BRT Apartments (BRT) 10-K 12 Dec 13 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2013	Nov. 29, 2013	Mar. 31, 2013
Document and Entity Information	'	'	'
Entity Registrant Name	'BRT REALTY TRUST	'	'
Entity Central Index Key	'0000014846	'	'
Document Type	'10-K	'	'
Document Period End Date	30-Sep-13	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--09-30	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Accelerated Filer	'	'
Entity Public Float	'	'	$59.60
Entity Common Stock, Shares Outstanding	'	14,162,887	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Sep. 30, 2012
In Thousands, unless otherwise specified
ASSETS	'	'
Real estate properties net of accumulated depreciation of $11,862 and $4,673	$402,896	$190,317
Real estate loans, net, all earning interest	30,300	36,584
Cash and cash equivalents	60,265	78,245
Restricted cash-construction holdbacks	29,279	55,252
Available-for-sale securities at fair value	'	1,249
Deferred costs	12,833	12,337
Prepaid expenses	3,955	5,978
Other assets	9,963	5,994
Total Assets	549,491	385,956
Liabilities:	'	'
Mortgages payable	313,216	169,284
Junior subordinated notes	37,400	37,400
Accounts payable and accrued liabilities	6,511	4,298
Deposits payable	1,258	2,108
Deferred income	25,848	25,848
Total Liabilities	384,233	238,938
Commitments and contingencies	'	'
BRT Realty Trust shareholders' equity:	'	'
Preferred shares, $1 par value: Authorized 10,000 shares, none issued	'	'
Shares of beneficial interest, $3 par value: Authorized number of shares, unlimited, 13,535 and 13,473 issued	40,606	40,420
Additional paid-in capital	165,763	165,258
Accumulated other comprehensive income	-6	356
Accumulated deficit	-67,572	-72,585
Total BRT Realty Trust shareholders' equity	138,791	133,449
Non-controlling interests	26,467	13,569
Total Equity	165,258	147,018
Total Liabilities and Equity	$549,491	$385,956

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2013	Sep. 30, 2012
In Thousands, except Share data, unless otherwise specified
CONSOLIDATED BALANCE SHEETS	'	'
Real estate properties, accumulated depreciation (in dollars)	$11,862	$4,673
Preferred shares, par value (in dollars per share)	$1	$1
Preferred shares, Authorized shares	10,000	10,000
Preferred shares, issued shares	0	0
Shares of beneficial interest, par value (in dollars per share)	$3	$3
Shares of beneficial interest, issued shares	13,535	13,473

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
Revenues:	'	'	'
Rental and other revenue from real estate properties	$30,592	$8,675	$3,456
Interest and fees on real estate loans	9,946	9,530	10,328
Recovery of previously provided allowances	1,066	156	3,595
Other income	1,213	1,218	502
Total revenues	42,817	19,579	17,881
Expenses:	'	'	'
Interest expense	12,487	4,729	2,112
Advisor's fees, related party	1,802	1,104	916
Property acquisition costs	2,466	2,407	'
General and administrative-including $779, $705 and $847 to related party	7,448	7,161	6,728
Operating expenses relating to real estate properties	16,409	6,042	3,340
Depreciation and amortization	7,094	2,004	738
Total expenses	47,706	23,447	13,834
Total revenues less total expenses	-4,889	-3,868	4,047
Equity in earnings of unconsolidated ventures	198	829	350
Gain on sale of available-for-sale securities	530	605	1,319
Gain on sale of loan	'	3,192	'
Loss on extinguishment of debt	'	'	-2,138
Gain on sale of partnership interest	5,481	'	'
Income from continuing operations	1,320	758	3,578
Discontinued operations:	'	'	'
Gain on sale of real estate assets	769	792	1,346
Income from discontinued operations	769	792	1,346
Net income	2,089	1,550	4,924
Plus: net loss attributable to non-controlling interests	2,924	2,880	1,450
Net income attributable to common shareholders	5,013	4,430	6,374
Basic and diluted per share amounts attributable to common shareholders:	'	'	'
Income from continuing operations (in dollars per share)	$0.30	$0.26	$0.35
Income from discontinued operations (in dollars per share)	$0.05	$0.06	$0.10
Basic and diluted earnings per share (in dollars per share)	$0.35	$0.32	$0.45
Amounts attributable to BRT Realty Trust:	'	'	'
Income from continuing operations	4,244	3,638	5,028
Income from discontinued operations	769	792	1,346
Net income	$5,013	$4,430	$6,374
Weighted average number of common shares outstanding:	'	'	'
Basic and diluted (in shares)	14,137,091	14,035,972	14,041,569

CONSOLIDATED_STATEMENTS_OF_OPE1

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
CONSOLIDATED STATEMENTS OF OPERATIONS	'	'	'
General and administrative, related party	$779	$705	$847

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	'	'	'
Net income	$2,089	$1,550	$4,924
Other comprehensive (loss) income:	'	'	'
Net unrealized (loss) gain on available-for-sale securities	-460	182	-1,316
Unrealized gain (loss) on derivative instruments	98	-104	'
Other comprehensive (loss) income	-362	78	-1,316
Comprehensive income	1,727	1,628	3,608
Comprehensive loss attributable to non-controlling interests	2,909	2,896	1,450
Comprehensive income attributable to common shareholders	$4,636	$4,524	$5,058

CONSOLIDATED_STATEMENTS_OF_SHA

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $)	Total	Shares of Beneficial Interest	Additional Paid-In Capital	Accumulated Other Comprehensive Income	(Accumulated Deficit)	Treasury Shares	Non Controlling Interests	Comprehensive Income
In Thousands, unless otherwise specified
Balances at Sep. 30, 2010	$129,839	$45,445	$172,268	$1,594	($83,389)	($11,364)	$5,285	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
Restricted stock vesting	'	'	-294	'	'	294	'	'
Compensation expense-restricted stock	845	'	845	'	'	'	'	'
Issuance of warrants in connection with joint venture agreement	259	'	259	'	'	'	'	'
Contributions from non-controlling interests	3,181	'	'	'	'	'	3,181	'
Distributions to non-controlling interests	-66	'	'	'	'	'	-66	'
Purchase of minority interest	-713	'	-429	'	'	'	-284	'
Shares repurchased (139,507 and 154,692 shares for years ended 2012 and 2011, respectively)	-1,224	-464	-760	'	'	'	'	'
Net income (loss)	4,924	'	'	'	6,374	'	-1,450	4,924
Other comprehensive income (loss)	-1,316	'	'	-1,316	'	'	'	-1,316
Comprehensive income	3,608	'	'	'	'	'	'	3,608
Balances at Sep. 30, 2011	135,729	44,981	171,889	278	-77,015	-11,070	6,666	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
Restricted stock vesting	'	'	-319	'	'	319	'	'
Compensation expense-restricted stock	758	'	758	'	'	'	'	'
Contributions from non-controlling interests	11,243	'	'	'	'	'	11,243	'
Distributions to non-controlling interests	-1,460	'	'	'	'	'	-1,460	'
Shares repurchased (139,507 and 154,692 shares for years ended 2012 and 2011, respectively)	-880	-419	-461	'	'	'	'	'
Retirement of treasury shares (1,380,978 shares)	'	-4,142	-6,609	'	'	10,751	'	'
Net income (loss)	1,550	'	'	'	4,430	'	-2,880	1,550
Other comprehensive income (loss)	78	'	'	78	'	'	'	78
Comprehensive income	1,628	'	'	'	'	'	'	1,628
Balances at Sep. 30, 2012	147,018	40,420	165,258	356	-72,585	'	13,569	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
Restricted stock vesting	'	186	-186	'	'	'	'	'
Compensation expense-restricted stock	691	'	691	'	'	'	'	'
Contributions from non-controlling interests	17,192	'	'	'	'	'	17,192	'
Distributions to non-controlling interests	-1,370	'	'	'	'	'	-1,370	'
Net income (loss)	2,089	'	'	'	5,013	'	-2,924	2,089
Other comprehensive income (loss)	-362	'	'	-362	'	'	'	-362
Comprehensive income	1,727	'	'	'	'	'	'	1,727
Balances at Sep. 30, 2013	$165,258	$40,606	$165,763	($6)	($67,572)	'	$26,467	'

CONSOLIDATED_STATEMENTS_OF_SHA1

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY	'	'	'
Shares repurchased (in shares)	0	139,507	154,692
Retirement of treasury shares	'	1,380,978	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities:	'	'	'
Net income	$2,089	$1,550	$4,924
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'	'
Recovery of previously provided allowances	-1,066	-156	-3,595
Depreciation and amortization	8,713	2,753	963
Amortization of deferred fee income	-1,820	-2,249	-1,777
Accretion of junior subordinated notes principal	'	'	277
Amortization of securities discount	'	'	-28
Amortization of restricted stock	691	758	845
Gain on sale of partnership interest	-5,481	'	'
Gain on sale of real estate assets from discontinued operations	-769	-792	-1,346
Gain on sale of available-for-sale securities	-530	-605	-1,319
Loss on extinguishment of debt	'	'	2,138
Gain on sale of loan	'	-3,192	'
Equity in earnings of unconsolidated joint ventures	-198	-829	-350
Distribution of earnings of unconsolidated joint ventures	175	578	210
(Increase) decrease in straight line rent	-264	33	-54
Increases and decreases from changes in other assets and liabilities:	'	'	'
Decrease (increase) in interest and dividends receivable	183	174	-410
(Increase) decrease in prepaid expenses	-440	-266	240
Decrease (increase) in prepaid interest	2,463	-3,979	211
Increase in accounts payable and accrued liabilities	1,460	2,835	375
Increase in deferred costs	-519	-308	-142
(Increase) decrease in security deposits and other receivable	-3,995	-3,436	153
Other	74	-353	127
Net cash provided by (used in) operating activities	766	-7,484	1,442
Cash flows from investing activities:	'	'	'
Collections from real estate loans	76,872	124,758	66,072
Additions to real estate loans	-70,288	-98,607	-131,255
Proceeds from the sale of loans and loan participations	'	15,657	46,147
Loan loss recoveries	1,066	156	1,039
Additions to real estate properties	-185,453	-118,382	-2,421
Net costs capitalized to real estate owned	-33,860	-14,500	-3,605
Net change in restricted cash-construction holdbacks	25,973	-55,252	'
Collection of loan fees	1,520	2,186	2,465
Proceeds from sale of real estate owned	887	859	4,035
Proceeds from sale of available-for-sale securities	1,318	3,939	7,590
Proceeds from the sale of partnership interest	5,522	'	'
Purchase of available-for-sale securities	'	-1,634	-55
Distributions of capital from unconsolidated joint ventures	'	4,481	1,010
Contributions to unconsolidated joint ventures	'	-275	-4,045
Purchase of interest from non-controlling partner	'	'	-713
Net cash used in investing activities	-176,443	-136,614	-13,736
Cash flows from financing activities:	'	'	'
Proceeds from borrowed funds	3,000	3,500	'
Repayment of borrowed funds	-3,000	-3,500	'
Repayment of junior subordinated notes	'	'	-5,000
Proceeds from mortgages payable	147,957	162,508	2,130
Mortgage principal payments	-4,025	-7,641	-270
Increase in deferred borrowing costs	-2,052	-11,300	-926
Capital contributions from non-controlling interests	17,192	11,243	3,181
Capital distributions to non-controlling interests	-1,370	-1,460	-68
Proceeds from sale of new market tax credits	'	25,848	'
Repurchase of shares of beneficial interest	'	-880	-1,225
Net cash provided by (used in) financing activities	157,702	178,318	-2,178
Net (decrease) increase in cash and cash equivalents	-17,975	34,220	-14,472
Cash and cash equivalents at beginning of year	78,245	44,025	58,497
Cash and cash equivalents at end of year	60,265	78,245	44,025
Supplemental disclosures of cash flow information:	'	'	'
Cash paid during the year for interest expense, including capitalized interest of $1,820, $1,373 and $775 in 2013, 2012 and 2011	10,753	6,764	1,791
Cash paid during the year for income and excise taxes	$133	$220	$8

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
CONSOLIDATED STATEMENTS OF CASH FLOWS	'	'	'
Capitalized Interest	$1,820	$1,373	$775

ORGANIZATION_BACKGROUND_AND_SI

ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Sep. 30, 2013
ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES	'
ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES
	Organization and Background
	BRT Realty Trust ("BRT" or the "Trust") is a business trust organized in Massachusetts. BRT owns and operates multi-family properties, originates and holds for investment senior mortgage loans secured by commercial and multi-family real estate property and owns and operates commercial and mixed use real estate assets. All of the properties owned or securing mortgage loans are located in the United States.
	The multi-family properties are generally acquired with venture partners in transactions in which the Trust contributes 50% to 90% of the equity.
	BRT conducts its operations to qualify as a real estate investment trust, or REIT, for Federal income tax purposes.
	Principles of Consolidation; Basis of Preparation
	Certain items on the consolidated financial statements for the prior year have been reclassified to conform with the current year's presentation primarily to reclassify the assets and mortgage payable that are held for sale in the current and prior fiscal year and to reclassify the operations of the property to discontinued operations.
	The consolidated financial statements include the accounts and operations of BRT Realty Trust, its wholly owned subsidiaries, and its majority owned or controlled real estate entities and its interests in variable interest entities in which the Trust is determined to be the primary beneficiary. Material intercompany balances and transactions have been eliminated.
	RBH-TRB Newark Holdings LLC, referred to herein as the Newark Joint Venture, was determined to be a variable interest entity ("VIE") because the total equity investment at risk is not sufficient to permit it to finance its activities without additional subordinated financial support by its equity holders. The Trust was determined to be the primary beneficiary of this joint venture 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 from the entity that could potentially be significant to the VIE.
	The Trust's consolidated joint ventures that own multi-family properties, with the exception of its Mountain Park joint venture, were determined to be VIE's because the voting rights of some equity investors are not proportional to their obligations to absorb the expected losses of the entity and their right to receive the expected residual returns. In addition, substantially all of the entity's activities either involve or are conducted on behalf of the investor that has disproportionately fewer voting rights. The Trust was determined to be 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 from the entity that could potentially be significant to the VIE.
	The joint venture that owns the Mountain Park property was determined not to be a VIE but is consolidated because the Trust has substantive participating rights in the entity giving it a controlling financial interest in the entity.
	With respect to its unconsolidated joint ventures, as (i) the Trust is primarily the managing member but does not exercise substantial operating control over these entities or the Trust is not the managing member and (ii) such entities are not VIE's, the Trust has determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes.
	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.
	Income Tax Status
	The Trust qualifies as a real estate investment trust under sections 856-860 of the Internal Revenue Code of 1986, as amended. The Trustees may, at their option, elect to operate the Trust as a business trust not qualifying as a real estate investment trust.
	Income Recognition
	Rental revenue from residential properties is recorded when due from residents and is recognized monthly as it is earned. Rental payments are due in advance. Leases on residential properties are generally for terms that do not exceed one year.
	Rental revenue from commercial real estate properties includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases that is reported on a straight-line basis over the initial term of the lease.
	Income and expenses are recorded on the accrual basis of accounting for financial reporting purposes. The Trust does not accrue interest on impaired loans where, in the judgment of management, collection of interest according to the contractual terms of the loan documents is considered doubtful. Among the factors the Trust considers in making an evaluation of the amount of interest that is collectable, are the financial condition of the borrower, the status of the underlying collateral and anticipated future events. The Trust accrues interest on performing impaired loans and records cash receipts as a reduction of interest receivable. For impaired non-accrual loans, interest is recognized on a cash basis. The Trust will resume the accrual of interest if it determines the collection of interest according to the contractual terms of the loan is probable.
	Loan commitment, origination and extension fee income on loans held in our portfolio is deferred and recorded as loan fee income over the life of the commitment and loan. Commitment fees are generally non-refundable. When a commitment expires or the Trust no longer has an obligation to perform, the remaining fee is recognized in income.
	The basis on which cost was determined in computing the realized gain or loss on sales of available-for-sale securities is specific cost.
	Allowance for Possible Losses
	A loan is deemed to be impaired when based on current information and events, it is probable, in the judgment of management, that the Trust will not be able to collect all amounts due in accordance with the contractual terms of the loan documents. Various factors are considered in this evaluation, as appropriate, including market evaluations of the underlying collateral, estimated operating cash flow from the property during the projected holding period, and estimated sales value which is computed by applying an estimated capitalization rate to the projected stabilized net operating income of the specific property, less selling costs, discounted at market discount rates. If upon completion of the evaluation, the value of the collateral securing the loan is less than the recorded investment in the loan, an allowance is created with a corresponding charge to expense. The fair values related to the collateral securing impaired loans based on discounted cash flow models are considered to be level 3 valuations within the fair value hierarchy. When the Trust acquires title to the property, the loan loss allowance is adjusted by charging off all amounts related to the loan and recording the property at its fair value.
	Real Estate Properties, Real Estate Properties Held-For-Sale and Loans Held-For-Sale
	Real estate properties are shown net of accumulated depreciation and include real property acquired through acquisition, development and foreclosure and similar proceedings.
	The Trust assesses the fair value of real estate acquired (including land, buildings and improvements, and identified intangibles such as above and below market leases and acquired in-place leases, if any) and acquired liabilities and allocates the acquisition price based on these assessments. Fixed-rate renewal options have been included in the calculation of the fair value of acquired leases where applicable. Depreciation is computed on a straight-line basis over estimated useful lives of the tangible asset. Intangible assets (and liabilities) are amortized over the remaining life of the related lease at the time of acquisition. There was no unamortized value of in-place leases at September 30, 2013. Expenditures for maintenance and repairs are charged to operations as incurred.
	When real estate is acquired by foreclosure proceedings, it is recorded at the lower of the recorded investment of the loan or estimated fair value of the property at the time of foreclosure or delivery of a deed in lieu of foreclosure. The recorded investment is the face amount of the loan that has been decreased by any deferred fees, loan loss allowances and any valuation adjustments. Costs incurred in connection with the foreclosure of the properties collateralizing the real estate loans are expensed as incurred.
	Real estate and real estate loans are classified as held for sale when management has determined that it has met the appropriate criteria. Real estate properties which are held for sale are not depreciated and their operations are shown in discontinued operations. Real estate assets and loans that are expected to be disposed of are valued at the lower of their carrying amount or their fair value less costs to sell on an individual asset basis.
	The Trust accounts for the sale of real estate when title passes to the buyer, sufficient equity payments have been received, there is no continuing involvement by the Trust and there is reasonable assurance that the remaining receivable, if any, will be collected.
	Real Estate Asset Impairments
	The Trust reviews each real estate asset owned, including investments in real estate ventures, to determine if there are indicators of impairment. If such indicators are present, the Trust determines whether the carrying amount of the asset can be recovered. Recognition of impairment is required if the undiscounted cash flows estimated to be generated by the assets are less than the asset's carrying amount and that amount exceeds the estimated fair value of the asset. In evaluating a property for impairment, various factors are considered, including estimated current and expected operating cash flow from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of such real estate in the ordinary course of business. Valuation adjustments may be necessary in the event that effective interest rates, rent-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. If future evaluations result in a decrease in the value of the property, the reduction will be recognized as an impairment charge. The fair values related to the impaired real estate are considered to be a level 3 valuation within the fair value hierarchy.  There were no impairments identified during fiscal 2013.
	Fixed Asset Capitalization
	A variety of costs may be incurred in the development of the Trust's properties. After a determination is made to capitalize a cost, it is allocated to the specific project that is benefited. The costs of land and building under development include specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, and other costs incurred during the period of development. We consider a construction project as substantially completed when it is available for occupancy, but no later than one year from cessation of major construction activity. The Trust cease's capitalization when the project is available for occupancy.
	Equity Based Compensation
	The Trust's compensation expense for restricted stock awards is amortized over the vesting period of such awards, based upon the estimated fair value of such restricted stock at the grant date. For accounting purposes, the restricted shares are not included in the outstanding shares shown on the consolidated balance sheets until they vest; however, they are included in the calculation of both basic and diluted earnings per share as they participate in the earnings of the Trust.
	Derivatives and Hedging Activities
	The Trust's objective in using derivative financial instruments is to manage interest rate risk. The Trust does not use derivatives for trading or speculative purposes. The Trust records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Trust has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income and subsequently reclassified to earnings in the period in which the hedge transaction affects earnings. The ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which they occur.
	Per Share Data
	Basic earnings (loss) per share was determined by dividing net income (loss) applicable to common shareholders for the applicable year by the weighted average number of shares of beneficial interest outstanding during such year. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue shares of beneficial interest were exercised or converted into shares of beneficial interest or resulted in the issuance of shares of beneficial interest that share in the earnings of the Trust. Diluted earnings per share was determined by dividing net income applicable to common shareholders for the applicable year by the total of the weighted average number of shares of beneficial interest outstanding plus the dilutive effect of the Trust's unvested restricted stock and outstanding options and warrants using the treasury stock method.
	Cash Equivalents
	Cash equivalents consist of highly liquid investments, primarily direct United States treasury obligations with maturities of three months or less when purchased.
	Use of Estimates
	The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
	Segment Reporting
	Management has determined that it operates in three reportable segments: a multi-family real estate segment, a loan and investment segment, and an other real estate segment. The multi-family real estate segment includes the ownership and operation of the Trust's multi-family properties, the loan and investment segment includes all activities related to the origination and servicing of the Trusts loan portfolio and other investments and the other real estate segment includes all activities related to the development, operation and disposition of the Trust's other real estate assets.

