BRT Apartments (BRT) 10-QT 8 Feb 19 2019 Q1 Quarterly report for transitional period Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2018	Feb. 02, 2019
Document and Entity Information
Entity Registrant Name	BRT APARTMENTS CORP.
Entity Central Index Key	14,846
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		15,900,395

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2018	Sep. 30, 2018
ASSETS
Real estate properties, net of accumulated depreciation and amortization of $91,715 and $85,724		$ 1,029,239	$ 1,020,874
Real estate loan		4,750	4,900
Cash and cash equivalents		32,428	27,360
Restricted cash		8,180	6,686
Deposits and escrows		21,268	24,458
Investments in unconsolidated joint ventures		19,758	20,078
Other assets		8,084	10,080
Real estate property held for sale		0	38,928
Total Assets	[1]	1,123,707	1,153,364
Liabilities:
Mortgages payable, net of deferred costs of $6,289 and $6,373		771,817	792,432
Junior subordinated notes, net of deferred costs of $357 and $362		37,043	37,038
Accounts payable and accrued liabilities		24,487	27,409
Total Liabilities	[1]	833,347	856,879
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; 15,038 and 15,048 shares outstanding		150	150
Additional paid-in capital		216,981	220,135
Accumulated other comprehensive income		1,688	2,629
Accumulated deficit		(20,044)	(24,927)
Total BRT Apartments Corp. stockholders’ equity		198,775	197,987
Non-controlling interests		91,585	98,498
Total Equity		290,360	296,485
Total Liabilities and Equity		$ 1,123,707	$ 1,153,364
[1]	The Company's consolidated balance sheets include the assets and liabilities of consolidated variable interest entities (VIEs). See note 6. The consolidated balance sheets include the following amounts related to the Company's VIEs as of December 31, 2018 and September 30, 2018, respectively: $584,074 and $586,623 of real estate properties, $5,207 and $6,699 of cash and cash equivalents, $11,705 and $11,837 of deposits and escrows, $6,302 and $6,781 of other assets, $0 and $38,928 of real estate properties held for sale, $446,749 and $481,569 of mortgages payable, net of deferred costs and $11,816 and $12,841 of accounts payable and accrued liabilities.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Sep. 30, 2018
Debt Instrument [Line Items]
Real estate accumulated depreciation	$ 91,715	$ 85,724
Mortgage payable and junior subordinated notes, deferred costs	$ 6,646	$ 6,735
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, authorized (in shares)	2,000,000	2,000,000
Preferred shares, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, outstanding (in shares)	15,038,000	15,048,000
Mortgages payable
Debt Instrument [Line Items]
Mortgage payable and junior subordinated notes, deferred costs	$ 6,289	$ 6,373
Junior subordinated notes
Debt Instrument [Line Items]
Mortgage payable and junior subordinated notes, deferred costs	$ 357	$ 362

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Rental and other revenues from real estate properties	$ 31,216	$ 28,162
Other income	223	187
Total revenues	31,439	28,349
Expenses:
Real estate operating expenses - including $915 and $785 to related parties	15,224	13,347
Interest expense	8,946	7,980
General and administrative - including $116 and $81 to related parties	2,476	2,303
Depreciation	10,192	8,648
Total expenses	36,838	32,278
Total revenue less total expenses	(5,399)	(3,929)
Equity in loss of unconsolidated joint ventures	(125)	(25)
Gain on sale of real estate	19,514	12,519
Gain on insurance recoveries	1,585	0
Loss on extinguishment of debt	(207)	(257)
Income from continuing operations	15,368	8,308
Income tax provision	58	106
Net income from continuing operations, net of taxes	15,310	8,202
Net income attributable to non-controlling interests	(7,237)	(1,851)
Net income attributable to common stockholders	$ 8,073	$ 6,351
Weighted average number of shares of common stock outstanding:
Basic (in shares)	15,744,233	14,022,438
Diluted (in shares)	15,944,233	14,222,438
Per share amounts attributable to common stockholders:
Basic (in dollars per share)	$ 0.51	$ 0.45
Diluted (in dollars per share)	$ 0.51	$ 0.45

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Related party - real estate operating expenses	$ 915	$ 785
Related party - general and administrative	$ 116	$ 81

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 15,310	$ 8,202
Other comprehensive income:
Unrealized (loss) gain on derivative instruments	(1,359)	502
Other comprehensive (loss) income	(1,359)	502
Comprehensive income	13,951	8,704
Comprehensive (income) attributable to non-controlling interests	(6,819)	(2,007)
Comprehensive income attributable to common stockholders	$ 7,132	$ 6,697

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Non- Controlling Interest
Beginning balance at Sep. 30, 2017	$ 236,705,000	$ 133,000	$ 201,910,000	$ 1,000,000	$ (37,047,000)	$ 70,709,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions - common stock - $0.20 per share in 2018, $0.18 per share in 2017	(2,596,000)				(2,596,000)
Compensation expense - restricted stock and restricted stock units	315,000		315,000
Contributions from non-controlling interests	4,535,000					4,535,000
Distributions to non-controlling interests	(4,316,000)					(4,316,000)
Net income	8,202,000				6,351,000	1,851,000
Other comprehensive income	502,000			346,000		156,000
Comprehensive income	8,704,000
Ending balance at Dec. 31, 2017	243,347,000	133,000	202,225,000	1,346,000	(33,292,000)	72,935,000
Beginning balance at Sep. 30, 2018	296,485,000	150,000	220,135,000	2,629,000	(24,927,000)	98,498,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions - common stock - $0.20 per share in 2018, $0.18 per share in 2017	(3,190,000)				(3,190,000)
Compensation expense - restricted stock and restricted stock units	323,000		323,000
Contributions from non-controlling interests	1,435,000					1,435,000
Distributions to non-controlling interests	(15,070,000)					(15,070,000)
Purchase of non-controlling interest	(3,454,000)		(3,357,000)			(97,000)
Shares repurchased - 10,274 shares	120,473		120,000
Net income	15,310,000				8,073,000	7,237,000
Other comprehensive income	(1,359,000)			(941,000)		(418,000)
Comprehensive income	13,951,000
Ending balance at Dec. 31, 2018	$ 290,360,000	$ 150,000	$ 216,981,000	$ 1,688,000	$ (20,044,000)	$ 91,585,000

CONSOLIDATED STATEMENT OF EQU_2

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.20	$ 0.18
Shares repurchased (in shares)	10,274

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income	$ 15,310	$ 8,202
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	10,192	8,648
Amortization of deferred borrowing fees	178	364
Amortization of restricted stock and restricted stock units	323	315
Equity in loss of unconsolidated joint ventures	125	25
Gain on sale of real estate	(19,514)	(12,519)
Gain on insurance recovery	(1,585)	0
Loss on extinguishment of debt	207	257
Distributions from equity earnings of unconsolidated joint ventures	0	36
Increases and decreases from changes in other assets and liabilities:
Decrease in deposits and escrows	3,190	4,209
Decrease in other assets	2,212	930
Decrease in accounts payable and accrued liabilities	(2,962)	(2,066)
Net cash provided by operating activities	7,676	8,401
Cash flows from investing activities:
Collections from real estate loan	150	150
Additions to real estate properties	(48,756)	(36,910)
Improvements to real estate properties	(3,093)	(1,610)
Purchase of non-controlling interests	(3,444)	0
Net proceeds from the sale of real estate properties	91,887	21,790
Distributions from unconsolidated joint ventures	195	239
Net cash provided by (used in) investing activities	36,939	(16,341)
Cash flows from financing activities:
Proceeds from mortgages payable	37,040	24,470
Mortgage payoffs	(56,580)	(9,290)
Mortgage principal payments	(1,366)	(1,328)
Increase in deferred financing costs	(242)	(380)
Dividends paid	(3,150)	(2,524)
Contributions from non-controlling interests	1,435	4,535
Distributions to non-controlling interests	(15,070)	(4,316)
Repurchase of shares of common stock	(120)	0
Net cash (used in) provided by financing activities	(38,053)	11,167
Net increase in cash, cash equivalents and restricted cash	6,562	3,227
Cash, cash equivalents and restricted cash at beginning of period	34,046	18,534
Cash, cash equivalents and restricted cash at end of period	40,608	21,761
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of capitalized interest of $27 and $249, respectively	9,063	7,605
Taxes paid	$ 39	$ 25

