 2017 2017 % of 2017 Texas 9 2,695 $ 32,011 31.1 % Florida (a) 4 1,268 15,339 14.9 % Georgia 4 959 11,842 11.5 % Tennessee 2 702 4,339 4.2 % Alabama 2 826 7,849 7.6 % South Carolina 3 683 6,305 6.1 % Missouri 4 775 7,694 7.5 % Indiana 1 400 3,418 3.3 % Mississippi 2 776 8,310 8.1 % Ohio 1 264 2,671 2.6 % Virginia 1 220 3,160 3.1 % 33 9,568 $ 102,938 100 % ________________________ (a) Includes Waverly Place Apartments - Melbourne, FL, which was sold on October 25, 2017. This property has 208 units and accounted for $2,567 of 2017 revenues. Future minimum rentals to be received by the Company pursuant to non-cancellable operating leases with terms in excess of one year, from a commercial property owned by the Company at September 30, 2017 , are as follows (dollars in thousands): Year Ending September 30, Amount 2018 $ 1,119 2019 1,119 2020 1,119 2021 1,132 2022 1,185 Thereafter 4,500 Total $ 10,174 Leases at the Company's multi-family properties are generally for a term of one year or less and are not reflected in the above table. REAL ESTATE PROPERTY HELD FOR SALE At September 30, 2017 , Waverly Place Apartments, Melbourne, FL, with a book value of $8,969,000 , was held for sale. This property was sold on October 25, 2017. The Company estimates it will recognize a gain on the sale of the property of approximately $12,700,000 , of which approximately $2,800,000 will be allocated to the non-controlling partner.

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
	Sep. 30, 2017
Restricted Cash and Investments [Abstract]
RESTRICTED CASH	RESTRICTED CASH Restricted cash represents funds for specific purposes and therefore are not generally available for general corporate purposes. As reflected on the consolidated balance sheets, restricted cash represents funds held by or on behalf of the Company specifically allocated for capital improvements at multi-family properties.

INVESTMENT IN UNCONSOLIDATED VE

INVESTMENT IN UNCONSOLIDATED VENTURES	12 Months Ended
	Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED VENTURES	INVESTMENT IN UNCONSOLIDATED VENTURES During the year ended September 30, 2017, the Company purchased interests in three unconsolidated joint ventures owning multi-family properties. The table below provides information regarding these joint ventures (dollars in thousands): Location Number of Units Initial Investment Purchase Price Acquisition Debt Percent Ownership Columbia, SC 374 $ 5,670 $ 58,300 $ 41,000 32 % Columbia, SC (a) 339 8,665 5,915 — 46 % Forney, TX (b) 313 7,500 39,000 25,350 50 % 1,026 $ 21,835 $ 103,215 $ 66,350 __________________________ (a) Reflects land purchased for a development project at which construction of 339 units is planned. Construction financing for this project of up to $47,426,000 has been secured. Such financing bears interest at 4.08% and matures in June 2020. At September 30, 2017, no amounts have been drawn on this financing. (b) This interest is held through a tenancy-in-common.

DEBT OBLIGATIONS

DEBT OBLIGATIONS	12 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS Debt obligations (including debt held for sale) consist of the following (dollars in thousands): September 30, 2017 2016 Mortgages payable $ 704,171 $ 621,382 Junior subordinated notes 37,400 37,400 Deferred mortgage costs (6,727 ) (6,275 ) Total debt obligations $ 734,844 $ 652,507 Mortgage Payable At September 30, 2017 , $704,171,000 of mortgage debt is outstanding on the Company's 33 multi-family properties and one commercial property with a weighted average interest rate of 4.03% and a weighted average remaining term to maturity of 6.9 years . Scheduled principal repayments for the next five years and thereafter are as follows (dollars in thousands): Year Ending September 30, Scheduled Principal Payments 2018 $ 35,016 (a) 2019 59,858 (a) 2020 61,875 2021 22,279 2022 40,428 Thereafter 484,715 $ 704,171 _____________________ (a) Includes $185 in 2018 and $8,847 in 2019 related to Waverly Place, Melbourne, FL which was sold subsequent to September 30, 2017. NOTE 10—DEBT OBLIGATIONS (continued) The Company incurred the following mortgage debt in connection with these acquisitions in the years ended September 30, (dollars in thousands): 2017 Location Closing Date Acquisition Mortgage Debt Interest Rate Interest only period Maturity Date Fredricksburg, VA 11/4/2016 $ 27,638 3.68 % N/A February 2027 Saint Louis, MO 2/28/2017 20,000 4.79 % 72 months March 2027 Saint Louis, MO 2/28/2017 6,197 4.84 % 72 months March 2027 Creve Coeur, MO 4/4/2017 29,000 LIBOR +2.50% N/A July 2018 (a) Farmers Branch, TX 6/29/2017 55,200 4.22 % 60 months July 2028 Tallahassee, FL 8/30/2017 21,524 4.19 % 60 months September 2027 $ 159,559 ____________________ (a) The borrower may elect to extend the maturity of this debt until April 2019. 2016 Location Closing Date Acquisition Mortgage Debt Interest Rate Interest only period Maturity Date LaGrange, GA 11/18/15 $ 16,051 4.36% - February 2022 Katy,TX 1/22/16 30,750 4.44% 60 months February 2026 Macon,GA 2/01/16 11,200 4.39% 24 months February 2026 Southaven, MS 2/29/16 28,000 4.24% 60 months March 2026 San Antonio, TX (a) 5/06/16 26,400 3.61% 23 months May 2023 Dallas,TX 5/11/16 27,938 4.01% 24 months May 2028 Columbia,SC 5/31/16 12,934 4.28% 36 months June 2026 Atlanta, GA 8/15/16 27,375 3.97% 36 months August 2026 Southaven,MS 9/01/16 30,564 3.73% 60 months September 2026 San Antonio, TX (a) 9/16/16 27,000 4.05% 36 months September 2026 $ 238,212 ___________________ (a) The interest rate on this debt is fixed by the use of an interest rate swap. During the year ended September 30, 2017, the Company obtained supplemental fixed rate financing as set forth in the table below (dollars in thousands): Location Closing Date Supplemental Mortgage Debt Interest Rate Maturity Date Fredricksburg, VA 11/4/2016 $ 2,261 4.84 % February 2027 Decatur, GA 5/31/2017 4,941 5.32 % December 2022 $ 7,202 NOTE 10—DEBT OBLIGATIONS (continued) During the year ended September 30, 2016, the Company obtained supplemental fixed rate financing as set forth in the table below (dollars in thousands): Location Closing Date Supplemental Mortgage Debt Interest Rate Maturity Date Pensacola, FL 10/13/15 $ 3,194 4.92% March 2022 Atlanta, GA 11/10/15 5,000 4.93% July 2021 Houston, TX 2/09/16 3,865 4.94% August 2021 Huntsville, AL 4/15/16 2,650 5.29% November 2023 $ 14,709 Junior Subordinated Notes At September 30, 2017 and 2016 the Company's junior subordinated notes had an outstanding principal balance of $37,400,000 . At September 30, 2017 , the interest rate on the outstanding balance resets quarterly and is based on three month LIBOR + 2.00% The rate in effect at September 30, 2017 is 3.31% . The notes mature April 30, 2036. The junior subordinated notes require interest only payments through the maturity date, at which time repayment of all outstanding principal and unpaid interest is due. Interest expense for each of the years ended September 30, 2017 , 2016 and 2015 , which includes amortization of deferred costs, was $1,175,000 , $1,510,000 and $1,853,000 , respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company elected to be taxed as a real estate investment trust ("REIT") pursuant to the Code. As a REIT, the Company will generally not be subject to Federal income taxes at the corporate level if it distributes 100% of its REIT taxable income, as defined, to its stockholders. To maintain its REIT status, the Company must distribute at least 90% of its ordinary taxable income; however, if it does not distribute 100% of its taxable income, it will be taxed on undistributed income. There are a number of organizational and operational requirements the Company must meet to remain a REIT. If the Company fails to qualify as a REIT in any taxable year, its taxable income will be subject to Federal income tax at regular corporate tax rates and it may not be able to qualify as a REIT for four subsequent tax years. Even if it is qualified as a REIT, the Company is subject to certain state and local income taxes and to Federal income and excise taxes on the undistributed taxable income. For income tax purposes, the Company reports on a calendar year basis. During the years ended September 30, 2017 , 2016 and 2015 , the Company recorded $1,560,000 , $689,000 and $18,000 , respectively, of Federal alternative minimum tax and state franchise tax expense, net of refunds, relating to the 2017 , 2016 and 2015 calendar years. Earnings and profits, which determine the taxability of dividends to stockholders, differs from net income reported for financial statement purposes due to various items, including timing differences related to loan loss provisions, impairment charges, depreciation methods and carrying values. At December 31, 2016 , the Company had a net operating loss carry forward of $15,840,000 . These net operating losses may be available in future years to reduce taxable income when it is generated. These tax loss carry forwards begin to expire in 2030.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Sep. 30, 2017
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	STOCKHOLDERS' EQUITY Common Stock Dividend Distribution During the year ended September 30, 2017 , the Company declared a cash distribution of $0.18 per share, which was paid on October 4, 2017. The Company did not declare or pay any dividends during the years ended September 30, 2016 and 2015 . 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 shares 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 Units entitle the recipients, subject to continued service through March 31, 2021 (the “Performance Period”), to receive in the aggregate, (i) 200,000 shares (the “TSR Award”) of common stock based on achieving, during the Performance Period, specified levels in compounded annual growth rate (“CAGR”) in total stockholder return (“TSR”), and (ii) 200,000 shares of common stock based on achieving, during the Performance Period, specified levels in CAGR in adjusted funds from operations, as determined pursuant to the performance agreement (the "AFFO Award"). In addition, up to 50,000 shares may be added to or subtracted from the TSR Award, based on attaining or failing to attain, as the case may be, during the Performance Period, of CAGR in TSR relative to the CAGR in TSR for the REITs that comprise, with specified exceptions, the FTSE NAREIT Equity Apartment Index. Finally, recipients are entitled to receive cash dividends with respect to the shares of common stock underlying their Units as if the underlying shares were outstanding during the Performance Period, if, when, and to the extent, the related Units vest. The Units were determined not to be participating securities and accordingly, for accounting purposes, the shares underlying the Units are excluded in the outstanding shares reflected on the consolidated balance sheet and from the calculation of basic earnings per share. Though the 450,000 shares underlying the units are contingently issuable shares, 350,000 of the such shares have not been included in the diluted earnings per share as the performance and market criteria with respect to the AFFO Award and a portion of the TSR Award have not been met. The Company included 100,000 shares of common stock underlying the TSR Awards in the calculation of diluted earnings per share as the market criteria with respect to such portion of the TSR award has been met at September 30, 2017. For the TSR Awards, a third party appraiser prepared a Monte Carlo simulation pricing model to assist management in determining the fair value. For the AFFO Awards, the fair value is based on the market value on the date of grant. Expense is not recognized on the Units which the Company does not expect to vest as a result of conditions the Company does not expect to be met. The total amount recorded as deferred compensation with respect to the Units is $1,401,000 and is being charged to general and administrative expense over the Performance Period. The deferred compensation expense to be recognized is net of certain forfeiture and performance assumptions. The Company recorded $240,000 and $146,000 of compensation expense related to the amortization of unearned compensation with respect to the Units in the years ended September 30, 2017 and 2016, respectively. At September 30, 2017, $1,015,000 has been deferred as unearned compensation and will be charged to expense over the balance of the Performance Period. Restricted Stock In January 2017, the Company granted 147,500 shares of restricted stock pursuant to the Plan. As of September 30, 2017, an aggregate of 689,375 shared of unvested restricted stock are outstanding pursuant to the 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. During the years ended September 30, 2017 , 2016 and 2015, the Company recorded $978,000 and $859,000 , and $906,000 respectively, of compensation expense related to the amortization of unearned compensation with respect to the restricted stock awards. At September 30, 2017 , 2016 , and 2015, $2,356,000 and $2,089,000 and $2,184,000 , NOTE 12—STOCKHOLDERS' EQUITY (continued) respectively, 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 restricted shares is 2.3 years. Changes in number of restricted shares outstanding under the Company's equity incentive plans are shown below: Year Ended September 30, 2017 2016 2015 Outstanding at beginning of the year 666,775 672,875 648,225 Issued 147,500 141,050 142,950 Cancelled — (16,850 ) — Vested (124,900 ) (130,300 ) (118,300 ) Outstanding at the end of the year 689,375 666,775 672,875 The following table reflects the compensation expense recorded for all incentive plans (dollars in thousands): Year Ended September 30, 2017 2016 2015 Restricted stock grants $ 978 $ 859 $ 906 Restricted stock units 240 146 — Total compensation $ 1,218 $ 1,005 $ 906 Earnings (Loss) Per Share The following table sets forth the computation of basic and diluted earnings (loss) per share (dollars in thousands): Year Ended September 30, 2017 2016 2015 Numerator for basic and diluted earnings per share attributable to common stockholders: Net income (loss) attributable to common stockholders $ 13,600 $ 31,289 $ (2,388 ) Denominator: Denominator for basic earnings per share—weighted average number of shares 13,993,638 14,017,279 14,133,352 Effect of diluted securities 25,205 — — Denominator for diluted earnings per share—adjusted weighted average number of shares and assumed conversions 14,018,843 14,017,279 14,133,352 Basic earnings (loss) per share $ 0.98 $ 2.23 $ (0.17 ) Diluted earnings (loss) per share $ 0.98 $ 2.23 $ (0.17 ) Share Buyback In February 2016, pursuant to a share purchase program then in effect, the Company purchased 252,000 shares of common stock at a market price of $6.29 per share for an aggregate purchase price, including commissions, of $1,584,000 . On March 11, 2016, the Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $5,000,000 of shares of common stock through September 30, 2017. Pursuant to this authorization, the NOTE 12—STOCKHOLDERS' EQUITY (continued) Company, from such date through September 30, 2017, repurchased 98,318 shares of common stock at an average market price of $7.37 per share, for an aggregate purchase price, including commissions, of $724,000 . On September 12, 2017, the Board of Directors authorized the Company, effective as of October 1, 2017, to purchase up to $5.0 million of its shares of common stock through September 30, 2019. No shares have been repurchased pursuant to this repurchase plan.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company paid REIT Management Corp., a company wholly owned by Fredric H. Gould, a director of the Company, advisory fees pursuant to its Advisory Agreement of $0 , $693,000 and $2,448,000 for the years ended September 30, 2017 , 2016 and 2015 , respectively. The Advisory Agreement terminated effective December 31, 2015. Effective as of January 1, 2016, the Company retained certain of its executive officers and Fredric H. Gould to provide services previously provided pursuant to such agreement. The aggregate fees paid in 2017 and 2016 for these services were $1,193,000 and $863,000 . Management of certain properties owned by the Company and certain joint venture properties is provided by Majestic Property Management Corp. ("Majestic Property"), a company wholly owned by Fredric H. Gould, under renewable year-to-year agreements. Certain of the Company's officers and directors are also officers and directors of Majestic Property. Majestic Property provides real property management, real estate brokerage and construction supervision services to these properties. For the years ended September 30, 2017 , 2016 and 2015 , fees for these services were $32,000 , $34,000 , and $56,000 , respectively. Fredric H. Gould is the vice chairman of the board of directors of One Liberty Properties, Inc., and certain of the Company's officers and directors are also officers and, or directors of One Liberty Properties, Inc. In addition, Mr. Gould is an executive officer and sole stockholder of Georgetown Partners, Inc., the managing general partner of Gould Investors L.P.("Gould Investors"). Certain of the Company's officers and directors are also officers and/or directors of Georgetown Partners, Inc. The allocation of expenses for the facilities, personnel and other resources shared by the Company, One Liberty and Gould Investors is computed in accordance with a shared services agreement by and among the Company and these entities and is included in general and administrative expense on the consolidated statements of operations. During the years ended September 30, 2017 , 2016 and 2015 , allocated general and administrative expenses reimbursed by the Company to Gould Investors L.P. pursuant to the shared services agreement aggregated $723,000 , $549,000 and $532,000 , respectively. In addition to its share of rent included as part of the shared services agreement, the Company leased additional space in the same building directly from an affiliate of Gould Investors prior to the sale of the building in January 2015. The rent paid was $64,000 in the year ended September 30, 2015. On December 11, 2015, the Company borrowed $8,000,000 from Gould Investors at an interest rate of 5.24% . This loan was satisfied on February 24, 2016. Interest expense for the year ended September 30, 2016 was $86,000 . Management of many of the Company's multi family properties is performed by its joint venture partners or their affiliates, none of which are related to the Company. These management fees amounted to $2,834,000 , $1,919,000 and $1,436,000 in the years ended September 30, 2017, 2016 and 2015, respectively. In addition, the Company may pay an acquisition fee to its joint venture partner upon the purchase of a property. These acquisition fees amounted to $2,571,000 , $2,221,000 and $1,242,000 for the years ended September 30, 2017 , 2016 and 2015 , respectively. The Company obtains certain insurance in conjunction with Gould Investors and reimburses Gould Investors for the Company's share of the insurance cost. Insurance reimbursements to Gould Investors for the years ended September 30, 2017 , 2016 and 2015 were $24,000 , $41,000 and $15,000 respectively. See note 5 - Discontinued Operations for information regarding the Company's sale of its interest in the Newark Joint Venture to affiliates of its former partner in such venture.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING Management has determined that the Company operates in two reportable segments: a multi-family real estate segment which includes the ownership, operation and development of its multi-family properties, and another real estate segment, which includes the ownership and operation and development of its other real estate assets. The following table summarizes the Company's segment reporting for the year ended September 30, 2017 (dollars in thousands): Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate properties $ 102,938 $ 1,539 $ 104,477 Other income (9 ) 1,303 1,294 Total revenues 102,929 2,842 105,771 Expenses: Real estate operating expenses 50,733 546 51,279 Interest expense 26,782 1,389 28,171 General and administrative 9,208 188 9,396 Depreciation 30,381 110 30,491 Total expenses 117,104 2,233 $ 119,337 Total revenue less total expenses (14,175 ) 609 (13,566 ) Equity in (loss) earnings of unconsolidated joint ventures (417 ) 33 (384 ) Gain on sale of real estate 52,152 449 52,601 Loss on extinguishment of debt (1,463 ) — (1,463 ) Income from continuing operations 36,097 1,091 37,188 Provision for taxes 1,529 31 1,560 Net income 34,568 1,060 35,628 Net (income) attributable to non-controlling interests (21,896 ) (132 ) (22,028 ) Net income attributable to common stockholders $ 12,672 $ 928 $ 13,600 Segment Assets at September 30, 2017 $ 976,806 $ 17,091 $ 993,897 NOTE 14—SEGMENT REPORTING (continued) The following table summarizes the Company's segment reporting for the year ended September 30, 2016 (dollars in thousands): Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate properties $ 93,795 $ 1,407 $ 95,202 Other income — 3,319 $ 3,319 Total revenues 93,795 4,726 98,521 Expenses: Real estate operating expenses 46,936 583 47,519 Interest expense 23,739 139 23,878 Advisor's fee, related party 593 100 693 Property acquisition costs 3,852 — 3,852 General and administrative 8,313 223 8,536 Depreciation 22,251 929 23,180 Total expenses 105,684 1,974 107,658 Total revenues less total expenses (11,889 ) 2,752 (9,137 ) Gain on sale of real estate 45,206 1,271 46,477 Gain on sale of partnership interest 386 — 386 Loss on extinguishment of debt (4,547 ) — (4,547 ) Income from continuing operations 29,156 4,023 33,179 Provision for taxes 686 14 700 Income from continuing operations, net of taxes 28,470 4,009 32,479 Net (income) attributable to non-controlling interests (15,420 ) (108 ) (15,528 ) Net income attributable to common stockholders before reconciling items $ 58,312 $ 8,046 $ 16,951 Reconciling adjustment: Discontinued operations, net of non-controlling interests 14,338 Net income attributable to common stockholders $ 31,289 Segment assets at September 30, 2016 $ 843,898 $ 31,001 $ 874,899 NOTE 14—SEGMENT REPORTING (continued) The following table summarizes the Company's segment reporting for the year ended September 30, 2015 (dollars in thousands): Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate properties $ 79,646 $ 1,380 $ 81,026 Other income — 72 72 Total revenues 79,646 1,452 81,098 Expenses: Real estate operating expenses 42,003 609 42,612 Interest expense 18,944 353 19,297 Advisor's fee, related party 2,077 371 2,448 Property acquisition costs 1,885 — 1,885 General and administrative 6,314 369 6,683 Depreciation 18,336 118 18,454 Total expenses 89,559 1,820 91,379 Total revenues less total expenses (9,913 ) (368 ) (10,281 ) Gain on sale of real estate 14,404 601 15,005 Income from continuing operations 4,491 233 4,724 Net (income) attributable to non-controlling interests (4,877 ) (93 ) (4,970 ) Net (loss) income attributable to common stockholders before reconciling adjustment $ (386 ) $ 140 $ (246 ) Reconciling adjustment: Discontinued operations, net of non-controlling interests (2,142 ) Net loss attributable to common stockholders (2,388 ) Segment assets at September 30, 2015 $ 616,909 $ 55,425 $ 672,334

