BRT Apartments (BRT) 10-Q 9 May 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Mar. 31, 2014	5-May-14
Document and Entity Information	'	'
Entity Registrant Name	'BRT REALTY TRUST	'
Entity Central Index Key	'0000014846	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--09-30	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	14,303,237
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Sep. 30, 2013
In Thousands, unless otherwise specified
ASSETS	'	'
Real estate properties, net of accumulated depreciation and amortization of $18,427 and $11,862	$518,924	$402,896
Real estate loans, net, all earning interest	17,222	30,300
Cash and cash equivalents	47,984	60,265
Restricted cash - construction holdbacks	20,142	29,279
Deferred costs, net	13,371	12,833
Prepaid expenses	4,006	3,955
Other assets	12,340	9,963
Total Assets	633,989	549,491
Liabilities:	'	'
Mortgage payables	393,221	313,216
Junior subordinated notes	37,400	37,400
Accounts payable and accrued liabilities	8,273	6,511
Deposits payable	1,327	1,258
Deferred income	25,848	25,848
Total Liabilities	466,069	384,233
Commitments and contingencies	'	'
BRT Realty Trust shareholders' equity:	'	'
Preferred shares, $1 par value: Authorized 10,000 shares, none issued	'	'
Shares of beneficial interest, $3 par value: Authorized number of shares, unlimited, 13,535 issued in both periods	40,965	40,606
Additional paid-in capital	165,798	165,763
Accumulated other comprehensive income (loss)	4	-6
Accumulated deficit	-72,897	-67,572
Total BRT Realty Trust shareholders' equity	133,870	138,791
Non-controlling interests	34,050	26,467
Total Equity	167,920	165,258
Total Liabilities and Equity	$633,989	$549,491

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014	Sep. 30, 2013
In Thousands, except Share data, unless otherwise specified
CONSOLIDATED BALANCE SHEETS	'	'
Real estate properties, accumulated depreciation and amortization (in dollars)	$18,427	$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	13,535	13,535

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'	'	'
Rental and other revenue from real estate properties	$14,877	$6,866	$28,684	$12,506
Interest and fees on real estate loans	631	2,966	1,769	4,845
Other income	276	314	547	1,046
Total revenues	15,784	10,146	31,000	18,397
Expenses:	'	'	'	'
Operating expenses relating to real estate properties	8,395	3,417	16,029	6,563
Interest expense	5,022	2,661	9,778	5,607
Advisor's fees, related party	481	443	930	817
Property acquisition costs	292	160	1,528	1,065
General and administrative-including $134 and $198 to related party for the three months ended and $347and $403 for the six months ended	1,726	1,721	3,427	3,557
Depreciation and amortization	3,383	1,618	6,574	2,905
Total expenses	19,299	10,020	38,266	20,514
Total revenues less total expenses	-3,515	126	-7,266	-2,117
Equity in earnings of unconsolidated ventures	4	68	4	129
Gain on sale of available-for-sale securities	'	482	'	482
Net (loss) income	-3,511	676	-7,262	-1,506
Plus: net loss attributable to non- controlling interests	919	334	1,937	1,212
Net (loss) income attributable to common shareholders	($2,592)	$1,010	($5,325)	($294)
Basic and diluted per share amounts attributable to common shareholders:	'	'	'	'
Basic and diluted (loss) earnings per share (in dollars per share)	($0.18)	$0.07	($0.37)	($0.02)
Weighted average number of common shares outstanding:	'	'	'	'
Basic and diluted (in shares)	14,294,022	14,170,229	14,227,734	14,111,153

CONSOLIDATED_STATEMENTS_OF_OPE1

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
CONSOLIDATED STATEMENTS OF OPERATIONS	'	'	'	'
General and administrative, related party	$134	$198	$347	$403

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME	'	'	'	'
Net (loss) income	($3,511)	$676	($7,262)	($1,506)
Other comprehensive (loss) income:	'	'	'	'
Net unrealized loss on available-for-sale securities	'	-392	'	-415
Unrealized (loss) gain on derivative instruments	-17	18	10	29
Other comprehensive (loss) income	-17	-374	10	-386
Comprehensive (loss) income	-3,528	302	-7,252	-1,892
Comprehensive loss attributable to non-controlling interests	926	337	1,937	1,216
Comprehensive (loss) income attributable to common shareholders	($2,602)	$639	($5,315)	($676)

CONSOLIDATED_STATEMENT_OF_EQUI

CONSOLIDATED STATEMENT OF EQUITY (USD $)	Total	Shares of Beneficial Interest	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Non-Controlling Interest
In Thousands, unless otherwise specified
Balances at Sep. 30, 2013	$165,258	$40,606	$165,763	($6)	($67,572)	$26,467
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Restricted stock vesting	'	359	-359	'	'	'
Compensation expense - restricted stock	394	'	394	'	'	'
Contributions from non-controlling interests	11,504	'	'	'	'	11,504
Distributions to non-controlling interests	-1,984	'	'	'	'	-1,984
Net loss	-7,262	'	'	'	-5,325	-1,937
Other comprehensive income	10	'	'	10	'	'
Comprehensive (loss) income	-7,252	'	'	'	'	'
Balances at Mar. 31, 2014	$167,920	$40,965	$165,798	$4	($72,897)	$34,050

