Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 01, 2014 | Mar. 31, 2014 |
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-14 | ' | ' |
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 | ' | ' | $60.60 |
Entity Common Stock, Shares Outstanding | ' | 14,303,237 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
ASSETS | ' | ' |
Real estate properties, net of accumulated depreciation of $27,424 and $11,862 | $635,612,000 | $402,896,000 |
Cash and cash equivalents | 23,181,000 | 56,905,000 |
Deferred costs, net | 13,515,000 | 12,833,000 |
Deposits and escrows | 12,273,000 | 6,151,000 |
Other assets | 15,632,000 | 7,478,000 |
Assets related to discontinued operations | 2,017,000 | 30,589,000 |
Total Assets | 734,620,000 | 549,491,000 |
Liabilities: | ' | ' |
Mortgages payable | 482,406,000 | 313,216,000 |
Junior subordinated notes | 37,400,000 | 37,400,000 |
Accounts payable and accrued liabilities | 15,185,000 | 7,769,000 |
Deferred income | 30,990,000 | 25,848,000 |
Total Liabilities | 565,981,000 | 384,233,000 |
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, 13,655 and 13,535 issued | 40,965,000 | 40,606,000 |
Additional paid-in capital | 166,209,000 | 165,763,000 |
Accumulated other comprehensive (loss) | -8,000 | -6,000 |
Accumulated deficit | -77,026,000 | -67,572,000 |
Total BRT Realty Trust shareholders' equity | 130,140,000 | 138,791,000 |
Non-controlling interests | 38,499,000 | 26,467,000 |
Total Equity | 168,639,000 | 165,258,000 |
Total Liabilities and Equity | 734,620,000 | 549,491,000 |
Multi-family residential | ' | ' |
ASSETS | ' | ' |
Real estate properties, net of accumulated depreciation of $27,424 and $11,862 | 511,866,000 | 299,792,000 |
Restricted cash | 9,555,000 | 3,360,000 |
Primary Beneficiary | Newark Joint Venture | Commercial/mixed use properties | ' | ' |
ASSETS | ' | ' |
Real estate properties, net of accumulated depreciation of $27,424 and $11,862 | 113,021,000 | 92,354,000 |
Restricted cash | $22,835,000 | $29,279,000 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS | ' | ' |
Real estate properties, accumulated depreciation (in dollars) | $27,424 | $11,862 |
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 | 13,655 | 13,535 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Revenues: | ' | ' | ' |
Rental and other revenue from real estate properties | $65,254,000 | $30,592,000 | $8,675,000 |
Other income | 1,141,000 | 1,213,000 | 1,218,000 |
Total revenues | 66,395,000 | 31,805,000 | 9,893,000 |
Expenses: | ' | ' | ' |
Operating expenses relating to real estate properties | 37,067,000 | 16,409,000 | 6,042,000 |
Interest expense | 20,670,000 | 11,978,000 | 3,778,000 |
Advisor's fee, related party | 1,801,000 | 971,000 | 420,000 |
Property acquisition costs | 2,542,000 | 2,637,000 | 2,407,000 |
General and administrative-including $623, $779 and $705 to related party | 6,324,000 | 5,862,000 | 2,739,000 |
Depreciation and amortization | 15,576,000 | 7,094,000 | 2,004,000 |
Total expenses | 83,980,000 | 44,951,000 | 17,390,000 |
Total revenues less total expenses | -17,585,000 | -13,146,000 | -7,497,000 |
Equity in earnings of unconsolidated ventures | 19,000 | 198,000 | 965,000 |
Gain on sale of available-for-sale securities | ' | 530,000 | 605,000 |
Gain on sale of partnership interest | ' | 5,481,000 | ' |
Loss from continuing operations | -17,566,000 | -6,937,000 | -5,927,000 |
Discontinued operations: | ' | ' | ' |
Income from discontinued operations | 1,400,000 | 8,257,000 | 3,493,000 |
Discontinued operations | 1,400,000 | 9,026,000 | 7,477,000 |
Net (loss) income | -16,166,000 | 2,089,000 | 1,550,000 |
Plus: net loss attributable to non-controlling interests | 6,712,000 | 2,924,000 | 2,880,000 |
Net (loss) income attributable to common shareholders | -9,454,000 | 5,013,000 | 4,430,000 |
Basic and diluted per share amounts attributable to common shareholders: | ' | ' | ' |
Loss from continuing operations (in dollars per share) | ($0.76) | ($0.28) | ($0.16) |
Income from discontinued operations (in dollars per share) | $0.10 | $0.63 | $0.48 |
Basic and diluted (loss) earnings per share (in dollars per share) | ($0.66) | $0.35 | $0.32 |
Amounts attributable to BRT Realty Trust: | ' | ' | ' |
Loss from continuing operations | -10,854,000 | -3,244,000 | -2,255,000 |
Income from discontinued operations | 1,400,000 | 8,257,000 | 6,685,000 |
Net (loss) income attributable to common shareholders | -9,454,000 | 5,013,000 | 4,430,000 |
Weighted average number of common shares outstanding: | ' | ' | ' |
Basic and diluted (in shares) | 14,265,589 | 14,137,091 | 14,035,972 |
Loan | ' | ' | ' |
Discontinued operations: | ' | ' | ' |
Gain on sale of assets | ' | ' | 3,192,000 |
Real estate assets | ' | ' | ' |
Discontinued operations: | ' | ' | ' |
Gain on sale of assets | ' | $769,000 | $792,000 |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF OPERATIONS | ' | ' | ' |
General and administrative to related party | $623 | $779 | $705 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ' | ' | ' |
Net (loss) income | ($16,166) | $2,089 | $1,550 |
Other comprehensive (loss) income: | ' | ' | ' |
Net unrealized (loss) gain on available-for-sale securities | ' | -460 | 182 |
Unrealized (loss) gain on derivative instruments | -2 | 98 | -104 |
Other comprehensive (loss) income | -2 | -362 | 78 |
Comprehensive (loss) income | -16,168 | 1,727 | 1,628 |
Plus comprehensive loss attributable to non-controlling interests | 6,712 | 2,909 | 2,896 |
Comprehensive (loss) income attributable to common shareholders | ($9,456) | $4,636 | $4,524 |
CONSOLIDATED_STATEMENT_OF_EQUI
CONSOLIDATED STATEMENT OF EQUITY (USD $) | Shares of Beneficial Interest | Additional Paid-In Capital | Accumulated Other Comprehensive Income | (Accumulated Deficit) | Treasury Shares | Non Controlling Interests | Comprehensive Income | Total |
In Thousands, unless otherwise specified | ||||||||
Balances at Sep. 30, 2011 | $44,981 | $171,889 | $278 | ($77,015) | ($11,070) | $6,666 | ' | $135,729 |
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 shares) | -419 | -461 | ' | ' | ' | ' | ' | -880 |
Retirement of treasury shares (1,380,978 shares) | -4,142 | -6,609 | ' | ' | 10,751 | ' | ' | ' |
Net (loss) income | ' | ' | ' | 4,430 | ' | -2,880 | 1,550 | 1,550 |
Other comprehensive income (loss) | ' | ' | 78 | ' | ' | ' | 78 | 78 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | 1,628 | 1,628 |
Balances at Sep. 30, 2012 | 40,420 | 165,258 | 356 | -72,585 | 0 | 13,569 | ' | 147,018 |
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 (loss) income | ' | ' | ' | 5,013 | ' | -2,924 | 2,089 | 2,089 |
Other comprehensive income (loss) | ' | ' | -362 | ' | ' | ' | -362 | -362 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | 1,727 | 1,727 |
Balances at Sep. 30, 2013 | 40,606 | 165,763 | -6 | -67,572 | 0 | 26,467 | ' | 165,258 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock vesting | 359 | -359 | ' | ' | ' | ' | ' | ' |
Compensation expense-restricted stock | ' | 805 | ' | ' | ' | ' | ' | 805 |
Contributions from non-controlling interests | ' | ' | ' | ' | ' | 22,062 | ' | 22,062 |
Distributions to non-controlling interests | ' | ' | ' | ' | ' | -3,318 | ' | -3,318 |
Net (loss) income | ' | ' | ' | -9,454 | ' | -6,712 | -16,166 | -16,166 |
Other comprehensive income (loss) | ' | ' | -2 | ' | ' | ' | -2 | -2 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | -16,168 | -16,168 |
Balances at Sep. 30, 2014 | $40,965 | $166,209 | ($8) | ($77,026) | $0 | $38,499 | ' | $168,639 |
CONSOLIDATED_STATEMENT_OF_EQUI1
CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) | 12 Months Ended |
Sep. 30, 2012 | |
CONSOLIDATED STATEMENT OF EQUITY | ' |
Shares repurchased (in shares) | 139,507 |
Retirement of treasury shares | 1,380,978 |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flows from operating activities | ' | ' | ' |
Net (loss) income | ($16,166,000) | $2,089,000 | $1,550,000 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ' | ' | ' |
Recovery of previously provided allowances | -10,000 | -1,066,000 | -156,000 |
Amortization and depreciation | 17,535,000 | 8,713,000 | 2,753,000 |
Amortization of deferred fee income | -393,000 | -1,820,000 | -2,249,000 |
Amortization of restricted stock | 805,000 | 691,000 | 758,000 |
Gain on sale of partnership interest | ' | -5,481,000 | ' |
Gain on sale of real estate assets | ' | -769,000 | -792,000 |
Gain on sale of available-for-sale securities | ' | -530,000 | -605,000 |
Gain on sale of loan | ' | ' | -3,192,000 |
Equity in earnings of unconsolidated joint ventures | -19,000 | -198,000 | -829,000 |
Distribution of earnings of unconsolidated joint ventures | 8,000 | 175,000 | 578,000 |
(Increase) decrease in straight line rent | -569,000 | -264,000 | 33,000 |
Increases and decreases from changes in other assets | ' | ' | ' |
Decrease in interest and dividends receivable | 273,000 | 183,000 | 174,000 |
Increase in prepaid expenses | -548,000 | -440,000 | -266,000 |
(Increase) decrease in prepaid interest | -1,016,000 | 2,463,000 | -3,979,000 |
Increase in accounts payable and accrued liabilities | 7,416,000 | 1,460,000 | 2,835,000 |
Decrease in deferred costs | ' | -519,000 | -308,000 |
Increase in security deposits and other receivable | -12,167,000 | -3,995,000 | -3,436,000 |
Other | 16,000 | 74,000 | -353,000 |
Net cash (used in) provided by operating activities | -4,835,000 | 766,000 | -7,484,000 |
Cash flows from investing activities: | ' | ' | ' |
Collections from real estate loans | 34,045,000 | 76,872,000 | 124,758,000 |
Additions to real estate loans | -5,533,000 | -70,288,000 | -98,607,000 |
Proceeds from the sale of loans and loan participations | ' | ' | 15,657,000 |
Loan loss recoveries | 10,000 | 1,066,000 | 156,000 |
Additions to real estate properties | -205,220,000 | -185,453,000 | -118,382,000 |
Net costs capitalized to real estate owned | -43,130,000 | -33,860,000 | -14,500,000 |
Collection of loan fees | 180,000 | 1,520,000 | 2,186,000 |
Proceeds from sale of real estate owned | 75,000 | 887,000 | 859,000 |
Proceeds from sale of available-for-sale securities | ' | 1,318,000 | 3,939,000 |
Proceeds from the sale of partnership interest | ' | 5,522,000 | ' |
Purchase of available-for-sale securities | ' | ' | -1,634,000 |
Distributions of capital from unconsolidated joint ventures | ' | ' | 4,481,000 |
Contributions to unconsolidated joint ventures | ' | ' | -275,000 |
Net cash used in investing activities | -219,324,000 | -179,444,000 | -136,978,000 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from borrowed funds | ' | 3,000,000 | 3,500,000 |
Repayment of borrowed funds | ' | -3,000,000 | -3,500,000 |
Proceeds from mortgages payable | 170,767,000 | 147,957,000 | 162,508,000 |
Mortgage principal payments | -1,577,000 | -4,025,000 | -7,641,000 |
Increase in deferred borrowing costs | -2,641,000 | -2,052,000 | -11,300,000 |
Capital contributions from non-controlling interests | 22,062,000 | 17,192,000 | 11,243,000 |
Capital distributions to non-controlling interests | -3,318,000 | -1,370,000 | -1,460,000 |
Proceeds from sale of New Markets Tax Credits | 5,142,000 | ' | 25,848,000 |
Repurchase of shares of beneficial interest | ' | ' | -880,000 |
Net cash provided by (used in) financing activities | 190,435,000 | 157,702,000 | 178,318,000 |
Net (decrease) increase in cash and cash equivalents | -33,724,000 | -20,976,000 | 33,856,000 |
Cash and cash equivalents at beginning of year | 56,905,000 | 77,881,000 | 44,025,000 |
Cash and cash equivalents at end of year | 23,181,000 | 56,905,000 | 77,881,000 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid during the year for interest expense, including capitalized interest of $0, $1,820 and $1,373 in 2014, 2013 and 2012 | 19,700,000 | 10,753,000 | 6,764,000 |
Acquisition of real estate through assumption of debt | 28,615,000 | ' | ' |
Commercial/mixed use properties | Newark Joint Venture | Primary Beneficiary | ' | ' | ' |
Cash flows from investing activities: | ' | ' | ' |
Net change in restricted cash | 6,444,000 | 25,973,000 | -55,252,000 |
Multi-family residential | ' | ' | ' |
Cash flows from investing activities: | ' | ' | ' |
Net change in restricted cash | ($6,195,000) | ($3,001,000) | ($364,000) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF CASH FLOWS | ' | ' | ' |
Capitalized interest | $1,310 | $1,820 | $1,373 |
ORGANIZATION_BACKGROUND_AND_SI
ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Sep. 30, 2014 | |
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 (i) owns, operates and develops multi-family properties, (ii) owns, operates and develops commercial and mixed use real estate assets and (iii) through October 31, 2014, originated and held for investment, senior mortgage loans secured by commercial and multi-family real estate properties. | |
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 | |
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. It was determined that the Trust is 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, other than the joint venture which owns a multi-family property in Kennesaw, GA, 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. It was determined that the Trust is the primary beneficiary of these joint ventures because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE. | |
The joint venture that owns the Kennesaw, GA 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. | |
Certain items on the consolidated financial statements for the prior years have been reclassified to conform with the current year's presentation including the reclassification of certain expenses from general and administration to property acquisition costs and the reclassification of the Trust's loan segment operations and assets related to discontinued operations. | |
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. | |
In accordance with ASC Topic 740, the Trust believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Trust's financial position or results of operations. The Trust's income tax returns for the previous six years are subject to review by the Internal Revenue Service. | |
Revenue 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 properties including the base rent that each tenant is required to pay in accordance with the terms of their respective leases, net of any rent concessions and lease incentives is reported on a straight-line basis over the non-cancellable term of the lease. | |
Real Estate Properties | |
Real estate properties are stated at cost, net of accumulated depreciation, and include real property acquired through acquisition, development or foreclosure. | |
The 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 the estimated useful lives of the tangible assets. Intangible assets (and liabilities) are amortized over the remaining life of the related lease at the time of acquisition. There were no unamortized value of in-place leases at September 30, 2014. Expenditures for maintenance and repairs are charged to operations as incurred. | |
Real estate is classified as held for sale when management has determined that it has met the appropriate criteria. 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 asset is 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 below its carrying value, 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 indicators of impairments identified during the years ended September 30, 2014 and 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. A construction project is considered substantially completed when it is available for occupancy, but no later than one year from cessation of major construction activity. The Trust ceases capitalization when the project is available for occupancy. | |
Equity Based Compensation | |
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 (loss) and subsequently reclassified to earnings in the period in which the hedge transaction affects earnings. The ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which they occur. | |
Per Share Data | |
Basic earnings (loss) per share 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 (loss) per share was determined by dividing net income (loss) 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 using the treasury stock method. | |
Cash Equivalents | |
Cash equivalents consist of highly liquid investments, primarily direct United States treasury obligations with maturities of three months or less when purchased. | |
Restricted Cash | |
Restricted cash—Newark and restricted cash—multi-family consist principally of cash held for construction costs and property improvements at specific properties as required by certain loan agreements. | |
Deferred Costs | |
Fees and costs incurred in connection with obtaining financing and structuring the New Markets Tax Credits related to the Newark Joint Venture (Note 9) are deferred and amortized over the term of the related debt obligations. Fees and costs paid related to the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. | |
Use of Estimates | |
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
Segment Reporting | |
Management has determined that it operates in two reportable segments as of September 30, 2014: a multi-family real estate segment and an other real estate segment. The multi-family real estate segment includes the ownership, operation and development of the Trust's multi-family properties and the other real estate segment includes all activities related to the development, operation and disposition of the Trust's other real estate assets. In the years ended September 30, 2013 and 2012, the Trust operated in a third segment, the loan and investment segment, which includes all activities related to the origination and servicing of the Trusts loan portfolio and other investments. The operations and assets related to this segment are reported as part of discontinued operations as the Trust no longer operates in this segment. | |
New Pronouncements | |
In August 2014 the FASB issued ASU 2014-15, "Presentation of Financial Statements—Going Concern (Subtopic 205—40): Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern." ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern and to provide certain disclosures when it is probable that an entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. ASU 2014-15 is not expected to have a material impact on the Trust's consolidated financial statements. | |
In June 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." ASU 2014-12 provides explicit guidance on how to account for share-based payments that require a specific performance target to be achieved which may be achieved after an employee completes the requisite service period. ASU 2014-12 is effective for periods beginning after December 15, 2015 and may be applied either prospectively or retrospectively. ASU 2014-12 is not expected to have a material impact on the Trust's consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers", which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Trust is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017. | |
In April 2014, the FASB issued updated guidance that changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. The guidance is effective prospectively as of the first quarter of calendar 2015, with early adoption permitted for new disposals or new classifications as held-for-sale. The Trust early adopted this new guidance in the second quarter of fiscal 2014 and it did not have any effect on the Trust's consolidated financial statements. | |
REAL_ESTATE_PROPERTIES
REAL ESTATE PROPERTIES | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
REAL ESTATE PROPERTIES | ' | |||||||||||||||||||
REAL ESTATE PROPERTIES | ' | |||||||||||||||||||
NOTE 2—REAL ESTATE PROPERTIES | ||||||||||||||||||||
A summary of activity in real estate properties (by type) for the year ended September 30, 2014, is as follows (dollars in thousands): | ||||||||||||||||||||
September 30, | Additions | Capitalized | Depreciation, | September 30, | ||||||||||||||||