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Sep. 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 reported at fair value on the consolidated balance sheets: Cash and cash equivalents, restricted cash, accounts receivable (included in other assets), accounts payable and accrued liabilities: The carrying amounts reported in the balance sheets for these instruments approximate their fair value due to the short term nature of these accounts. Junior subordinated notes: At September 30, 2017 and 2016 , the estimated fair value of the Company's junior subordinated notes is less than their carrying value by approximately $15,705,000 , and $16,549,000 , respectively based on market interest rates of 6.82% and 6.35% , respectively. Mortgages payable: At September 30, 2017 , the estimated fair value of the Company's mortgages payable is lower than their carrying value by approximately $11,400,000 assuming market interest rates between 3.78% and 5.02% . At September 30, 2016, the estimated fair value was greater than the carrying value by $10,629,000 , assuming market interest rates between 3.05% and 4.25% . Market interest rates were determined using current financing transaction information provided by third party institutions. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value assumptions. The fair values of the real estate loans and debt obligations are considered to be Level 2 valuations within the fair value hierarchy. Financial Instruments Measured at Fair Value The 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 markets participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other "observable" market inputs and Level 3 assets/liabilities are valued based significantly on "unobservable" market inputs. The 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 September 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 $ 1,460 — $ 1,460 Financial Liabilities: Interest rate swap $ (14 ) — $ (14 ) Derivative financial instruments: Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, and implied volatilities. At September 30, 2017 , these derivatives are included in other assets and 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 it utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparty. As of September 30, 2017 , the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions NOTE 15—FAIR VALUE OF FINANCIAL INSTRUMENTS (continued) 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 derivative valuation is classified in Level 2 of the fair value hierarchy.

COMMITMENT AND CONTINGENCIES

COMMITMENT AND CONTINGENCIES	12 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENT AND CONTINGENCIES	COMMITMENT AND CONTINGENCIES The Company maintains a non-contributory defined contribution pension plan covering eligible employees and officers. Contributions by the Company are made through a money purchase plan, based upon a percent of qualified employees' total salary as defined therein. Pension expense approximated $342,000 , $324,000 and $322,000 during the years ended September 30, 2017 , 2016 and 2015 , respectively. At September 30, 2017 and 2016 , $ 162,000 and $47,000 , respectively, remains unpaid and is included in accounts payable and accrued liabilities on the consolidated balance sheets. At September 30, 2017, the Company is the carve out guarantor with respect to mortgage debt in principal amount of $86,600,000 at six multi-family properties.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Sep. 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 objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the 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 September 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 Rate Maturity Interest Rate Swap $ 1,446 5.25 % April 1, 2022 Interest Rate Swap $ 26,400 3.61 % May 6, 2023 Interest Rate Swap $ 27,000 4.05 % September 19, 2026 Derivatives as of: September 30, 2017 September 30, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Other Assets $ 1,460 Other assets $ — Accounts payable and accrued liabilities $ 14 Accounts payable and accrued liabilities $ 1,602 NOTE 17—DERIVATIVE FINANCIAL INSTRUMENTS - (continued) The following table presents the effect of the Company's derivative financial instrument on the consolidated statements of comprehensive income (loss) for the years ended September 30, 2017 , 2016 and 2015 (dollars in thousands): Year Ended September 30, 2017 2016 2015 Amount of gain (loss) recognized on derivative in Other Comprehensive Income $ 2,660 $ (1,695 ) $ (83 ) Less: amount of gain (loss) reclassified from Accumulated Other Comprehensive (loss) income into Interest Expense $ (387 ) $ (150 ) $ (33 ) No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Trust's cash flow hedges during the years ended September 30, 2017 , 2016 or 2015 . During the twelve months ending September 30, 2018 , the Company estimates an additional $74,000 will be reclassified from other comprehensive income as an increase to interest expense. Credit-risk-related Contingent Features The agreement between the Company and its derivatives counterparty 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 Trust could be declared in default on its derivative obligation. As of September 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 this agreement, was $16,000 . As of September 30, 2017 , the Company has not posted any collateral related to this agreement. If the Company had been in breach of this agreement at September 30, 2017 , it could have been required to settle its obligations thereunder at its termination value of $16,000 .

QUARTERLY FINANCIAL DATA (Unaud

QUARTERLY FINANCIAL DATA (Unaudited)	12 Months Ended
	Sep. 30, 2017
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL DATA (Unaudited)	QUARTERLY FINANCIAL DATA (Unaudited) 2017 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 25,640 $ 24,883 $ 26,861 $ 28,387 $ 105,771 Expenses 28,027 28,473 30,333 32,504 119,337 Total revenues less total expenses (2,387 ) (3,590 ) (3,472 ) (4,117 ) (13,566 ) Equity in loss of unconsolidated joint ventures — — (307 ) (77 ) (384 ) Gain on sale of real estate 35,838 — — 16,763 52,601 Loss on extinguishment of debt (799 ) — — (664 ) (1,463 ) Income (loss) income from continuing operations 32,652 (3,590 ) (3,779 ) 11,905 37,188 Provision for taxes 350 1,108 41 61 1,560 Net income (loss) 32,302 (4,698 ) (3,820 ) 11,844 35,628 Net (income) loss attributable to non-controlling interests (16,532 ) 469 418 (6,383 ) (22,028 ) Net income (loss) attributable to common stockholders $ 15,770 $ (4,229 ) $ (3,402 ) $ 5,461 $ 13,600 Basic and per share amounts attributable to common stockholders Basic and diluted income (loss) per share (a) $ 1.13 $ (0.30 ) $ (0.24 ) $ 0.39 $ 0.97 (a) does not add across due to rounding 2016 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 22,326 $ 26,019 $ 24,287 $ 25,889 $ 98,521 Expenses 24,108 27,011 27,652 28,887 107,658 Total revenues less total expenses (1,782 ) (992 ) (3,365 ) (2,998 ) (9,137 ) Gain on sale of real estate 609 24,226 10,263 11,379 46,477 Gain on sale of partnership interest — — 386 — 386 Loss on extinguishment of debt — (2,668 ) — (1,879 ) (4,547 ) (Loss) income from continuing operations (1,173 ) 20,566 7,284 6,502 33,179 Provision for taxes — — — 700 700 (Loss) income from continuing operations, net of tax (1,173 ) 20,566 7,284 5,802 32,479 (Loss) income from discontinued operations (1,600 ) 14,279 — — 12,679 Net (loss) income (2,773 ) 34,845 7,284 5,802 45,158 Net loss (income) attributable to non-controlling interests 739 (9,909 ) (1,804 ) (2,895 ) (13,869 ) Net (loss) income attributable to common stockholders $ (2,034 ) $ 24,936 $ 5,480 $ 2,907 $ 31,289 Basic and per share amounts attributable to common stockholders Continuing operations $ (0.10 ) $ 0.7 $ 0.39 $ 0.21 $ 1.21 Discontinued operations (0.04 ) 1.06 — — 1.02 Basic and diluted (loss) income per share $ (0.14 ) $ 1.76 $ 0.39 $ 0.21 $ 2.23

SCHEDULE III - REAL ESTATE PROP

SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION	12 Months Ended
	Sep. 30, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION	Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount At Which Carried at September 30, 2017 Depreciation Life For Latest Income Statement Description Encumbrances Land Buildings and Improvements Land Improvements Carrying Land Buildings and Total Accumulated Date of Date Acquired Commercial Yonkers, NY. $ 1,448 — $ 4,000 — $ 320 — — $ 4,320 $ 4,320 $ 1,837 (c) Aug-2000 39 years South Daytona, FL. — $ 10,437 — 49 — — $ 8,021 — 8,021 — N/A Feb-2008 N/A Multi-Family Residential Palm Beach Gardens, FL 46,176 16,260 43,132 — 4,560 — 16,260 47,692 63,952 9,921 1970 Mar-2012 30 years Melbourne, FL 9,033 1,150 8,680 — 1,471 — 1,150 10,151 11,301 2,332 1987 Mar-2012 30 years North Charleston, SC 16,793 2,436 18,970 — 1,112 — 2,436 20,082 22,518 3,547 2010 Oct-2012 30 years Decatur, GA 15,094 1,698 8,676 — 1,574 — 1,698 10,250 11,948 1,804 1954 Nov-2012 30 years Houston, TX (Stonecrossing) 12,659 5,143 11,524 — 464 — 5,143 11,988 17,131 1,937 1978 April-2013 30 years Houston, TX (Stonecrossing East) 7,270 3,044 5,463 — 930 — 3,044 6,393 9,437 984 1979 April-2013 30 years Huntsville, AL 12,064 1,047 10,942 — 1,599 — 1,047 12,541 13,588 1,824 1985 Oct-2013 30 years Columbus, OH 9,957 1,372 12,678 469 — 1,372 13,147 14,519 1,950 1999 Nov-2013 30 years Indianapolis, IN 14,375 4,477 14,240 — 2,476 — 4,477 16,716 21,193 2,276 2007 Jan-2014 30 years Nashville, TN 23,181 4,565 22,054 2,744 — 4,565 24,798 29,363 2,921 1985 April-2014 30 years Houston, TX (Kendall Manor) 15,242 1,849 13,346 — 2,009 — 1,849 15,355 17,204 1,869 1981 July-2014 30 years Pensacola, FL 19,349 2,758 25,192 — 584 — 2,758 25,776 28,534 2,669 2008 Dec-2014 30 years Valley, AL 28,990 1,040 42,710 — 907 — 1,040 43,617 44,657 3,722 2009 July-2014 30 years San Marcos, TX 17,158 2,163 19,562 — 218 — 2,163 19,780 21,943 1,706 2014 Sept-2015 30 years Lake St. Louis, MO 26,814 2,752 33,248 — 746 — 2,752 33,994 36,746 2,627 1986 Sept-2015 30 years North Charleston, SC 29,592 5,538 — 35,105 318 5,538 35,423 40,961 727 2016 Oct-15 30 years LaGrange, GA 15,452 832 21,968 — 429 — 832 22,397 23,229 1,532 2009 Nov-15 30 years Katy, TX 30,750 4,194 36,056 (3,517 ) — 4,194 32,539 36,733 2,345 2008 Jan-16 30 years Macon, GA 11,200 1,876 12,649 — 399 — 1,876 13,048 14,924 937 1988 Feb-16 30 years Southaven, MS (Civic Center I) 28,000 2,090 32,910 — 1,831 — 2,090 34,741 36,831 2,154 2002 Feb-16 30 years San Antonio, TX 26,400 5,540 29,610 — 699 — 5,540 30,309 35,849 2,283 2013 May-16 30 years Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount At Which Carried at September 30, 2016 Depreciation Life For Latest Income Statement Description Encumbrances Land Buildings and Improvements Land Improvements Carrying Land Buildings and Total Accumulated Date of Date Acquired Dallas, TX 27,938 13,073 23,927 — 2,128 — 13,073 26,055 39,128 1,539 1986 May-16 30 years Columbia, SC 12,934 2,233 14,767 — 751 — 2,233 15,518 17,751 1,050 1996 May-16 30 years Atlanta, GA 27,375 10,347 28,777 — 888 — 10,347 29,665 40,012 1,918 1989 Aug-16 30 years Southaven, MS (Civic Center II) 30,564 2,077 36,128 — 609 — 2,077 36,737 38,814 2,101 2005 Sep-16 30 years San Antonio, TX 27,000 4,620 31,380 — 680 — 4,620 32,060 36,680 1,775 2015 Sep-16 30 years Fredericksburg, VA 29,441 6,985 32,148 — 550 — 6,985 32,698 39,683 1,368 2005 Nov-16 30 years St. Louis, MO (Tower at OPOP) 20,000 192 27,231 — 3 — 192 27,234 27,426 693 2014 Feb-17 30 years St. Louis, MO (Lofts at OPOP) 6,197 329 7,805 — 12 — 329 7,817 8,146 280 2014 Feb-17 30 years Creve Coeur, MO 29,000 2,270 37,899 — 48 — 2,270 37,947 40,217 832 2016 Apr-17 30 years West Nashville, TN — 5,228 — — 5,219 — 5,228 5,219 10,447 — 2017 June-17 30 years Farmers Branch, TX 55,200 7,343 79,347 — 24 — 7,343 79,371 86,714 1,046 2016 June-17 30 years Tallahassee, FL 21,524 3,553 24,372 — 27 — 3,553 24,399 27,952 116 1996 Aug-17 30 years Total $ 704,170 $ 140,511 $ 771,391 $ 49 $ 68,068 $ 318 $ 138,095 $ 839,777 $ 977,872 $ 66,622 (a) (b) Notes to the schedule: (a) Total real estate properties $ 977,872 Less: Accumulated depreciation and amortization (66,622 ) Net real estate properties $ 911,250 (b) Amortization of the Company's leasehold interests is over the shorter of estimated useful life or the term of the respective land lease. (c) Information not readily obtainable. A reconciliation of real estate properties is as follows: 2017 2016 2015 Balance at beginning of year $ 793,572 $ 757,027 $ 635,612 Additions: Acquisitions 239,923 318,680 129,425 Capital improvements 9,298 19,649 8,442 Capitalized development expenses and carrying costs 16,069 27,194 55,623 265,290 365,523 193,490 Deductions: Sales 113,552 150,786 51,394 Depreciation/amortization/paydowns 30,489 24,328 20,681 Other dispositions 3,571 — — Reconciliation of partnership interest — 153,864 — 147,612 328,978 72,075 Balance at end of year $ 911,250 $ 793,572 $ 757,027

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Sep. 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 September 30, 2017 that warrant additional disclosure have been included in the notes to the consolidated financial statements.