REAL_ESTATE_PROPERTIES

REAL ESTATE PROPERTIES	12 Months Ended
	Sep. 30, 2013
REAL ESTATE PROPERTIES	'
REAL ESTATE PROPERTIES	'
	NOTE 2—REAL ESTATE PROPERTIES
	A summary of activity in real estate properties for the year ended September 30, 2013 is as follows (dollars in thousands):
		September 30,		Additions		Capitalized		Depreciation,			September 30,
		2012				Costs and		Amortization			2013
		Balance				Improvements		and other			Balance
								Reductions
	Multi-family(a)	$	117,538	$	185,078	$	3,296	$	(6,120	)	$	299,792
	Commercial/mixed use(b)		61,808		375		31,021		(850	)		92,354
	Land(c)		7,972		—		—		—			7,972
	Shopping centers/retail(d)		2,749						(104	)		2,645
	Co-op/Condo Apts		250		—		—		(117	)		133
	Total real estate properties	$	190,317	$	185,453	$	34,317	$	(7,191	)	$	402,896
	(a)
	Set forth below is certain information regarding the Trust's purchases, through joint ventures in each of which the Trust has, an 80% equity interest, except for the North Charleston, SC property in which it has a 90% interest, the Hixson, TN property in which it has a 75% interest and the Kennesaw, GA property, in which it has a 50% interest, of the following multi-family properties for the year ended September 30, 2013 (dollars in thousands):
	Location	Purchase		No. of		Contract		Acquisition			BRT		Acquisition
		Date		Units		Purchase		Mortgage			Equity		Costs
						Price		Debt
	North Charleston, SC		10/4/12		208	$	21,500	$	17,716		$	4,410	$	213
	Cordova, TN		11/15/12		464		25,450		19,248			6,220		386
	Decatur, GA		11/19/12		212		10,450		8,046			3,396		231
	Panama City, FL		1/11/13		160		7,200		5,588			2,163		136
	Houston, TX		4/19/13		240		16,763		13,200			3,724		313
	Pooler, GA		4/29/13		300		35,250		26,400			8,120		188
	Houston, TX		6/7/13		144		8,565		6,657			2,247		57
	Hixon, TN		6/25/13		156		10,850		8,137			2,775		210
	Kennesaw, GA		9/25/13		450		49,050		35,900			7,571		657
	Other													75
					2,334	$	185,078	$	140,892		$	40,626	$	2,466
	(b)
	Represents the real estate assets of RBH-TRB Newark Holdings LLC, a consolidated VIE which owns operating and development properties in Newark, New Jersey. These properties contain a mix of office, retail space, charter schools and surface parking totaling approximately 690,000 square feet, which includes 252,000 square feet currently under construction. Certain of these assets are subject to mortgages in the aggregate principal balance of $20,100,000 held by the Trust, which are eliminated in consolidation. Several of the assets are also encumbered by other mortgages which are discussed in Note 8—Debt Obligations—Mortgages Payable. The Trust made net capital contributions of $1,729,000 and $2,987,000 to this venture in the years ended September 30, 2013 and 2012, respectively, representing its proportionate share of capital required to fund the operations of the venture for its next fiscal year and to purchase additional land parcels.
	(c)
	Represents an 8.9 acre development parcel located in Daytona Beach, Florida which was acquired in foreclosure.
	(d)
	The Trust owns, with a minority partner, a leasehold interest in a portion of a retail shopping center located in Yonkers, New York. The leasehold interest is for approximately 28,500 square feet and, including all option periods, expires in 2045. The Trust has an 85% interest in this joint venture.
	Future minimum rentals to be received by the Trust pursuant to non-cancellable operating leases with terms in excess of one year, from properties owned by the Trust or a consolidated subsidiary at September 30, 2013, are as follows (dollars in thousands):
	Year Ending September 30,	Amount
	2014	$	3,397
	2015		3,544
	2016		3,529
	2017		2,683
	2018		2,623
	Thereafter		38,099
	Total	$	53,875
	Leases at the Trust's multi-family properties are generally for a term of one year or less and are not reflected in the above table.
	Subsequent to September 30, 2013, the Trust purchased, through consolidated joint ventures in which the Trust has an 80% equity interest (except for the Columbus, Ohio property which is wholly owned), the following multi-family properties (dollars in thousands):
	Location	Purchase		No of		Contract		Acquisition			BRT		Acquisition
		Date		Units		Purchase Price		Mortgage			Equity		Costs
								Debt
	Houston, TX		10/4/13		798	$	32,700	$	24,100		$	10,525	$	474
	Pasadena, TX		10/15/13		144		5,420		4,065			1,687		76
	Humble, TX		10/15/13		260		10,500		7,875			3,129		122
	Humble, TX		10/15/13		160		6,700		5,025			1,908		104
	Huntsville, AL		10/18/13		208		12,050		9,573			3,950		122
	Columbus, OH		11/21/13		264		14,050		10,664			3,584		132
					1,834	$	81,420	$	61,302		$	24,783	$	1,030

REAL_ESTATE_LOANS

REAL ESTATE LOANS	12 Months Ended
	Sep. 30, 2013
REAL ESTATE LOANS	'
REAL ESTATE LOANS	'
	NOTE 3—REAL ESTATE LOANS
	Information as to real estate loans, all of which are earning interest, is summarized as follows (dollars in thousands):
		September 30, 2013						September 30, 2012
		Real Estate			Percent			Real Estate			Percent
		Loans						Loans
	Multi-family residential	$	16,772			55	%	$	35,096			95	%
	Retail		3,100			10	%		2,000			5	%
	Hotel		1,680			6	%		—			—
	Land		8,000			26	%		—			—
	Single family		961			3	%		—			—
			30,513			100	%		37,096			100	%
	Deferred fee income		(213	)					(512	)
	Real estate loans, net	$	30,300					$	36,584
	There were no non-earning loans and no allowance for possible losses at September 30, 2013 and 2012.
	At September 30, 2013, 2012 and 2011, no earning loans were deemed impaired and accordingly no loan loss allowances have been established against our earning loan portfolio. During the years ended September 30, 2013, 2012 no real estate loans were deemed to be impared.  During the period September 30, 2011, $7,758,000, of real estate loans were deemed impaired, and no interest income was recognized relating to these loans.
	The Trust recognized cash basis interest of $621,000 on non-earning loans in the year ended September 30, 2011.  No cash basis interest was recognized for the years ended September 30, 2013 and 2012.
	Loans originated by the Trust generally provide for interest rates indexed to the prime rate with a stated minimum.
	At September 30, 2013, the Trust's portfolio consists primarily of senior mortgage loans secured by residential or commercial property, 73% of which are located in New York, 16% in Florida, and 11% other states. All real estate loans in the portfolio at September 30, 2013 mature in fiscal 2014.
	If a loan is not repaid at maturity, the Trust may either extend the loan or commence foreclosure proceedings. The Trust analyzes each loan separately to determine the appropriate course of action. In analyzing each situation, management examines various aspects of the loan receivable, including the value of the collateral, the financial condition of the borrower, past payment history and plans of the owner of the property. Of the $37,096,000 of real estate loans receivable scheduled to mature in fiscal 2013, $4,450,000 were extended, and $32,646,000 were paid off.
	At September 30, 2013, the three largest real estate loans had principal balances outstanding of approximately $10,147,000, $8,000,000 and $2,450,000. These three loans accounted for 8.6%, 7.6% and 3.4% of the total interest and fees earned on our loan portfolio in the year ended September 30, 2013.

IMPAIRMENT_CHARGES

IMPAIRMENT CHARGES	12 Months Ended
	Sep. 30, 2013
IMPAIRMENT CHARGES	'
IMPAIRMENT CHARGES	'
	NOTE 4—IMPAIRMENT CHARGES
	The Trust reviews each real estate asset owned, including investments in unconsolidated joint ventures, for which indicators of impairment are present to determine whether the carrying amount of the asset can be recovered. If indicators of impairment are present, measurement is then based upon the fair value of the asset. Real estate assets held-for-sale are valued at the lower of cost or fair value, less costs to sell on an individual asset basis. There were no impairment charges taken in fiscal 2013, 2012 or 2011.

INVESTMENT_IN_UNCONSOLIDATED_V

INVESTMENT IN UNCONSOLIDATED VENTURES	12 Months Ended
	Sep. 30, 2013
INVESTMENT IN UNCONSOLIDATED VENTURES	'
INVESTMENT IN UNCONSOLIDATED VENTURES	'
	NOTE 5—INVESTMENT IN UNCONSOLIDATED VENTURES
	The Trust is a partner in unconsolidated ventures which own and operate two properties. The Trust's share of earnings in its unconsolidated joint ventures, including a joint venture engaged in purchasing loans that ceased investment activities in November 2011, was $198,000, $829,000 and $350,000 for the years ended September 30, 2013, 2012 and 2011, respectively. The 2012 earnings include a distribution of $846,000 that was in excess of the book basis. Included in 2012 are the results of two previously unconsolidated joint ventures that, effective August 1, 2012, were treated as consolidated subsidiaries of the Trust due to amendments to the operating agreements of the ventures.
	In the year ended September 30, 2013, the Trust sold substantially all of its interest in a joint venture that owns a leasehold interest on a property in New York City. The Trust recognized a gain of $5,481,000 on the sale.

RESTRICTED_CASH

RESTRICTED CASH	12 Months Ended
	Sep. 30, 2013
RESTRICTED CASH	'
RESTRICTED CASH	'
	NOTE 6—RESTRICTED CASH
	Restricted cash-construction holdbacks represents the remaining net proceeds from financing transactions completed in February and September 2012. These funds are being used for construction of buildings at the Teachers Village site in Newark, NJ. Restricted cash was $29,279,000 and $55,252,000 at September 30, 2013 and 2012, respectively.

AVAILABLEFORSALE_SECURITIES

AVAILABLE-FOR-SALE SECURITIES	12 Months Ended
	Sep. 30, 2013
AVAILABLE-FOR-SALE SECURITIES	'
AVAILABLE-FOR-SALE SECURITIES	'
	NOTE 7—AVAILABLE-FOR-SALE SECURITIES
	Information regarding our available-for-sale securities is set forth in the table below (dollars in thousands):
		September 30,
		2012
	Cost basis	$	789
	Unrealized gains		499
	Unrealized losses		(39	)
	Market value	$	1,249
	At September 30, 2013 the Trust had no available-for-sale securities.
	Unrealized gains and losses are reflected as a component of accumulated other comprehensive income in the accompanying consolidated balance sheets.
	The Trust's available-for-sale equity securities were determined to be Level 1 financial assets within the valuation hierarchy established by current accounting guidance, and the valuation is based on current market quotes received from financial sources that trade such securities.
	Information regarding the sales of available-for-sale debt and equity securities is presented in the table below (dollars in thousands):
		Year ended September 30,
		2013			2012		2011
	Proceeds from sale	$	1,318		$	3,939	$	7,590
	less cost basis		788			3,334		6,271
	Gain on sale	$	530		$	605	$	1,319
	For the years ended September 30, 2013 and 2012, the gain or loss on sale was determined using specific identification. For the year ended September 30, 2011 the gain or loss on sale was determined using an average cost.

DEBT_OBLIGATIONS

DEBT OBLIGATIONS	12 Months Ended
	Sep. 30, 2013
DEBT OBLIGATIONS	'
DEBT OBLIGATIONS	'
	NOTE 8—DEBT OBLIGATIONS
	Debt obligations consist of the following (dollars in thousands):
		Year ended
		September 30,
		2013			2012
	Line of credit		—			—
	Junior subordinated notes	$	37,400		$	37,400
	Mortgages payable		313,216			169,284
	Total debt obligations	$	350,616		$	206,684
	Line of credit
	On June 22, 2011, the Trust, through a wholly owned subsidiary, entered into a senior secured revolving credit facility with Capital One, National Association. The maximum amount that may be borrowed under the facility is the lesser of $25 million and the borrowing base. The borrowing base is generally equal to 40% to 65% (depending, among other things, on the type of property secured by the eligible mortgage receivables pledged to the lender and the operating income of the related property) of eligible mortgage receivables. Interest accrues on the outstanding balance at the greater of (i) 4% plus LIBOR and (ii) 5.50%. The facility matures June 21, 2014 and, subject to the satisfaction of specified conditions, the outstanding balance may be converted at the Trust's option into an 18 month term loan. The Trust has guaranteed the payment and performance of its subsidiary's obligations under the facility.
	On April 17, 2012, the facility was amended to allow the subsidiary to borrow, for loan originations, for up to 90 days on an unsecured basis, a maximum of $10,000,000.
	The facility requires the Trust and the subsidiary to maintain or comply with, among other things, net worth and liquidity covenants, debt service and collateral coverage ratios and limits, with specified exceptions, the ability to incur debt.
	For the years ended September 30, 2013, 2012 and 2011 interest expense, which includes fee amortization with respect to the facility, was $157,000, $182,000 and $37,000, respectively.
	At September 30, 2013 and 2012, there was no outstanding balance on the facility.
	Junior Subordinated Notes
	At September 30, 2013 and 2012 the Trust's junior subordinated notes had an outstanding principal balance of $37,400,000. The interest rates on the outstanding notes is set forth in the table below:
	Interest period	Interest Rate
	March 15, 2011 through July 31, 2012		3	%
	August 1, 2012 through April 29, 2016		4.9	%
	April 30, 2016 through April 30, 2036		LIBOR + 2.00	%
	On March 15, 2011, the Trust restructured its existing junior subordinated notes resulting in a repayment of $5,000,000 and a reduction in the interest rate for the remaining term. The Trust accounted for the restructuring of this debt as an extinguishment of debt. For the year ended September 30, 2011, the Trust recognized a loss on the extinguishment of the debt of $2,138,000, which represented the unamortized principal of $1,308,000 and unamortized costs of $830,000. The Trust also incurred third party costs of $512,000 which were deferred and will be amortized over the remaining life of the notes.
	Interest expense, which includes amortization of deferred costs relating to the junior subordinated notes for the years ended September 30, 2013, 2012 and 2011, was $1,853,000, $1,260,000 and $1,590,000, respectively.
	Mortgages Payable
	The Trust had the following obligations outstanding as of the dates indicated all of which are secured by the underlying real property (dollars in thousands):
		September 30,
	Property	2013			2012		Rate			Maturity
	Yonkers, NY	$	1,863		$	1,954		5.25	%	Apr-22
	Palm Beach Gardens, FL		45,200			45,200		3.78	%	Apr-19
	Melboune, FL		7,680			7,680		3.98	%	Apr-19
	Marietta, GA		7,382			6,462		6.5	%	Feb-15
	Lawrenceville, GA		4,687			4,687		4.49	%	Mar-22
	Collierville, TN		25,680			25,680		3.91	%	Jul-22
	North Charleston, SC		17,716			—		3.79	%	Nov-22
	Cordova TN		19,248			—		3.71	%	Dec-22
	Decatur, GA		8,046			—		3.74	%	Dec-22
	Panama City, FL		5,588			—		4.06	%	Feb-23
	Houston, TX		13,200			—		3.95	%	May-23
	Pooler, GA		26,400			—		4	%	May-23
	Hixson, TN		8,137			—		4.29	%	Jul-23
	Houston, TX		6,625			—		Libor + 3.18	%	Feb-23
	Kennesaw, GA		35,900			—		3.99	%	Oct-18
	65 Market St—Newark, NJ		900			900		7	%	Jan-15
	909 Broad St—Newark, NJ		5,936			6,132		6	%	Aug-30
	Teachers Village—Newark, NJ		—			2,738		17	%	Mar-13
	Teachers Village—Newark, NJ(1)		22,748			22,748		5.5	%	Dec-30
	Teachers Village—Newark, NJ		4,250			4,250		3.46	%	Feb-32
	Teachers Village—Newark, NJ		963			988		2	%	Feb-22
	Teachers Village—Newark, NJ		211			1,380		2.5	%	Feb-14
	Teachers Village—Newark, NJ		1,832			1,832			-2	Feb-34
	Teachers Village—Newark, NJ		15,700			15,700		Libor +3.00	%	Aug-19
	Teachers Village—Newark, NJ		5,250			5,250		3.28	%	Sep-42
	Teachers Village—Newark, NJ		14,762			13,491		8.65	%	Dec-23
	Teachers Village—Newark, NJ		2,212			2,212			-3	Aug-34
	Teachers Village—Newark, NJ		5,100			—		1.99	%	Sep-19
		$	313,216		$	169,284
	-1
	TD Bank has the right, in 2018, to require subsidiaries of the Newark Joint Venture to repurchase such debt. If such right is exercised, such subsidiaries will be required to refinance such debt. The stated interest rate is 5.5% per year; however, the United States Treasury Department is reimbursing the interest at the rate of 4.99% per year under the Qualified School Construction Bond program and accordingly, the effective rate of interest thereon until 2018 is 0.51% per year
	-2
	The debt is to be serviced in full by annual payment-in-lieu of taxes ("PILOT") of $256,000 in 2013 increasing to approximately $281,000 at maturity. This obligation is not secured by real property.
	-3
	The debt is to be serviced in full by PILOT payments of $311,000 in 2013 increasing to approximately $344,000 at maturity.
	Scheduled principal repayments on these debt obligations are as follows (dollars in thousands):
Years Ending September 30,	Amount
2014	$	1,979
2015		12,159
2016		6,288
2017		6,758
2018		41,175
Thereafter		244,857
	$	313,216

DEFERRED_INCOME_NEW_MARKETS_TA

DEFERRED INCOME (NEW MARKETS TAX CREDIT TRANSACTION)	12 Months Ended
	Sep. 30, 2013
DEFERRED INCOME (NEW MARKETS TAX CREDIT TRANSACTION)	'
DEFERRED INCOME (NEW MARKETS TAX CREDIT TRANSACTION)	'
	NOTE 9—DEFERRED INCOME (NEW MARKETS TAX CREDIT TRANSACTION)
	On September 11, 2012 and February 3, 2012 special purpose subsidiaries of the Newark Joint Venture entered into transactions with affiliates of Goldman Sachs ("Goldman") related to the Teacher's Village project and received proceeds related to New Markets Tax Credit ("NMTC") for which the project qualified. The NMTC program was enacted by Congress to serve low-income and distressed communities by providing investors with tax credit incentives to make capital investments in those communities. The program permits taxpayers to claim credits against their Federal income tax for up to 39% of qualified investments.
	Goldman contributed $16,400,000 and $11,200,000 to the projects through special-purpose entities created to effect the financing transaction and is entitled to receive tax credits against its qualified investment in the project over the next seven years. At the end of the seven years, the Newark Joint Venture subsidiaries have the option to acquire the special purpose entities for a nominal fee.
	Included in deferred income on the Trust's consolidated balance sheet at September 30, 2013 is $25,848,000 of the Goldman contribution, which is net of fees. This amount will be recognized into income when the obligation to comply with the requirements of the NMTC program as set forth in the applicable provisions of the Internal Revenue Code of 1986, as amended (the "Code"), is eliminated. Risks of non-compliance include recapture (i.e. reversal of the benefit of the tax credit and the related indemnity obligation of the Newark Joint Venture). The tax credits are subject to recapture for a seven year period as provided in the Code.
	Costs incurred in structuring these transactions are deferred and will be recognized as an expense based on the maturities of the various mortgage financings related to the NMTC transaction. At September 30, 2013 and 2012, these costs totaled $9.6 million and $10.2 million and are included in deferred costs on the consolidated balance sheets.
	The Trust determined that these special purpose entities are VIE's. The VIE's ongoing activities, which include collecting and remitting interest and fees and NMTC compliance, were all considered in the design of the special purpose entities and are not anticipated to affect the economic performance during the life of the VIE's.
	Management considered the obligation to deliver tax benefits and provide guarantees to Goldman and the Trust's obligations to absorb the losses of the VIE. Management also considered Goldman's lack of a material interest in the underlying economics of the project. Management concluded that the Trust is the primary beneficiary and has therefore consolidated the VIE's.