2013 | Costs and | Amortization | 2014 | |||||||||||||||||
Balance | Improvements | and other | Balance | |||||||||||||||||
Reductions | ||||||||||||||||||||
Multi-family(a) | $ | 299,792 | $ | 205,220 | $ | 20,684 | $ | (13,830 | ) | $ | 511,866 | |||||||||
Commercial/mixed use(b) | 92,354 | — | 22,297 | (1,630 | ) | 113,021 | ||||||||||||||
Land(c) | 7,972 | — | — | — | 7,972 | |||||||||||||||
Shopping centers/retail(d) | 2,645 | — | 137 | (104 | ) | 2,678 | ||||||||||||||
Co-op/Condo Apts | 133 | — | 12 | (70 | ) | 75 | ||||||||||||||
| | | | | | | | | | | | | | | | | ||||
Total real estate properties | $ | 402,896 | $ | 205,220 | $ | 43,130 | $ | (15,634 | ) | $ | 635,612 | |||||||||
| | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | ||||
(a) | Set forth below is information for the year ended September 30, 2014 regarding the Trust's purchases of multi-family properties through joint ventures. The Trust has an 80% equity interest in each venture, except for the Columbus, OH property which is wholly owned, and the Greenville, SC property, in which it has a 74% interest (dollars in thousands): | |||||||||||||||||||
Location | Purchase | No. of | Contract | Acquisition | Initial BRT | Property | ||||||||||||||
Date | Units | Purchase | Mortgage | Equity | Acquisition | |||||||||||||||
Price | Debt | Costs | ||||||||||||||||||
Houston, TX | 10/4/13 | 798 | $ | 32,800 | $ | 24,100 | $ | 10,525 | $ | 474 | ||||||||||
Pasadena, TX | 10/15/13 | 144 | 5,420 | 4,065 | 1,687 | 125 | ||||||||||||||
Humble, TX | 10/15/13 | 260 | 10,500 | 7,875 | 3,129 | 180 | ||||||||||||||
Humble, TX | 10/15/13 | 160 | 6,700 | 5,025 | 1,908 | 129 | ||||||||||||||
Huntsville, AL | 10/18/13 | 208 | 12,050 | 9,573 | 3,950 | 202 | ||||||||||||||
Columbus, OH | 11/21/13 | 264 | 14,050 | 10,651 | 3,734 | 97 | ||||||||||||||
Indianapolis, IN | 1/21/14 | 400 | 18,800 | 14,500 | 5,300 | 191 | ||||||||||||||
Greenville, SC(i) | 1/31/14 | N/A | 7,000 | — | 6,381 | — | ||||||||||||||
Nashville, TN | 4/2/14 | 300 | 26,750 | 17,300 | 8,420 | 296 | ||||||||||||||
Little Rock, AK | 4/2/14 | 172 | 6,750 | 4,101 | 2,372 | 117 | ||||||||||||||
Witchita, KS | 4/2/14 | 496 | 20,750 | 13,863 | 6,932 | 155 | ||||||||||||||
Atlanta, GA | 6/26/14 | 350 | 28,350 | 22,165 | 5,944 | 189 | ||||||||||||||
Houston, TX | 7/8/14 | 272 | 15,300 | 11,475 | 5,080 | 258 | ||||||||||||||
Other | — | — | — | — | 129 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
3,824 | $ | 205,220 | $ | 144,693 | $ | 65,362 | $ | 2,542 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
(i) | The Greenville, SC joint venture is developing a 360-unit multi-family property with ground floor retail of approximately 10,000 square feet. The Trust has funded its required capital contribution and as of September 30, 2014 had invested $9,631,000. | |||||||||||||||||||
(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, residential, charter schools and surface parking aggregating approximately 565,000 square feet of commercial space and 61 residential apartment units (another 16,000 square feet of commercial space and 62 residential apartment units are 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 7—Debt Obligations—Mortgages Payable. The Trust made net capital contributions of $4,972,000 and $1,729,000 to this venture in the years ended September 30, 2014 and 2013, 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. The 2014 contribution includes $2,489,000 for the payment of deferred interest on the loan held by the Trust. | |||||||||||||||||||
(c) | Represents an 8.9 acre development parcel located in Daytona Beach, Florida 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. | |||||||||||||||||||
The 2014 acquisitions have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and assumed liabilities based on management's estimate of fair value of these acquired assets and assumed liabilities at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Trust expects to finalize the valuations and complete the purchase price allocations within one year from the dates of acquisition. | ||||||||||||||||||||
The following table summarizes the preliminary allocations of the purchase prices of assets acquired and liabilities assumed during the year ended September 30, 2014 (dollars in thousands): | ||||||||||||||||||||
Preliminary | ||||||||||||||||||||
Purchase Price | ||||||||||||||||||||
Allocation | ||||||||||||||||||||
Land | $ | 55,110 | ||||||||||||||||||
Buildings and Improvements | 150,110 | |||||||||||||||||||
| | | | | ||||||||||||||||
Total Consideration | $ | 205,220 | ||||||||||||||||||
| | | | | ||||||||||||||||
| | | | | ||||||||||||||||
The following table summarizes the preliminary allocations of the purchase price of properties as recorded as of September 30, 2013, and the finalized allocation of the purchase price, as adjusted, as of September 30, 2014 (dollars in thousands): | ||||||||||||||||||||
Preliminary | Adjustments | Finalized | ||||||||||||||||||
Purchase Price | Purchase Price | |||||||||||||||||||
Allocation | Allocation | |||||||||||||||||||
Land | $ | 21,833 | $ | 2,367 | $ | 24,200 | ||||||||||||||
Buildings and Improvements | 163,250 | (3,313 | ) | 159,937 | ||||||||||||||||
Acquisition-related intangible assets (in Acquired lease intangibles, net) | — | 946 | 946 | |||||||||||||||||
Acquisition-related intangible liabilities (in Acquired lease intangibles, net) | — | — | — | |||||||||||||||||
Above-below market debt assumed | — | — | — | |||||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Total Consideration | $ | 185,083 | — | $ | 185,083 | |||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
A summary of the Trust's multi-family properties by state as at and for the year ended September 30, 2014, is as follows (dollars in thousands): | ||||||||||||||||||||
Location | Number | 2014 | % of | |||||||||||||||||
of Units | Revenue | Revenue | ||||||||||||||||||
Texas | 2,018 | $ | 14,346 | 24 | % | |||||||||||||||
Tennessee | 1,244 | 12,705 | 21 | |||||||||||||||||
Georgia | 1,689 | 12,328 | 20 | |||||||||||||||||
Florida | 910 | 10,909 | 18 | |||||||||||||||||
South Carolina | 208 | 2,348 | 4 | |||||||||||||||||
Alabama | 208 | 1,628 | 3 | |||||||||||||||||
Kansas | 496 | 1,677 | 3 | |||||||||||||||||
Indiana | 400 | 1,996 | 3 | |||||||||||||||||
Ohio | 264 | 1,851 | 3 | |||||||||||||||||
Arkansas | 172 | 574 | 1 | |||||||||||||||||
| | | | | | | | | | | ||||||||||
7,609 | $ | 60,362 | 100 | % | ||||||||||||||||
Future minimum rentals to be received by the Trust pursuant to non-cancellable operating leases with terms in excess of one year, from commercial properties owned by the Trust at September 30, 2014, are as follows (dollars in thousands): | ||||||||||||||||||||
Year Ending September 30, | Amount | |||||||||||||||||||
2015 | $ | 3,715 | ||||||||||||||||||
2016 | 3,673 | |||||||||||||||||||
2017 | 2,826 | |||||||||||||||||||
2018 | 2,611 | |||||||||||||||||||
2019 | 2,645 | |||||||||||||||||||
Thereafter | 37,060 | |||||||||||||||||||
| | | | | ||||||||||||||||
Total | $ | 52,530 | ||||||||||||||||||
| | | | | ||||||||||||||||
| | | | | ||||||||||||||||
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. | ||||||||||||||||||||
IMPAIRMENT_CHARGES
IMPAIRMENT CHARGES | 12 Months Ended |
Sep. 30, 2014 | |
IMPAIRMENT CHARGES | ' |
IMPAIRMENT CHARGES | ' |
NOTE 3—IMPAIRMENT CHARGES | |
The Trust reviews each real estate asset, including those held through investments in unconsolidated joint ventures, for impairment when there is an event or a change in circumstances indicating that the carrying amount may not be recoverable. The Trust measures and records impairment losses, and reduces the carrying value of properties, when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Trust does not expect to recover its carrying costs on properties held for use, the Trust reduces its carrying costs to fair value, and for properties held for sale, the Trust reduces its carrying value to the fair value less costs to sell. During the years ended September 30, 2014, 2013, and 2012, no impairment charges were recorded. Management does not believe that the values of any properties are impaired as of September 30, 2014. | |
INVESTMENT_IN_UNCONSOLIDATED_V
INVESTMENT IN UNCONSOLIDATED VENTURES | 12 Months Ended |
Sep. 30, 2014 | |
INVESTMENT IN UNCONSOLIDATED VENTURES | ' |
INVESTMENT IN UNCONSOLIDATED VENTURES | ' |
NOTE 4—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, was $19,000, $198,000 and $829,000 for the years ended September 30, 2014, 2013 and 2012, 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, are treated as consolidated subsidiaries of the Trust due to amendments to the operating agreements of the ventures that provided the Trust control of these entities. | |
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, 2014 | |
RESTRICTED CASH | ' |
RESTRICTED CASH | ' |
NOTE 5—RESTRICTED CASH | |
Restricted cash represents funds that are being held for specific purposes and are therefore not generally available for general corporate purposes. As reflected on the consolidated balance sheet: (i) "Restricted cash—Newark" represents funds that are held by lenders for the construction of residential/commercial buildings at the Newark Joint Venture, Teachers Village Project; and (ii) "Restricted cash—multi-family" represents funds that are held by or on behalf of the Trust specifically for capital improvements at multi-family properties. | |
AVAILABLEFORSALE_SECURITIES
AVAILABLE-FOR-SALE SECURITIES | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
AVAILABLE-FOR-SALE SECURITIES | ' | |||||||
AVAILABLE-FOR-SALE SECURITIES | ' | |||||||
NOTE 6—AVAILABLE-FOR-SALE SECURITIES | ||||||||
The Trust did not hold any available-for-sale securities at September 30, 2014 or 2013. 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 | |||||||
Proceeds from sale | $ | 1,318 | $ | 3,939 | ||||
less cost basis | 788 | 3,334 | ||||||
| | | | | | | | |
Gain on sale | $ | 530 | $ | 605 | ||||
| | | | | | | | |
| | | | | | | | |
There were no sales of available-for-sale securities during the year ended September 30, 2014. | ||||||||
DEBT_OBLIGATIONS
DEBT OBLIGATIONS | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
DEBT OBLIGATIONS | ' | |||||||||||
DEBT OBLIGATIONS | ' | |||||||||||
NOTE 7—DEBT OBLIGATIONS | ||||||||||||
Debt obligations consist of the following (dollars in thousands): | ||||||||||||
September 30, | ||||||||||||
2014 | 2013 | |||||||||||
Mortgages payable | $ | 482,406 | $ | 313,216 | ||||||||
Junior subordinated notes | 37,400 | 37,400 | ||||||||||
| | | | | | | | |||||
Total debt obligations | $ | 519,806 | $ | 350,616 | ||||||||
| | | | | | | | |||||
| | | | | | | | |||||
Mortgages Payable | ||||||||||||
The Trust has the following debt obligations outstanding as of the dates indicated all of which are secured by the underlying properties (dollars in thousands): | ||||||||||||
September 30, | ||||||||||||
Property | 2014 | 2013 | Rate | Maturity | ||||||||
Yonkers, NY | $ | 1,767 | $ | 1,863 | 5.25 | % | Apr-22 | |||||
Palm Beach Gardens, FL | 44,874 | 45,200 | 3.78 | % | Apr-19 | |||||||
Melboune, FL | 7,627 | 7,680 | 3.98 | % | Apr-19 | |||||||
Marietta, GA | 7,297 | 7,382 | 6.50 | % | Feb-15 | |||||||
Lawrenceville, GA | 4,652 | 4,687 | 4.49 | % | Mar-22 | |||||||
Lawrenceville, GA—supplemental | 1,605 | — | 5.46 | % | Mar-22 | |||||||
Collierville, TN | 25,680 | 25,680 | 3.91 | % | Jul-22 | |||||||
North Charleston, SC | 17,716 | 17,716 | 3.79 | % | Nov-22 | |||||||
Cordova TN | 19,248 | 19,248 | 3.71 | % | Dec-22 | |||||||
Decatur, GA | 8,046 | 8,046 | 3.74 | % | Dec-22 | |||||||
Decatur, GA—supplemental | 2,474 | — | 5.74 | % | Dec-22 | |||||||
Panama City, FL | 5,532 | 5,588 | 4.06 | % | Feb-23 | |||||||
Houston, TX | 13,200 | 13,200 | 3.95 | % | May-23 | |||||||
Pooler, GA | 26,400 | 26,400 | 4.00 | % | May-23 | |||||||
Hixson, TN | 8,137 | 8,137 | 4.29 | % | Jul-23 | |||||||
Houston, TX | 6,493 | 6,625 | Libor + 3.18 | % | Feb-23 | |||||||
Kennesaw, GA | 35,900 | 35,900 | 3.99 | % | Oct-18 | |||||||
Houston, TX | 24,100 | — | 4.85 | % | Oct-18 | |||||||
Pasadena, TX | 4,065 | — | 4.90 | % | Nov-18 | |||||||
Humble, TX | 7,875 | — | 4.90 | % | Nov-18 | |||||||
Humble, TX | 5,025 | — | 4.90 | % | Nov-18 | |||||||
Huntsville, AL | 9,573 | — | 4.99 | % | Nov-23 | |||||||
Columbus, OH | 10,528 | — | 4.35 | % | Feb-45 | |||||||
Indianapolis, IN | 14,500 | — | 4.77 | % | Feb-24 | |||||||
Greenville, SC(3) | 5,828 | — | Libor +1.95 | % | Jan-19 | |||||||
Nashville, TN | 17,300 | — | 3.63 | % | Nov-22 | |||||||
Little Rock, AK | 4,063 | — | 3.93 | % | Mar-19 | |||||||
Witchita, KS | 10,384 | — | 5.91 | % | Apr-20 | |||||||
Witchita, KS | 3,372 | — | 4.06 | % | May-20 | |||||||
Atlanta, GA | 22,165 | — | 3.87 | % | Jul-21 | |||||||
Houston, TX | 11,475 | — | 4.07 | % | Aug-21 | |||||||
65 Market St—Newark, NJ | 900 | 900 | 7.00 | % | Jan-15 | |||||||
909 Broad St—Newark, NJ | 5,728 | 5,936 | 6.00 | % | Aug-30 | |||||||
Teachers Village—Newark, NJ(1) | 22,748 | 22,748 | 5.50 | % | Dec-30 | |||||||
Teachers Village—Newark, NJ | 4,250 | 4,250 | 3.46 | % | Feb-32 | |||||||
Teachers Village—Newark, NJ | 938 | 963 | 2.00 | % | Feb-22 | |||||||
Teachers Village—Newark, NJ | — | 211 | 2.50 | % | Feb-14 | |||||||
Teachers Village—Newark, NJ | 1,804 | 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 | 18,147 | 14,762 | 8.65 | % | Dec-23 | |||||||
Teachers Village—Newark, NJ | 2,180 | 2,212 | -2 | Aug-34 | ||||||||
Teachers Village—Newark, NJ | 5,100 | 5,100 | 1.99 | % | Sep-19 | |||||||
Teachers Village—Newark, NJ | 2,000 | — | 15.00 | % | Sep-24 | |||||||
Teachers Village—Newark, NJ | 10,260 | — | 5.50 | % | Sep-21 | |||||||
Teachers Village—Newark, NJ | 500 | — | 3.46 | % | Sep-42 | |||||||
| | | | | | | | | | | | |
$ | 482,406 | $ | 313,216 | |||||||||
| | | | | | | | | | | | |
| | | | | | | | | | | | |
-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 | This debt is to be serviced in full by annual payment-in-lieu of taxes ("PILOT"). These obligations are not secured by real property. | |||||||||||
-3 | The joint venture that acquired and is developing the Greenville, SC development property has access to construction financing of up to $38,623,000 which management anticipates will be adequate to cover the entire cost of the project. The construction loan, which is to be funded as and when customary construction financing conditions are met, is secured by a first mortgage on the property. | |||||||||||
Junior Subordinated Notes | ||||||||||||
At September 30, 2014 and 2013, 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 | 3.00 | % | ||||||||||
August 1, 2012 through April 29, 2016 | 4.90 | % | ||||||||||
April 30, 2016 through April 30, 2036 | LIBOR + 2.00 | % | ||||||||||
Interest expense, which includes amortization of deferred costs relating to the junior subordinated notes for the years ended September 30, 2014, 2013 and 2012, was $1,853,000, $1,853,000 and $1,260,000, respectively. | ||||||||||||
The junior subordinated notes require interest only payments through the maturity date, at which time repayment of all outstanding principal and interest are due. | ||||||||||||
DEFERRED_INCOME_NEW_MARKETS_TA
DEFERRED INCOME (NEW MARKETS TAX CREDIT TRANSACTION) | 12 Months Ended |
Sep. 30, 2014 | |
DEFERRED INCOME (NEW MARKETS TAX CREDIT TRANSACTION) | ' |
DEFERRED INCOME (NEW MARKETS TAX CREDIT TRANSACTION) | ' |
NOTE 8—DEFERRED INCOME (NEW MARKETS TAX CREDIT TRANSACTION) | |
In connection with the Teachers Village project, on September 30, 2014, affiliates of JP Morgan Chase ("Chase") contributed $5,100,000, and on September 12, 2012 and February 3, 2012, affiliates of Goldman Sachs (" Goldman") contributed $16,400,000 and $11,200,000, respectively, to special purpose subsidiaries of the Newark Joint Venture and these subsidiaries received the proceeds from the sale of New Markets Tax Credits ("NMTC") for which the project qualified. Chase and Goldman are entitled to receive tax credits against their qualified investments in the project over the seven years commencing as of the dates of their respective contributions. 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. | |
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. | |
Included in deferred income on the Trust's consolidated balance sheet at September 30, 2014 are $30,990,000 of the Chase and Goldman contributions, which are net of fees of the NMTC transactions and Newark Joint Venture financing transactions. These amounts will be recognized into income when the obligations 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. The failure of the Newark Joint Venture to comply with the requirements of the NMTC program may result in the reversal of the tax credit benefits and the related obligation of the Newark Joint Venture to indemnify the beneficiaries of such credits. 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, including the debt financing obtained by the Newark Joint Venture contemporaneously with the NMTC transactions. At September 30, 2014 and 2013, these costs totaled $8.7 million and $9.6 million and are included in deferred costs on the consolidated balance sheets. | |
The Trust determined that the special purpose subsidiaries 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, provide guarantees to Chase and Goldman and the Trust's obligation to absorb the losses of the VIE. Management also considered Chase's and 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, 2014 | |
INCOME TAXES | ' |
INCOME TAXES | ' |
NOTE 9—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, 2014, 2013 and 2012, the Trust recorded $155,000, $102,000 and $16,000, respectively, of state franchise tax expense, net of refunds, relating to the 2013, 2012 and 2011 tax years. | |
During the year ended September 30, 2014 and 2013, the Trust also paid $13,000 and $182,000, respectively in alternative minimum tax which resulted from the use of net operating loss carryforwards in tax years 2013 and 2012. | |
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 provisions, impairment charges, depreciation methods and carrying values. | |
The financial statement income is not expected to be materially different from income for tax purposes for calendar 2014. | |
At December 31, 2013, the Trust had a net operating loss carry forward of $53,385,000. 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 2029. | |
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
SHAREHOLDERS' EQUITY | ' | ||||||||||
SHAREHOLDERS' EQUITY | ' | ||||||||||
NOTE 10—SHAREHOLDERS' EQUITY | |||||||||||
Distributions | |||||||||||
During the year ended September 30, 2014, 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, 2014, 271,975 shares were issued pursuant to this plan. An aggregate of 384,840 shares of restricted stock were granted pursuant to the Trust's 2009 equity incentive plan (the "Prior Plan") and have not yet vested. No additional awards may be granted under the Prior Plan. The restricted shares that have been granted under the 2012 Incentive Plan and the Prior Plan 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, 2014, 2013 and 2012 the Trust issued 140,600, 131,525 and 136,650 restricted shares, respectively, under the Trust's equity incentive plans. The estimated fair value of restricted stock at the date of grant is amortized ratably into expense over the applicable vesting period. For the years ended September 30, 2014, 2013 and 2012, the Trust recognized $805,000, $691,000 and $758,000 of compensation expense, respectively. At September 30, 2014, $2,078,000 has been deferred as unearned compensation and will be charged to expense over the remaining vesting periods. The weighted average vesting period is 2.47 years. | |||||||||||
Changes in number of shares outstanding under the Trust's equity incentive plans are shown below: | |||||||||||
Years Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Outstanding at beginning of the year | 627,425 | 580,180 | 491,705 | ||||||||
