BRT Apartments (BRT) 10-Q 8 May 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2018	May 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	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		14,343,201

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2018	Sep. 30, 2017
ASSETS
Real estate properties, net of accumulated depreciation and amortization of $67,643 and $64,290		$ 993,250	$ 902,281
Real estate loan		5,200	5,500
Cash and cash equivalents		30,974	12,383
Restricted cash		7,702	6,151
Deposits and escrows		23,655	27,839
Investments in unconsolidated joint ventures		20,845	21,415
Other assets		7,005	9,359
Real estate property held for sale		0	8,969
Total Assets	[1]	1,088,631	993,897
Liabilities:
Mortgages payable, net of deferred costs of $6,550 and $6,345		743,225	697,826
Junior subordinated notes, net of deferred costs of $372 and $382		37,028	37,018
Accounts payable and accrued liabilities		17,002	22,348
Total Liabilities	[1]	797,255	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;
13,575 and 13,333 shares outstanding		136	133
Additional paid-in capital		203,838	201,910
Accumulated other comprehensive income		2,132	1,000
Accumulated deficit		(10,967)	(37,047)
Total BRT Apartments Corp. stockholders’ equity		195,139	165,996
Non-controlling interests		96,237	70,709
Total Equity		291,376	236,705
Total Liabilities and Equity		$ 1,088,631	$ 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 March 31, 2018 and September 30, 2017, respectively: $625,714 and $707,546 of real estate properties, $9,228 and $8,626 of cash and cash equivalents, $8,632 and $13,873 of deposits and escrows, $5,765 and $8,148 of other assets, $0 and $8,969 of real estate properties held for sale, $479,093 and $558,568 of mortgages payable and $7,550 and $14,419 of accounts payable and accrued liabilities.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Sep. 30, 2017
Debt Instrument [Line Items]
Real estate properties, net of accumulated depreciation	$ 67,643	$ 64,290
Mortgage payable and junior subordinated notes, deferred costs	$ 6,922	$ 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)	13,575,000	13,333,000
Real estate properties, net	$ 993,250	$ 902,281
Cash and cash equivalents	30,974	12,383
Deposits and escrows	23,655	27,839
Other assets	7,005	9,359
Real estate property held for sale	0	8,969
Mortgages payable	743,225	697,826
Accounts payable and accrued liabilities	17,002	22,348
Mortgages payable
Debt Instrument [Line Items]
Mortgage payable and junior subordinated notes, deferred costs	6,550	6,345
Junior subordinated notes
Debt Instrument [Line Items]
Mortgage payable and junior subordinated notes, deferred costs	372	382
Variable interest entity
Debt Instrument [Line Items]
Real estate properties, net of accumulated depreciation	48,037	52,873
Real estate properties, net	625,714	707,546
Cash and cash equivalents	9,228	8,626
Deposits and escrows	8,632	13,873
Other assets	5,765	8,148
Real estate property held for sale	0	8,969
Mortgages payable	479,093	558,568
Accounts payable and accrued liabilities	7,550	14,419
Variable interest entity | Mortgages payable
Debt Instrument [Line Items]
Mortgage payable and junior subordinated notes, deferred costs	$ 4,189	$ 5,170

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Rental and other revenues from real estate properties	$ 29,476,000	$ 24,702,000	$ 57,638,000	$ 49,731,000
Other income	175,000	181,000	362,000	792,000
Total revenues	29,651,000	24,883,000	58,000,000	50,523,000
Expenses:
Real estate operating expenses - including $836 and $641 to related parties for the three months ended and $1,621 and $1,252 for the six months ended	14,198,000	11,909,000	27,545,000	24,355,000
Interest expense	8,657,000	6,402,000	16,637,000	13,089,000
General and administrative - including $146 and $103 to related parties for the three months ended and $228 and $182 for the six months ended	2,453,000	2,390,000	4,756,000	4,987,000
Depreciation	9,240,000	7,772,000	17,888,000	14,069,000
Total expenses	34,548,000	28,473,000	66,826,000	56,500,000
Total revenue less total expenses	(4,897,000)	(3,590,000)	(8,826,000)	(5,977,000)
Equity in loss of unconsolidated joint ventures	(63,000)	0	(88,000)	0
Gain on sale of real estate	51,981,000	0	64,500,000	35,838,000
Gain on insurance recovery	3,227,000	0	3,227,000	0
Loss on extinguishment of debt	(593,000)	0	(850,000)	(799,000)
Income (loss) from continuing operations	49,655,000	(3,590,000)	57,963,000	29,062,000
Income tax (benefit) provision	(253,000)	1,108,000	(147,000)	1,458,000
Net income (loss) from continuing operations, net of taxes	49,908,000	(4,698,000)	58,110,000	27,604,000
Net (income) loss attributable to non-controlling interests	(24,686,000)	469,000	(26,537,000)	(16,063,000)
Net income (loss) attributable to common stockholders	$ 25,222,000	$ (4,229,000)	$ 31,573,000	$ 11,541,000
Weighted average number of shares of common stock outstanding:
Basic (in shares)	14,242,076	14,018,099	14,131,050	13,957,706
Diluted (in shares)	14,442,076	14,018,099	14,331,050	13,957,706
Per share amounts attributable to common stockholders:
Basic earnings (in dollars per share)	$ 1.77	$ (0.30)	$ 2.23	$ 0.83
Diluted earnings (in dollars per share)	$ 1.75	$ (0.30)	$ 2.20	$ 0.83

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Related party - real estate operating expenses	$ 836	$ 641	$ 1,621	$ 1,252
Related party - general and administrative	$ 146	$ 103	$ 228	$ 182

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ 49,908	$ (4,698)	$ 58,110	$ 27,604
Other comprehensive income:
Unrealized gain on derivative instruments	1,132	135	1,634	3,403
Other comprehensive income	1,132	135	1,634	3,403
Comprehensive income (loss)	51,040	(4,563)	59,744	31,007
Comprehensive (income) loss attributable to non-controlling interests	(25,032)	144	(27,039)	(17,387)
Comprehensive income (loss) attributable to common stockholders	$ 26,008	$ (4,419)	$ 32,705	$ 13,620

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - 6 months ended Mar. 31, 2018 - 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 - $0.38 per share	(5,493)				(5,493)
Restricted stock vesting	0	1	(1)
Compensation expense - restricted stock and restricted stock units	612		612
Contributions from non-controlling interests	22,623					22,623
Consolidation of investment in limited partnership	12,370					12,370
Distributions to non-controlling interests	(36,336)					(36,336)
Purchase of non-controlling interest	(250)		(82)			(168)
Shares issued through equity offering program, net	1,401	2	1,399
Net income	58,110				31,573	26,537
Other comprehensive income	1,634			1,132		502
Comprehensive income (loss)	59,744
Ending balance at Mar. 31, 2018	$ 291,376	$ 136	$ 203,838	$ 2,132	$ (10,967)	$ 96,237

CONSOLIDATED STATEMENT OF EQUI8

CONSOLIDATED STATEMENT OF EQUITY CONSOLIDATED STATEMENT OF EQUITY Parenthetical	6 Months Ended
	Mar. 31, 2018$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.38