ORGANIZATION, BACKGROUND AND 31

ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation - general	The consolidated financial statements include the accounts and operations of BRT Apartments Corp. , its wholly owned subsidiaries, and its majority owned or controlled entities and its interests in variable interest entities ("VIEs") in which the Company has determined it is the primary beneficiary. Material intercompany balances and transactions have been eliminated.
Principles of Consolidation - VIE's	The Company's consolidated joint ventures that own multi-family properties were determined to be VIEs because the voting rights of some equity investors are not proportional to their obligations to absorb the expected losses of the entity and their right to receive the expected residual returns. It was determined that the Company is the primary beneficiary of these joint ventures because it has a controlling financial interest in that it has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE. The joint ventures that own properties in Dallas, TX and St. Louis, MO were determined not to be VIE's 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 determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes.
Principles of Consolidation - reclassified items	Certain items on the consolidated financial statements for the prior years have been reclassified to conform with the current year's presentation, including the reclassification (i) of the operations and related assets of the Newark Joint Venture to discontinued operations, (ii) of deferred loan costs on the consolidated balance sheets from assets to a reduction of the carrying amount of mortgage payable and (iii) tenant utility reimbursements from real estate operating expenses to rental and other revenues from real estate properties.
Income Tax Status	The Company qualifies as a real estate investment trust under sections 856-860 of the Internal Revenue Code of 1986, as amended. The board of directors may, at its option, elect to revoke or terminate the Company's election to qualify as a real estate investment trust. The Company will not be subject to federal, and generally state and local taxes on amounts it distributes to stockholders, provided it distributes 90% of its ordinary taxable income and meets other conditions. The Company currently has net operating loss carryforwards which it can use to reduce taxable income. Use of the net operating loss carryforward is subject to an alternative minimum tax. NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) In accordance with Accounting Standards Codification ("ASC") Topic 740 - "Income Taxes", the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Company's financial position or results of operations. The Company's income tax returns for the previous six years are subject to review by the Internal Revenue Service.
Revenue Recognition	Rental revenue from multi-family properties is recorded when due from residents and is recognized monthly as it is earned. Rental payments are due in advance. Leases on residential properties are generally for terms that do not exceed one year. Rental revenue from commercial properties, including the base rent that each tenant is required to pay in accordance with the terms of their respective leases, net of any rent concessions and lease incentives, is reported on a straight-line basis over the non-cancellable term of the lease.
Real Estate Properties	Real estate properties are stated at cost, net of accumulated depreciation, and include real property acquired through acquisition, development or foreclosure. The Company assesses the fair value of real estate acquired (including land, buildings and improvements, and identified intangibles such as acquired in-place leases) and acquired liabilities and allocates the acquisition price, including transaction costs, based on these assessments. Depreciation for multi-family properties is computed on a straight-line basis over an estimated useful life of 30 years. Intangible assets (and liabilities) are amortized over the remaining life of the related leases at the time of acquisition and is usually less than one year. Expenditures for maintenance and repairs are charged to operations as incurred. Real estate is classified as held for sale when management has determined that the applicable criteria have been met. Real estate assets that are expected to be disposed of are valued at the lower of their carrying amount or their fair value less costs to sell on an individual asset basis. Real estate classified as held for sale is not depreciated. The Company accounts for the sale of real estate when title passes to the buyer, sufficient equity payments have been received, there is no continuing involvement by the Company and there is reasonable assurance that the remaining receivable, if any, will be collected.
Real Estate Asset Impairments	The Company reviews each real estate asset owned, including investments in real estate ventures, to determine if there are indicators of impairment. If such indicators are present, the Company determines whether the carrying amount of the asset can be recovered. Recognition of impairment is required if the undiscounted cash flows estimated to be generated by the asset are less than the asset's carrying amount and that carrying amount exceeds the estimated fair value of the asset. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends, the effects of leasing demands, and other factors. In evaluating a property for impairment, various factors are considered, including estimated current and expected operating cash flow from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of such real estate in the ordinary course of business. Valuation adjustments may be necessary in the event that effective interest rates, rent-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. If future evaluations result in a decrease in the value of the property below its carrying value, NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) the reduction will be recognized as an impairment charge. The fair values related to the impaired real estate assets are considered to be a level 3 valuation within the fair value hierarchy.
Fixed Asset Capitalization	A variety of costs may be incurred in the development of the Company's properties. After a determination is made to capitalize a cost, it is allocated to the specific project that is benefited. The costs of land and building under development include specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, and other costs incurred during the period of development. A construction project is considered substantially completed when it is available for occupancy, but no later than one year from cessation of major construction activity. The Company ceases capitalization when the project is available for occupancy.
Equity Based Compensation	Compensation expense for grants of restricted stock and restricted stock units ("RSUs") are amortized over the vesting period of such awards, based upon the estimated fair value of such award at the grant date. The deferred compensation related to the RSUs to be recognized as expense is net of certain and performance assumptions which are re-evaluated quarterly. For accounting purposes, the restricted shares are not included in the outstanding shares shown on the consolidated balance sheets until they vest; however, they are included in the calculation of both basic and diluted earnings per share as they participate in the earnings of the Company.
Derivatives and Hedging Activities	The Company's objective in using derivative financial instruments is to manage interest rate risk related to variable rate debt. The Company does not use derivatives for trading or speculative purposes. The Company records all derivatives on its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (loss) and subsequently reclassified to earnings in the period in which the hedge transaction affects earnings. The ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which they occur.
Per Share Data	Basic earnings (loss) per share is determined by dividing net income (loss) applicable to holders of common stock for the applicable year by the weighted average number of shares of common stock outstanding during such year. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue shares of common stock were exercised or converted into shares of common stock or resulted in the issuance of shares of common stock that share in the earnings of the Company. Diluted earnings (loss) per share is determined by dividing net income (loss) applicable to the holders of common stock for the applicable year by the sum of the weighted average number of shares of common stock outstanding plus the dilutive effect of the Company's unvested restricted stock units using the treasury stock method.
Cash Equivalents	Cash equivalents consist of highly liquid investments; primarily, direct United States treasury obligations with maturities of three months or less when purchased.
Restricted Cash	Restricted cash consists of cash held for construction costs and property improvements for specific properties as may be required by contractual arrangements.
Deferred Costs	Fees and costs incurred in connection with multi-family property financings are deferred and amortized over the term of the related debt obligations. Fees and costs paid related to the successful negotiation of commercial leases are deferred and amortized on a straight-line basis over the terms of the respective leases.
Use of Estimates	The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Segment Reporting	The Company operates in two reportable segments: (i) multi-family real estate; and (ii) other real estate assets. The multi-family real estate segment includes the ownership, operation and development of the Company's multi-family properties and the other real estate segment includes all activities related to the ownership, operation and disposition of the Company's other real estate assets.
New Pronouncements	In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), prescribes a single, common revenue standards which supersedes nearly all existing revenue recognition guidance under U.S. GAAP, including most industry-specific requirements. 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 outlines a five step model to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a modified retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2018. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03 Interest - Imputation of Interest, which amends the balance sheet presentation for debt issuance costs. Under the amended guidance, a company will present unamortized debt issuance costs as a direct deduction from the carrying amount of that debt liability. The guidance is to be applied on a retrospective basis, and is effective for annual reporting periods beginning after December 15, 2015, with early adoption being permitted. The Company elected early adoption for the fiscal year ended September 30, 2017 , and its adoption did not have a material effect on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 , Leases. ASU 2016-02 supersedes the current accounting for leases and while retaining two distinct types of leases, finance and operating, (i) requires lessees to record a right of use asset and a related liability for the rights and obligations associated with a lease, regardless of lease classification, and recognize lease expense in a manner similar to current accounting (ii) eliminates most real estate specific lease provisions, and (iii) aligns many of the underlying lessor model principles with those in the new revenue standard. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and early adoption is permitted. We are required to adopt ASU 2016-02 using the modified retrospective approach which requires us to record leases existing as of or are entered into after the beginning of the NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) earliest comparative period presented in the financial statements under the new lease standard. We are currently evaluating the impact of our pending adoption of ASU No. 2016-02 on our consolidated financial statements. We believe our adoption of the new leasing standard will have an immaterial increase in the assets and liabilities on our consolidated balance sheets, with no material impact to our consolidated statements of income and comprehensive income. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), which provides specific guidance on eight cash flow classification issues and how to reduce diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The effective date of the standard will be fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact, if any, on its consolidated financial statements. 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 year ended September 30, 2017, capitalized acquisition costs were $3,364,000 , without giving effect to non-controlling interests.

REAL ESTATE PROPERTIES (Tables)

REAL ESTATE PROPERTIES (Tables)	12 Months Ended
	Sep. 30, 2017
Acquisitions
Schedule of Real Estate Properties	Real estate properties (including real estate properties held for sale), consist of the following: September 30, 2017 2016 Land $ 138,094 $ 128,409 Building 808,366 684,133 Building improvements 31,411 25,717 Real estate properties 977,871 838,259 Accumulated depreciation (66,621 ) (44,687 ) Total real estate properties, net $ 911,250 $ 793,572 A summary of activity in real estate properties (including properties held for sale), for the year ended September 30, 2017 , follows (dollars in thousands): Depreciation and Sales Other Dispositions Multi-family $ 783,085 $ 255,992 $ 9,173 $ (30,379 ) $ (113,552 ) $ (3,571 ) $ 900,748 Land - Daytona, FL 8,021 — — — — — 8,021 Retail shopping center - Yonkers, NY 2,466 — 125 (110 ) — — 2,481 Total real estate properties $ 793,572 $ 255,992 $ 9,298 $ (30,489 ) $ (113,552 ) $ (3,571 ) $ 911,250
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary allocations of the purchase price of nine properties purchased between August 1, 2016 and September 30, 2017 , and the finalized allocation of the purchase price, as adjusted, as of September 30, 2017 (dollars in thousands): Preliminary Adjustments Finalized Land $ 39,296 $ (1,550 ) $ 37,746 Buildings and improvements 299,327 341 299,668 Acquisition-related intangible assets (in acquired lease intangibles, net) 4,180 1,209 5,389 Total consideration $ 342,803 $ — $ 342,803
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	A summary of the Company's multi-family properties by state as and for the year ended September 30, 2017 , is as follows (dollars in thousands): Location Number of Properties at September 30, 2017 Number of Units at September 30, 2017 2017 % of 2017 Texas 9 2,695 $ 32,011 31.1 % Florida (a) 4 1,268 15,339 14.9 % Georgia 4 959 11,842 11.5 % Tennessee 2 702 4,339 4.2 % Alabama 2 826 7,849 7.6 % South Carolina 3 683 6,305 6.1 % Missouri 4 775 7,694 7.5 % Indiana 1 400 3,418 3.3 % Mississippi 2 776 8,310 8.1 % Ohio 1 264 2,671 2.6 % Virginia 1 220 3,160 3.1 % 33 9,568 $ 102,938 100 % ________________________ (a) Includes Waverly Place Apartments - Melbourne, FL, which was sold on October 25, 2017. This property has 208 units and accounted for $2,567 of 2017 revenues.
Schedule of Operating Leases, Future Minimum Payments, Receivable	Future minimum rentals to be received by the Company pursuant to non-cancellable operating leases with terms in excess of one year, from a commercial property owned by the Company at September 30, 2017 , are as follows (dollars in thousands): Year Ending September 30, Amount 2018 $ 1,119 2019 1,119 2020 1,119 2021 1,132 2022 1,185 Thereafter 4,500 Total $ 10,174

ACQUISITIONS, DISPOSITIONS AN33

ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES (Tables)	12 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Schedule of Real Estate Acquisitions	The tables below provides information regarding the Company's purchases of multi-family properties during the years ended September 30, (dollars in thousands): 2017 Location Purchase No. of Acquisition Initial BRT Ownership Percentage Capitalized Property Fredricksburg, VA 11/4/2016 220 $ 38,490 $ 29,900 $ 8,720 80 % $ 643 St. Louis, MO 2/28/2017 128 27,000 20,000 6,001 76 % 423 St. Louis, MO 2/28/2017 53 8,000 6,200 2,002 76 % 134 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 % 226 Farmers Branch, TX 6/29/2017 509 85,698 55,200 16,200 50 % 992 Tallahassee, FL 8/30/2017 242 27,588 21,524 7,015 80 % 377 1,728 $ 231,604 $ 161,824 $ 54,146 $ 3,364 ______________________ (a) A development property. 2016 Location Purchase No. of Acquisition Initial BRT Ownership Percentage Property 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 Atlanta, GA 8/15/2016 271 39,125 27,375 10,769 74 % 577 Southaven, MS 9/1/2016 384 38,205 30,564 6,060 60 % 347 San Antonio, TX 9/19/2016 288 36,000 27,000 8,060 72 % 510 3,336 $ 318,680 $ 238,212 $ 73,895 $ 3,852 ________________________ (a) A development property. NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - (continued) The table below provides information regarding the real estate properties acquired by the Company subsequent to September 30, 2017 (dollars in thousands): Location Purchase No. of Acquisition Initial BRT Ownership Percentage Capitalized Property Madison, AL 12/7/2017 204 $ 18,420 $ 15,000 $ 4,456 80 % $ 174 The table below provides information regarding the real estate properties acquired by the Company subsequent to September 30, 2017 (dollars in thousands): Location Purchase No. of Acquisition Initial BRT Ownership Percentage Capitalized Property Madison, AL 12/7/2017 204 $ 18,420 $ 15,000 $ 4,456 80 % $ 174
Schedule of Real Estate Disposals	The table below provides information regarding the real estate properties disposed of by the Company subsequent to September 30, 2017 (dollars in thousands): Location Sale Date No. of Units Sales Price Estimated Gain on Sale Non-Controlling Partner's Share of Estimated Gain Melbourne, FL 10/25/2017 208 $ 22,250 $ 12,700 $ 2,800 The tables below provide information regarding the Company's disposition of real estate properties during the years ended September 30, (dollars in thousands): 2017 Location Sale Date No. of Units Sales Price Gain on Sale Non-Controlling Partner's Share 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 — Humble, TX 7/27/2017 260 18,000 7,707 3,143 Humble, TX 7/27/2017 160 11,300 4,767 1,943 Pasadena, TX 7/27/2017 144 9,750 4,289 2,629 1,581 $ 169,760 $ 52,601 $ 24,840 2016 Location Sale Date No. of Units Sales Price Gain on Sale Non-Controlling Partner's Share of Gain Cordova, TN 3/2/2016 464 $ 31,100 $ 6,731 $ 2,195 Kennesaw, GA 3/15/2016 450 64,000 17,462 10,037 Pooler, GA 4/6/2016 300 38,500 5,710 1,405 Collierville, TN 6/1/2016 324 34,300 4,586 917 Little Rock, AK (a) 6/6/2016 172 2,372 386 — Wichita, KS 9/1/2016 496 30,400 10,718 4,241 New York, NY 12/17/2016 2 1,377 1,271 — 2,208 $ 202,049 $ 46,864 $ 18,795 _____________________________ (a) Reflects the sale of a partnership interest The discontinued operations of the Newark Joint Venture and the statement of operations for the years ended September 30, 2016 and 2015, are summarized as follows (dollars in thousands): Statement of Operations Year Ended September 30, 2016 2015 Revenues: Rental and other revenue from real estate properties $ 2,437 $ 4,335 Other income 444 1,067 Total revenues 2,881 5,402 Expenses: Real estate operating expenses 2,277 4,610 Interest expense 2,242 4,880 Depreciation 1,150 2,241 Total expense 5,669 11,731 Income from discontinued operations (2,788 ) (6,329 ) Gain on sale of partnership interest 15,467 — Discontinued operations $ 12,679 $ (6,329 )