Issued | 140,600 | 131,525 | 136,650 | ||||||||
Cancelled | (300 | ) | (22,000 | ) | (7,250 | ) | |||||
Vested | (119,500 | ) | (62,280 | ) | (40,925 | ) | |||||
| | | | | | | | | | | |
Outstanding at the end of the year | 648,225 | 627,425 | 580,180 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Earnings (Loss) Per Share | |||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share (dollars in thousands): | |||||||||||
2014 | 2013 | 2012 | |||||||||
Numerator for basic and diluted earnings per share attributable to common shareholders: | |||||||||||
Net (loss) income attributable to common shareholders | $ | (9,454 | ) | $ | 5,013 | $ | 4,430 | ||||
Denominator: | |||||||||||
Denominator for basic earnings per share—weighted average shares | 14,265,589 | 14,137,091 | 14,035,972 | ||||||||
Denominator for diluted earnings per share—adjusted weighted average shares and assumed conversions | 14,265,589 | 14,137,091 | 14,035,972 | ||||||||
Basic (loss) earnings per share | $ | (.66 | ) | $ | 0.35 | $ | 0.32 | ||||
Diluted (loss) earnings per share | $ | (.66 | ) | $ | 0.35 | $ | 0.32 | ||||
Share Buyback and Treasury Shares | |||||||||||
In September 2013, the Board of Trustees approved a share repurchase program authorizing the Trust to spend up to $2,000,000 through September 2015 to repurchase its shares of beneficial interest. As of September 30, 2014, no shares have been purchased under this program. | |||||||||||
In December 2014, our Board of Trustees increased to $4 million the amount the Trust can spend to repurchase our shares of beneficial interest and extended the program through September 30, 2017. On December 12, 2014, the Trust agreed to purchase 345,081 of our shares of beneficial interest at a price of $7 per share, or a total of $2,416,000. The transaction will settle on December 17, 2014. | |||||||||||
During the year ended September 30, 2012, 40,925 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, 2014 | ||
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS | ' | |
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS | ' | |
NOTE 11—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, as amended, 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: | ||
• | .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; | |
• | 1.0% of the average principal amount of earning loans; and | |
• | .35% of the average amount of the fair market value of non-earning loans; | |
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 $2,016,000, $1,802,000 and $1,104,000 for the years ended September 30, 2014, 2013 and 2012, respectively, of which $215,000 $831,000 and $684,000, respectively is reported as a component of discontinued operations. | ||
Through December 31, 2012, the Trust's borrowers also paid fees directly to REIT Management based on loan originations, which generally were one-time fees payable upon funding of a loan, in the amount of .5% of the total loan. | ||
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, 2014, 2013 and 2012, fees for these services aggregated $28,000, $81,000, and $74,000, 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, 2014, 2013 and 2012, allocated general and administrative expenses reimbursed by the Trust to Gould Investors L.P. pursuant to the shared services agreement, aggregated $474,000, $633,000 and $705,000, respectively. | ||
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Sep. 30, 2014 | |
DISCONTINUED OPERATIONS | ' |
DISCONTINUED OPERATIONS | ' |
NOTE 12—DISCONTINUED OPERATIONS | |
Effective November 1, 2014 the Trust no longer had any loans in its portfolio and has ceased originating new loans. The loan origination and servicing activities have been reclassified to discontinued operations on the consolidated statements of operations and balances related to this activity have been reclassified as "Assets related to discontinued operations" on the consolidated balance sheets. | |
SEGMENT_REPORTING
SEGMENT REPORTING | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
SEGMENT REPORTING | ' | ||||||||||
SEGMENT REPORTING | ' | ||||||||||
NOTE 13—SEGMENT REPORTING | |||||||||||
For the year ended September 30, 2014, management determined that the Trust now operates in two reportable segments: a multi-family real estate segment which includes the ownership and operation of its multi-family properties, and an other real estate segment, which includes the ownership, operation and development of its other real estate assets; in particular, the Newark Joint Venture. In the years ended September 30, 2013 and 2012 the Trust operated in a third segment which included the origination and servicing of the Trust's loan portfolio. The Trust no longer operates in this segment and the operations of this segment are reported as discontinued operations. | |||||||||||
The following table summarizes the Trust's segment reporting for the year ended September 30, 2014 (dollars in thousands): | |||||||||||
Multi-Family | Other | Total | |||||||||
Real Estate | Real Estate | ||||||||||
Revenues: | |||||||||||
Rental and other revenues from real estate properties | $ | 60,362 | $ | 4,892 | $ | 65,254 | |||||
Other income | 4 | 1,072 | 1,076 | ||||||||
| | | | | | | | | | | |
Total revenues | 60,366 | 5,964 | 66,330 | ||||||||
Expenses: | |||||||||||
Operating expenses relating to real estate properties | 32,347 | 4,720 | 37,067 | ||||||||
Interest expense | 16,212 | 4,458 | 20,670 | ||||||||
Advisor's fee, related party | 1,466 | 335 | 1,801 | ||||||||
Property acquisition costs | 2,542 | — | 2,542 | ||||||||
General and administrative | 5,887 | 437 | 6,324 | ||||||||
Depreciation and amortization | 13,828 | 1,748 | 15,576 | ||||||||
| | | | | | | | | | | |
Total expenses | 72,282 | 11,698 | 83,980 | ||||||||
| | | | | | | | | | | |
Total revenues less total expenses | (11,916 | ) | (5,734 | ) | (17,650 | ) | |||||
Equity in earnings of unconsolidated ventures | — | 19 | 19 | ||||||||
| | | | | | | | | | | |
Loss from continuing operations | (11,916 | ) | (5,715 | ) | (17,631 | ) | |||||
Plus: net loss attributable to non-controlling interests | 759 | 5,953 | 6,712 | ||||||||
| | | | | | | | | | | |
Net (loss) income attributable to common shareholders before reconciling adjustments | $ | (11,157 | ) | $ | 238 | (10,919 | ) | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Reconciling adjustments: | |||||||||||
Other income | 65 | ||||||||||
Discontinued operations | 1,400 | ||||||||||
| | | | | | | | | | | |
Net loss attributable to common shareholders | $ | (9,454 | ) | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Segment assets at September 30, 2014 | $ | 569,357 | $ | 163,246 | |||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The following table summarizes the Trust's segment reporting for the year ended September 30, 2013 (dollars in thousands): | |||||||||||
Multi-Family | Other | Total | |||||||||
Real Estate | Real Estate | ||||||||||
Revenues: | |||||||||||
Rental and other revenues from real estate properties | $ | 27,265 | $ | 3,327 | $ | 30,592 | |||||
Other income | — | 1,072 | 1,072 | ||||||||
| | | | | | | | | | | |
Total revenues | 27,265 | 4,399 | 31,664 | ||||||||
Expenses: | |||||||||||
Operating expenses relating to real estate properties | 13,570 | 2,839 | 16,409 | ||||||||
Interest expense | 8,193 | 3,785 | 11,978 | ||||||||
Advisor's fee, related party | 750 | 221 | 971 | ||||||||
Property acquisition costs | 2,637 | — | 2,637 | ||||||||
General and administrative | 5,490 | 372 | 5,862 | ||||||||
Depreciation and amortization | 6,119 | 975 | 7,094 | ||||||||
| | | | | | | | | | | |
Total expenses | 36,759 | 8,192 | 44,951 | ||||||||
| | | | | | | | | | | |
Total revenues less total expenses | (9,494 | ) | (3,793 | ) | (13,287 | ) | |||||
Equity in earnings of unconsolidated ventures | — | 198 | 198 | ||||||||
Gain on sale of partnership interest | — | 5,481 | 5,481 | ||||||||
| | | | | | | | | | | |
(Loss) income from continuing operations | (9,494 | ) | 1,886 | (7,608 | ) | ||||||
Discontinued operations: | |||||||||||
Gain on sale of real estate assets | — | 769 | 769 | ||||||||
| | | | | | | | | | | |
Income from discontinued operations | — | 769 | 769 | ||||||||
| | | | | | | | | | | |
Net (loss) income | (9,494 | ) | 2,655 | (6,839 | ) | ||||||
Plus: net loss attributable to non-controlling interests | 480 | 2,444 | 2,924 | ||||||||
| | | | | | | | | | | |
Net (loss) income attributable to common shareholders before reconciling adjustments | $ | (9,014 | ) | $ | 5,099 | (3,915 | ) | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Reconciling adjustments: | |||||||||||
Other income | 141 | ||||||||||
Gain on sale of available-for-sale securities | 530 | ||||||||||
Discontinued operations | 8,257 | ||||||||||
| | | | | | | | | | | |
Net income attributable to common shareholders | $ | 5,013 | |||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Segment assets at September 30, 2013 | $ | 312,962 | $ | 149,487 | |||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The following table summarizes the Trust's segment reporting for the year ended September 30, 2012 (dollars in thousands): | |||||||||||
Multi-Family | Other | Total | |||||||||
Real Estate | Real Estate | ||||||||||
Revenues: | |||||||||||
Rental and other revenues from real estate properties | $ | 5,464 | $ | 3,211 | $ | 8,675 | |||||
Other income | — | 878 | 878 | ||||||||
| | | | | | | | | | | |
Total revenues | 5,464 | 4,089 | 9,553 | ||||||||
Expenses: | |||||||||||
Operating expenses relating to real estate properties | 2,644 | 3,398 | 6,042 | ||||||||
Interest expense | 1,629 | 2,149 | 3,778 | ||||||||
Advisor's fee, related party | 230 | 190 | 420 | ||||||||
Property acquisition costs | 2,407 | — | 2,407 | ||||||||
General and administrative | 1,069 | 1,670 | 2,739 | ||||||||
Depreciation and amortization | 1,276 | 728 | 2,004 | ||||||||
| | | | | | | | | | | |
Total expenses | 9,255 | 8,135 | 17,390 | ||||||||
| | | | | | | | | | | |
Total revenues less total expenses | (3,791 | ) | (4,046 | ) | (7,837 | ) | |||||
Equity in (loss) earnings of unconsolidated ventures | (121 | ) | 1,086 | 965 | |||||||
| | | | | | | | | | | |
Loss from continuing operations | (3,912 | ) | (2,960 | ) | (6,872 | ) | |||||
Discontinued operations: | |||||||||||
Gain on sale of real estate assets | — | 792 | 792 | ||||||||
| | | | | | | | | | | |
Income from discontinued operations | — | 792 | 792 | ||||||||
| | | | | | | | | | | |
Net loss | (3,912 | ) | (2,168 | ) | (6,080 | ) | |||||
Plus: net loss attributable to non-controlling interests | 461 | 2,419 | 2,880 | ||||||||
| | | | | | | | | | | |
Net (loss) income attributable to common shareholders | $ | (3,451 | ) | $ | 251 | (3,200 | ) | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Reconciling adjustments: | 340 | ||||||||||
Other income | 605 | ||||||||||
Gain on sale of available-for-sale securities | 6,685 | ||||||||||
| | | | | | | | | | | |
Discontinued operations | $ | 4,430 | |||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Segment assets at September 30, 2012 | $ | 121,153 | $ | 151,420 | |||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
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, 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: At September 30, 2014 the estimated fair value of the Trust's remaining loan which carried a fixed rate of interest is equal to its carrying value assuming a market rate of interest of 10%. At September 30, 2013, the earning mortgage loans of the Trust which had 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 of between 12 and 13%. The Trust's fixed rate earning mortgage loans at September 30, 2013, 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, 2014 and 2013, the estimated fair value of the Trust's junior subordinated notes is less than their carrying value by approximately $22,527,000, and $24,096,000, respectively based on market interest rates of 6.71% and 7.49%, respectively. | |||||||||||
Mortgages payable: At September 30, 2014 and 2013,the estimated fair value of the Trust's mortgages payable is lower than their carrying value by approximately $9,451,000 and $10,615,000, respectively, assuming market interest rates between 2.22% and 9.37% and 2.02% and 9.49% respectively. 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, 2014 (dollars in thousands): | |||||||||||
Fair Value | |||||||||||
Measurements | |||||||||||
Using Fair Value | |||||||||||
Carrying and | Hierarchy | ||||||||||
Fair Value | Level 1 | Level 2 | |||||||||
Financial assets: | |||||||||||
Interest rate cap | $ | — | — | $ | — | ||||||
Financial Liabilities: | |||||||||||
Interest rate swap | $ | 8 | — | $ | 8 | ||||||
Derivative financial instruments: Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, and implied volatilities. At September 30, 2014, these derivatives are included in 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, 2014, 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, 2014 | |
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 $322,000, $310,000 and $338,000 during the years ended September 30, 2014, 2013 and 2012, respectively. At September 30, 2014 and 2013, $48,000 and $80,000, respectively, 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, 2014 | ||||||||||
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 (loss) on our consolidated balance sheets 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 (loss) 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, 2014, 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 | |||||||
Amount | ||||||||||
Interest Rate Swap | $ | 1,767,000 | 5.25 | % | April 1, 2022 | |||||
Non-designated Hedges | ||||||||||
Derivatives not designated as hedges are not speculative and are used to manage the Trust's exposure to interest rate movements and other identified risks but do not meet the hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and were equal to a loss $550 and $9,375 for the years ended September 30, 2014 and 2013, respectively. As of September 30, 2014, the Trust had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): | ||||||||||
Interest Rate Derivative | Notional | Rate | Maturity | |||||||
Amount | ||||||||||
Interest Rate Caps | $ | 24,700 | 1.0 | % | October 1, 2014 | |||||
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, 2014 | September 30, 2013 | |||||||||
Balance Sheet Location | Fair | Balance Sheet Location | Fair | |||||||
Value | Value | |||||||||
Other Assets | $ | — | Other assets | $ | 1 | |||||
Accounts payable and accrued liabilities | $ | 8 | Accounts payable and accrued liabilities | $ | 6 | |||||
The following table presents the effect of the Trust's derivative financial instrument on the consolidated statements of comprehensive income (loss) for the years ended September 30, 2014 and 2013 (dollars in thousands): | ||||||||||
Year Ended | ||||||||||
September 30, | ||||||||||
2014 | 2013 | |||||||||
(Loss) amount of gain (loss) recognized on derivative in Other Comprehensive Income | $ | (37 | ) | $ | 61 | |||||
Amount of (loss) reclassified from Accumulated Other Comprehensive (loss) income into Interest Expense | $ | (36 | ) | $ | (37 | ) | ||||
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, 2014 or 2013. During the twelve months ending September 30, 2015, the Trust estimates an additional $32,000 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, 2014, 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 $11,000. As of September 30, 2014, the Trust has not posted any collateral related to this agreement. If the Trust had been in breach of this agreement at September 30, 2014, it could have been required to settle it obligations thereunder at its termination value of $11,000. | ||||||||||
QUARTERLY_FINANCIAL_DATA_Unaud
QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
QUARTERLY FINANCIAL DATA (Unaudited) | ' | ||||||||||||||||
QUARTERLY FINANCIAL DATA (Unaudited) | ' | ||||||||||||||||
NOTE 17—QUARTERLY FINANCIAL DATA (Unaudited) | |||||||||||||||||
2014 | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | |||||||||||||
Oct. - Dec | Jan. - March | April - June | July - Sept. | For Year | |||||||||||||
Revenues | $ | 14,078 | $ | 15,152 | $ | 17,766 | $ | 19,399 | $ | 66,395 | |||||||
Expenses | 18,681 | 19,028 | 21,959 | 24,312 | 83,980 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Revenues less expenses | (4,603 | ) | (3,876 | ) | (4,193 | ) | (4,913 | ) | (17,585 | ) | |||||||
Equity in earnings of unconsolidated joint ventures | — | 4 | 5 | 10 | 19 | ||||||||||||
| | | | | | | | | | | | | | | | | |
(Loss) from continuing operations | (4,603 | ) | (3,872 | ) | (4,188 | ) | (4,903 | ) | (17,566 | ) | |||||||
Income from discontinued operations: | |||||||||||||||||
Discontinued operations | 852 | 361 | 185 | 2 | 1,400 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net loss | (3,751 | ) | (3,511 | ) | (4,003 | ) | (4,901 | ) | (16,166 | ) | |||||||
Plus: net loss attributable to non-controlling interests | 1,018 | 919 | 3,672 | 1,103 | 6,712 | ||||||||||||
Net loss attributable to common shareholders | $ | (2,733 | ) | $ | (2,592 | ) | $ | (331 | ) | $ | (3,798 | ) | $ | (9,454 | ) | ||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Basic and per share amounts attributable to common shareholders | |||||||||||||||||
Continuing operations | (.25 | ) | (.21 | ) | (.03 | ) | (.27 | ) | (.76 | ) | |||||||
Discontinued operations | 0.06 | 0.03 | 0.01 | — | 0.1 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Basic and diluted loss per share | $ | (.19 | ) | $ | (.18 | ) | $ | (.02 | ) | $ | (.27 | ) | $ | (.66 | ) | ||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
2013 | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | |||||||||||||
Oct. - Dec | Jan. - March | April - June | July - Sept. | For Year | |||||||||||||
Revenues | $ | 5,951 | $ | 7,179 | $ | 8,517 | $ | 10,158 | $ | 31,805 | |||||||
Expenses | 9,829 | 9,327 | 12,029 | 13,766 | 44,951 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Revenues less expenses | (3,878 | ) | (2,148 | ) | (3,512 | ) | (3,608 | ) | (13,146 | ) | |||||||
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 | (3,817 | ) | (1,598 | ) | (3,458 | ) | 1,936 | (6,937 | ) | ||||||||
Income from discontinued operations: | |||||||||||||||||
Gain on sale of real estate assets | — | — | 509 | 260 | 769 | ||||||||||||
Discontinued operations | 1,635 | 2,274 | 2,789 | 1,559 | 8,257 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Income from discontinued operations | 1,635 | 2,274 | 3,298 | 1,819 | 9,026 | ||||||||||||
| | | | | | | | | | | | | | | | | |
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 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Basic and per share amounts attributable to common shareholders | |||||||||||||||||
Continuing operations | $ | (.21 | ) | $ | (.09 | ) | $ | (.19 | ) | $ | 0.21 | $ | (.28 | ) | |||
Discontinued operations | 0.12 | 0.16 | 0.23 | 0.12 | 0.63 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Basic and diluted (loss) earnings per share | $ | (.09 | ) | $ | 0.07 | $ | 0.04 | $ | 0.33 | $ | 0.35 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Sep. 30, 2014 | |
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, 2014 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, 2014 | ||||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | ' | |||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | ' | |||||||||||||||||||||||||||||||||||||
BRT REALTY TRUST AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||
SCHEDULE III—REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Initial Cost to | Costs Capitalized Subsequent to | Gross Amount At Which Carried | ||||||||||||||||||||||||||||||||||||
Company | Acquisition | at September 30, 2014 | Depreciation | |||||||||||||||||||||||||||||||||||
Life For | ||||||||||||||||||||||||||||||||||||||
Latest | ||||||||||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings and | Land | Improvements | Carrying | Land | Buildings and | Total | Accumulated | Date of | Date | Statement | |||||||||||||||||||||||||