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 58,110,000	$ 27,604,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	17,888,000	14,069,000
Amortization of deferred borrowing fees	742,000	535,000
Amortization of restricted stock and restricted stock units	613,000	710,000
Equity in loss of unconsolidated joint ventures	88,000	0
Gain on sale of real estate	(64,500,000)	(35,838,000)
Gain on insurance recovery	(3,227,000)	0
Loss on extinguishment of debt	850,000	799,000
Increases and decreases from changes in other assets and liabilities:
Decrease in interest receivable	0	2,324,000
Decrease in deposits and escrows	7,745,000	5,871,000
Decrease in other assets	7,230,000	1,154,000
Decrease in accounts payable and accrued liabilities	(5,565,000)	(5,662,000)
Net cash provided by operating activities	19,974,000	11,566,000
Cash flows from investing activities:
Collections from real estate loan	300,000	13,600,000
Additions to real estate properties	(125,901,000)	(60,580,000)
Net costs capitalized to real estate properties	(5,247,000)	(5,430,000)
(Increase) decrease in restricted cash	(1,551,000)	764,000
Investment in limited partnership	(12,370,000)	0
Purchase of non-controlling interests	250,000	0
Consolidation of investment in limited partnership	(1,279,000)	0
Net proceeds from the sale of real estate properties	168,691,000	128,647,000
Distributions from unconsolidated joint ventures	482,000	166,000
Contributions to unconsolidated joint ventures	0	(14,394,000)
Net cash (used in) provided by investing activities	25,433,000	62,773,000
Cash flows from financing activities:
Proceeds from mortgages payable	78,945,000	40,363,000
Mortgage payoffs	(84,727,000)	(79,215,000)
Mortgage principal payments	(2,525,000)	(2,539,000)
Increase in deferred financing costs	(817,000)	(719,000)
Dividends paid	(5,380,000)	0
Contributions from non-controlling interests	22,623,000	6,398,000
Distributions to non-controlling interests	(36,336,000)	(22,832,000)
Proceeds from the sale of common stock	1,401,000	0
Repurchase of shares of beneficial interest/common stock	0	(47,000)
Net cash provided by (used in) financing activities	(26,816,000)	(58,591,000)
Net increase in cash and cash equivalents	18,591,000	15,748,000
Cash and cash equivalents at beginning of period	12,383,000	27,399,000
Cash and cash equivalents at end of period	30,974,000	43,147,000
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of capitalized interest of $0 and $84, respectively	15,859,000	12,536,000
Taxes paid	39,000	1,778,000
Acquisition of real estate through assumption of debt	0	27,638,000
Partnership Interest
Increases and decreases from changes in other assets and liabilities:
Decrease in accounts payable and accrued liabilities	112,000	0
Cash flows from investing activities:
Investment in limited partnership	12,370,000	0
Consolidation of investment in limited partnership	(1,279,000)	0
Consolidation of investment in limited partnership:
Increase in real estate assets	(72,395,000)	0
Increase in deposits and escrows	(3,561,000)	0
Increase in other assets	(20,000)	0
Increase in mortgage payable	53,060,000	0
Increase in deferred financing costs	(657,000)	0
Increase in non controlling interest	$ 12,370,000	$ 0

CONSOLIDATED STATEMENT OF CAS10

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Cash Flows [Abstract]
Capitalized interest	$ 0	$ 84

Organization and Background

Organization and Background	6 Months Ended
	Mar. 31, 2018
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 March 31, 2018 , the Company owns: (a) 34 multi-family properties with 9,632 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 $982,801,000 ; and (b) interests in three unconsolidated multi-family joint ventures with a carrying value of $20,637,000 .

Basis of Preparation

Basis of Preparation	6 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	Basis of Preparation The accompanying interim unaudited consolidated financial statements as of March 31, 2018 , and for the three and six months ended March 31, 2018 and 2017 , reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for such interim periods. The results of operations for the three and six months ended March 31, 2018 and 2017 , 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 Ocoee, FL, Lawrenceville, GA, 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	6 Months Ended
	Mar. 31, 2018
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. In the quarter ended March 31, 2018 , the Company sold 113,566 shares of common stock for net proceeds of $1,401,000 , after giving effect to commissions of $30,000 and estimated offering costs ( i.e. professional and related fees) of $63,000 . From April 1, 2018 through May 8, 2018, the Company sold 62,400 shares of common stock for net proceeds of $734,000 , after giving effect to commissions of $16,000 . Common Stock Dividend Distribution The Company declared a quarterly cash distribution of $0.20 per share, payable on April 6, 2018, to stockholders of record on March 27, 2018. Stock Based Compensation The Company's Amended and Restated 2018 Incentive Plan (the "2018 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 In June 2016, the Company issued restricted stock units (the "Units") to acquire up to 450,000 shares of common stock pursuant to the 2016 Amended and Restated Incentive Plan (the "2016 Incentive Plan") . 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. For financial statement purposes, because the Units are not participating securities, 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 March 31, 2018. Expense is recognized over the five year vesting period on the Units which the Company expects to vest. For the three months ended March 31, 2018 and 2017 , the Company recorded $73,000 and $110,000 , respectively, and for the six months ended March 31, 2018 and 2017 , the Company recorded $146,000 and $220,000 , respectively, of compensation expense related to the amortization of unearned compensation with respect to the Units. At March 31, 2018 , and September 30, 2017, $870,000 and $1,015,000 of compensation expense, respectively, had been deferred and will be charged to expense over the remaining vesting period. Restricted Stock In March 2018, the Company granted 144,797 shares of restricted stock pursuant to the 2018 Incentive Plan. As of March 31, 2018 , an aggregate of 706,247 shares of unvested restricted stock are outstanding pursuant to the 2018 Incentive Plan, 2016 Incentive Plan and 2012 Incentive Plan. No additional awards may be granted under the 2016 Incentive Plan and 2012 Incentive 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 March 31, 2018 and 2017 , the Company recorded $224,000 and $276,000 , respectively, and for the six months ended March 31, 2018 and 2017 , the Company recorded $467,000 and $490,000 , respectively, of compensation expense related to the amortization of unearned compensation with respect to the restricted stock awards. At March 31, 2018 , and September 30, 2017, $3,603,000 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 remaining vesting period of these shares of restricted stock is 3.5 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. No shares have been 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 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 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 and deemed to be outstanding during such period. For the three and six months ended March 31, 2018, 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 March 31, 2018. The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except share amounts): Three Months Ended March 31, Six Months Ended March 31, 2018 2017 2018 2017 Numerator for basic and diluted earnings (loss) per share attributable to common stockholders: Net income (loss) attributable to common stockholders $ 25,222 $ (4,229 ) 31,573 11,541 Denominator: Denominator for basic earnings (loss) per share—weighted average number of shares 14,242,076 14,018,099 14,131,050 13,957,706 Effect of diluted securities 200,000 — 200,000 — Denominator for diluted earnings per share—adjusted weighted average number of shares and assumed conversions 14,442,076 14,018,099 14,331,050 13,957,706 Basic earnings (loss) per share $ 1.77 $ (0.30 ) $ 2.23 $ 0.83 Diluted earnings (loss) per share $ 1.75 $ (0.30 ) $ 2.20 $ 0.83