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net loss	($7,262)	($1,506)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:	'	'
Recovery of previously provided allowances	'	-422
Amortization and depreciation	7,529	3,727
Amortization of deferred fee income	-297	-791
Amortization of restricted stock	394	330
Gain on sale of available-for-sale securities	'	-482
Equity in earnings of unconsolidated joint ventures	-4	-129
Distribution of earnings of unconsolidated joint ventures	2	90
Increases and decreases from changes in other assets and liabilities:	'	'
Change in straight-line rent	-268	7
Decrease (increase) in interest and dividends receivable	116	-550
(Increase) decrease in prepaid expenses	-483	7
Decrease in prepaid interest	432	1,507
Increase (decrease) in accounts and deposits payable and accrued liabilities	1,831	-113
Increase in deferred costs	'	-430
Increase in security deposits and other receivables	-2,229	-286
Other	5	282
Net cash (used in) provided by operating activities	-234	1,241
Cash flows from investing activities:	'	'
Collections from real estate loans	18,727	8,658
Additions to real estate loans	-5,532	-63,038
Loan loss recoveries	'	422
Additions to real estate properties	-107,320	-64,600
Net costs capitalized to real estate owned	-15,272	-16,559
Net change in restricted cash - construction holdbacks	9,138	14,665
Collection of loan fees	180	1,330
Proceeds from the sale of real estate owned	'	24
Proceeds from the sale of available-for-sale securities	'	991
Net cash used in investing activities	-100,079	-118,107
Cash flows from financing activities:	'	'
Proceeds from mortgage financings	80,535	52,248
Mortgage principal payments	-530	-777
Increase in deferred borrowing costs	-1,493	-718
Capital contributions from non-controlling interests	11,504	5,191
Capital distribution to non-controlling interests	-1,984	-689
Net cash provided by financing activities	88,032	55,255
Net decrease in cash and cash equivalents	-12,281	-61,611
Cash and cash equivalents at beginning of period	60,265	78,245
Cash and cash equivalents at end of period	47,984	16,634
Supplemental disclosure of cash flow information:	'	'
Cash paid during the period for interest	8,646	4,669
Taxes paid	$158	$80

Organization_and_Background

Organization and Background	6 Months Ended
	Mar. 31, 2014
Organization and Background	'
Organization and Background	'
	Note 1 – 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) holds 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.
	All of the properties owned or securing mortgage loans are located in the United States.
	BRT conducts its operations to qualify as a real estate investment trust, or REIT, for federal income tax purposes.

Basis_of_Preparation

Basis of Preparation	6 Months Ended
	Mar. 31, 2014
Basis of Preparation	'
Basis of Preparation	'
	Note 2 - Basis of Preparation
	The accompanying interim unaudited consolidated financial statements as of March 31, 2014, and for the three and six months ended March 31, 2014 and 2013, reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for such interim periods. The results of operations for the three and six months ended March 31, 2014 are not necessarily indicative of the results for the full year.  The balance sheet as of September 30, 2013 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.
	Certain items on the consolidated financial statements for the preceding period have been reclassified to conform with the current period’s presentation, primarily to reclassify the assets and liabilities of a property previously classified as held for sale to real estate assets and liabilities and to reclassify the operations of this property to continuing operations and the reclassification of certain professional fees to property acquisition costs.
	The consolidated financial statements include the accounts and operations of BRT Realty Trust, its wholly owned subsidiaries, and its majority owned or controlled real estate entities and its interests in variable interest entities in which the Trust is determined to be the primary beneficiary. Material intercompany balances and transactions have been eliminated.
	RBH-TRB Newark Holdings LLC, referred to herein as the Newark Joint Venture, was determined to be a variable interest entity (“VIE”) because the total equity investment at risk is not sufficient to permit it to finance its activities without additional subordinated financial support by its equity holders. The Trust was determined to be the primary beneficiary of this joint venture because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE.
	The Trust’s consolidated joint ventures that own multi-family properties, with the exception of its Mountain Park joint venture, were determined to be VIE’s because the voting rights of some equity investors are not proportional to their obligations to absorb the expected losses of the entity and their right to receive the expected residual returns. The Trust was determined to be the primary beneficiary of these joint ventures because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE.
	The joint venture that owns the Mountain Park property was determined not to be a VIE but is consolidated because the Trust has substantive participating rights in the entity giving it a controlling financial interest in the entity.
	With respect to its unconsolidated joint ventures, as (i) the Trust is primarily the managing member but does not exercise substantial operating control over these entities or the Trust is not the managing member and (ii) such entities are not VIE’s, the Trust has determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes.
	The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates.