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of the Consolidated VIEs Carrying Amounts	The following is a summary of the carrying amounts with respect to the consolidated VIEs and their classification on the Company's consolidated balance sheets (amounts in thousands): September 30, 2017 2016 ASSETS Real estate properties, net of depreciation of $52,873 and $35,525 $ 707,546 $ 686,101 Cash and cash equivalents 8,626 11,855 Deposits and escrows 13,873 19,505 Other assets 8,148 3,584 Real estate properties held for sale 8,969 33,996 Total Assets $ 747,162 $ 755,041 LIABILITIES Mortgages payable, net of deferred costs of $5,170 and $4,856 $ 558,568 $ 535,602 Accounts payable and accrued liabilities 14,419 17,893 Mortgage payable held for sale — 27,052 Total Liabilities $ 572,987 $ 580,547

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Real Estate Disposals	The table below provides information regarding the real estate properties disposed of by the Company subsequent to September 30, 2017 (dollars in thousands): Location Sale Date No. of Units Sales Price Estimated Gain on Sale Non-Controlling Partner's Share of Estimated Gain Melbourne, FL 10/25/2017 208 $ 22,250 $ 12,700 $ 2,800 The tables below provide information regarding the Company's disposition of real estate properties during the years ended September 30, (dollars in thousands): 2017 Location Sale Date No. of Units Sales Price Gain on Sale Non-Controlling Partner's Share 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 — Humble, TX 7/27/2017 260 18,000 7,707 3,143 Humble, TX 7/27/2017 160 11,300 4,767 1,943 Pasadena, TX 7/27/2017 144 9,750 4,289 2,629 1,581 $ 169,760 $ 52,601 $ 24,840 2016 Location Sale Date No. of Units Sales Price Gain on Sale Non-Controlling Partner's Share of Gain Cordova, TN 3/2/2016 464 $ 31,100 $ 6,731 $ 2,195 Kennesaw, GA 3/15/2016 450 64,000 17,462 10,037 Pooler, GA 4/6/2016 300 38,500 5,710 1,405 Collierville, TN 6/1/2016 324 34,300 4,586 917 Little Rock, AK (a) 6/6/2016 172 2,372 386 — Wichita, KS 9/1/2016 496 30,400 10,718 4,241 New York, NY 12/17/2016 2 1,377 1,271 — 2,208 $ 202,049 $ 46,864 $ 18,795 _____________________________ (a) Reflects the sale of a partnership interest The discontinued operations of the Newark Joint Venture and the statement of operations for the years ended September 30, 2016 and 2015, are summarized as follows (dollars in thousands): Statement of Operations Year Ended September 30, 2016 2015 Revenues: Rental and other revenue from real estate properties $ 2,437 $ 4,335 Other income 444 1,067 Total revenues 2,881 5,402 Expenses: Real estate operating expenses 2,277 4,610 Interest expense 2,242 4,880 Depreciation 1,150 2,241 Total expense 5,669 11,731 Income from discontinued operations (2,788 ) (6,329 ) Gain on sale of partnership interest 15,467 — Discontinued operations $ 12,679 $ (6,329 )

INVESTMENT IN UNCONSOLIDATED 36

INVESTMENT IN UNCONSOLIDATED VENTURES (Tables)	12 Months Ended
	Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The table below provides information regarding these joint ventures (dollars in thousands): Location Number of Units Initial Investment Purchase Price Acquisition Debt Percent Ownership Columbia, SC 374 $ 5,670 $ 58,300 $ 41,000 32 % Columbia, SC (a) 339 8,665 5,915 — 46 % Forney, TX (b) 313 7,500 39,000 25,350 50 % 1,026 $ 21,835 $ 103,215 $ 66,350 __________________________ (a) Reflects land purchased for a development project at which construction of 339 units is planned. Construction financing for this project of up to $47,426,000 has been secured. Such financing bears interest at 4.08% and matures in June 2020. At September 30, 2017, no amounts have been drawn on this financing. (b) This interest is held through a tenancy-in-common.

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	12 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of Debt Obligations	Debt obligations (including debt held for sale) consist of the following (dollars in thousands): September 30, 2017 2016 Mortgages payable $ 704,171 $ 621,382 Junior subordinated notes 37,400 37,400 Deferred mortgage costs (6,727 ) (6,275 ) Total debt obligations $ 734,844 $ 652,507
Schedule of Maturities of Long-term Debt	Scheduled principal repayments for the next five years and thereafter are as follows (dollars in thousands): Year Ending September 30, Scheduled Principal Payments 2018 $ 35,016 (a) 2019 59,858 (a) 2020 61,875 2021 22,279 2022 40,428 Thereafter 484,715 $ 704,171 _____________________ (a) Includes $185 in 2018 and $8,847 in 2019 related to Waverly Place, Melbourne, FL which was sold subsequent to September 30, 2017.
Schedule of Outstanding Debt	he Company obtained supplemental fixed rate financing as set forth in the table below (dollars in thousands): Location Closing Date Supplemental Mortgage Debt Interest Rate Maturity Date Fredricksburg, VA 11/4/2016 $ 2,261 4.84 % February 2027 Decatur, GA 5/31/2017 4,941 5.32 % December 2022 $ 7,202 NOTE 10—DEBT OBLIGATIONS (continued) During the year ended September 30, 2016, the Company obtained supplemental fixed rate financing as set forth in the table below (dollars in thousands): Location Closing Date Supplemental Mortgage Debt Interest Rate Maturity Date Pensacola, FL 10/13/15 $ 3,194 4.92% March 2022 Atlanta, GA 11/10/15 5,000 4.93% July 2021 Houston, TX 2/09/16 3,865 4.94% August 2021 Huntsville, AL 4/15/16 2,650 5.29% November 2023 $ 14,709 Location Closing Date Acquisition Mortgage Debt Interest Rate Interest only period Maturity Date Fredricksburg, VA 11/4/2016 $ 27,638 3.68 % N/A February 2027 Saint Louis, MO 2/28/2017 20,000 4.79 % 72 months March 2027 Saint Louis, MO 2/28/2017 6,197 4.84 % 72 months March 2027 Creve Coeur, MO 4/4/2017 29,000 LIBOR +2.50% N/A July 2018 (a) Farmers Branch, TX 6/29/2017 55,200 4.22 % 60 months July 2028 Tallahassee, FL 8/30/2017 21,524 4.19 % 60 months September 2027 $ 159,559 ____________________ (a) The borrower may elect to extend the maturity of this debt until April 2019. 2016 Location Closing Date Acquisition Mortgage Debt Interest Rate Interest only period Maturity Date LaGrange, GA 11/18/15 $ 16,051 4.36% - February 2022 Katy,TX 1/22/16 30,750 4.44% 60 months February 2026 Macon,GA 2/01/16 11,200 4.39% 24 months February 2026 Southaven, MS 2/29/16 28,000 4.24% 60 months March 2026 San Antonio, TX (a) 5/06/16 26,400 3.61% 23 months May 2023 Dallas,TX 5/11/16 27,938 4.01% 24 months May 2028 Columbia,SC 5/31/16 12,934 4.28% 36 months June 2026 Atlanta, GA 8/15/16 27,375 3.97% 36 months August 2026 Southaven,MS 9/01/16 30,564 3.73% 60 months September 2026 San Antonio, TX (a) 9/16/16 27,000 4.05% 36 months September 2026 $ 238,212 ___________________ (a) The interest rate on this debt is fixed by the use of an interest rate swap.

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Sep. 30, 2017
Stockholders' Equity Note [Abstract]
Schedule of changes in number of shares outstanding under equity incentive plans	Changes in number of restricted shares outstanding under the Company's equity incentive plans are shown below: Year Ended September 30, 2017 2016 2015 Outstanding at beginning of the year 666,775 672,875 648,225 Issued 147,500 141,050 142,950 Cancelled — (16,850 ) — Vested (124,900 ) (130,300 ) (118,300 ) Outstanding at the end of the year 689,375 666,775 672,875
Schedule of compensation expense recorded for all incentive plans	The following table reflects the compensation expense recorded for all incentive plans (dollars in thousands): Year Ended September 30, 2017 2016 2015 Restricted stock grants $ 978 $ 859 $ 906 Restricted stock units 240 146 — Total compensation $ 1,218 $ 1,005 $ 906
Schedule of computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings (loss) per share (dollars in thousands): Year Ended September 30, 2017 2016 2015 Numerator for basic and diluted earnings per share attributable to common stockholders: Net income (loss) attributable to common stockholders $ 13,600 $ 31,289 $ (2,388 ) Denominator: Denominator for basic earnings per share—weighted average number of shares 13,993,638 14,017,279 14,133,352 Effect of diluted securities 25,205 — — Denominator for diluted earnings per share—adjusted weighted average number of shares and assumed conversions 14,018,843 14,017,279 14,133,352 Basic earnings (loss) per share $ 0.98 $ 2.23 $ (0.17 ) Diluted earnings (loss) per share $ 0.98 $ 2.23 $ (0.17 )

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Summary of segment reporting	The following table summarizes the Company's segment reporting for the year ended September 30, 2017 (dollars in thousands): Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate properties $ 102,938 $ 1,539 $ 104,477 Other income (9 ) 1,303 1,294 Total revenues 102,929 2,842 105,771 Expenses: Real estate operating expenses 50,733 546 51,279 Interest expense 26,782 1,389 28,171 General and administrative 9,208 188 9,396 Depreciation 30,381 110 30,491 Total expenses 117,104 2,233 $ 119,337 Total revenue less total expenses (14,175 ) 609 (13,566 ) Equity in (loss) earnings of unconsolidated joint ventures (417 ) 33 (384 ) Gain on sale of real estate 52,152 449 52,601 Loss on extinguishment of debt (1,463 ) — (1,463 ) Income from continuing operations 36,097 1,091 37,188 Provision for taxes 1,529 31 1,560 Net income 34,568 1,060 35,628 Net (income) attributable to non-controlling interests (21,896 ) (132 ) (22,028 ) Net income attributable to common stockholders $ 12,672 $ 928 $ 13,600 Segment Assets at September 30, 2017 $ 976,806 $ 17,091 $ 993,897 NOTE 14—SEGMENT REPORTING (continued) The following table summarizes the Company's segment reporting for the year ended September 30, 2016 (dollars in thousands): Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate properties $ 93,795 $ 1,407 $ 95,202 Other income — 3,319 $ 3,319 Total revenues 93,795 4,726 98,521 Expenses: Real estate operating expenses 46,936 583 47,519 Interest expense 23,739 139 23,878 Advisor's fee, related party 593 100 693 Property acquisition costs 3,852 — 3,852 General and administrative 8,313 223 8,536 Depreciation 22,251 929 23,180 Total expenses 105,684 1,974 107,658 Total revenues less total expenses (11,889 ) 2,752 (9,137 ) Gain on sale of real estate 45,206 1,271 46,477 Gain on sale of partnership interest 386 — 386 Loss on extinguishment of debt (4,547 ) — (4,547 ) Income from continuing operations 29,156 4,023 33,179 Provision for taxes 686 14 700 Income from continuing operations, net of taxes 28,470 4,009 32,479 Net (income) attributable to non-controlling interests (15,420 ) (108 ) (15,528 ) Net income attributable to common stockholders before reconciling items $ 58,312 $ 8,046 $ 16,951 Reconciling adjustment: Discontinued operations, net of non-controlling interests 14,338 Net income attributable to common stockholders $ 31,289 Segment assets at September 30, 2016 $ 843,898 $ 31,001 $ 874,899 NOTE 14—SEGMENT REPORTING (continued) The following table summarizes the Company's segment reporting for the year ended September 30, 2015 (dollars in thousands): Multi-Family Real Estate Other Real Estate Total Revenues: Rental and other revenues from real estate properties $ 79,646 $ 1,380 $ 81,026 Other income — 72 72 Total revenues 79,646 1,452 81,098 Expenses: Real estate operating expenses 42,003 609 42,612 Interest expense 18,944 353 19,297 Advisor's fee, related party 2,077 371 2,448 Property acquisition costs 1,885 — 1,885 General and administrative 6,314 369 6,683 Depreciation 18,336 118 18,454 Total expenses 89,559 1,820 91,379 Total revenues less total expenses (9,913 ) (368 ) (10,281 ) Gain on sale of real estate 14,404 601 15,005 Income from continuing operations 4,491 233 4,724 Net (income) attributable to non-controlling interests (4,877 ) (93 ) (4,970 ) Net (loss) income attributable to common stockholders before reconciling adjustment $ (386 ) $ 140 $ (246 ) Reconciling adjustment: Discontinued operations, net of non-controlling interests (2,142 ) Net loss attributable to common stockholders (2,388 ) Segment assets at September 30, 2015 $ 616,909 $ 55,425 $ 672,334

FAIR VALUE OF FINANCIAL INSTR40

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities measured at fair value	Set forth below is information regarding the Company's financial assets and liabilities measured at fair value as of September 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 $ 1,460 — $ 1,460 Financial Liabilities: Interest rate swap $ (14 ) — $ (14 )

DERIVATIVE FINANCIAL INSTRUME41

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Sep. 30, 2017
Interest Rate Derivatives
Schedule of interest rate derivative	As of September 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 Rate Maturity Interest Rate Swap $ 1,446 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	Derivatives as of: September 30, 2017 September 30, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Other Assets $ 1,460 Other assets $ — Accounts payable and accrued liabilities $ 14 Accounts payable and accrued liabilities $ 1,602
Schedule of effect of derivative financial instrument on consolidated statements of comprehensive income	The following table presents the effect of the Company's derivative financial instrument on the consolidated statements of comprehensive income (loss) for the years ended September 30, 2017 , 2016 and 2015 (dollars in thousands): Year Ended September 30, 2017 2016 2015 Amount of gain (loss) recognized on derivative in Other Comprehensive Income $ 2,660 $ (1,695 ) $ (83 ) Less: amount of gain (loss) reclassified from Accumulated Other Comprehensive (loss) income into Interest Expense $ (387 ) $ (150 ) $ (33 )

QUARTERLY FINANCIAL DATA (Una42

QUARTERLY FINANCIAL DATA (Unaudited) (Tables)	12 Months Ended
	Sep. 30, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly financial data	2017 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 25,640 $ 24,883 $ 26,861 $ 28,387 $ 105,771 Expenses 28,027 28,473 30,333 32,504 119,337 Total revenues less total expenses (2,387 ) (3,590 ) (3,472 ) (4,117 ) (13,566 ) Equity in loss of unconsolidated joint ventures — — (307 ) (77 ) (384 ) Gain on sale of real estate 35,838 — — 16,763 52,601 Loss on extinguishment of debt (799 ) — — (664 ) (1,463 ) Income (loss) income from continuing operations 32,652 (3,590 ) (3,779 ) 11,905 37,188 Provision for taxes 350 1,108 41 61 1,560 Net income (loss) 32,302 (4,698 ) (3,820 ) 11,844 35,628 Net (income) loss attributable to non-controlling interests (16,532 ) 469 418 (6,383 ) (22,028 ) Net income (loss) attributable to common stockholders $ 15,770 $ (4,229 ) $ (3,402 ) $ 5,461 $ 13,600 Basic and per share amounts attributable to common stockholders Basic and diluted income (loss) per share (a) $ 1.13 $ (0.30 ) $ (0.24 ) $ 0.39 $ 0.97 (a) does not add across due to rounding 2016 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues $ 22,326 $ 26,019 $ 24,287 $ 25,889 $ 98,521 Expenses 24,108 27,011 27,652 28,887 107,658 Total revenues less total expenses (1,782 ) (992 ) (3,365 ) (2,998 ) (9,137 ) Gain on sale of real estate 609 24,226 10,263 11,379 46,477 Gain on sale of partnership interest — — 386 — 386 Loss on extinguishment of debt — (2,668 ) — (1,879 ) (4,547 ) (Loss) income from continuing operations (1,173 ) 20,566 7,284 6,502 33,179 Provision for taxes — — — 700 700 (Loss) income from continuing operations, net of tax (1,173 ) 20,566 7,284 5,802 32,479 (Loss) income from discontinued operations (1,600 ) 14,279 — — 12,679 Net (loss) income (2,773 ) 34,845 7,284 5,802 45,158 Net loss (income) attributable to non-controlling interests 739 (9,909 ) (1,804 ) (2,895 ) (13,869 ) Net (loss) income attributable to common stockholders $ (2,034 ) $ 24,936 $ 5,480 $ 2,907 $ 31,289 Basic and per share amounts attributable to common stockholders Continuing operations $ (0.10 ) $ 0.7 $ 0.39 $ 0.21 $ 1.21 Discontinued operations (0.04 ) 1.06 — — 1.02 Basic and diluted (loss) income per share $ (0.14 ) $ 1.76 $ 0.39 $ 0.21 $ 2.23