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement of Cash Flows [Abstract]
Capitalized interest	$ 299,000	$ 0

Organization and Background

Organization and Background	3 Months Ended
	Dec. 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 December 31, 2018, the Company owns: (a) 35 multi-family properties with 9,696 units (including 402 units at a property under development), located in 11 states with a carrying value of $1,018,874,000; and (b) interests in three unconsolidated multi-family joint ventures with 687 units (including 339 units in lease-up) located in two states with a carrying value of $19,635,000.

Basis of Preparation

Basis of Preparation	3 Months Ended
	Dec. 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 December 31, 2018, and for the three months ended December 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 months ended December 31, 2018 and 2017, are not necessarily indicative of the results for the full year. The consolidated balance sheet as of September 30, 2018, 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, Farmers Branch, TX and Grand Prairie, TX 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 generally 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. In February 2019, the Board of Directors of the Company authorized a change in the Company’s fiscal year end from September 30 to December 31. The change is intended to better align the Company’s fiscal year with the fiscal year of other multi-family REITs. As a result of the change in fiscal year, (i) the Company’s 2019 fiscal year began on January 1, 2019 and will end on December 31, 2019 and (ii) the Company is filing this Transition Report on Form 10-Q (this "Transition Report") covering the transition period from October 1, 2018 to December 31, 2018.

Equity

Equity	3 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Equity	Equity Equity Distribution Agreements In January 2018, the Company entered into equity distribution agreements, which were amended in May 2018, with three sales agents to sell up to an aggregate of $30,000,000 of its common stock from time-to-time in an at-the-market offering. During the quarter ended December 31, 2018, the Company did not sell any shares. Since the commencement of the at-the-market offering program through December 31, 2018, the Company sold 1,590,935 shares for an aggregate sales price of $20,913,000. Common Stock Dividend Distribution The Company declared a quarterly cash distribution of $0.20 per share, payable on January 4, 2019, to stockholders of record on December 21, 2018. Stock Based Compensation The Company's 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 December 31, 2018. Expense is recognized over the five and $72,000 , of compensation expense related to the amortization of unearned compensation with respect to the Units. At December 31, 2018, and September 30, 2018, $319,000 and $354,000 of compensation expense, respectively, had been deferred and will be charged to expense over the remaining vesting period. Restricted Stock In January 2019, the Company granted 156,399 shares of restricted stock pursuant to the 2018 Incentive Plan. As of December 31, 2018 , an aggregate of 705,847 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. The shares of restricted stock vest five For the three months ended December 31, 2018 and 2017, the Company recorded $288,000 and $243,000, respectively, of compensation expense related to the amortization of unearned compensation with respect to the restricted stock awards. At December 31, 2018 and September 30, 2018 , $2,735,000 and $3,023,000 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 2.1 years. Stock Buyback On September 5, 2017, the Board of Directors approved a repurchase plan authorizing the Company, effective as of October 1, 2017, to repurchase up to $5,000,000 of shares of common stock through September 30, 2019. During the quarter ended December 31, 2018, the Company purchased 10,274 shares of common stock at an average market price of $11.73 per share for a purchase price of approximately $120,473. 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 shares of common stock 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 deemed to be outstanding during such period. For the three months ended December 31, 2018 , the Company included 200,000 shares of common stock underlying the Units in the calculation of diluted earning per share as the market criteria with respect to the Units has been met at December 31, 2018 . The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts): Three Months Ended December 31, 2018 2017 Numerator for basic and diluted earnings per share attributable to common stockholders: Net income attributable to common stockholders $ 8,073 $ 6,351 Denominator: Denominator for basic earnings per share—weighted average number of shares 15,744,233 14,022,438 Effect of diluted securities 200,000 200,000 Denominator for diluted earnings per share—adjusted weighted average number of shares and assumed conversions 15,944,233 14,222,438 Basic earnings per share $ 0.51 $ 0.45 Diluted earnings per share $ 0.51 $ 0.45

Real Estate Properties

Real Estate Properties	3 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties Real estate properties (including a property held for sale at September 30, 2018) consist of the following (dollars in thousands): December 31, 2018 September 30, 2018 Land $ 155,573 $ 163,862 Building 924,378 943,775 Building improvements 41,003 40,274 Real estate properties 1,120,954 1,147,911 Accumulated depreciation (91,715) (88,109) Total real estate properties, net $ 1,029,239 $ 1,059,802 A summary of real estate properties owned (including a property held for sale at September 30, 2018) follows (dollars in thousands): September 30, 2018 Additions Capitalized Costs and Improvements Depreciation Sales December 31, 2018 Multi-family $ 1,005,353 $ 38,259 $ 3,093 $ (10,164) $ (72,221) $ 964,320 Multi-family development - West Nashville, TN 44,057 — 10,498 — — 54,555 Land - Daytona, FL 8,021 — — — — 8,021 Shopping centers/Retail - Yonkers, NY 2,371 — — (28) — 2,343 Total real estate properties $ 1,059,802 $ 38,259 $ 13,591 $ (10,192) $ (72,221) $ 1,029,239 The following table summarizes the allocation of the purchase price with respect to a property purchased during the three months ended December 31, 2018 (dollars in thousands): Allocation of Purchase Price Land $ 3,164 Building and improvements 34,446 Acquisition-related intangible assets 649 Total consideration $ 38,259 The purchase price of the property acquired, inclusive of acquisition costs, was allocated to the acquired assets based on their estimated relative fair values on the acquisition date. As a result of damage from a fire in March 2018, the Company reduced the carrying value of Brixworth located in Huntsville, AL, by $741,000 and because the Company believed it was probable that it would recover such sum from its insurance coverage, it recognized such sum as an insurance recovery receivable. Through December 31, 2018, the Company received $1,560,000 and recognized a gain of $819,000 in the quarter ended December 31, 2018. As a result of damage from a fire in May 2018, the Company reduced the carrying value of Waterside located in Indianapolis, IN by $267,000 and because the Company believed it was probable that it would recover such sum from its insurance coverage, it recognized such sum as an insurance recovery receivable. Through December 31, 2018, the Company received $350,000 and recognized a gain of $83,000 in the quarter ended December 31, 2018. During the three months ended December 31, 2018, the Company received $1,153,000 and recognized an additional gain of $683,000 in insurance recoveries upon its receipt of funds on its claim with regard to damage at Retreat at Cinco Ranch, located in Katy, TX, which was damaged by Hurricane Harvey in September 2017.