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Sep. 30, 2013
INCOME TAXES	'
INCOME TAXES	'
	NOTE 10—INCOME TAXES
	The Trust elected to be taxed as a real estate investment trust ("REIT"), as defined under the Internal Revenue Code of 1986, as amended. As a REIT, the Trust will generally not be subject to Federal income taxes at the corporate level if it distributes 100% of its REIT taxable income, as defined, to its shareholders. To maintain its REIT status, the Trust must distribute at least 90% of its taxable income; however if it does not distribute 100% of its taxable income, it will be taxed on undistributed income. There are a number of organizational and operational requirements the Trust must meet to remain a REIT. If the Trust fails to qualify as a REIT in any taxable year, its taxable income will be subject to Federal income tax at regular corporate tax rates and it may not be able to qualify as a REIT for four subsequent tax years. Even if it is qualified as a REIT, the Trust is subject to certain state and local income taxes and to Federal income and excise taxes on the undistributed taxable income. For income tax purposes, the Trust reports on a calendar year.
	During the years ended September 30, 2013, 2012 and 2011, the Trust recorded $102,000, $16,000 and $20,000, respectively, of state franchise tax expense, net of refunds, relating to the 2013, 2012 and 2011 tax years.
	In 2013 and 2012, the Trust also paid $182,000 and $205,000, respectively in alternative minimum tax which resulted from the use of net operating loss carryforwards in tax year 2012 and 2011.
	Earnings and profits, which determine the taxability of dividends to shareholders, differs from net income reported for financial statement purposes due to various items including timing differences related to loan loss provision, impairment charges, depreciation methods and carrying values.
	The financial statement income is expected to be equal to the income for tax purposes for calendar 2013.
	At December 31, 2012, the Trust had a tax loss carry forward of $58,300,000. These net operating losses can be used in future years to reduce taxable income when it is generated. These tax loss carry forwards begin to expire in 2028.

SHAREHOLDERS_EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Sep. 30, 2013
SHAREHOLDERS' EQUITY	'
SHAREHOLDERS' EQUITY	'
	NOTE 11—SHAREHOLDERS' EQUITY
	Distributions
	During the year ended September 30, 2013, the Trust did not declare or pay any dividends.
	Restricted Shares
	The Trust's 2012 Incentive Plan, approved by its shareholders in January 2012, permits the Trust to grant stock options, restricted stock, restricted stock units, performance shares awards and any one or more of the foregoing, up to a maximum of 600,000 shares. As of September 30, 2013, 131,525 shares were issued pursuant to this plan. An aggregate of 495,950 shares of restricted stock were granted pursuant to the Trust's 2003 and 2009 equity incentive plans (collectively, the "Prior Plans") and have not yet vested. No additional awards may be granted under the Prior Plans. The restricted shares that have been granted under the 2012 Incentive Plan and the Prior Plans vest five years from the date of grant and under specified circumstances, including a change in control, may vest earlier. For accounting purposes, the restricted shares are not included in the outstanding shares shown on the consolidated balance sheets until they vest, but are included in the earnings per share computation.
	During the years ended September 30, 2013, 2012 and 2011 the Trust issued 131,525, 136,650 and 138,150 restricted shares, respectively, under the Trust's equity incentive plans. The estimated fair value of restricted stock at the date of grant is being amortized ratably into expense over the applicable vesting period. For the years ended September 30, 2013, 2012 and 2011, the Trust recognized $691,000, $758,000 and $845,000 of compensation expense, respectively. At September 30, 2013, $1,884,000 has been deferred as unearned compensation and will be charged to expense over the remaining vesting periods. The weighted average vesting period is 2.41 years.
	Changes in number of shares outstanding under the Trust's equity incentive plans are shown below:
		Years Ended September 30,
		2013			2012			2011
	Outstanding at beginning of the year		580,180			491,705			391,580
	Issued		131,525			136,650			138,150
	Cancelled		(22,000	)		(7,250	)		(175	)
	Vested		(62,280	)		(40,925	)		(37,850	)
	Outstanding at the end of the year		627,425			580,180			491,705
	Earnings (Loss) Per Share
	The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands):
		2013			2012			2011
	Numerator for basic and diluted earnings per share attributable to common shareholders:
	Net income attributable to common shareholders	$	5,013		$	4,430		$	6,374
	Denominator:
	Denominator for basic earnings per share—weighted average shares		14,137,091			14,035,972			14,041,569
	Denominator for diluted earnings per share—adjusted weighted average shares and assumed conversions		14,137,091			14,035,972			14,041,569
	Basic earnings per share	$	0.35		$	0.32		$	0.45
	Diluted earnings per share	$	0.35		$	0.32		$	0.45
	Share Buyback and Treasury Shares
	In September 2011, the Board of Trustees approved a share repurchase program authorizing the Trust to spend up to $2,000,000 to repurchase its shares of beneficial interest. Shares repurchased under this program were retired. As of September 30, 2013, the Trust had repurchased 146,812 shares at an average cost of $6.31 per share. During the years ended September 30, 2013, 2012 and 2011 the Trust repurchased 0, 139,507 and 154,692 shares, respectively, at an average cost of $0, $6.30 and $6.35 per share, respectively. In September 2013, the Board of Trustees approved a share repurchase program on the same terms and conditions as the 2011 share repurchase plan.
	During the years ended September 30, 2012 and 2011, 40,925 and 37,850 treasury shares, respectively, were issued in connection with the vesting of restricted stock under the Trust's incentive plans. In fiscal 2012, the Trust cancelled, and restored to the status of authorized and unissued shares, its remaining 1,380,978 treasury shares.

ADVISORS_COMPENSATION_AND_RELA

ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS	12 Months Ended
	Sep. 30, 2013
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS	'
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS	'
	NOTE 12—ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS
	Certain of the Trust's officers and trustees are also officers and directors of REIT Management Corp. ("REIT Management") to which the Trust, pursuant to an amended and restated advisory agreement, paid advisory fees for administrative services and investment advice. Fredric H. Gould, a trustee and former Chairman of the Board of the Trust, is the sole shareholder of REIT Management. Through December 31, 2011, advisory fees were charged to operations at a rate of 0.6% on invested assets which consist primarily of real estate loans, real estate assets and investment securities.
	Effective January 1, 2012, the parties entered into an amendment to the amended and restated advisory agreement pursuant to which (i) the stated expiration date was extended to June 30, 2014, (ii) the minimum and maximum fees payable in a twelve month period to REIT Management were set at $750,000 and $4 million, respectively, subject to adjustment for any period of less than twelve months and (iii) the Trust is to pay REIT Management the following annual fees which are to be paid on a quarterly basis:
	•
	1.0% of the average principal amount of earning loans;
	•
	.35% of the average amount of the fair market value of non-earning loans;
	•
	.45% of the average book value of all real estate properties, excluding depreciation;
	•
	.25% of the average amount of the fair market value of marketable securities;
	•
	.15% of the average amount of cash and cash equivalents; and
	To the extent loans or real estate are held by joint ventures or other arrangements in which the Trust has an interest, fees vary based on, among other things, the nature of the asset (i.e., real estate or loans), the nature of the Trust's involvement (i.e., active or passive) and the extent of the Trust's equity interests in such arrangements.
	Advisory fees amounted to $1,802,000, $1,104,000 and $916,000 for the years ended September 30, 2013, 2012 and 2011, respectively.
	Through December 31, 2011, the Trust's borrowers also paid fees directly to REIT Management based on loan originations, which generally are one-time fees payable upon funding of a loan, in the amount of 1/2 of 1% of the total loan. These fees were $0, $145,000, and $750,000 for the years ended September 30, 2013, 2012 and 2011, respectively. Effective January 1, 2012, all loan origination fees paid by borrowers were paid directly to the Trust.
	Management of certain properties owned by the Trust and certain joint venture properties is provided by Majestic Property Management Corp., a corporation in which Fredric H. Gould is the sole shareholder, under renewable year-to-year agreements. Certain of the Trust's officers and Trustees are also officers and directors of Majestic Property Management Corp. Majestic Property Management Corp. provides real property management, real estate brokerage and construction supervision services to these properties. For the years ended September 30, 2013, 2012 and 2011, fees for these services aggregated $81,000, $74,000, and $83,000, respectively.
	Fredric H. Gould is also vice chairman of the board of One Liberty Properties, Inc., a related party, and certain of the Trust's officers and Trustees are also officers and directors of One Liberty Properties, Inc. In addition, Mr. Gould is an executive officer and sole shareholder of Georgetown Partners, Inc., the managing general partner of Gould Investors L.P. and the sole member of Gould General LLC, a general partner of Gould Investors L.P., a related party. Certain of the Trust's officers and Trustees are also officers and directors of Georgetown Partners, Inc. The allocation of expenses for the shared facilities, personnel and other resources is computed in accordance with a shared services agreement by and among the Trust and the affiliated entities and is included in general and administrative expense on the statements of operations. During the years ended September 30, 2013, 2012 and 2011, allocated general and administrative expenses reimbursed by the Trust to Gould Investors L.P. pursuant to the shared services agreement, aggregated $779,000, $705,000 and $847,000, respectively.

SEGMENT_REPORTING

SEGMENT REPORTING	12 Months Ended
	Sep. 30, 2013
SEGMENT REPORTING	'
SEGMENT REPORTING	'
	NOTE 13—SEGMENT REPORTING
	For the years ended September 30, 2013 and 2012, management determined that the Trust operates in three reportable segments, a multi-family real estate segment which includes the ownership and operation of its multi-family properties, a loan and investment segment which include the origination and servicing of its loan portfolio and its investments, and an other real estate segment which includes the operation and disposition of its other real estate assets and in particular, the Newark Joint Venture. For the year ended September 30, 2011, the Trust operated in two reportable segments.
	The following table summarizes the Trust's segment reporting for the year ended September 30, 2013 (dollars in thousands):
		Multi-Family			Loan and			Other			Total
		Real Estate			Investment			Real Estate
	Revenues:
	Rental and other revenues from real estate properties	$	27,265			—		$	3,327		$	30,592
	Interest and fees on real estate loans		—		$	9,946			—			9,946
	Other income		—			1,207			1,072			2,279
	Total revenues		27,265			11,153			4,399			42,817
	Expenses:
	Interest expense		8,193			509			3,785			12,487
	Advisor's fee, related party		750			831			221			1,802
	Property acquisition costs		2,466			—			—			2,466
	General and administrative		5,661			1,415			372			7,448
	Operating expenses relating to real estate properties		13,570			—			2,839			16,409
	Depreciation and amortization		6,119			—			975			7,094
	Total expenses		36,759			2,755			8,192			47,706
	Total revenues less total expenses		(9,494	)		8,398			(3,793	)		(4,889	)
	Equity in earnings of unconsolidated ventures		—			—			198			198
	Gain on sale of available-for-sale securities		—			530			—			530
	Gain on sale of partnership interest		—			—			5,481			5,481
	(Loss) income from continuing operations		(9,494	)		8,928			1,886			1,320
	Discontinued operations:
	Gain on sale of real estate assets		—			—			769			769
	Income from discontinued operations		—			—			769			769
	Net (loss) income		(9,494	)		8,928			2,655			2,089
	Plus: net loss attributable to non-controlling interests		480			—			2,444			2,924
	Net (loss) income attributable to common shareholders	$	(9,014	)	$	8,928		$	5,099		$	5,013
	Segment assets at September 30, 2013	$	312,962		$	87,042		$	149,487		$	549,491
	The following table summarizes the Trust's segment reporting for the year ended September 30, 2012 (dollars in thousands):
		Multi-Family			Loan and			Other			Total
		Real Estate			Investment			Real Estate
	Revenues:
	Rental and other revenues from real estate properties	$	5,464			—		$	3,211		$	8,675
	Interest and fees on real estate loans		—		$	9,530			—			9,530
	Other income		—			496			878			1,374
	Total revenues		5,464			10,026			4,089			19,579
	Expenses:
	Interest expense		1,629			951			2,149			4,729
	Advisor's fee, related party		230			684			190			1,104
	Property acquisition costs		2,407			—			—			2,407
	General and administrative		1,069			4,422			1,670			7,161
	Operating expenses relating to real estate properties		2,644			—			3,398			6,042
	Depreciation and amortization		1,276			—			728			2,004
	Total expenses		9,255			6,057			8,135			23,447
	Total revenues less total expenses		(3,791	)		3,969			(4,046	)		(3,868	)
	Equity in (loss) earnings of unconsolidated ventures		(121	)		(136	)		1,086			829
	Gain on sale of available-for-sale securities		—			605			—			605
	Gain on sale of loan		—			3,192			—			3,192
	(Loss) Income from continuing operations		(3,912	)		7,630			(2,960	)		758
	Discontinued operations:
	Gain on sale of real estate assets		—			—			792			792
	Income from discontinued operations		—			—			792			792
	Net (loss) income		(3,912	)		7,630			(2,168	)		1,550
	Plus: net loss attributable to non-controlling interests		461			—			2,419			2,880
	Net (loss) income attributable to common shareholders	$	(3,451	)	$	7,630		$	251		$	4,430
	Segment assets at September 30, 2012	$	121,153		$	113,383		$	151,420		$	385,956
	The following table summarizes the Trust's segment reporting for the year ended September 30, 2011 (dollars in thousands):
		Real Estate			Loan and			Total
					Investment
	Revenues:
	Rental and other revenues from real estate properties	$	3,456			—		$	3,456
Interest and fees on real estate loans		—		$	10,328			10,328
Other income		—			4,097			4,097
Total revenues		3,456			14,425			17,881
Expenses:
Interest expense		1,030			1,082			2,112
Advisor's fee, related party		308			608			916
General and administrative		2,063			4,665			6,728
Operating expenses related to real estate properties		3,340			—			3,340
Depreciation and amortization		738			—			738
Total expenses		7,479			6,355			13,834
Total revenues less total expenses		(4,023	)		8,070			4,047
Equity in earnings of unconsolidated ventures		251			99			350
Gain on sale of available-for-sale securities		—			1,319			1,319
Loss on extinguishment of debt		(718	)		(1,420	)		(2,138	)
(Loss) income from continuing operations		(4,490	)		8,068			3,578
Discontinued operations:
Gain on sale of real estate assets		1,346			—			1,346
Income from discontinued operations		1,346			—			1,346
Net (loss) income		(3,144	)		8,068			4,924
Plus: net loss attributable to non-controlling interests		1,450			—			1,450
Net (loss) income attributable to common shareholders	$	(1,694	)	$	8,068		$	6,374
Segment assets at September 30, 2011	$	64,096		$	126,916		$	191,012

FAIR_VALUE_OF_FINANCIAL_INSTRU

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Sep. 30, 2013
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
	NOTE 14—FAIR VALUE OF FINANCIAL INSTRUMENTS
	Financial Instruments Not Measured at Fair Value
	The following methods and assumptions were used to estimate the fair value of each class of financial instruments that are not reported at fair value on the consolidated balance sheets:
	Cash and cash equivalents, restricted cash—construction holdbacks, 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.
	Real estate loans:    The earning mortgage loans of the Trust, which have variable rate provisions based upon a spread over prime rate, have an estimated fair value equal to their carrying value, assuming market rates of interest between 12% and 13%. The Trust's fixed rate earning mortgage loans have an estimated fair value approximately $11,000 greater than their carrying value assuming a market rate of interest of 11% which reflects institutional lender yield requirements.
	Junior subordinated notes:    At September 30, 2013, the estimated fair value of the Trust's junior subordinated notes is less than their carrying value by approximately $24,096,000, based on a market interest rate of 7.49%.
	Mortgages payable:    At September 30, 2013, the estimated fair value of the Trust's mortgages payable is lower than their carrying value by approximately $10,615,000 assuming market interest rates between 2.02% and 9.49%. Market interest rates were determined using current financing transactions provided by third party institutions.
	Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value assumptions.  The fair values of the real estate loans and debt obligations are considered to be Level 2 valuations within the fair value hierarchy.
	Financial Instruments Measured at Fair Value
	The Trust's fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between markets participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other "observable" market inputs and Level 3 assets/liabilities are valued based significantly on "unobservable" market inputs. The Trust does not currently own any financial instruments that are classified as Level 3. Set forth below is information regarding the Trust's financial assets and liabilities measured at fair value as of September 30, 2013 (dollars in thousands):
		Carrying and		Fair Value
		Fair Value		Measurements
				Using Fair Value
				Hierarchy
				Level 1		Level 2
	Financial assets:
	Interest rate cap	$	1		—	$	1
	Financial Liabilities:
	Interest rate swap	$	6		—	$	6
	Available-for-sale securities:    Fair values are approximated based on current market quotes from financial sources that track such securities. All of the available-for-sale securities in an unrealized loss position are equity securities and amounts are not considered to be impaired on an other than temporary basis because the Trust expects the value of these securities to recover and plans on holding them until at least such recovery occurs.
	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 September 30, 2013, these derivatives are included in other assets and accounts payable and accrued liabilities on the consolidated balance sheet.
	Although the Trust has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with it utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparty. As of September 30, 2013, the Trust assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Trust determined that its derivative valuation is classified in Level 2 of the fair value hierarchy.

COMMITMENT

COMMITMENT	12 Months Ended
	Sep. 30, 2013
COMMITMENT	'
COMMITMENT	'
	NOTE 15—COMMITMENT
	The Trust maintains a non-contributory defined contribution pension plan covering eligible employees and officers. Contributions by the Trust are made through a money purchase plan, based upon a percent of qualified employees' total salary as defined therein. Pension expense approximated $310,000, $338,000 and $315,000 during the years ended September 30, 2013, 2012 and 2011, respectively. At September 30, 2013, $80,000 remains unpaid and is included in accounts payable and accrued liabilities on the consolidated balance sheet.

DERIVATIVE_FINANCIAL_INSTRUMEN

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Sep. 30, 2013
DERIVATIVE FINANCIAL INSTRUMENTS	'
DERIVATIVE FINANCIAL INSTRUMENTS	'
	NOTE 16—DERIVATIVE FINANCIAL INSTRUMENTS
	Cash Flow Hedges of Interest Rate Risk
	The Trust's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Trust 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 Trust 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 sheet and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. In March 2012, the Trust entered into an interest rate swap agreement used to hedge the variable cash flows associated with existing variable-rate debt.
	Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Trust's variable-rate debt.
	As of September 30, 2013, the Trust had the following outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk (dollars in thousands):
	Interest Rate Derivative	Notional			Rate			Maturity
	Interest Rate Swap	$	1,863,000			5.25	%		April 1, 2022
	The table below presents the fair value of the Trust's derivative financial instrument as well as its classification on the consolidated balance sheets as of the dates indicated (amounts in thousands):
	Derivatives as of:
	September 30, 2013				September 30, 2012
	Balance Sheet Location	Fair Value			Balance Sheet Location		Fair Value
	Other Assets	$	1				$	10
	Accounts payable and accrued liabilities	$	6		Accounts payable and accrued liabilities		$	104
	The following table presents the effect of the Trust's derivative financial instrument on the consolidated statements of comprehensive income for the year ended September 30, 2013 and September 30, 2012 (dollars in thousands):
		Year Ended
		September 30,
		2013			2012
	Amount of gain (loss) recognized on derivative in Other Comprehensive Income	$	61		$	(123	)
	Amount of (loss) reclassified from Accumulated Other Comprehensive Income into Interest Expense	$	(37	)	$	(19	)
	No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Trust's cash flow hedges during the years ended September 30, 2013 or 2012. During the twelve months ending September 30, 2014, the Trust estimates an additional $35,000 will be reclassified from other comprehensive income as an increase to interest expense.
	Credit-risk-related Contingent Features
	The agreement between the Trust and its derivatives counterparty provides that if the Trust defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Trust could be declared in default on its derivative obligation.
	As of September 30, 2013, the fair value of the derivative in a net liability position, which includes accrued interest, but excludes any adjustment for nonperformance risk related to this agreement, was $6,000. As of September 30, 2013, the Trust has not posted any collateral related to this agreement. If the Trust had been in breach of this agreement at September 30, 2013, it could have been required to settle it obligations thereunder at its termination value of $6,000.

QUARTERLY_FINANCIAL_DATA_Unaud

QUARTERLY FINANCIAL DATA (Unaudited)	12 Months Ended
	Sep. 30, 2013
QUARTERLY FINANCIAL DATA (Unaudited)	'
QUARTERLY FINANCIAL DATA (Unaudited)	'
	NOTE 17—QUARTERLY FINANCIAL DATA (Unaudited)
		2013
		1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			Total
		Oct.–Dec			Jan.–March			April–June			July–Sept.			For Year
	Revenues	$	8,251		$	10,146		$	12,038		$	12,382		$	42,817
	Expenses		10,494			10,020			12,761			14,431			47,706
	Revenues less expenses		(2,243	)		126			(723	)		(2,049	)		(4,889	)
	Equity in earnings of unconsolidated joint ventures		61			68			54			15			198
	Gain on sale of available- for-sale securities		—			482			—			48			530
	Gain on sale of partnership interest		—			—			—			5,481			5,481
	(Loss) Income from continuing operations		(2,182	)		676			(669	)		3,495			1,320
	Discontinued operations		—			—			509			260			769
	Net (loss) income		(2,182	)		676			(160	)		3,755			2,089
	Plus: net loss attributable to non-controlling interests		878			334			681			1,031			2,924
	Net (loss) income attributable to common shareholders		(1,304	)		1,010			521			4,786			5,013
	(Loss) income per beneficial share
	Continuing operations	$	(.09	)	$	0.07		$	—		$	0.32		$	0.3
	Discontinued operations		—			—			0.04			0.02			0.05	(a)
	Basic earnings (loss) per share	$	(.09	)	$	0.07		$	0.04		$	0.34		$	0.35
	(a)
	Does not crossfoot due to rounding.
		2012
		1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			Total
		Oct.–Dec			Jan.–March			April–June			July–Sept.			For Year
	Revenues	$	3,154		$	3,687		$	5,555		$	7,183		$	19,579
	Expenses		3,282			6,086			6,764			7,315			23,447
	Revenues less expenses		(128	)		(2,399	)		(1,209	)		(132	)		(3,868	)
	(Loss) gain on sale of available- for-sale securities		(18	)		342			96			185			605
	Equity in earnings of unconsolidated joint ventures		(75	)		(40	)		20			924			829
	Gain on sale of loan		3,192			—			—			—			3,192
	Income (loss) from continuing operations		2,971			(2,097	)		(1,093	)		977			758
	Discontinued operations		490			—			302			—			792
	Net income (loss)		3,461			(2,097	)		(791	)		977			1,550
	Plus: net loss attributable to non-controlling interests		413			1,069			649			749			2,880
	Net income (loss) attributable to common shareholders		3,874			(1,028	)		(142	)		1,726			4,430
	Income (loss) per beneficial share
	Continuing operations	$	0.24		$	(.07	)	$	(.03	)	$	0.12		$	0.26
	Discontinued operations		0.04			—			0.02			—			0.06
	Basic earnings (loss) per share	$	0.28		$	(.07	)	$	(.01	)	$	0.12		$	0.32

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Sep. 30, 2013
SUBSEQUENT EVENTS	'
SUBSEQUENT EVENTS	'
	NOTE 18—SUBSEQUENT EVENTS
	Subsequent events have been evaluated and any significant events, relative to our consolidated financial statements as of September 30, 2013 that warrant additional disclosure have been included in the notes to the consolidated financial statements.