Equity

Equity	6 Months Ended
	Mar. 31, 2014
Equity	'
Equity	'
	Note 3 - Equity
	Common Share Dividend Distribution
	During the quarter ended March 31, 2014, the Trust did not declare a dividend on its shares.
	Restricted Shares
	The Trust’s 2012 Incentive Plan, approved by its shareholders in March 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 March 31, 2014, 272,025 shares were issued pursuant to this plan of which 50 shares have vested and 271,975 shares are outstanding and have not vested.  An aggregate of 376,300 shares of restricted stock are outstanding 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.  For the three months ended March 31, 2014 and 2013, the Trust recorded $214,000 and $137,000 of compensation expense, respectively, and for the six months ended March 31, 2014 and 2013 recorded $394,000 and $330,000 of compensation expense, respectively.  At March 31, 2014, $2,489,000 has been deferred as unearned compensation and will be charged to expense over the remaining vesting periods.  The weighted average vesting period is 2.87 years.
	Per Share Data
	Basic (loss) earnings per share was determined by dividing net (loss) income applicable to common shareholders for the applicable period by the weighted average number of shares of beneficial interest outstanding during such period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue shares of beneficial interest were exercised or converted into shares of beneficial interest or resulted in the issuance of shares of beneficial interest that share in the earnings of the Trust. Diluted earnings per share was determined by dividing net income (loss) applicable to common shareholders for the applicable period by the total of the weighted average number of shares of beneficial interest outstanding plus the dilutive effect of the Trust’s unvested restricted stock and outstanding options and warrants using the treasury stock method.
	Basic and diluted shares outstanding for the three months ended March 31, 2014 and 2013, were 14,294,022 and 14,170,229, respectively, and for the six months ended March 31, 2014 and 2013, were 14,227,734 and 14,111,153, respectively.

Real_Estate_Properties

Real Estate Properties	6 Months Ended
	Mar. 31, 2014
Real Estate Properties	'
Real Estate Properties	'
	Note 4 - Real Estate Properties
	A summary of real estate properties owned is as follows (dollars in thousands):
		September			Additions (a)			Capitalized			Depreciation,			March 31,
		30, 2013						Costs and			Amortization			2014
		Balance						Improvements			and other			Balance
											changes
	Multi-family	$	299,792		$	107,320		$	5,093		$	(5,710	)	$	406,495
	Commercial / mixed use (b)	92,354			—			10,163			(807		)	101,710
	Vacant land	7,972			—			—			—			7,972
	Retail/Shopping centers	2,645			—			—			(51		)	2,594
	Coop/condo apartments	133			—			6			14			153
	Total real estate properties	$	402,896		$	107,320		$	15,262		$	(6,554	)	$	518,924
	(a)         During the six months ended March 31, 2014, the Trust purchased, through consolidated joint ventures in which the Trust has an 80% equity interest (except for the Columbus, Ohio property which is wholly owned and the Greenville, SC venture in which the Trust has a 74.4% equity interest), the following multi-family properties (dollars in thousands):
	Location	Purchase		No of		Contract			Acquisition			Initial			Property
		Date		Units		Purchase			Mortgage			BRT			Acquisition
						Price			Debt			Equity			Costs
	Houston, TX	10/4/13		798		$	32,800		$	24,100		$	10,525		$	483
	Pasadena, TX	10/15/13		144		5,420			4,065			1,687			134
	Humble, TX	10/15/13		260		10,500			7,875			3,129			189
	Humble, TX	10/15/13		160		6,700			5,025			1,908			138
	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
	Greenville, SC (i)	1/14/14		N/A		7,000			—			6,400			—
	Indianapolis, IN	1/21/14		400		18,800			14,500			5,300			230
	Other			—		—			—			—			55
				2,234		$	107,320		$	75,789		$	36,633		$	1,528
	(i)             The Greenville, SC joint venture is developing a 360 unit multi-family property with ground floor retail of approximately 10,000 square feet.  In connection therewith, the Trust is obligated to fund additional capital contributions of $3,300,000 through May 2014.  See Note 6 — Debt Obligations - Mortgages Payable.
	(b)            Represents the real estate assets of RBH-TRB Newark Holdings LLC, a consolidated VIE which owns operating and development properties in Newark, New Jersey. These properties contain a mix of office, retail space, charter schools and surface parking totaling approximately 690,000 square feet, which includes 190,000 square feet currently under construction. Certain of these assets are subject to mortgages in the aggregate principal balance of $20,100,000 held by the Trust as mortgagee, which are eliminated in consolidation. Several of the assets are also encumbered by third party mortgages aggregating $80,185,000 at March 31, 2014. The Trust contributed $2,473,000 to this venture in the six months ended March 31, 2014, representing its proportionate share of capital required to fund the operations of the venture for the ventures current fiscal year and to obtain options on additional land parcels.  The Trust contributed capital of $1,729,000 to this venture in the year ended September 30, 2013, representing its proportionate share of capital required to fund the operations of the venture for the venture’s 2013 fiscal year and to purchase additional land parcels.
	Subsequent to March 31, 2014, the Trust purchased, through a joint venture in which it has an 80% equity interest, the following multi-family properties (dollars in thousands):
	Location	Purchase		No. of		Contract			Acquisition			Initial			Estimated
		Date		Units		Purchase Price			Mortgage Debt			BRT			Acquisition
												Equity			Costs
	Nashville, TN	4/2/14		300		$	26,750		$	17,300		$	8,420		$	278
	Little Rock, AK	4/2/14		172		6,750			4,101			2,372			97
	Witchita, KS	4/2/14		496		20,750			13,863			6,932			160
				968		$	54,250		$	35,264		$	17,724		$	535
	The contract to sell a multi-family property located in Lawrenceville, GA was terminated in March 2014 due to the buyer’s inability to assume the mortgage debt on a timely basis.  The property is no longer being marketed for sale.

