BRT Apartments (BRT) 10-Q 9 Feb 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2017	Feb. 08, 2018
Document and Entity Information
Entity Registrant Name	BRT Apartments Corp.
Entity Central Index Key	14,846
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		14,136,004

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2017	Sep. 30, 2017
ASSETS
Real estate properties, net of accumulated depreciation and amortization of $72,938 and $64,290		$ 931,996	$ 902,281
Real estate loan		5,350	5,500
Cash and cash equivalents		13,687	12,383
Restricted cash		8,074	6,151
Deposits and escrows		23,630	27,839
Investments in unconsolidated joint ventures		21,115	21,415
Other assets		8,933	9,359
Real estate property held for sale		0	8,969
Total Assets	[1]	1,012,785	993,897
Liabilities:
Mortgages payable, net of deferred costs of $6,220 and $6,345		712,061	697,826
Junior subordinated notes, net of deferred costs of $377 and $382		37,023	37,018
Accounts payable and accrued liabilities		20,354	22,348
Total Liabilities	[1]	769,438	757,192
Commitments and contingencies
BRT Apartments Corp. stockholders' equity:
Preferred shares $.01 par value 2,000 shares authorized, none outstanding		0	0
Common stock, $.01 par value, 300,000 shares authorized;
13,333 shares outstanding in both periods		133	133
Additional paid-in capital		202,225	201,910
Accumulated other comprehensive income		1,346	1,000
Accumulated deficit		(33,292)	(37,047)
Total BRT Apartments Corp. stockholders’ equity		170,412	165,996
Non-controlling interests		72,935	70,709
Total Equity		243,347	236,705
Total Liabilities and Equity		$ 1,012,785	$ 993,897
[1]	The Company's consolidated balance sheets include the assets and liabilities of consolidated variable interest entities (VIEs). See note 6. The consolidated balance sheets include the following amounts related to the Company's VIEs as of December 31, 2017 and September 30, 2017, respectively: $738,940 and $707,546 of real estate properties, $8,282 and $8,626 of cash and cash equivalents, $14,013 and $13,873 of deposits and escrows, $8,139 and $8,148 of other assets, $0 and $8,969 of real estate properties held for sale, $573,078 and $558,568 of mortgages payable and $12,852 and $14,419 of accounts payable and accrued liabilities.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Sep. 30, 2017
Debt Instrument [Line Items]
Real estate properties, net of accumulated depreciation	$ 72,938	$ 64,290
Mortgage payable and junior subordinated notes, deferred costs	$ 6,597	$ 6,727
Preferred shares, par value (in dollars per share)	$ 0.01
Preferred shares, authorized (in shares)	2,000,000
Preferred shares, outstanding (in shares)	0
Common stock, par value (in dollars per share)	$ 0.01
Common stock, authorized (in shares)	300,000,000
Common stock, outstanding (in shares)	13,333,000	13,333,000
Real estate properties, net	$ 931,996	$ 902,281
Cash and cash equivalents	13,687	12,383
Deposits and escrows	23,630	27,839
Other assets	8,933	9,359
Real estate property held for sale	0	8,969
Mortgages payable	712,061	697,826
Accounts payable and accrued liabilities	20,354	22,348
Mortgages payable
Debt Instrument [Line Items]
Mortgage payable and junior subordinated notes, deferred costs	6,220	6,345
Junior subordinated notes
Debt Instrument [Line Items]
Mortgage payable and junior subordinated notes, deferred costs	377	382
Variable interest entity
Debt Instrument [Line Items]
Real estate properties, net of accumulated depreciation	52,873	52,873
Real estate properties, net	738,940	707,546
Cash and cash equivalents	8,282	8,626
Deposits and escrows	14,013	13,873
Other assets	8,139	8,148
Real estate property held for sale	0	8,969
Mortgages payable	573,078	558,568
Accounts payable and accrued liabilities	12,852	14,419
Variable interest entity | Mortgages payable
Debt Instrument [Line Items]
Mortgage payable and junior subordinated notes, deferred costs	$ 5,088	$ 5,170

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Rental and other revenues from real estate properties	$ 28,162,000	$ 25,029,000
Other income	187,000	611,000
Total revenues	28,349,000	25,640,000
Expenses:
Real estate operating expenses - including $785 and $610 to related parties	13,347,000	12,446,000
Interest expense	7,980,000	6,687,000
General and administrative - including $81 and $79 to related parties	2,303,000	2,597,000
Depreciation	8,648,000	6,297,000
Total expenses	32,278,000	28,027,000
Total revenue less total expenses	(3,929,000)	(2,387,000)
Equity in loss of unconsolidated joint ventures	(25,000)	0
Gain on sale of real estate	12,519,000	35,838,000
Loss on extinguishment of debt	(257,000)	(799,000)
Income from continuing operations	8,308,000	32,652,000
Provision for taxes	106,000	350,000
Income from continuing operations, net of taxes	8,202,000	32,302,000
Net income attributable to non-controlling interests	(1,851,000)	(16,532,000)
Net income attributable to common stockholders	$ 6,351,000	$ 15,770,000
Weighted average number of shares of common stock outstanding:
Basic (in shares)	14,022,438	13,898,626
Diluted (in shares)	14,222,438	13,898,626
Per share amounts attributable to common stockholders:
Basic earnings (in dollars per share)	$ 0.45	$ 1.13
Diluted earnings (in dollars per share)	$ 0.45	$ 1.13

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Related party - real estate operating expenses	$ 785	$ 610
Related party - general and administrative	$ 81	$ 79

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ 8,202	$ 32,302
Other comprehensive income:
Unrealized gain on derivative instruments	502	3,268
Other comprehensive income	502	3,268
Comprehensive income	8,704	35,570
Comprehensive income attributable to non-controlling interests	(2,007)	(17,531)
Comprehensive income attributable to common stockholders	$ 6,697	$ 18,039

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - 3 months ended Dec. 31, 2017 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Non- Controlling Interest
Beginning balance at Sep. 30, 2017	$ 236,705	$ 133	$ 201,910	$ 1,000	$ (37,047)	$ 70,709
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions - Common Stock - $0.18 per share	(2,596)				(2,596)
Compensation expense - restricted stock and restricted stock units	315		315
Contributions from non-controlling interests	4,535					4,535
Distributions to non-controlling interests	(4,316)					(4,316)
Net income	8,202				6,351	1,851
Other comprehensive income	502			346		156
Comprehensive income	8,704
Ending balance at Dec. 31, 2017	$ 243,347	$ 133	$ 202,225	$ 1,346	$ (33,292)	$ 72,935

CONSOLIDATED STATEMENT OF EQUI8

CONSOLIDATED STATEMENT OF EQUITY (Unaudited) CONSOLIDATED STATEMENT OF EQUITY (unaudited) Parenthetical	3 Months Ended
	Dec. 31, 2017$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.18