Real Estate Properties

Real Estate Properties	6 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties Real estate properties (including properties held for sale) consist of the following (dollars in thousands): March 31, 2018 September 30, 2017 Land $ 157,105 $ 138,094 Building 874,679 808,366 Building improvements 29,109 31,411 Real estate properties 1,060,893 977,871 Accumulated depreciation (67,643 ) (66,621 ) Total real estate properties, net $ 993,250 $ 911,250 A summary of real estate properties owned (including properties held for sale) follows (dollars in thousands): Depreciation Sales Multi-family $ 890,300 $ 185,415 $ 5,247 $ (17,833 ) $ (103,655 ) $ 959,474 Multi-family development - West Nashville, TN 10,448 12,881 — — — 23,329 Land - Daytona, FL 8,021 — — — — 8,021 Shopping centers/Retail - Yonkers, NY 2,481 — — (55 ) — 2,426 Total real estate properties $ 911,250 $ 198,296 $ 5,247 $ (17,888 ) $ (103,655 ) $ 993,250 The following table summarizes the allocation of the purchase price of four properties purchased during the six months ended March 31, 2018 (dollars in thousands): Purchase Price Allocation Land $ 37,282 Building and improvements 140,027 Acquisition-related intangible assets 3,992 Total consideration $ 181,301 As result of the damage caused by Hurricane Harvey in 2017, the Company reduced the carrying value of Retreat at Cinco Ranch, located in Katy, TX by $3,471,000 and, because the Company believed it was probable that it would recover such sum from its insurance coverage, recognized such sum in insurance recoveries. Through March 31, 2018, the Company received $7,384,000 in insurance recoveries related to Hurricane Harvey, of which $3,227,000 is recorded as a gain on insurance recovery in the three and six months ended March 31, 2018 and $686,000 has been recognized as rental income ( i.e. $98,000 in 2017 and $294,000 and $588,000 in the three and six months ended March 31, 2018, respectively.) 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 did not have any properties that met the criteria for held-for-sale classification at March 31, 2018.

Acquisitions and Dispositions

Acquisitions and Dispositions	6 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions Property Acquisitions The table below provides information regarding the Company's purchases of multi-family properties for the six months ended March 31, 2018 (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 Ocoee, FL 2/7/2018 522 71,347 53,060 12,370 50 % 1,047 Lawrenceville, GA 2/15/2018 586 77,229 54,447 15,179 50 % 767 1,432 $ 178,996 $ 131,707 $ 35,785 $ 2,305 _________________________________ (a) Includes $500 for the acquisition of a land parcel adjacent to the property. In the quarter ended March 31, 2018, the Company purchased its partner's 2.5% interest in Avalon Apartments, located in Pensacola, FL., for $250,000 . On April 30, 2018, the Company acquired, through a joint venture in which it has a 80% equity interest, a 208 -unit multi-family property located in Daytona, FL, for $20,500,000 , including the assumption of $13,608,000 of mortgage debt. The mortgage debt matures in May 2025, bears interest at a fixed rate of 3.94% , is interest only for two years, and thereafter amortizes based on a 30 -year schedule. The Company contributed $6,900,000 for its ownership interest. The table below provides information regarding the Company's purchases of multi-family properties during the six months ended March 31, 2017 (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 St. Louis, MO 2/28/2017 128 27,000 20,000 6,001 75.5 % 423 St. Louis, MO 2/28/2017 53 8,000 6,200 2,002 75.5 % 134 401 $ 73,490 $ 56,140 $ 16,723 $ 1,200 Property Dispositions The following table is a summary of real estate properties disposed of by the Company during the six months ended March 31, 2018 (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 Palm Beach Gardens, FL 2/5/2018 542 97,200 41,830 20,593 Valley, AL 2/23/2018 618 51,000 9,712 4,547 Fort Washington 1/18/2018 1 470 439 — 1,369 $ 170,920 $ 64,500 $ 27,644 The following table is a summary of the real estate properties disposed of by the Company during the six months ended March 31, 2017 (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 three and six months ended March 31, 2018 and 2017, no impairment charges were recorded.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Mar. 31, 2018
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): March 31, 2018 (unaudited) September 30, 2017 ASSETS Real estate properties, net of accumulated depreciation of $48,037 and $52,873 $ 625,714 $ 707,546 Cash and cash equivalents 9,228 8,626 Deposits and escrows 8,632 13,873 Other assets 5,765 8,148 Real estate properties held for sale — 8,969 Total Assets $ 649,339 $ 747,162 LIABILITIES Mortgages payable, net of deferred costs of $4,189 and $5,170 $ 479,093 $ 558,568 Accounts payable and accrued liabilities 7,550 14,419 Total Liabilities $ 486,643 $ 572,987

Real Estate Property Held For S

Real Estate Property Held For Sale	6 Months Ended
	Mar. 31, 2018
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): March 31, 2018 September 30, 2017 Land $ 157,105 $ 138,094 Building 874,679 808,366 Building improvements 29,109 31,411 Real estate properties 1,060,893 977,871 Accumulated depreciation (67,643 ) (66,621 ) Total real estate properties, net $ 993,250 $ 911,250 A summary of real estate properties owned (including properties held for sale) follows (dollars in thousands): Depreciation Sales Multi-family $ 890,300 $ 185,415 $ 5,247 $ (17,833 ) $ (103,655 ) $ 959,474 Multi-family development - West Nashville, TN 10,448 12,881 — — — 23,329 Land - Daytona, FL 8,021 — — — — 8,021 Shopping centers/Retail - Yonkers, NY 2,481 — — (55 ) — 2,426 Total real estate properties $ 911,250 $ 198,296 $ 5,247 $ (17,888 ) $ (103,655 ) $ 993,250 The following table summarizes the allocation of the purchase price of four properties purchased during the six months ended March 31, 2018 (dollars in thousands): Purchase Price Allocation Land $ 37,282 Building and improvements 140,027 Acquisition-related intangible assets 3,992 Total consideration $ 181,301 As result of the damage caused by Hurricane Harvey in 2017, the Company reduced the carrying value of Retreat at Cinco Ranch, located in Katy, TX by $3,471,000 and, because the Company believed it was probable that it would recover such sum from its insurance coverage, recognized such sum in insurance recoveries. Through March 31, 2018, the Company received $7,384,000 in insurance recoveries related to Hurricane Harvey, of which $3,227,000 is recorded as a gain on insurance recovery in the three and six months ended March 31, 2018 and $686,000 has been recognized as rental income ( i.e. $98,000 in 2017 and $294,000 and $588,000 in the three and six months ended March 31, 2018, respectively.) 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 did not have any properties that met the criteria for held-for-sale classification at March 31, 2018.