Real_Estate_Loans

Real Estate Loans	6 Months Ended
	Mar. 31, 2014
Real Estate Loans	'
Real Estate Loans	'
	Note 5 - Real Estate Loans
	Information relating to all five of the Trust’s real estate loans, all of which are earning interest, is summarized as follows (dollars in thousands):
		March 31, 2014					September 30, 2013
	Property Type	Real Estate			Percent		Real Estate			Percent
		Loans					Loans
	Multi-family residential	$	9,161		53	%	$	16,772		55	%
	Retail	6,476			37	%	3,100			10	%
	Hotel	1,680			10	%	1,680			6	%
	Land	—			—		8,000			26	%
	Single family	—			—		961			3	%
		17,317			100	%	30,513			100	%
	Deferred fee income	(95		)			(213		)
	Real estate loans, net	$	17,222				$	30,300
	The Trust’s loan portfolio consists of senior mortgage loans secured by real properties, 56% of which are located in New York, 26% in Maryland, 10% in Tennessee, and 8% in Florida.

Debt_Obligations

Debt Obligations	6 Months Ended
	Mar. 31, 2014
Debt Obligations	'
Debt Obligations	'
	Note 6 — Debt Obligations
	Debt obligations consist of the following (dollars in thousands):
		March 31, 2014			September 30, 2013
	Junior subordinated notes	$	37,400		$	37,400
	Mortgages payable	393,221			313,216
	Total debt obligations	$	430,621		$	350,616
	Junior Subordinated Notes
	At March 31, 2014 and September 30, 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
	August 1, 2012 through April 29, 2016	4.9	%
	April 30, 2016 through April 30, 2036	Libor + 2.00	%
	Interest expense relating to the junior subordinated notes was $458,000, in each of the three months ended March 31, 2014 and 2013 and $916,000 for each of the six months ended March 31, 2014 and 2013, respectively.  Amortization of the deferred costs, which is a component of interest expense, was $5,000 for each of the three months ended March 31, 2014 and 2013 and was $10,000 for each of the six months ended March 31, 2014 and 2013, respectively.
	Mortgages Payable
	During the six months ended March 31, 2014, the Trust purchased the following properties and incurred the following debt (dollars in thousands):
	Location	Purchase		Acquisition			Interest		Interest Only	Maturity Date
		Date		Mortgage			Rate		Period
				Debt
	Houston, TX	10/4/13		$	24,100		4.85	%	12 months	October 2018
	Pasadena, TX	10/15/13		4,065			4.9	%	12 months	November 2018
	Humble, TX	10/15/13		7,875			4.9	%	12 months	November 2018
	Humble, TX	10/15/13		5,025			4.9	%	12 months	November 2018
	Huntsville, AL	10/18/13		9,573			4.99	%	24 months	November 2023
	Columbus, OH	11/21/13		10,651			4.35	%	—	February 2045
	Indianapolis, IN	1/21/14		14,500			4.77	%	36 months	February 2024
				$	75,789
	The joint venture that acquired the Greenville, SC development property has also obtained access to construction financing of up to $38,600,000.  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, bears an annual interest rate of one month LIBOR + 1.95%, is interest only until July 2017 and matures in January 2019.  At March 31, 2014 and May 5, 2014, no borrowings were outstanding on this loan.  This loan, which is subject to customary carve-outs, is non-recourse to the Trust and the Trust’s subsidiary owning the interest in the joint venture.
	In the quarter ended March 31, 2014, the Trust also obtained supplemental financing on two multi-family properties on the following terms (dollars in thousands):
	Location	Amount			Interest Rate		Maturity Date
	Lawrenceville, GA	$	1,613		5.46	%	March 2022
	Decatur, GA	2,489			5.74	%	December 2022
		$	4,102

Deferred_Income_New_Markets_Ta

Deferred Income (New Markets Tax Credit Transaction)	6 Months Ended
	Mar. 31, 2014
Deferred Income (New Markets Tax Credit Transaction)	'
Deferred Income (New Markets Tax Credit Transaction)	'
	Note 7 — Deferred Income (New Markets Tax Credit Transaction)
	On September 11, 2012 and February 3, 2012, special purpose subsidiaries of the Newark Joint Venture entered into transactions with affiliates of Goldman Sachs (“Goldman”) related to the Teacher’s Village project and received proceeds related to New Market Tax Credits (“NMTC”) program for which the project qualified. The NMTC program was enacted by Congress to serve low-income and distressed communities by providing investors with tax credit incentives to make capital investments in those communities. The program permits taxpayers to claim credits against their Federal income tax for up to 39% of qualified investments.
	Goldman contributed $16,400,000 and $11,200,000 to the projects through special-purpose entities created to effect the financing transaction and is entitled to receive tax credits against its qualified investment in the project over the next seven years. At the end of the seven years, the Newark Joint Venture subsidiaries have the option to acquire the special purpose entities for a nominal fee.
	Deferred income on the Trust’s consolidated balance sheets at March 31, 2014 and September 30, 2013 represents the Goldman contribution, which is net of fees. This amount will be recognized into income when the obligation to comply with the requirements of the NMTC program as set forth in the applicable provisions of the Internal Revenue Code of 1986, as amended (the “Code”), is eliminated. Risks of non-compliance include recapture (i.e. reversal of the benefit of the tax credit and the related indemnity obligation of the Newark Joint Venture). The tax credits are subject to recapture for a seven year period as provided in the Code.
	Costs incurred in structuring these transactions are deferred and will be recognized as interest expense based on the maturities of the various mortgage financings related to the NMTC transaction.  At March 31, 2014 and September 30, 2013 these costs totaled $9.1 million and $9.6 million, respectively, and are included in deferred costs on the consolidated balance sheets.
	The Trust determined that these special purpose entities are VIEs. The VIEs 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 VIEs.
	Management considered the obligation to deliver tax benefits and provide guarantees to Goldman and the Trust’s obligations to absorb the losses of the VIE. Management also considered Goldman’s lack of a material interest in the underlying economics of the project. Management concluded that the Trust is the primary beneficiary and has therefore consolidated the VIEs.