ORGANIZATION, BACKGROUND AND 43

ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2017USD ($)statepropertyproperty_unit	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2017USD ($)statepropertysegmentproperty_unit	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Real Estate Properties
Number of Properties at September 30, 2017 | property	33								33
Number of Units at September 30, 2017 | property_unit	9,568								9,568
Number of states in which entity operates | state	11								11
Number of units in real estate property, in lease up stage | property	402								402
Real estate investment property, net	$ 902,281				$ 759,576				$ 902,281	$ 759,576
Real estate investments, other	16,004								16,004
Mortgage loans on real estate	5,500								5,500
Tenant utility reimbursements reclassified	28,387	$ 26,861	$ 24,883	$ 25,640	$ 25,889	$ 24,287	$ 26,019	$ 22,326	$ 105,771	98,521	$ 81,098
Number of reportable segments | segment									2
Capitalized acquisition costs									$ 3,364
Restatement adjustment
Real Estate Properties
Tenant utility reimbursements reclassified										$ 4,066	$ 4,033
Maximum
Real Estate Properties
Period from cessation of major construction activity to consider construction project as substantially completed									1 year
Multi-family residential
Real Estate Properties
Real estate investment property, net	$ 900,746								$ 900,746
Multi-family residential | Building
Real Estate Properties
Real estate property, estimated useful life									30 years
Multi-family residential | Maximum
Real Estate Properties
Operating leases, term of contract									1 year
Joint ventures | Purchase of properties | Multi-family residential | Minimum
Real Estate Properties
Equity contribution in each transaction (as a percent)									70.00%
Joint ventures | Purchase of properties | Multi-family residential | Maximum
Real Estate Properties
Equity contribution in each transaction (as a percent)									80.00%

REAL ESTATE PROPERTIES (Details

REAL ESTATE PROPERTIES (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016
Real Estate [Abstract]
Land	$ 138,094	$ 128,409
Building	808,366	684,133
Building improvements	31,411	25,717
Real estate properties	977,871	838,259
Accumulated depreciation	(66,621)	(44,687)
Total real estate properties, net	$ 911,250	$ 793,572

REAL ESTATE PROPERTIES (Detai45

REAL ESTATE PROPERTIES (Details 1) $ in Thousands	12 Months Ended			14 Months Ended
	Sep. 30, 2017USD ($)property	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Nov. 30, 2017USD ($)
Real Estate Properties
Balance at the beginning of the period	$ 793,572			$ 793,572
Additions	255,992
Capitalized Costs and Improvements	9,298
Depreciation and Amortization	(30,489)
Sales	(113,552)
Other Dispositions	3,571
Balance at the end of the period	911,250	$ 793,572
Assets removed due to casualty loss	$ (3,571)	0	$ 0
Number of properties owned | property	33
Multi-family residential
Real Estate Properties
Balance at the beginning of the period	$ 783,085			783,085
Additions	255,992
Capitalized Costs and Improvements	9,173
Depreciation and Amortization	(30,379)
Sales	(113,552)
Other Dispositions	3,571
Balance at the end of the period	900,748	783,085
Land
Real Estate Properties
Balance at the beginning of the period	8,021			8,021
Additions	0
Capitalized Costs and Improvements	0
Depreciation and Amortization	0
Sales	0
Other Dispositions	0
Balance at the end of the period	8,021	8,021
Shopping centers/retail | Primary beneficiary | Newark Joint Venture
Real Estate Properties
Balance at the beginning of the period	2,466			2,466
Additions	0
Capitalized Costs and Improvements	125
Depreciation and Amortization	(110)
Sales	0
Other Dispositions	0
Balance at the end of the period	2,481	$ 2,466
Loss from Catastrophes
Real Estate Properties
Assets removed due to casualty loss	$ 3,571
Number of properties owned | property	96
Insurance deductible	$ 100
Estimated insurance recoveries	$ 3,471
Loss from Catastrophes | Subsequent event
Real Estate Properties
Insurance proceeds				$ 1,100

REAL ESTATE PROPERTIES (Detai46

REAL ESTATE PROPERTIES (Details 2) $ in Thousands	14 Months Ended
	Sep. 30, 2017USD ($)property	Aug. 01, 2016USD ($)
Acquisitions
Number of properties acquired | property	9
July 1, 2015 through September 30, 2016 real estate property acquisitions
Allocations of purchase prices of assets acquired and liabilities assumed
Total consideration	$ 342,803
Adjustments to preliminary allocations of purchase price of properties
Total consideration	0
July 1, 2015 through September 30, 2016 real estate property acquisitions | Leases acquired
Allocations of purchase prices of assets acquired and liabilities assumed
Acquisition-related intangible assets	5,389
Adjustments to preliminary allocations of purchase price of properties
Acquisition-related intangible assets	1,209
July 1, 2015 through September 30, 2016 real estate property acquisitions | Land
Allocations of purchase prices of assets acquired and liabilities assumed
Real estate property	37,746
Adjustments to preliminary allocations of purchase price of properties
Real estate property	(1,550)
July 1, 2015 through September 30, 2016 real estate property acquisitions | Buildings and Improvements
Allocations of purchase prices of assets acquired and liabilities assumed
Real estate property	299,668
Adjustments to preliminary allocations of purchase price of properties
Real estate property	$ 341
Preliminary | July 1, 2015 through September 30, 2016 real estate property acquisitions
Allocations of purchase prices of assets acquired and liabilities assumed
Total consideration		$ 342,803
Preliminary | July 1, 2015 through September 30, 2016 real estate property acquisitions | Land
Allocations of purchase prices of assets acquired and liabilities assumed
Real estate property		39,296
Preliminary | July 1, 2015 through September 30, 2016 real estate property acquisitions | Buildings and Improvements
Allocations of purchase prices of assets acquired and liabilities assumed
Real estate property		299,327
Preliminary | July 1, 2015 through September 30, 2016 real estate property acquisitions | Acquisition-related intangible assets | Leases acquired
Allocations of purchase prices of assets acquired and liabilities assumed
Acquisition-related intangible assets		$ 4,180

REAL ESTATE PROPERTIES (Detai47

REAL ESTATE PROPERTIES (Details 3) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2017USD ($)propertyproperty_unit	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2017USD ($)propertyproperty_unit	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Properties at September 30, 2017 | property	33								33
Number of Units at September 30, 2017 | property_unit	9,568								9,568
2017 Revenues | $	$ 28,387	$ 26,861	$ 24,883	$ 25,640	$ 25,889	$ 24,287	$ 26,019	$ 22,326	$ 105,771	$ 98,521	$ 81,098
Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Properties at September 30, 2017 | property	33								33
Number of Units at September 30, 2017 | property_unit	9,568								9,568
2017 Revenues | $									$ 102,938
% of 2017 Revenues									100.00%
Texas | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Properties at September 30, 2017 | property	9								9
Number of Units at September 30, 2017 | property_unit	2,695								2,695
2017 Revenues | $									$ 32,011
% of 2017 Revenues									31.10%
Florida | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Properties at September 30, 2017 | property	4								4
Number of Units at September 30, 2017 | property_unit	1,268								1,268
2017 Revenues | $									$ 15,339
% of 2017 Revenues									14.90%
Georgia | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Properties at September 30, 2017 | property	4								4
Number of Units at September 30, 2017 | property_unit	959								959
2017 Revenues | $									$ 11,842
% of 2017 Revenues									11.50%
Tennessee | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Properties at September 30, 2017 | property	2								2
Number of Units at September 30, 2017 | property_unit	702								702
2017 Revenues | $									$ 4,339
% of 2017 Revenues									4.20%
Alabama | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Properties at September 30, 2017 | property	2								2
Number of Units at September 30, 2017 | property_unit	826								826
2017 Revenues | $									$ 7,849
% of 2017 Revenues									7.60%
South Carolina | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Properties at September 30, 2017 | property	3								3
Number of Units at September 30, 2017 | property_unit	683								683
2017 Revenues | $									$ 6,305
% of 2017 Revenues									6.10%
Missouri | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Properties at September 30, 2017 | property	4								4
Number of Units at September 30, 2017 | property_unit	775								775
2017 Revenues | $									$ 7,694
% of 2017 Revenues									7.50%
Indiana | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Properties at September 30, 2017 | property	1								1
Number of Units at September 30, 2017 | property_unit	400								400
2017 Revenues | $									$ 3,418
% of 2017 Revenues									3.30%
Mississippi | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Properties at September 30, 2017 | property	2								2
Number of Units at September 30, 2017 | property_unit	776								776
2017 Revenues | $									$ 8,310
% of 2017 Revenues									8.10%
Ohio | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Properties at September 30, 2017 | property	1								1
Number of Units at September 30, 2017 | property_unit	264								264
2017 Revenues | $									$ 2,671
% of 2017 Revenues									2.60%
Virginia | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Properties at September 30, 2017 | property	1								1
Number of Units at September 30, 2017 | property_unit	220								220
2017 Revenues | $									$ 3,160
% of 2017 Revenues									3.10%
Melbourne, FL | Geographic concentration | Multi-family residential | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of Units at September 30, 2017 | property_unit	208								208
2017 Revenues | $									$ 2,567

REAL ESTATE PROPERTIES (Detai48

REAL ESTATE PROPERTIES (Details 4) $ in Thousands	12 Months Ended
	Sep. 30, 2017USD ($)
Commercial
Future minimum rentals to be received pursuant to non-cancellable operating leases
2,018	$ 1,119
2,019	1,119
2,020	1,119
2,021	1,132
2,022	1,185
Thereafter	4,500
Total	$ 10,174
Maximum | Multi-family residential
Real Estate Properties
Operating leases, term of contract	1 year

ACQUISITIONS, DISPOSITIONS AN49

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

Aug. 30, 2017USD ($)property_unit

Jun. 29, 2017USD ($)property_unit

Jun. 02, 2017USD ($)property_unit

Apr. 04, 2017USD ($)property_unit

Feb. 28, 2017USD ($)property_unit

Nov. 04, 2016USD ($)property_unit

Sep. 19, 2016USD ($)property_unit

Sep. 01, 2016USD ($)property_unit

Aug. 15, 2016USD ($)property_unit

May 31, 2016USD ($)property_unit

May 11, 2016USD ($)property_unit

May 06, 2016USD ($)property_unit

Feb. 29, 2016USD ($)property_unit

Feb. 01, 2016USD ($)property_unit

Jan. 22, 2016USD ($)property_unit

Nov. 18, 2015USD ($)property_unit

Oct. 13, 2015USD ($)property_unit

Sep. 30, 2017USD ($)property_unit

Sep. 30, 2016USD ($)property_unit

Sep. 30, 2015USD ($)

Acquisitions

No. of Units | property_unit

9,568

Property acquisition costs

$ 0

$ 3,852,000

$ 1,885,000

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

Acquisitions

No. of Units | property_unit

1,728

3,336

Purchase Price

$ 231,604,000

$ 318,680,000

Initial BRT Equity

54,146,000

73,895,000

Property acquisition costs

3,364,000

3,852,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Fredricksburg, VA

Acquisitions

No. of Units | property_unit

220

Purchase Price

$ 38,490,000

Initial BRT Equity

$ 8,720,000

Ownership Percentage

80.00%

Property acquisition costs

$ 643,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | St. Louis, MO (Tower at OPOP)

Acquisitions

No. of Units | property_unit

128

Purchase Price

$ 27,000,000

Initial BRT Equity

$ 6,001,000

Ownership Percentage

76.00%

Property acquisition costs

$ 423,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | St. Louis, MO (Lofts at OPOP)

Acquisitions

No. of Units | property_unit

53

Purchase Price

$ 8,000,000

Initial BRT Equity

$ 2,002,000

Ownership Percentage

76.00%

Property acquisition costs

$ 134,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Creve Coeur, MO

Acquisitions

No. of Units | property_unit

174

Purchase Price

$ 39,600,000

Initial BRT Equity

$ 9,408,000

Ownership Percentage

78.00%

Property acquisition costs

$ 569,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | West Nashville, TN

Acquisitions

No. of Units | property_unit

402

Purchase Price

$ 5,228,000

Initial BRT Equity

$ 4,800,000

Ownership Percentage

58.00%

Property acquisition costs

$ 226,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Farmers Branch, TX

Acquisitions

No. of Units | property_unit

509

Purchase Price

$ 85,698,000

Initial BRT Equity

$ 16,200,000

Ownership Percentage

50.00%

Property acquisition costs

$ 992,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Tallahassee, FL

Acquisitions

No. of Units | property_unit

242

Purchase Price

$ 27,588,000

Initial BRT Equity

$ 7,015,000

Ownership Percentage

80.00%

Property acquisition costs

$ 377,000

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

Acquisitions

No. of Units | property_unit

271

Purchase Price

$ 3,625,000

Initial BRT Equity

$ 6,558,000

Ownership Percentage

65.00%

Property acquisition costs

$ 0

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | La Grange, GA

Acquisitions

No. of Units | property_unit

236

Purchase Price

$ 22,800,000

Initial BRT Equity

$ 6,824,000

Ownership Percentage

100.00%

Property acquisition costs

$ 57,000

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

Acquisitions

No. of Units | property_unit

268

Purchase Price

$ 40,250,000

Initial BRT Equity

$ 8,150,000

Ownership Percentage

75.00%

Property acquisition costs

$ 382,000

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

Acquisitions

No. of Units | property_unit

240

Purchase Price

$ 14,525,000

Initial BRT Equity

$ 3,250,000

Ownership Percentage

80.00%

Property acquisition costs

$ 158,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Southaven, MS (Civic Center I)

Acquisitions

No. of Units | property_unit

392

Purchase Price

$ 35,000,000

Initial BRT Equity

$ 5,856,000

Ownership Percentage

60.00%

Property acquisition costs

$ 413,000

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

Acquisitions

No. of Units | property_unit

288

Purchase Price

$ 35,150,000

Initial BRT Equity

$ 6,688,000

Ownership Percentage

65.00%

Property acquisition costs

$ 539,000

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

Acquisitions

No. of Units | property_unit

494

Purchase Price

$ 37,000,000

Initial BRT Equity

$ 6,750,000

Ownership Percentage

50.00%

Property acquisition costs

$ 567,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Columbia, SC

Acquisitions

No. of Units | property_unit

204

Purchase Price

$ 17,000,000

Initial BRT Equity

$ 4,930,000

Ownership Percentage

80.00%

Property acquisition costs

$ 302,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Atlanta, GA

Acquisitions

No. of Units | property_unit

271

Purchase Price

$ 39,125,000

Initial BRT Equity

$ 10,769,000

Ownership Percentage

74.00%

Property acquisition costs

$ 577,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Southaven, MS (Civic Center II)

Acquisitions

No. of Units | property_unit

384

Purchase Price

$ 38,205,000

Initial BRT Equity

$ 6,060,000

Ownership Percentage

60.00%

Property acquisition costs

$ 347,000

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

Acquisitions

No. of Units | property_unit

288

Purchase Price

$ 36,000,000

Initial BRT Equity

$ 8,060,000

Ownership Percentage

72.00%

Property acquisition costs

$ 510,000

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

Acquisitions

Acquisition Mortgage Debt

$ 161,824,000

$ 238,212,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | Fredricksburg, VA

Acquisitions

Acquisition Mortgage Debt

$ 29,900,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | St. Louis, MO (Tower at OPOP)

Acquisitions

Acquisition Mortgage Debt

20,000,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | St. Louis, MO (Lofts at OPOP)

Acquisitions

Acquisition Mortgage Debt

$ 6,200,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | Creve Coeur, MO

Acquisitions

Acquisition Mortgage Debt

$ 29,000,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | West Nashville, TN

Acquisitions

Acquisition Mortgage Debt

$ 0

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | Farmers Branch, TX

Acquisitions

Acquisition Mortgage Debt

$ 55,200,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | Tallahassee, FL

Acquisitions

Acquisition Mortgage Debt

$ 21,524,000

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

Acquisitions

Acquisition Mortgage Debt

$ 0

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | La Grange, GA

Acquisitions

Acquisition Mortgage Debt

$ 16,051,000

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

Acquisitions

Acquisition Mortgage Debt

$ 30,750,000

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

Acquisitions

Acquisition Mortgage Debt

$ 11,200,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | Southaven, MS (Civic Center I)

Acquisitions

Acquisition Mortgage Debt

$ 28,000,000

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

Acquisitions

Acquisition Mortgage Debt

$ 26,400,000

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

Acquisitions

Acquisition Mortgage Debt

$ 27,938,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | Columbia, SC

Acquisitions

Acquisition Mortgage Debt

$ 12,934,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | Atlanta, GA

Acquisitions

Acquisition Mortgage Debt

$ 27,375,000

Purchase of properties | Primary beneficiary | Multi-family residential | Joint ventures | Mortgages | Southaven, MS (Civic Center II)