SCHEDULE_III_REAL_ESTATE_PROPE

SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION	12 Months Ended
	Sep. 30, 2013
SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION	'
SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION	'
	SCHEDULE III—REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
	30-Sep-13
	(Dollars in thousands)
					Initial Cost to				Costs Capitalized Subsequent to						Gross Amount At Which Carried															Depreciation
					Company				Acquisition						at September 30, 2013															Life For
	Description	Encumbrances			Land		Buildings and		Land		Improvements		Carrying		Land		Buildings and		Total			Accumulated			Date of			Date		Latest Income Statement
							Improvements						Costs				Improvements					Depreciation			Construction			Acquired
	Commercial
	Yonkers, NY.	$	1,863			—	$	4,000		—	$	53		—		—	$	4,053	$	4,053		$	1,408			(c	)		Aug-00	39 years
	South Daytona, FL.		—		$	10,437		—		—		—		—	$	7,972		—		7,972			—			N/A			Feb-08	N/A
	Newark, NJ		79,864			17,088		19,033	$	4,843		47,692	$	6,468		21,931		73,193		95,124			2,771			(c	)		Jun-08	39 years
	Multi-Family Residential
	Marietta, GA		7,382			1,750		6,350		—		2,175		—		1,750		8,525		10,275			581			1972			Jan-12	30 years
	Lawrenceville, GA		4,687			1,450		4,800		—		941		—		1,450		5,741		7,191			315			1981			Feb-12	30 years
	Palm Beach Gardens, FL		45,200			16,260		43,140		—		1,171		—		16,260		44,311		60,571			2,594			1970			Mar-12	30 years
	Melbourne, FL		7,680			1,150		8,100		—		1,511		—		1,150		9,611		10,761			567			1987			Mar-12	30 years
	Collierville, TN		25,680			6,420		25,680		—		79		—		6,420		25,759		32,179			1,071			2000			Jun-12	30 years
	North Charleston, SC		17,716			2,390		19,110		—		465		—		2,390		19,575		21,965			655			2010			Oct-12	30 years
	Cordova, TN		19,248			2,700		22,750		—		198		—		2,700		22,948		25,648			667			1986			Nov-12	30 years
	Decatur, GA		8,046			1,700		8,750		—		380		—		1,700		9,130		10,830			259			1954			Nov-12	30 years
	Panama City, FL		5,588			1,091		6,109		—		310		—		1,091		6,419		7,510			170			1987			Jan-13	30 years
	Houston, TX		13,200			5,100		11,663		—		32		—		5,100		11,695		16,795			178			1978			Apr-13	30 years
	Pooler, GA		26,400			1,800		33,450		—		25		—		1,800		33,475		35,275			465			2008			Apr-13	30 years
	Houston, TX		6,625			1,285		7,280		—		7		—		1,285		7,287		8,572			81			1979			Apr-13	30 years
	Hixon, TN		8,137			1,200		9,650		—		3		—		1,200		9,653		10,853			80			1989			May-13	30 years
	Kennesaw, GA		35,900			5,400		43,650		—		—		—		5,400		43,650		49,050			—			2002			Sep-13	30 years
	Misc.(1)		—			—		—		—		—		—		—		134		134			—			N/A				30 years
	Total	$	313,216		$	77,221	$	273,515	$	4,843	$	55,042	$	6,468	$	79,599	$	335,159	$	414,758		$	11,862			—
																				(a	)		(b	)
	-1
	Represents loans which are reported as real estate because they do not qualify for sale treatment under current accounting guidance.
	Notes to the schedule:
	(a)	Total real estate properties		$	414,758
		Less: Accumulated depreciation and amortization			11,862
		Net real estate properties		$	402,896
	(b)	Amortization of the Trust's leasehold interests is over the shorter of estimated useful life or the term of the respective land lease.
	(c)	Information not readily obtainable.
	A reconciliation of real estate properties is as follows:
		Year Ended September 30,
		2013			2012		2011
	Balance at beginning of year	$	190,317		$	59,277	$	55,843
	Additions:
	Acquisitions		185,453			116,759		2,315
	Capital improvements		3,371			3,716		141
	Capitalized development expenses and carrying costs		30,947			12,622		4,371
			219,771			133,097		6,827
	Deductions:
	Sales		117			37		2,561
	Depreciation/amortization/paydowns		7,075			2,020		832
			7,192			2,057		3,393
	Balance at end of year	$	402,896		$	190,317	$	59,277
	The aggregate cost of investments in real estate assets for Federal income tax purposes is approximately $2,625 higher than book value.

SCHEDULE_IV_MORTGAGE_LOANS_ON_

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Sep. 30, 2013
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE	'
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE	'
	SCHEDULE IV—MORTGAGE LOANS ON REAL ESTATE
	30-Sep-13
	(Dollars in thousands)
	Description	# of		Interest			Interest			Final	Periodic Payment Terms	Prior		Face Amount		Carrying		Principal
		Loans		Rate			Rate			Maturity		Liens		of Mortgage		Value of		Amount of
							Floor			Date						Mortgage(a)		Loans
																		subject to
																		delinquent
																		principal or
																		interest
	First Mortgage Loans
	Multi-family, Jacksonville, FL		1		Prime + 8.75	%		12	%	Jan. 2014	Interest monthly, principal at maturity		—	$	2,450	$	2,425		—
	Multi-family, Fort Myers, FL		1		12	%		—		Jan. 2014	Interest monthly, principal at maturity				2,050		2,050		—
	Multi-family, Fort Myers, FL		1		15	%		—		Jan. 2014	Interest monthly, principal at maturity				390		390		—
	Hotel, Memphis, TN		1		Prime + 8.75	%		12	%	Jan. 2014	Interest monthly, principal at maturity		—		1,680		1,677		—
	Land, New York, NY		1		Prime + 7.75	%		12.5	%	Jan. 2014	Interest monthly, principal at maturity		—		8,000		7,960		—
	Multi-family, New York, NY		1		Prime + 7.75	%		12	%	Feb. 2014	Interest monthly, principal at maturity		—		10,147		10,070		—
	Multi-family, Detroit, MI		1		Prime + 8.75	%		12	%	Jul-14	Interest monthly, principal at maturity		—		1,735		1,709		—
	Single family, Bridgehampton, NY		1		Prime + 8.75	%		12	%	Jun-14	Interest monthly, principal at maturity		—		961		942		—
	Retail, Roslyn, NY		1		Prime + 8.75	%		12	%	Sept. 2014	Interest monthly, principal at maturity		—		1,100		1,077		—
	Mezzanine Loan
	Retail, New York, NY		1		12	%				Nov. 2013	Interest monthly, principal at maturity	$	13,365		2,000		2,000		—
	Total		10									$	13,365	$	30,513	$	30,300	$	—
	Notes to the schedule:
	(a)
	The following summary reconciles mortgage loans at their carrying values:
		Year Ended September 30,
		2013		2012			2011
	Balance at beginning of year	$	36,584	$	75,136		$	54,336
	Additions:
	Advances under real estate loans		70,288		101,800			131,255
	Amortization of deferred fee income		1,820		2,249			1,777
	Recovery of previously provided allowances		1,066		156			3,595
			73,174		104,205			136,627
	Deductions:
	Collections of principal		76,872		124,758			66,072
	Sale of loans		—		15,657			46,251
	Collection of loan fees		1,520		2,186			2,465
	Loan loss recoveries		1,066		156			1,039
			79,458		142,757			115,827
	Balance at end of year	$	30,300	$	36,584		$	75,136
	•
	Carrying value of mortgage loans is net of deferred fee income in the amount of $213, $512, and $618 in 2013, 2012 and 2011, respectively.
	•
	The aggregate cost of investments in mortgage loans is the same for financial reporting purposes and Federal income tax purposes.

ORGANIZATION_BACKGROUND_AND_SI1

ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Sep. 30, 2013
ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES	'
Basis of Preparation - reclassified items	'
	Certain items on the consolidated financial statements for the prior year have been reclassified to conform with the current year's presentation primarily to reclassify the assets and mortgage payable that are held for sale in the current and prior fiscal year and to reclassify the operations of the property to discontinued operations.
Principles of Consolidation - general	'
	The consolidated financial statements include the accounts and operations of BRT Realty Trust, its wholly owned subsidiaries, and its majority owned or controlled real estate entities and its interests in variable interest entities in which the Trust is determined to be the primary beneficiary. Material intercompany balances and transactions have been eliminated.
Principles of Consolidation - VIE's	'
	RBH-TRB Newark Holdings LLC, referred to herein as the Newark Joint Venture, was determined to be a variable interest entity ("VIE") because the total equity investment at risk is not sufficient to permit it to finance its activities without additional subordinated financial support by its equity holders. The Trust was determined to be the primary beneficiary of this joint venture 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 from the entity that could potentially be significant to the VIE.
	The Trust's consolidated joint ventures that own multi-family properties, with the exception of its Mountain Park joint venture, were determined to be VIE's because the voting rights of some equity investors are not proportional to their obligations to absorb the expected losses of the entity and their right to receive the expected residual returns. In addition, substantially all of the entity's activities either involve or are conducted on behalf of the investor that has disproportionately fewer voting rights. The Trust was determined to be 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 from the entity that could potentially be significant to the VIE.
	The joint venture that owns the Mountain Park property was determined not to be a VIE but is consolidated because the Trust has substantive participating rights in the entity giving it a controlling financial interest in the entity.
	With respect to its unconsolidated joint ventures, as (i) the Trust is primarily the managing member but does not exercise substantial operating control over these entities or the Trust is not the managing member and (ii) such entities are not VIE's, the Trust has determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes.
Basis of Preparation - estimates and assumptions	'
	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.
Income Tax Status	'
	Income Tax Status
	The Trust qualifies as a real estate investment trust under sections 856-860 of the Internal Revenue Code of 1986, as amended. The Trustees may, at their option, elect to operate the Trust as a business trust not qualifying as a real estate investment trust.
Income Recognition	'
	Income Recognition
	Rental revenue from residential properties is recorded when due from residents and is recognized monthly as it is earned. Rental payments are due in advance. Leases on residential properties are generally for terms that do not exceed one year.
	Rental revenue from commercial real estate properties includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases that is reported on a straight-line basis over the initial term of the lease.
	Income and expenses are recorded on the accrual basis of accounting for financial reporting purposes. The Trust does not accrue interest on impaired loans where, in the judgment of management, collection of interest according to the contractual terms of the loan documents is considered doubtful. Among the factors the Trust considers in making an evaluation of the amount of interest that is collectable, are the financial condition of the borrower, the status of the underlying collateral and anticipated future events. The Trust accrues interest on performing impaired loans and records cash receipts as a reduction of interest receivable. For impaired non-accrual loans, interest is recognized on a cash basis. The Trust will resume the accrual of interest if it determines the collection of interest according to the contractual terms of the loan is probable.
	Loan commitment, origination and extension fee income on loans held in our portfolio is deferred and recorded as loan fee income over the life of the commitment and loan. Commitment fees are generally non-refundable. When a commitment expires or the Trust no longer has an obligation to perform, the remaining fee is recognized in income.
	The basis on which cost was determined in computing the realized gain or loss on sales of available-for-sale securities is specific cost.
Allowance for Possible Losses	'
	Allowance for Possible Losses
	A loan is deemed to be impaired when based on current information and events, it is probable, in the judgment of management, that the Trust will not be able to collect all amounts due in accordance with the contractual terms of the loan documents. Various factors are considered in this evaluation, as appropriate, including market evaluations of the underlying collateral, estimated operating cash flow from the property during the projected holding period, and estimated sales value which is computed by applying an estimated capitalization rate to the projected stabilized net operating income of the specific property, less selling costs, discounted at market discount rates. If upon completion of the evaluation, the value of the collateral securing the loan is less than the recorded investment in the loan, an allowance is created with a corresponding charge to expense. The fair values related to the collateral securing impaired loans based on discounted cash flow models are considered to be level 3 valuations within the fair value hierarchy. When the Trust acquires title to the property, the loan loss allowance is adjusted by charging off all amounts related to the loan and recording the property at its fair value.
Real Estate Properties, Real Estate Properties Held-For-Sale and Loans Held-For-Sale	'
	Real Estate Properties, Real Estate Properties Held-For-Sale and Loans Held-For-Sale
	Real estate properties are shown net of accumulated depreciation and include real property acquired through acquisition, development and foreclosure and similar proceedings.
	The Trust assesses the fair value of real estate acquired (including land, buildings and improvements, and identified intangibles such as above and below market leases and acquired in-place leases, if any) and acquired liabilities and allocates the acquisition price based on these assessments. Fixed-rate renewal options have been included in the calculation of the fair value of acquired leases where applicable. Depreciation is computed on a straight-line basis over estimated useful lives of the tangible asset. Intangible assets (and liabilities) are amortized over the remaining life of the related lease at the time of acquisition. There was no unamortized value of in-place leases at September 30, 2013. Expenditures for maintenance and repairs are charged to operations as incurred.
	When real estate is acquired by foreclosure proceedings, it is recorded at the lower of the recorded investment of the loan or estimated fair value of the property at the time of foreclosure or delivery of a deed in lieu of foreclosure. The recorded investment is the face amount of the loan that has been decreased by any deferred fees, loan loss allowances and any valuation adjustments. Costs incurred in connection with the foreclosure of the properties collateralizing the real estate loans are expensed as incurred.
	Real estate and real estate loans are classified as held for sale when management has determined that it has met the appropriate criteria. Real estate properties which are held for sale are not depreciated and their operations are shown in discontinued operations. Real estate assets and loans that are expected to be disposed of are valued at the lower of their carrying amount or their fair value less costs to sell on an individual asset basis.
	The Trust accounts for the sale of real estate when title passes to the buyer, sufficient equity payments have been received, there is no continuing involvement by the Trust and there is reasonable assurance that the remaining receivable, if any, will be collected.
Real Estate Asset Impairments	'
	Real Estate Asset Impairments
	The Trust reviews each real estate asset owned, including investments in real estate ventures, to determine if there are indicators of impairment. If such indicators are present, the Trust determines whether the carrying amount of the asset can be recovered. Recognition of impairment is required if the undiscounted cash flows estimated to be generated by the assets are less than the asset's carrying amount and that amount exceeds the estimated fair value of the asset. In evaluating a property for impairment, various factors are considered, including estimated current and expected operating cash flow from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of such real estate in the ordinary course of business. Valuation adjustments may be necessary in the event that effective interest rates, rent-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. If future evaluations result in a decrease in the value of the property, the reduction will be recognized as an impairment charge. The fair values related to the impaired real estate are considered to be a level 3 valuation within the fair value hierarchy.  There were no impairments identified during fiscal 2013.
Fixed Asset Capitalization	'
	Fixed Asset Capitalization
	A variety of costs may be incurred in the development of the Trust's properties. After a determination is made to capitalize a cost, it is allocated to the specific project that is benefited. The costs of land and building under development include specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, and other costs incurred during the period of development. We consider a construction project as substantially completed when it is available for occupancy, but no later than one year from cessation of major construction activity. The Trust cease's capitalization when the project is available for occupancy.
Equity Based Compensation	'
	Equity Based Compensation
	The Trust's compensation expense for restricted stock awards is amortized over the vesting period of such awards, based upon the estimated fair value of such restricted stock at the grant date. For accounting purposes, the restricted shares are not included in the outstanding shares shown on the consolidated balance sheets until they vest; however, they are included in the calculation of both basic and diluted earnings per share as they participate in the earnings of the Trust.
Derivatives and Hedging Activities	'
	Derivatives and Hedging Activities
	The Trust's objective in using derivative financial instruments is to manage interest rate risk. The Trust does not use derivatives for trading or speculative purposes. The Trust records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Trust has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income and subsequently reclassified to earnings in the period in which the hedge transaction affects earnings. The ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which they occur.
Per Share Data	'
	Per Share Data
	Basic earnings (loss) per share was determined by dividing net income (loss) applicable to common shareholders for the applicable year by the weighted average number of shares of beneficial interest outstanding during such year. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue shares of beneficial interest were exercised or converted into shares of beneficial interest or resulted in the issuance of shares of beneficial interest that share in the earnings of the Trust. Diluted earnings per share was determined by dividing net income applicable to common shareholders for the applicable year by the total of the weighted average number of shares of beneficial interest outstanding plus the dilutive effect of the Trust's unvested restricted stock and outstanding options and warrants using the treasury stock method.
Cash Equivalents	'
	Cash Equivalents
	Cash equivalents consist of highly liquid investments, primarily direct United States treasury obligations with maturities of three months or less when purchased.
Use of Estimates	'
	Use of Estimates
	The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Segment Reporting	'
	Segment Reporting
	Management has determined that it operates in three reportable segments: a multi-family real estate segment, a loan and investment segment, and an other real estate segment. The multi-family real estate segment includes the ownership and operation of the Trust's multi-family properties, the loan and investment segment includes all activities related to the origination and servicing of the Trusts loan portfolio and other investments and the other real estate segment includes all activities related to the development, operation and disposition of the Trust's other real estate assets.