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 8,202,000	$ 32,302,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,648,000	6,297,000
Amortization of deferred borrowing fees	364,000	306,000
Amortization of restricted stock and restricted stock units	315,000	324,000
Equity in loss of unconsolidated joint ventures	25,000	0
Gain on sale of real estate	(12,519,000)	(35,838,000)
Loss on extinguishment of debt	257,000	799,000
Increases and decreases from changes in other assets and liabilities:
Decrease in interest receivable	0	2,362,000
Decrease in deposits and escrows	4,209,000	688,000
Decrease in other assets	930,000	850,000
Decrease in accounts payable and accrued liabilities	(2,066,000)	(282,000)
Net cash provided by operating activities	8,365,000	7,808,000
Cash flows from investing activities:
Collections from real estate loan	150,000	13,600,000
Additions to real estate properties	(36,910,000)	(20,335,000)
Net costs capitalized to real estate properties	(1,610,000)	(2,971,000)
Increase (Decrease) in Restricted Cash	(1,923,000)	700,000
Proceeds from the sale of real estate properties	21,790,000	127,859,000
Distributions from unconsolidated joint ventures	275,000	0
Contributions to unconsolidated joint ventures	0	(14,335,000)
Net cash (used in) provided by investing activities	(18,228,000)	104,518,000
Cash flows from financing activities:
Proceeds from mortgages payable	24,470,000	9,369,000
Mortgage payoffs	(9,290,000)	(78,417,000)
Mortgage principal payments	(1,328,000)	(1,206,000)
Increase in deferred financing costs	(380,000)	(291,000)
Dividends paid	(2,524,000)	0
Contributions from non-controlling interests	4,535,000	3,786,000
Distributions to non-controlling interests	(4,316,000)	(21,726,000)
Repurchase of shares of beneficial interest/common stock	0	(9,000)
Net cash provided by (used in) financing activities	11,167,000	(88,494,000)
Net increase in cash and cash equivalents and restricted cash	1,304,000	23,832,000
Cash and cash equivalents and restricted cash at end of period	13,687,000		$ 12,383,000
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of capitalized interest of $0 and $84 respectively	7,605,000	6,372,000
Taxes paid	25,000	0
Acquisition of real estate through assumption of debt	0	27,638,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 13,687,000	$ 51,231,000	$ 12,383,000	$ 27,399,000

CONSOLIDATED STATEMENT OF CAS10

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Statement of Cash Flows [Abstract]
Capitalized interest	$ 0	$ 84

Organization and Background

Organization and Background	3 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Background	Organization and Background BRT Apartments Corp. (the "Company"), a Maryland corporation, owns, operates and develops multi‑family properties. The Company conducts its operations to qualify as a real estate investment trust, or REIT, for federal income tax purposes. Generally, the multi‑family properties are acquired with joint venture partners in transactions in which the Company contributes a significant portion of the equity. At December 31, 2017 , the Company owns: (a) 34 multi-family properties with 9,684 units (including 445 units at two properties engaged in lease-up activities and 402 units at a property under development), located in 11 states with a carrying value of $921,522,000 ; and (b) interests in three unconsolidated multi-family joint ventures with a carrying value of $21,000,000 .

Basis of Preparation

Basis of Preparation	3 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	Basis of Preparation The accompanying interim unaudited consolidated financial statements as of December 31, 2017 , and for the three months ended December 31, 2017 and 2016 , reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for such interim periods. The results of operations for the three months ended December 31, 2017 and 2016 , are not necessarily indicative of the results for the full year. The consolidated balance sheet as of September 30, 2017 , has been derived from the audited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States ("GAAP") for complete financial statements. The consolidated financial statements include the accounts and operations of the Company, its wholly owned subsidiaries, and its majority owned or controlled real estate entities and its interests in variable interest entities ("VIEs") in which the Company is determined to be the primary beneficiary. Material 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 in the applicable joint venture entity are not proportional to their obligations to absorb the expected losses of the entity and their right to receive the expected residual returns. It was determined that the Company is the primary beneficiary of these joint ventures because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits that could potentially be significant to the VIE. The joint ventures that own properties in Dallas, TX and St. Louis, MO were determined not to be a VIEs but are consolidated because the Company has controlling rights in such entities. With respect to its unconsolidated joint ventures, as (i) the Company is primarily the managing member but does not exercise substantial operating control over these entities or the Company is not the managing member and (ii) such entities are not VIEs, the Company has determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes. The distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro-rata to the percentage equity interest each partner has in the applicable venture. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates. Substantially all of the Company's assets are comprised of multi- family real estate assets generally leased to tenants on a one year basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment.

Equity

Equity	3 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Equity	Equity Equity Distribution Agreements On January 11, 2018, the Company entered into equity distribution agreements with three sales agents to sell up to an aggregate of $20,000,000 of its common stock from time-to-time in an at-the-market offering. Through February 8, 2018, the Company sold 113,566 shares of common stock for proceeds of $1,463,000 , net of commissions of $50,000 , and estimated offering costs of $50,000 for professional and related fees. Common Stock Dividend Distribution The Company declared a quarterly cash distribution of $0.18 per share, payable on January 5, 2018 to stockholders of record on December 22, 2017. Stock Based Compensation The Company's Amended and Restated 2016 Incentive Plan (the "Plan") permits the Company to grant: (i) stock options, restricted stock, restricted stock units, performance share awards and any one or more of the foregoing, up to a maximum of 600,000 shares; and (ii) cash settled dividend equivalent rights in tandem with the grant of restricted stock units and certain performance based awards. Restricted Stock Units Pursuant to the Plan, in June 2016, the Company issued restricted stock units (the "Units") to acquire up to 450,000 shares of common stock. The Units entitle the recipients, subject to continued service through the March 31, 2021 vesting date to receive (i) the underlying shares if and to the extent certain performance and/or market conditions are satisfied at the vesting date, and (ii) an amount equal to the cash dividends paid from the grant date through the vesting date with respect to the shares of common stock underlying the Units if, when, and to the extent, the related Units vest. Because the Units are not participating securities, for financial statement purposes, the shares underlying the Units are excluded in the outstanding shares reflected on the consolidated balance sheet and from the calculation of basic earnings per share. The shares underlying the Units are contingently issuable shares and 200,000 of these shares have been included in the diluted earnings per share as the market conditions with respect to such units, had been met at December 31, 2017. Expense is recognized over the five year vesting period on the Units which the Company expects to vest. The Company recorded $72,000 and $110,000 of compensation expense related to the amortization of unearned compensation with respect to the Units in the three months ended December 31, 2017 and 2016, respectively. At December 31, 2017 and September 30, 2017, $942,000 and $1,015,000 , respectively, has been deferred and will be charged to expense over the remaining vesting period. Restricted Stock As of December 31, 2017 , an aggregate of 689,375 shares of unvested restricted stock are outstanding pursuant to the 2016 Incentive Plan and the 2012 Incentive Plan (the "Prior Plan"). No additional awards may be granted under the Prior Plan. All shares of restricted stock vest five years from the date of grant and under specified circumstances, including a change in control, may vest earlier. For financial statement purposes, the restricted stock is not included in the outstanding shares shown on the consolidated balance sheets until they vest, but are included in the earnings per share computation. For the three months ended December 31, 2017 and 2016 , the Company recorded $ 243,000 and $214,000 , respectively, of compensation expense related to the amortization of unearned compensation with respect to the restricted stock awards. At December 31, 2017 and September 30, 2017, $ 2,113,000 and $2,356,000 has been deferred as unearned compensation and will be charged to expense over the remaining vesting periods of these restricted stock awards. The weighted average vesting period of these shares of restricted stock is 2.1 years. Stock Buyback On September 5, 2017, the Board of Directors approved a repurchase plan authorizing the Company, effective as of October 1, 2017, to repurchase up to $5,000,000 of shares of common stock through September 30, 2019. During the three months ended December 31, 2017 , no shares were repurchased pursuant to this plan. Per Share Data Basic earnings per share is determined by dividing net income applicable to common stockholders for the applicable period by the weighted average number of common shares outstanding during such period. The Units are excluded from the basic earnings per share calculation, as they are not participating securities. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into shares of common stock or resulted in the issuance of shares of common stock that share in the earnings of the Company. Diluted earnings per share is determined by dividing net income applicable to common stockholders for the applicable period by the weighted average number of shares of common stock outstanding during such period. For the three months ended December 31, 2017 , the Company included 200,000 shares of common stock underlying the Units in the calculation of diluted earning per share as a market criteria, with respect to such units, has been met at December 31, 2017. The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts): Three Months Ended December 31, 2017 2016 Numerator for basic and diluted earnings per share attributable to common stockholders: Net income attributable to common stockholders $ 6,351 $ 15,770 Denominator: Denominator for basic earnings per share—weighted average number of shares 14,022,438 13,898,626 Effect of diluted securities 200,000 — Denominator for diluted earnings per share—adjusted weighted average number of shares and assumed conversions 14,222,438 13,898,626 Basic earnings per share $ 0.45 $ 1.13 Diluted earnings per share $ 0.45 $ 1.13