Segment_Reporting

Segment Reporting	6 Months Ended
	Mar. 31, 2014
Segment Reporting	'
Segment Reporting	'
	Note 8 - Segment Reporting
	Management has determined that the Trust operates in three reportable segments: a multi-family property segment which includes the ownership, operation and development of multi-family properties; an other real estate segment which includes the ownership, operation and development of the Trust’s other real estate assets and, in particular, the Newark Joint Venture; and a loan and investment segment which includes the origination and servicing of the Trust’s loan portfolio and its investments.
	The following table summarizes the Trust’s segment reporting for the period indicated (dollars in thousands):
		Three Months Ended March 31, 2014
		Multi-			Other			Loan and		Total
		Family			Real Estate			Investment
		Real Estate
	Revenues:
	Rental and other revenues from real estate properties	$	13,718		$	1,159		—		$	14,877
	Interest and fees on real estate loans	—			—			$	631	631
	Other income	—			270			6		276
	Total revenues	13,718			1,429			637		15,784
	Expenses:
	Operating expenses relating to real estate properties	7,336			1,059			—		8,395
	Interest expense	3,759			1,190			73		5,022
	Advisor’s fee, related party	326			88			67		481
	Property acquisition costs	292			—			—		292
	General and administrative	1,481			115			130		1,726
	Depreciation and amortization	2,941			442			—		3,383
	Total expenses	16,135			2,894			270		19,299
	Total revenues less total expenses	(2,417		)	(1,465		)	367		(3,515		)
	Equity in earnings of unconsolidated joint ventures	—			4			—		4
	Net (loss) income	(2,417		)	(1,461		)	367		(3,511		)
	Plus: net loss attributable to non- controlling interests	81			838			—		919
	Net (loss) income attributable to common shareholders	$	(2,336	)	$	(623	)	$	367	$	(2,592	)
	Segment assets at March 31, 2014	$	397,718		$	176,634		$	59,637	$	633,989
	The following table summarizes the Trust’s segment reporting for the period indicated (dollars in thousands):
		Six Months Ended March 31, 2014
		Multi-			Other			Loan and		Total
		Family			Real Estate			Investment
		Real Estate
	Revenues:
	Rental and other revenues from real estate properties	$	26,325		$	2,359		—		$	28,684
	Interest and fees on real estate loans	—			—			$	1,769	1,769
	Other income	—			535			12		547
	Total revenues	26,325			2,894			1,781		31,000
	Expenses:
	Operating expenses relating to real estate properties	13,896			2,133			—		16,029
	Interest expense	7,244			2,389			145		9,778
	Advisor’s fee, related party	619			157			154		930
	Property acquisition costs	1,528			—			—		1,528
	General and administrative	2,942			228			257		3,427
	Depreciation and amortization	5,706			868			—		6,574
	Total expenses	31,935			5,775			556		38,266
	Total revenues less total expenses	(5,610		)	(2,881		)	1,225		(7,266		)
	Equity in earnings of unconsolidated joint ventures	—			4			—		4
	Net (loss) income	(5,610		)	(2,877		)	1,225		(7,262		)
	Plus: net loss attributable to non- controlling interests	268			1,669			—		1,937
	Net (loss) income attributable to common shareholders	$	(5,342	)	$	(1,208	)	$	1,225	$	(5,325	)
	Segment assets at March 31, 2014	$	397,718		$	176,634		$	59,637	$	633,989
	The following table summarizes the Trust’s segment reporting for the period indicated (dollars in thousands):
		Three Months Ended March 31, 2013
		Multi-Family			Other			Loan and		Total
		Real Estate			Real Estate			Investment
	Revenues:
	Rental and other revenues from real estate properties	$	6,122		$	744		—		$	6,866
	Interest and fees on real estate loans	—			—			$	2,966	2,966
	Other income	—			283			31		344
	Total revenues	6,122			1,027			2,997		10,146
	Expenses:
	Operating expenses related to real estate properties	2,992			425			—		3,417
	Interest expense	1,824			711			126		2,661
	Advisor’s fees, related party	166			37			240		443
Property acquisition costs	160			—			—		160
General and administrative	1,308			86			327		1,721
Depreciation and amortization	1,435			183			—		1,618
Total expenses	7,885			1,442			693		10,020
Total revenues less total expenses	(1,763		)	(415		)	2,304		126
Equity in earnings of unconsolidated ventures	—			68			—		68
Gain on sale of available-for-sale securities	—			—			482		482
Net (loss) income	(1,763		)	(347		)	2,786		676
Plus net (income) loss attributable to non-controlling interests	(21		)	355			—		334
Net (loss) income attributable to common shareholders	$	(1,784	)	$	8		$	2,786	$	1,010
Segment assets at March 31, 2013	$	188,301		$	151,474		$	100,450	$	440,225
The following table summarizes the Trust’s segment reporting for the period indicated (dollars in thousands):
	Six Months Ended March 31, 2013
	Multi-Family			Other			Loan and		Total
	Real Estate			Real Estate			Investment
Revenues:
Rental and other revenues from real estate properties	$	11,072		$	1,434		—		$	12,506
Interest and fees on real estate loans	—			—			$	4,845	4,845
Other income	—			573			473		1,046
Total revenues	11,072			2,007			5,318		18,397
Expenses:
Operating expenses related to real estate properties	5,292			1,271			—		6,563
Interest expense	3,565			1,791			251		5,607
Advisor’s fees, related party	300			91			426		817
Property acquisition costs	1,065			—			—		1,065
General and administrative	2,703			178			676		3,557
Depreciation and amortization	2,539			366			—		2,905
Total expenses	15,464			3,697			1,353		20,514
Total revenues less total expenses	(4,392		)	(1,690		)	3,965		(2,117		)
Equity in earnings of unconsolidated ventures	—			129			—		129
Gain on sale of available-for-sale securities	—			—			482		482
Net (loss) income	(4,392		)	(1,561		)	4,447		(1,506		)
Plus net loss attributable to non-controlling interests	90			1,122			—		1,212
Net (loss) income attributable to common shareholders	$	(4,302	)	$	(439	)	$	4,447	$	(294	)
Segment assets at March 31, 2013	$	188,301		$	151,474		$	100,450	$	440,225