REAL_ESTATE_PROPERTIES_Tables

REAL ESTATE PROPERTIES (Tables)	12 Months Ended
	Sep. 30, 2013
REAL ESTATE PROPERTIES	'
Summary of activity in real estate properties	'
	A summary of activity in real estate properties for the year ended September 30, 2013 is as follows (dollars in thousands):
		September 30,		Additions		Capitalized		Depreciation,			September 30,
		2012				Costs and		Amortization			2013
		Balance				Improvements		and other			Balance
								Reductions
	Multi-family(a)	$	117,538	$	185,078	$	3,296	$	(6,120	)	$	299,792
	Commercial/mixed use(b)		61,808		375		31,021		(850	)		92,354
	Land(c)		7,972		—		—		—			7,972
	Shopping centers/retail(d)		2,749						(104	)		2,645
	Co-op/Condo Apts		250		—		—		(117	)		133
	Total real estate properties	$	190,317	$	185,453	$	34,317	$	(7,191	)	$	402,896
	(a)
	Set forth below is certain information regarding the Trust's purchases, through joint ventures in each of which the Trust has, an 80% equity interest, except for the North Charleston, SC property in which it has a 90% interest, the Hixson, TN property in which it has a 75% interest and the Kennesaw, GA property, in which it has a 50% interest, of the following multi-family properties for the year ended September 30, 2013 (dollars in thousands):
	Location	Purchase		No. of		Contract		Acquisition			BRT		Acquisition
		Date		Units		Purchase		Mortgage			Equity		Costs
						Price		Debt
	North Charleston, SC		10/4/12		208	$	21,500	$	17,716		$	4,410	$	213
	Cordova, TN		11/15/12		464		25,450		19,248			6,220		386
	Decatur, GA		11/19/12		212		10,450		8,046			3,396		231
	Panama City, FL		1/11/13		160		7,200		5,588			2,163		136
	Houston, TX		4/19/13		240		16,763		13,200			3,724		313
	Pooler, GA		4/29/13		300		35,250		26,400			8,120		188
	Houston, TX		6/7/13		144		8,565		6,657			2,247		57
	Hixon, TN		6/25/13		156		10,850		8,137			2,775		210
	Kennesaw, GA		9/25/13		450		49,050		35,900			7,571		657
	Other													75
					2,334	$	185,078	$	140,892		$	40,626	$	2,466
	(b)
	Represents the real estate assets of RBH-TRB Newark Holdings LLC, a consolidated VIE which owns operating and development properties in Newark, New Jersey. These properties contain a mix of office, retail space, charter schools and surface parking totaling approximately 690,000 square feet, which includes 252,000 square feet currently under construction. Certain of these assets are subject to mortgages in the aggregate principal balance of $20,100,000 held by the Trust, which are eliminated in consolidation. Several of the assets are also encumbered by other mortgages which are discussed in Note 8—Debt Obligations—Mortgages Payable. The Trust made net capital contributions of $1,729,000 and $2,987,000 to this venture in the years ended September 30, 2013 and 2012, respectively, representing its proportionate share of capital required to fund the operations of the venture for its next fiscal year and to purchase additional land parcels.
	(c)
	Represents an 8.9 acre development parcel located in Daytona Beach, Florida which was acquired in foreclosure.
	(d)
	The Trust owns, with a minority partner, a leasehold interest in a portion of a retail shopping center located in Yonkers, New York. The leasehold interest is for approximately 28,500 square feet and, including all option periods, expires in 2045. The Trust has an 85% interest in this joint venture.
Schedule of multi-family properties purchased by the Trust through joint ventures	'
	Set forth below is certain information regarding the Trust's purchases, through joint ventures in each of which the Trust has, an 80% equity interest, except for the North Charleston, SC property in which it has a 90% interest, the Hixson, TN property in which it has a 75% interest and the Kennesaw, GA property, in which it has a 50% interest, of the following multi-family properties for the year ended September 30, 2013 (dollars in thousands):
	Location	Purchase		No. of		Contract		Acquisition			BRT		Acquisition
		Date		Units		Purchase		Mortgage			Equity		Costs
						Price		Debt
	North Charleston, SC		10/4/12		208	$	21,500	$	17,716		$	4,410	$	213
	Cordova, TN		11/15/12		464		25,450		19,248			6,220		386
	Decatur, GA		11/19/12		212		10,450		8,046			3,396		231
	Panama City, FL		1/11/13		160		7,200		5,588			2,163		136
	Houston, TX		4/19/13		240		16,763		13,200			3,724		313
	Pooler, GA		4/29/13		300		35,250		26,400			8,120		188
	Houston, TX		6/7/13		144		8,565		6,657			2,247		57
	Hixon, TN		6/25/13		156		10,850		8,137			2,775		210
	Kennesaw, GA		9/25/13		450		49,050		35,900			7,571		657
	Other													75
					2,334	$	185,078	$	140,892		$	40,626	$	2,466
Schedule of future minimum rentals to be received pursuant to non-cancellable operating leases with terms in excess of one year, from properties on which the entity holds title	'
	Future minimum rentals to be received by the Trust pursuant to non-cancellable operating leases with terms in excess of one year, from properties owned by the Trust or a consolidated subsidiary at September 30, 2013, are as follows (dollars in thousands):
	Year Ending September 30,	Amount
	2014	$	3,397
	2015		3,544
	2016		3,529
	2017		2,683
	2018		2,623
	Thereafter		38,099
	Total	$	53,875
Schedule of multi-family properties purchased by the Trust through consolidated joint ventures subsequent to September 30, 2013	'
	Subsequent to September 30, 2013, the Trust purchased, through consolidated joint ventures in which the Trust has an 80% equity interest (except for the Columbus, Ohio property which is wholly owned), the following multi-family properties (dollars in thousands):
	Location	Purchase		No of		Contract		Acquisition			BRT		Acquisition
		Date		Units		Purchase Price		Mortgage			Equity		Costs
								Debt
	Houston, TX		10/4/13		798	$	32,700	$	24,100		$	10,525	$	474
	Pasadena, TX		10/15/13		144		5,420		4,065			1,687		76
	Humble, TX		10/15/13		260		10,500		7,875			3,129		122
	Humble, TX		10/15/13		160		6,700		5,025			1,908		104
	Huntsville, AL		10/18/13		208		12,050		9,573			3,950		122
	Columbus, OH		11/21/13		264		14,050		10,664			3,584		132
					1,834	$	81,420	$	61,302		$	24,783	$	1,030

REAL_ESTATE_LOANS_Tables

REAL ESTATE LOANS (Tables)	12 Months Ended
	Sep. 30, 2013
REAL ESTATE LOANS	'
Schedule of real estate loans	'
	Information as to real estate loans, all of which are earning interest, is summarized as follows (dollars in thousands):
		September 30, 2013						September 30, 2012
		Real Estate			Percent			Real Estate			Percent
		Loans						Loans
	Multi-family residential	$	16,772			55	%	$	35,096			95	%
	Retail		3,100			10	%		2,000			5	%
	Hotel		1,680			6	%		—			—
	Land		8,000			26	%		—			—
	Single family		961			3	%		—			—
			30,513			100	%		37,096			100	%
	Deferred fee income		(213	)					(512	)
	Real estate loans, net	$	30,300					$	36,584

AVAILABLEFORSALE_SECURITIES_Ta

AVAILABLE-FOR-SALE SECURITIES (Tables)	12 Months Ended
	Sep. 30, 2013
AVAILABLE-FOR-SALE SECURITIES	'
Schedule of available-for-sale securities	'
	Information regarding our available-for-sale securities is set forth in the table below (dollars in thousands):
		September 30,
		2012
	Cost basis	$	789
	Unrealized gains		499
	Unrealized losses		(39	)
	Market value	$	1,249
Schedule of details regarding the sales of available-for-sale debt and equity securities	'
	Information regarding the sales of available-for-sale debt and equity securities is presented in the table below (dollars in thousands):
		Year ended September 30,
		2013			2012		2011
	Proceeds from sale	$	1,318		$	3,939	$	7,590
	less cost basis		788			3,334		6,271
	Gain on sale	$	530		$	605	$	1,319

DEBT_OBLIGATIONS_Tables

DEBT OBLIGATIONS (Tables)	12 Months Ended
	Sep. 30, 2013
DEBT OBLIGATIONS	'
Schedule of debt obligations	'
	Debt obligations consist of the following (dollars in thousands):
		Year ended
		September 30,
		2013			2012
	Line of credit		—			—
	Junior subordinated notes	$	37,400		$	37,400
	Mortgages payable		313,216			169,284
	Total debt obligations	$	350,616		$	206,684
Debt obligations	'
Scheduled principal repayments on mortgages	'
	Scheduled principal repayments on these debt obligations are as follows (dollars in thousands):
	Years Ending September 30,	Amount
	2014	$	1,979
	2015		12,159
	2016		6,288
	2017		6,758
	2018		41,175
	Thereafter		244,857
		$	313,216
Junior subordinated notes	'
Debt obligations	'
Schedule of outstanding debt	'
	At September 30, 2013 and 2012 the Trust's junior subordinated notes had an outstanding principal balance of $37,400,000. The interest rates on the outstanding notes is set forth in the table below:
	Interest period	Interest Rate
	March 15, 2011 through July 31, 2012		3	%
	August 1, 2012 through April 29, 2016		4.9	%
	April 30, 2016 through April 30, 2036		LIBOR + 2.00	%
Mortgages payable	'
Debt obligations	'
Schedule of outstanding debt	'
	The Trust had the following obligations outstanding as of the dates indicated all of which are secured by the underlying real property (dollars in thousands):
		September 30,
	Property	2013			2012		Rate			Maturity
	Yonkers, NY	$	1,863		$	1,954		5.25	%	Apr-22
	Palm Beach Gardens, FL		45,200			45,200		3.78	%	Apr-19
	Melboune, FL		7,680			7,680		3.98	%	Apr-19
	Marietta, GA		7,382			6,462		6.5	%	Feb-15
	Lawrenceville, GA		4,687			4,687		4.49	%	Mar-22
	Collierville, TN		25,680			25,680		3.91	%	Jul-22
	North Charleston, SC		17,716			—		3.79	%	Nov-22
	Cordova TN		19,248			—		3.71	%	Dec-22
	Decatur, GA		8,046			—		3.74	%	Dec-22
	Panama City, FL		5,588			—		4.06	%	Feb-23
	Houston, TX		13,200			—		3.95	%	May-23
	Pooler, GA		26,400			—		4	%	May-23
	Hixson, TN		8,137			—		4.29	%	Jul-23
	Houston, TX		6,625			—		Libor + 3.18	%	Feb-23
	Kennesaw, GA		35,900			—		3.99	%	Oct-18
	65 Market St—Newark, NJ		900			900		7	%	Jan-15
	909 Broad St—Newark, NJ		5,936			6,132		6	%	Aug-30
	Teachers Village—Newark, NJ		—			2,738		17	%	Mar-13
	Teachers Village—Newark, NJ(1)		22,748			22,748		5.5	%	Dec-30
	Teachers Village—Newark, NJ		4,250			4,250		3.46	%	Feb-32
	Teachers Village—Newark, NJ		963			988		2	%	Feb-22
	Teachers Village—Newark, NJ		211			1,380		2.5	%	Feb-14
	Teachers Village—Newark, NJ		1,832			1,832			-2	Feb-34
	Teachers Village—Newark, NJ		15,700			15,700		Libor +3.00	%	Aug-19
	Teachers Village—Newark, NJ		5,250			5,250		3.28	%	Sep-42
	Teachers Village—Newark, NJ		14,762			13,491		8.65	%	Dec-23
	Teachers Village—Newark, NJ		2,212			2,212			-3	Aug-34
	Teachers Village—Newark, NJ		5,100			—		1.99	%	Sep-19
		$	313,216		$	169,284
	-1
	TD Bank has the right, in 2018, to require subsidiaries of the Newark Joint Venture to repurchase such debt. If such right is exercised, such subsidiaries will be required to refinance such debt. The stated interest rate is 5.5% per year; however, the United States Treasury Department is reimbursing the interest at the rate of 4.99% per year under the Qualified School Construction Bond program and accordingly, the effective rate of interest thereon until 2018 is 0.51% per year
	-2
	The debt is to be serviced in full by annual payment-in-lieu of taxes ("PILOT") of $256,000 in 2013 increasing to approximately $281,000 at maturity. This obligation is not secured by real property.
	-3
	The debt is to be serviced in full by PILOT payments of $311,000 in 2013 increasing to approximately $344,000 at maturity.

SHAREHOLDERS_EQUITY_Tables

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Sep. 30, 2013
SHAREHOLDERS' EQUITY	'
Schedule of changes in number of shares outstanding	'
		Years Ended September 30,
		2013			2012			2011
	Outstanding at beginning of the year		580,180			491,705			391,580
	Issued		131,525			136,650			138,150
	Cancelled		(22,000	)		(7,250	)		(175	)
	Vested		(62,280	)		(40,925	)		(37,850	)
	Outstanding at the end of the year		627,425			580,180			491,705
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):
		2013			2012			2011
	Numerator for basic and diluted earnings per share attributable to common shareholders:
	Net income attributable to common shareholders	$	5,013		$	4,430		$	6,374
	Denominator:
	Denominator for basic earnings per share—weighted average shares		14,137,091			14,035,972			14,041,569
	Denominator for diluted earnings per share—adjusted weighted average shares and assumed conversions		14,137,091			14,035,972			14,041,569
	Basic earnings per share	$	0.35		$	0.32		$	0.45
	Diluted earnings per share	$	0.35		$	0.32		$	0.45

SEGMENT_REPORTING_Tables

SEGMENT REPORTING (Tables)	12 Months Ended
	Sep. 30, 2013
SEGMENT REPORTING	'
Schedule of segment reporting	'
	The following table summarizes the Trust's segment reporting for the year ended September 30, 2013 (dollars in thousands):
		Multi-Family			Loan and			Other			Total
		Real Estate			Investment			Real Estate
	Revenues:
	Rental and other revenues from real estate properties	$	27,265			—		$	3,327		$	30,592
	Interest and fees on real estate loans		—		$	9,946			—			9,946
	Other income		—			1,207			1,072			2,279
	Total revenues		27,265			11,153			4,399			42,817
	Expenses:
	Interest expense		8,193			509			3,785			12,487
	Advisor's fee, related party		750			831			221			1,802
	Property acquisition costs		2,466			—			—			2,466
	General and administrative		5,661			1,415			372			7,448
	Operating expenses relating to real estate properties		13,570			—			2,839			16,409
	Depreciation and amortization		6,119			—			975			7,094
	Total expenses		36,759			2,755			8,192			47,706
	Total revenues less total expenses		(9,494	)		8,398			(3,793	)		(4,889	)
	Equity in earnings of unconsolidated ventures		—			—			198			198
	Gain on sale of available-for-sale securities		—			530			—			530
	Gain on sale of partnership interest		—			—			5,481			5,481
	(Loss) income from continuing operations		(9,494	)		8,928			1,886			1,320
	Discontinued operations:
	Gain on sale of real estate assets		—			—			769			769
	Income from discontinued operations		—			—			769			769
	Net (loss) income		(9,494	)		8,928			2,655			2,089
	Plus: net loss attributable to non-controlling interests		480			—			2,444			2,924
	Net (loss) income attributable to common shareholders	$	(9,014	)	$	8,928		$	5,099		$	5,013
	Segment assets at September 30, 2013	$	312,962		$	87,042		$	149,487		$	549,491
	The following table summarizes the Trust's segment reporting for the year ended September 30, 2012 (dollars in thousands):
		Multi-Family			Loan and			Other			Total
		Real Estate			Investment			Real Estate
	Revenues:
	Rental and other revenues from real estate properties	$	5,464			—		$	3,211		$	8,675
	Interest and fees on real estate loans		—		$	9,530			—			9,530
	Other income		—			496			878			1,374
	Total revenues		5,464			10,026			4,089			19,579
	Expenses:
	Interest expense		1,629			951			2,149			4,729
	Advisor's fee, related party		230			684			190			1,104
	Property acquisition costs		2,407			—			—			2,407
	General and administrative		1,069			4,422			1,670			7,161
	Operating expenses relating to real estate properties		2,644			—			3,398			6,042
	Depreciation and amortization		1,276			—			728			2,004
	Total expenses		9,255			6,057			8,135			23,447
	Total revenues less total expenses		(3,791	)		3,969			(4,046	)		(3,868	)
	Equity in (loss) earnings of unconsolidated ventures		(121	)		(136	)		1,086			829
	Gain on sale of available-for-sale securities		—			605			—			605
	Gain on sale of loan		—			3,192			—			3,192
	(Loss) Income from continuing operations		(3,912	)		7,630			(2,960	)		758
	Discontinued operations:
	Gain on sale of real estate assets		—			—			792			792
	Income from discontinued operations		—			—			792			792
	Net (loss) income		(3,912	)		7,630			(2,168	)		1,550
	Plus: net loss attributable to non-controlling interests		461			—			2,419			2,880
	Net (loss) income attributable to common shareholders	$	(3,451	)	$	7,630		$	251		$	4,430
	Segment assets at September 30, 2012	$	121,153		$	113,383		$	151,420		$	385,956
	The following table summarizes the Trust's segment reporting for the year ended September 30, 2011 (dollars in thousands):
		Real Estate			Loan and			Total
					Investment
	Revenues:
	Rental and other revenues from real estate properties	$	3,456			—		$	3,456
	Interest and fees on real estate loans		—		$	10,328			10,328
	Other income		—			4,097			4,097
Total revenues		3,456			14,425			17,881
Expenses:
Interest expense		1,030			1,082			2,112
Advisor's fee, related party		308			608			916
General and administrative		2,063			4,665			6,728
Operating expenses related to real estate properties		3,340			—			3,340
Depreciation and amortization		738			—			738
Total expenses		7,479			6,355			13,834
Total revenues less total expenses		(4,023	)		8,070			4,047
Equity in earnings of unconsolidated ventures		251			99			350
Gain on sale of available-for-sale securities		—			1,319			1,319
Loss on extinguishment of debt		(718	)		(1,420	)		(2,138	)
(Loss) income from continuing operations		(4,490	)		8,068			3,578
Discontinued operations:
Gain on sale of real estate assets		1,346			—			1,346
Income from discontinued operations		1,346			—			1,346
Net (loss) income		(3,144	)		8,068			4,924
Plus: net loss attributable to non-controlling interests		1,450			—			1,450
Net (loss) income attributable to common shareholders	$	(1,694	)	$	8,068		$	6,374
Segment assets at September 30, 2011	$	64,096		$	126,916		$	191,012

FAIR_VALUE_OF_FINANCIAL_INSTRU1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Sep. 30, 2013
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
Schedule of financial assets and liabilities measured at fair value	'
	Set forth below is information regarding the Trust's financial assets and liabilities measured at fair value as of September 30, 2013 (dollars in thousands):
		Carrying and		Fair Value
		Fair Value		Measurements
				Using Fair Value
				Hierarchy
				Level 1		Level 2
	Financial assets:
	Interest rate cap	$	1		—	$	1
	Financial Liabilities:
	Interest rate swap	$	6		—	$	6

DERIVATIVE_FINANCIAL_INSTRUMEN1

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Sep. 30, 2013
Interest Rate Derivatives	'
Schedule of outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk	'
	As of September 30, 2013, the Trust had the following outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk (dollars in thousands):
	Interest Rate Derivative	Notional			Rate			Maturity
	Interest Rate Swap	$	1,863,000			5.25	%		April 1, 2022
Schedule of fair value of derivative financial instruments and classification on the consolidated balance sheets	'
	The table below presents the fair value of the Trust's derivative financial instrument as well as its classification on the consolidated balance sheets as of the dates indicated (amounts in thousands):
	Derivatives as of:
	September 30, 2013				September 30, 2012
	Balance Sheet Location	Fair Value			Balance Sheet Location		Fair Value
	Other Assets	$	1				$	10
	Accounts payable and accrued liabilities	$	6		Accounts payable and accrued liabilities		$	104
Schedule of effect of derivative financial instrument on the consolidated statements of comprehensive income (loss)	'
	The following table presents the effect of the Trust's derivative financial instrument on the consolidated statements of comprehensive income for the year ended September 30, 2013 and September 30, 2012 (dollars in thousands):
		Year Ended
		September 30,
		2013			2012
	Amount of gain (loss) recognized on derivative in Other Comprehensive Income	$	61		$	(123	)
	Amount of (loss) reclassified from Accumulated Other Comprehensive Income into Interest Expense	$	(37	)	$	(19	)

QUARTERLY_FINANCIAL_DATA_Unaud1

QUARTERLY FINANCIAL DATA (Unaudited) (Tables)	12 Months Ended
	Sep. 30, 2013
QUARTERLY FINANCIAL DATA (Unaudited)	'
Schedule of quarterly financial data	'
		2013
		1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			Total
		Oct.–Dec			Jan.–March			April–June			July–Sept.			For Year
	Revenues	$	8,251		$	10,146		$	12,038		$	12,382		$	42,817
	Expenses		10,494			10,020			12,761			14,431			47,706
	Revenues less expenses		(2,243	)		126			(723	)		(2,049	)		(4,889	)
	Equity in earnings of unconsolidated joint ventures		61			68			54			15			198
	Gain on sale of available- for-sale securities		—			482			—			48			530
	Gain on sale of partnership interest		—			—			—			5,481			5,481
	(Loss) Income from continuing operations		(2,182	)		676			(669	)		3,495			1,320
	Discontinued operations		—			—			509			260			769
	Net (loss) income		(2,182	)		676			(160	)		3,755			2,089
	Plus: net loss attributable to non-controlling interests		878			334			681			1,031			2,924
	Net (loss) income attributable to common shareholders		(1,304	)		1,010			521			4,786			5,013
	(Loss) income per beneficial share
	Continuing operations	$	(.09	)	$	0.07		$	—		$	0.32		$	0.3
	Discontinued operations		—			—			0.04			0.02			0.05	(a)
	Basic earnings (loss) per share	$	(.09	)	$	0.07		$	0.04		$	0.34		$	0.35
	(a)
	Does not crossfoot due to rounding.
		2012
		1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			Total
		Oct.–Dec			Jan.–March			April–June			July–Sept.			For Year
	Revenues	$	3,154		$	3,687		$	5,555		$	7,183		$	19,579
	Expenses		3,282			6,086			6,764			7,315			23,447
	Revenues less expenses		(128	)		(2,399	)		(1,209	)		(132	)		(3,868	)
	(Loss) gain on sale of available- for-sale securities		(18	)		342			96			185			605
	Equity in earnings of unconsolidated joint ventures		(75	)		(40	)		20			924			829
	Gain on sale of loan		3,192			—			—			—			3,192
	Income (loss) from continuing operations		2,971			(2,097	)		(1,093	)		977			758
	Discontinued operations		490			—			302			—			792
	Net income (loss)		3,461			(2,097	)		(791	)		977			1,550
	Plus: net loss attributable to non-controlling interests		413			1,069			649			749			2,880
	Net income (loss) attributable to common shareholders		3,874			(1,028	)		(142	)		1,726			4,430
	Income (loss) per beneficial share
	Continuing operations	$	0.24		$	(.07	)	$	(.03	)	$	0.12		$	0.26
	Discontinued operations		0.04			—			0.02			—			0.06
	Basic earnings (loss) per share	$	0.28		$	(.07	)	$	(.01	)	$	0.12		$	0.32