Real Estate Properties

Real Estate Properties	3 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties Real estate properties (including properties held for sale) consist of the following (dollars in thousands): December 31, 2017 September 30, 2017 Land $ 140,452 $ 138,094 Building 833,088 808,366 Building improvements 31,394 31,411 Real estate properties 1,004,934 977,871 Accumulated depreciation (72,938 ) (66,621 ) Total real estate properties, net $ 931,996 $ 911,250 A summary of real estate properties owned (including properties held for sale) follows (dollars in thousands): Depreciation Sales Multi-family $ 890,300 $ 31,008 $ 1,610 $ (8,620 ) $ (9,126 ) $ 905,172 Multi-family development - West Nashville, TN 10,448 5,902 — — — 16,350 Land - Daytona, FL 8,021 — — — — 8,021 Shopping centers/Retail - Yonkers, NY 2,481 — — (28 ) — 2,453 Total real estate properties $ 911,250 $ 36,910 $ 1,610 $ (8,648 ) $ (9,126 ) $ 931,996 The following table summarizes the allocation of the purchase price of two properties purchased during the three months ended December 31, 2017 (dollars in thousands): Purchase Price Allocation Land $ 3,289 Building and improvements 27,136 Acquisition-related intangible assets 486 Total consideration $ 30,911 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 recognized a gain on the sale of the property of approximately $12,519,000 , of which approximately $2,504,000 was allocated to the non-controlling interest. The Company did not have any properties that met the criteria for held-for-sale classification at December 31, 2017.

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions Property Acquisitions The table below provides information for the three months ended December 31, 2017 regarding the Company's purchases of multi-family properties (dollars in thousands): Location Purchase Date No. of Units Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Capitalized Acquisition Costs Madison, AL 12/7/2017 204 $ 18,420 $ 15,000 $ 4,456 80 % $ 247 Boerne, TX (a) 12/14/2017 120 12,000 9,200 3,780 80 % 244 324 $ 30,420 $ 24,200 $ 8,236 $ 491 _________________________________ (a) Includes $500,000 for the acquisition of a land parcel adjacent to the property. On February 7, 2018, the Company acquired, through a joint venture in which it has a 50% equity interest, a 522 - unit multi-family property located in Ocoee, FL, for $71,347,000 , including $53,100,000 of mortgage debt obtained in connection with the acquisition. The mortgage debt matures in January 2028, bears interest at a fixed rate of 3.90% , is interest only for seven years, and thereafter amortizes based on a 30 year schedule. The Company contributed $12,370,000 for its 50% ownership interest. The table below provides information for the three months ended December 31, 2016 regarding the Company's purchase of a multi-family property (dollars in thousands): Location Purchase Date No. of Units Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Capitalized Acquisition Costs Fredricksburg, VA 11/4/2016 220 $ 38,490 29,940 $ 8,720 80 % 643 Property Dispositions The following table is a summary of a real estate property disposed of by the Company in the three months ended December 31, 2017 (dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner portion of gain Melbourne, FL 10/25/2017 208 $ 22,250 $ 12,519 $ 2,504 On February 5, 2018, the Company sold The Fountains Apartments, West Palm Beach, Florida for $97,200,000 . The Company anticipates recognizing, in the quarter ending March 31, 2018, an aggregate gain on the sale of the property of approximately $41,800,000 , of which approximately $20,500,000 will be allocated to the non-controlling interest. In connection with the sale, the Company also incurred approximately $594,000 of mortgage prepayment costs, of which approximately $290,000 will be allocated to the non-controlling interest. This property was not classified as held for sale at December 31, 2017, as it did not meet the criteria established for such classification. The following table is a summary of the real estate properties disposed of by the Company in the three months ended December 31, 2016 (dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner portion of gain Greenville, SC 10/19/2016 350 $ 68,000 $ 18,483 9,329 Panama City, FL 10/26/2016 160 14,720 7,393 $ 3,478 Atlanta, GA 11/21/2016 350 36,750 8,905 4,166 Hixson,TN 11/30/2016 156 10,775 608 152 New York, NY 12/21/2016 1 465 449 — 1,017 $ 130,710 $ 35,838 $ 17,125 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 quarters ended December 31, 2017 and 2016, no impairment charges were recorded.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Dec. 31, 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): December 31, 2017 September 30, 2017 ASSETS Real estate properties, net of depreciation of $59,573 and $52,873 $ 738,940 $ 707,546 Cash and cash equivalents 8,282 8,626 Deposits and escrows 14,013 13,873 Other assets 8,139 8,148 Real estate properties held for sale — 8,969 Total Assets $ 769,374 $ 747,162 LIABILITIES Mortgages payable, net of deferred costs of $5,088 and $5,170 $ 573,078 $ 558,568 Accounts payable and accrued liabilities 12,852 14,419 Total Liabilities $ 585,930 $ 572,987

Real Estate Property Held For S

Real Estate Property Held For Sale	3 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Real Estate Property Held For Sale	Real Estate Properties Real estate properties (including properties held for sale) consist of the following (dollars in thousands): December 31, 2017 September 30, 2017 Land $ 140,452 $ 138,094 Building 833,088 808,366 Building improvements 31,394 31,411 Real estate properties 1,004,934 977,871 Accumulated depreciation (72,938 ) (66,621 ) Total real estate properties, net $ 931,996 $ 911,250 A summary of real estate properties owned (including properties held for sale) follows (dollars in thousands): Depreciation Sales Multi-family $ 890,300 $ 31,008 $ 1,610 $ (8,620 ) $ (9,126 ) $ 905,172 Multi-family development - West Nashville, TN 10,448 5,902 — — — 16,350 Land - Daytona, FL 8,021 — — — — 8,021 Shopping centers/Retail - Yonkers, NY 2,481 — — (28 ) — 2,453 Total real estate properties $ 911,250 $ 36,910 $ 1,610 $ (8,648 ) $ (9,126 ) $ 931,996 The following table summarizes the allocation of the purchase price of two properties purchased during the three months ended December 31, 2017 (dollars in thousands): Purchase Price Allocation Land $ 3,289 Building and improvements 27,136 Acquisition-related intangible assets 486 Total consideration $ 30,911 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 recognized a gain on the sale of the property of approximately $12,519,000 , of which approximately $2,504,000 was allocated to the non-controlling interest. The Company did not have any properties that met the criteria for held-for-sale classification at December 31, 2017.

Restricted Cash

Restricted Cash	3 Months Ended
	Dec. 31, 2017
Cash and Cash Equivalents [Abstract]
Restricted Cash	Restricted Cash Restricted cash represents funds held for specific purposes and are therefore not generally available for general corporate purposes. The restricted cash reflected on the consolidated balance sheets represents funds that are held by or on behalf of the Company specifically for capital improvements at certain multi-family properties.

Investments in Unconsolidated V

Investments in Unconsolidated Ventures	3 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Ventures	Investment in Unconsolidated Ventures The Company has interests in unconsolidated joint ventures that own multi-family properties. The table below provides information regarding these joint ventures at December 31, 2017 (dollars in thousands): Location Number of Units Carrying Value Mortgage Debt Percent Ownership Columbia, SC 374 $ 4,901 $ 41,000 32 % Columbia, SC (a) 339 8,665 — 46 % Forney, TX (b) 313 7,440 25,350 50 % Other investments N/A 109 N/A N/A 1,026 $ 21,115 $ 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 December 31, 2017, no amounts have been drawn on this financing. (b) This interest is held through a tenancy-in-common. The net loss from these ventures was $25,000 and $0 in the three months ended December 31, 2017 and 2016, respectively.