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	6 Months Ended
	Mar. 31, 2014
Fair Value of Financial Instruments	'
Fair Value of Financial Instruments	'
	Note 9 — 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 recorded at fair value on the consolidated balance sheets:
	Cash and cash equivalents, restricted cash, accounts receivable (included in other assets), accounts payable and accrued liabilities:  The carrying amounts reported in the consolidated balance sheets for these instruments approximate their fair value due to the short term nature of these accounts.
	Real estate loans:  The earning mortgage loans of the Trust which have variable rate provisions, based upon a margin over prime rate, have an estimated fair value which is equal to their carrying value assuming market interest rates between 11% and 13%.  The earning mortgage loan of the Trust which has a fixed rate provision has an estimated fair value of $12,000 greater than its carrying value assuming a market rate of interest of 11% which we believe reflects current institutional lender yield requirements.
	Junior subordinated notes: At March 31, 2014, the estimated fair value of the Trust’s junior subordinated notes is lower than their carrying value by approximately $22.3 million based on a market interest rate of 6.84%.
	Mortgage payables:  At March 31, 2014, the estimated fair value of the Trust’s mortgage payables is lower than their carrying value by approximately $12.0 million assuming market interest rates between 2.31% and 9.58%.  Market interest rates were determined using rates which the Trust believes reflects current institutional lender yields requirements.
	Considerable judgment is necessary to interpret market data and develop estimated fair value.  The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value assumptions.
	Financial Instruments 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 market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions.  Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs.  The 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 measured at fair value as of March 31, 2014 (dollars in thousands):
		Carrying and		Fair Value Measurements
				Using Fair Value Hierarchy
		Fair Value		Level 1	Level 2
	Financial Assets:
	Interest rate swap	$	4	—	$	4
	Derivative financial instruments:  Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities.  At March 31, 2014, this derivative is included in other assets 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 March 31, 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.

Derivative_Financial_Instrumen

Derivative Financial Instruments	6 Months Ended
	Mar. 31, 2014
Derivative Financial Instruments	'
Derivative Financial Instruments	'
	Note 10 — 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.
	As of March 31, 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
	Interest rate swap	$	1,839		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 of $26 and $1,100 for the three months ended March 31, 2014 and March 31, 2013, respectively and $550 and $5,700 for the six months ended March 31, 2014 and 2013, respectively. As of March 31, 2014, the Trust had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands):
		Notional
	Interest Rate Derivative	Amount			Rate		Maturity
	Interest Rate Caps	$	24,700		1	%	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 (dollars in thousands):
	Derivatives as of:
	March 31, 2014				September 30, 2013
	Balance Sheet Location	Fair Value			Balance Sheet Location		Fair Value
	Other assets	$	4		Other assets		$	1
	Accounts payable and accrued liabilities	$	—		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 (loss) income for the periods indicated (dollars in thousands):
		Three Months Ended						Six Months Ended
		March 31,						March 31,
		2014			2013			2014		2013
	Amount of gain (loss) recognized on derivative in Other Comprehensive (loss) income	$	(25	)	$	9		(7	)	$	11
	Amount of loss reclassified from Accumulated Other Comprehensive (loss) income into Interest Expense	(8		)	(9		)	(17	)	(18		)
	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 three and six months ended March 31, 2014 and March 31, 2013.  During the twelve months ending March 31, 2015, the Trust estimates an additional $34,000 will be reclassified from other comprehensive income (loss) as an increase to interest expense.
	Credit-risk-related Contingent Features
	The Trust has an agreement with one of its derivative counterparties that contains a provision whereby 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 obligations.  As of March 31, 2014, the Company had no derivatives in a liability position.