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions Property Acquisitions The table below provides information regarding the Company's purchase of a multi-family property during the three months ended December 31, 2018 (dollars in thousands): Location Purchase Date No. of Units Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Capitalized Acquisition Costs Greenville, SC 10/30/2018 266 $ 37,750 $ 26,425 $ 12,920 90 $ 509 In the quarter ended December 31, 2018 , the Company purchased its partner's 20.0% equity interest in Kendall Apartments, located in Pensacola, FL, for $3,444,000. The property is now wholly owned by the Company. The table below provides information regarding the Company's purchases of multi-family properties during the three months ended December 31, 2017 (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 80.0 % $ 247 Boerne, TX (a) 12/14/2017 120 12,000 9,200 3,780 80.0 % 244 324 $ 30,420 $ 24,200 $ 8,236 $ 491 ____________________________________ (a) Purchase price includes $500 for the acquisition of a land parcel adjacent to the property. Property Dispositions The following table is a summary of real estate properties disposed of by the Company during the three months ended December 31, 2018 (dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner's portion of the gain North Charleston, SC 11/07/2018 271 $ 51,650 $ 11,921 $ 5,970 Lake St. Louis, MO 12/18/2018 420 41,200 7,593 2,077 691 $ 92,850 $ 19,514 $ 8,047 The following table is a summary of the real estate properties disposed of by the Company during the three months ended December 31, 2017 (dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner's portion of the gain Melbourne, FL 10/25/2017 208 $ 22,250 $ 12,519 $ 2,504 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 months ended December 31, 2018 and 2017, no impairment charges were recorded.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest EntitiesThe 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 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 ventures 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 (dollars in thousands): December 31, 2018 September 30, 2018 ASSETS Real estate properties, net of accumulated depreciation of $53,637 and $52,873 $ 584,074 $ 586,623 Cash and cash equivalents 5,207 6,699 Deposits and escrows 11,705 11,837 Other assets 6,302 6,781 Real estate properties held for sale — 38,852 Total Assets $ 607,288 $ 650,792 LIABILITIES Mortgages payable, net of deferred costs of $3,628 and $3,786 $ 446,779 $ 481,569 Accounts payable and accrued liabilities 11,816 12,841 Total Liabilities $ 458,595 $ 494,410

Real Estate Property Held For S

Real Estate Property Held For Sale	3 Months Ended
	Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Property Held For Sale	Real Estate Property Held For SaleAt September 30, 2018, Factory at Garco Park, North Charleston, SC with a carrying value of $38,928,000, was held for sale. This property was sold on November 7, 2018. The Company did not have any properties that met the criteria for held-for-sale classification at December 31, 2018.

Restricted Cash

Restricted Cash	3 Months Ended
	Dec. 31, 2018
Cash and Cash Equivalents [Abstract]
Restricted Cash	Restricted CashRestricted 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.

Investment in Unconsolidated Ve

Investment in Unconsolidated Ventures	3 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Ventures	Investment in Unconsolidated Ventures The Company has interests in unconsolidated joint ventures that own multi-family properties. The table below provides information regarding these joint ventures at December 31, 2018 (dollars in thousands): Location Number of Units Carrying Value of Investment Mortgage Balance Percent Ownership Columbia, SC 374 $ 4,619 $ 40,219 32 % Columbia, SC (a) 339 8,425 37,463 46 % Forney, TX (b) 313 6,591 25,350 50 % Other investments N/A 123 N/A N/A 1,026 $ 19,758 $ 103,032 ________________________ (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 4.95% and matures in June 2020. (b) This interest is held through a tenancy-in-common. The net loss from these ventures was $125,000 and $25,000 for the three months ended December 31, 2018 and 2017, respectively.