Debt Obligations

Debt Obligations	3 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Debt obligations consist of the following (dollars in thousands): December 31, 2017 September 30, 2017 Mortgages payable $ 718,281 $ 704,171 Junior subordinated notes 37,400 37,400 Deferred mortgage costs (6,597 ) (6,727 ) Total debt obligations, net of deferred costs $ 749,084 $ 734,844 Mortgages Payable During the three months ended December 31, 2017 , the Company obtained the following mortgage debt in connection with the related property acquisitions (dollars in thousands): Location Closing Date Acquisition Mortgage Debt Interest Rate Interest only period Maturity Date Madison, AL 12/7/17 $ 15,000 4.08 % 60 months January 2028 Boerne, TX (a) 12/14/17 9,200 LIBOR+ 2.39% 36 months January 2028 $ 24,200 _____________________________ (a) The Company entered into an agreement related to this loan to cap LIBOR at 3.86%. See Note 13. The Company has two construction loans that are being used to finance two separate construction projects. Information regarding these loans at December 31, 2017 is set forth below (dollars in thousand): Location Closing Date Maximum Loan Amount Amount outstanding Interest Rate Maturity Date Extension Option N Charleston, SC (a) 10/13/2015 $ 30,265 $ 29,863 LIBOR + 1.70% 10/13/2019 1 year Nashville,TN 6/2/2017 47,426 — LIBOR + 2.85% 6/2/2020 N/A $ 77,691 $ 29,863 _____________________ (a) Currently in lease up. Junior Subordinated Notes At December 31, 2017 and September 30, 2017 , the Company's junior subordinated notes had an outstanding principal balance of $37,400,000 , before deferred financing costs of $377,000 and $ 382,000 , respectively. At December 31, 2017 , the interest rate on the outstanding balance is three month LIBOR + 2.00% , or 3.17% . The junior subordinated notes require interest only payments through the maturity date of April 30, 2036, at which time repayment of the outstanding principal and unpaid interest become due. Interest expense for the three months ended December 31, 2017 and 2016 , which includes amortization of deferred costs, was $330,000 and $274,000 , respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has retained certain of its executive officers and Fredric H. Gould, a director, to provide services previously provided pursuant to an advisory agreement which was terminated on December 31, 2015. The aggregate fees paid for these services in the three months ended December 31, 2017 and 2016 were $302,000 and $288,000 , respectively. 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 may also provide real estate brokerage and construction supervision services to these properties. These fees amounted to $9,000 and $8,000 for the three months ended December 31, 2017 and 2016 , respectively. The Company shares facilities, personnel and other resources with One Liberty Properties, Inc., Majestic Property, and Gould Investors, L.P. Certain of our executive officers and/or directors also serve in management positions, and have ownership interests, in One Liberty and/or Georgetown Partners Inc., the managing partner of Gould Investors L.P. 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. For the three months ended December 31, 2017 and 2016, net allocated general and administrative expenses reimbursed by the Company to Gould Investors L.P. pursuant to the shared services agreement aggregated $81,000 and $79,000 , respectively. Management of many of the Company's multi-family properties (including two unconsolidated multi-family properties) is performed by the Company's joint venture partners or their affiliates. None of these joint venture partners is Gould Investors L.P., Majestic Property or their affiliates. Management fees to these related parties for the three months ended December 31, 2017 and 2016 were $818,000 and $624,000 , respectively. In addition, the Company may pay an acquisition fee to a joint venture partner in connection with a property purchased by such joint venture. Capitalized acquisition fees to these related parties for the three months ended December 31, 2017 and 2016 , were $230,000 and $300,000 , respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Financial Instruments Not Carried at Fair Value The following methods and assumptions were used to estimate the fair value of each class of financial instruments that are not recorded at fair value on the consolidated balance sheets: Cash and cash equivalents, restricted cash, accounts receivable (included in other assets), accounts payable and accrued liabilities: The carrying amounts reported in the balance sheets for these instruments approximate their fair value due to the short term nature of these accounts. Junior subordinated notes: At December 31, 2017 and September 30, 2017 , the estimated fair value of the notes is lower than their carrying value by approximately $15,243,000 and $15,705,000 based on a market interest rate of 7.11% and 6.37% , respectively. Mortgages payable: At December 31, 2017 , the estimated fair value of the Company’s mortgages payable is lower than their carrying value by approximately $13,750,000 assuming market interest rates between 3.85% and 5.3% and at September 30, 2017 , the estimated fair value of the Company's mortgages payable was greater than their carrying value by approximately $11,400,000 assuming market interest rates between 3.78% and 5.02% . Market interest rates were determined using rates which the Company believes reflects institutional lender yield requirements at the balance sheet dates. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value assumptions. Financial Instruments Carried at Fair Value The Company’s fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. The Company does not currently own any financial instruments that are classified as Level 3. Set forth below is information regarding the Company’s financial assets and liabilities measured at fair value as of December 31, 2017 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Financial Assets: Interest rate swaps $ 1,948 — $ 1,948 Interest rate cap 3 — 3 Total Financial Assets $ 1,951 — $ 1,951 Financial Liabilities: Interest rate swap $ 1 — $ 1 Derivative financial instruments: Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. At December 31, 2017 , these derivatives are included in other assets and other accounts payable and accrued liabilities on the consolidated balance sheet. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with them utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. As of December 31, 2017 , the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative position and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivatives valuation is classified in Level 2 of the fair value hierarchy.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Cash Flow Hedges of Interest Rate Risk The Company's objective in using interest rate derivatives is to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives, designated and that qualify as cash flow hedges, is recorded in Accumulated Other Comprehensive Income on our consolidated balance sheets and is subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. As of December 31, 2017 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands): Interest Rate Derivative Notional Amount Fixed Rate Maturity Interest rate cap on LIBOR $ 9,200 3.86 % January 1, 2021 Interest rate swap 1,418 5.25 % April 1, 2022 Interest rate swap 26,400 3.61 % May 6, 2023 Interest rate swap 27,000 4.05 % September 19, 2026 The table below presents the fair value of the Company’s derivative financial instruments as well as its classification on the consolidated balance sheets as of the dates indicated (amounts in thousands): Derivatives as of: December 31, 2017 September 30, 2017 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Other Assets $ 1,951 Other Assets $ 1,460 Accounts payable and accrued liabilities $ 1 Accounts payable and accrued liabilities $ 14 As of December 31, 2017 , the Company did not have any derivative instruments that were considered to be ineffective and does not use derivative instruments for trading or speculative purposes. The following table presents the effect of the Company’s interest rate swaps on the consolidated statements of comprehensive (loss) income for the dates indicated (dollars in thousands): Three Months Ended 2017 2016 Amount of gain recognized on derivative in Other Comprehensive Income $ 459 $ 3,123 Amount of loss reclassified from Accumulated Other Comprehensive Income into Interest expense $ 43 $ 145 No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company's cash flow hedges during the three months ended December 31, 2017 and December 31, 2016 . The Company estimates an additional $93,000 will be reclassified from other comprehensive income (loss) as an increase to interest expense over the next twelve months. Credit-risk-related Contingent Features The agreement between the Company and its derivative counterparties provides that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Company could be declared in default on its derivative obligations. As of December 31, 2017 , the fair value of the derivative in a net liability position, which includes accrued interest, but excludes any adjustment for nonperformance risk related to these agreement, was $2,200 . As of December 31, 2017 , the Company has not posted any collateral related to these agreements. If the Company had been in breach of these agreements at December 31, 2017 , it could have been required to settle its obligations thereunder at its termination value of $2,200 .

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	New Accounting 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 during the year ending September 30, 2019. 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 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 result in 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 the consolidated financial statements.

Subsequent Events

Subsequent Events	3 Months Ended
	Dec. 31, 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 December 31, 2017 that warrant additional disclosure, have been included in the notes to the consolidated financial statements.