Restricted Cash

Restricted Cash	6 Months Ended
	Mar. 31, 2018
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	6 Months Ended
	Mar. 31, 2018
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 March 31, 2018 (dollars in thousands): Location Number of Units Carrying Value Mortgage Debt Percent Ownership Columbia, SC 374 $ 4,832 $ 41,000 32 % Columbia, SC (a) 339 8,665 — 46 % Forney, TX (b) 313 7,140 25,350 50 % Other investments N/A 208 N/A N/A 1,026 $ 20,845 $ 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 has been secured. Such financing bears interest at 4.08% and matures in June 2020. At March 31, 2018, 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 $63,000 and $0 in the three months ended March 31, 2018 and 2017 , respectively and for the six months ended March 31, 2018 and 2017 was $88,000 and $0 , respectively.

Debt Obligations

Debt Obligations	6 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Debt obligations consist of the following (dollars in thousands): March 31, 2018 September 30, 2017 Mortgages payable $ 749,775 $ 704,171 Junior subordinated notes 37,400 37,400 Deferred mortgage costs (6,922 ) (6,727 ) Total debt obligations, net of deferred costs $ 780,253 $ 734,844 Mortgages Payable During the six months ended March 31, 2018 , 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 Ocoee, FL 2/7/18 53,060 3.90 % 84 months January 2028 Lawrenceville, GA 2/15/18 54,447 3.97 % 120 months March 2028 $ 131,707 _____________________________ (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 financing two separate construction projects. Information regarding these loans at March 31, 2018 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 $ 29,890 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 $ 29,890 _____________________ (a) Currently in lease up. Junior Subordinated Notes At March 31, 2018 , and September 30, 2017 , the Company's junior subordinated notes had an outstanding principal balance of $37,400,000 , before deferred financing costs of $372,000 and $ 382,000 , respectively. At March 31, 2018 , the interest rate on the outstanding balance is three month LIBOR + 2.00% , or 3.77% . 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 March 31, 2018 and 2017 , which includes amortization of deferred costs, was $352,000 and $287,000 , respectively, and for the six months ended March 31, 2018 and 2017 , was $682,000 and $561,000 , respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Mar. 31, 2018
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, among other things, the following services: participating in the Company's multi-family property analysis and approval process (which includes service on the investment committee), providing investment advice, long-term planning and consulting with executives and employees with respect to other business matters, as required. The aggregate fees paid for these services in the three months ended March 31, 2018 and 2017 were $317,000 and $302,000 , respectively, and for the six months ended March 31, 2018 and 2017 were $619,000 and $589,000 , 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 $10,000 and $8,000 for the three months ended March 31, 2018 and 2017 , respectively, and for the six months ended March 31, 2018 and 2017 , were $19,000 and $16,000 , 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 March 31, 2018 and 2017, net allocated general and administrative expenses reimbursed by the Company to Gould Investors L.P. pursuant to the shared services agreement aggregated $147,000 and $103,000 , respectively, and for the six months ended March 31, 2018 and 2017 were $228,000 and $182,000 , respectively. Management of many of the Company's multi-family properties (including two multi-family properties owned by two unconsolidated joint ventures) 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 March 31, 2018 and 2017 were $908,000 and $672,000 , respectively, and for the six months ended March 31, 2018 and 2017 were $1,767,000 and $1,296,000 . 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 March 31, 2018 and 2017 , were $1,300,000 and $350,000 , respectively, and for six months ended March 31, 2018 and 2017 , were $1,530,000 and $650,000 , respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and September 30, 2017 , the estimated fair value of the notes is lower than their carrying value by approximately $12,865,000 and $15,705,000 based on a market interest rate of 7.18% and 6.37% , respectively. Mortgages payable: At March 31, 2018 , the estimated fair value of the Company’s mortgages payable is lower than their carrying value by approximately $23,145,000 assuming market interest rates between 3.99% and 5.66% and at September 30, 2017 , the estimated fair value of the Company's mortgages payable was lower 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 March 31, 2018 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Financial Assets: Interest rate swaps $ 3,070 — $ 3,070 Interest rate cap 9 — 9 Total Financial Assets $ 3,079 — $ 3,079 Financial Liabilities: Interest rate swap $ — — $ — 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 March 31, 2018 , these derivatives are included in other assets 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 March 31, 2018 , 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	6 Months Ended
	Mar. 31, 2018
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 March 31, 2018 , 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 1,387 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: March 31, 2018 September 30, 2017 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Other Assets $ 3,079 Other Assets $ 1,460 Accounts payable and accrued liabilities $ — Accounts payable and accrued liabilities $ 14 As of March 31, 2018 , 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 Six Months Ended March 31, 2018 2017 2018 2017 Amount of gain recognized on derivative in Other Comprehensive Income $ 1,132 $ 65 $ 1,590 $ 3,189 Amount of loss reclassified from Accumulated Other Comprehensive Income into Interest expense $ — $ 70 $ 44 $ 214 No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company's cash flow hedges during the three and six months ended March 31, 2018 and March 31, 2017 . The Company estimates an additional $294,000 will be reclassified from other comprehensive loss as a decrease 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.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Mar. 31, 2018
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. In November 2016, the FASB issued ASU Update No. 2016-018, Statement of Cash Flows (Topic 230): Restricted Cash, (a consensus of the Emerging Issues Task Force). The new standard requires that the statement of cash flows explain the change during the period in the combined total of cash, cash equivalents, and amounts generally described as restricted cash equivalents. Entities will also be required to reconcile such total to amounts on the balance sheet and disclose relevant information about the nature of the restrictions on the basis of their individual facts and circumstances. 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent events have been evaluated and any significant events, relative to our consolidated financial statements as of March 31, 2018 , that warrant additional disclosure, have been included in the notes to the consolidated financial statements.

Basis of Preparation (Policies)

Basis of Preparation (Policies)	6 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	The accompanying interim unaudited consolidated financial statements as of March 31, 2018 , and for the three and six months ended March 31, 2018 and 2017 , reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for such interim periods. The results of operations for the three and six months ended March 31, 2018 and 2017 , 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 Ocoee, FL, Lawrenceville, GA, 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. In November 2016, the FASB issued ASU Update No. 2016-018, Statement of Cash Flows (Topic 230): Restricted Cash, (a consensus of the Emerging Issues Task Force). The new standard requires that the statement of cash flows explain the change during the period in the combined total of cash, cash equivalents, and amounts generally described as restricted cash equivalents. Entities will also be required to reconcile such total to amounts on the balance sheet and disclose relevant information about the nature of the restrictions on the basis of their individual facts and circumstances. 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.