ORGANIZATION_BACKGROUND_AND_SI2

ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES	'	'	'
Real estate impairments	$0	$0	$0
In-place leases	'	'	'
Identified intangibles of real estate acquired	'	'	'
Unamortized value	$0	'	'
Maximum	'	'	'
Fixed Asset Capitalization	'	'	'
Period from cessation of major construction activity to consider a construction project as substantially completed	'1 year	'	'
Multi-family residential | Maximum	'	'	'
Leases on residential properties	'	'	'
Lease term	'1 year	'	'
Joint ventures | Purchase of properties | Multi-family residential | Minimum	'	'	'
Organization, background and significant accounting policies	'	'	'
Equity contribution in each transaction (as a percent)	50.00%	'	'
Joint ventures | Purchase of properties | Multi-family residential | Maximum	'	'	'
Organization, background and significant accounting policies	'	'	'
Equity contribution in each transaction (as a percent)	90.00%	'	'

ORGANIZATION_BACKGROUND_AND_SI3

ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (Details 2)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
	item	item	item
Segment Reporting	'	'	'
Number of reportable segments	3	3	2

REAL_ESTATE_PROPERTIES_Details

REAL ESTATE PROPERTIES (Details) (USD $)	12 Months Ended					12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2013
		Multi-family	Commercial/mixed use properties	Land	Land	Shopping centers/retail	Co-op/Condo Apts
			Primary beneficiary
			RBH-TRB Newark Holdings LLC
Activity in real estate properties	'	'	'	'	'	'	'
Balance at the beginning of the period	$190,317	$117,538	$61,808	$7,972	$7,972	$2,749	$250
Additions	185,453	185,078	375	'	'	'	'
Capitalized Costs and Improvements	34,317	3,296	31,021	'	'	'	'
Depreciation, Amortization and Other Reductions	-7,191	-6,120	-850	'	'	-104	-117
Balance at the end of the period	$402,896	$299,792	$92,354	$7,972	$7,972	$2,645	$133

REAL_ESTATE_PROPERTIES_Details1

REAL ESTATE PROPERTIES (Details 2) (USD $)

12 Months Ended

0 Months Ended

2 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Nov. 21, 2013

Nov. 21, 2013

Sep. 30, 2013

Oct. 04, 2012

Nov. 15, 2012

Nov. 19, 2012

Jan. 11, 2013

Jun. 07, 2013

Apr. 19, 2013

Oct. 04, 2013

Apr. 29, 2013

Jun. 25, 2013

Sep. 25, 2013

Oct. 15, 2013

Oct. 15, 2013

Oct. 15, 2013

Oct. 18, 2013

Sep. 30, 2013

Sep. 30, 2013

Shopping centers/retail

Commercial/mixed use properties

Commercial/mixed use properties

Commercial/mixed use properties

Multi-family

Multi-family

Multi-family

Multi-family

Multi-family

Multi-family

Multi-family

Multi-family

Multi-family

Multi-family

Multi-family

Multi-family

Multi-family

Multi-family

Multi-family

Multi-family

Multi-family

Multi-family

Land

Primary beneficiary

Primary beneficiary

Primary beneficiary

Primary beneficiary

Wholly owned subsidiary

Consolidated joint ventures and wholly owned subsidiary

Consolidated joint ventures

Consolidated joint ventures

Consolidated joint ventures

Consolidated joint ventures

Consolidated joint ventures

Consolidated joint ventures

Consolidated joint ventures

Consolidated joint ventures

Consolidated joint ventures

Consolidated joint ventures

Consolidated joint ventures

Consolidated joint ventures

Consolidated joint ventures

Consolidated joint ventures

Consolidated joint ventures

Consolidated joint ventures

Daytona Beach, Florida

Partnership

Newark Joint Venture

Newark Joint Venture

Newark Joint Venture

Columbus, OH

Purchase of properties

Purchase of properties

North Charleston, SC

Cordova, TN

Decatur, GA

Panama City, FL

Houston, TX

Houston, TX

Houston, TX

Pooler, GA

Hixson, TN

Kennesaw, GA

Pasadena, TX

Humble, TX, first location

Humble, TX, second location

Huntsville, AL

Other

acre

Yonkers, New York

Newark, New Jersey

Newark, New Jersey

Newark, New Jersey

Purchase of properties

Subsequent event

item

Purchase of properties

Purchase of properties

Purchase of properties

Purchase of properties

Purchase of properties

Purchase of properties

Purchase of properties

Purchase of properties

Purchase of properties

Purchase of properties

Purchase of properties

Purchase of properties

Purchase of properties

Purchase of properties

Purchase of properties

sqft

sqft

Mortgages Payable

Subsequent event

acre

item

item

item

item

item

item

Subsequent event

item

item

item

Subsequent event

Subsequent event

Subsequent event

Subsequent event

acre

item

item

item

item

item

Real Estate Properties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest in joint venture (as a percent)

'

'

'

85.00%

'

'

'

'

'

'

90.00%

80.00%

80.00%

80.00%

80.00%

80.00%

80.00%

80.00%

75.00%

50.00%

80.00%

80.00%

80.00%

80.00%

'

'

Number of Units

'

'

'

'

'

'

'

264

1,834

2,334

208

464

212

160

144

240

798

300

156

450

144

260

160

208

'

'

Contract Purchase Price

'

'

'

'

'

'

'

$14,050,000

$81,420,000

$185,078,000

$21,500,000

$25,450,000

$10,450,000

$7,200,000

$8,565,000

$16,763,000

$32,700,000

$35,250,000

$10,850,000

$49,050,000

$5,420,000

$10,500,000

$6,700,000

$12,050,000

'

'

Acquisition Mortgage Debt

30,513,000

'

'

'

'

'

'

10,664,000

61,302,000

140,892,000

17,716,000

19,248,000

8,046,000

5,588,000

6,657,000

13,200,000

24,100,000

26,400,000

8,137,000

35,900,000

4,065,000

7,875,000

5,025,000

9,573,000

'

'

BRT Equity

'

'

'

'

1,729,000

2,987,000

'

'

'

40,626,000

4,410,000

6,220,000

3,396,000

2,163,000

2,247,000

3,724,000

'

8,120,000

2,775,000

7,571,000

'

'

'

'

'

'

BRT Equity

'

'

713,000

'

'

'

'

3,584,000

24,783,000

'

'

'

'

'

'

'

10,525,000

'

'

'

1,687,000

3,129,000

1,908,000

3,950,000

'

'

Acquisition Costs

2,466,000

2,407,000

'

'

'

'

'

132,000

1,030,000

2,466,000

213,000

386,000

231,000

136,000

57,000

313,000

474,000

188,000

210,000

657,000

76,000

122,000

104,000

122,000

75,000

'

Area of real estate properties (in square feet)

'

'

'

28,500

690,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Area of real estate property under construction (in square feet)

'

'

'

'

252,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage on assets

'

'

'

'

'

'

$20,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Area of development parcel (in acres)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8.9

REAL_ESTATE_PROPERTIES_Details2

REAL ESTATE PROPERTIES (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Future minimum rentals to be received pursuant to non-cancellable operating leases	'
2014	3,397
2015	3,544
2016	3,529
2017	2,683
2018	2,623
Thereafter	38,099
Total	53,875
Multi-family | Maximum	'
Real Estate Properties	'
Lease term	'1 year

REAL_ESTATE_LOANS_Details

REAL ESTATE LOANS (Details) (USD $)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
Real Estate Loans	'	'	'
Real Estate Loans, gross	$30,513,000	$37,096,000	'
Deferred fee income	-213,000	-512,000	-618,000
Real Estate Loans, Net	30,300,000	36,584,000	'
Percent of real estate loans	100.00%	100.00%	'
Allowances for loan losses	0	0	'
Non-earning loans	'	'	'
Real Estate Loans	'	'	'
Real Estate Loans, gross	0	0	'
Average of real estate loans deemed to be impaired	0	0	7,758,000
Interest income recognized	'	'	0
Cash basis interest on non-earning loans	0	0	621,000
Earning loans	'	'	'
Real Estate Loans	'	'	'
Allowances for loan losses	0	0	0
Loans deemed to be impaired	0	0	0
Multi-family residential	'	'	'
Real Estate Loans	'	'	'
Real Estate Loans, gross	16,772,000	35,096,000	'
Percent of real estate loans	55.00%	95.00%	'
Retail	'	'	'
Real Estate Loans	'	'	'
Real Estate Loans, gross	3,100,000	2,000,000	'
Percent of real estate loans	10.00%	5.00%	'
Hotel	'	'	'
Real Estate Loans	'	'	'
Real Estate Loans, gross	1,680,000	'	'
Percent of real estate loans	6.00%	'	'
Land	'	'	'
Real Estate Loans	'	'	'
Real Estate Loans, gross	8,000,000	'	'
Percent of real estate loans	26.00%	'	'
Single family	'	'	'
Real Estate Loans	'	'	'
Real Estate Loans, gross	$961,000	'	'
Percent of real estate loans	3.00%	'	'

REAL_ESTATE_LOANS_Details_2

REAL ESTATE LOANS (Details 2) (USD $)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
	item
Concentration of loans	'	'
Number of loans	10	'
Principal balances of real estate loans outstanding	$30,513,000	$37,096,000
Real estate loans receivable scheduled to mature in fiscal 2013	'	'
Real estate loans receivable scheduled to mature in fiscal 2013	37,096,000	'
Real estate loans receivable extended	4,450,000	'
Real estate loans receivable paid off	32,646,000	'
Total mortgage loans | Geographic concentration | New York | Senior mortgage loans	'	'
Concentration of loans	'	'
Percentage of total	73.00%	'
Total mortgage loans | Geographic concentration | Florida | Senior mortgage loans	'	'
Concentration of loans	'	'
Percentage of total	16.00%	'
Total mortgage loans | Geographic concentration | Other states | Senior mortgage loans	'	'
Concentration of loans	'	'
Percentage of total	11.00%	'
Total interest and fees earned on loan portfolio | Customer concentration risk	'	'
Concentration of loans	'	'
Number of loans	3	'
Total interest and fees earned on loan portfolio | Customer concentration risk | First largest real estate loan	'	'
Concentration of loans	'	'
Percentage of total	8.60%	'
Principal balances of real estate loans outstanding	10,147,000	'
Total interest and fees earned on loan portfolio | Customer concentration risk | Second largest real estate loan	'	'
Concentration of loans	'	'
Percentage of total	7.60%	'
Principal balances of real estate loans outstanding	8,000,000	'
Total interest and fees earned on loan portfolio | Customer concentration risk | Third largest real estate loan	'	'
Concentration of loans	'	'
Percentage of total	3.40%	'
Principal balances of real estate loans outstanding	$2,450,000	'

IMPAIRMENT_CHARGES_Details

IMPAIRMENT CHARGES (Details) (USD $)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
IMPAIRMENT CHARGES	'	'	'
Impairment charges	$0	$0	$0

INVESTMENT_IN_UNCONSOLIDATED_V1

INVESTMENT IN UNCONSOLIDATED VENTURES (Details) (USD $)

3 Months Ended

12 Months Ended

0 Months Ended

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2011

Aug. 02, 2012

Unconsolidated joint ventures

Unconsolidated joint ventures

Unconsolidated joint ventures

Joint ventures

item

item

Investment in Unconsolidated Ventures

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties owned and operated

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

Share of earnings (loss)

$15,000

$54,000

$68,000

$61,000

$924,000

$20,000

($40,000)

($75,000)

$198,000

$829,000

$350,000

$198,000

$829,000

$350,000

'

Amount of distributed earnings in excess of the book basis

'

'

'

'

'

'

'

'

'

4,481,000

1,010,000

'

846,000

'

'

Number of joint ventures consolidated

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

Gain on sale of interest in joint venture

$5,481,000

'

'

'

'

'

'

'

$5,481,000

'

'

'

'

'

'

RESTRICTED_CASH_Details

RESTRICTED CASH (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2012
In Thousands, unless otherwise specified
RESTRICTED CASH	'	'
Restricted cash-construction holdbacks	$29,279	$55,252

AVAILABLEFORSALE_SECURITIES_De

AVAILABLE-FOR-SALE SECURITIES (Details) (USD $)	3 Months Ended						12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
Available-for-sale securities	'	'	'	'	'	'	'	'	'
Market value	'	'	$1,249	'	'	'	'	$1,249	'
Details regarding sales of available-for-sale securities	'	'	'	'	'	'	'	'	'
Proceeds from sale	'	'	'	'	'	'	1,318	3,939	7,590
Less cost basis	'	'	'	'	'	'	788	3,334	6,271
Gain on sale	48	482	185	96	342	-18	530	605	1,319
Equity securities	'	'	'	'	'	'	'	'	'
Available-for-sale securities	'	'	'	'	'	'	'	'	'
Cost basis	'	'	789	'	'	'	'	789	'
Unrealized gains	'	'	499	'	'	'	'	499	'
Unrealized losses	'	'	-39	'	'	'	'	-39	'
Fair value on a recurring basis | Level 1 | Equity securities	'	'	'	'	'	'	'	'	'
Available-for-sale securities	'	'	'	'	'	'	'	'	'
Market value	'	'	$1,249	'	'	'	'	$1,249	'

DEBT_OBLIGATIONS_Details

DEBT OBLIGATIONS (Details) (USD $)

12 Months Ended

0 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

0 Months Ended

Sep. 30, 2011

Sep. 30, 2013

Sep. 30, 2012

Mar. 15, 2011

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2013

Jun. 22, 2011

Sep. 30, 2013

Sep. 30, 2013

Apr. 17, 2012

Apr. 17, 2012

Junior subordinated notes

Junior subordinated notes

Junior subordinated notes

Junior subordinated notes

Junior subordinated notes

Junior subordinated notes

Junior subordinated notes

Mortgages payable

Mortgages payable

Wholly-owned subsidiary

Wholly-owned subsidiary

Wholly-owned subsidiary

Wholly-owned subsidiary

Wholly-owned subsidiary

Wholly-owned subsidiary

Wholly-owned subsidiary

Wholly-owned subsidiary

Wholly-owned subsidiary

March 15, 2011 through July 31, 2012

August 1, 2012 through April 29, 2016

April 30, 2016 through April 30, 2036

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Secured borrowings

Secured borrowings

Secured borrowings

Secured borrowings

Unsecured borrowings

Unsecured borrowings

Minimum

Maximum

Maximum

Debt Obligations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total debt obligations

'

$350,616,000

$206,684,000

'

$37,400,000

$37,400,000

'

'

'

'

$313,216,000

$169,284,000

'

'

'

'

'

'

'

'

'

Maximum amount that may be borrowed under the facility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25,000,000

'

'

10,000,000

'

Borrowing base as a percent of receivables

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

40.00%

65.00%

'

'

Interest Rate (as a percent)

'

'

'

'

'

'

'

3.00%

4.90%

'

'

'

'

'

'

'

'

5.50%

'

'

'

Reference rate

'

'

'

'

'

'

'

'

'

'LIBOR

'

'

'

'

'

'LIBOR

'

'

'

'

'

Margin interest above reference rate (as a percent)

'

'

'

'

'

'

'

'

'

2.00%

'

'

'

'

'

4.00%

'

'

'

'

'

Conversion of secured line of credit at maturity, period of term loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'18 months

'

'

'

'

'

Borrowing period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'90 days

Other disclosures

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repayment of outstanding notes at par on restructuring of existing junior subordinated notes

5,000,000

'

'

5,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loss on extinguishment of debt

-2,138,000

'

'

'

'

'

-2,138,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unamortized principal component in loss on extinguishment of debt

'

'

'

'

'

'

1,308,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unamortized cost component in loss on extinguishment of debt

'

'

'

'

'

'

830,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Third party costs incurred and deferred

'

'

'

'

'

'

512,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest expense

'

'

'

'

1,853,000

1,260,000

1,590,000

'

'

'

'

'

157,000

182,000

37,000

'

'

'

'

'

'

Outstanding balances on facility

'

'

'

'

'

'

'

'

'

'

'

'

$0

$0

'

'

'

'

'

'

'

DEBT_OBLIGATIONS_Details_2

DEBT OBLIGATIONS (Details 2) (USD $)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Debt Obligations	'	'
Total debt obligations	$350,616,000	$206,684,000
Mortgages Payable	'	'
Debt Obligations	'	'
Total debt obligations	313,216,000	169,284,000
Mortgages payable maturing in April 2022 | Yonkers, NY	'	'
Debt Obligations	'	'
Total debt obligations	1,863,000	1,954,000
Interest rate (as a percent)	5.25%	'
Mortgages payable maturing in April 2019 | Palm Beach Gardens, FL	'	'
Debt Obligations	'	'
Total debt obligations	45,200,000	45,200,000
Interest rate (as a percent)	3.78%	'
Mortgages payable maturing in April 2019 | Melbourne, FL	'	'
Debt Obligations	'	'
Total debt obligations	7,680,000	7,680,000
Interest rate (as a percent)	3.98%	'
Mortgages payable maturing in February 2015 | Marietta, GA	'	'
Debt Obligations	'	'
Total debt obligations	7,382,000	6,462,000
Interest rate (as a percent)	6.50%	'
Mortgages payable maturing in March 2022 | Lawrenceville, GA	'	'
Debt Obligations	'	'
Total debt obligations	4,687,000	4,687,000
Interest rate (as a percent)	4.49%	'
Mortgages payable maturing in July 2022 | Collierville, TN	'	'
Debt Obligations	'	'
Total debt obligations	25,680,000	25,680,000
Interest rate (as a percent)	3.91%	'
Mortgages payable maturing in November 2022 | North Charleston, SC	'	'
Debt Obligations	'	'
Total debt obligations	17,716,000	'
Interest rate (as a percent)	3.79%	'
Mortgages payable maturing in December 2022 | Cordova, TN	'	'
Debt Obligations	'	'
Total debt obligations	19,248,000	'
Interest rate (as a percent)	3.71%	'
Mortgages payable maturing in December 2022 | Decatur, GA	'	'
Debt Obligations	'	'
Total debt obligations	8,046,000	'
Interest rate (as a percent)	3.74%	'
Mortgages payable maturing in February 2023 | Panama City, FL	'	'
Debt Obligations	'	'
Total debt obligations	5,588,000	'
Interest rate (as a percent)	4.06%	'
Mortgages payable maturing in February 2023 | Houston, TX	'	'
Debt Obligations	'	'
Total debt obligations	6,625,000	'
Reference rate	'LIBOR	'
Margin interest above reference rate (as a percent)	3.18%	'
Mortgages payable maturing in May 2023 | Houston, TX	'	'
Debt Obligations	'	'
Total debt obligations	13,200,000	'
Interest rate (as a percent)	3.95%	'
Mortgages payable maturing in May 2023 | Pooler, GA	'	'
Debt Obligations	'	'
Total debt obligations	26,400,000	'
Interest rate (as a percent)	4.00%	'
Mortgages payable maturing in October 2018 | Kennesaw, GA	'	'
Debt Obligations	'	'
Total debt obligations	35,900,000	'
Interest rate (as a percent)	3.99%	'
Mortgages payable maturing in January 2015 | 65 Market St - Newark, NJ	'	'
Debt Obligations	'	'
Total debt obligations	900,000	900,000
Interest rate (as a percent)	7.00%	'
Mortgages payable maturing in August 2030 | 909 Broad St - Newark, NJ	'	'
Debt Obligations	'	'
Total debt obligations	5,936,000	6,132,000
Interest rate (as a percent)	6.00%	'
Mortgages payable maturing in March 2013 | Teachers Village - Newark, NJ	'	'
Debt Obligations	'	'
Total debt obligations	'	2,738,000
Interest rate (as a percent)	'	17.00%
Mortgages payable maturing in December 2030 | Teachers Village - Newark, NJ	'	'
Debt Obligations	'	'
Total debt obligations	22,748,000	22,748,000
Interest rate (as a percent)	5.50%	'
Mortgages payable maturing in December 2030 | Teachers Village - Newark, NJ | Primary beneficiary | RBH-TRB Newark Holdings LLC | Subsidiaries	'	'
Debt Obligations	'	'
Interest rate (as a percent)	5.50%	'
Interest covered by United States Treasury Department (as a percent)	4.99%	'
Effective interest rate (as a percent)	0.51%	'
Mortgages payable maturing in February 2032 | Teachers Village - Newark, NJ	'	'
Debt Obligations	'	'
Total debt obligations	4,250,000	4,250,000
Interest rate (as a percent)	3.46%	'
Mortgages payable maturing in February 2022 | Teachers Village - Newark, NJ	'	'
Debt Obligations	'	'
Total debt obligations	963,000	988,000
Interest rate (as a percent)	2.00%	'
Mortgages payable maturing in February 2014 | Teachers Village - Newark, NJ	'	'
Debt Obligations	'	'
Total debt obligations	211,000	1,380,000
Interest rate (as a percent)	2.50%	'
Mortgages payable maturing in February 2034 | Teachers Village - Newark, NJ	'	'
Debt Obligations	'	'
Total debt obligations	1,832,000	1,832,000
Mortgages payable maturing in February 2034 | Teachers Village - Newark, NJ | Primary beneficiary | RBH-TRB Newark Holdings LLC | Subsidiaries	'	'
Debt Obligations	'	'
Bonds serviced in full by annual PILOT	256,000	'
Bonds serviced in full by annual PILOT at maturity	281,000	'
Mortgages payable maturing in August 2019 | Teachers Village - Newark, NJ	'	'
Debt Obligations	'	'
Total debt obligations	15,700,000	15,700,000
Reference rate	'LIBOR	'
Margin interest above reference rate (as a percent)	3.00%	'
Mortgages payable maturing in September 2042 | Teachers Village - Newark, NJ	'	'
Debt Obligations	'	'
Total debt obligations	5,250,000	5,250,000
Interest rate (as a percent)	3.28%	'
Mortgages payable maturing in December 2023 | Teachers Village - Newark, NJ	'	'
Debt Obligations	'	'
Total debt obligations	14,762,000	13,491,000
Interest rate (as a percent)	8.65%	'
Mortgages payable maturing in August 2034 | Teachers Village - Newark, NJ	'	'
Debt Obligations	'	'
Total debt obligations	2,212,000	2,212,000
Mortgages payable maturing in August 2034 | Teachers Village - Newark, NJ | Primary beneficiary | RBH-TRB Newark Holdings LLC | Subsidiaries	'	'
Debt Obligations	'	'
Bonds serviced in full by annual PILOT	311,000	'
Bonds serviced in full by annual PILOT at maturity	344,000	'
Mortgages payable maturing in September 2019 | Teachers Village - Newark, NJ	'	'
Debt Obligations	'	'
Total debt obligations	5,100,000	'
Interest rate (as a percent)	1.99%	'
Mortgages payable maturing in July 2023 | Hixson, TN	'	'
Debt Obligations	'	'
Total debt obligations	$8,137,000	'
Interest rate (as a percent)	4.29%	'