Improvements | Costs | Improvements | Depreciation | Construction | Acquired | |||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||
Yonkers, NY. | $ | 1,767 | — | $ | 4,000 | — | $ | 190 | — | — | $ | 4,190 | $ | 4,190 | $ | 1,511 | (c | ) | Aug-00 | 39 years | ||||||||||||||||||
South Daytona, FL. | — | $ | 10,437 | — | — | — | — | $ | 7,972 | — | 7,972 | — | N/A | Feb-08 | N/A | |||||||||||||||||||||||
Newark, NJ | 95,504 | 17,088 | 19,033 | $ | 4,843 | 68,585 | $ | 7,873 | 21,931 | 95,491 | 117,422 | 4,401 | (c | ) | Jun-08 | 39 years | ||||||||||||||||||||||
Multi-Family Residential | ||||||||||||||||||||||||||||||||||||||
Marietta, GA | 7,297 | 1,750 | 6,350 | — | 2,301 | — | 1,750 | 8,651 | 10,401 | 947 | 1972 | Jan-12 | 30 years | |||||||||||||||||||||||||
Lawrenceville, GA | 6,257 | 1,450 | 4,800 | — | 1,018 | — | 1,450 | 5,818 | 7,268 | 518 | 1981 | Feb-12 | 30 years | |||||||||||||||||||||||||
Palm Beach Gardens, FL | 44,874 | 16,260 | 43,140 | — | 1,433 | — | 16,260 | 44,573 | 60,833 | 4,373 | 1970 | Mar-12 | 30 years | |||||||||||||||||||||||||
Melbourne, FL | 7,626 | 1,150 | 8,100 | — | 1,539 | — | 1,150 | 9,639 | 10,789 | 1,011 | 1987 | Mar-12 | 30 years | |||||||||||||||||||||||||
Collierville, TN | 25,680 | 6,420 | 25,680 | — | 502 | — | 6,420 | 26,182 | 32,602 | 1,949 | 2000 | Jun-12 | 30 years | |||||||||||||||||||||||||
North Charleston, SC | 17,716 | 2,436 | 19,075 | — | 610 | — | 2,436 | 19,685 | 22,121 | 1,532 | 2010 | Oct-12 | 30 years | |||||||||||||||||||||||||
Cordova, TN | 19,248 | 1,823 | 23,627 | — | 457 | — | 1,823 | 24,084 | 25,907 | 1,707 | 1986 | Nov-12 | 30 years | |||||||||||||||||||||||||
Decatur, GA | 10,520 | 1,698 | 8,752 | — | 905 | — | 1,698 | 9,657 | 11,355 | 686 | 1954 | Nov-12 | 30 years | |||||||||||||||||||||||||
Panama City, FL | 5,532 | 1,411 | 5,790 | — | 512 | — | 1,411 | 6,302 | 7,713 | 490 | 1987 | Jan-13 | 30 years | |||||||||||||||||||||||||
Houston, TX | 13,200 | 5,143 | 11,620 | — | 248 | — | 5,143 | 11,868 | 17,011 | 711 | 1978 | Apr-13 | 30 years | |||||||||||||||||||||||||
Pooler, GA | 26,400 | 1,848 | 33,402 | — | 365 | — | 1,848 | 33,767 | 35,615 | 1,833 | 2008 | Apr-13 | 30 years | |||||||||||||||||||||||||
Houston, TX | 6,494 | 3,060 | 5,505 | — | 265 | — | 3,060 | 5,770 | 8,830 | 313 | 1979 | Apr-13 | 30 years | |||||||||||||||||||||||||
Hixon, TN | 8,137 | 1,231 | 9,613 | — | 52 | — | 1,231 | 9,665 | 10,896 | 484 | 1989 | May-13 | 30 years | |||||||||||||||||||||||||
Kennesaw, GA | 35,900 | 5,566 | 43,484 | — | 577 | — | 5,566 | 44,061 | 49,627 | 1,751 | 2002 | Sep-13 | 30 years | |||||||||||||||||||||||||
Houston, TX (Palms) | 24,100 | 16,800 | 16,000 | 1,835 | — | 16,800 | 17,835 | 34,635 | 562 | 1974 | Oct-13 | 30 years | ||||||||||||||||||||||||||
Houston, TX (Ashwood) | 4,065 | 1,084 | 4,336 | 184 | — | 1,084 | 4,520 | 5,604 | 142 | 1984 | Oct-13 | 30 years | ||||||||||||||||||||||||||
Humble, TX (Parkside) | 5,025 | 1,340 | 8,400 | 229 | — | 1,340 | 8,629 | 9,969 | 275 | 1983 | Oct-13 | 30 years | ||||||||||||||||||||||||||
Humble, TX (Meadowbrook) | 7,875 | 2,100 | 5,360 | 309 | — | 2,100 | 5,669 | 7,769 | 176 | 1982 | Oct-13 | 30 years | ||||||||||||||||||||||||||
Huntsville, AL | 9,573 | 2,410 | 9,640 | 681 | — | 2,410 | 10,321 | 12,731 | 323 | 1985 | Oct-13 | 30 years | ||||||||||||||||||||||||||
Columbus, OH | 10,528 | 2,810 | 11,240 | 46 | — | 2,810 | 11,286 | 14,096 | 313 | 1999 | Nov-13 | 30 years | ||||||||||||||||||||||||||
Indianapolis, IN | 14,500 | 3,516 | 15,284 | 309 | — | 3,516 | 15,593 | 19,109 | 347 | 2007 | Jan-14 | 30 years | ||||||||||||||||||||||||||
Greenville, SC | 5,828 | 7,000 | — | 12,526 | 65 | 7,000 | 12,591 | 19,591 | — | 2014 | Jan-14 | 30 years | ||||||||||||||||||||||||||
Nashville, TN | 17,300 | 5,350 | 21,400 | 116 | — | 5,350 | 21,516 | 26,866 | 357 | 1985 | Apr-14 | 30 years | ||||||||||||||||||||||||||
Little Rock, AK | 4,063 | 1,350 | 5,400 | 28 | — | 1,350 | 5,428 | 6,778 | 91 | 1985 | Apr-14 | 30 years | ||||||||||||||||||||||||||
Witchita, KS | 13,757 | 4,150 | 16,600 | 132 | — | 4,150 | 16,732 | 20,882 | 278 | 1999 | Apr-14 | 30 years | ||||||||||||||||||||||||||
Atlanta, GA | 22,165 | 5,670 | 22,680 | 40 | — | 5,670 | 22,720 | 28,390 | 189 | Jun-14 | 30 years | |||||||||||||||||||||||||||
Houston, TX | 11,475 | 1,530 | 13,770 | 689 | — | 1,530 | 14,459 | 15,989 | 154 | Jul-14 | 30 years | |||||||||||||||||||||||||||
Misc.(1) | — | — | — | — | — | — | — | 75 | 75 | — | N/A | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | $ | 482,406 | $ | 133,881 | $ | 422,081 | $ | 4,843 | $ | 96,683 | $ | 7,938 | $ | 136,259 | $ | 526,777 | $ | 663,036 | $ | 27,424 | — | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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 | $ | 663,036 | |||||||||||||||||||||||||||||||||||
Less: Accumulated depreciation and amortization | 27,424 | |||||||||||||||||||||||||||||||||||||
| | | | | | | ||||||||||||||||||||||||||||||||
Net real estate properties | 635,612 | |||||||||||||||||||||||||||||||||||||
| | | | | | | ||||||||||||||||||||||||||||||||
| | | | | | | ||||||||||||||||||||||||||||||||
(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, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 402,896 | $ | 190,317 | $ | 59,277 | ||||||||||||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||||||||||||
Acquisitions | 205,220 | 185,453 | 116,759 | |||||||||||||||||||||||||||||||||||
Capital improvements | 8,273 | 3,371 | 3,716 | |||||||||||||||||||||||||||||||||||
Capitalized development expenses and carrying costs | 34,857 | 30,947 | 12,622 | |||||||||||||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||||||||||
248,350 | 219,771 | 133,097 | ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||||||||||
Deductions: | ||||||||||||||||||||||||||||||||||||||
Sales | 80 | 117 | 37 | |||||||||||||||||||||||||||||||||||
Depreciation/amortization/paydowns | 15,554 | 7,075 | 2,020 | |||||||||||||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||||||||||
15,634 | 7,192 | 2,057 | ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||||||||||
Balance at end of year | $ | 635,612 | $ | 402,896 | $ | 190,317 | ||||||||||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||||||||||
The aggregate cost of investments in real estate assets for Federal income tax purposes is approximately $2,625 higher than book value. | ||||||||||||||||||||||||||||||||||||||
ORGANIZATION_BACKGROUND_AND_SI1
ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Sep. 30, 2014 | |
ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES | ' |
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. It was determined that the Trust is 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, other than the joint venture which owns a multi-family property in Kennesaw, GA, 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. It was determined that the Trust is the primary beneficiary of these joint ventures because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE. | |
The joint venture that owns the Kennesaw, GA 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. | |
Principles of Consolidation - reclassified items | ' |
Certain items on the consolidated financial statements for the prior years have been reclassified to conform with the current year's presentation including the reclassification of certain expenses from general and administration to property acquisition costs and the reclassification of the Trust's loan segment operations and assets related to discontinued operations. | |
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. | |
In accordance with ASC Topic 740, the Trust believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Trust's financial position or results of operations. The Trust's income tax returns for the previous six years are subject to review by the Internal Revenue Service. | |
Revenue Recognition | ' |
Revenue 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 properties including the base rent that each tenant is required to pay in accordance with the terms of their respective leases, net of any rent concessions and lease incentives is reported on a straight-line basis over the non-cancellable term of the lease. | |
Real Estate Properties | ' |
Real Estate Properties | |
Real estate properties are stated at cost, net of accumulated depreciation, and include real property acquired through acquisition, development or foreclosure. | |
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 the estimated useful lives of the tangible assets. Intangible assets (and liabilities) are amortized over the remaining life of the related lease at the time of acquisition. There were no unamortized value of in-place leases at September 30, 2014. Expenditures for maintenance and repairs are charged to operations as incurred. | |
Real estate is classified as held for sale when management has determined that it has met the appropriate criteria. 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 asset is 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 below its carrying value, 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 indicators of impairments identified during the years ended September 30, 2014 and 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. A construction project is considered substantially completed when it is available for occupancy, but no later than one year from cessation of major construction activity. The Trust ceases capitalization when the project is available for occupancy. | |
Equity Based Compensation | ' |
Equity Based Compensation | |
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 (loss) and subsequently reclassified to earnings in the period in which the hedge transaction affects earnings. The ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which they occur. | |
Per Share Data | ' |
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 (loss) per share was determined by dividing net income (loss) 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 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. | |
Restricted Cash | ' |
Restricted Cash | |
Restricted cash—Newark and restricted cash—multi-family consist principally of cash held for construction costs and property improvements at specific properties as required by certain loan agreements. | |
Deferred Costs | ' |
Deferred Costs | |
Fees and costs incurred in connection with obtaining financing and structuring the New Markets Tax Credits related to the Newark Joint Venture (Note 9) are deferred and amortized over the term of the related debt obligations. Fees and costs paid related to the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. | |
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 two reportable segments as of September 30, 2014: a multi-family real estate segment and an other real estate segment. The multi-family real estate segment includes the ownership, operation and development of the Trust's multi-family properties and the other real estate segment includes all activities related to the development, operation and disposition of the Trust's other real estate assets. In the years ended September 30, 2013 and 2012, the Trust operated in a third segment, the loan and investment segment, which includes all activities related to the origination and servicing of the Trusts loan portfolio and other investments. The operations and assets related to this segment are reported as part of discontinued operations as the Trust no longer operates in this segment. | |
New Pronouncements | ' |
New Pronouncements | |
In August 2014 the FASB issued ASU 2014-15, "Presentation of Financial Statements—Going Concern (Subtopic 205—40): Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern." ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern and to provide certain disclosures when it is probable that an entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. ASU 2014-15 is not expected to have a material impact on the Trust's consolidated financial statements. | |
In June 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." ASU 2014-12 provides explicit guidance on how to account for share-based payments that require a specific performance target to be achieved which may be achieved after an employee completes the requisite service period. ASU 2014-12 is effective for periods beginning after December 15, 2015 and may be applied either prospectively or retrospectively. ASU 2014-12 is not expected to have a material impact on the Trust's consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers", which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Trust is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017. | |
In April 2014, the FASB issued updated guidance that changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. The guidance is effective prospectively as of the first quarter of calendar 2015, with early adoption permitted for new disposals or new classifications as held-for-sale. The Trust early adopted this new guidance in the second quarter of fiscal 2014 and it did not have any effect on the Trust's consolidated financial statements. | |
REAL_ESTATE_PROPERTIES_Tables
REAL ESTATE PROPERTIES (Tables) | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Summary of activity in real estate properties | ' | |||||||||||||||||||
A summary of activity in real estate properties (by type) for the year ended September 30, 2014, is as follows (dollars in thousands): | ||||||||||||||||||||
September 30, | Additions | Capitalized | Depreciation, | September 30, | ||||||||||||||||
2013 | Costs and | Amortization | 2014 | |||||||||||||||||
Balance | Improvements | and other | Balance | |||||||||||||||||
Reductions | ||||||||||||||||||||
Multi-family(a) | $ | 299,792 | $ | 205,220 | $ | 20,684 | $ | (13,830 | ) | $ | 511,866 | |||||||||
Commercial/mixed use(b) | 92,354 | — | 22,297 | (1,630 | ) | 113,021 | ||||||||||||||
Land(c) | 7,972 | — | — | — | 7,972 | |||||||||||||||
Shopping centers/retail(d) | 2,645 | — | 137 | (104 | ) | 2,678 | ||||||||||||||
Co-op/Condo Apts | 133 | — | 12 | (70 | ) | 75 | ||||||||||||||
| | | | | | | | | | | | | | | | | ||||
Total real estate properties | $ | 402,896 | $ | 205,220 | $ | 43,130 | $ | (15,634 | ) | $ | 635,612 | |||||||||
| | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | ||||
(a) | Set forth below is information for the year ended September 30, 2014 regarding the Trust's purchases of multi-family properties through joint ventures. The Trust has an 80% equity interest in each venture, except for the Columbus, OH property which is wholly owned, and the Greenville, SC property, in which it has a 74% interest (dollars in thousands): | |||||||||||||||||||
Location | Purchase | No. of | Contract | Acquisition | Initial BRT | Property | ||||||||||||||
Date | Units | Purchase | Mortgage | Equity | Acquisition | |||||||||||||||
Price | Debt | Costs | ||||||||||||||||||
Houston, TX | 10/4/13 | 798 | $ | 32,800 | $ | 24,100 | $ | 10,525 | $ | 474 | ||||||||||
Pasadena, TX | 10/15/13 | 144 | 5,420 | 4,065 | 1,687 | 125 | ||||||||||||||
Humble, TX | 10/15/13 | 260 | 10,500 | 7,875 | 3,129 | 180 | ||||||||||||||
Humble, TX | 10/15/13 | 160 | 6,700 | 5,025 | 1,908 | 129 | ||||||||||||||
Huntsville, AL | 10/18/13 | 208 | 12,050 | 9,573 | 3,950 | 202 | ||||||||||||||
Columbus, OH | 11/21/13 | 264 | 14,050 | 10,651 | 3,734 | 97 | ||||||||||||||
Indianapolis, IN | 1/21/14 | 400 | 18,800 | 14,500 | 5,300 | 191 | ||||||||||||||
Greenville, SC(i) | 1/31/14 | N/A | 7,000 | — | 6,381 | — | ||||||||||||||
Nashville, TN | 4/2/14 | 300 | 26,750 | 17,300 | 8,420 | 296 | ||||||||||||||
Little Rock, AK | 4/2/14 | 172 | 6,750 | 4,101 | 2,372 | 117 | ||||||||||||||
Witchita, KS | 4/2/14 | 496 | 20,750 | 13,863 | 6,932 | 155 | ||||||||||||||
Atlanta, GA | 6/26/14 | 350 | 28,350 | 22,165 | 5,944 | 189 | ||||||||||||||
Houston, TX | 7/8/14 | 272 | 15,300 | 11,475 | 5,080 | 258 | ||||||||||||||
Other | — | — | — | — | 129 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
3,824 | $ | 205,220 | $ | 144,693 | $ | 65,362 | $ | 2,542 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
(i) | The Greenville, SC joint venture is developing a 360-unit multi-family property with ground floor retail of approximately 10,000 square feet. The Trust has funded its required capital contribution and as of September 30, 2014 had invested $9,631,000. | |||||||||||||||||||
(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, residential, charter schools and surface parking aggregating approximately 565,000 square feet of commercial space and 61 residential apartment units (another 16,000 square feet of commercial space and 62 residential apartment units are 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 7—Debt Obligations—Mortgages Payable. The Trust made net capital contributions of $4,972,000 and $1,729,000 to this venture in the years ended September 30, 2014 and 2013, 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. The 2014 contribution includes $2,489,000 for the payment of deferred interest on the loan held by the Trust. | |||||||||||||||||||
(c) | Represents an 8.9 acre development parcel located in Daytona Beach, Florida 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 through joint ventures | ' | |||||||||||||||||||
Set forth below is information for the year ended September 30, 2014 regarding the Trust's purchases of multi-family properties through joint ventures. The Trust has an 80% equity interest in each venture, except for the Columbus, OH property which is wholly owned, and the Greenville, SC property, in which it has a 74% interest (dollars in thousands): | ||||||||||||||||||||
Location | Purchase | No. of | Contract | Acquisition | Initial BRT | Property | ||||||||||||||
Date | Units | Purchase | Mortgage | Equity | Acquisition | |||||||||||||||
Price | Debt | Costs | ||||||||||||||||||
Houston, TX | 10/4/13 | 798 | $ | 32,800 | $ | 24,100 | $ | 10,525 | $ | 474 | ||||||||||
Pasadena, TX | 10/15/13 | 144 | 5,420 | 4,065 | 1,687 | 125 | ||||||||||||||
Humble, TX | 10/15/13 | 260 | 10,500 | 7,875 | 3,129 | 180 | ||||||||||||||
Humble, TX | 10/15/13 | 160 | 6,700 | 5,025 | 1,908 | 129 | ||||||||||||||
Huntsville, AL | 10/18/13 | 208 | 12,050 | 9,573 | 3,950 | 202 | ||||||||||||||
Columbus, OH | 11/21/13 | 264 | 14,050 | 10,651 | 3,734 | 97 | ||||||||||||||
Indianapolis, IN | 1/21/14 | 400 | 18,800 | 14,500 | 5,300 | 191 | ||||||||||||||
Greenville, SC(i) | 1/31/14 | N/A | 7,000 | — | 6,381 | — | ||||||||||||||
Nashville, TN | 4/2/14 | 300 | 26,750 | 17,300 | 8,420 | 296 | ||||||||||||||
Little Rock, AK | 4/2/14 | 172 | 6,750 | 4,101 | 2,372 | 117 | ||||||||||||||
Witchita, KS | 4/2/14 | 496 | 20,750 | 13,863 | 6,932 | 155 | ||||||||||||||
Atlanta, GA | 6/26/14 | 350 | 28,350 | 22,165 | 5,944 | 189 | ||||||||||||||
Houston, TX | 7/8/14 | 272 | 15,300 | 11,475 | 5,080 | 258 | ||||||||||||||
Other | — | — | — | — | 129 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
3,824 | $ | 205,220 | $ | 144,693 | $ | 65,362 | $ | 2,542 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
(i) | The Greenville, SC joint venture is developing a 360-unit multi-family property with ground floor retail of approximately 10,000 square feet. The Trust has funded its required capital contribution and as of September 30, 2014 had invested $9,631,000. | |||||||||||||||||||
Summary of multi-family properties by state | ' | |||||||||||||||||||
A summary of the Trust's multi-family properties by state as at and for the year ended September 30, 2014, is as follows (dollars in thousands): | ||||||||||||||||||||
Location | Number | 2014 | % of | |||||||||||||||||
of Units | Revenue | Revenue | ||||||||||||||||||
Texas | 2,018 | $ | 14,346 | 24 | % | |||||||||||||||
Tennessee | 1,244 | 12,705 | 21 | |||||||||||||||||
Georgia | 1,689 | 12,328 | 20 | |||||||||||||||||
Florida | 910 | 10,909 | 18 | |||||||||||||||||
South Carolina | 208 | 2,348 | 4 | |||||||||||||||||