Basis of Preparation (Policies)

Basis of Preparation (Policies)	3 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	The accompanying interim unaudited consolidated financial statements as of December 31, 2017 , and for the three months ended December 31, 2017 and 2016 , reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for such interim periods. The results of operations for the three months ended December 31, 2017 and 2016 , are not necessarily indicative of the results for the full year. The consolidated balance sheet as of September 30, 2017 , has been derived from the audited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States ("GAAP") for complete financial statements.
Consolidated Financial Statements and Variable Interest Entities	The consolidated financial statements include the accounts and operations of the Company, its wholly owned subsidiaries, and its majority owned or controlled real estate entities and its interests in variable interest entities ("VIEs") in which the Company is determined to be the primary beneficiary. Material 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 in the applicable joint venture entity are not proportional to their obligations to absorb the expected losses of the entity and their right to receive the expected residual returns. It was determined that the Company is the primary beneficiary of these joint ventures because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits that could potentially be significant to the VIE. The joint ventures that own properties in Dallas, TX and St. Louis, MO were determined not to be a VIEs but are consolidated because the Company has controlling rights in such entities. With respect to its unconsolidated joint ventures, as (i) the Company is primarily the managing member but does not exercise substantial operating control over these entities or the Company is not the managing member and (ii) such entities are not VIEs, the Company has determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes. The distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro-rata to the percentage equity interest each partner has in the applicable venture. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates.
New Accounting Pronouncements	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 during the year ending September 30, 2019. 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 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 result in 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 the consolidated financial statements.

Equity Equity (Tables)

Equity Equity (Tables)	3 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Schedule of computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts): Three Months Ended December 31, 2017 2016 Numerator for basic and diluted earnings per share attributable to common stockholders: Net income attributable to common stockholders $ 6,351 $ 15,770 Denominator: Denominator for basic earnings per share—weighted average number of shares 14,022,438 13,898,626 Effect of diluted securities 200,000 — Denominator for diluted earnings per share—adjusted weighted average number of shares and assumed conversions 14,222,438 13,898,626 Basic earnings per share $ 0.45 $ 1.13 Diluted earnings per share $ 0.45 $ 1.13

Real Estate Properties (Tables)

Real Estate Properties (Tables)	3 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Summary of real estate properties owned	A summary of real estate properties owned (including properties held for sale) follows (dollars in thousands): Depreciation Sales Multi-family $ 890,300 $ 31,008 $ 1,610 $ (8,620 ) $ (9,126 ) $ 905,172 Multi-family development - West Nashville, TN 10,448 5,902 — — — 16,350 Land - Daytona, FL 8,021 — — — — 8,021 Shopping centers/Retail - Yonkers, NY 2,481 — — (28 ) — 2,453 Total real estate properties $ 911,250 $ 36,910 $ 1,610 $ (8,648 ) $ (9,126 ) $ 931,996 Real estate properties (including properties held for sale) consist of the following (dollars in thousands): December 31, 2017 September 30, 2017 Land $ 140,452 $ 138,094 Building 833,088 808,366 Building improvements 31,394 31,411 Real estate properties 1,004,934 977,871 Accumulated depreciation (72,938 ) (66,621 ) Total real estate properties, net $ 931,996 $ 911,250
Schedule of assets acquired and liabilities assumed	The following table summarizes the allocation of the purchase price of two properties purchased during the three months ended December 31, 2017 (dollars in thousands): Purchase Price Allocation Land $ 3,289 Building and improvements 27,136 Acquisition-related intangible assets 486 Total consideration $ 30,911

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	3 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Schedule of real estate acquisitions	The table below provides information for the three months ended December 31, 2016 regarding the Company's purchase of a multi-family property (dollars in thousands): Location Purchase Date No. of Units Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Capitalized Acquisition Costs Fredricksburg, VA 11/4/2016 220 $ 38,490 29,940 $ 8,720 80 % 643 The table below provides information for the three months ended December 31, 2017 regarding the Company's purchases of multi-family properties (dollars in thousands): Location Purchase Date No. of Units Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Capitalized Acquisition Costs Madison, AL 12/7/2017 204 $ 18,420 $ 15,000 $ 4,456 80 % $ 247 Boerne, TX (a) 12/14/2017 120 12,000 9,200 3,780 80 % 244 324 $ 30,420 $ 24,200 $ 8,236 $ 491 _________________________________ (a) Includes $500,000 for the acquisition of a land parcel adjacent to the property.
Schedule of property dispositions	The following table is a summary of a real estate property disposed of by the Company in the three months ended December 31, 2017 (dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner portion of gain Melbourne, FL 10/25/2017 208 $ 22,250 $ 12,519 $ 2,504 The following table is a summary of the real estate properties disposed of by the Company in the three months ended December 31, 2016 (dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner portion of gain Greenville, SC 10/19/2016 350 $ 68,000 $ 18,483 9,329 Panama City, FL 10/26/2016 160 14,720 7,393 $ 3,478 Atlanta, GA 11/21/2016 350 36,750 8,905 4,166 Hixson,TN 11/30/2016 156 10,775 608 152 New York, NY 12/21/2016 1 465 449 — 1,017 $ 130,710 $ 35,838 $ 17,125

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Dec. 31, 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): December 31, 2017 September 30, 2017 ASSETS Real estate properties, net of depreciation of $59,573 and $52,873 $ 738,940 $ 707,546 Cash and cash equivalents 8,282 8,626 Deposits and escrows 14,013 13,873 Other assets 8,139 8,148 Real estate properties held for sale — 8,969 Total Assets $ 769,374 $ 747,162 LIABILITIES Mortgages payable, net of deferred costs of $5,088 and $5,170 $ 573,078 $ 558,568 Accounts payable and accrued liabilities 12,852 14,419 Total Liabilities $ 585,930 $ 572,987

Investments in Unconsolidated31

Investments in Unconsolidated Ventures Investment in Unconsolidated Ventures (Tables)	3 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The Company has interests in unconsolidated joint ventures that own multi-family properties. The table below provides information regarding these joint ventures at December 31, 2017 (dollars in thousands): Location Number of Units Carrying Value Mortgage Debt Percent Ownership Columbia, SC 374 $ 4,901 $ 41,000 32 % Columbia, SC (a) 339 8,665 — 46 % Forney, TX (b) 313 7,440 25,350 50 % Other investments N/A 109 N/A N/A 1,026 $ 21,115 $ 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 December 31, 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)	3 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of debt obligations	Debt obligations consist of the following (dollars in thousands): December 31, 2017 September 30, 2017 Mortgages payable $ 718,281 $ 704,171 Junior subordinated notes 37,400 37,400 Deferred mortgage costs (6,597 ) (6,727 ) Total debt obligations, net of deferred costs $ 749,084 $ 734,844
Schedule of debt information	During the three months ended December 31, 2017 , the Company obtained the following mortgage debt in connection with the related property acquisitions (dollars in thousands): Location Closing Date Acquisition Mortgage Debt Interest Rate Interest only period Maturity Date Madison, AL 12/7/17 $ 15,000 4.08 % 60 months January 2028 Boerne, TX (a) 12/14/17 9,200 LIBOR+ 2.39% 36 months January 2028 $ 24,200 _____________________________ (a) The Company entered into an agreement related to this loan to cap LIBOR at 3.86%. See Note 13 Information regarding these loans at December 31, 2017 is set forth below (dollars in thousand): Location Closing Date Maximum Loan Amount Amount outstanding Interest Rate Maturity Date Extension Option N Charleston, SC (a) 10/13/2015 $ 30,265 $ 29,863 LIBOR + 1.70% 10/13/2019 1 year Nashville,TN 6/2/2017 47,426 — LIBOR + 2.85% 6/2/2020 N/A $ 77,691 $ 29,863 _____________________ (a) Currently in lease up.