Debt Obligations

Debt Obligations	3 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Debt obligations consist of the following (dollars in thousands): December 31, 2018 September 30, 2018 Mortgages payable $ 778,106 $ 798,805 Junior subordinated notes 37,400 37,400 Deferred mortgage costs (6,646) (6,735) Total debt obligations, net of deferred costs $ 808,860 $ 829,470 Mortgages Payable During the three months ended December 31, 2018, the Company obtained the following mortgage debt in connection with the related property acquisition (dollars in thousands): Location Closing Date Acquisition Mortgage Debt Interest Rate Interest only period Maturity Date Greenville, SC 10/30/18 $ 26,425 4.69 % 60 months November 2028 The Company has a construction loan financing a development project. Information regarding this loan at December 31, 2018 is set forth below (dollars in thousand): Location Closing Date Maximum Loan Amount Amount outstanding Interest Rate Maturity Date Extension Option Nashville,TN 6/2/2017 $ 47,426 $ 29,272 LIBOR + 2.85% 6/2/2022 N/A Junior Subordinated Notes At December 31, 2018 and September 30, 2018, the Company's junior subordinated notes had an outstanding principal balance of $37,400,000, before deferred financing costs of $357,000 and $362,000, respectively. At December 31, 2018, the interest rate on the outstanding balance is three month LIBOR + 2.00% or 4.52%. The junior subordinated notes require interest only payments through the maturity date of April 30, 2036, at which time repayment of the outstanding principal and unpaid interest become due. Interest expense for the three months ended December 31, 2018 and 2017, which includes amortization of deferred costs, was $424,000 and $330,000, respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Dec. 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 incurred and paid for these services in the three months ended December 31, 2018 and 2017 were $317,000 and $302,000, 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 $14,000 and $9,000 for the three months ended December 31, 2018 and 2017, respectively. The Company shares facilities, personnel and other resources with One Liberty Properties, Inc., Majestic Property, and Gould Investors L.P. Certain of the Company's executive officers and/or directors also serve in management positions, and have ownership interests, in One Liberty, Majestic Property and/or Georgetown Partners Inc., the managing general partner of Gould Investors L.P. The allocation of expenses for the facilities, personnel and other resources shared by the Company, One Liberty, Majestic Property and Gould Investors is computed in accordance with a shared services agreement by and among the Company and these entities and is included in general and administrative expense on the consolidated statements of operations. For the three months ended December 31, 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 $116,000 and $81,000, respectively. Management of many of the Company's multi-family properties (including three 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 December 31, 2018 and 2017 were $986,000 and $818,000, respectively. In addition, the Company may pay an acquisition fee to a joint venture partner in connection with a property purchased by such joint venture. Capitalized acquisition fees paid to these related parties for the three months ended December 31, 2018 and 2017 were $378,000 and $230,000, respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Dec. 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 December 31, 2018 and September 30, 2018, the estimated fair value of the notes is lower than their carrying value by approximately $11,974,000 and $12,451,000, respectively, based on a market interest rate of 7.79% and 7.35%, respectively. Mortgages payable: At December 31, 2018, the estimated fair value of the Company’s mortgages payable is lower than their carrying value by approximately $19,334,000, assuming market interest rates between 3.94% and 5.61% and at September 30, 2018, the estimated fair value of the Company's mortgages payable was lower than their carrying value by approximately $34,039,000 assuming market interest rates between 4.30% and 6.04%. Market interest rates were determined using rates which the Company believes reflects institutional lender yield requirements at the balance sheet dates. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value assumptions. Financial Instruments Carried at Fair Value The Company’s fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. The Company does not currently own any financial instruments that are classified as Level 3. Set forth below is information regarding the Company’s financial assets and liabilities measured at fair value as of December 31, 2018 (dollars in thousands): Carrying and Fair Value Fair Value MeasurementsUsing Fair Value Hierarchy Level 1 Level 2 Financial Assets: Interest rate swaps $ 2,429 — $ 2,429 Interest rate cap 5 — 5 Total Financial Assets $ 2,434 — $ 2,434 Derivative financial instruments: Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. At December 31, 2018, these derivatives are included in other assets on the consolidated balance sheet.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Dec. 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 December 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 Current Notional Amount Fixed Rate Maturity Interest rate cap on LIBOR $ 9,200 3.86 % January 1, 2021 Interest rate cap on LIBOR 29,000 3.00 % July 1, 2021 Interest rate swap 1,298 5.25 % April 1, 2022 Interest rate swap 26,061 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 (dollars in thousands): Derivatives as of: December 31, 2018 September 30, 2018 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Other Assets $ 2,434 Other Assets $ 3,793 Accounts payable and accrued liabilities $ — Accounts payable and accrued liabilities $ — As of December 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 2018 2017 Amount of gain (loss) recognized on derivative in Other Comprehensive Income $ (1,260) $ 459 Amount of gain (loss) reclassified from Accumulated Other Comprehensive Income into Interest expense $ 99 $ 43 No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company's cash flow hedges during the three months ended December 31, 2018 and December 31, 2017. The Company estimates an additional $491,000 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	3 Months Ended
	Dec. 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), which prescribes a single, common revenue standard that 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. The Company's revenues are primarily derived from rental income, which is scoped out from this standard and is currently accounted for in accordance with ASC Topic 840, Leases . The Company adopted this standard effective October 1, 2018, using the modified retrospective approach, applying the provisions to open contracts as of the date of adoption. Certain revenues, such as tenant reimbursements, tenant fees, and other property income, are subject to the new guidance. The adoption of the new revenue recognition standard did not have a material impact on the consolidated financial statements and no cumulative effect adjustment was recorded upon adoption as there was no change in the amount or timing of revenue recognized. In February 2016, the FASB issued ASU 2016-02, Leases . ASU 2016-02 supersedes the current accounting for leases and while retaining two distinct types of leases, finance and operating, and requires lessees to recognize most leases on their balance sheets and makes targeted changes to lessor accounting. Further, in July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements. This amendment provides a new practical expedient that allows lessors, by class of underlying asset, to avoid separating lease and associated non-lease components within a contract if certain criteria are met: (i) the timing and pattern of transfer for the non-lease component and the associated lease component are the same and (ii) the stand-alone lease component would be classified as an operating lease if accounted for separately. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and early adoption is permitted. The Company will adopt this standard effective January 1, 2019, and its adoption is not expected to have a material effect on the consolidated financial statements. As a lessor, the Company expects that the adoption of ASU 2016-02 (as amended by subsequent ASUs) will not change the timing of revenue recognition of the Company’s rental revenues. As a lessee, the Company is party to certain equipment, ground, and office leases with future payment obligations for which the Company expects to record right-of-use assets and lease liabilities at the present value of the remaining minimum rental payments upon adoption of this standard. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, 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. The Company adopted this standard effective October 1, 2018, using the “cumulative earnings approach” whereby distributions received from equity method investments are classified as cash flows from operations to the extent of equity earnings and then as cash flows from investing activities thereafter. The adoption of this guidance did not have a material effect on the consolidated financial statements. In November 2016, the FASB issued ASU Update No. 2016-018, Statement of Cash Flows (Topic 230): Restricted Cash. 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 Company adopted this standard effective October 1, 2018 using the retrospective approach. The adoption of this update did not have a material effect on the consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which amends the guidance on nonfinancial assets in ASC 610-20. The amendments clarify that (i) a financial asset is within the scope of ASC 610-20 if it meets the definition of an in substance nonfinancial asset and may include nonfinancial assets transferred within a legal entity to a counter-party, (ii) an entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counter-party and de-recognize each asset when a counter-party obtains control of it, and (iii) an entity should allocate consideration to each distinct asset by applying the guidance in ASC 606 on allocating the transaction price to performance obligations. Further, ASU 2017-05 provides guidance on accounting for partial sales of nonfinancial assets. The amendments are effective at the same time as the amendments in ASU 2014-09. The Company adopted this standard effective October 1, 2018. The adoption of this guidance did not have a material effect on the consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities . The update better aligns a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018, with early adoption, including adoption in an interim period, permitted. The Company adopted this standard effective January 1, 2019, and does not expect the adoption will have a material effect on the consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . This update provides specific guidance for transactions for acquiring goods and services from nonemployees and specifies that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (i) financing to the issuer or (ii) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC Topic 606, Revenue from Contracts with Customers. This guidance is effective for fiscal years beginning after December 15, 2019, and interim periods beginning after December 15, 2020. Early adoption is permitted but not earlier than the adoption of ASC Topic 606. The Company does not believe that this guidance will have a material effect on its consolidated financial statements as it has not historically issued share-based payments in exchange for goods or services to be consumed within its operations. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement , which removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC Topic 820. This guidance is effective for public companies in fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. In October 2018, the FASB issued ASU 2018-16, (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) as a Benchmark Interest Rate for Hedging Purposes . The amendments in this update permit the OIS rate based on SOFR as an eligible benchmark interest rate. The amendments in this update are effective for fiscal years beginning after December 15, 2018. The Company adopted this guidance on January 1, 2019. The Company does not believe this guidance will have a material effect on its consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810: Targeted Improvements to Related Party Guidance for Variable Interest Entities) that expands the application of a specific private company accounting alternative related to VIEs and changes the guidance for determining whether a decision-making fee is a variable interest. It allows private companies the election not to apply the variable interest entity guidance to qualifying common control leasing arrangements. The amendment broadens the scope of the private company alternative to include all common control arrangements that meet specific criteria (not just leasing arrangements). ASU 2018-17 also eliminates the requirement that entities consider indirect interests held through related parties under common control in their entirety when assessing whether a decision-making fee is a variable interest. Instead, the reporting entity will consider such indirect interests on a proportionate basis. The ASU is effective for entities other than private entities for fiscal years beginning after December 15, 2019 with early adoption permitted. The company is currently evaluation the impact this guidance will have on its consolidated financial statements.