Acquisitions

Acquisition Mortgage Debt

$ 30,564,000

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

Acquisitions

Acquisition Mortgage Debt

$ 27,000,000

ACQUISITIONS, DISPOSITIONS AN50

ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - Schedule of Subsequent Property Acquisitions (Details)	Dec. 07, 2017USD ($)property_unit	Sep. 30, 2017USD ($)property_unit	Sep. 30, 2016USD ($)property_unit	Sep. 30, 2015USD ($)
Acquisitions
No. of Units | property_unit		9,568
Property acquisition costs		$ 0	$ 3,852,000	$ 1,885,000
Multi-family residential | Primary beneficiary | Purchase of properties | Joint ventures
Acquisitions
No. of Units | property_unit		1,728	3,336
Purchase Price		$ 231,604,000	$ 318,680,000
Initial BRT Equity		54,146,000	73,895,000
Property acquisition costs		3,364,000	3,852,000
Mortgages | Multi-family residential | Primary beneficiary | Purchase of properties | Joint ventures
Acquisitions
Acquisition Mortgage Debt		$ 161,824,000	$ 238,212,000
Subsequent event | Multi-family residential | Primary beneficiary | Purchase of properties | Joint ventures | Madison, AL
Acquisitions
No. of Units | property_unit	204
Purchase Price	$ 18,420,000
Initial BRT Equity	$ 4,456,000
Ownership Percentage	80.00%
Property acquisition costs	$ 174,000
Subsequent event | Mortgages | Multi-family residential | Primary beneficiary | Purchase of properties | Joint ventures | Madison, AL
Acquisitions
Acquisition Mortgage Debt	$ 15,000,000

ACQUISITIONS, DISPOSITIONS AN51

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

Oct. 25, 2017USD ($)property_unit

Jul. 27, 2017USD ($)property_unit

Dec. 21, 2016USD ($)property_unit

Dec. 17, 2016USD ($)property_unit

Nov. 30, 2016USD ($)property_unit

Nov. 21, 2016USD ($)property_unit

Oct. 26, 2016USD ($)property_unit

Oct. 19, 2016USD ($)property_unit

Sep. 01, 2016USD ($)property_unit

Jun. 06, 2016USD ($)property_unit

Jun. 01, 2016USD ($)property_unit

Apr. 06, 2016USD ($)property_unit

Mar. 15, 2016USD ($)property_unit

Mar. 02, 2016USD ($)property_unit

Sep. 30, 2017USD ($)property_unit

Sep. 30, 2016USD ($)property_unit

Sep. 30, 2015USD ($)

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

No. of Units | property_unit

9,568

Gain on Sale

$ 0

$ (2,788,000)

$ (6,329,000)

Impairment of real estate

$ 0

$ 0

$ 0

Disposition of real estate properties

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

No. of Units | property_unit

1,581

2,208

Sales Price

$ 169,760,000

$ 202,049,000

Gain on Sale

52,601,000

46,864,000

Non-controlling partner portion of gain

$ 24,840,000

$ 18,795,000

Disposition of real estate properties | Greenville, NC

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

No. of Units | property_unit

350

Sales Price

$ 68,000,000

Gain on Sale

18,483,000

Non-controlling partner portion of gain

$ 9,329,000

Disposition of real estate properties | Panama City, FL

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

No. of Units | property_unit

160

Sales Price

$ 14,720,000

Gain on Sale

7,393,000

Non-controlling partner portion of gain

$ 3,478,000

Disposition of real estate properties | Atlanta, GA

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

No. of Units | property_unit

350

Sales Price

$ 36,750,000

Gain on Sale

8,905,000

Non-controlling partner portion of gain

$ 4,166,000

Disposition of real estate properties | Hixson, TN

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

No. of Units | property_unit

156

Sales Price

$ 10,775,000

Gain on Sale

608,000

Non-controlling partner portion of gain

$ 152,000

Disposition of real estate properties | New York, NY (Location 1)

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

No. of Units | property_unit

1

Sales Price

$ 465,000

Gain on Sale

449,000

Non-controlling partner portion of gain

$ 0

Disposition of real estate properties | Humble, TX (Parkside)

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

No. of Units | property_unit

260

Sales Price

$ 18,000,000

Gain on Sale

7,707,000

Non-controlling partner portion of gain

$ 3,143,000

Disposition of real estate properties | Humble, TX (Meadowbrook)

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

No. of Units | property_unit

160

Sales Price

$ 11,300,000

Gain on Sale

4,767,000

Non-controlling partner portion of gain

$ 1,943,000

Disposition of real estate properties | Pasadena, TX

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

No. of Units | property_unit

144

Sales Price

$ 9,750,000

Gain on Sale

4,289,000

Non-controlling partner portion of gain

$ 2,629,000

Disposition of real estate properties | Cordova, TN

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

No. of Units | property_unit

464

Sales Price

$ 31,100,000

Gain on Sale

6,731,000

Non-controlling partner portion of gain

$ 2,195,000

Disposition of real estate properties | Kennesaw, GA

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

No. of Units | property_unit

450

Sales Price

$ 64,000,000

Gain on Sale

17,462,000

Non-controlling partner portion of gain

$ 10,037,000

Disposition of real estate properties | Pooler, GA

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

No. of Units | property_unit

300

Sales Price

$ 38,500,000

Gain on Sale

5,710,000

Non-controlling partner portion of gain

$ 1,405,000

Disposition of real estate properties | Collierville, TN

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

No. of Units | property_unit

324

Sales Price

$ 34,300,000

Gain on Sale

4,586,000

Non-controlling partner portion of gain

$ 917,000

Disposition of real estate properties | Little Rock, AK

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

No. of Units | property_unit

172

Sales Price

$ 2,372,000

Gain on Sale

386,000

Non-controlling partner portion of gain

$ 0

Disposition of real estate properties | Wichita, KS

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

No. of Units | property_unit

496

Sales Price

$ 30,400,000

Gain on Sale

10,718,000

Non-controlling partner portion of gain

$ 4,241,000

Disposition of real estate properties | New York, NY (Location 2)

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

No. of Units | property_unit

2

Sales Price

$ 1,377,000

Gain on Sale

1,271,000

Non-controlling partner portion of gain

$ 0

Subsequent event | Disposition of real estate properties | Melbourne, FL

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

No. of Units | property_unit

208

Sales Price

$ 22,250,000

Gain on Sale

12,700,000

Non-controlling partner portion of gain

$ 2,800,000

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Variable Interest Entity [Line Items]
Real estate properties, net of accumulated depreciation of $64,290 and $41,995		$ 902,281	$ 759,576
Cash and cash equivalents		12,383	27,399	$ 15,556	$ 23,181
Deposits and escrows		27,839	18,972
Other assets		9,359	7,775
Real estate properties held for sale		8,969	33,996
Total Assets	[1]	993,897	874,899
Mortgages payable, net of deferred costs of $6,345 and $5,873		697,826	588,457
Accounts payable and accrued liabilities		22,348	20,716
Mortgage payable held for sale		0	27,052
Total Liabilities	[1]	757,192	673,223
Real estate properties, net of accumulated depreciation		64,290	41,995
Deferred mortgage costs		(6,727)	(6,275)
Variable interest entity
Variable Interest Entity [Line Items]
Real estate properties, net of accumulated depreciation of $64,290 and $41,995		707,546	686,101
Cash and cash equivalents		8,626	11,855
Deposits and escrows		13,873	19,505
Other assets		8,148	3,584
Real estate properties held for sale		8,969	33,996
Total Assets		747,162	755,041
Mortgages payable, net of deferred costs of $6,345 and $5,873		558,568	535,602
Accounts payable and accrued liabilities		14,419	17,893
Mortgage payable held for sale		0	27,052
Total Liabilities		572,987	580,547
Real estate properties, net of accumulated depreciation		52,873	35,525
Mortgages
Variable Interest Entity [Line Items]
Deferred mortgage costs		(6,345)	(5,873)
Mortgages | Variable interest entity
Variable Interest Entity [Line Items]
Deferred mortgage costs		$ (5,170)	$ (4,856)
[1]	The Company's consolidated balance sheets include the assets and liabilities of consolidated variable interest entities (VIEs). See note 4. The consolidated balance sheets include the following amounts related to the Company's VIEs as of September 30, 2017 and 2016, respectively: $707,546 and $686,101 of real estate properties, $8,626 and $11,855 of cash and cash equivalents, $13,873 and $19,505 of deposits and escrows, $8,148 and $3,584 of other assets, $8,969 and $33,996 of real estate properties held for sale, $558,568 and $535,602 of mortgages payable, $14,419 and $17,893 of accounts payable and accrued liabilities and $0 and $27,052 of mortgage payable held for sale.

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($)	Feb. 23, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of partnership interest		$ 0	$ 15,467,000	$ 0
Discontinued operations | Newark Joint Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	$ 16,900,000
Gain on sale of partnership interest	15,467,000		$ 15,467,000	$ 0
Liability arrangement, amount outstanding	$ 2,800,000

DISCONTINUED OPERATIONS - State

DISCONTINUED OPERATIONS - Statement of Operations (Details) - USD ($) $ in Thousands	Feb. 23, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Expenses:
Gain on sale of partnership interest		$ 0	$ 15,467	$ 0
Newark Joint Venture | Discontinued operations
Revenues:
Rental and other revenue from real estate properties			2,437	4,335
Other income			444	1,067
Total revenues			2,881	5,402
Expenses:
Real estate operating expenses			2,277	4,610
Interest expense			2,242	4,880
Depreciation			1,150	2,241
Total expense			5,669	11,731
Income from discontinued operations			(2,788)	(6,329)
Gain on sale of partnership interest	$ 15,467		15,467	0
Discontinued operations			$ 12,679	$ (6,329)

REAL ESTATE LOAN (Details)

REAL ESTATE LOAN (Details) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 28, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Mortgage Loans on Real Estate [Line Items]
Real estate loan		$ 5,500,000	$ 19,500,000
Collections from real estate loans		14,000,000	0	$ 2,000,000
Newark Joint Venture | Discontinued operations
Mortgage Loans on Real Estate [Line Items]
Real estate loan		$ 5,500,000	$ 19,500,000
Collections from real estate loans	$ 13,600,000
Proceeds from interest received	$ 2,606,000
Stated rate		11.00%

REAL ESTATE PROPERTY HELD FOR56

REAL ESTATE PROPERTY HELD FOR SALE (Details) - USD ($) $ in Thousands	Oct. 25, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Real Estate [Line Items]
Proceeds from the sale of real estate owned		$ 167,013	$ 197,264	$ 66,398
Subsequent event | Melbourne, FL
Real Estate [Line Items]
Proceeds from the sale of real estate owned	$ 8,969
Estimated gains (losses) on sales of real estate held for sale	12,700
Estimated proceeds from sale of property held-for-sale, portion allocated to minority partners	$ 2,800

INVESTMENT IN UNCONSOLIDATED 57

INVESTMENT IN UNCONSOLIDATED VENTURES (Details)	12 Months Ended
	Sep. 30, 2017USD ($)propertyproperty_unitinvestment	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Schedule of Equity Method Investments [Line Items]
Number of investments | investment	3
Contributions to unconsolidated joint ventures	$ 21,894,000	$ 0	$ 0
Number of properties owned | property	33
Unconsolidated joint ventures
Schedule of Equity Method Investments [Line Items]
Contributions to unconsolidated joint ventures	$ 21,835,000
Number of properties owned | property_unit	1,026,000
Purchase Price	$ 103,215,000
Acquisition Debt	$ 66,350,000
Joint venture, forty six percent ownership
Schedule of Equity Method Investments [Line Items]
Number of real estate properties to be constructed | property_unit	339
Columbia, SC | Joint venture, thirty two percent ownership
Schedule of Equity Method Investments [Line Items]
Contributions to unconsolidated joint ventures	$ 5,670,000
Joint ventures ownership, percentage	32.00%
Number of properties owned | property_unit	374,000
Purchase Price	$ 58,300,000
Acquisition Debt	41,000,000
Columbia, SC (Location 2) | Joint venture, forty six percent ownership
Schedule of Equity Method Investments [Line Items]
Contributions to unconsolidated joint ventures	$ 8,665,000
Joint ventures ownership, percentage	46.00%
Number of properties owned | property_unit	339,000
Purchase Price	$ 5,915,000
Acquisition Debt	0
Forney, TX | Joint venture, fifty percent ownership
Schedule of Equity Method Investments [Line Items]
Contributions to unconsolidated joint ventures	$ 7,500,000
Joint ventures ownership, percentage	50.00%
Number of properties owned | property_unit	313,000
Purchase Price	$ 39,000,000
Acquisition Debt	25,350,000
Secured debt | Joint venture, forty six percent ownership
Schedule of Equity Method Investments [Line Items]
Construction Loan	$ 47,426,000
Debt Instrument, Interest Rate, Stated Percentage	4.08%

DEBT OBLIGATIONS - Mortgage Pay

DEBT OBLIGATIONS - Mortgage Payable (Details)

Aug. 30, 2017USD ($)

Jun. 29, 2017USD ($)

Feb. 28, 2017USD ($)

Sep. 16, 2016USD ($)

Sep. 01, 2016USD ($)

Aug. 15, 2016USD ($)

May 31, 2016USD ($)

May 11, 2016USD ($)

May 06, 2016USD ($)

Feb. 29, 2016USD ($)

Feb. 01, 2016USD ($)

Jan. 22, 2016USD ($)

Sep. 30, 2017USD ($)property

May 31, 2017USD ($)

Apr. 04, 2017USD ($)

Nov. 04, 2016USD ($)

Sep. 30, 2016USD ($)

Apr. 15, 2016USD ($)

Feb. 09, 2016USD ($)

Nov. 18, 2015USD ($)

Nov. 10, 2015USD ($)

Oct. 13, 2015USD ($)

Debt Instrument [Line Items]

Deferred mortgage costs

$ (6,727,000)

$ (6,275,000)

Total debt obligations

$ 734,844,000

652,507,000

Number of Properties at September 30, 2017 | property

33

Mortgages

Debt Instrument [Line Items]

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

$ 704,171,000

621,382,000

Debt face amount

159,559,000

238,212,000

Mortgages | Additional mortgages obtained

Debt Instrument [Line Items]

Debt face amount

7,202,000

14,709,000

Mortgages | Fredricksburg, VA | Mortgages Maturing in February 2027

Debt Instrument [Line Items]

Debt face amount

$ 27,638,000

Interest rate (as a percent)

3.68%

Mortgages | St. Louis, MO (Tower at OPOP) | Mortgages Maturing in March 2027

Debt Instrument [Line Items]

Debt face amount

$ 20,000,000

Interest rate (as a percent)

4.79%

Average maturity

72 months

Mortgages | St. Louis, MO (Lofts at OPOP) | Mortgages Maturing in March 2027

Debt Instrument [Line Items]

Debt face amount

$ 6,197,000

Interest rate (as a percent)

4.84%

Average maturity

72 months

Mortgages | Creve Coeur, MO | Mortgages Maturing in April 2019

Debt Instrument [Line Items]

Debt face amount

$ 29,000,000

Interest rate (as a percent)

2.50%

Mortgages | Farmers Branch, TX | Mortgages Maturing in July 2028

Debt Instrument [Line Items]

Debt face amount

$ 55,200,000

Interest rate (as a percent)

4.22%

Average maturity

60 months

Mortgages | Tallahassee, FL | Mortgages Maturing in September 2027

Debt Instrument [Line Items]

Debt face amount

$ 21,524,000

Interest rate (as a percent)

4.19%

Average maturity

60 months

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

Debt Instrument [Line Items]

Debt face amount

$ 16,051,000

Interest rate (as a percent)

4.36%

Mortgages | Katy, TX | Mortgages Maturing in February 2026

Debt Instrument [Line Items]

Debt face amount

$ 30,750,000

Interest rate (as a percent)

4.44%

Average maturity

60 months

Mortgages | Macon, GA | Mortgages Maturing in February 2026

Debt Instrument [Line Items]

Debt face amount

$ 11,200,000

Interest rate (as a percent)

4.39%

Average maturity

24 months

Mortgages | Southaven, MS (Civic Center I) | Mortgages Maturing in March 2026

Debt Instrument [Line Items]

Debt face amount

$ 28,000,000

Interest rate (as a percent)

4.24%

Average maturity

60 months

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

Debt Instrument [Line Items]

Debt face amount

$ 26,400,000

Interest rate (as a percent)

3.61%

Average maturity

23 months

Mortgages | Dallas, TX | Mortgages Maturing in May 2028

Debt Instrument [Line Items]

Debt face amount

$ 27,938,000

Interest rate (as a percent)

4.01%

Average maturity

24 months

Mortgages | Columbia,SC | Mortgages Maturing in June 2026

Debt Instrument [Line Items]

Debt face amount

$ 12,934,000

Interest rate (as a percent)

4.28%

Average maturity

36 months

Mortgages | Atlanta, GA | Mortgages Maturing in August 2026

Debt Instrument [Line Items]

Debt face amount

$ 27,375,000

Interest rate (as a percent)