Fair Value of Financial Instr33

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of financial assets measured at fair value	Set forth below is information regarding the Company’s financial assets and liabilities measured at fair value as of December 31, 2017 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Financial Assets: Interest rate swaps $ 1,948 — $ 1,948 Interest rate cap 3 — 3 Total Financial Assets $ 1,951 — $ 1,951 Financial Liabilities: Interest rate swap $ 1 — $ 1

Derivative Financial Instrume34

Derivative Financial Instruments (Tables)	3 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of outstanding interest rate derivatives	As of December 31, 2017 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands): Interest Rate Derivative Notional Amount Fixed Rate Maturity Interest rate cap on LIBOR $ 9,200 3.86 % January 1, 2021 Interest rate swap 1,418 5.25 % April 1, 2022 Interest rate swap 26,400 3.61 % May 6, 2023 Interest rate swap 27,000 4.05 % September 19, 2026
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheets	The table below presents the fair value of the Company’s derivative financial instruments as well as its classification on the consolidated balance sheets as of the dates indicated (amounts in thousands): Derivatives as of: December 31, 2017 September 30, 2017 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Other Assets $ 1,951 Other Assets $ 1,460 Accounts payable and accrued liabilities $ 1 Accounts payable and accrued liabilities $ 14
Schedule of effect of derivative financial instrument on consolidated statements of comprehensive (loss) income	The following table presents the effect of the Company’s interest rate swaps on the consolidated statements of comprehensive (loss) income for the dates indicated (dollars in thousands): Three Months Ended 2017 2016 Amount of gain recognized on derivative in Other Comprehensive Income $ 459 $ 3,123 Amount of loss reclassified from Accumulated Other Comprehensive Income into Interest expense $ 43 $ 145

Organization and Background - N

Organization and Background - Narrative (Details) $ in Thousands	Dec. 31, 2017USD ($)statepropertyinvestmentproperty_unit	Sep. 30, 2017USD ($)
Organization, background and significant accounting policies
Number of properties | property	34
Number of units | property_unit	9,684
Number of units in properties in lease up stage | property_unit	445
Number of properties in lease up stage | property	2
Number of units under construction | property_unit	402
Number of states | state	11
Real estate properties, net	$ 931,996	$ 902,281
Investments in unconsolidated joint ventures	21,115	$ 21,415
Multi-family
Organization, background and significant accounting policies
Real estate properties, net	$ 921,522
Two Unconsolidated Joint Ventures
Organization, background and significant accounting policies
Number of investments | investment	3
Investments in unconsolidated joint ventures	$ 21,000

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended
	Feb. 08, 2018	Jun. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Jan. 11, 2018	Sep. 30, 2017	Sep. 05, 2017	Sep. 30, 2016
Equity incentive plans
Dividends declared per share (in dollars per share)			$ 0.0018
Per Share Data
Effect of diluted securities (in shares)			200,000,000	0
New Share Repurchase Program
Share Buyback
Beneficial interest purchased authorized amount							$ 5,000,000
Shares repurchased (in shares)			0
Restricted Stock
Restricted Shares
Compensation expense			$ 243,000	$ 214,000
Deferred unearned compensation			$ 2,113,000			$ 2,356,000
Remaining weighted average vesting period			2 years 1 month
Incentive Plan 2016
Restricted Shares
Shares authorized for issuance (up to) (in shares)			600,000
Incentive Plan 2016 | Restricted Stock Units (RSUs)
Restricted Shares
Issued (in shares)		450,000
Vesting period for shares issued			5 years
Compensation expense			$ 72,000	$ 110,000
Deferred unearned compensation			$ 942,000					$ 1,015,000
Incentive Plan 2016 | Restricted Stock
Restricted Shares
Vesting period for shares issued			5 years
Incentive Plan 2012
Restricted Shares
Number of additional awards available for grant (in shares)			0
Incentive Plan 2012 | Restricted Stock
Restricted Shares
Shares outstanding (in shares)			689,375
Subsequent event | Private placement
Equity incentive plans
Common stock issued in offering					$ 20,000,000
Shares sold in offering	113,566
Aggregate net proceeds from stock offering	$ 1,463,000
Payments for commissions	50,000
Professional fees	$ 50,000

Equity - Schedule of Computatio

Equity - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Numerator for basic and diluted earnings per share attributable to common stockholders:
Net income attributable to common stockholders	$ 6,351	$ 15,770
Denominator:
Basic (in shares)	14,022,438	13,898,626
Effect of diluted securities (in shares)	200,000,000	0
Diluted (in shares)	14,222,438	13,898,626
Basic earnings (in dollars per share)	$ 0.45	$ 1.13
Diluted earnings (in dollars per share)	$ 0.45	$ 1.13

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties Owned (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Sep. 30, 2017
Real Estate Properties
Land		$ 140,452	$ 138,094
Building		833,088	808,366
Building improvements		31,394	31,411
Real estate properties		1,004,934	977,871
Accumulated depreciation		(72,938)	(66,621)
Total real estate properties, net	$ 911,250	931,996	911,250
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	911,250
Additions	36,910
Capitalized Costs and Improvements	1,610
Depreciation	(8,648)
Sales	(9,126)
Real estate properties, ending balance	931,996
Multi-family
Real Estate Properties
Total real estate properties, net	890,300	905,172	890,300
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	890,300
Additions	31,008
Capitalized Costs and Improvements	1,610
Depreciation	(8,620)
Sales	(9,126)
Real estate properties, ending balance	905,172
Multi-family | West Nashville, TN
Real Estate Properties
Total real estate properties, net	10,448	16,350	10,448
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	10,448
Additions	5,902
Real estate properties, ending balance	16,350
Land
Real Estate Properties
Total real estate properties, net	8,021	8,021	8,021
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	8,021
Additions	0
Capitalized Costs and Improvements	0
Depreciation	0
Sales	0
Real estate properties, ending balance	8,021
Shopping centers/Retail | VIE | RBHTRB Newark Holdings LLC
Real Estate Properties
Total real estate properties, net	2,481	$ 2,453	$ 2,481
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	2,481
Additions	0
Capitalized Costs and Improvements	0
Depreciation	(28)
Sales	0
Real estate properties, ending balance	$ 2,453

Real Estate Properties - Purcha

Real Estate Properties - Purchase Price Allocations (Details) $ in Thousands	11 Months Ended
	Jun. 30, 2017property	Dec. 31, 2017USD ($)
Business Acquisition [Line Items]
Number of properties acquired | property	2
Previously Acquired
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Total consideration		$ 30,911
Previously Acquired | Land
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Real estate property		3,289
Previously Acquired | Buildings and Improvements
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Real estate property		27,136
Previously Acquired | Acquisition-related intangible assets
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Acquisition-related intangibles		$ 486