Equity Equity (Tables)

Equity Equity (Tables)	6 Months Ended
	Mar. 31, 2018
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 share amounts): Three Months Ended March 31, Six Months Ended March 31, 2018 2017 2018 2017 Numerator for basic and diluted earnings (loss) per share attributable to common stockholders: Net income (loss) attributable to common stockholders $ 25,222 $ (4,229 ) 31,573 11,541 Denominator: Denominator for basic earnings (loss) per share—weighted average number of shares 14,242,076 14,018,099 14,131,050 13,957,706 Effect of diluted securities 200,000 — 200,000 — Denominator for diluted earnings per share—adjusted weighted average number of shares and assumed conversions 14,442,076 14,018,099 14,331,050 13,957,706 Basic earnings (loss) per share $ 1.77 $ (0.30 ) $ 2.23 $ 0.83 Diluted earnings (loss) per share $ 1.75 $ (0.30 ) $ 2.20 $ 0.83

Real Estate Properties (Tables)

Real Estate Properties (Tables)	6 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Summary of real estate properties owned	Real estate properties (including properties held for sale) consist of the following (dollars in thousands): March 31, 2018 September 30, 2017 Land $ 157,105 $ 138,094 Building 874,679 808,366 Building improvements 29,109 31,411 Real estate properties 1,060,893 977,871 Accumulated depreciation (67,643 ) (66,621 ) Total real estate properties, net $ 993,250 $ 911,250 A summary of real estate properties owned (including properties held for sale) follows (dollars in thousands): Depreciation Sales Multi-family $ 890,300 $ 185,415 $ 5,247 $ (17,833 ) $ (103,655 ) $ 959,474 Multi-family development - West Nashville, TN 10,448 12,881 — — — 23,329 Land - Daytona, FL 8,021 — — — — 8,021 Shopping centers/Retail - Yonkers, NY 2,481 — — (55 ) — 2,426 Total real estate properties $ 911,250 $ 198,296 $ 5,247 $ (17,888 ) $ (103,655 ) $ 993,250
Schedule of assets acquired and liabilities assumed	The following table summarizes the allocation of the purchase price of four properties purchased during the six months ended March 31, 2018 (dollars in thousands): Purchase Price Allocation Land $ 37,282 Building and improvements 140,027 Acquisition-related intangible assets 3,992 Total consideration $ 181,301

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	6 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Schedule of real estate acquisitions	The table below provides information regarding the Company's purchases of multi-family properties during the six months ended March 31, 2017 (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 St. Louis, MO 2/28/2017 128 27,000 20,000 6,001 75.5 % 423 St. Louis, MO 2/28/2017 53 8,000 6,200 2,002 75.5 % 134 401 $ 73,490 $ 56,140 $ 16,723 $ 1,200 The table below provides information regarding the Company's purchases of multi-family properties for the six months ended March 31, 2018 (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 Ocoee, FL 2/7/2018 522 71,347 53,060 12,370 50 % 1,047 Lawrenceville, GA 2/15/2018 586 77,229 54,447 15,179 50 % 767 1,432 $ 178,996 $ 131,707 $ 35,785 $ 2,305 _________________________________ (a) Includes $500 for the acquisition of a land parcel adjacent to the property.
Schedule of property dispositions	The following table is a summary of real estate properties disposed of by the Company during the six months ended March 31, 2018 (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 Palm Beach Gardens, FL 2/5/2018 542 97,200 41,830 20,593 Valley, AL 2/23/2018 618 51,000 9,712 4,547 Fort Washington 1/18/2018 1 470 439 — 1,369 $ 170,920 $ 64,500 $ 27,644 The following table is a summary of the real estate properties disposed of by the Company during the six months ended March 31, 2017 (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)	6 Months Ended
	Mar. 31, 2018
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): March 31, 2018 (unaudited) September 30, 2017 ASSETS Real estate properties, net of accumulated depreciation of $48,037 and $52,873 $ 625,714 $ 707,546 Cash and cash equivalents 9,228 8,626 Deposits and escrows 8,632 13,873 Other assets 5,765 8,148 Real estate properties held for sale — 8,969 Total Assets $ 649,339 $ 747,162 LIABILITIES Mortgages payable, net of deferred costs of $4,189 and $5,170 $ 479,093 $ 558,568 Accounts payable and accrued liabilities 7,550 14,419 Total Liabilities $ 486,643 $ 572,987

Investments in Unconsolidated31

Investments in Unconsolidated Ventures Investment in Unconsolidated Ventures (Tables)	6 Months Ended
	Mar. 31, 2018
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 March 31, 2018 (dollars in thousands): Location Number of Units Carrying Value Mortgage Debt Percent Ownership Columbia, SC 374 $ 4,832 $ 41,000 32 % Columbia, SC (a) 339 8,665 — 46 % Forney, TX (b) 313 7,140 25,350 50 % Other investments N/A 208 N/A N/A 1,026 $ 20,845 $ 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 has been secured. Such financing bears interest at 4.08% and matures in June 2020. At March 31, 2018, no amounts have been drawn on this financing. (b) This interest is held through a tenancy-in-common.

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of debt obligations	Debt obligations consist of the following (dollars in thousands): March 31, 2018 September 30, 2017 Mortgages payable $ 749,775 $ 704,171 Junior subordinated notes 37,400 37,400 Deferred mortgage costs (6,922 ) (6,727 ) Total debt obligations, net of deferred costs $ 780,253 $ 734,844
Schedule of debt information	Information regarding these loans at March 31, 2018 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 $ 29,890 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 $ 29,890 _____________________ (a) Currently in lease up. During the six months ended March 31, 2018 , 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 Ocoee, FL 2/7/18 53,060 3.90 % 84 months January 2028 Lawrenceville, GA 2/15/18 54,447 3.97 % 120 months March 2028 $ 131,707 _____________________________ (a) The Company entered into an agreement related to this loan to cap LIBOR at 3.86%. See Note 13.

Fair Value of Financial Instr33

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Mar. 31, 2018
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 March 31, 2018 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Financial Assets: Interest rate swaps $ 3,070 — $ 3,070 Interest rate cap 9 — 9 Total Financial Assets $ 3,079 — $ 3,079 Financial Liabilities: Interest rate swap $ — — $ —

Derivative Financial Instrume34

Derivative Financial Instruments (Tables)	6 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of outstanding interest rate derivatives	As of March 31, 2018 , 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 1,387 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: March 31, 2018 September 30, 2017 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Other Assets $ 3,079 Other Assets $ 1,460 Accounts payable and accrued liabilities $ — 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 Six Months Ended March 31, 2018 2017 2018 2017 Amount of gain recognized on derivative in Other Comprehensive Income $ 1,132 $ 65 $ 1,590 $ 3,189 Amount of loss reclassified from Accumulated Other Comprehensive Income into Interest expense $ — $ 70 $ 44 $ 214

Organization and Background - N

Organization and Background - Narrative (Details) $ in Thousands	Mar. 31, 2018USD ($)statepropertyinvestmentproperty_unit	Sep. 30, 2017USD ($)
Organization, background and significant accounting policies
Number of properties | property	34
Number of units | property_unit	9,632
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	$ 993,250	$ 902,281
Investments in unconsolidated joint ventures	20,845	$ 21,415
Multi-family
Organization, background and significant accounting policies
Real estate properties, net	$ 982,801
Two Unconsolidated Joint Ventures
Organization, background and significant accounting policies
Number of investments | investment	3
Investments in unconsolidated joint ventures	$ 20,637