Subsequent Events

Subsequent Events	3 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsSubsequent events have been evaluated and any significant events, relative to our consolidated financial statements as of December 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)	3 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	The accompanying interim unaudited consolidated financial statements as of December 31, 2018, and for the three
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, Farmers Branch, TX and Grand Prairie, TX 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 generally 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
Use of Estimates	The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements.  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.
Financial Instruments Carried at Fair Value	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.
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), which prescribes a single, common revenue standard that 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. The Company's revenues are primarily derived from rental income, which is scoped out from this standard and is currently accounted for in accordance with ASC Topic 840, Leases . The Company adopted this standard effective October 1, 2018, using the modified retrospective approach, applying the provisions to open contracts as of the date of adoption. Certain revenues, such as tenant reimbursements, tenant fees, and other property income, are subject to the new guidance. The adoption of the new revenue recognition standard did not have a material impact on the consolidated financial statements and no cumulative effect adjustment was recorded upon adoption as there was no change in the amount or timing of revenue recognized. In February 2016, the FASB issued ASU 2016-02, Leases . ASU 2016-02 supersedes the current accounting for leases and while retaining two distinct types of leases, finance and operating, and requires lessees to recognize most leases on their balance sheets and makes targeted changes to lessor accounting. Further, in July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements. This amendment provides a new practical expedient that allows lessors, by class of underlying asset, to avoid separating lease and associated non-lease components within a contract if certain criteria are met: (i) the timing and pattern of transfer for the non-lease component and the associated lease component are the same and (ii) the stand-alone lease component would be classified as an operating lease if accounted for separately. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and early adoption is permitted. The Company will adopt this standard effective January 1, 2019, and its adoption is not expected to have a material effect on the consolidated financial statements. As a lessor, the Company expects that the adoption of ASU 2016-02 (as amended by subsequent ASUs) will not change the timing of revenue recognition of the Company’s rental revenues. As a lessee, the Company is party to certain equipment, ground, and office leases with future payment obligations for which the Company expects to record right-of-use assets and lease liabilities at the present value of the remaining minimum rental payments upon adoption of this standard. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, 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. The Company adopted this standard effective October 1, 2018, using the “cumulative earnings approach” whereby distributions received from equity method investments are classified as cash flows from operations to the extent of equity earnings and then as cash flows from investing activities thereafter. The adoption of this guidance did not have a material effect on the consolidated financial statements. In November 2016, the FASB issued ASU Update No. 2016-018, Statement of Cash Flows (Topic 230): Restricted Cash. 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 Company adopted this standard effective October 1, 2018 using the retrospective approach. The adoption of this update did not have a material effect on the consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which amends the guidance on nonfinancial assets in ASC 610-20. The amendments clarify that (i) a financial asset is within the scope of ASC 610-20 if it meets the definition of an in substance nonfinancial asset and may include nonfinancial assets transferred within a legal entity to a counter-party, (ii) an entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counter-party and de-recognize each asset when a counter-party obtains control of it, and (iii) an entity should allocate consideration to each distinct asset by applying the guidance in ASC 606 on allocating the transaction price to performance obligations. Further, ASU 2017-05 provides guidance on accounting for partial sales of nonfinancial assets. The amendments are effective at the same time as the amendments in ASU 2014-09. The Company adopted this standard effective October 1, 2018. The adoption of this guidance did not have a material effect on the consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities . The update better aligns a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018, with early adoption, including adoption in an interim period, permitted. The Company adopted this standard effective January 1, 2019, and does not expect the adoption will have a material effect on the consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . This update provides specific guidance for transactions for acquiring goods and services from nonemployees and specifies that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (i) financing to the issuer or (ii) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC Topic 606, Revenue from Contracts with Customers. This guidance is effective for fiscal years beginning after December 15, 2019, and interim periods beginning after December 15, 2020. Early adoption is permitted but not earlier than the adoption of ASC Topic 606. The Company does not believe that this guidance will have a material effect on its consolidated financial statements as it has not historically issued share-based payments in exchange for goods or services to be consumed within its operations. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement , which removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC Topic 820. This guidance is effective for public companies in fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. In October 2018, the FASB issued ASU 2018-16, (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) as a Benchmark Interest Rate for Hedging Purposes . The amendments in this update permit the OIS rate based on SOFR as an eligible benchmark interest rate. The amendments in this update are effective for fiscal years beginning after December 15, 2018. The Company adopted this guidance on January 1, 2019. The Company does not believe this guidance will have a material effect on its consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810: Targeted Improvements to Related Party Guidance for Variable Interest Entities) that expands the application of a specific private company accounting alternative related to VIEs and changes the guidance for determining whether a decision-making fee is a variable interest. It allows private companies the election not to apply the variable interest entity guidance to qualifying common control leasing arrangements. The amendment broadens the scope of the private company alternative to include all common control arrangements that meet specific criteria (not just leasing arrangements). ASU 2018-17 also eliminates the requirement that entities consider indirect interests held through related parties under common control in their entirety when assessing whether a decision-making fee is a variable interest. Instead, the reporting entity will consider such indirect interests on a proportionate basis. The ASU is effective for entities other than private entities for fiscal years beginning after December 15, 2019 with early adoption permitted. The company is currently evaluation the impact this guidance will have on its consolidated financial statements.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Dec. 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 per share amounts): Three Months Ended December 31, 2018 2017 Numerator for basic and diluted earnings per share attributable to common stockholders: Net income attributable to common stockholders $ 8,073 $ 6,351 Denominator: Denominator for basic earnings per share—weighted average number of shares 15,744,233 14,022,438 Effect of diluted securities 200,000 200,000 Denominator for diluted earnings per share—adjusted weighted average number of shares and assumed conversions 15,944,233 14,222,438 Basic earnings per share $ 0.51 $ 0.45 Diluted earnings per share $ 0.51 $ 0.45

Real Estate Properties (Tables)

Real Estate Properties (Tables)	3 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Summary of real estate properties owned	Real estate properties (including a property held for sale at September 30, 2018) consist of the following (dollars in thousands): December 31, 2018 September 30, 2018 Land $ 155,573 $ 163,862 Building 924,378 943,775 Building improvements 41,003 40,274 Real estate properties 1,120,954 1,147,911 Accumulated depreciation (91,715) (88,109) Total real estate properties, net $ 1,029,239 $ 1,059,802 A summary of real estate properties owned (including a property held for sale at September 30, 2018) follows (dollars in thousands): September 30, 2018 Additions Capitalized Costs and Improvements Depreciation Sales December 31, 2018 Multi-family $ 1,005,353 $ 38,259 $ 3,093 $ (10,164) $ (72,221) $ 964,320 Multi-family development - West Nashville, TN 44,057 — 10,498 — — 54,555 Land - Daytona, FL 8,021 — — — — 8,021 Shopping centers/Retail - Yonkers, NY 2,371 — — (28) — 2,343 Total real estate properties $ 1,059,802 $ 38,259 $ 13,591 $ (10,192) $ (72,221) $ 1,029,239
Summary of the allocation of purchase price	The following table summarizes the allocation of the purchase price with respect to a property purchased during the three months ended December 31, 2018 (dollars in thousands): Allocation of Purchase Price Land $ 3,164 Building and improvements 34,446 Acquisition-related intangible assets 649 Total consideration $ 38,259

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	3 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Schedule of real estate acquisitions	The table below provides information regarding the Company's purchase of a multi-family property during the three months ended December 31, 2018 (dollars in thousands): Location Purchase Date No. of Units Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Capitalized Acquisition Costs Greenville, SC 10/30/2018 266 $ 37,750 $ 26,425 $ 12,920 90 $ 509 In the quarter ended December 31, 2018 , the Company purchased its partner's 20.0% equity interest in Kendall Apartments, located in Pensacola, FL, for $3,444,000. The property is now wholly owned by the Company. The table below provides information regarding the Company's purchases of multi-family properties during the three months ended December 31, 2017 (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 80.0 % $ 247 Boerne, TX (a) 12/14/2017 120 12,000 9,200 3,780 80.0 % 244 324 $ 30,420 $ 24,200 $ 8,236 $ 491 ____________________________________ (a) Purchase price 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 three months ended December 31, 2018 (dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner's portion of the gain North Charleston, SC 11/07/2018 271 $ 51,650 $ 11,921 $ 5,970 Lake St. Louis, MO 12/18/2018 420 41,200 7,593 2,077 691 $ 92,850 $ 19,514 $ 8,047 The following table is a summary of the real estate properties disposed of by the Company during the three months ended December 31, 2017 (dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner's portion of the gain Melbourne, FL 10/25/2017 208 $ 22,250 $ 12,519 $ 2,504