Acquisitions and Dispositions -

Acquisitions and Dispositions - Property Acquisitions (Details)	Feb. 06, 2018USD ($)property_unit	Dec. 14, 2017USD ($)property_unit	Dec. 07, 2017USD ($)property_unit	Nov. 04, 2016USD ($)property_unit	Dec. 31, 2017USD ($)property_unit
Real Estate Properties
No. of Units | property_unit					9,684
Corporate Joint Venture | VIE | Multi-family | Property Acquisition
Real Estate Properties
No. of Units | property_unit					324
Purchase Price					$ 30,420,000
Initial BRT Equity					8,236,000
Capitalized acquisition costs					491,000
Corporate Joint Venture | VIE | Multi-family | Property Acquisition | Mortgages payable
Real Estate Properties
Acquisition Mortgage Debt					24,200,000
Corporate Joint Venture | VIE | Madison, AL | Multi-family | Property Acquisition
Real Estate Properties
No. of Units | property_unit			204
Purchase Price			$ 18,420,000
Initial BRT Equity			$ 4,456,000
Ownership Percentage			80.00%
Capitalized acquisition costs			$ 247,000
Corporate Joint Venture | VIE | Madison, AL | Multi-family | Property Acquisition | Mortgages payable
Real Estate Properties
Acquisition Mortgage Debt			$ 15,000,000
Corporate Joint Venture | VIE | Boerne, TX | Multi-family | Property Acquisition
Real Estate Properties
No. of Units | property_unit		120
Purchase Price		$ 12,000,000
Initial BRT Equity		$ 3,780,000
Ownership Percentage		80.00%
Capitalized acquisition costs		$ 244,000
Corporate Joint Venture | VIE | Boerne, TX | Multi-family | Property Acquisition | Mortgages payable
Real Estate Properties
Acquisition Mortgage Debt		9,200,000
Corporate Joint Venture | VIE | Boerne, TX | Land | Property Acquisition
Real Estate Properties
Land acquisition		$ 500,000
Corporate Joint Venture | VIE | Fredricksburg, VA | Multi-family | Property Acquisition
Real Estate Properties
No. of Units | property_unit				220
Purchase Price				$ 38,490,000
Initial BRT Equity				$ 8,720,000
Ownership Percentage				80.00%
Capitalized acquisition costs				$ 643,000
Corporate Joint Venture | VIE | Fredricksburg, VA | Multi-family | Property Acquisition | Mortgages payable
Real Estate Properties
Acquisition Mortgage Debt				$ 29,940,000
Mortgages payable
Real Estate Properties
Acquisition Mortgage Debt					$ 24,200,000
Subsequent event | Corporate Joint Venture | VIE | Ocoee, FL | Multi-family | Property Acquisition
Real Estate Properties
No. of Units | property_unit	522
Purchase Price	$ 71,347,000
Acquisition Mortgage Debt	$ 12,370,000
Ownership Percentage	50.00%
Subsequent event | Corporate Joint Venture | VIE | Ocoee, FL | Multi-family | Property Acquisition | Mortgages payable
Real Estate Properties
Acquisition Mortgage Debt	$ 53,100,000
Subsequent event | Mortgages payable | Corporate Joint Venture | VIE | Ocoee, FL | Multi-family | Property Acquisition | Mortgages payable
Real Estate Properties
Interest rate	3.90%
Interest only period	7 years

Acquisitions and Dispositions41

Acquisitions and Dispositions - Property Dispositions (Details) $ in Thousands	Feb. 05, 2018USD ($)	Oct. 25, 2017USD ($)property_unit	Dec. 21, 2016USD ($)property_unit	Nov. 30, 2016USD ($)property_unit	Nov. 21, 2016USD ($)property_unit	Oct. 26, 2016USD ($)property_unit	Oct. 19, 2016USD ($)property_unit	Mar. 31, 2018USD ($)	Dec. 31, 2016USD ($)property_unit	Dec. 31, 2017property_unit
Business Acquisition [Line Items]
No. of Units | property_unit										9,684
Property dispositions
Business Acquisition [Line Items]
No. of Units | property_unit									1,017
Sales Price									$ 130,710
Gain on Sale									35,838
Non-controlling partner portion of gain									$ 17,125
Property dispositions | Melbourne, FL
Business Acquisition [Line Items]
No. of Units | property_unit		208
Sales Price		$ 22,250
Gain on Sale		12,519
Non-controlling partner portion of gain		$ 2,504
Property dispositions | Greenville, SC
Business Acquisition [Line Items]
No. of Units | property_unit							350
Sales Price							$ 68,000
Gain on Sale							18,483
Non-controlling partner portion of gain							$ 9,329
Property dispositions | Panama City, FL
Business Acquisition [Line Items]
No. of Units | property_unit						160
Sales Price						$ 14,720
Gain on Sale						7,393
Non-controlling partner portion of gain						$ 3,478
Property dispositions | Atlanta, GA
Business Acquisition [Line Items]
No. of Units | property_unit					350
Sales Price					$ 36,750
Gain on Sale					8,905
Non-controlling partner portion of gain					$ 4,166
Property dispositions | Hixson, TN
Business Acquisition [Line Items]
No. of Units | property_unit				156
Sales Price				$ 10,775
Gain on Sale				608
Non-controlling partner portion of gain				$ 152
Property dispositions | New York, NY
Business Acquisition [Line Items]
No. of Units | property_unit			1
Sales Price			$ 465
Gain on Sale			449
Non-controlling partner portion of gain			$ 0
Subsequent event | Property dispositions | West Palm Beach, FL [Member]
Business Acquisition [Line Items]
Sales Price	$ 97,200
Mortgage prepayment penalties incurred	594
Mortgage prepayment penalties incurred, attributable to noncontrolling interest	$ 290
Forecast | Subsequent event | Property dispositions | West Palm Beach, FL [Member]
Business Acquisition [Line Items]
Gain on Sale								$ 41,800
Non-controlling partner portion of gain								$ 20,500

Acquisitions and Dispositions42

Acquisitions and Dispositions - Impairment Charges (Details)	3 Months Ended
	Dec. 31, 2016USD ($)
Business Combinations [Abstract]
Impairment charges	$ 0

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Sep. 30, 2017
Variable Interest Entity [Line Items]
Real estate properties, net		$ 931,996	$ 902,281
Cash and cash equivalents		13,687	12,383
Deposits and escrows		23,630	27,839
Other assets		8,933	9,359
Real estate property held for sale		0	8,969
Total Assets	[1]	1,012,785	993,897
Mortgages payable, net of deferred costs of $6,220 and $6,345		712,061	697,826
Accounts payable and accrued liabilities		20,354	22,348
Total Liabilities	[1]	769,438	757,192
Real estate properties, net of accumulated depreciation		72,938	64,290
Deferred mortgage costs		(6,597)	(6,727)
Variable interest entity
Variable Interest Entity [Line Items]
Real estate properties, net		738,940	707,546
Cash and cash equivalents		8,282	8,626
Deposits and escrows		14,013	13,873
Other assets		8,139	8,148
Real estate property held for sale		0	8,969
Total Assets		769,374	747,162
Mortgages payable, net of deferred costs of $6,220 and $6,345		573,078	558,568
Accounts payable and accrued liabilities		12,852	14,419
Total Liabilities		585,930	572,987
Real estate properties, net of accumulated depreciation		52,873	52,873
Mortgages
Variable Interest Entity [Line Items]
Deferred mortgage costs		(6,220)	(6,345)
Mortgages | Variable interest entity
Variable Interest Entity [Line Items]
Deferred mortgage costs		$ (5,088)	$ (5,170)
[1]	The Company's consolidated balance sheets include the assets and liabilities of consolidated variable interest entities (VIEs). See note 6. The consolidated balance sheets include the following amounts related to the Company's VIEs as of December 31, 2017 and September 30, 2017, respectively: $738,940 and $707,546 of real estate properties, $8,282 and $8,626 of cash and cash equivalents, $14,013 and $13,873 of deposits and escrows, $8,139 and $8,148 of other assets, $0 and $8,969 of real estate properties held for sale, $573,078 and $558,568 of mortgages payable and $12,852 and $14,419 of accounts payable and accrued liabilities.

Real Estate Property Held For44

Real Estate Property Held For Sale - Narrative (Details) - USD ($) $ in Thousands	Oct. 25, 2017	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Line Items]
Proceeds from the sale of real estate properties		$ 21,790	$ 127,859
Melbourne, FL
Real Estate [Line Items]
Gain on sale of property	$ 12,519
Proceeds from sale allocated to non-controlling partner	2,504
Property held for sale | Melbourne, FL
Real Estate [Line Items]
Proceeds from the sale of real estate properties	$ 8,969