Alabama | 208 | 1,628 | 3 | |||||||||||||||||
Kansas | 496 | 1,677 | 3 | |||||||||||||||||
Indiana | 400 | 1,996 | 3 | |||||||||||||||||
Ohio | 264 | 1,851 | 3 | |||||||||||||||||
Arkansas | 172 | 574 | 1 | |||||||||||||||||
| | | | | | | | | | | ||||||||||
7,609 | $ | 60,362 | 100 | % | ||||||||||||||||
Schedule of future minimum rentals to be received pursuant to non-cancellable operating leases with terms in excess of one year | ' | |||||||||||||||||||
Future minimum rentals to be received by the Trust pursuant to non-cancellable operating leases with terms in excess of one year, from commercial properties owned by the Trust at September 30, 2014, are as follows (dollars in thousands): | ||||||||||||||||||||
Year Ending September 30, | Amount | |||||||||||||||||||
2015 | $ | 3,715 | ||||||||||||||||||
2016 | 3,673 | |||||||||||||||||||
2017 | 2,826 | |||||||||||||||||||
2018 | 2,611 | |||||||||||||||||||
2019 | 2,645 | |||||||||||||||||||
Thereafter | 37,060 | |||||||||||||||||||
| | | | | ||||||||||||||||
Total | $ | 52,530 | ||||||||||||||||||
| | | | | ||||||||||||||||
| | | | | ||||||||||||||||
2014 real estate property acquisitions | ' | |||||||||||||||||||
Summary of current year preliminary allocations of purchase prices of assets acquired and liabilities assumed and prior year preliminary allocations of purchase price of properties as recorded and finalized allocation of purchase price, as adjusted | ' | |||||||||||||||||||
The following table summarizes the preliminary allocations of the purchase prices of assets acquired and liabilities assumed during the year ended September 30, 2014 (dollars in thousands): | ||||||||||||||||||||
Preliminary | ||||||||||||||||||||
Purchase Price | ||||||||||||||||||||
Allocation | ||||||||||||||||||||
Land | $ | 55,110 | ||||||||||||||||||
Buildings and Improvements | 150,110 | |||||||||||||||||||
| | | | | ||||||||||||||||
Total Consideration | $ | 205,220 | ||||||||||||||||||
| | | | | ||||||||||||||||
| | | | | ||||||||||||||||
2013 real estate property acquisitions | ' | |||||||||||||||||||
Summary of current year preliminary allocations of purchase prices of assets acquired and liabilities assumed and prior year preliminary allocations of purchase price of properties as recorded and finalized allocation of purchase price, as adjusted | ' | |||||||||||||||||||
The following table summarizes the preliminary allocations of the purchase price of properties as recorded as of September 30, 2013, and the finalized allocation of the purchase price, as adjusted, as of September 30, 2014 (dollars in thousands): | ||||||||||||||||||||
Preliminary | Adjustments | Finalized | ||||||||||||||||||
Purchase Price | Purchase Price | |||||||||||||||||||
Allocation | Allocation | |||||||||||||||||||
Land | $ | 21,833 | $ | 2,367 | $ | 24,200 | ||||||||||||||
Buildings and Improvements | 163,250 | (3,313 | ) | 159,937 | ||||||||||||||||
Acquisition-related intangible assets (in Acquired lease intangibles, net) | — | 946 | 946 | |||||||||||||||||
Acquisition-related intangible liabilities (in Acquired lease intangibles, net) | — | — | — | |||||||||||||||||
Above-below market debt assumed | — | — | — | |||||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Total Consideration | $ | 185,083 | — | $ | 185,083 | |||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
AVAILABLEFORSALE_SECURITIES_Ta
AVAILABLE-FOR-SALE SECURITIES (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
AVAILABLE-FOR-SALE SECURITIES | ' | |||||||
Schedule of information regarding sales of available-for-sale debt and equity securities | ' | |||||||
The Trust did not hold any available-for-sale securities at September 30, 2014 or 2013. 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 | |||||||
Proceeds from sale | $ | 1,318 | $ | 3,939 | ||||
less cost basis | 788 | 3,334 | ||||||
| | | | | | | | |
Gain on sale | $ | 530 | $ | 605 | ||||
| | | | | | | | |
| | | | | | | | |
DEBT_OBLIGATIONS_Tables
DEBT OBLIGATIONS (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
DEBT OBLIGATIONS | ' | |||||||||||
Schedule of debt obligations | ' | |||||||||||
Debt obligations consist of the following (dollars in thousands): | ||||||||||||
September 30, | ||||||||||||
2014 | 2013 | |||||||||||
Mortgages payable | $ | 482,406 | $ | 313,216 | ||||||||
Junior subordinated notes | 37,400 | 37,400 | ||||||||||
| | | | | | | | |||||
Total debt obligations | $ | 519,806 | $ | 350,616 | ||||||||
| | | | | | | | |||||
| | | | | | | | |||||
Mortgages payable | ' | |||||||||||
Debt Obligations | ' | |||||||||||
Schedule of outstanding debt | ' | |||||||||||
The Trust has the following debt obligations outstanding as of the dates indicated all of which are secured by the underlying properties (dollars in thousands): | ||||||||||||
September 30, | ||||||||||||
Property | 2014 | 2013 | Rate | Maturity | ||||||||
Yonkers, NY | $ | 1,767 | $ | 1,863 | 5.25 | % | Apr-22 | |||||
Palm Beach Gardens, FL | 44,874 | 45,200 | 3.78 | % | Apr-19 | |||||||
Melboune, FL | 7,627 | 7,680 | 3.98 | % | Apr-19 | |||||||
Marietta, GA | 7,297 | 7,382 | 6.50 | % | Feb-15 | |||||||
Lawrenceville, GA | 4,652 | 4,687 | 4.49 | % | Mar-22 | |||||||
Lawrenceville, GA—supplemental | 1,605 | — | 5.46 | % | Mar-22 | |||||||
Collierville, TN | 25,680 | 25,680 | 3.91 | % | Jul-22 | |||||||
North Charleston, SC | 17,716 | 17,716 | 3.79 | % | Nov-22 | |||||||
Cordova TN | 19,248 | 19,248 | 3.71 | % | Dec-22 | |||||||
Decatur, GA | 8,046 | 8,046 | 3.74 | % | Dec-22 | |||||||
Decatur, GA—supplemental | 2,474 | — | 5.74 | % | Dec-22 | |||||||
Panama City, FL | 5,532 | 5,588 | 4.06 | % | Feb-23 | |||||||
Houston, TX | 13,200 | 13,200 | 3.95 | % | May-23 | |||||||
Pooler, GA | 26,400 | 26,400 | 4.00 | % | May-23 | |||||||
Hixson, TN | 8,137 | 8,137 | 4.29 | % | Jul-23 | |||||||
Houston, TX | 6,493 | 6,625 | Libor + 3.18 | % | Feb-23 | |||||||
Kennesaw, GA | 35,900 | 35,900 | 3.99 | % | Oct-18 | |||||||
Houston, TX | 24,100 | — | 4.85 | % | Oct-18 | |||||||
Pasadena, TX | 4,065 | — | 4.90 | % | Nov-18 | |||||||
Humble, TX | 7,875 | — | 4.90 | % | Nov-18 | |||||||
Humble, TX | 5,025 | — | 4.90 | % | Nov-18 | |||||||
Huntsville, AL | 9,573 | — | 4.99 | % | Nov-23 | |||||||
Columbus, OH | 10,528 | — | 4.35 | % | Feb-45 | |||||||
Indianapolis, IN | 14,500 | — | 4.77 | % | Feb-24 | |||||||
Greenville, SC(3) | 5,828 | — | Libor +1.95 | % | Jan-19 | |||||||
Nashville, TN | 17,300 | — | 3.63 | % | Nov-22 | |||||||
Little Rock, AK | 4,063 | — | 3.93 | % | Mar-19 | |||||||
Witchita, KS | 10,384 | — | 5.91 | % | Apr-20 | |||||||
Witchita, KS | 3,372 | — | 4.06 | % | May-20 | |||||||
Atlanta, GA | 22,165 | — | 3.87 | % | Jul-21 | |||||||
Houston, TX | 11,475 | — | 4.07 | % | Aug-21 | |||||||
65 Market St—Newark, NJ | 900 | 900 | 7.00 | % | Jan-15 | |||||||
909 Broad St—Newark, NJ | 5,728 | 5,936 | 6.00 | % | Aug-30 | |||||||
Teachers Village—Newark, NJ(1) | 22,748 | 22,748 | 5.50 | % | Dec-30 | |||||||
Teachers Village—Newark, NJ | 4,250 | 4,250 | 3.46 | % | Feb-32 | |||||||
Teachers Village—Newark, NJ | 938 | 963 | 2.00 | % | Feb-22 | |||||||
Teachers Village—Newark, NJ | — | 211 | 2.50 | % | Feb-14 | |||||||
Teachers Village—Newark, NJ | 1,804 | 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 | 18,147 | 14,762 | 8.65 | % | Dec-23 | |||||||
Teachers Village—Newark, NJ | 2,180 | 2,212 | -2 | Aug-34 | ||||||||
Teachers Village—Newark, NJ | 5,100 | 5,100 | 1.99 | % | Sep-19 | |||||||
Teachers Village—Newark, NJ | 2,000 | — | 15.00 | % | Sep-24 | |||||||
Teachers Village—Newark, NJ | 10,260 | — | 5.50 | % | Sep-21 | |||||||
Teachers Village—Newark, NJ | 500 | — | 3.46 | % | Sep-42 | |||||||
| | | | | | | | | | | | |
$ | 482,406 | $ | 313,216 | |||||||||
| | | | | | | | | | | | |
| | | | | | | | | | | | |
-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 | This debt is to be serviced in full by annual payment-in-lieu of taxes ("PILOT"). These obligations are not secured by real property. | |||||||||||
-3 | The joint venture that acquired and is developing the Greenville, SC development property has access to construction financing of up to $38,623,000 which management anticipates will be adequate to cover the entire cost of the project. The construction loan, which is to be funded as and when customary construction financing conditions are met, is secured by a first mortgage on the property. | |||||||||||
Junior subordinated notes | ' | |||||||||||
Debt Obligations | ' | |||||||||||
Schedule of outstanding debt | ' | |||||||||||
At September 30, 2014 and 2013, 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 | 3.00 | % | ||||||||||
August 1, 2012 through April 29, 2016 | 4.90 | % | ||||||||||
April 30, 2016 through April 30, 2036 | LIBOR + 2.00 | % | ||||||||||
SHAREHOLDERS_EQUITY_Tables
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
SHAREHOLDERS' EQUITY | ' | |||||||||||
Schedule of changes in number of shares outstanding under equity incentive plans | ' | |||||||||||
Years Ended September 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Outstanding at beginning of the year | 627,425 | 580,180 | 491,705 | |||||||||
Issued | 140,600 | 131,525 | 136,650 | |||||||||
Cancelled | (300 | ) | (22,000 | ) | (7,250 | ) | ||||||
Vested | (119,500 | ) | (62,280 | ) | (40,925 | ) | ||||||
| | | | | | | | | | | ||
Outstanding at the end of the year | 648,225 | 627,425 | 580,180 | |||||||||
| | | | | | | | | | | ||
| | | | | | | | | | | ||
Schedule of computation of basic and diluted earnings per share | ' | |||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator for basic and diluted earnings per share attributable to common shareholders: | ||||||||||||
Net (loss) income attributable to common shareholders | $ | (9,454 | ) | $ | 5,013 | $ | 4,430 | |||||
Denominator: | ||||||||||||
Denominator for basic earnings per share—weighted average shares | 14,265,589 | 14,137,091 | 14,035,972 | |||||||||
Denominator for diluted earnings per share—adjusted weighted average shares and assumed conversions | 14,265,589 | 14,137,091 | 14,035,972 | |||||||||
Basic (loss) earnings per share | $ | (.66 | ) | $ | 0.35 | $ | 0.32 | |||||
Diluted (loss) earnings per share | $ | (.66 | ) | $ | 0.35 | $ | 0.32 | |||||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
SEGMENT REPORTING | ' | ||||||||||
Summary of segment reporting | ' | ||||||||||
The following table summarizes the Trust's segment reporting for the year ended September 30, 2014 (dollars in thousands): | |||||||||||
Multi-Family | Other | Total | |||||||||
Real Estate | Real Estate | ||||||||||
Revenues: | |||||||||||
Rental and other revenues from real estate properties | $ | 60,362 | $ | 4,892 | $ | 65,254 | |||||
Other income | 4 | 1,072 | 1,076 | ||||||||
| | | | | | | | | | | |
Total revenues | 60,366 | 5,964 | 66,330 | ||||||||
Expenses: | |||||||||||
Operating expenses relating to real estate properties | 32,347 | 4,720 | 37,067 | ||||||||
Interest expense | 16,212 | 4,458 | 20,670 | ||||||||
Advisor's fee, related party | 1,466 | 335 | 1,801 | ||||||||
Property acquisition costs | 2,542 | — | 2,542 | ||||||||
General and administrative | 5,887 | 437 | 6,324 | ||||||||
Depreciation and amortization | 13,828 | 1,748 | 15,576 | ||||||||
| | | | | | | | | | | |
Total expenses | 72,282 | 11,698 | 83,980 | ||||||||
| | | | | | | | | | | |
Total revenues less total expenses | (11,916 | ) | (5,734 | ) | (17,650 | ) | |||||
Equity in earnings of unconsolidated ventures | — | 19 | 19 | ||||||||
| | | | | | | | | | | |
Loss from continuing operations | (11,916 | ) | (5,715 | ) | (17,631 | ) | |||||
Plus: net loss attributable to non-controlling interests | 759 | 5,953 | 6,712 | ||||||||
| | | | | | | | | | | |
Net (loss) income attributable to common shareholders before reconciling adjustments | $ | (11,157 | ) | $ | 238 | (10,919 | ) | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Reconciling adjustments: | |||||||||||
Other income | 65 | ||||||||||
Discontinued operations | 1,400 | ||||||||||
| | | | | | | | | | | |
Net loss attributable to common shareholders | $ | (9,454 | ) | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Segment assets at September 30, 2014 | $ | 569,357 | $ | 163,246 | |||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The following table summarizes the Trust's segment reporting for the year ended September 30, 2013 (dollars in thousands): | |||||||||||
Multi-Family | Other | Total | |||||||||
Real Estate | Real Estate | ||||||||||
Revenues: | |||||||||||
Rental and other revenues from real estate properties | $ | 27,265 | $ | 3,327 | $ | 30,592 | |||||
Other income | — | 1,072 | 1,072 | ||||||||
| | | | | | | | | | | |
Total revenues | 27,265 | 4,399 | 31,664 | ||||||||
Expenses: | |||||||||||
Operating expenses relating to real estate properties | 13,570 | 2,839 | 16,409 | ||||||||
Interest expense | 8,193 | 3,785 | 11,978 | ||||||||
Advisor's fee, related party | 750 | 221 | 971 | ||||||||
Property acquisition costs | 2,637 | — | 2,637 | ||||||||
General and administrative | 5,490 | 372 | 5,862 | ||||||||
Depreciation and amortization | 6,119 | 975 | 7,094 | ||||||||
| | | | | | | | | | | |
Total expenses | 36,759 | 8,192 | 44,951 | ||||||||
| | | | | | | | | | | |
Total revenues less total expenses | (9,494 | ) | (3,793 | ) | (13,287 | ) | |||||
Equity in earnings of unconsolidated ventures | — | 198 | 198 | ||||||||
Gain on sale of partnership interest | — | 5,481 | 5,481 | ||||||||
| | | | | | | | | | | |
(Loss) income from continuing operations | (9,494 | ) | 1,886 | (7,608 | ) | ||||||
Discontinued operations: | |||||||||||
Gain on sale of real estate assets | — | 769 | 769 | ||||||||
| | | | | | | | | | | |
Income from discontinued operations | — | 769 | 769 | ||||||||
| | | | | | | | | | | |
Net (loss) income | (9,494 | ) | 2,655 | (6,839 | ) | ||||||
Plus: net loss attributable to non-controlling interests | 480 | 2,444 | 2,924 | ||||||||
| | | | | | | | | | | |
Net (loss) income attributable to common shareholders before reconciling adjustments | $ | (9,014 | ) | $ | 5,099 | (3,915 | ) | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Reconciling adjustments: | |||||||||||
Other income | 141 | ||||||||||
Gain on sale of available-for-sale securities | 530 | ||||||||||
Discontinued operations | 8,257 | ||||||||||
| | | | | | | | | | | |
Net income attributable to common shareholders | $ | 5,013 | |||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Segment assets at September 30, 2013 | $ | 312,962 | $ | 149,487 | |||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The following table summarizes the Trust's segment reporting for the year ended September 30, 2012 (dollars in thousands): | |||||||||||
Multi-Family | Other | Total | |||||||||
Real Estate | Real Estate | ||||||||||
Revenues: | |||||||||||
Rental and other revenues from real estate properties | $ | 5,464 | $ | 3,211 | $ | 8,675 | |||||
Other income | — | 878 | 878 | ||||||||
| | | | | | | | | | | |
Total revenues | 5,464 | 4,089 | 9,553 | ||||||||
Expenses: | |||||||||||
Operating expenses relating to real estate properties | 2,644 | 3,398 | 6,042 | ||||||||
Interest expense | 1,629 | 2,149 | 3,778 | ||||||||
Advisor's fee, related party | 230 | 190 | 420 | ||||||||
Property acquisition costs | 2,407 | — | 2,407 | ||||||||
General and administrative | 1,069 | 1,670 | 2,739 | ||||||||
Depreciation and amortization | 1,276 | 728 | 2,004 | ||||||||
| | | | | | | | | | | |
Total expenses | 9,255 | 8,135 | 17,390 | ||||||||
| | | | | | | | | | | |
Total revenues less total expenses | (3,791 | ) | (4,046 | ) | (7,837 | ) | |||||
Equity in (loss) earnings of unconsolidated ventures | (121 | ) | 1,086 | 965 | |||||||
| | | | | | | | | | | |
Loss from continuing operations | (3,912 | ) | (2,960 | ) | (6,872 | ) | |||||
Discontinued operations: | |||||||||||
Gain on sale of real estate assets | — | 792 | 792 | ||||||||
| | | | | | | | | | | |
Income from discontinued operations | — | 792 | 792 | ||||||||
| | | | | | | | | | | |
Net loss | (3,912 | ) | (2,168 | ) | (6,080 | ) | |||||
Plus: net loss attributable to non-controlling interests | 461 | 2,419 | 2,880 | ||||||||
| | | | | | | | | | | |
Net (loss) income attributable to common shareholders | $ | (3,451 | ) | $ | 251 | (3,200 | ) | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Reconciling adjustments: | 340 | ||||||||||
Other income | 605 | ||||||||||
Gain on sale of available-for-sale securities | 6,685 | ||||||||||
| | | | | | | | | | | |
Discontinued operations | $ | 4,430 | |||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Segment assets at September 30, 2012 | $ | 121,153 | $ | 151,420 | |||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||||||||
Schedule of financial assets and liabilities measured at fair value | ' | ||||||||||
Trust's financial assets and liabilities measured at fair value as of September 30, 2014 (dollars in thousands): | |||||||||||
Fair Value | |||||||||||
Measurements | |||||||||||
Using Fair Value | |||||||||||
Carrying and | Hierarchy | ||||||||||
Fair Value | Level 1 | Level 2 | |||||||||
Financial assets: | |||||||||||
Interest rate cap | $ | — | — | $ | — | ||||||
Financial Liabilities: | |||||||||||
Interest rate swap | $ | 8 | — | $ | 8 | ||||||
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | |||||||||
Schedule of fair value of derivative financial instruments and classification on 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, 2014 | September 30, 2013 | |||||||||
Balance Sheet Location | Fair | Balance Sheet Location | Fair | |||||||
Value | Value | |||||||||
Other Assets | $ | — | Other assets | $ | 1 | |||||
Accounts payable and accrued liabilities | $ | 8 | Accounts payable and accrued liabilities | $ | 6 | |||||
Schedule of effect of derivative financial instrument on consolidated statements of comprehensive income | ' | |||||||||
The following table presents the effect of the Trust's derivative financial instrument on the consolidated statements of comprehensive income (loss) for the years ended September 30, 2014 and 2013 (dollars in thousands): | ||||||||||
Year Ended | ||||||||||
September 30, | ||||||||||
2014 | 2013 | |||||||||
(Loss) amount of gain (loss) recognized on derivative in Other Comprehensive Income | $ | (37 | ) | $ | 61 | |||||
Amount of (loss) reclassified from Accumulated Other Comprehensive (loss) income into Interest Expense | $ | (36 | ) | $ | (37 | ) | ||||
Designated as a hedge | ' | |||||||||
Interest Rate Derivatives | ' | |||||||||
Schedule of interest rate derivative | ' | |||||||||
As of September 30, 2014, 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 | |||||||
Amount | ||||||||||
Interest Rate Swap | $ | 1,767,000 | 5.25 | % | April 1, 2022 | |||||
Not designated as hedges | ' | |||||||||
Interest Rate Derivatives | ' | |||||||||
Schedule of interest rate derivative | ' | |||||||||
As of September 30, 2014, the Trust had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): | ||||||||||
Interest Rate Derivative | Notional | Rate | Maturity | |||||||
Amount | ||||||||||
Interest Rate Caps | $ | 24,700 | 1.0 | % | October 1, 2014 | |||||
QUARTERLY_FINANCIAL_DATA_Unaud1
QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
QUARTERLY FINANCIAL DATA (Unaudited) | ' | ||||||||||||||||
Schedule of quarterly financial data | ' | ||||||||||||||||
2014 | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | |||||||||||||
Oct. - Dec | Jan. - March | April - June | July - Sept. | For Year | |||||||||||||
Revenues | $ | 14,078 | $ | 15,152 | $ | 17,766 | $ | 19,399 | $ | 66,395 | |||||||
Expenses | 18,681 | 19,028 | 21,959 | 24,312 | 83,980 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Revenues less expenses | (4,603 | ) | (3,876 | ) | (4,193 | ) | (4,913 | ) | (17,585 | ) | |||||||
Equity in earnings of unconsolidated joint ventures | — | 4 | 5 | 10 | 19 | ||||||||||||
| | | | | | | | | | | | | | | | | |
(Loss) from continuing operations | (4,603 | ) | (3,872 | ) | (4,188 | ) | (4,903 | ) | (17,566 | ) | |||||||
Income from discontinued operations: | |||||||||||||||||