DEBT_OBLIGATIONS_Details_3

DEBT OBLIGATIONS (Details 3) (USD $)	Sep. 30, 2013	Sep. 30, 2012
In Thousands, unless otherwise specified
Principal repayments during the next five years and thereafter	'	'
Total debt obligations	$350,616	$206,684
Mortgages Payable	'	'
Principal repayments during the next five years and thereafter	'	'
2014	1,979	'
2015	12,159	'
2016	6,288	'
2017	6,758	'
2018	41,175	'
Thereafter	244,857	'
Total debt obligations	$313,216	$169,284

DEFERRED_INCOME_NEW_MARKETS_TA1

DEFERRED INCOME (NEW MARKETS TAX CREDIT TRANSACTION) (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2013	Sep. 11, 2012	Feb. 03, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2012
			New Markets Tax Credit Transaction	Primary beneficiary	Primary beneficiary	Primary beneficiary	Primary beneficiary	Primary beneficiary	Primary beneficiary
				NMTC program special-purpose entity	Investor	Investor	Newark Joint Venture	Newark Joint Venture	Newark Joint Venture
				New Markets Tax Credit Transaction	NMTC program special-purpose entity	NMTC program special-purpose entity	Subsidiaries	Subsidiaries	Subsidiaries
					New Markets Tax Credit Transaction	New Markets Tax Credit Transaction	New Markets Tax Credit Transaction	New Markets Tax Credit Transaction	NMTC program special-purpose entity
Deferred Income (New Markets Tax Credit Transaction)	'	'	'	'	'	'	'	'	'
Maximum percentage of qualified investment permitted in NMTC to claim credits against Federal income tax	'	'	39.00%	'	'	'	'	'	'
Amount contributed to effect financing transaction	'	'	'	'	$16,400,000	$11,200,000	'	'	'
Period over which tax credits is receivable	'	'	'	'	'7 years	'7 years	'	'	'
Period after which option to acquire special purpose entity may be exercised	'	'	'	'	'	'	'	'	'7 years
Deferred income	25,848,000	25,848,000	'	25,848,000	'	'	'	'	'
Recapture period	'	'	'7 years	'	'	'	'	'	'
Deferred costs, net	$12,833,000	$12,337,000	'	'	'	'	$9,600,000	$10,200,000	'

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2012
INCOME TAXES	'	'	'	'
Percentage of taxable income required to be distributed to shareholders to be not liable for federal corporate income taxes	100.00%	'	'	'
Minimum percentage of taxable income required to be distributed to shareholders in order to maintain the REIT status	90.00%	'	'	'
Subsequent tax period of ineligibility to be taxed as a REIT if the Trust fails to qualify as a REIT in any taxable year	'4 years	'	'	'
State franchise tax expense, net of refunds	$102,000	$16,000	$20,000	'
Payment of alternative minimum tax resulted from the use of net operating loss carryforwards	182,000	205,000	'	'
Tax loss carry forward	'	'	'	$58,300,000

SHAREHOLDERS_EQUITY_Details

SHAREHOLDERS' EQUITY (Details) (USD $)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
Restricted Shares	'	'	'
Restricted Shares	'	'	'
Shares granted but not yet vested	627,425	580,180	491,705
Vesting period for shares issued	'5 years	'	'
Compensation expense	$691,000	$758,000	$845,000
Unearned compensation	$1,884,000	'	'
Remaining weighted average vesting period	'2 years 4 months 28 days	'	'
Changes in number of shares outstanding	'	'	'
Outstanding at beginning of the year (in shares)	580,180	491,705	391,580
Issued (in shares)	131,525	136,650	138,150
Cancelled (in shares)	-22,000	-7,250	-175
Vested (in shares)	-62,280	-40,925	-37,850
Outstanding at the end of the year (in shares)	627,425	580,180	491,705
2012 Incentive Plan	'	'	'
Equity incentive plans	'	'	'
Shares authorized for issuance	600,000	'	'
Number of shares issued	131,525	'	'
Prior Plans	'	'	'
Restricted Shares	'	'	'
Number of additional awards available for grant	0	'	'
Prior Plans | Restricted Shares	'	'	'
Restricted Shares	'	'	'
Shares granted but not yet vested	495,950	'	'
Changes in number of shares outstanding	'	'	'
Outstanding at the end of the year (in shares)	495,950	'	'

SHAREHOLDERS_EQUITY_Details_2

SHAREHOLDERS' EQUITY (Details 2) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
Numerator for basic and diluted earnings per share attributable to common shareholders:	'	'	'	'	'	'	'	'	'	'	'
Net income attributable to common shareholders	$4,786	$521	$1,010	($1,304)	$1,726	($142)	($1,028)	$3,874	$5,013	$4,430	$6,374
Denominator:	'	'	'	'	'	'	'	'	'	'	'
Denominator for basic earnings per share-weighted average shares	'	'	'	'	'	'	'	'	14,137,091	14,035,972	14,041,569
Denominator for diluted earnings per share-adjusted weighted average shares and assumed conversions	'	'	'	'	'	'	'	'	14,137,091	14,035,972	14,041,569
Basic earnings per share (in dollars per share)	$0.34	$0.04	$0.07	($0.09)	$0.12	($0.01)	($0.07)	$0.28	$0.35	$0.32	$0.45
Diluted earnings per share (in dollars per share)	'	'	'	'	'	'	'	'	$0.35	$0.32	$0.45

SHAREHOLDERS_EQUITY_Details_3

SHAREHOLDERS' EQUITY (Details 3) (USD $)	12 Months Ended					1 Months Ended	25 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2011	Sep. 30, 2013
				Restricted stock	Restricted stock	September 2011 share repurchase program	September 2011 share repurchase program
Share Buyback and Treasury Shares	'	'	'	'	'	'	'
Authorized amount under the share repurchase program	'	'	'	'	'	$2,000,000	'
Shares repurchased (in shares)	0	139,507	154,692	'	'	'	146,812
Average cost per share (in dollars per share)	$0	$6.30	$6.35	'	'	'	$6.31
Treasury shares issued in connection with the vesting of restricted stock under the incentive plans	'	'	'	40,925	37,850	'	'
Shares cancelled and restored to status of authorized and unissued shares	'	1,380,978	'	'	'	'	'

ADVISORS_COMPENSATION_AND_RELA1

ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS (Details) (USD $)	3 Months Ended	12 Months Ended
	Dec. 31, 2011	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS	'	'	'	'
General and administrative expenses	'	$779,000	$705,000	$847,000
REIT Management	'	'	'	'
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS	'	'	'	'
Advisory fees as a percentage of invested assets	0.60%	'	'	0.60%
Advisory fees payable in a twelve month period	'	1,802,000	1,104,000	916,000
Loan origination fees as a percentage of total loan paid directly by the Trust's borrowers	0.50%	'	'	'
Loan origination fees paid directly by the Trust's borrowers	'	0	145,000	750,000
REIT Management | Amended and restated advisory agreement, as amended in January 2012	'	'	'	'
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS	'	'	'	'
Advisory fees payable on quarterly basis as a percentage of average principal amount of earning loans	'	1.00%	'	'
Advisory fees payable on quarterly basis as a percentage of average amount of the fair market value of non-earning loans	'	0.35%	'	'
Advisory fees payable on quarterly basis as a percentage of average book value of all real estate properties, excluding depreciation	'	0.45%	'	'
Advisory fees payable on quarterly basis as a percentage of average amount of the fair market value of marketable securities	'	0.25%	'	'
Advisory fees payable on quarterly basis as a percentage of average amount of cash and cash equivalents	'	0.15%	'	'
REIT Management | Amended and restated advisory agreement, as amended in January 2012 | Minimum	'	'	'	'
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS	'	'	'	'
Advisory fees payable in a twelve month period	'	750,000	'	'
REIT Management | Amended and restated advisory agreement, as amended in January 2012 | Maximum	'	'	'	'
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS	'	'	'	'
Advisory fees payable in a twelve month period	'	4,000,000	'	'
Majestic Property Management Corp. | Real property management, real estate brokerage and construction supervision services	'	'	'	'
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS	'	'	'	'
Advisory fees payable in a twelve month period	'	81,000	74,000	83,000
Gould Investors L.P. | Shared services agreement	'	'	'	'
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS	'	'	'	'
General and administrative expenses	'	$779,000	$705,000	$847,000

SEGMENT_REPORTING_Details

SEGMENT REPORTING (Details) (USD $)	3 Months Ended								12 Months Ended
	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
									item	item	item
SEGMENT REPORTING	'	'	'	'	'	'	'	'	'	'	'
Number of reportable segments	'	'	'	'	'	'	'	'	3	3	2
Revenues:	'	'	'	'	'	'	'	'	'	'	'
Rental and other revenues from real estate properties	'	'	'	'	'	'	'	'	$30,592,000	$8,675,000	$3,456,000
Interest and fees on real estate loans	'	'	'	'	'	'	'	'	9,946,000	9,530,000	10,328,000
Other income	'	'	'	'	'	'	'	'	2,279,000	1,374,000	4,097,000
Total revenues	12,382,000	12,038,000	10,146,000	8,251,000	7,183,000	5,555,000	3,687,000	3,154,000	42,817,000	19,579,000	17,881,000
Expenses:	'	'	'	'	'	'	'	'	'	'	'
Interest expense	'	'	'	'	'	'	'	'	12,487,000	4,729,000	2,112,000
Advisor's fee, related party	'	'	'	'	'	'	'	'	1,802,000	1,104,000	916,000
Property acquisition costs	'	'	'	'	'	'	'	'	2,466,000	2,407,000	'
General and administrative	'	'	'	'	'	'	'	'	7,448,000	7,161,000	6,728,000
Operating expenses relating to real estate properties	'	'	'	'	'	'	'	'	16,409,000	6,042,000	3,340,000
Depreciation and amortization	'	'	'	'	'	'	'	'	7,094,000	2,004,000	738,000
Total expenses	14,431,000	12,761,000	10,020,000	10,494,000	7,315,000	6,764,000	6,086,000	3,282,000	47,706,000	23,447,000	13,834,000
Total revenues less total expenses	-2,049,000	-723,000	126,000	-2,243,000	-132,000	-1,209,000	-2,399,000	-128,000	-4,889,000	-3,868,000	4,047,000
Equity in (loss) earnings of unconsolidated ventures	15,000	54,000	68,000	61,000	924,000	20,000	-40,000	-75,000	198,000	829,000	350,000
Gain on sale of available-for-sale securities	48,000	'	482,000	'	185,000	96,000	342,000	-18,000	530,000	605,000	1,319,000
Gain on sale of partnership interest	5,481,000	'	'	'	'	'	'	'	5,481,000	'	'
Gain on sale of loan	'	'	'	'	'	'	'	3,192,000	'	3,192,000	'
Loss on extinguishment of debt	'	'	'	'	'	'	'	'	'	'	-2,138,000
Income from continuing operations	3,495,000	-669,000	676,000	-2,182,000	977,000	-1,093,000	-2,097,000	2,971,000	1,320,000	758,000	3,578,000
Discontinued operations:	'	'	'	'	'	'	'	'	'	'	'
Gain on sale of real estate assets	'	'	'	'	'	'	'	'	769,000	792,000	1,346,000
Income from discontinued operations	260,000	509,000	'	'	'	302,000	'	490,000	769,000	792,000	1,346,000
Net income	3,755,000	-160,000	676,000	-2,182,000	977,000	-791,000	-2,097,000	3,461,000	2,089,000	1,550,000	4,924,000
Plus: net loss attributable to non-controlling interests	1,031,000	681,000	334,000	878,000	749,000	649,000	1,069,000	413,000	2,924,000	2,880,000	1,450,000
Net income attributable to common shareholders	4,786,000	521,000	1,010,000	-1,304,000	1,726,000	-142,000	-1,028,000	3,874,000	5,013,000	4,430,000	6,374,000
Segment assets	549,491,000	'	'	'	385,956,000	'	'	'	549,491,000	385,956,000	191,012,000
Multi-Family Real Estate	'	'	'	'	'	'	'	'	'	'	'
Revenues:	'	'	'	'	'	'	'	'	'	'	'
Rental and other revenues from real estate properties	'	'	'	'	'	'	'	'	27,265,000	5,464,000	'
Total revenues	'	'	'	'	'	'	'	'	27,265,000	5,464,000	'
Expenses:	'	'	'	'	'	'	'	'	'	'	'
Interest expense	'	'	'	'	'	'	'	'	8,193,000	1,629,000	'
Advisor's fee, related party	'	'	'	'	'	'	'	'	750,000	230,000	'
Property acquisition costs	'	'	'	'	'	'	'	'	2,466,000	2,407,000	'
General and administrative	'	'	'	'	'	'	'	'	5,661,000	1,069,000	'
Operating expenses relating to real estate properties	'	'	'	'	'	'	'	'	13,570,000	2,644,000	'
Depreciation and amortization	'	'	'	'	'	'	'	'	6,119,000	1,276,000	'
Total expenses	'	'	'	'	'	'	'	'	36,759,000	9,255,000	'
Total revenues less total expenses	'	'	'	'	'	'	'	'	-9,494,000	-3,791,000	'
Equity in (loss) earnings of unconsolidated ventures	'	'	'	'	'	'	'	'	'	-121,000	'
Income from continuing operations	'	'	'	'	'	'	'	'	-9,494,000	-3,912,000	'
Discontinued operations:	'	'	'	'	'	'	'	'	'	'	'
Net income	'	'	'	'	'	'	'	'	-9,494,000	-3,912,000	'
Plus: net loss attributable to non-controlling interests	'	'	'	'	'	'	'	'	480,000	461,000	'
Net income attributable to common shareholders	'	'	'	'	'	'	'	'	-9,014,000	-3,451,000	'
Segment assets	312,962,000	'	'	'	121,153,000	'	'	'	312,962,000	121,153,000	'
Loan and Investment	'	'	'	'	'	'	'	'	'	'	'
Revenues:	'	'	'	'	'	'	'	'	'	'	'
Interest and fees on real estate loans	'	'	'	'	'	'	'	'	9,946,000	9,530,000	10,328,000
Other income	'	'	'	'	'	'	'	'	1,207,000	496,000	4,097,000
Total revenues	'	'	'	'	'	'	'	'	11,153,000	10,026,000	14,425,000
Expenses:	'	'	'	'	'	'	'	'	'	'	'
Interest expense	'	'	'	'	'	'	'	'	509,000	951,000	1,082,000
Advisor's fee, related party	'	'	'	'	'	'	'	'	831,000	684,000	608,000
General and administrative	'	'	'	'	'	'	'	'	1,415,000	4,422,000	4,665,000
Total expenses	'	'	'	'	'	'	'	'	2,755,000	6,057,000	6,355,000
Total revenues less total expenses	'	'	'	'	'	'	'	'	8,398,000	3,969,000	8,070,000
Equity in (loss) earnings of unconsolidated ventures	'	'	'	'	'	'	'	'	'	-136,000	99,000
Gain on sale of available-for-sale securities	'	'	'	'	'	'	'	'	530,000	605,000	1,319,000
Gain on sale of loan	'	'	'	'	'	'	'	'	'	3,192,000	'
Loss on extinguishment of debt	'	'	'	'	'	'	'	'	'	'	-1,420,000
Income from continuing operations	'	'	'	'	'	'	'	'	8,928,000	7,630,000	8,068,000
Discontinued operations:	'	'	'	'	'	'	'	'	'	'	'
Net income	'	'	'	'	'	'	'	'	8,928,000	7,630,000	8,068,000
Net income attributable to common shareholders	'	'	'	'	'	'	'	'	8,928,000	7,630,000	8,068,000
Segment assets	87,042,000	'	'	'	113,383,000	'	'	'	87,042,000	113,383,000	126,916,000
Other Real Estate	'	'	'	'	'	'	'	'	'	'	'
Revenues:	'	'	'	'	'	'	'	'	'	'	'
Rental and other revenues from real estate properties	'	'	'	'	'	'	'	'	3,327,000	3,211,000	'
Other income	'	'	'	'	'	'	'	'	1,072,000	878,000	'
Total revenues	'	'	'	'	'	'	'	'	4,399,000	4,089,000	'
Expenses:	'	'	'	'	'	'	'	'	'	'	'
Interest expense	'	'	'	'	'	'	'	'	3,785,000	2,149,000	'
Advisor's fee, related party	'	'	'	'	'	'	'	'	221,000	190,000	'
General and administrative	'	'	'	'	'	'	'	'	372,000	1,670,000	'
Operating expenses relating to real estate properties	'	'	'	'	'	'	'	'	2,839,000	3,398,000	'
Depreciation and amortization	'	'	'	'	'	'	'	'	975,000	728,000	'
Total expenses	'	'	'	'	'	'	'	'	8,192,000	8,135,000	'
Total revenues less total expenses	'	'	'	'	'	'	'	'	-3,793,000	-4,046,000	'
Equity in (loss) earnings of unconsolidated ventures	'	'	'	'	'	'	'	'	198,000	1,086,000	'
Gain on sale of partnership interest	'	'	'	'	'	'	'	'	5,481,000	'	'
Income from continuing operations	'	'	'	'	'	'	'	'	1,886,000	-2,960,000	'
Discontinued operations:	'	'	'	'	'	'	'	'	'	'	'
Gain on sale of real estate assets	'	'	'	'	'	'	'	'	769,000	792,000	'
Income from discontinued operations	'	'	'	'	'	'	'	'	769,000	792,000	'
Net income	'	'	'	'	'	'	'	'	2,655,000	-2,168,000	'
Plus: net loss attributable to non-controlling interests	'	'	'	'	'	'	'	'	2,444,000	2,419,000	'
Net income attributable to common shareholders	'	'	'	'	'	'	'	'	5,099,000	251,000	'
Segment assets	149,487,000	'	'	'	151,420,000	'	'	'	149,487,000	151,420,000	'
Real Estate	'	'	'	'	'	'	'	'	'	'	'
Revenues:	'	'	'	'	'	'	'	'	'	'	'
Rental and other revenues from real estate properties	'	'	'	'	'	'	'	'	'	'	3,456,000
Total revenues	'	'	'	'	'	'	'	'	'	'	3,456,000
Expenses:	'	'	'	'	'	'	'	'	'	'	'
Interest expense	'	'	'	'	'	'	'	'	'	'	1,030,000
Advisor's fee, related party	'	'	'	'	'	'	'	'	'	'	308,000
General and administrative	'	'	'	'	'	'	'	'	'	'	2,063,000
Operating expenses relating to real estate properties	'	'	'	'	'	'	'	'	'	'	3,340,000
Depreciation and amortization	'	'	'	'	'	'	'	'	'	'	738,000
Total expenses	'	'	'	'	'	'	'	'	'	'	7,479,000
Total revenues less total expenses	'	'	'	'	'	'	'	'	'	'	-4,023,000
Equity in (loss) earnings of unconsolidated ventures	'	'	'	'	'	'	'	'	'	'	251,000
Loss on extinguishment of debt	'	'	'	'	'	'	'	'	'	'	-718,000
Income from continuing operations	'	'	'	'	'	'	'	'	'	'	-4,490,000
Discontinued operations:	'	'	'	'	'	'	'	'	'	'	'
Gain on sale of real estate assets	'	'	'	'	'	'	'	'	'	'	1,346,000
Income from discontinued operations	'	'	'	'	'	'	'	'	'	'	1,346,000
Net income	'	'	'	'	'	'	'	'	'	'	-3,144,000
Plus: net loss attributable to non-controlling interests	'	'	'	'	'	'	'	'	'	'	1,450,000
Net income attributable to common shareholders	'	'	'	'	'	'	'	'	'	'	-1,694,000
Segment assets	'	'	'	'	'	'	'	'	'	'	$64,096,000