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($)	Mar. 27, 2018	May 08, 2018	Mar. 31, 2018	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Jan. 11, 2018	Sep. 30, 2017	Sep. 05, 2017
Equity incentive plans
Dividends declared per share (in dollars per share)	$ 0.0020
Per Share Data
Effect of diluted securities (in shares)					200,000	0	200,000	0
New Share Repurchase Program
Share Buyback
Beneficial interest purchased authorized amount											$ 5,000,000
Shares repurchased (in shares)							0
Restricted Stock Units (RSUs)
Restricted Shares
Compensation expense					$ 73,000	$ 110,000	$ 146,000	$ 220,000
Restricted Stock
Restricted Shares
Compensation expense					224,000	$ 276,000	467,000	$ 490,000
Deferred unearned compensation			$ 3,603,000		$ 3,603,000		$ 3,603,000			$ 2,356,000
Remaining weighted average vesting period							3 years 6 months
Incentive Plan 2018
Equity incentive plans
Number of shares authorized			600,000		600,000		600,000
Incentive Plan 2018 | Restricted Stock
Restricted Shares
Issued (in shares)			144,797
Shares outstanding (in shares)			706,247		706,247		706,247
Incentive Plan 2016 | Restricted Stock Units (RSUs)
Restricted Shares
Issued (in shares)				450,000
Contingently issuable shares included in diluted earnings calculation (in shares)							200,000
Vesting period for shares issued							5 years
Deferred unearned compensation			$ 870,000		$ 870,000		$ 870,000			$ 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		0		0
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					$ 1,401,000
Payments for commissions					30,000
Professional fees					$ 63,000
Subsequent Event | Private placement
Equity incentive plans
Shares sold in offering		62,400
Aggregate net proceeds from stock offering		$ 734,000
Payments for commissions		$ 16,000

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		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Numerator for basic and diluted earnings (loss) per share attributable to common stockholders:
Net income (loss) attributable to common stockholders	$ 25,222	$ (4,229)	$ 31,573	$ 11,541
Denominator:
Basic (in shares)	14,242,076	14,018,099	14,131,050	13,957,706
Effect of diluted securities (in shares)	200,000	0	200,000	0
Diluted (in shares)	14,442,076	14,018,099	14,331,050	13,957,706
Basic earnings (in dollars per share)	$ 1.77	$ (0.30)	$ 2.23	$ 0.83
Diluted earnings (in dollars per share)	$ 1.75	$ (0.30)	$ 2.20	$ 0.83

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties Owned (Details) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2018	Mar. 31, 2018	Sep. 30, 2017
Real Estate Properties
Land		$ 157,105	$ 138,094
Building		874,679	808,366
Building improvements		29,109	31,411
Real estate properties		1,060,893	977,871
Accumulated depreciation		(67,643)	(66,621)
Total real estate properties, net	$ 911,250	993,250	911,250
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	911,250
Additions	198,296
Capitalized Costs and Improvements	5,247
Depreciation	(17,888)
Sales	(103,655)
Real estate properties, ending balance	993,250
Multi-family
Real Estate Properties
Total real estate properties, net	890,300	959,474	890,300
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	890,300
Additions	185,415
Capitalized Costs and Improvements	5,247
Depreciation	(17,833)
Sales	(103,655)
Real estate properties, ending balance	959,474
Multi-family | West Nashville, TN
Real Estate Properties
Total real estate properties, net	10,448	23,329	10,448
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	10,448
Additions	12,881
Capitalized Costs and Improvements	0
Depreciation	0
Sales	0
Real estate properties, ending balance	23,329
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	$ 2,426	$ 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	(55)
Sales	0
Real estate properties, ending balance	$ 2,426

Real Estate Properties - Purcha

Real Estate Properties - Purchase Price Allocations (Details) $ in Thousands	6 Months Ended
	Mar. 31, 2018USD ($)property
Business Acquisition [Line Items]
Number of properties acquired | property	4
Previously Acquired
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Total consideration	$ 181,301
Previously Acquired | Land
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Real estate property	37,282
Previously Acquired | Buildings and Improvements
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Real estate property	140,027
Previously Acquired | Acquisition-related intangible assets
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Acquisition-related intangibles	$ 3,992

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended	18 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Sep. 30, 2017	Mar. 31, 2018
Loss Contingencies [Line Items]
Gain on insurance recovery	$ 3,227,000		$ 0	$ 3,227,000	$ 0
Loss from Catastrophes
Loss Contingencies [Line Items]
Reduction in carrying value						$ 3,471,000
Insurance proceeds				7,400,000
Rental Income
Loss Contingencies [Line Items]
Gain on insurance recovery	$ 294,000	$ 98,000		$ 588,000			$ 686,000