Discontinued operations | 852 | 361 | 185 | 2 | 1,400 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net loss | (3,751 | ) | (3,511 | ) | (4,003 | ) | (4,901 | ) | (16,166 | ) | |||||||
Plus: net loss attributable to non-controlling interests | 1,018 | 919 | 3,672 | 1,103 | 6,712 | ||||||||||||
Net loss attributable to common shareholders | $ | (2,733 | ) | $ | (2,592 | ) | $ | (331 | ) | $ | (3,798 | ) | $ | (9,454 | ) | ||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Basic and per share amounts attributable to common shareholders | |||||||||||||||||
Continuing operations | (.25 | ) | (.21 | ) | (.03 | ) | (.27 | ) | (.76 | ) | |||||||
Discontinued operations | 0.06 | 0.03 | 0.01 | — | 0.1 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Basic and diluted loss per share | $ | (.19 | ) | $ | (.18 | ) | $ | (.02 | ) | $ | (.27 | ) | $ | (.66 | ) | ||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
2013 | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | |||||||||||||
Oct. - Dec | Jan. - March | April - June | July - Sept. | For Year | |||||||||||||
Revenues | $ | 5,951 | $ | 7,179 | $ | 8,517 | $ | 10,158 | $ | 31,805 | |||||||
Expenses | 9,829 | 9,327 | 12,029 | 13,766 | 44,951 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Revenues less expenses | (3,878 | ) | (2,148 | ) | (3,512 | ) | (3,608 | ) | (13,146 | ) | |||||||
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 | (3,817 | ) | (1,598 | ) | (3,458 | ) | 1,936 | (6,937 | ) | ||||||||
Income from discontinued operations: | |||||||||||||||||
Gain on sale of real estate assets | — | — | 509 | 260 | 769 | ||||||||||||
Discontinued operations | 1,635 | 2,274 | 2,789 | 1,559 | 8,257 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Income from discontinued operations | 1,635 | 2,274 | 3,298 | 1,819 | 9,026 | ||||||||||||
| | | | | | | | | | | | | | | | | |
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 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Basic and per share amounts attributable to common shareholders | |||||||||||||||||
Continuing operations | $ | (.21 | ) | $ | (.09 | ) | $ | (.19 | ) | $ | 0.21 | $ | (.28 | ) | |||
Discontinued operations | 0.12 | 0.16 | 0.23 | 0.12 | 0.63 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Basic and diluted (loss) earnings per share | $ | (.09 | ) | $ | 0.07 | $ | 0.04 | $ | 0.33 | $ | 0.35 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
ORGANIZATION_BACKGROUND_AND_SI2
ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
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, 2014 | |
item | |
Segment Reporting | ' |
Number of reportable segments | 2 |
REAL_ESTATE_PROPERTIES_Details
REAL ESTATE PROPERTIES (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
Multi-family residential | Commercial/mixed use properties | Land | Land | Shopping centers/retail | Co-op/Condo Apts | ||
Primary Beneficiary | |||||||
Newark Joint Venture | |||||||
Activity in real estate properties | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | $402,896 | $299,792 | $92,354 | $7,972 | $7,972 | $2,645 | $133 |
Additions | 205,220 | 205,220 | ' | ' | ' | ' | ' |
Capitalized Costs and Improvements | 43,130 | 20,684 | 22,297 | ' | ' | 137 | 12 |
Depreciation, Amortization and Other Reductions | -15,634 | -13,830 | -1,630 | ' | ' | -104 | -70 |
Balance at the end of the period | $635,612 | $511,866 | $113,021 | $7,972 | $7,972 | $2,678 | $75 |
REAL_ESTATE_PROPERTIES_Details1
REAL ESTATE PROPERTIES (Details 2) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 04, 2013 | Oct. 04, 2013 | Oct. 04, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Oct. 18, 2013 | Oct. 18, 2013 | Oct. 18, 2013 | Jan. 21, 2014 | Jan. 21, 2014 | Jan. 21, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Jun. 26, 2014 | Jun. 26, 2014 | Jun. 26, 2014 | Jul. 08, 2014 | Jul. 08, 2014 | Jul. 08, 2014 | Sep. 30, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Nov. 21, 2013 | Nov. 21, 2013 | Nov. 21, 2013 | |
Real estate acquired in foreclosure | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Joint ventures | Partnership | Newark Joint Venture | Newark Joint Venture | Newark Joint Venture | Newark Joint Venture | Newark Joint Venture | Newark Joint Venture | Newark Joint Venture | Wholly owned subsidiary | Wholly owned subsidiary | Wholly owned subsidiary | ||||
Daytona Beach FL | Purchase of properties | Purchase of properties | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Purchase of properties | Purchase of properties | Purchase of properties | ||||
acre | item | Mortgages payable | 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 | 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 | Purchase of properties | Purchase of properties | Purchase of properties | Purchase of properties | Purchase of properties | Purchase of properties | Property development | Property development | Property development | Shopping centers/retail | Commercial | Commercial/mixed use properties | Commercial/mixed use properties | Commercial/mixed use properties | Multi-family residential | Property development | Property development | Multi-family residential | Multi-family residential | Multi-family residential | ||||
Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Multi-family residential | Land | Land | Greenville, South Carolina | Shopping centers/retail | Multi-family residential | Yonkers, NY | Newark, NJ | Newark, NJ | Newark, NJ | Newark, NJ | Newark, NJ | Commercial | Multi-family residential | Columbus, OH | Columbus, OH | Columbus, OH | |||||||
Houston, TX (Palms) | Houston, TX (Palms) | Houston, TX (Palms) | Houston (Pasadena), TX (Ashwood) | Houston (Pasadena), TX (Ashwood) | Houston (Pasadena), TX (Ashwood) | Humble, TX (Meadowbrook) | Humble, TX (Meadowbrook) | Humble, TX (Meadowbrook) | Humble, TX (Parkside) | Humble, TX (Parkside) | Humble, TX (Parkside) | Huntsville, AL | Huntsville, AL | Huntsville, AL | Indianapolis, IN | Indianapolis, IN | Indianapolis, IN | Nashville, TN | Nashville, TN | Nashville, TN | Little Rock, AK | Little Rock, AK | Little Rock, AK | Wichita, KS | Wichita, KS | Wichita, KS | Atlanta, GA | Atlanta, GA | Atlanta, GA | Houston, TX Location 5 | Houston, TX Location 5 | Houston, TX Location 5 | Other | Greenville, South Carolina | Greenville, South Carolina | Greenville, South Carolina | Greenville, South Carolina | sqft | sqft | Mortgages payable | item | Newark, NJ | Newark, NJ | item | Mortgages payable | |||||||||||
item | Mortgages payable | item | Mortgages payable | item | Mortgages payable | item | Mortgages payable | item | Mortgages payable | item | Mortgages payable | item | Mortgages payable | item | Mortgages payable | item | Mortgages payable | item | Mortgages payable | item | Mortgages payable | sqft | item | sqft | item | |||||||||||||||||||||||||||||||
Real Estate Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest in joint venture (as a percent) | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | ' | 74.00% | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Units | ' | ' | ' | ' | 3,824 | ' | ' | 798 | ' | ' | 144 | ' | ' | 260 | ' | ' | 160 | ' | ' | 208 | ' | ' | 400 | ' | ' | 300 | ' | ' | 172 | ' | ' | 496 | ' | ' | 350 | ' | ' | 272 | ' | ' | ' | ' | ' | ' | 360 | ' | ' | ' | ' | ' | 61 | ' | 62 | ' | 264 | ' |
Contract Purchase Price | ' | ' | ' | ' | $205,220,000 | ' | ' | $32,800,000 | ' | ' | $5,420,000 | ' | ' | $10,500,000 | ' | ' | $6,700,000 | ' | ' | $12,050,000 | ' | ' | $18,800,000 | ' | ' | $26,750,000 | ' | ' | $6,750,000 | ' | ' | $20,750,000 | ' | ' | $28,350,000 | ' | ' | $15,300,000 | ' | ' | ' | $7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,050,000 | ' |
Acquisition Mortgage Debt | ' | ' | ' | ' | ' | 144,693,000 | ' | ' | 24,100,000 | ' | ' | 4,065,000 | ' | ' | 7,875,000 | ' | ' | 5,025,000 | ' | ' | 9,573,000 | ' | ' | 14,500,000 | ' | ' | 17,300,000 | ' | ' | 4,101,000 | ' | ' | 13,863,000 | ' | ' | 22,165,000 | ' | ' | 11,475,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,651,000 |
BRT Equity | ' | ' | ' | ' | 65,362,000 | ' | 10,525,000 | ' | ' | 1,687,000 | ' | ' | 3,129,000 | ' | ' | 1,908,000 | ' | ' | 3,950,000 | ' | ' | 5,300,000 | ' | ' | 8,420,000 | ' | ' | 2,372,000 | ' | ' | 6,932,000 | ' | ' | 5,944,000 | ' | ' | 5,080,000 | ' | ' | ' | 6,381,000 | ' | ' | ' | ' | ' | ' | 4,972,000 | 1,729,000 | ' | ' | ' | ' | 3,734,000 | ' | ' |
Property Acquisition Costs | 2,542,000 | 2,637,000 | 2,407,000 | ' | 2,542,000 | ' | 474,000 | ' | ' | 125,000 | ' | ' | 180,000 | ' | ' | 129,000 | ' | ' | 202,000 | ' | ' | 191,000 | ' | ' | 296,000 | ' | ' | 117,000 | ' | ' | 155,000 | ' | ' | 189,000 | ' | ' | 258,000 | ' | ' | 129,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,000 | ' | ' |
Area of real estate properties (in square feet) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | 28,500 | 565,000 | ' | ' | ' | ' | 16,000 | ' | ' | ' | ' |
Amount invested in joint ventue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,631,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage on assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,100,000 | ' | ' | ' | ' | ' | ' |
Payment of deferred interest on loan included in equity contribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,489,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Area of development parcel (in acres) | ' | ' | ' | 8.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REAL_ESTATE_PROPERTIES_Details2
REAL ESTATE PROPERTIES (Details 3) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | 2014 real estate property acquisitions | 2014 real estate property acquisitions | 2014 real estate property acquisitions | 2013 real estate property acquisitions | 2013 real estate property acquisitions | 2013 real estate property acquisitions | 2013 real estate property acquisitions | Preliminary | Preliminary | Preliminary |
Land | Buildings and Improvements | Acquired lease intangibles | Land | Buildings and Improvements | 2013 real estate property acquisitions | 2013 real estate property acquisitions | 2013 real estate property acquisitions | |||
Land | Buildings and Improvements | |||||||||
Allocations of purchase prices of assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate property | ' | $55,110 | $150,110 | ' | ' | $24,200 | $159,937 | ' | $21,833 | $163,250 |
Acquisition-related intangible assets | ' | ' | ' | ' | 946 | ' | ' | ' | ' | ' |
Total Consideration | 205,220 | ' | ' | 185,083 | ' | ' | ' | 185,083 | ' | ' |
Adjustments to preliminary allocations of purchase price of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate property | ' | ' | ' | ' | ' | 2,367 | -3,313 | ' | ' | ' |
Acquisition-related intangible assets | ' | ' | ' | ' | $946 | ' | ' | ' | ' | ' |
REAL_ESTATE_PROPERTIES_Details3
REAL ESTATE PROPERTIES (Details 4) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Multi-family properties by state | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $19,399 | $17,766 | $15,152 | $14,078 | $10,158 | $8,517 | $7,179 | $5,951 | $66,395 | $31,805 | $9,893 |
Multi-family residential | Revenue | Geographic concentration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multi-family properties by state | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Units | 7,609 | ' | ' | ' | ' | ' | ' | ' | 7,609 | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 60,362 | ' | ' |
% of Total | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Multi-family residential | Revenue | Geographic concentration | Texas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multi-family properties by state | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Units | 2,018 | ' | ' | ' | ' | ' | ' | ' | 2,018 | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 14,346 | ' | ' |
% of Total | ' | ' | ' | ' | ' | ' | ' | ' | 24.00% | ' | ' |
Multi-family residential | Revenue | Geographic concentration | Tennessee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multi-family properties by state | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Units | 1,244 | ' | ' | ' | ' | ' | ' | ' | 1,244 | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 12,705 | ' | ' |
% of Total | ' | ' | ' | ' | ' | ' | ' | ' | 21.00% | ' | ' |
Multi-family residential | Revenue | Geographic concentration | Georgia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multi-family properties by state | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Units | 1,689 | ' | ' | ' | ' | ' | ' | ' | 1,689 | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 12,328 | ' | ' |
% of Total | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' |
Multi-family residential | Revenue | Geographic concentration | Florida | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multi-family properties by state | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Units | 910 | ' | ' | ' | ' | ' | ' | ' | 910 | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 10,909 | ' | ' |
% of Total | ' | ' | ' | ' | ' | ' | ' | ' | 18.00% | ' | ' |
Multi-family residential | Revenue | Geographic concentration | South Carolina | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multi-family properties by state | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Units | 208 | ' | ' | ' | ' | ' | ' | ' | 208 | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,348 | ' | ' |
% of Total | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' |
Multi-family residential | Revenue | Geographic concentration | Alabama | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multi-family properties by state | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Units | 208 | ' | ' | ' | ' | ' | ' | ' | 208 | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,628 | ' | ' |
% of Total | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' |
Multi-family residential | Revenue | Geographic concentration | Kansas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multi-family properties by state | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Units | 496 | ' | ' | ' | ' | ' | ' | ' | 496 | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,677 | ' | ' |
% of Total | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' |
Multi-family residential | Revenue | Geographic concentration | Indiana | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multi-family properties by state | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Units | 400 | ' | ' | ' | ' | ' | ' | ' | 400 | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,996 | ' | ' |
% of Total | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' |
Multi-family residential | Revenue | Geographic concentration | Ohio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multi-family properties by state | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Units | 264 | ' | ' | ' | ' | ' | ' | ' | 264 | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,851 | ' | ' |
% of Total | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' |
Multi-family residential | Revenue | Geographic concentration | Arkansas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multi-family properties by state | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Units | 172 | ' | ' | ' | ' | ' | ' | ' | 172 | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $574 | ' | ' |
% of Total | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' |
REAL_ESTATE_PROPERTIES_Details4
REAL ESTATE PROPERTIES (Details 5) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Multi-family residential | Maximum | ' |
Real Estate Properties | ' |
Lease term | '1 year |
Commercial | ' |
Future minimum rentals to be received pursuant to non-cancellable operating leases | ' |
2014 | 3,715 |
2015 | 3,673 |
2016 | 2,826 |
2017 | 2,611 |
2018 | 2,645 |
Thereafter | 37,060 |
Total | 52,530 |
IMPAIRMENT_CHARGES_Details
IMPAIRMENT CHARGES (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
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, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 01, 2012 | |
Joint ventures | Joint ventures | Joint ventures | Joint ventures | |||||||||||
Not primary beneficiary, unconsolidated | Not primary beneficiary, unconsolidated | Not primary beneficiary, unconsolidated | Primary beneficiaries | |||||||||||
item | item | |||||||||||||
Investment in Unconsolidated Ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties owned and operated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' |
Share of earnings | $10,000 | $5,000 | $4,000 | $15,000 | $54,000 | $68,000 | $61,000 | $19,000 | $198,000 | $965,000 | $19,000 | $198,000 | $829,000 | ' |
Amount of distributed earnings in excess of the book basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,481,000 | ' | ' | 846,000 | ' |
Number of joint ventures consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Gain on sale of interest in joint venture | ' | ' | ' | $5,481,000 | ' | ' | ' | ' | $5,481,000 | ' | ' | ' | ' | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Sales of available-for-sale securities | ' | ' | ' | ' | ' |
Proceeds from sale | ' | ' | $0 | $1,318 | $3,939 |
Less cost basis | ' | ' | ' | 788 | 3,334 |
Gain on sale | $48 | $482 | ' | $530 | $605 |
DEBT_OBLIGATIONS_Details
DEBT OBLIGATIONS (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Obligations | ' | ' |
Total debt obligations | $519,806 | $350,616 |
Mortgages payable | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 482,406 | 313,216 |
Junior subordinated notes | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | $37,400 | $37,400 |
DEBT_OBLIGATIONS_Details_2
DEBT OBLIGATIONS (Details 2) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Debt Obligations | ' | ' |
Total debt obligations | $519,806,000 | $350,616,000 |
Greenville, South Carolina | Primary Beneficiary | Joint ventures | Construction loan | ' | ' |
Debt Obligations | ' | ' |
Maximum financing | 38,623,000 | ' |
Mortgages payable | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 482,406,000 | 313,216,000 |
Mortgages payable maturing in April 2022 | Yonkers, NY | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 1,767,000 | 1,863,000 |
Interest rate (as a percent) | 5.25% | ' |
Mortgages payable maturing in April 2019 | Palm Beach Gardens, FL | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 44,874,000 | 45,200,000 |
Interest rate (as a percent) | 3.78% | ' |
Mortgages payable maturing in April 2019 | Melbourne, FL | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 7,627,000 | 7,680,000 |
Interest rate (as a percent) | 3.98% | ' |
Mortgages payable maturing in February 2015 | Marietta, GA | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 7,297,000 | 7,382,000 |
Interest rate (as a percent) | 6.50% | ' |
Mortgages payable maturing in March 2022 | Lawrenceville, GA | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 4,652,000 | 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 | 17,716,000 |
Interest rate (as a percent) | 3.79% | ' |
Mortgages payable maturing in November 2022 | Nashville, TN | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 17,300,000 | ' |
Interest rate (as a percent) | 3.63% | ' |
Mortgages payable maturing in December 2022 | Cordova, TN | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 19,248,000 | 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 | 8,046,000 |
Interest rate (as a percent) | 3.74% | ' |
Mortgages payable maturing in February 2023 | Panama City, FL | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 5,532,000 | 5,588,000 |
Interest rate (as a percent) | 4.06% | ' |
Mortgages payable maturing in February 2023 | Houston, TX | LIBOR | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 6,493,000 | 6,625,000 |
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 | 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 | 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 | 35,900,000 |
Interest rate (as a percent) | 3.99% | ' |