3.97%

Average maturity

36 months

Mortgages | Atlanta, GA | Mortgages Maturing in July 2021

Debt Instrument [Line Items]

Debt face amount

$ 5,000,000

Interest rate (as a percent)

4.93%

Mortgages | Southaven, MS (Civic Center II) | Mortgages Maturing in September 2026

Debt Instrument [Line Items]

Debt face amount

$ 30,564,000

Interest rate (as a percent)

3.73%

Average maturity

60 months

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

Debt Instrument [Line Items]

Debt face amount

$ 27,000,000

Interest rate (as a percent)

4.05%

Average maturity

36 months

Mortgages | Pensacola, FL | Mortgages Maturing in March 2022

Debt Instrument [Line Items]

Debt face amount

$ 3,194,000

Interest rate (as a percent)

4.92%

Mortgages | Houston, TX | Mortgages Maturing in August 2021

Debt Instrument [Line Items]

Debt face amount

$ 3,865,000

Interest rate (as a percent)

4.94%

Mortgages | Huntsville, AL | Mortgages Maturing in November 2023

Debt Instrument [Line Items]

Debt face amount

$ 2,650,000

Interest rate (as a percent)

5.29%

Mortgages | Decatur, GA | Mortgages Maturing in December 2022

Debt Instrument [Line Items]

Debt face amount

$ 4,941,000

Interest rate (as a percent)

5.32%

Mortgages | Fredricksburg, VA (Location 2) | Mortgages Maturing in February 2027

Debt Instrument [Line Items]

Debt face amount

$ 2,261,000

Interest rate (as a percent)

4.84%

Junior subordinated notes

Debt Instrument [Line Items]

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

37,400,000

$ 37,400,000

Multi-family residential | Mortgages

Debt Instrument [Line Items]

Mortgage debt outstanding

$ 704,171,000

Number of Properties at September 30, 2017 | property

33

Debt, weighted average interest rate

4.03%

Average maturity

6 years 10 months 24 days

Maturities of Long-term Debt [Abstract]

2,018

$ 35,016,000

2,019

59,858,000

2,020

61,875,000

2,021

22,279,000

2,022

40,428,000

Thereafter

484,715,000

Total debt obligations

704,171,000

Multi-family residential | Mortgages | Melbourne, FL

Maturities of Long-term Debt [Abstract]

2,018

185,000

2,019

$ 8,847,000

DEBT OBLIGATIONS - Junior Subor

DEBT OBLIGATIONS - Junior Subordinated Notes (Details) - Junior subordinated notes - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Debt Obligations
Outstanding principal balance	$ 37,400	$ 37,400
Interest expense	$ 1,175	$ 1,510	$ 1,853
April 30, 2016 through April 30, 2036 | LIBOR
Debt Obligations
Margin interest above reference rate (as a percent)	2.00%
Interest rate (as a percent)	3.31%

INCOME TAXES (Detail)

INCOME TAXES (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2016
Income Tax Disclosure [Abstract]
State franchise tax expense, net of refunds	$ 1,560	$ 689	$ 18
Tax loss carry forward				$ 15,840

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($)	Oct. 04, 2017	Jan. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Equity incentive plans
Dividends declared (in dollars per share)			$ 0.18	$ 0	$ 0
Dividends paid (in dollars per share)			$ 0.18	$ 0	$ 0
Restricted Shares
Compensation expense			$ 1,218,000	$ 1,005,000	$ 906,000
Restricted Stock Units (RSUs)
Restricted Shares
Compensation expense			$ 240,000	$ 146,000	$ 0
Restricted stock
Restricted Shares
Grants in period (in shares)			147,500	141,050	142,950
Compensation expense			$ 978,000	$ 859,000	$ 906,000
Shares granted but not yet vested (in shares)			689,375	666,775	672,875	648,225
Remaining weighted average vesting period			2 years 3 months 18 days
Incentive Plan 2016
Restricted Shares
Shares authorized for issuance (in shares)			600,000
Incentive Plan 2016 | Restricted Stock Units (RSUs)
Restricted Shares
Grants in period (in shares)			450,000
Recognized and unrecognized unearned compensation			$ 1,401,000
Compensation expense			240,000	$ 146,000
Unearned compensation			1,015,000
2012 Stock Incentive Plan | Restricted stock
Restricted Shares
Grants in period (in shares)		147,500
Unearned compensation			$ 2,356,000	$ 2,089,000	$ 2,184,000
Shares granted but not yet vested (in shares)			689,375
Vesting period for shares issued			5 years
Equity Incentive Plan 2009
Restricted Shares
Number of additional awards available for grant (in shares)			0
CAGR in Shareholder Return | Incentive Plan 2016 | Restricted Stock Units (RSUs)
Restricted Shares
Grants in period (in shares)			200,000
CAGR in Adjusted Funds from Operations | Incentive Plan 2016 | Restricted Stock Units (RSUs)
Restricted Shares
Grants in period (in shares)			200,000
CAGR Relative to FTSE NAREIT Equity Apartment Index | Incentive Plan 2016 | Restricted Stock Units (RSUs)
Restricted Shares
Grants in period (in shares)			50,000
Contingently issuable shares (in shares)			450,000
Contingently issuable shares, excluded from diluted earnings calculation (in shares)			350,000
Contingently issuable shares included in diluted earnings calculation (in shares)			100,000
Subsequent event
Equity incentive plans
Dividends paid (in dollars per share)	$ 0.18

SHAREHOLDERS' EQUITY (Details 2

SHAREHOLDERS' EQUITY (Details 2) - Restricted stock - shares	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Changes in number of shares outstanding
Outstanding at beginning of the year (in shares)	666,775	672,875	648,225
Issued (in shares)	147,500	141,050	142,950
Cancelled (in shares)	0	(16,850)	0
Vested (in shares)	(124,900)	(130,300)	(118,300)
Outstanding at the end of the year (in shares)	689,375	666,775	672,875

SHAREHOLDERS' EQUITY (Details 3

SHAREHOLDERS' EQUITY (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Equity incentive plans
Compensation expense	$ 1,218	$ 1,005	$ 906
Restricted stock
Equity incentive plans
Compensation expense	978	859	906
Restricted Stock Units (RSUs)
Equity incentive plans
Compensation expense	$ 240	$ 146	$ 0

SHAREHOLDERS' EQUITY (Details 4

SHAREHOLDERS' EQUITY (Details 4) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Numerator for basic and diluted earnings per share attributable to common stockholders:
Net income (loss) attributable to common stockholders	$ 13,600	$ 31,289	$ (2,388)
Denominator:
Basic (in shares)	13,993,638	14,017,279	14,133,352
Effect of diluted securities (in shares)	25,205,000	0	0
Denominator for diluted earnings per share-adjusted weighted average shares and assumed conversions (in shares)	14,018,843	14,017,279	14,133,352
Basic earnings (loss) per share (in dollars per share)	$ 0.98	$ 2.23	$ (0.17)
Diluted earnings (loss) per share (in dollars per share)	$ 0.98	$ 2.23	$ (0.17)

SHAREHOLDERS' EQUITY (Details 5

SHAREHOLDERS' EQUITY (Details 5) - USD ($)	1 Months Ended	2 Months Ended	19 Months Ended
	Feb. 29, 2016	Dec. 14, 2017	Sep. 30, 2017	Oct. 01, 2017	Mar. 11, 2016
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]
Treasury stock, shares acquired (in shares)	252,000		98,318
Treasury stock acquired, average cost per share (in dollars per share)	$ 6.29		$ 7.37
Treasury stock, value acquired, cost method	$ 1,584,000		$ 724,000
New share repurchase program
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]
Authorized amount under the share repurchase program					$ 5,000,000
Subsequent event | New share repurchase program
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]
Treasury stock, shares acquired (in shares)		0
Authorized amount under the share repurchase program				$ 5,000,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015	Dec. 11, 2015
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Related party expense	$ 0	$ 2,221,000	$ 1,293,000
General and administrative to related party	346,000	157,000	171,000
Amended and restated advisory agreement, as amended in January 2012 | Real estate investment trust management corporation
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Related party expense	0	693,000	2,448,000
Director | Advisory services
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Related party expense	1,193,000	863,000
Majestic Property Management Corp. | Real property management, real estate brokerage and construction supervision services
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Related party expense	32,000	34,000	56,000
Gould Investors L.P. | Shared services agreement
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
General and administrative to related party	723,000	549,000	532,000
Gould Investors L.P. | Insurance reimbursement
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Related party expense	24,000	41,000	15,000
Affiliated entity
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Related party expense	2,834,000	1,919,000	1,436,000
Affiliated entity | Rent expense
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Related party expense			64,000
Affiliated entity | Payment of acquisition fee
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Related party expense	$ 2,571,000	2,221,000	$ 1,242,000
Unsecured short term borrowing from Gould Investors L.P. | Other notes payable | Affiliated entity
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
Debt face amount				$ 8,000,000
Interest rate (as a percent)				5.24%
Interest expense, related party		$ 86,000

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands		3 Months Ended								12 Months Ended
		Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2017USD ($)segment	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment										2
Revenues:
Rental and other revenues from real estate properties										$ 104,477	$ 95,202	$ 81,026
Other income										1,294	3,319	72
Total revenues		$ 28,387	$ 26,861	$ 24,883	$ 25,640	$ 25,889	$ 24,287	$ 26,019	$ 22,326	105,771	98,521	81,098
Expenses:
Real estate operating expenses										51,279	47,519	42,612
Interest expense										28,171	23,878	19,297
General and administrative										9,396	8,536	6,683
Depreciation										30,491	23,180	18,454
Advisor's fees, related party										0	693	2,448
Property acquisition costs										0	3,852	1,885
Total expenses		32,504	30,333	28,473	28,027	28,887	27,652	27,011	24,108	119,337	107,658	91,379
Total revenues less total expenses		(4,117)	(3,472)	(3,590)	(2,387)	(2,998)	(3,365)	(992)	(1,782)	(13,566)	(9,137)	(10,281)
Equity in loss of unconsolidated joint ventures		(77)	(307)	0	0					(384)	0	0
Gain on sale of real estate		16,763	0	0	35,838	11,379	10,263	24,226	609	52,601	46,477	15,005
Loss on extinguishment of debt		(664)	0	0	(799)	(1,879)	0	(2,668)	0	(1,463)	(4,547)	0
Income from continuing operations		11,905	(3,779)	(3,590)	32,652	6,502	7,284	20,566	(1,173)	37,188	33,179	4,724
Provision for taxes		61	41	1,108	350	700	0	0	0	1,560	700	0
Income from continuing operations, net of taxes						5,802	7,284	20,566	(1,173)	35,628	32,479	4,724
Net income (loss)		11,844	(3,820)	(4,698)	32,302	5,802	7,284	34,845	(2,773)	35,628	45,158	(1,605)
Income from continuing operations, net of taxes		(6,383)	418	469	(16,532)	(2,895)	(1,804)	(9,909)	739	(22,028)	(13,869)	(783)
Net income (loss) attributable to common stockholders		5,461	$ (3,402)	$ (4,229)	$ 15,770	2,907	5,480	24,936	(2,034)	13,600	31,289	(2,388)
Total Assets	[1]	993,897				874,899				993,897	874,899
Discontinued operations, net of non-controlling interests										0	14,339	(2,142)
Net income attributable to common stockholders before reconciling items										13,600	16,950	(246)
Gain on sale of partnership interest						0	$ 386	$ 0	$ 0	0	386	0
Operating Segments
Revenues:
Rental and other revenues from real estate properties										104,477	95,202	81,026
Other income										1,294	3,319	72
Total revenues										105,771	98,521	81,098
Expenses:
Real estate operating expenses										51,279	47,519	42,612
Interest expense										28,171	23,878	19,297
General and administrative										9,396	8,536	6,683
Depreciation										30,491	23,180	18,454
Advisor's fees, related party											693	2,448
Property acquisition costs											3,852	1,885
Provision for federal taxes											700
Total expenses										119,337	107,658	91,379
Total revenues less total expenses										(13,566)	(9,137)	(10,281)
Equity in loss of unconsolidated joint ventures										(384)
Gain on sale of real estate										52,601	46,477	15,005
Loss on extinguishment of debt										(1,463)	(4,547)
Income from continuing operations										37,188	33,179	4,724
Provision for taxes										1,560
Income from continuing operations, net of taxes											32,479
Net income (loss)										35,628
Income from continuing operations, net of taxes										(22,028)	(15,528)	(4,970)
Net income (loss) attributable to common stockholders										13,600	31,289	(2,388)
Total Assets		993,897				874,899				993,897	874,899	672,334
Discontinued operations, net of non-controlling interests											14,338	(2,142)
Net income attributable to common stockholders before reconciling items											16,951	(246)
Gain on sale of partnership interest											386
Multi-Family Real Estate | Operating Segments
Revenues:
Rental and other revenues from real estate properties										102,938	93,795	79,646
Other income										(9)	0	0
Total revenues										102,929	93,795	79,646
Expenses:
Real estate operating expenses										50,733	46,936	42,003
Interest expense										26,782	23,739	18,944
General and administrative										9,208	8,313	6,314
Depreciation										30,381	22,251	18,336
Advisor's fees, related party											593	2,077
Property acquisition costs											3,852	1,885
Provision for federal taxes											686
Total expenses										117,104	105,684	89,559
Total revenues less total expenses										(14,175)	(11,889)	(9,913)
Equity in loss of unconsolidated joint ventures										(417)
Gain on sale of real estate										52,152	45,206	14,404
Loss on extinguishment of debt										(1,463)	(4,547)
Income from continuing operations										36,097	29,156	4,491
Provision for taxes										1,529
Income from continuing operations, net of taxes											28,470
Net income (loss)										34,568
Income from continuing operations, net of taxes										(21,896)	(15,420)	(4,877)
Net income (loss) attributable to common stockholders										12,672
Total Assets		976,806				843,898				976,806	843,898	616,909
Net income attributable to common stockholders before reconciling items											58,312	(386)
Gain on sale of partnership interest											386
Other Real Estate | Operating Segments
Revenues:
Rental and other revenues from real estate properties										1,539	1,407	1,380
Other income										1,303	3,319	72
Total revenues										2,842	4,726	1,452
Expenses:
Real estate operating expenses										546	583	609
Interest expense										1,389	139	353
General and administrative										188	223	369
Depreciation										110	929	118
Advisor's fees, related party											100	371
Property acquisition costs											0	0
Provision for federal taxes											14
Total expenses										2,233	1,974	1,820
Total revenues less total expenses										609	2,752	(368)
Equity in loss of unconsolidated joint ventures										33
Gain on sale of real estate										449	1,271	601
Loss on extinguishment of debt										0	0
Income from continuing operations										1,091	4,023	233
Provision for taxes										31
Income from continuing operations, net of taxes											4,009
Net income (loss)										1,060
Income from continuing operations, net of taxes										(132)	(108)	(93)
Net income (loss) attributable to common stockholders										928
Total Assets		$ 17,091				$ 31,001				$ 17,091	31,001	55,425
Net income attributable to common stockholders before reconciling items											8,046	$ 140
Gain on sale of partnership interest											$ 0
[1]	The Company's consolidated balance sheets include the assets and liabilities of consolidated variable interest entities (VIEs). See note 4. The consolidated balance sheets include the following amounts related to the Company's VIEs as of September 30, 2017 and 2016, respectively: $707,546 and $686,101 of real estate properties, $8,626 and $11,855 of cash and cash equivalents, $13,873 and $19,505 of deposits and escrows, $8,148 and $3,584 of other assets, $8,969 and $33,996 of real estate properties held for sale, $558,568 and $535,602 of mortgages payable, $14,419 and $17,893 of accounts payable and accrued liabilities and $0 and $27,052 of mortgage payable held for sale.