New_Accounting_Pronouncement

New Accounting Pronouncement	6 Months Ended
	Mar. 31, 2014
New Accounting Pronouncement	'
New Accounting Pronouncement	'
	Note 11 — New Accounting Pronouncement
	In April 2014, the Financial Accounting Standards Board 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 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.

Subsequent_Events

Subsequent Events	6 Months Ended
	Mar. 31, 2014
Subsequent Events	'
Subsequent Events	'
	Note 12 - Subsequent Events
	Subsequent events have been evaluated and any significant events, relative to our consolidated financial statements as of March 31, 2014 that warrant additional disclosure, have been included in the notes to the consolidated financial statements

Basis_of_Preparation_Policies

Basis of Preparation (Policies)	6 Months Ended
	Mar. 31, 2014
Basis of Preparation	'
Basis of Preparation	'
	The accompanying interim unaudited consolidated financial statements as of March 31, 2014, and for the three and six months ended March 31, 2014 and 2013, reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for such interim periods. The results of operations for the three and six months ended March 31, 2014 are not necessarily indicative of the results for the full year.  The balance sheet as of September 30, 2013 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.
Reclassification Items	'
	Certain items on the consolidated financial statements for the preceding period have been reclassified to conform with the current period’s presentation, primarily to reclassify the assets and liabilities of a property previously classified as held for sale to real estate assets and liabilities and to reclassify the operations of this property to continuing operations and the reclassification of certain professional fees to property acquisition costs.
Consolidated Financial Statements and Variable Interest Entities	'
	The consolidated financial statements include the accounts and operations of BRT Realty Trust, its wholly owned subsidiaries, and its majority owned or controlled real estate entities and its interests in variable interest entities in which the Trust is determined to be the primary beneficiary. Material intercompany balances and transactions have been eliminated.
	RBH-TRB Newark Holdings LLC, referred to herein as the Newark Joint Venture, was determined to be a variable interest entity (“VIE”) because the total equity investment at risk is not sufficient to permit it to finance its activities without additional subordinated financial support by its equity holders. The Trust was determined to be the primary beneficiary of this joint venture because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE.
	The Trust’s consolidated joint ventures that own multi-family properties, with the exception of its Mountain Park joint venture, were determined to be VIE’s because the voting rights of some equity investors are not proportional to their obligations to absorb the expected losses of the entity and their right to receive the expected residual returns. The Trust was determined to be the primary beneficiary of these joint ventures because it has a controlling interest in that it has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE.
	The joint venture that owns the Mountain Park property was determined not to be a VIE but is consolidated because the Trust has substantive participating rights in the entity giving it a controlling financial interest in the entity.
	With respect to its unconsolidated joint ventures, as (i) the Trust is primarily the managing member but does not exercise substantial operating control over these entities or the Trust is not the managing member and (ii) such entities are not VIE’s, the Trust has determined that such joint ventures should be accounted for under the equity method of accounting for financial statement purposes.
Estimates	'
	The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates.