Mortgages payable maturing in October 2018 | Houston, TX (Palms) | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 24,100,000 | ' |
Interest rate (as a percent) | 4.85% | ' |
Mortgages payable maturing in November 2018, mortgage one | Houston (Pasadena), TX (Ashwood) | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 4,065,000 | ' |
Interest rate (as a percent) | 4.90% | ' |
Mortgages payable maturing in November 2018, mortgage two | Humble, TX (Meadowbrook) | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 7,875,000 | ' |
Interest rate (as a percent) | 4.90% | ' |
Mortgages payable maturing in November 2018, mortgage three | Humble, TX (Parkside) | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 5,025,000 | ' |
Interest rate (as a percent) | 4.90% | ' |
Mortgages payable maturing in November 2023 | Huntsville, AL | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 9,573,000 | ' |
Interest rate (as a percent) | 4.99% | ' |
Mortgages payable maturing in February 2045 | Columbus, OH | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 10,528,000 | ' |
Interest rate (as a percent) | 4.35% | ' |
Mortgages payable maturing in February 2024 | Indianapolis, IN | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 14,500,000 | ' |
Interest rate (as a percent) | 4.77% | ' |
Mortgages payable maturing in January 2019 | Greenville, South Carolina | LIBOR | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 5,828,000 | ' |
Margin interest above reference rate (as a percent) | 1.95% | ' |
Mortgages payable maturing In March 2019 | Little Rock, AK | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 4,063,000 | ' |
Interest rate (as a percent) | 3.93% | ' |
Mortgages payable maturing in April 2020 | Wichita, KS | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 10,384,000 | ' |
Interest rate (as a percent) | 5.91% | ' |
Mortgages payable maturing in May 2020 | Wichita, KS | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 3,372,000 | ' |
Interest rate (as a percent) | 4.06% | ' |
Mortgages payable maturing in July 2021 | Atlanta, GA | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 22,165,000 | ' |
Interest rate (as a percent) | 3.87% | ' |
Mortgages payable maturing in August 2021 | Houston, TX | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 11,475,000 | ' |
Interest rate (as a percent) | 4.07% | ' |
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 | 5,728,000 | 5,936,000 |
Interest rate (as a percent) | 6.00% | ' |
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 | Newark Joint Venture | Newark Joint Venture special purpose 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 | 938,000 | 963,000 |
Interest rate (as a percent) | 2.00% | ' |
Mortgages payable maturing in February 2014 | Teachers Village - Newark, NJ | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | ' | 211,000 |
Interest rate (as a percent) | 2.50% | ' |
Mortgages payable maturing in February 2034 | Teachers Village - Newark, NJ | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 1,804,000 | 1,832,000 |
Mortgages payable maturing in August 2019 | Teachers Village - Newark, NJ | LIBOR | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 15,700,000 | 15,700,000 |
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 | 18,147,000 | 14,762,000 |
Interest rate (as a percent) | 8.65% | ' |
Mortgages payable maturing in August 2034 | Teachers Village - Newark, NJ | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 2,180,000 | 2,212,000 |
Mortgages payable maturing in September 2019 | Teachers Village - Newark, NJ | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 5,100,000 | 5,100,000 |
Interest rate (as a percent) | 1.99% | ' |
Mortgages payable maturing In September 2024 | Teachers Village - Newark, NJ | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 2,000,000 | ' |
Interest rate (as a percent) | 15.00% | ' |
Mortgages payable maturing In September 2021 | Teachers Village - Newark, NJ | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 10,260,000 | ' |
Interest rate (as a percent) | 5.50% | ' |
Mortgages payable maturing In September 2042 Two | Teachers Village - Newark, NJ | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 500,000 | ' |
Interest rate (as a percent) | 3.46% | ' |
Mortgages payable maturing in July 2023 | Hixson, TN | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 8,137,000 | 8,137,000 |
Interest rate (as a percent) | 4.29% | ' |
Supplemental | Mortgages payable maturing in March 2022 | Lawrenceville, GA | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | 1,605,000 | ' |
Interest rate (as a percent) | 5.46% | ' |
Supplemental | Mortgages payable maturing in December 2022 | Decatur, GA | ' | ' |
Debt Obligations | ' | ' |
Total debt obligations | $2,474,000 | ' |
Interest rate (as a percent) | 5.74% | ' |
DEBT_OBLIGATIONS_Details_3
DEBT OBLIGATIONS (Details 3) (Junior subordinated notes, USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Debt Obligations | ' | ' | ' |
Outstanding principal balance | $37,400,000 | $37,400,000 | ' |
Interest expense | $1,853,000 | $1,853,000 | $1,260,000 |
March 15, 2011 through July 31, 2012 | ' | ' | ' |
Debt Obligations | ' | ' | ' |
Interest Rate (as a percent) | 3.00% | ' | ' |
August 1, 2012 through April 29, 2016 | ' | ' | ' |
Debt Obligations | ' | ' | ' |
Interest Rate (as a percent) | 4.90% | ' | ' |
LIBOR | April 30, 2016 through April 30, 2036 | ' | ' | ' |
Debt Obligations | ' | ' | ' |
Margin interest above reference rate (as a percent) | 2.00% | ' | ' |
DEFERRED_INCOME_NEW_MARKETS_TA1
DEFERRED INCOME (NEW MARKETS TAX CREDIT TRANSACTION) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 12, 2012 | Feb. 03, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
New Markets Tax Credit Transaction | Affiliates of JP Morgan Chase | Affiliates of Goldman Sachs | Affiliates of Goldman Sachs | Newark Joint Venture | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | |||
Newark Joint Venture special purpose subsidiaries | Newark Joint Venture special purpose subsidiaries | Newark Joint Venture special purpose subsidiaries | Newark Joint Venture special purpose subsidiaries | Newark Joint Venture special purpose subsidiaries | Newark Joint Venture | Newark Joint Venture | ||||
New Markets Tax Credit Transaction | New Markets Tax Credit Transaction | New Markets Tax Credit Transaction | New Markets Tax Credit Transaction | J P Morgan Chase and Goldman Sachs Affiliates [Member] | Newark Joint Venture special purpose subsidiaries | Newark Joint Venture special purpose subsidiaries | ||||
New Markets Tax Credit Transaction | New Markets Tax Credit Transaction | New Markets Tax Credit Transaction | ||||||||
Deferred Income (New Markets Tax Credit Transaction) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount contributed | ' | ' | ' | $5,100,000 | $16,400,000 | $11,200,000 | ' | ' | ' | ' |
Period over which tax credits is receivable | ' | ' | ' | '7 years | '7 years | '7 years | ' | ' | ' | ' |
Period after which option to acquire special purpose entity may be exercised | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' |
Maximum percentage of qualified investment permitted in NMTC to claim credits against Federal income tax | ' | ' | 39.00% | ' | ' | ' | ' | ' | ' | ' |
Deferred income | 30,990,000 | 25,848,000 | ' | ' | ' | ' | ' | 30,990,000 | ' | ' |
Recapture period | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' |
Deferred costs, net | $13,515,000 | $12,833,000 | ' | ' | ' | ' | ' | ' | $8,700,000 | $9,600,000 |
INCOME_TAXES_Detail
INCOME TAXES (Detail) (USD $) | 12 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | |
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 | $155,000 | $102,000 | $16,000 | ' |
Payment of alternative minimum tax resulted from the use of net operating loss carryforwards | 13,000 | 182,000 | ' | ' |
Tax loss carry forward | ' | ' | ' | $53,385,000 |
SHAREHOLDERS_EQUITY_Details
SHAREHOLDERS' EQUITY (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Restricted stock | ' | ' | ' |
Restricted Shares | ' | ' | ' |
Shares granted but not yet vested | 648,225 | 627,425 | 580,180 |
Vesting period for shares issued | '5 years | ' | ' |
Compensation expense | $805,000 | $691,000 | $758,000 |
Unearned compensation | $2,078,000 | ' | ' |
Remaining weighted average vesting period | '2 years 5 months 19 days | ' | ' |
Changes in number of shares outstanding | ' | ' | ' |
Outstanding at beginning of the year (in shares) | 627,425 | 580,180 | 491,705 |
Issued (in shares) | 140,600 | 131,525 | 136,650 |
Cancelled (in shares) | -300 | -22,000 | -7,250 |
Vested (in shares) | -119,500 | -62,280 | -40,925 |
Outstanding at the end of the year (in shares) | 648,225 | 627,425 | 580,180 |
2012 Stock Incentive Plan | ' | ' | ' |
Equity incentive plans | ' | ' | ' |
Shares authorized for issuance | 600,000 | ' | ' |
Number of shares issued | 271,975 | ' | ' |
Prior Plans | ' | ' | ' |
Restricted Shares | ' | ' | ' |
Number of additional awards available for grant | 0 | ' | ' |
Prior Plans | Restricted stock | ' | ' | ' |
Restricted Shares | ' | ' | ' |
Shares granted but not yet vested | 384,840 | ' | ' |
Changes in number of shares outstanding | ' | ' | ' |
Outstanding at the end of the year (in shares) | 384,840 | ' | ' |
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, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator for basic and diluted earnings per share attributable to common shareholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income attributable to common shareholders | ($3,798) | ($331) | ($2,592) | ($2,733) | $4,786 | $521 | $1,010 | ($1,304) | ($9,454) | $5,013 | $4,430 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator for basic earnings per share-weighted average shares | ' | ' | ' | ' | ' | ' | ' | ' | 14,265,589 | 14,137,091 | 14,035,972 |
Denominator for diluted earnings per share-adjusted weighted average shares and assumed conversions | ' | ' | ' | ' | ' | ' | ' | ' | 14,265,589 | 14,137,091 | 14,035,972 |
Basic (loss) earnings per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.66) | $0.35 | $0.32 |
Diluted (loss) earnings per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.66) | $0.35 | $0.32 |
SHAREHOLDERS_EQUITY_Details_3
SHAREHOLDERS' EQUITY (Details 3) (USD $) | 12 Months Ended | |||||
Sep. 30, 2012 | Sep. 30, 2012 | Dec. 17, 2014 | Dec. 12, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
Restricted stock | September 2013 share repurchase program | September 2013 share repurchase program | September 2013 share repurchase program | September 2013 share repurchase program | ||
Share Buyback and Treasury Shares | ' | ' | ' | ' | ' | ' |
Authorized amount under the share repurchase program | ' | ' | ' | $4,000,000 | ' | $2,000,000 |
Shares purchased (in shares) | ' | ' | 345,081 | ' | 0 | ' |
Share repurchase price (in dollars per share) | ' | ' | $7 | ' | ' | ' |
Total purchase price | ' | ' | $2,416,000 | ' | ' | ' |
Shares repurchased and retired (in shares) | 139,507 | ' | ' | ' | ' | ' |
Treasury shares issued in connection with the vesting of restricted stock under the incentive plans | ' | 40,925 | ' | ' | ' | ' |
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 $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
REIT Management | REIT Management | REIT Management | REIT Management | REIT Management | REIT Management | REIT Management | Majestic Property Management Corp. | Majestic Property Management Corp. | Majestic Property Management Corp. | Gould Investors L.P. | Gould Investors L.P. | Gould Investors L.P. | ||||
Amended and Restated Advisory Agreement, as amended in January 2012 | Amended and Restated Advisory Agreement, as amended in January 2012 | Amended and Restated Advisory Agreement, as amended in January 2012 | Amended and Restated Advisory Agreement, as amended in January 2012 | Amended and Restated Advisory Agreement, as amended in January 2012 | Real property management, real estate brokerage and construction supervision services | Real property management, real estate brokerage and construction supervision services | Real property management, real estate brokerage and construction supervision services | Shared services agreement | Shared services agreement | Shared services agreement | ||||||
Minimum | Maximum | |||||||||||||||
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advisory fees as a percentage of invested assets | ' | ' | ' | 0.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees payable in a twelve month period | ' | ' | ' | ' | ' | ' | ' | ' | $750,000 | $4,000,000 | ' | ' | ' | ' | ' | ' |
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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advisory fees | ' | ' | ' | ' | ' | 2,016,000 | 1,802,000 | 1,104,000 | ' | ' | 28,000 | 81,000 | 74,000 | ' | ' | ' |
Advisory fees reported as component of discontinued operations | 215,000 | 831,000 | 684,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan origination fees as a percentage of total loan paid directly by the Trust's borrowers | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative to related party | $623,000 | $779,000 | $705,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $474,000 | $633,000 | $705,000 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
item | |||||||||||
SEGMENT REPORTING | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental and other revenues from real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | $65,254,000 | $30,592,000 | $8,675,000 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 1,141,000 | 1,213,000 | 1,218,000 |
Total revenues | 19,399,000 | 17,766,000 | 15,152,000 | 14,078,000 | 10,158,000 | 8,517,000 | 7,179,000 | 5,951,000 | 66,395,000 | 31,805,000 | 9,893,000 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses relating to real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | 37,067,000 | 16,409,000 | 6,042,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 20,670,000 | 11,978,000 | 3,778,000 |
Advisor's fee, related party | ' | ' | ' | ' | ' | ' | ' | ' | 1,801,000 | 971,000 | 420,000 |
Property acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 2,542,000 | 2,637,000 | 2,407,000 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 6,324,000 | 5,862,000 | 2,739,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 15,576,000 | 7,094,000 | 2,004,000 |
Total expenses | 24,312,000 | 21,959,000 | 19,028,000 | 18,681,000 | 13,766,000 | 12,029,000 | 9,327,000 | 9,829,000 | 83,980,000 | 44,951,000 | 17,390,000 |
Total revenues less total expenses | -4,913,000 | -4,193,000 | -3,876,000 | -4,603,000 | -3,608,000 | -3,512,000 | -2,148,000 | -3,878,000 | -17,585,000 | -13,146,000 | -7,497,000 |
Equity in earnings of unconsolidated ventures | 10,000 | 5,000 | 4,000 | ' | 15,000 | 54,000 | 68,000 | 61,000 | 19,000 | 198,000 | 965,000 |
Gain on sale of available-for-sale securities | ' | ' | ' | ' | 48,000 | ' | 482,000 | ' | ' | 530,000 | 605,000 |
Gain on sale of partnership interest | ' | ' | ' | ' | 5,481,000 | ' | ' | ' | ' | 5,481,000 | ' |
Loss from continuing operations | -4,903,000 | -4,188,000 | -3,872,000 | -4,603,000 | 1,936,000 | -3,458,000 | -1,598,000 | -3,817,000 | -17,566,000 | -6,937,000 | -5,927,000 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued operations | 2,000 | 185,000 | 361,000 | 852,000 | 1,819,000 | 3,298,000 | 2,274,000 | 1,635,000 | 1,400,000 | 9,026,000 | 7,477,000 |
Net (loss) income | -4,901,000 | -4,003,000 | -3,511,000 | -3,751,000 | 3,755,000 | -160,000 | 676,000 | -2,182,000 | -16,166,000 | 2,089,000 | 1,550,000 |
Plus: net loss attributable to non-controlling interests | 1,103,000 | 3,672,000 | 919,000 | 1,018,000 | 1,031,000 | 681,000 | 334,000 | 878,000 | 6,712,000 | 2,924,000 | 2,880,000 |
Net (loss) income attributable to common shareholders | -3,798,000 | -331,000 | -2,592,000 | -2,733,000 | 4,786,000 | 521,000 | 1,010,000 | -1,304,000 | -9,454,000 | 5,013,000 | 4,430,000 |
Segment assets | 734,620,000 | ' | ' | ' | 549,491,000 | ' | ' | ' | 734,620,000 | 549,491,000 | ' |
Real estate assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of assets | ' | ' | ' | ' | 260,000 | 509,000 | ' | ' | ' | 769,000 | 792,000 |
Before reconciling adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 1,076,000 | 1,072,000 | 878,000 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 66,330,000 | 31,664,000 | 9,553,000 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues less total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -17,650,000 | -13,287,000 | -7,837,000 |
Loss from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -17,631,000 | -7,608,000 | -6,872,000 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 769,000 | 792,000 |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,839,000 | -6,080,000 |
Net (loss) income attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -10,919,000 | -3,915,000 | -3,200,000 |
Reconciling adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 65,000 | 141,000 | 605,000 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of available-for-sale securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 530,000 | 6,685,000 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | 8,257,000 | 4,430,000 |
Multi-Family Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental and other revenues from real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | 60,362,000 | 27,265,000 | 5,464,000 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 60,366,000 | 27,265,000 | 5,464,000 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses relating to real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | 32,347,000 | 13,570,000 | 2,644,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 16,212,000 | 8,193,000 | 1,629,000 |
Advisor's fee, related party | ' | ' | ' | ' | ' | ' | ' | ' | 1,466,000 | 750,000 | 230,000 |
Property acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 2,542,000 | 2,637,000 | 2,407,000 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 5,887,000 | 5,490,000 | 1,069,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 13,828,000 | 6,119,000 | 1,276,000 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 72,282,000 | 36,759,000 | 9,255,000 |
Total revenues less total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -11,916,000 | -9,494,000 | -3,791,000 |
Equity in earnings of unconsolidated ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -121,000 |
Loss from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -11,916,000 | -9,494,000 | -3,912,000 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,494,000 | -3,912,000 |
Plus: net loss attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | 759,000 | 480,000 | 461,000 |
Net (loss) income attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -11,157,000 | -9,014,000 | -3,451,000 |
Segment assets | 569,357,000 | ' | ' | ' | 312,962,000 | ' | ' | ' | 569,357,000 | 312,962,000 | 121,153,000 |
Other Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental and other revenues from real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | 4,892,000 | 3,327,000 | 3,211,000 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 1,072,000 | 1,072,000 | 878,000 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,964,000 | 4,399,000 | 4,089,000 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses relating to real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | 4,720,000 | 2,839,000 | 3,398,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 4,458,000 | 3,785,000 | 2,149,000 |
Advisor's fee, related party | ' | ' | ' | ' | ' | ' | ' | ' | 335,000 | 221,000 | 190,000 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 437,000 | 372,000 | 1,670,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,748,000 | 975,000 | 728,000 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 11,698,000 | 8,192,000 | 8,135,000 |
Total revenues less total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -5,734,000 | -3,793,000 | -4,046,000 |