FAIR VALUE OF FINANCIAL INSTR68

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Level 2 - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Market valuation | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	6.82%	6.35%
Market valuation | Mortgages | Minimum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	3.78%	3.05%
Market valuation | Mortgages | Maximum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	5.02%	4.25%
Estimated fair value | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Estimated fair value lower than carrying value	$ 15,705	$ 16,549
Estimated fair value | Mortgages
Financial Instruments Not Measured at Fair Value
Estimated fair value lower than carrying value	$ 11,400	$ 10,629

FAIR VALUE OF FINANCIAL INSTR69

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) - Measured at fair value on a recurring basis - Interest Rate Swap $ in Thousands	Sep. 30, 2017USD ($)
Level 1
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative asset	$ 0
Derivative liability	0
Level 2
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative asset	1,460
Derivative liability	(14)
Estimated fair value
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative asset	1,460
Derivative liability	$ (14)

COMMITMENT AND CONTINGENCIES (D

COMMITMENT AND CONTINGENCIES (Detail)	12 Months Ended
	Sep. 30, 2017USD ($)property	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Financial Support for Nonconsolidated Legal Entity [Line Items]
Number of Properties at September 30, 2017 | property	33
Non-contributory defined contribution pension plan
Pension expense	$ 342,000	$ 324,000	$ 322,000
Unpaid pension expense, included in accounts payable and accrued liabilities	162,000	$ 47,000
Mortgage Debt
Financial Support for Nonconsolidated Legal Entity [Line Items]
Carve out guarantor, maximum exposure	$ 86,600,000
Number of Properties at September 30, 2017 | property	6

DERIVATIVE FINANCIAL INSTRUME71

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($)	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2018
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Amount of gain (loss) recognized on derivative in Other Comprehensive Income	$ 2,660,000	$ (1,695,000)	$ (83,000)
Gain or loss recognized related to hedge ineffectiveness	0	0	0
Gain or loss recognized related to amounts excluded from effectiveness testing	0	0	0
Credit-risk-related Contingent Features
Fair value of the derivative in a net liability position	16,000
Collateral posted	0
Termination value to settlement of obligations	16,000
Interest Expense
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Amount of (loss) reclassified from Accumulated Other Comprehensive Income into Interest Expense	(387,000)	(150,000)	$ (33,000)
Other Assets
Fair value of derivative financial instruments
Fair value of derivative financial instrument asset	1,460,000	0
Accounts payable and accrued liabilities
Fair value of derivative financial instruments
Fair value of derivative financial instrument liability	14,000	$ 1,602,000
Designated as a hedge | Interest Rate Swap, Maturity Date April 1, 2022
Interest Rate Derivatives
Notional amount	$ 1,446,000
Rate (as a percent)	5.25%
Designated as a hedge | Interest Rate Swap, Maturity Date May 6, 2023
Interest Rate Derivatives
Notional amount	$ 26,400,000
Rate (as a percent)	3.61%
Designated as a hedge | Interest Rate Swap, Maturity Date September 19, 2026
Interest Rate Derivatives
Notional amount	$ 27,000,000
Rate (as a percent)	4.05%
Forecast
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Estimated amount to be reclassified from other comprehensive income as an increase to interest expense				$ 74,000

QUARTERLY FINANCIAL DATA (Una72

QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
QUARTERLY FINANCIAL DATA (Unaudited)
Revenues	$ 28,387	$ 26,861	$ 24,883	$ 25,640	$ 25,889	$ 24,287	$ 26,019	$ 22,326	$ 105,771	$ 98,521	$ 81,098
Total expenses	32,504	30,333	28,473	28,027	28,887	27,652	27,011	24,108	119,337	107,658	91,379
Total revenues less total expenses	(4,117)	(3,472)	(3,590)	(2,387)	(2,998)	(3,365)	(992)	(1,782)	(13,566)	(9,137)	(10,281)
Equity in loss of unconsolidated joint ventures	(77)	(307)	0	0					(384)	0	0
Gain on sale of real estate	16,763	0	0	35,838	11,379	10,263	24,226	609	52,601	46,477	15,005
Gain on sale of partnership interest					0	386	0	0	0	386	0
Loss on extinguishment of debt	(664)	0	0	(799)	(1,879)	0	(2,668)	0	(1,463)	(4,547)	0
Income from continuing operations	11,905	(3,779)	(3,590)	32,652	6,502	7,284	20,566	(1,173)	37,188	33,179	4,724
Provision for taxes	61	41	1,108	350	700	0	0	0	1,560	700	0
Income from continuing operations, net of taxes					5,802	7,284	20,566	(1,173)	35,628	32,479	4,724
Income (loss) from discontinued operations					0	0	14,279	(1,600)	0	12,679	(6,329)
Net income (loss)	11,844	(3,820)	(4,698)	32,302	5,802	7,284	34,845	(2,773)	35,628	45,158	(1,605)
(Income) attributable to non-controlling interests	(6,383)	418	469	(16,532)	(2,895)	(1,804)	(9,909)	739	(22,028)	(13,869)	(783)
Net income (loss) attributable to common stockholders	$ 5,461	$ (3,402)	$ (4,229)	$ 15,770	$ 2,907	$ 5,480	$ 24,936	$ (2,034)	$ 13,600	$ 31,289	$ (2,388)
Basic and per share amounts attributable to common stockholders
Continuing operations (in dollars per share)					$ 0.21	$ 0.39	$ 0.70	$ (0.10)		$ 1.21
Discontinued operations (in dollars per share)					0	0	1.06	(0.04)		1.02
Basic and diluted earnings (loss) per share (in dollars per share)	$ 0.39	$ (0.24)	$ (0.30)	$ 1.13	$ 0.21	$ 0.39	$ 1.76	$ (0.14)	$ 0.97	$ 2.23	$ (0.17)

SCHEDULE III - REAL ESTATE PR73

SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2017USD ($)
Real estate properties and accumulated depreciation
Encumbrances	$ 704,170
Initial Cost to Company
Land	140,511
Buildings and Improvements	771,391
Costs Capitalized Subsequent to Acquisition
Land	49
Improvements	68,068
Carrying Costs	318
Gross Amount At Which Carried at September 30, 2017
Land	138,095
Buildings and Improvements	839,777
Total	977,872
Accumulated Depreciation	66,622
Commercial | Yonkers, NY
Real estate properties and accumulated depreciation
Encumbrances	1,448
Initial Cost to Company
Land	0
Buildings and Improvements	4,000
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	320
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	0
Buildings and Improvements	4,320
Total	4,320
Accumulated Depreciation	$ 1,837
Depreciation Life For Latest Income Statement	39 years
Commercial | South Daytona, FL
Real estate properties and accumulated depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	10,437
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	49
Improvements	0
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	8,021
Buildings and Improvements	0
Total	8,021
Accumulated Depreciation	0
Multi-family residential | Palm Beach Gardens, FL
Real estate properties and accumulated depreciation
Encumbrances	46,176
Initial Cost to Company
Land	16,260
Buildings and Improvements	43,132
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	4,560
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	16,260
Buildings and Improvements	47,692
Total	63,952
Accumulated Depreciation	$ 9,921
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Melbourne, FL
Real estate properties and accumulated depreciation
Encumbrances	$ 9,033
Initial Cost to Company
Land	1,150
Buildings and Improvements	8,680
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	1,471
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	1,150
Buildings and Improvements	10,151
Total	11,301
Accumulated Depreciation	$ 2,332
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | North Charleston, SC
Real estate properties and accumulated depreciation
Encumbrances	$ 16,793
Initial Cost to Company
Land	2,436
Buildings and Improvements	18,970
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	1,112
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	2,436
Buildings and Improvements	20,082
Total	22,518
Accumulated Depreciation	$ 3,547
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Decatur, GA
Real estate properties and accumulated depreciation
Encumbrances	$ 15,094
Initial Cost to Company
Land	1,698
Buildings and Improvements	8,676
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	1,574
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	1,698
Buildings and Improvements	10,250
Total	11,948
Accumulated Depreciation	$ 1,804
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Houston, TX (Stonecrossing)
Real estate properties and accumulated depreciation
Encumbrances	$ 12,659
Initial Cost to Company
Land	5,143
Buildings and Improvements	11,524
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	464
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	5,143
Buildings and Improvements	11,988
Total	17,131
Accumulated Depreciation	$ 1,937
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Houston, TX (Stonecrossing East)
Real estate properties and accumulated depreciation
Encumbrances	$ 7,270
Initial Cost to Company
Land	3,044
Buildings and Improvements	5,463
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	930
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	3,044
Buildings and Improvements	6,393
Total	9,437
Accumulated Depreciation	$ 984
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Huntsville, AL
Real estate properties and accumulated depreciation
Encumbrances	$ 12,064
Initial Cost to Company
Land	1,047
Buildings and Improvements	10,942
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	1,599
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	1,047
Buildings and Improvements	12,541
Total	13,588
Accumulated Depreciation	$ 1,824
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Columbus, OH
Real estate properties and accumulated depreciation
Encumbrances	$ 9,957
Initial Cost to Company
Land	1,372
Buildings and Improvements	12,678
Costs Capitalized Subsequent to Acquisition
Land
Improvements	469
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	1,372
Buildings and Improvements	13,147
Total	14,519
Accumulated Depreciation	$ 1,950
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Indianapolis, IN
Real estate properties and accumulated depreciation
Encumbrances	$ 14,375
Initial Cost to Company
Land	4,477
Buildings and Improvements	14,240
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	2,476
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	4,477
Buildings and Improvements	16,716
Total	21,193
Accumulated Depreciation	$ 2,276
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Nashville, TN
Real estate properties and accumulated depreciation
Encumbrances	$ 23,181
Initial Cost to Company
Land	4,565
Buildings and Improvements	22,054
Costs Capitalized Subsequent to Acquisition
Land
Improvements	2,744
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	4,565
Buildings and Improvements	24,798
Total	29,363
Accumulated Depreciation	$ 2,921
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Houston, TX (Kendall)
Real estate properties and accumulated depreciation
Encumbrances	$ 15,242
Initial Cost to Company
Land	1,849
Buildings and Improvements	13,346
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	2,009
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	1,849
Buildings and Improvements	15,355
Total	17,204
Accumulated Depreciation	$ 1,869
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Pensacola, FL
Real estate properties and accumulated depreciation
Encumbrances	$ 19,349
Initial Cost to Company
Land	2,758
Buildings and Improvements	25,192
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	584
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	2,758
Buildings and Improvements	25,776
Total	28,534
Accumulated Depreciation	$ 2,669
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Valley, AL
Real estate properties and accumulated depreciation
Encumbrances	$ 28,990
Initial Cost to Company
Land	1,040
Buildings and Improvements	42,710
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	907
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	1,040
Buildings and Improvements	43,617
Total	44,657
Accumulated Depreciation	$ 3,722
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | San Marcos, TX
Real estate properties and accumulated depreciation
Encumbrances	$ 17,158
Initial Cost to Company
Land	2,163
Buildings and Improvements	19,562
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	218
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	2,163
Buildings and Improvements	19,780
Total	21,943
Accumulated Depreciation	$ 1,706
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Lake St. Louis, MO
Real estate properties and accumulated depreciation
Encumbrances	$ 26,814
Initial Cost to Company
Land	2,752
Buildings and Improvements	33,248
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	746
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	2,752
Buildings and Improvements	33,994
Total	36,746
Accumulated Depreciation	$ 2,627
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | North Charleston, MO
Real estate properties and accumulated depreciation
Encumbrances	$ 29,592
Initial Cost to Company
Land	5,538
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land
Improvements	35,105
Carrying Costs	318
Gross Amount At Which Carried at September 30, 2017
Land	5,538
Buildings and Improvements	35,423
Total	40,961
Accumulated Depreciation	$ 727
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | La Grange, GA
Real estate properties and accumulated depreciation
Encumbrances	$ 15,452
Initial Cost to Company
Land	832
Buildings and Improvements	21,968
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	429
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	832
Buildings and Improvements	22,397
Total	23,229
Accumulated Depreciation	$ 1,532
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Katy, TX
Real estate properties and accumulated depreciation
Encumbrances	$ 30,750
Initial Cost to Company
Land	4,194
Buildings and Improvements	36,056
Costs Capitalized Subsequent to Acquisition
Land
Improvements	(3,517)
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	4,194
Buildings and Improvements	32,539
Total	36,733
Accumulated Depreciation	$ 2,345
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Macon, GA
Real estate properties and accumulated depreciation
Encumbrances	$ 11,200
Initial Cost to Company
Land	1,876
Buildings and Improvements	12,649
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	399
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	1,876
Buildings and Improvements	13,048
Total	14,924
Accumulated Depreciation	$ 937
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Southaven, MS (Civic Center I)
Real estate properties and accumulated depreciation
Encumbrances	$ 28,000
Initial Cost to Company
Land	2,090
Buildings and Improvements	32,910
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	1,831
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	2,090
Buildings and Improvements	34,741
Total	36,831
Accumulated Depreciation	$ 2,154
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | San Antonio, TX (Location 1)
Real estate properties and accumulated depreciation
Encumbrances	$ 26,400
Initial Cost to Company
Land	5,540
Buildings and Improvements	29,610
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	699
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	5,540
Buildings and Improvements	30,309
Total	35,849
Accumulated Depreciation	$ 2,283
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Dallas, TX
Real estate properties and accumulated depreciation
Encumbrances	$ 27,938
Initial Cost to Company
Land	13,073
Buildings and Improvements	23,927
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	2,128
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	13,073
Buildings and Improvements	26,055
Total	39,128
Accumulated Depreciation	$ 1,539
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Columbia, SC
Real estate properties and accumulated depreciation
Encumbrances	$ 12,934
Initial Cost to Company
Land	2,233
Buildings and Improvements	14,767
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	751
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	2,233
Buildings and Improvements	15,518
Total	17,751
Accumulated Depreciation	$ 1,050
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Atlanta, GA (Location 2)
Real estate properties and accumulated depreciation
Encumbrances	$ 27,375
Initial Cost to Company
Land	10,347
Buildings and Improvements	28,777
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	888
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	10,347
Buildings and Improvements	29,665
Total	40,012
Accumulated Depreciation	$ 1,918
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Southaven, MS (Civic Center II)
Real estate properties and accumulated depreciation
Encumbrances	$ 30,564
Initial Cost to Company
Land	2,077
Buildings and Improvements	36,128
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	609
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	2,077
Buildings and Improvements	36,737
Total	38,814
Accumulated Depreciation	$ 2,101
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | San Antonio, TX (Location 2)
Real estate properties and accumulated depreciation
Encumbrances	$ 27,000
Initial Cost to Company
Land	4,620
Buildings and Improvements	31,380
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	680
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	4,620
Buildings and Improvements	32,060
Total	36,680
Accumulated Depreciation	$ 1,775
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Fredricksburg, VA
Real estate properties and accumulated depreciation
Encumbrances	$ 29,441
Initial Cost to Company
Land	6,985
Buildings and Improvements	32,148
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	550
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	6,985
Buildings and Improvements	32,698
Total	39,683
Accumulated Depreciation	$ 1,368
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | St. Louis, MO (Tower at OPOP)
Real estate properties and accumulated depreciation
Encumbrances	$ 20,000
Initial Cost to Company
Land	192
Buildings and Improvements	27,231
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	3
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	192
Buildings and Improvements	27,234
Total	27,426
Accumulated Depreciation	$ 693
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | St. Louis, MO (Lofts at OPOP)
Real estate properties and accumulated depreciation
Encumbrances	$ 6,197
Initial Cost to Company
Land	329
Buildings and Improvements	7,805
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	12
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	329
Buildings and Improvements	7,817
Total	8,146
Accumulated Depreciation	$ 280
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Creve Coeur, MO
Real estate properties and accumulated depreciation
Encumbrances	$ 29,000
Initial Cost to Company
Land	2,270
Buildings and Improvements	37,899
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	48
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	2,270
Buildings and Improvements	37,947
Total	40,217
Accumulated Depreciation	$ 832
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | West Nashville, TN
Real estate properties and accumulated depreciation
Encumbrances	$ 0
Initial Cost to Company
Land	5,228
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	5,219
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	5,228
Buildings and Improvements	5,219
Total	10,447
Accumulated Depreciation	$ 0
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Farmers Branch, TX
Real estate properties and accumulated depreciation
Encumbrances	$ 55,200
Initial Cost to Company
Land	7,343
Buildings and Improvements	79,347
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	24
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	7,343
Buildings and Improvements	79,371
Total	86,714
Accumulated Depreciation	$ 1,046
Depreciation Life For Latest Income Statement	30 years
Multi-family residential | Tallahassee, FL
Real estate properties and accumulated depreciation
Encumbrances	$ 21,524
Initial Cost to Company
Land	3,553
Buildings and Improvements	24,372
Costs Capitalized Subsequent to Acquisition
Land	0
Improvements	27
Carrying Costs	0
Gross Amount At Which Carried at September 30, 2017
Land	3,553
Buildings and Improvements	24,399
Total	27,952
Accumulated Depreciation	$ 116
Depreciation Life For Latest Income Statement	30 years

SCHEDULE III - REAL ESTATE PR74

SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Total real estate properties				$ 977,872
Less: Accumulated depreciation and amortization				(66,622)
Net real estate properties	$ 793,572	$ 757,027	$ 635,612	$ 911,250
Reconciliation of real estate properties
Balance at beginning of year	793,572	757,027	635,612
Additions:
Acquisitions	239,923	318,680	129,425
Capital improvements	9,298	19,649	8,442
Capitalized development expenses and carrying costs	16,069	27,194	55,623
Total additions	265,290	365,523	193,490
Deductions:
Sales	113,552	150,786	51,394
Depreciation / amortization / paydowns	30,489	24,328	20,681
Other dispositions	3,571	0	0
Reconciliation of partnership interest	0	153,864	0
Total deductions	147,612	328,978	72,075
Balance at end of year	$ 911,250	$ 793,572	$ 757,027