Acquisitions and Dispositions -

Acquisitions and Dispositions - Property Acquisitions (Details)	Feb. 07, 2018USD ($)property_unit	Mar. 31, 2018USD ($)property_unit	Mar. 31, 2018USD ($)property_unit	Mar. 31, 2017USD ($)property_unit
Real Estate Properties
No. of Units | property_unit		9,632	9,632
Corporate Joint Venture | VIE | Multi-family | Property Acquisition
Real Estate Properties
No. of Units | property_unit		1,432	1,432	401
Purchase Price		$ 178,996,000	$ 178,996,000	$ 73,490,000
Initial BRT Equity			35,785,000	16,723,000
Capitalized acquisition costs			2,305,000	1,200,000
Corporate Joint Venture | VIE | Multi-family | Property Acquisition | Mortgages payable
Real Estate Properties
Acquisition Mortgage Debt		$ 131,707,000	$ 131,707,000	$ 56,140,000
Corporate Joint Venture | VIE | Madison, AL | Multi-family | Property Acquisition
Real Estate Properties
No. of Units | property_unit		204	204
Purchase Price		$ 18,420,000	$ 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	$ 15,000,000
Corporate Joint Venture | VIE | Boerne, TX | Multi-family | Property Acquisition
Real Estate Properties
No. of Units | property_unit		120	120
Purchase Price		$ 12,000,000	$ 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	9,200,000
Corporate Joint Venture | VIE | Boerne, TX | Land | Property Acquisition
Real Estate Properties
Land acquisition			$ 500,000
Corporate Joint Venture | VIE | Ocoee, FL | Multi-family | Property Acquisition
Real Estate Properties
No. of Units | property_unit		522	522
Purchase Price		$ 71,347,000	$ 71,347,000
Initial BRT Equity			$ 12,370,000
Ownership Percentage			50.00%
Capitalized acquisition costs			$ 1,047,000
Corporate Joint Venture | VIE | Ocoee, FL | Multi-family | Property Acquisition | Mortgages payable
Real Estate Properties
Acquisition Mortgage Debt		$ 53,060,000	$ 53,060,000
Corporate Joint Venture | VIE | Lawrenceville, GA | Multi-family | Property Acquisition
Real Estate Properties
No. of Units | property_unit		586	586
Purchase Price		$ 77,229,000	$ 77,229,000
Initial BRT Equity			$ 15,179,000
Ownership Percentage			50.00%
Capitalized acquisition costs			$ 767,000
Corporate Joint Venture | VIE | Lawrenceville, GA | Multi-family | Property Acquisition | Mortgages payable
Real Estate Properties
Acquisition Mortgage Debt		54,447,000	54,447,000
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
Corporate Joint Venture | VIE | St. Louis, MO | Multi-family | Property Acquisition
Real Estate Properties
No. of Units | property_unit				128
Purchase Price				$ 27,000,000
Initial BRT Equity				$ 6,001,000
Ownership Percentage				75.50%
Capitalized acquisition costs				$ 423,000
Corporate Joint Venture | VIE | St. Louis, MO | Multi-family | Property Acquisition | Mortgages payable
Real Estate Properties
Acquisition Mortgage Debt				$ 20,000,000
Corporate Joint Venture | VIE | St. Louis, MO (Location 2) | Multi-family | Property Acquisition
Real Estate Properties
No. of Units | property_unit				53
Purchase Price				$ 8,000,000
Initial BRT Equity				$ 2,002,000
Ownership Percentage				75.50%
Capitalized acquisition costs				$ 134,000
Corporate Joint Venture | VIE | St. Louis, MO (Location 2) | Multi-family | Property Acquisition | Mortgages payable
Real Estate Properties
Acquisition Mortgage Debt				$ 6,200,000
Corporate Joint Venture | VIE | Pensacola, FL | Multi-family | Property Acquisition
Real Estate Properties
Purchase Price		$ 250,000	250,000
Ownership Percentage		0.00%
Corporate Joint Venture | VIE | Daytona, FL | Multi-family | Property Acquisition
Real Estate Properties
No. of Units | property_unit	208
Purchase Price	$ 20,500,000
Acquisition Mortgage Debt	$ 6,900,000
Ownership Percentage	80.00%
Corporate Joint Venture | VIE | Daytona, FL | Multi-family | Property Acquisition | Mortgages payable
Real Estate Properties
Acquisition Mortgage Debt	$ 13,608,000
Mortgages payable
Real Estate Properties
Acquisition Mortgage Debt		$ 131,707,000	$ 131,707,000
Mortgages payable | Corporate Joint Venture | VIE | Daytona, FL | Multi-family | Property Acquisition | Mortgages payable
Real Estate Properties
Interest rate	3.94%
Interest only period	2 years

Acquisitions and Dispositions42

Acquisitions and Dispositions - Property Dispositions (Details) $ in Thousands	6 Months Ended
	Mar. 31, 2018USD ($)property_unit	Mar. 31, 2017USD ($)property_unit
Business Acquisition [Line Items]
No. of Units | property_unit	9,632
Property dispositions
Business Acquisition [Line Items]
No. of Units | property_unit	1,369	1,017
Sales Price	$ 170,920	$ 130,710
Gain on Sale	64,500	35,838
Non-controlling partner portion of gain	$ 27,644	$ 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 | Panama City, FL
Business Acquisition [Line Items]
No. of Units | property_unit	542
Sales Price	$ 97,200
Gain on Sale	41,830
Non-controlling partner portion of gain	$ 20,593
Property dispositions | Valley, AL
Business Acquisition [Line Items]
No. of Units | property_unit	618
Sales Price	$ 51,000
Gain on Sale	9,712
Non-controlling partner portion of gain	$ 4,547
Property dispositions | Fort Washington
Business Acquisition [Line Items]
No. of Units | property_unit	1
Sales Price	$ 470
Gain on Sale	439
Non-controlling partner portion of gain	$ 0
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

Acquisitions and Dispositions43

Acquisitions and Dispositions - Impairment Charges (Details)	6 Months Ended
	Mar. 31, 2017USD ($)
Business Combinations [Abstract]
Impairment charges	$ 0

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Sep. 30, 2017	Mar. 31, 2017	Sep. 30, 2016
Variable Interest Entity [Line Items]
Real estate properties, net		$ 993,250	$ 902,281
Cash and cash equivalents		30,974	12,383	$ 43,147	$ 27,399
Deposits and escrows		23,655	27,839
Other assets		7,005	9,359
Real estate property held for sale		0	8,969
Total Assets	[1]	1,088,631	993,897
Mortgages payable, net of deferred costs of $6,550 and $6,345		743,225	697,826
Accounts payable and accrued liabilities		17,002	22,348
Total Liabilities	[1]	797,255	757,192
Real estate properties, net of accumulated depreciation		67,643	64,290
Deferred mortgage costs		6,922	6,727
Variable interest entity
Variable Interest Entity [Line Items]
Real estate properties, net		625,714	707,546
Cash and cash equivalents		9,228	8,626
Deposits and escrows		8,632	13,873
Other assets		5,765	8,148
Real estate property held for sale		0	8,969
Total Assets		649,339	747,162
Mortgages payable, net of deferred costs of $6,550 and $6,345		479,093	558,568
Accounts payable and accrued liabilities		7,550	14,419
Total Liabilities		486,643	572,987
Real estate properties, net of accumulated depreciation		48,037	52,873
Mortgages
Variable Interest Entity [Line Items]
Deferred mortgage costs		6,550	6,345
Mortgages | Variable interest entity
Variable Interest Entity [Line Items]
Deferred mortgage costs		$ 4,189	$ 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 March 31, 2018 and September 30, 2017, respectively: $625,714 and $707,546 of real estate properties, $9,228 and $8,626 of cash and cash equivalents, $8,632 and $13,873 of deposits and escrows, $5,765 and $8,148 of other assets, $0 and $8,969 of real estate properties held for sale, $479,093 and $558,568 of mortgages payable and $7,550 and $14,419 of accounts payable and accrued liabilities.

Real Estate Property Held For45

Real Estate Property Held For Sale - Narrative (Details) - USD ($) $ in Thousands	Oct. 25, 2017	Mar. 31, 2018	Mar. 31, 2017
Real Estate [Line Items]
Net proceeds from the sale of real estate properties		$ 168,691	$ 128,647
Property held for sale | Melbourne, FL
Real Estate [Line Items]
Net proceeds from the sale of real estate properties	$ 8,969