Equity in earnings of unconsolidated ventures | ' | ' | ' | ' | ' | ' | ' | ' | 19,000 | 198,000 | 1,086,000 |
Gain on sale of partnership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,481,000 | ' |
Loss from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -5,715,000 | 1,886,000 | -2,960,000 |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 769,000 | 792,000 |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,655,000 | -2,168,000 |
Plus: net loss attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | 5,953,000 | 2,444,000 | 2,419,000 |
Net (loss) income attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 238,000 | 5,099,000 | 251,000 |
Segment assets | 163,246,000 | ' | ' | ' | 149,487,000 | ' | ' | ' | 163,246,000 | 149,487,000 | 151,420,000 |
Other Real Estate | Real estate assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | $769,000 | $792,000 |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (Level 2, USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Market valuation | Real estate loans | ' | ' |
Financial Instruments Not Measured at Fair Value | ' | ' |
Fixed market rate of interest (as a percent) | 10.00% | 11.00% |
Market valuation | Real estate loans | Minimum | ' | ' |
Financial Instruments Not Measured at Fair Value | ' | ' |
Variable market interest rate (as a percent) | ' | 12.00% |
Market valuation | Real estate loans | Maximum | ' | ' |
Financial Instruments Not Measured at Fair Value | ' | ' |
Variable market interest rate (as a percent) | ' | 13.00% |
Market valuation | Junior subordinated notes | ' | ' |
Financial Instruments Not Measured at Fair Value | ' | ' |
Market interest rate (as a percent) | 6.71% | 7.49% |
Market valuation | Mortgages payable | Minimum | ' | ' |
Financial Instruments Not Measured at Fair Value | ' | ' |
Market interest rate (as a percent) | 2.22% | 2.02% |
Market valuation | Mortgages payable | Maximum | ' | ' |
Financial Instruments Not Measured at Fair Value | ' | ' |
Market interest rate (as a percent) | 9.37% | 9.49% |
Estimated fair value | Real estate loans | ' | ' |
Financial Instruments Not Measured at Fair Value | ' | ' |
Estimated fair value greater than carrying value | ' | 11,000 |
Estimated fair value | Junior subordinated notes | ' | ' |
Financial Instruments Not Measured at Fair Value | ' | ' |
Estimated fair value lower than carrying value | 22,527,000 | 24,096,000 |
Estimated fair value | Mortgages payable | ' | ' |
Financial Instruments Not Measured at Fair Value | ' | ' |
Estimated fair value lower than carrying value | 9,451,000 | 10,615,000 |
FAIR_VALUE_OF_FINANCIAL_INSTRU3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) (Measured at fair value on a recurring basis, Interest Rate Swap, USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Estimated fair value | ' |
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities) | ' |
Derivative financial instruments | $8 |
Level 2 | ' |
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities) | ' |
Derivative financial instruments | $8 |
COMMITMENT_Detail
COMMITMENT (Detail) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Non-contributory defined contribution pension plan | ' | ' | ' |
Pension expense | $322,000 | $310,000 | $338,000 |
Unpaid pension expense, included in accounts payable and accrued liabilities | $48,000 | $80,000 | ' |
DERIVATIVE_FINANCIAL_INSTRUMEN2
DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income | ' | ' |
Amount of gain (loss) recognized on derivative in Other Comprehensive Income | ($37,000) | $61,000 |
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 other comprehensive income as an increase to interest expense | 32,000 | ' |
Credit-risk-related Contingent Features | ' | ' |
Fair value of the derivative in a net liability position | 11,000 | ' |
Termination value to settlement of obligations | 11,000 | ' |
Interest Expense | ' | ' |
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income | ' | ' |
Amount of (loss) reclassified from Accumulated Other Comprehensive Income into Interest Expense | -36,000 | -37,000 |
Other Assets | ' | ' |
Fair value of derivative financial instruments | ' | ' |
Fair value of derivative financial instrument asset | ' | 1,000 |
Accounts Payable and Accrued Liabilities | ' | ' |
Fair value of derivative financial instruments | ' | ' |
Fair value of derivative financial instrument liability | 8,000 | 6,000 |
Designated as a hedge | Interest Rate Swap | ' | ' |
Interest Rate Derivatives | ' | ' |
Notional Amount | 1,767,000 | ' |
Rate (as a percent) | 5.25% | ' |
Not designated as hedges | ' | ' |
Interest Rate Derivatives | ' | ' |
Loss on change in fair value of derivatives | 550 | 9,375 |
Not designated as hedges | Interest Rate Caps | ' | ' |
Interest Rate Derivatives | ' | ' |
Notional Amount | $24,700 | ' |
Rate (as a percent) | 1.00% | ' |
QUARTERLY_FINANCIAL_DATA_Unaud2
QUARTERLY FINANCIAL DATA (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
QUARTERLY FINANCIAL DATA (Unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $19,399,000 | $17,766,000 | $15,152,000 | $14,078,000 | $10,158,000 | $8,517,000 | $7,179,000 | $5,951,000 | $66,395,000 | $31,805,000 | $9,893,000 |
Expenses | 24,312,000 | 21,959,000 | 19,028,000 | 18,681,000 | 13,766,000 | 12,029,000 | 9,327,000 | 9,829,000 | 83,980,000 | 44,951,000 | 17,390,000 |
Total revenues less total expenses | -4,913,000 | -4,193,000 | -3,876,000 | -4,603,000 | -3,608,000 | -3,512,000 | -2,148,000 | -3,878,000 | -17,585,000 | -13,146,000 | -7,497,000 |
Equity in earnings of unconsolidated ventures | 10,000 | 5,000 | 4,000 | ' | 15,000 | 54,000 | 68,000 | 61,000 | 19,000 | 198,000 | 965,000 |
Gain on sale of available-for-sale securities | ' | ' | ' | ' | 48,000 | ' | 482,000 | ' | ' | 530,000 | 605,000 |
Gain on sale of partnership interest | ' | ' | ' | ' | 5,481,000 | ' | ' | ' | ' | 5,481,000 | ' |
Loss from continuing operations | -4,903,000 | -4,188,000 | -3,872,000 | -4,603,000 | 1,936,000 | -3,458,000 | -1,598,000 | -3,817,000 | -17,566,000 | -6,937,000 | -5,927,000 |
Income from discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued operations | ' | ' | ' | ' | 1,559,000 | 2,789,000 | 2,274,000 | 1,635,000 | 1,400,000 | 8,257,000 | 3,493,000 |
Discontinued operations | 2,000 | 185,000 | 361,000 | 852,000 | 1,819,000 | 3,298,000 | 2,274,000 | 1,635,000 | 1,400,000 | 9,026,000 | 7,477,000 |
QUARTERLY FINANCIAL DATA (Unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | -4,901,000 | -4,003,000 | -3,511,000 | -3,751,000 | 3,755,000 | -160,000 | 676,000 | -2,182,000 | -16,166,000 | 2,089,000 | 1,550,000 |
Plus: net loss attributable to non-controlling interests | 1,103,000 | 3,672,000 | 919,000 | 1,018,000 | 1,031,000 | 681,000 | 334,000 | 878,000 | 6,712,000 | 2,924,000 | 2,880,000 |
Net (loss) income attributable to common shareholders | -3,798,000 | -331,000 | -2,592,000 | -2,733,000 | 4,786,000 | 521,000 | 1,010,000 | -1,304,000 | -9,454,000 | 5,013,000 | 4,430,000 |
Basic and per share amounts attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | ($0.27) | ($0.03) | ($0.21) | ($0.25) | $0.21 | ($0.19) | ($0.09) | ($0.21) | ($0.76) | ($0.28) | ' |
Discontinued operations (in dollars per share) | ' | $0.01 | $0.03 | $0.06 | $0.12 | $0.23 | $0.16 | $0.12 | $0.10 | $0.63 | ' |
Basic and diluted (loss) earnings per share (in dollars per share) | ($0.27) | ($0.02) | ($0.18) | ($0.19) | $0.33 | $0.04 | $0.07 | ($0.09) | ($0.66) | $0.35 | $0.32 |
Real estate assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of assets | ' | ' | ' | ' | $260,000 | $509,000 | ' | ' | ' | $769,000 | $792,000 |
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, 2014 |
Real estate properties and accumulated depreciation | ' |
Encumbrances | $482,406 |
Initial Cost to Company | ' |
Land | 133,881 |
Buildings and Improvements | 422,081 |
Costs Capitalized Subsequent to Acquisition | ' |
Land | 4,843 |
Improvements | 96,683 |
Carrying Costs | 7,938 |
Gross Amount At Which Carried | ' |
Land | 136,259 |
Buildings and Improvements | 526,777 |
Total | 663,036 |
Accumulated Depreciation | 27,424 |
Commercial | Yonkers, NY | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 1,767 |
Initial Cost to Company | ' |
Buildings and Improvements | 4,000 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 190 |
Gross Amount At Which Carried | ' |
Buildings and Improvements | 4,190 |
Total | 4,190 |
Accumulated Depreciation | 1,511 |
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 | 95,504 |
Initial Cost to Company | ' |
Land | 17,088 |
Buildings and Improvements | 19,033 |
Costs Capitalized Subsequent to Acquisition | ' |
Land | 4,843 |
Improvements | 68,585 |
Carrying Costs | 7,873 |
Gross Amount At Which Carried | ' |
Land | 21,931 |
Buildings and Improvements | 95,491 |
Total | 117,422 |
Accumulated Depreciation | 4,401 |
Depreciation Life For Latest Income Statement | '39 years |
Multi-family residential | Marietta, GA | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 7,297 |
Initial Cost to Company | ' |
Land | 1,750 |
Buildings and Improvements | 6,350 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 2,301 |
Gross Amount At Which Carried | ' |
Land | 1,750 |
Buildings and Improvements | 8,651 |
Total | 10,401 |
Accumulated Depreciation | 947 |
Depreciation Life For Latest Income Statement | '30 years |
Multi-family residential | Lawrenceville, GA | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 6,257 |
Initial Cost to Company | ' |
Land | 1,450 |
Buildings and Improvements | 4,800 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 1,018 |
Gross Amount At Which Carried | ' |
Land | 1,450 |
Buildings and Improvements | 5,818 |
Total | 7,268 |
Accumulated Depreciation | 518 |
Depreciation Life For Latest Income Statement | '30 years |
Multi-family residential | Palm Beach Gardens, FL | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 44,874 |
Initial Cost to Company | ' |
Land | 16,260 |
Buildings and Improvements | 43,140 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 1,433 |
Gross Amount At Which Carried | ' |
Land | 16,260 |
Buildings and Improvements | 44,573 |
Total | 60,833 |
Accumulated Depreciation | 4,373 |
Depreciation Life For Latest Income Statement | '30 years |
Multi-family residential | Melbourne, FL | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 7,626 |
Initial Cost to Company | ' |
Land | 1,150 |
Buildings and Improvements | 8,100 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 1,539 |
Gross Amount At Which Carried | ' |
Land | 1,150 |
Buildings and Improvements | 9,639 |
Total | 10,789 |
Accumulated Depreciation | 1,011 |
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 | 502 |
Gross Amount At Which Carried | ' |
Land | 6,420 |
Buildings and Improvements | 26,182 |
Total | 32,602 |
Accumulated Depreciation | 1,949 |
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 | 2,436 |
Buildings and Improvements | 19,075 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 610 |
Gross Amount At Which Carried | ' |
Land | 2,436 |
Buildings and Improvements | 19,685 |
Total | 22,121 |
Accumulated Depreciation | 1,532 |
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 | 1,823 |
Buildings and Improvements | 23,627 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 457 |
Gross Amount At Which Carried | ' |
Land | 1,823 |
Buildings and Improvements | 24,084 |
Total | 25,907 |
Accumulated Depreciation | 1,707 |
Depreciation Life For Latest Income Statement | '30 years |
Multi-family residential | Decatur, GA | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 10,520 |
Initial Cost to Company | ' |
Land | 1,698 |
Buildings and Improvements | 8,752 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 905 |
Gross Amount At Which Carried | ' |
Land | 1,698 |
Buildings and Improvements | 9,657 |
Total | 11,355 |
Accumulated Depreciation | 686 |
Depreciation Life For Latest Income Statement | '30 years |
Multi-family residential | Panama City, FL | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 5,532 |
Initial Cost to Company | ' |
Land | 1,411 |
Buildings and Improvements | 5,790 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 512 |
Gross Amount At Which Carried | ' |
Land | 1,411 |
Buildings and Improvements | 6,302 |
Total | 7,713 |
Accumulated Depreciation | 490 |
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 | 5,143 |
Buildings and Improvements | 11,620 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 248 |
Gross Amount At Which Carried | ' |
Land | 5,143 |
Buildings and Improvements | 11,868 |
Total | 17,011 |
Accumulated Depreciation | 711 |
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 | 1,848 |
Buildings and Improvements | 33,402 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 365 |
Gross Amount At Which Carried | ' |
Land | 1,848 |
Buildings and Improvements | 33,767 |
Total | 35,615 |
Accumulated Depreciation | 1,833 |
Depreciation Life For Latest Income Statement | '30 years |
Multi-family residential | Houston, TX Location 2 | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 6,494 |
Initial Cost to Company | ' |
Land | 3,060 |
Buildings and Improvements | 5,505 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 265 |
Gross Amount At Which Carried | ' |
Land | 3,060 |
Buildings and Improvements | 5,770 |
Total | 8,830 |
Accumulated Depreciation | 313 |
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 | 1,231 |
Buildings and Improvements | 9,613 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 52 |
Gross Amount At Which Carried | ' |
Land | 1,231 |
Buildings and Improvements | 9,665 |
Total | 10,896 |
Accumulated Depreciation | 484 |
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 | 5,566 |
Buildings and Improvements | 43,484 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 577 |
Gross Amount At Which Carried | ' |
Land | 5,566 |
Buildings and Improvements | 44,061 |
Total | 49,627 |
Accumulated Depreciation | 1,751 |
Depreciation Life For Latest Income Statement | '30 years |
Multi-family residential | Houston, TX (Palms) | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 24,100 |
Initial Cost to Company | ' |
Land | 16,800 |
Buildings and Improvements | 16,000 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 1,835 |
Gross Amount At Which Carried | ' |
Land | 16,800 |
Buildings and Improvements | 17,835 |
Total | 34,635 |
Accumulated Depreciation | 562 |
Multi-family residential | Houston (Pasadena), TX (Ashwood) | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 4,065 |
Initial Cost to Company | ' |
Land | 1,084 |
Buildings and Improvements | 4,336 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 184 |
Gross Amount At Which Carried | ' |
Land | 1,084 |
Buildings and Improvements | 4,520 |
Total | 5,604 |
Accumulated Depreciation | 142 |
Multi-family residential | Humble, TX (Parkside) | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 5,025 |
Initial Cost to Company | ' |
Land | 1,340 |
Buildings and Improvements | 8,400 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 229 |
Gross Amount At Which Carried | ' |
Land | 1,340 |
Buildings and Improvements | 8,629 |
Total | 9,969 |
Accumulated Depreciation | 275 |
Multi-family residential | Humble, TX (Meadowbrook) | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 7,875 |
Initial Cost to Company | ' |
Land | 2,100 |
Buildings and Improvements | 5,360 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 309 |
Gross Amount At Which Carried | ' |
Land | 2,100 |
Buildings and Improvements | 5,669 |
Total | 7,769 |
Accumulated Depreciation | 176 |
Multi-family residential | Huntsville, AL | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 9,573 |
Initial Cost to Company | ' |
Land | 2,410 |
Buildings and Improvements | 9,640 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 681 |
Gross Amount At Which Carried | ' |
Land | 2,410 |
Buildings and Improvements | 10,321 |
Total | 12,731 |
Accumulated Depreciation | 323 |
Multi-family residential | Columbus, OH | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 10,528 |
Initial Cost to Company | ' |
Land | 2,810 |
Buildings and Improvements | 11,240 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 46 |
Gross Amount At Which Carried | ' |
Land | 2,810 |
Buildings and Improvements | 11,286 |
Total | 14,096 |
Accumulated Depreciation | 313 |
Multi-family residential | Indianapolis, IN | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 14,500 |
Initial Cost to Company | ' |
Land | 3,516 |
Buildings and Improvements | 15,284 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 309 |
Gross Amount At Which Carried | ' |
Land | 3,516 |
Buildings and Improvements | 15,593 |
Total | 19,109 |
Accumulated Depreciation | 347 |
Multi-family residential | Greenville, South Carolina | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 5,828 |
Initial Cost to Company | ' |
Land | 7,000 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 12,526 |
Carrying Costs | 65 |
Gross Amount At Which Carried | ' |
Land | 7,000 |
Buildings and Improvements | 12,591 |
Total | 19,591 |
Multi-family residential | Nashville, TN | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 17,300 |
Initial Cost to Company | ' |
Land | 5,350 |
Buildings and Improvements | 21,400 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 116 |
Gross Amount At Which Carried | ' |
Land | 5,350 |
Buildings and Improvements | 21,516 |
Total | 26,866 |
Accumulated Depreciation | 357 |
Multi-family residential | Little Rock, AK | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 4,063 |
Initial Cost to Company | ' |
Land | 1,350 |
Buildings and Improvements | 5,400 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 28 |
Gross Amount At Which Carried | ' |
Land | 1,350 |
Buildings and Improvements | 5,428 |
Total | 6,778 |
Accumulated Depreciation | 91 |
Multi-family residential | Wichita, KS | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 13,757 |
Initial Cost to Company | ' |
Land | 4,150 |
Buildings and Improvements | 16,600 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 132 |
Gross Amount At Which Carried | ' |
Land | 4,150 |
Buildings and Improvements | 16,732 |
Total | 20,882 |
Accumulated Depreciation | 278 |
Multi-family residential | Atlanta, GA | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 22,165 |
Initial Cost to Company | ' |
Land | 5,670 |
Buildings and Improvements | 22,680 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 40 |
Gross Amount At Which Carried | ' |
Land | 5,670 |
Buildings and Improvements | 22,720 |
Total | 28,390 |
Accumulated Depreciation | 189 |
Multi-family residential | Houston, TX Location 5 | ' |
Real estate properties and accumulated depreciation | ' |
Encumbrances | 11,475 |
Initial Cost to Company | ' |
Land | 1,530 |
Buildings and Improvements | 13,770 |
Costs Capitalized Subsequent to Acquisition | ' |
Improvements | 689 |
Gross Amount At Which Carried | ' |
Land | 1,530 |
Buildings and Improvements | 14,459 |
Total | 15,989 |
Accumulated Depreciation | 154 |
Misc. | ' |
Gross Amount At Which Carried | ' |
Buildings and Improvements | 75 |
Total | $75 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | ' | ' | ' |
Total real estate properties | $663,036 | ' | ' |
Less: Accumulated depreciation and amortization | 27,424 | ' | ' |
Net real estate properties | 635,612 | 402,896 | 190,317 |
Reconciliation of real estate properties | ' | ' | ' |
Balance at beginning of year | 402,896 | 190,317 | 59,277 |
Additions: | ' | ' | ' |
Acquisitions | 205,220 | 185,453 | 116,759 |
Capital improvements | 8,273 | 3,371 | 3,716 |
Capitalized development expenses and carrying costs | 34,857 | 30,947 | 12,622 |
Total additions | 248,350 | 219,771 | 133,097 |
Deductions: | ' | ' | ' |
Sales | 80 | 117 | 37 |
Depreciation/amortization/paydowns | 15,554 | 7,075 | 2,020 |
Total deductions | 15,634 | 7,192 | 2,057 |
Balance at end of year | 635,612 | 402,896 | 190,317 |
Aggregate cost of investments in real estate assets for Federal income tax purposes higher than book value | $2,625 | ' | ' |