Investments in Unconsolidated45

Investments in Unconsolidated Ventures (Details)	3 Months Ended		12 Months Ended
	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)	Sep. 30, 2017USD ($)property_unit
Schedule of Equity Method Investments [Line Items]
Number of properties | property	34
Carrying Value	$ 0	$ 14,335,000
Equity in loss of unconsolidated joint ventures	$ 25,000	$ 0
Joint venture, forty six percent ownership
Schedule of Equity Method Investments [Line Items]
Number of real estate properties, to be constructed | property_unit			339
Other investments
Schedule of Equity Method Investments [Line Items]
Carrying Value			$ 109,000
Unconsolidated joint ventures
Schedule of Equity Method Investments [Line Items]
Number of properties | property_unit			1,026,000
Carrying Value			$ 21,115,000
Mortgage Debt			$ 66,350,000
Columbia, SC | Joint venture, thirty two percent ownership
Schedule of Equity Method Investments [Line Items]
Number of properties | property_unit			374,000
Carrying Value			$ 4,901,000
Mortgage Debt			$ 41,000,000
Percent Ownership			32.00%
Columbia, SC (Location 2) | Joint venture, forty six percent ownership
Schedule of Equity Method Investments [Line Items]
Number of properties | property_unit			339,000
Carrying Value			$ 8,665,000
Mortgage Debt			$ 0
Percent Ownership			46.00%
Forney, TX | Joint venture, fifty percent ownership
Schedule of Equity Method Investments [Line Items]
Number of properties | property_unit			313,000
Carrying Value			$ 7,440,000
Mortgage Debt			$ 25,350,000
Percent Ownership			50.00%
Secured Debt | Joint venture, forty six percent ownership
Schedule of Equity Method Investments [Line Items]
Construction financing			$ 47,426,000
Interest rate			4.08%

Debt Obligations - Schedule of

Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Sep. 30, 2017
Debt Obligations
Deferred mortgage costs	$ (6,597)	$ (6,727)
Total debt obligations, net of deferred costs	749,084	734,844
Mortgages payable
Debt Obligations
Total debt obligations, net of deferred costs	718,281	704,171
Deferred mortgage costs	(6,220)	(6,345)
Junior subordinated notes
Debt Obligations
Total debt obligations, net of deferred costs	37,400	37,400
Deferred mortgage costs	$ (377)	$ (382)

Debt Obligations - Mortgage Pay

Debt Obligations - Mortgage Payable (Details) - Mortgages - USD ($)	Dec. 14, 2017	Feb. 28, 2017	Dec. 31, 2017	Dec. 07, 2017
Debt Obligations
Acquisition Mortgage Debt			$ 24,200,000
Mortgages Maturing in January 2028 | Madison, AL
Debt Obligations
Acquisition Mortgage Debt				$ 15,000,000
Interest rate				4.08%
Interest only period		60 months
Mortgages Maturing in January 2028 | Boerne, TX
Debt Obligations
Acquisition Mortgage Debt	$ 9,200,000
Interest only period		36 months
London Interbank Offered Rate (LIBOR) | Mortgages Maturing in January 2028 | Boerne, TX
Debt Obligations
Basis spread on variable rate	2.39%
Maximum | Mortgages Maturing in January 2028 | Boerne, TX
Debt Obligations
Interest rate cap	3.86%

Debt Obligations - Construction

Debt Obligations - Construction Loans (Details) - Construction Loans	Jun. 02, 2017USD ($)	Oct. 13, 2015USD ($)	Dec. 31, 2017USD ($)loanproject
Debt Instrument [Line Items]
Number of construction loans | loan			2
Number of construction projects to be financed | project			2
Maximum Loan Amount			$ 77,691,000
Amount outstanding			29,863,000
N Charleston, SC
Debt Instrument [Line Items]
Maximum Loan Amount		$ 30,265,000
Amount outstanding			29,863,000
Extension Option		1 year
N Charleston, SC | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.70%
Nashville,TN
Debt Instrument [Line Items]
Maximum Loan Amount	$ 47,426,000
Amount outstanding			$ 0
Nashville,TN | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.85%

Debt Obligations - Junior Subor

Debt Obligations - Junior Subordinated Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2017
Debt Instrument [Line Items]
Debt issuance, costs	$ 6,597		$ 6,727
Junior subordinated notes
Debt Instrument [Line Items]
Total debt obligations	37,400		37,400
Debt issuance, costs	377		$ 382
Interest expense	$ 330	$ 274
London Interbank Offered Rate (LIBOR) | Junior subordinated notes
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Interest rate	3.17%

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2017USD ($)investment	Dec. 31, 2016USD ($)
Related Party Transaction [Line Items]
Related party expense	$ 302	$ 288
Related party - general and administrative	81	79
Real Property Management Real Estate Brokerage And Construction Supervision Services | Majestic Property Management Corporation
Related Party Transaction [Line Items]
Related party expense	9	8
Shared Services Agreement | Gould Investors Limited Partnership
Related Party Transaction [Line Items]
Related party - general and administrative	81	79
Affiliated Entity
Related Party Transaction [Line Items]
Related party expense	$ 818	624
Number of investments | investment	2
Affiliated Entity | Payment Of Acquisition Fee
Related Party Transaction [Line Items]
Related party expense	$ 230	$ 300

Fair Value of Financial Instr51

Fair Value of Financial Instruments - Narrative (Details) - Level 2 - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2016
Market Approach Valuation Technique | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	7.11%	6.37%
Market Approach Valuation Technique | Mortgages | Minimum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	3.85%	3.78%
Market Approach Valuation Technique | Mortgages | Maximum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	5.30%	5.02%
Carrying and Fair Value | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Estimated fair value (lower) higher than carrying value	$ (15,243)	$ (15,705)
Carrying and Fair Value | Mortgages
Financial Instruments Not Measured at Fair Value
Estimated fair value (lower) higher than carrying value	$ (13,750)	$ 11,400

- Financial Instruments Measure

- Financial Instruments Measured at Fair Value (Details)	Dec. 31, 2017USD ($)
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative liabilities	$ 2,200
Fair Value Measurements Recurring | Level 1
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative assets	0
Fair Value Measurements Recurring | Level 1 | Interest rate swaps
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative liabilities	0
Fair Value Measurements Recurring | Level 2
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative assets	1,951,000
Fair Value Measurements Recurring | Level 2 | Interest rate swaps
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative assets	1,948,000
Derivative liabilities	1,000
Fair Value Measurements Recurring | Level 2 | Interest rate cap
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative assets	3,000
Fair Value Measurements Recurring | Carrying and Fair Value
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative assets	1,951,000
Fair Value Measurements Recurring | Carrying and Fair Value | Interest rate swaps
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative assets	1,948,000
Derivative liabilities	1,000
Fair Value Measurements Recurring | Carrying and Fair Value | Interest rate cap
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative assets	$ 3,000

Derivative Financial Instrume53

Derivative Financial Instruments (Details) - USD ($)	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2017
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Amount of gain recognized on derivative in Other Comprehensive Income	$ 459,000	$ 3,123,000
Gain or loss recognized related to hedge ineffectiveness	0	0
Gain from components excluded from assessment of cash flow hedge effectiveness	0	0
Estimated amount to be reclassified from Accumulated other comprehensive income (loss) as an increase to interest expense	93,000
Fair value of derivatives in a liability position	2,200
Assets needed if breach of agreement	2,200
Interest Expense
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Amount of gain reclassified from Accumulated Other Comprehensive Income into Interest expense	43,000	$ 145,000
Other Assets
Fair value of derivative financial instruments
Fair value of derivative financial instrument asset	1,951,000		$ 1,460,000
Accounts payable and accrued liabilities
Fair value of derivative financial instruments
Fair value of derivative financial instrument liability	$ 1,000		$ 14,000
Hedging instrument | Interest Rate Swap, Maturity Date January 1, 2021 [Member]
Interest Rate Derivatives
Fixed rate (as a percent)	3.86%
Hedging instrument | Interest Rate Swap, Maturity Date April 1, 2022
Interest Rate Derivatives
Notional Amount	$ 1,418,000
Fixed rate (as a percent)	5.25%
Hedging instrument | Interest Rate Swap, Maturity Date May 6, 2023
Interest Rate Derivatives
Notional Amount	$ 26,400,000
Fixed rate (as a percent)	3.61%
Hedging instrument | Interest Rate Swap, Maturity Date September 19, 2026
Interest Rate Derivatives
Notional Amount	$ 27,000,000
Fixed rate (as a percent)	4.05%
London Interbank Offered Rate (LIBOR) | Hedging instrument | Interest Rate Swap, Maturity Date January 1, 2021 [Member]
Interest Rate Derivatives
Notional Amount	$ 9,200,000