FAIR_VALUE_OF_FINANCIAL_INSTRU2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (Level 2, USD $)	12 Months Ended						0 Months Ended
	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
	Market valuation	Market valuation	Market valuation	Market valuation	Market valuation	Market valuation	Estimated fair value	Estimated fair value	Estimated fair value
	Real estate loans	Real estate loans	Real estate loans	Junior subordinated notes	Mortgages payable	Mortgages payable	Real estate loans	Junior subordinated notes	Mortgages payable
		Minimum	Maximum		Minimum	Maximum
Financial Instruments Not Measured at Fair Value	'	'	'	'	'	'	'	'	'
Variable market interest rate (as a percent)	'	12.00%	13.00%	'	'	'	'	'	'
Fixed market rate of interest (as a percent)	11.00%	'	'	'	'	'	'	'	'
Estimated fair value lower than carrying value	'	'	'	'	'	'	'	$24,096,000	$10,615,000
Market interest rate (as a percent)	'	'	'	7.49%	2.02%	9.49%	'	'	'
Estimated fair value greater than carrying value	'	'	'	'	'	'	$11,000	'	'

FAIR_VALUE_OF_FINANCIAL_INSTRU3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) (Fair value on a recurring basis, USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
Carrying and Fair Value | Interest rate cap	'
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)	'
Derivative financial instruments	$1
Carrying and Fair Value | Interest rate swap	'
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)	'
Derivative financial instruments	6
Level 2 | Interest rate cap	'
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)	'
Derivative financial instruments	1
Level 2 | Interest rate swap	'
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)	'
Derivative financial instruments	$6

COMMITMENT_Details

COMMITMENT (Details) (USD $)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
Non-contributory defined contribution pension plan	'	'	'
Pension expense	$310,000	$338,000	$315,000
Unpaid pension expense, included in accounts payable and accrued liabilities	$80,000	'	'

DERIVATIVE_FINANCIAL_INSTRUMEN2

DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Effect of derivative financial instrument on the consolidated statements of comprehensive income	'	'
Amount of gain (loss) recognized on derivative in Other Comprehensive Income	$61,000	($123,000)
Amount of (loss) reclassified from Accumulated Other Comprehensive Income into Interest Expense	-37,000	-19,000
Gain or loss recognized related to hedge ineffectiveness	0	0
Gain or loss recognized related to amounts excluded from effectiveness testing	0	0
Estimated amount to be reclassified from Accumulated other comprehensive income as an increase to interest expense	35,000	'
Credit-risk-related Contingent Features	'	'
Fair value of the derivative in a net liability position	6,000	'
Termination value for settlement of obligation	6,000	'
Other assets	'	'
Fair value of derivative financial instruments	'	'
Fair value of derivative financial instrument asset	1,000	10,000
Accounts payable and accrued liabilities	'	'
Fair value of derivative financial instruments	'	'
Fair value of derivative financial instrument liability	6,000	104,000
Derivative designated as a cash flow hedge | Interest Rate Swap	'	'
Interest Rate Derivatives	'	'
Notional Amount	$1,863,000	'
Rate (as a percent)	5.25%	'

QUARTERLY_FINANCIAL_DATA_Unaud2

QUARTERLY FINANCIAL DATA (Unaudited) (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2013		Sep. 30, 2012	Sep. 30, 2011
QUARTERLY FINANCIAL DATA (Unaudited)	'	'	'	'	'	'	'	'	'		'	'
Revenues	$12,382	$12,038	$10,146	$8,251	$7,183	$5,555	$3,687	$3,154	$42,817		$19,579	$17,881
Expenses	14,431	12,761	10,020	10,494	7,315	6,764	6,086	3,282	47,706		23,447	13,834
Total revenues less total expenses	-2,049	-723	126	-2,243	-132	-1,209	-2,399	-128	-4,889		-3,868	4,047
Equity in earnings of unconsolidated ventures	15	54	68	61	924	20	-40	-75	198		829	350
(Loss) gain on sale of available for-sale securities	48	'	482	'	185	96	342	-18	530		605	1,319
Gain on sale of partnership interest	5,481	'	'	'	'	'	'	'	5,481		'	'
Gain on sale of loan	'	'	'	'	'	'	'	3,192	'		3,192	'
Income from continuing operations	3,495	-669	676	-2,182	977	-1,093	-2,097	2,971	1,320		758	3,578
Discontinued operations	260	509	'	'	'	302	'	490	769		792	1,346
Net income	3,755	-160	676	-2,182	977	-791	-2,097	3,461	2,089		1,550	4,924
Plus: net loss attributable to non-controlling interests	1,031	681	334	878	749	649	1,069	413	2,924		2,880	1,450
Net income attributable to common shareholders	$4,786	$521	$1,010	($1,304)	$1,726	($142)	($1,028)	$3,874	$5,013		$4,430	$6,374
(Loss) income per beneficial share	'	'	'	'	'	'	'	'	'		'	'
Continuing operations (in dollars per share)	$0.32	'	$0.07	($0.09)	$0.12	($0.03)	($0.07)	$0.24	$0.30		$0.26	'
Discontinued operations (in dollars per share)	$0.02	$0.04	'	'	'	$0.02	'	$0.04	$0.05	[1]	$0.06	'
Basic earnings (loss) per share (in dollars per share)	$0.34	$0.04	$0.07	($0.09)	$0.12	($0.01)	($0.07)	$0.28	$0.35		$0.32	$0.45
[1]	Does not crossfoot due to rounding.

SCHEDULE_III_REAL_ESTATE_PROPE1

SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Real estate properties and accumulated depreciation	'
Encumbrances	$313,216
Initial Cost to Company	'
Land	77,221
Buildings and Improvements	273,515
Costs Capitalized Subsequent to Acquisition	'
Land	4,843
Improvements	55,042
Carrying Costs	6,468
Gross Amount At Which Carried	'
Land	79,599
Buildings and Improvements	335,159
Total	414,758
Accumulated Depreciation	11,862
Commercial | Yonkers, NY	'
Real estate properties and accumulated depreciation	'
Encumbrances	1,863
Initial Cost to Company	'
Buildings and Improvements	4,000
Costs Capitalized Subsequent to Acquisition	'
Improvements	53
Gross Amount At Which Carried	'
Buildings and Improvements	4,053
Total	4,053
Accumulated Depreciation	1,408
Depreciation Life For Latest Income Statement	'39 years
Commercial | South Daytona, FL	'
Initial Cost to Company	'
Land	10,437
Gross Amount At Which Carried	'
Land	7,972
Total	7,972
Commercial | Newark, NJ	'
Real estate properties and accumulated depreciation	'
Encumbrances	79,864
Initial Cost to Company	'
Land	17,088
Buildings and Improvements	19,033
Costs Capitalized Subsequent to Acquisition	'
Land	4,843
Improvements	47,692
Carrying Costs	6,468
Gross Amount At Which Carried	'
Land	21,931
Buildings and Improvements	73,193
Total	95,124
Accumulated Depreciation	2,771
Depreciation Life For Latest Income Statement	'39 years
Multi-Family Residential | Marietta, GA	'
Real estate properties and accumulated depreciation	'
Encumbrances	7,382
Initial Cost to Company	'
Land	1,750
Buildings and Improvements	6,350
Costs Capitalized Subsequent to Acquisition	'
Improvements	2,175
Gross Amount At Which Carried	'
Land	1,750
Buildings and Improvements	8,525
Total	10,275
Accumulated Depreciation	581
Depreciation Life For Latest Income Statement	'30 years
Multi-Family Residential | Lawrenceville, GA	'
Real estate properties and accumulated depreciation	'
Encumbrances	4,687
Initial Cost to Company	'
Land	1,450
Buildings and Improvements	4,800
Costs Capitalized Subsequent to Acquisition	'
Improvements	941
Gross Amount At Which Carried	'
Land	1,450
Buildings and Improvements	5,741
Total	7,191
Accumulated Depreciation	315
Depreciation Life For Latest Income Statement	'30 years
Multi-Family Residential | Palm Beach Gardens, FL	'
Real estate properties and accumulated depreciation	'
Encumbrances	45,200
Initial Cost to Company	'
Land	16,260
Buildings and Improvements	43,140
Costs Capitalized Subsequent to Acquisition	'
Improvements	1,171
Gross Amount At Which Carried	'
Land	16,260
Buildings and Improvements	44,311
Total	60,571
Accumulated Depreciation	2,594
Depreciation Life For Latest Income Statement	'30 years
Multi-Family Residential | Melbourne, FL	'
Real estate properties and accumulated depreciation	'
Encumbrances	7,680
Initial Cost to Company	'
Land	1,150
Buildings and Improvements	8,100
Costs Capitalized Subsequent to Acquisition	'
Improvements	1,511
Gross Amount At Which Carried	'
Land	1,150
Buildings and Improvements	9,611
Total	10,761
Accumulated Depreciation	567
Depreciation Life For Latest Income Statement	'30 years
Multi-Family Residential | Collierville, TN	'
Real estate properties and accumulated depreciation	'
Encumbrances	25,680
Initial Cost to Company	'
Land	6,420
Buildings and Improvements	25,680
Costs Capitalized Subsequent to Acquisition	'
Improvements	79
Gross Amount At Which Carried	'
Land	6,420
Buildings and Improvements	25,759
Total	32,179
Accumulated Depreciation	1,071
Depreciation Life For Latest Income Statement	'30 years
Multi-Family Residential | North Charleston, SC	'
Real estate properties and accumulated depreciation	'
Encumbrances	17,716
Initial Cost to Company	'
Land	2,390
Buildings and Improvements	19,110
Costs Capitalized Subsequent to Acquisition	'
Improvements	465
Gross Amount At Which Carried	'
Land	2,390
Buildings and Improvements	19,575
Total	21,965
Accumulated Depreciation	655
Depreciation Life For Latest Income Statement	'30 years
Multi-Family Residential | Cordova, TN	'
Real estate properties and accumulated depreciation	'
Encumbrances	19,248
Initial Cost to Company	'
Land	2,700
Buildings and Improvements	22,750
Costs Capitalized Subsequent to Acquisition	'
Improvements	198
Gross Amount At Which Carried	'
Land	2,700
Buildings and Improvements	22,948
Total	25,648
Accumulated Depreciation	667
Depreciation Life For Latest Income Statement	'30 years
Multi-Family Residential | Decatur, GA	'
Real estate properties and accumulated depreciation	'
Encumbrances	8,046
Initial Cost to Company	'
Land	1,700
Buildings and Improvements	8,750
Costs Capitalized Subsequent to Acquisition	'
Improvements	380
Gross Amount At Which Carried	'
Land	1,700
Buildings and Improvements	9,130
Total	10,830
Accumulated Depreciation	259
Depreciation Life For Latest Income Statement	'30 years
Multi-Family Residential | Panama City, FL	'
Real estate properties and accumulated depreciation	'
Encumbrances	5,588
Initial Cost to Company	'
Land	1,091
Buildings and Improvements	6,109
Costs Capitalized Subsequent to Acquisition	'
Improvements	310
Gross Amount At Which Carried	'
Land	1,091
Buildings and Improvements	6,419
Total	7,510
Accumulated Depreciation	170
Depreciation Life For Latest Income Statement	'30 years
Multi-Family Residential | Houston, TX, Location 1	'
Real estate properties and accumulated depreciation	'
Encumbrances	13,200
Initial Cost to Company	'
Land	5,100
Buildings and Improvements	11,663
Costs Capitalized Subsequent to Acquisition	'
Improvements	32
Gross Amount At Which Carried	'
Land	5,100
Buildings and Improvements	11,695
Total	16,795
Accumulated Depreciation	178
Depreciation Life For Latest Income Statement	'30 years
Multi-Family Residential | Pooler, GA	'
Real estate properties and accumulated depreciation	'
Encumbrances	26,400
Initial Cost to Company	'
Land	1,800
Buildings and Improvements	33,450
Costs Capitalized Subsequent to Acquisition	'
Improvements	25
Gross Amount At Which Carried	'
Land	1,800
Buildings and Improvements	33,475
Total	35,275
Accumulated Depreciation	465
Depreciation Life For Latest Income Statement	'30 years
Multi-Family Residential | Houston, TX, Location 2	'
Real estate properties and accumulated depreciation	'
Encumbrances	6,625
Initial Cost to Company	'
Land	1,285
Buildings and Improvements	7,280
Costs Capitalized Subsequent to Acquisition	'
Improvements	7
Gross Amount At Which Carried	'
Land	1,285
Buildings and Improvements	7,287
Total	8,572
Accumulated Depreciation	81
Depreciation Life For Latest Income Statement	'30 years
Multi-Family Residential | Hixson, TN	'
Real estate properties and accumulated depreciation	'
Encumbrances	8,137
Initial Cost to Company	'
Land	1,200
Buildings and Improvements	9,650
Costs Capitalized Subsequent to Acquisition	'
Improvements	3
Gross Amount At Which Carried	'
Land	1,200
Buildings and Improvements	9,653
Total	10,853
Accumulated Depreciation	80
Depreciation Life For Latest Income Statement	'30 years
Multi-Family Residential | Kennesaw, GA	'
Real estate properties and accumulated depreciation	'
Encumbrances	35,900
Initial Cost to Company	'
Land	5,400
Buildings and Improvements	43,650
Gross Amount At Which Carried	'
Land	5,400
Buildings and Improvements	43,650
Total	49,050
Depreciation Life For Latest Income Statement	'30 years
Misc.	'
Gross Amount At Which Carried	'
Buildings and Improvements	134
Total	$134
Depreciation Life For Latest Income Statement	'30 years

SCHEDULE_III_REAL_ESTATE_PROPE2

SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION	'	'	'
Total real estate properties	$414,758	'	'
Less: Accumulated depreciation and amortization	11,862	'	'
Net real estate properties	402,896	190,317	59,277
Reconciliation of real estate properties	'	'	'
Balance at beginning of year	190,317	59,277	55,843
Additions:	'	'	'
Acquisitions	185,453	116,759	2,315
Capital improvements	3,371	3,716	141
Capitalized development expenses and carrying costs	30,947	12,622	4,371
Total additions	219,771	133,097	6,827
Deductions:	'	'	'
Sales	117	37	2,561
Depreciation/amortization/paydowns	7,075	2,020	832
Total deductions	7,192	2,057	3,393
Balance at end of year	402,896	190,317	59,277
Aggregate cost of investments in real estate assets for Federal income tax purposes higher than book value	$2,625	'	'

SCHEDULE_IV_MORTGAGE_LOANS_ON_1

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2010
	item
Schedule IV-mortgage loans on real estate (including mortgage loan held for sale)	'	'	'	'
# of Loans	10	'	'	'
Prior Liens	$13,365	'	'	'
Face Amount of Mortgages	30,513	'	'	'
Carrying Value of Mortgage	30,300	36,584	75,136	54,336
First Mortgage Loans | Multi-family | Jacksonville, FL | Mortgage loans on real estate, final maturity January 2014	'	'	'	'
Schedule IV-mortgage loans on real estate (including mortgage loan held for sale)	'	'	'	'
# of Loans	1	'	'	'
Reference rate	'Prime	'	'	'
Margin interest above reference rate (as a percent)	8.75%	'	'	'
Interest Rate Floor (as a percent)	12.00%	'	'	'
Face Amount of Mortgages	2,450	'	'	'
Carrying Value of Mortgage	2,425	'	'	'
First Mortgage Loans | Multi-family | Fort Myers, FL, first location | Mortgage loans on real estate, final maturity January 2014	'	'	'	'
Schedule IV-mortgage loans on real estate (including mortgage loan held for sale)	'	'	'	'
# of Loans	1	'	'	'
Margin interest above reference rate (as a percent)	12.00%	'	'	'
Face Amount of Mortgages	2,050	'	'	'
Carrying Value of Mortgage	2,050	'	'	'
First Mortgage Loans | Multi-family | Fort Myers, FL, second location | Mortgage loans on real estate, final maturity January 2014	'	'	'	'
Schedule IV-mortgage loans on real estate (including mortgage loan held for sale)	'	'	'	'
# of Loans	1	'	'	'
Margin interest above reference rate (as a percent)	15.00%	'	'	'
Face Amount of Mortgages	390	'	'	'
Carrying Value of Mortgage	390	'	'	'
First Mortgage Loans | Multi-family | New York, NY | Mortgage loans on real estate, final maturity February 2014	'	'	'	'
Schedule IV-mortgage loans on real estate (including mortgage loan held for sale)	'	'	'	'
# of Loans	1	'	'	'
Reference rate	'Prime	'	'	'
Margin interest above reference rate (as a percent)	7.75%	'	'	'
Interest Rate Floor (as a percent)	12.00%	'	'	'
Face Amount of Mortgages	10,147	'	'	'
Carrying Value of Mortgage	10,070	'	'	'
First Mortgage Loans | Multi-family | Detroit, MI | Mortgage loans on real estate, final maturity July 2014	'	'	'	'
Schedule IV-mortgage loans on real estate (including mortgage loan held for sale)	'	'	'	'
# of Loans	1	'	'	'
Reference rate	'Prime	'	'	'
Margin interest above reference rate (as a percent)	8.75%	'	'	'
Interest Rate Floor (as a percent)	12.00%	'	'	'
Face Amount of Mortgages	1,735	'	'	'
Carrying Value of Mortgage	1,709	'	'	'
First Mortgage Loans | Hotel | Memphis, TN | Mortgage loans on real estate, final maturity January 2014	'	'	'	'
Schedule IV-mortgage loans on real estate (including mortgage loan held for sale)	'	'	'	'
# of Loans	1	'	'	'
Reference rate	'Prime	'	'	'
Margin interest above reference rate (as a percent)	8.75%	'	'	'
Interest Rate Floor (as a percent)	12.00%	'	'	'
Face Amount of Mortgages	1,680	'	'	'
Carrying Value of Mortgage	1,677	'	'	'
First Mortgage Loans | Land | New York, NY | Mortgage loans on real estate, final maturity January 2014	'	'	'	'
Schedule IV-mortgage loans on real estate (including mortgage loan held for sale)	'	'	'	'
# of Loans	1	'	'	'
Reference rate	'Prime	'	'	'
Margin interest above reference rate (as a percent)	7.75%	'	'	'
Interest Rate Floor (as a percent)	12.50%	'	'	'
Face Amount of Mortgages	8,000	'	'	'
Carrying Value of Mortgage	7,960	'	'	'
First Mortgage Loans | Single family | Bridgehampton, NY | Mortgage loans on real estate, final maturity June 2014	'	'	'	'
Schedule IV-mortgage loans on real estate (including mortgage loan held for sale)	'	'	'	'
# of Loans	1	'	'	'
Reference rate	'Prime	'	'	'
Margin interest above reference rate (as a percent)	8.75%	'	'	'
Interest Rate Floor (as a percent)	12.00%	'	'	'
Face Amount of Mortgages	961	'	'	'
Carrying Value of Mortgage	942	'	'	'
First Mortgage Loans | Retail | Roslyn, NY | Mortgage loans on real estate, final maturity September 2014	'	'	'	'
Schedule IV-mortgage loans on real estate (including mortgage loan held for sale)	'	'	'	'
# of Loans	1	'	'	'
Reference rate	'Prime	'	'	'
Margin interest above reference rate (as a percent)	8.75%	'	'	'
Interest Rate Floor (as a percent)	12.00%	'	'	'
Face Amount of Mortgages	1,100	'	'	'
Carrying Value of Mortgage	1,077	'	'	'
Mezzanine Loan | Retail | New York, NY | Mortgage loans on real estate, final maturity November 2013	'	'	'	'
Schedule IV-mortgage loans on real estate (including mortgage loan held for sale)	'	'	'	'
# of Loans	1	'	'	'
Interest Rate (as a percent)	12.00%	'	'	'
Prior Liens	13,365	'	'	'
Face Amount of Mortgages	2,000	'	'	'
Carrying Value of Mortgage	$2,000	'	'	'

SCHEDULE_IV_MORTGAGE_LOANS_ON_2

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
Reconciliation of mortgage loans at their carrying values	'	'	'
Balance at beginning of year	$36,584	$75,136	$54,336
Additions:	'	'	'
Advances under real estate loans	70,288	101,800	131,255
Amortization of deferred fee income	1,820	2,249	1,777
Recovery of previously provided allowances	1,066	156	3,595
Total additions	73,174	104,205	136,627
Deductions:	'	'	'
Collections of principal	76,872	124,758	66,072
Sale of loans	'	15,657	46,251
Collection of loan fees	1,520	2,186	2,465
Loan loss recoveries	1,066	156	1,039
Total deductions	79,458	142,757	115,827
Balance at end of year	30,300	36,584	75,136
Additional disclosures	'	'	'
Deferred fee income	$213	$512	$618