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Dec. 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 (dollars in thousands): December 31, 2018 September 30, 2018 ASSETS Real estate properties, net of accumulated depreciation of $53,637 and $52,873 $ 584,074 $ 586,623 Cash and cash equivalents 5,207 6,699 Deposits and escrows 11,705 11,837 Other assets 6,302 6,781 Real estate properties held for sale — 38,852 Total Assets $ 607,288 $ 650,792 LIABILITIES Mortgages payable, net of deferred costs of $3,628 and $3,786 $ 446,779 $ 481,569 Accounts payable and accrued liabilities 11,816 12,841 Total Liabilities $ 458,595 $ 494,410

Investment in Unconsolidated _2

Investment in Unconsolidated Ventures (Tables)	3 Months Ended
	Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The table below provides information regarding these joint ventures at December 31, 2018 (dollars in thousands): Location Number of Units Carrying Value of Investment Mortgage Balance Percent Ownership Columbia, SC 374 $ 4,619 $ 40,219 32 % Columbia, SC (a) 339 8,425 37,463 46 % Forney, TX (b) 313 6,591 25,350 50 % Other investments N/A 123 N/A N/A 1,026 $ 19,758 $ 103,032 ________________________ (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 4.95% and matures in June 2020.

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of debt obligations	Debt obligations consist of the following (dollars in thousands): December 31, 2018 September 30, 2018 Mortgages payable $ 778,106 $ 798,805 Junior subordinated notes 37,400 37,400 Deferred mortgage costs (6,646) (6,735) Total debt obligations, net of deferred costs $ 808,860 $ 829,470
Schedule of debt information	During the three months ended December 31, 2018, the Company obtained the following mortgage debt in connection with the related property acquisition (dollars in thousands): Location Closing Date Acquisition Mortgage Debt Interest Rate Interest only period Maturity Date Greenville, SC 10/30/18 $ 26,425 4.69 % 60 months November 2028 The Company has a construction loan financing a development project. Information regarding this loan at December 31, 2018 is set forth below (dollars in thousand): Location Closing Date Maximum Loan Amount Amount outstanding Interest Rate Maturity Date Extension Option Nashville,TN 6/2/2017 $ 47,426 $ 29,272 LIBOR + 2.85% 6/2/2022 N/A

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Dec. 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 December 31, 2018 (dollars in thousands): Carrying and Fair Value Fair Value MeasurementsUsing Fair Value Hierarchy Level 1 Level 2 Financial Assets: Interest rate swaps $ 2,429 — $ 2,429 Interest rate cap 5 — 5 Total Financial Assets $ 2,434 — $ 2,434

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of outstanding interest rate derivatives	As of December 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 Current Notional Amount Fixed Rate Maturity Interest rate cap on LIBOR $ 9,200 3.86 % January 1, 2021 Interest rate cap on LIBOR 29,000 3.00 % July 1, 2021 Interest rate swap 1,298 5.25 % April 1, 2022 Interest rate swap 26,061 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 (dollars in thousands): Derivatives as of: December 31, 2018 September 30, 2018 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Other Assets $ 2,434 Other Assets $ 3,793 Accounts payable and accrued liabilities $ — Accounts payable and accrued liabilities $ —
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 2018 2017 Amount of gain (loss) recognized on derivative in Other Comprehensive Income $ (1,260) $ 459 Amount of gain (loss) reclassified from Accumulated Other Comprehensive Income into Interest expense $ 99 $ 43

Organization and Background - N

Organization and Background - Narrative (Details) $ in Thousands	Dec. 31, 2018USD ($)property_Unitstatepropertyinvestment	Sep. 30, 2018USD ($)
Real Estate Properties [Line Items]
Number of properties | property	35
Number of units | property_Unit	9,696
Number of units under development | property_Unit	402
Number of states | state	11
Real estate properties | $	$ 1,029,239	$ 1,020,874
Investments in unconsolidated joint ventures | $	$ 19,758	$ 20,078
Unconsolidated joint ventures
Real Estate Properties [Line Items]
Number of properties | property	1,026
Number of units | property_Unit	687
Number of states | state	2
Number of investments | investment	3
Number of units in properties in lease up stage | property_Unit	339
Investments in unconsolidated joint ventures | $	$ 19,635
Apartment Building
Real Estate Properties [Line Items]
Real estate properties | $	$ 1,018,874

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($)	Jan. 04, 2019	Jan. 31, 2019	Jun. 30, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Sep. 30, 2018	Jan. 31, 2018	Sep. 05, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased (in shares)				10,274
Average market price of shares repurchased (in dollars per share)				$ 11.73
Value of shares repurchased				$ 120,473
Effect of diluted securities (in shares)				200,000	200,000
New Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beneficial interest purchased authorized amount									$ 5,000,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense				$ 35,000	$ 72,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense				288,000	$ 243,000
Deferred unearned compensation				$ 2,735,000		$ 2,735,000	$ 3,023,000
Remaining weighted average vesting period				2 years 1 month 6 days
Incentive Plan 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				600,000		600,000
Incentive Plan 2018 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)				705,847		705,847
Incentive Plan 2016 | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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				$ 319,000		$ 319,000	$ 354,000
Prior Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional awards available for grant (in shares)				0		0
Private placement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued in offering								$ 30,000,000
Aggregate sales price						$ 20,913,000
At-the-market
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares sold in offering (in shares)				0		1,590,935
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per share (in dollars per share)	$ 0.20
Subsequent Event | Incentive Plan 2018 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares)		156,399
Subsequent Event | Incentive Plan 2016 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for shares issued		5 years

Equity - Schedule of Computatio

Equity - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Numerator for basic and diluted (loss) earnings per share attributable to common stockholders:
Net income attributable to common stockholders	$ 8,073	$ 6,351
Denominator:
Denominator for basic earnings per share—weighted average number of shares (in shares)	15,744,233	14,022,438
Effect of diluted securities (in shares)	200,000	200,000
Denominator for diluted earnings per share—adjusted weighted average number of shares and assumed conversions (in shares)	15,944,233	14,222,438
Basic earnings per share (in dollars per share)	$ 0.51	$ 0.45
Diluted earnings per share (in dollars per share)	$ 0.51	$ 0.45

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties (Including Properties Held For Sale) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Sep. 30, 2018
Real Estate [Abstract]
Land	$ 155,573	$ 163,862
Building	924,378	943,775
Building improvements	41,003	40,274
Real estate properties	1,120,954	1,147,911
Accumulated depreciation	(91,715)	(88,109)
Total real estate properties, net	$ 1,029,239	$ 1,059,802

Real Estate Properties - Summar

Real Estate Properties - Summary of Real Estate Properties Owned (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2018USD ($)
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	$ 1,059,802
Additions	38,259
Capitalized Costs and Improvements	13,591
Depreciation	(10,192)
Sales	(72,221)
Real estate properties, ending balance	1,029,239
Apartment Building
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	1,005,353
Additions	38,259
Capitalized Costs and Improvements	3,093
Depreciation	(10,164)
Sales	(72,221)
Real estate properties, ending balance	964,320
Apartment Building | West Nashville, TN
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	44,057
Additions	0
Capitalized Costs and Improvements	10,498
Depreciation	0
Sales	0
Real estate properties, ending balance	54,555
Land - Daytona, FL | Daytona, FL
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 - Yonkers, NY | RBHTRB Newark Holdings LLC | Yonkers, NY | VIE
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	2,371
Additions	0
Capitalized Costs and Improvements	0
Depreciation	(28)
Sales	0
Real estate properties, ending balance	$ 2,343