Investments in Unconsolidated46

Investments in Unconsolidated Ventures (Details)	3 Months Ended		6 Months Ended
	Mar. 31, 2018USD ($)propertyinvestmentproperty_unit	Mar. 31, 2017USD ($)	Mar. 31, 2018USD ($)propertyinvestmentproperty_unit	Mar. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Number of properties | property	34		34
Carrying Value			$ 0	$ 14,394,000
Equity in loss of unconsolidated joint ventures	$ 63,000	$ 0	$ 88,000	$ 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		339
Other investments
Schedule of Equity Method Investments [Line Items]
Carrying Value			$ 208,000
Unconsolidated joint ventures
Schedule of Equity Method Investments [Line Items]
Number of properties | investment	1,026		1,026
Carrying Value			$ 20,845,000
Mortgage Debt	$ 66,350,000		$ 66,350,000
Columbia, SC | Joint venture, thirty two percent ownership
Schedule of Equity Method Investments [Line Items]
Number of properties | investment	374		374
Carrying Value			$ 4,832,000
Mortgage Debt	$ 41,000,000		$ 41,000,000
Percent Ownership	32.00%		32.00%
Columbia, SC (Location 2) | Joint venture, forty six percent ownership
Schedule of Equity Method Investments [Line Items]
Number of properties | investment	339		339
Carrying Value			$ 8,665,000
Mortgage Debt	$ 0		$ 0
Percent Ownership	46.00%		46.00%
Forney, TX | Joint venture, fifty percent ownership
Schedule of Equity Method Investments [Line Items]
Number of properties | investment	313		313
Carrying Value			$ 7,140,000
Mortgage Debt	$ 25,350,000		$ 25,350,000
Percent Ownership	50.00%		50.00%
Secured Debt | Joint venture, forty six percent ownership
Schedule of Equity Method Investments [Line Items]
Construction financing	$ 47,000		$ 47,000
Interest rate	4.08%		4.08%

Debt Obligations - Schedule of

Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Sep. 30, 2017
Debt Obligations
Deferred mortgage costs	$ (6,922)	$ (6,727)
Total debt obligations, net of deferred costs	780,253	734,844
Mortgages payable
Debt Obligations
Total debt obligations, net of deferred costs	749,775	704,171
Deferred mortgage costs	(6,550)	(6,345)
Junior subordinated notes
Debt Obligations
Total debt obligations, net of deferred costs	37,400	37,400
Deferred mortgage costs	$ (372)	$ (382)

Debt Obligations - Mortgage Pay

Debt Obligations - Mortgage Payable (Details) - Mortgages - USD ($)	6 Months Ended
	Mar. 31, 2018	Feb. 28, 2017
Debt Obligations
Acquisition Mortgage Debt	$ 131,707,000
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
Mortgages Maturing in January 2028 | St. Louis, MO (Location 2)
Debt Obligations
Acquisition Mortgage Debt		$ 53,060,000
Interest rate		3.90%
Mortgages Maturing in March 2028 | Lawrenceville, GA
Debt Obligations
Acquisition Mortgage Debt		$ 54,447,000
Interest rate		3.97%
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	6 Months Ended
	Mar. 31, 2018USD ($)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	29,890,000
N Charleston, SC
Debt Instrument [Line Items]
Maximum Loan Amount	30,265,000
Amount outstanding	$ 29,890,000
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		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Sep. 30, 2017
Debt Instrument [Line Items]
Debt issuance, costs	$ 6,922		$ 6,922		$ 6,727
Junior subordinated notes
Debt Instrument [Line Items]
Total debt obligations	37,400		37,400		37,400
Debt issuance, costs	372		372		$ 382
Interest expense	$ 352	$ 287	$ 682	$ 561
London Interbank Offered Rate (LIBOR) | Junior subordinated notes
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
Interest rate	3.77%		3.77%

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2018USD ($)investment	Mar. 31, 2017USD ($)	Mar. 31, 2018USD ($)investment	Mar. 31, 2017USD ($)
Related Party Transaction [Line Items]
Related party expense	$ 317	$ 302	$ 619	$ 589
Related party - general and administrative	146	103	228	182
Real Property Management Real Estate Brokerage And Construction Supervision Services | Majestic Property Management Corporation
Related Party Transaction [Line Items]
Related party expense	10	8	19	16
Shared Services Agreement | Gould Investors Limited Partnership
Related Party Transaction [Line Items]
Related party - general and administrative	147	103	228	182
Affiliated Entity
Related Party Transaction [Line Items]
Related party expense	$ 908	672	$ 1,767	1,296
Number of investments | investment	2		2
Affiliated Entity | Payment Of Acquisition Fee
Related Party Transaction [Line Items]
Related party expense	$ 1,300	$ 350	$ 1,530	$ 650

Fair Value of Financial Instr52

Fair Value of Financial Instruments - Narrative (Details) - Level 2 - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Mar. 31, 2018	Sep. 30, 2017
Market Approach Valuation Technique | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	7.18%	6.37%
Market Approach Valuation Technique | Mortgages | Minimum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	3.99%	3.78%
Market Approach Valuation Technique | Mortgages | Maximum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	5.66%	5.02%
Carrying and Fair Value | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Estimated fair value (lower) higher than carrying value	$ 12,865	$ 15,705
Carrying and Fair Value | Mortgages
Financial Instruments Not Measured at Fair Value
Estimated fair value (lower) higher than carrying value	$ 23,145	$ 11,400

- Financial Instruments Measure

- Financial Instruments Measured at Fair Value (Details) - Fair Value Measurements Recurring $ in Thousands	Mar. 31, 2018USD ($)
Level 1
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative assets	$ 0
Level 1 | Interest rate swaps
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative assets	0
Derivative liabilities	0
Level 1 | Interest rate cap
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative assets	0
Level 2
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative assets	3,079
Level 2 | Interest rate swaps
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative assets	3,070
Derivative liabilities	0
Level 2 | Interest rate cap
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative assets	9
Carrying and Fair Value
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative assets	3,079
Carrying and Fair Value | Interest rate swaps
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative assets	3,070
Derivative liabilities	0
Carrying and Fair Value | Interest rate cap
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Derivative assets	$ 9

Derivative Financial Instrume54

Derivative Financial Instruments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	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	$ 1,132,000	$ 65,000	$ 1,590,000	$ 3,189,000
Gain or loss recognized related to hedge ineffectiveness	0	0	0	0
Gain from components excluded from assessment of cash flow hedge effectiveness	0	0	0	0
Estimated amount to be reclassified from Accumulated other comprehensive income (loss) as an increase to interest expense	294,000		294,000
Interest Expense
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Amount of loss reclassified from Accumulated Other Comprehensive Income into Interest expense	0	$ 70,000	44,000	$ 214,000
Other Assets
Fair value of derivative financial instruments
Fair value of derivative financial instrument asset	3,079,000		3,079,000		$ 1,460,000
Accounts payable and accrued liabilities
Fair value of derivative financial instruments
Fair value of derivative financial instrument liability	$ 0		$ 0		$ 14,000
Hedging instrument | Interest Rate Swap, Maturity Date January 1, 2021 [Member]
Interest Rate Derivatives
Fixed rate (as a percent)	3.86%		3.86%
Hedging instrument | Interest Rate Swap, Maturity Date April 1, 2022
Interest Rate Derivatives
Notional Amount	$ 1,387,000		$ 1,387,000
Fixed rate (as a percent)	5.25%		5.25%
Hedging instrument | Interest Rate Swap, Maturity Date May 6, 2023
Interest Rate Derivatives
Notional Amount	$ 26,400,000		$ 26,400,000
Fixed rate (as a percent)	3.61%		3.61%
Hedging instrument | Interest Rate Swap, Maturity Date September 19, 2026
Interest Rate Derivatives
Notional Amount	$ 27,000,000		$ 27,000,000
Fixed rate (as a percent)	4.05%		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		$ 9,200,000