Real Estate Properties - Alloca

Real Estate Properties - Allocation of Purchase Price (Details) - Property Purchased During Period $ in Thousands	Dec. 31, 2018USD ($)
Business Acquisition [Line Items]
Acquisition-related intangibles	$ 649
Total consideration	38,259
Land
Business Acquisition [Line Items]
Real estate property	3,164
Buildings and Improvements
Business Acquisition [Line Items]
Real estate property	$ 34,446

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		7 Months Ended	9 Months Ended
	May 31, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2018
Loss Contingencies [Line Items]
Insurance recoveries			$ 1,585	$ 0
Brixworth | Huntsville, AL
Loss Contingencies [Line Items]
Reduction in carrying value		$ 741
Insurance recoveries		$ 741
Insurance proceeds						$ 1,560
Gain on insurance recovery			819
Waterside | Indianapolis, IN
Loss Contingencies [Line Items]
Reduction in carrying value	$ 267
Insurance recoveries	$ 267
Insurance proceeds					$ 350
Gain on insurance recovery			83
Retreat at Cinco Ranch | Katy, TX
Loss Contingencies [Line Items]
Insurance proceeds			1,153
Gain on insurance recovery			$ 683

Acquisitions and Dispositions -

Acquisitions and Dispositions - Property Acquisitions (Details)	3 Months Ended
	Dec. 31, 2018USD ($)propertyproperty_Unit	Dec. 31, 2017USD ($)property	Dec. 14, 2017USD ($)
Real Estate Properties [Line Items]
No. of Units | property_Unit	9,696
Corporate Joint Venture | VIE | Apartment Building | Property Acquisition
Real Estate Properties [Line Items]
No. of Units | property		324
Purchase Price		$ 30,420,000
Initial BRT Equity		8,236,000
Capitalized Acquisition Costs		$ 491,000
Corporate Joint Venture | VIE | Greenville, SC | Apartment Building | Property Acquisition
Real Estate Properties [Line Items]
No. of Units | property	266
Purchase Price	$ 37,750,000
Initial BRT Equity	$ 12,920,000
Ownership Percentage	90.00%
Capitalized Acquisition Costs	$ 509,000
Corporate Joint Venture | VIE | Pensacola, FL | Apartment Building | Property Acquisition
Real Estate Properties [Line Items]
Purchase Price	$ 3,444,000
Ownership Percentage	20.00%
Corporate Joint Venture | VIE | Madison, AL | Apartment Building | Property Acquisition
Real Estate Properties [Line Items]
No. of Units | property		204
Purchase Price		$ 18,420,000
Initial BRT Equity		$ 4,456,000
Ownership Percentage		80.00%
Capitalized Acquisition Costs		$ 247,000
Corporate Joint Venture | VIE | Boerne, TX | Apartment Building | Property Acquisition
Real Estate Properties [Line Items]
No. of Units | property		120
Purchase Price		$ 12,000,000
Initial BRT Equity		$ 3,780,000
Ownership Percentage		80.00%
Capitalized Acquisition Costs		$ 244,000
Corporate Joint Venture | VIE | Boerne, TX | Land | Property Acquisition
Real Estate Properties [Line Items]
Purchase Price			$ 500,000
Acquisition Mortgages Debt | Corporate Joint Venture | VIE | Apartment Building | Property Acquisition
Real Estate Properties [Line Items]
Acquisition Mortgage Debt		24,200,000
Acquisition Mortgages Debt | Corporate Joint Venture | VIE | Greenville, SC | Apartment Building | Property Acquisition
Real Estate Properties [Line Items]
Acquisition Mortgage Debt	$ 26,425,000
Acquisition Mortgages Debt | Corporate Joint Venture | VIE | Madison, AL | Apartment Building | Property Acquisition
Real Estate Properties [Line Items]
Acquisition Mortgage Debt		15,000,000
Acquisition Mortgages Debt | Corporate Joint Venture | VIE | Boerne, TX | Apartment Building | Property Acquisition
Real Estate Properties [Line Items]
Acquisition Mortgage Debt		$ 9,200,000

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Property Dispositions (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2018USD ($)propertyproperty_Unit	Dec. 31, 2017USD ($)property
Business Acquisition [Line Items]
No. of Units | property_Unit	9,696
Property dispositions
Business Acquisition [Line Items]
No. of Units | property	691
Sales Price	$ 92,850
Gain on Sale	19,514
Non-controlling partner's portion of the gain	$ 8,047
Property dispositions | North Charleston, SC
Business Acquisition [Line Items]
No. of Units | property	271
Sales Price	$ 51,650
Gain on Sale	11,921
Non-controlling partner's portion of the gain	$ 5,970
Property dispositions | Lake St. Louis, MO
Business Acquisition [Line Items]
No. of Units | property	420
Sales Price	$ 41,200
Gain on Sale	7,593
Non-controlling partner's portion of the gain	$ 2,077
Property dispositions | Melbourne, FL
Business Acquisition [Line Items]
No. of Units | property		208
Sales Price		$ 22,250
Gain on Sale		12,519
Non-controlling partner's portion of the gain		$ 2,504

Acquisitions and Dispositions_3

Acquisitions and Dispositions - Impairment Charges (Details) - USD ($)	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Business Combinations [Abstract]
Impairment charges	$ 0	$ 0

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands		Dec. 31, 2018	Sep. 30, 2018
Variable Interest Entity [Line Items]
Real estate properties, net of accumulated depreciation of $53,637 and $52,873		$ 1,029,239	$ 1,020,874
Cash and cash equivalents		32,428	27,360
Deposits and escrows		21,268	24,458
Other assets		8,084	10,080
Real estate property held for sale		0	38,928
Total Assets	[1]	1,123,707	1,153,364
Mortgages payable, net of deferred costs of $3,628 and $3,786		771,817	792,432
Accounts payable and accrued liabilities		24,487	27,409
Total Liabilities	[1]	833,347	856,879
Real estate accumulated depreciation		91,715	85,724
Deferred mortgage costs		6,646	6,735
Variable interest entity
Variable Interest Entity [Line Items]
Real estate properties, net of accumulated depreciation of $53,637 and $52,873		584,074	586,623
Cash and cash equivalents		5,207	6,699
Deposits and escrows		11,705	11,837
Other assets		6,302	6,781
Real estate property held for sale		0	38,852
Total Assets		607,288	650,792
Mortgages payable, net of deferred costs of $3,628 and $3,786		446,779	481,569
Accounts payable and accrued liabilities		11,816	12,841
Total Liabilities		458,595	494,410
Real estate accumulated depreciation		53,637	52,873
Mortgages
Variable Interest Entity [Line Items]
Deferred mortgage costs		6,289	6,373
Mortgages | Variable interest entity
Variable Interest Entity [Line Items]
Deferred mortgage costs		$ 3,628	$ 3,786
[1]	The Company's consolidated balance sheets include the assets and liabilities of consolidated variable interest entities (VIEs). See note 6. The consolidated balance sheets include the following amounts related to the Company's VIEs as of December 31, 2018 and September 30, 2018, respectively: $584,074 and $586,623 of real estate properties, $5,207 and $6,699 of cash and cash equivalents, $11,705 and $11,837 of deposits and escrows, $6,302 and $6,781 of other assets, $0 and $38,928 of real estate properties held for sale, $446,749 and $481,569 of mortgages payable, net of deferred costs and $11,816 and $12,841 of accounts payable and accrued liabilities.

Real Estate Property Held For_2

Real Estate Property Held For Sale - Narrative (Details) $ in Thousands	Sep. 30, 2018USD ($)
Factory at Garco, North Charleston, SC | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying value of factory held for sale	$ 38,928

Investment in Unconsolidated _3

Investment in Unconsolidated Ventures (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Number of Units | property	35
Equity in loss of unconsolidated joint ventures	$ 125	$ 25
Joint venture, forty six percent ownership
Schedule of Equity Method Investments [Line Items]
Number of real estate properties, to be constructed | property	339
Other investments
Schedule of Equity Method Investments [Line Items]
Carrying Value of Investment	$ 123
Unconsolidated joint ventures
Schedule of Equity Method Investments [Line Items]
Number of Units | property	1,026
Carrying Value of Investment	$ 19,758
Mortgage Balance	$ 103,032
Columbia, SC | Joint venture, thirty two percent ownership
Schedule of Equity Method Investments [Line Items]
Number of Units | property	374
Carrying Value of Investment	$ 4,619
Mortgage Balance	$ 40,219
Percent Ownership	32.00%
Columbia, SC (Location 2) | Joint venture, forty six percent ownership
Schedule of Equity Method Investments [Line Items]
Number of Units | property	339
Carrying Value of Investment	$ 8,425
Mortgage Balance	$ 37,463
Percent Ownership	46.00%
Forney, TX | Joint venture, fifty percent ownership
Schedule of Equity Method Investments [Line Items]
Number of Units | property	313
Carrying Value of Investment	$ 6,591
Mortgage Balance	$ 25,350
Percent Ownership	50.00%
Secured Debt | Joint venture, forty six percent ownership
Schedule of Equity Method Investments [Line Items]
Construction financing	$ 47,426
Interest rate	4.95%

Debt Obligations - Schedule of

Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Sep. 30, 2018
Debt Obligations
Deferred mortgage costs	$ (6,646)	$ (6,735)
Total debt obligations, net of deferred costs	808,860	829,470
Mortgages payable
Debt Obligations
Total debt obligations, net of deferred costs	778,106	798,805
Deferred mortgage costs	(6,289)	(6,373)
Junior subordinated notes
Debt Obligations
Total debt obligations, net of deferred costs	37,400	37,400
Deferred mortgage costs	$ (357)	$ (362)

Debt Obligations - Mortgage Pay

Debt Obligations - Mortgage Payable (Details) - Mortgages - Mortgages Maturing In November 2028 - Greenville, SC	3 Months Ended
	Dec. 31, 2018USD ($)
Debt Obligations
Acquisition Mortgage Debt	$ 26,425,000
Interest rate	4.69%
Interest only period	60 months

Debt Obligations - Construction

Debt Obligations - Construction Loans (Details) - Nashville, TN - Construction Loans $ in Thousands	3 Months Ended
	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Maximum loan amount	$ 47,426
Amount outstanding	$ 29,272
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.85%

Debt Obligations - Junior Subor

Debt Obligations - Junior Subordinated Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2018
Debt Instrument [Line Items]
Deferred financing costs	$ 6,646		$ 6,735
Junior subordinated notes
Debt Instrument [Line Items]
Total debt obligations	37,400		37,400
Deferred financing costs	357		$ 362
Interest expense	$ 424	$ 330
London Interbank Offered Rate (LIBOR) | Junior subordinated notes
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Interest rate	4.52%

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)
Related Party Transaction [Line Items]
Related party expense	$ 317	$ 302
Related party - general and administrative	116	81
Real Property Management Real Estate Brokerage And Construction Supervision Services | Majestic Property Management Corporation
Related Party Transaction [Line Items]
Related party expense	14	9
Shared Services Agreement | Gould Investors Limited Partnership
Related Party Transaction [Line Items]
Related party - general and administrative	116	81
Affiliated Entity
Related Party Transaction [Line Items]
Related party expense	$ 986	818
Number of investments | property	3
Affiliated Entity | Payment of Acquisition Fee
Related Party Transaction [Line Items]
Related party expense	$ 378	$ 230

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Narrative (Details) - Level 2 - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018
Market Approach Valuation Technique | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	7.79%	7.35%
Market Approach Valuation Technique | Mortgages | Minimum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	3.94%	4.30%
Market Approach Valuation Technique | Mortgages | Maximum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	5.61%	6.04%
Carrying and Fair Value | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Estimated fair value (lower) higher than carrying value	$ 11,974	$ 12,451
Carrying and Fair Value | Mortgages
Financial Instruments Not Measured at Fair Value
Estimated fair value (lower) higher than carrying value	$ 19,334	$ 34,039

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value (Details) - Fair Value Measurements Recurring $ in Thousands	Dec. 31, 2018USD ($)
Level 1
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total financial assets	$ 0
Level 1 | Interest rate swaps
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total financial assets	0
Level 1 | Interest rate cap
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total financial assets	0
Level 2
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total financial assets	2,434
Level 2 | Interest rate swaps
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total financial assets	2,429
Level 2 | Interest rate cap
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total financial assets	5
Carrying and Fair Value
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total financial assets	2,434
Carrying and Fair Value | Interest rate swaps
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total financial assets	2,429
Carrying and Fair Value | Interest rate cap
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total financial assets	$ 5

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) - USD ($)	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2018
Derivative [Line Items]
Gain or loss from components excluded from assessment of cash flow hedge effectiveness	$ 0	$ 0
Gain or loss recognized related to hedge ineffectiveness	0	0
Estimated amount to be reclassified from Accumulated other comprehensive income (loss) as an increase to interest expense	491,000
Interest Expense
Derivative [Line Items]
Amount of gain recognized on derivative in Other Comprehensive Income	(1,260,000)	459,000
Amount of loss reclassified from Accumulated Other Comprehensive Income into Interest expense	99,000	$ 43,000
Other Assets
Derivative [Line Items]
Fair value of derivative financial instrument asset	3,793,000		$ 2,434,000
Accounts payable and accrued liabilities
Derivative [Line Items]
Fair value of derivative financial instrument liability	0		$ 0
Hedging instrument | Interest Rate Swap, Maturity Date April 1, 2022
Derivative [Line Items]
Current Notional Amount	$ 1,298,000
Fixed rate (as a percent)	5.25%
Hedging instrument | Interest Rate Swap, Maturity Date May 6, 2023
Derivative [Line Items]
Current Notional Amount	$ 26,061,000
Fixed rate (as a percent)	3.61%
Hedging instrument | Interest Rate Swap, Maturity Date September 19, 2026
Derivative [Line Items]
Current Notional Amount	$ 27,000,000
Fixed rate (as a percent)	4.05%
London Interbank Offered Rate (LIBOR) | Hedging instrument | Interest Rate Swap, Maturity Date January 1, 2021
Derivative [Line Items]
Current Notional Amount	$ 9,200,000
Fixed rate (as a percent)	3.86%
London Interbank Offered Rate (LIBOR) | Hedging instrument | Interest Rate Swap, Maturity Date July 1, 2021
Derivative [Line Items]
Current Notional Amount	$ 29,000,000
Fixed rate (as a percent)	3.00%