Real_Estate_Properties_Tables

Real Estate Properties (Tables)	6 Months Ended
	Mar. 31, 2014
Real Estate Properties	'
Summary of real estate properties owned	'
	A summary of real estate properties owned is as follows (dollars in thousands):
		September			Additions (a)			Capitalized			Depreciation,			March 31,
		30, 2013						Costs and			Amortization			2014
		Balance						Improvements			and other			Balance
											changes
	Multi-family	$	299,792		$	107,320		$	5,093		$	(5,710	)	$	406,495
	Commercial / mixed use (b)	92,354			—			10,163			(807		)	101,710
	Vacant land	7,972			—			—			—			7,972
	Retail/Shopping centers	2,645			—			—			(51		)	2,594
	Coop/condo apartments	133			—			6			14			153
	Total real estate properties	$	402,896		$	107,320		$	15,262		$	(6,554	)	$	518,924
	(a)         During the six months ended March 31, 2014, the Trust purchased, through consolidated joint ventures in which the Trust has an 80% equity interest (except for the Columbus, Ohio property which is wholly owned and the Greenville, SC venture in which the Trust has a 74.4% equity interest), the following multi-family properties (dollars in thousands):
	Location	Purchase		No of		Contract			Acquisition			Initial			Property
		Date		Units		Purchase			Mortgage			BRT			Acquisition
						Price			Debt			Equity			Costs
	Houston, TX	10/4/13		798		$	32,800		$	24,100		$	10,525		$	483
	Pasadena, TX	10/15/13		144		5,420			4,065			1,687			134
	Humble, TX	10/15/13		260		10,500			7,875			3,129			189
	Humble, TX	10/15/13		160		6,700			5,025			1,908			138
	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
	Greenville, SC (i)	1/14/14		N/A		7,000			—			6,400			—
	Indianapolis, IN	1/21/14		400		18,800			14,500			5,300			230
	Other			—		—			—			—			55
				2,234		$	107,320		$	75,789		$	36,633		$	1,528
	(i)             The Greenville, SC joint venture is developing a 360 unit multi-family property with ground floor retail of approximately 10,000 square feet.  In connection therewith, the Trust is obligated to fund additional capital contributions of $3,300,000 through May 2014.  See Note 6 — Debt Obligations - Mortgages Payable.
	(b)            Represents the real estate assets of RBH-TRB Newark Holdings LLC, a consolidated VIE which owns operating and development properties in Newark, New Jersey. These properties contain a mix of office, retail space, charter schools and surface parking totaling approximately 690,000 square feet, which includes 190,000 square feet currently under construction. Certain of these assets are subject to mortgages in the aggregate principal balance of $20,100,000 held by the Trust as mortgagee, which are eliminated in consolidation. Several of the assets are also encumbered by third party mortgages aggregating $80,185,000 at March 31, 2014. The Trust contributed $2,473,000 to this venture in the six months ended March 31, 2014, representing its proportionate share of capital required to fund the operations of the venture for the ventures current fiscal year and to obtain options on additional land parcels.  The Trust contributed capital of $1,729,000 to this venture in the year ended September 30, 2013, representing its proportionate share of capital required to fund the operations of the venture for the venture’s 2013 fiscal year and to purchase additional land parcels.
Schedule of multi-family properties purchased through joint ventures	'
	During the six months ended March 31, 2014, the Trust purchased, through consolidated joint ventures in which the Trust has an 80% equity interest (except for the Columbus, Ohio property which is wholly owned and the Greenville, SC venture in which the Trust has a 74.4% equity interest), the following multi-family properties (dollars in thousands):
	Location	Purchase		No of		Contract			Acquisition			Initial			Property
		Date		Units		Purchase			Mortgage			BRT			Acquisition
						Price			Debt			Equity			Costs
	Houston, TX	10/4/13		798		$	32,800		$	24,100		$	10,525		$	483
	Pasadena, TX	10/15/13		144		5,420			4,065			1,687			134
	Humble, TX	10/15/13		260		10,500			7,875			3,129			189
	Humble, TX	10/15/13		160		6,700			5,025			1,908			138
	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
	Greenville, SC (i)	1/14/14		N/A		7,000			—			6,400			—
	Indianapolis, IN	1/21/14		400		18,800			14,500			5,300			230
	Other			—		—			—			—			55
				2,234		$	107,320		$	75,789		$	36,633		$	1,528
	(i)             The Greenville, SC joint venture is developing a 360 unit multi-family property with ground floor retail of approximately 10,000 square feet.  In connection therewith, the Trust is obligated to fund additional capital contributions of $3,300,000 through May 2014.  See Note 6 — Debt Obligations - Mortgages Payable.
Schedule of multi-family properties purchased through a joint venture subsequent to end of period	'
	Subsequent to March 31, 2014, the Trust purchased, through a joint venture in which it has an 80% equity interest, the following multi-family properties (dollars in thousands):
	Location	Purchase		No. of		Contract			Acquisition			Initial			Estimated
		Date		Units		Purchase Price			Mortgage Debt			BRT			Acquisition
												Equity			Costs
	Nashville, TN	4/2/14		300		$	26,750		$	17,300		$	8,420		$	278
	Little Rock, AK	4/2/14		172		6,750			4,101			2,372			97
	Witchita, KS	4/2/14		496		20,750			13,863			6,932			160
				968		$	54,250		$	35,264		$	17,724		$	535

Real_Estate_Loans_Tables

Real Estate Loans (Tables)	6 Months Ended
	Mar. 31, 2014
Real Estate Loans	'
Summary information relating to real estate loans	'
	Information relating to all five of the Trust’s real estate loans, all of which are earning interest, is summarized as follows (dollars in thousands):
		March 31, 2014					September 30, 2013
	Property Type	Real Estate			Percent		Real Estate			Percent
		Loans					Loans
	Multi-family residential	$	9,161		53	%	$	16,772		55	%
	Retail	6,476			37	%	3,100			10	%
	Hotel	1,680			10	%	1,680			6	%
	Land	—			—		8,000			26	%
	Single family	—			—		961			3	%
		17,317			100	%	30,513			100	%
	Deferred fee income	(95		)			(213		)
	Real estate loans, net	$	17,222				$	30,300

Debt_Obligations_Tables

Debt Obligations (Tables)	6 Months Ended
	Mar. 31, 2014
Debt Obligations	'
Schedule of debt obligations	'
	Debt obligations consist of the following (dollars in thousands):
		March 31, 2014			September 30, 2013
	Junior subordinated notes	$	37,400		$	37,400
	Mortgages payable	393,221			313,216
	Total debt obligations	$	430,621		$	350,616
Junior subordinated notes	'
Debt obligations	'
Schedule of debt information	'
	Interest Period	Interest Rate
	August 1, 2012 through April 29, 2016	4.9	%
	April 30, 2016 through April 30, 2036	Libor + 2.00	%
Mortgages payable	'
Debt obligations	'
Schedule of debt information	'
	During the six months ended March 31, 2014, the Trust purchased the following properties and incurred the following debt (dollars in thousands):
	Location	Purchase		Acquisition			Interest		Interest Only	Maturity Date
		Date		Mortgage			Rate		Period
				Debt
	Houston, TX	10/4/13		$	24,100		4.85	%	12 months	October 2018
	Pasadena, TX	10/15/13		4,065			4.9	%	12 months	November 2018
	Humble, TX	10/15/13		7,875			4.9	%	12 months	November 2018
	Humble, TX	10/15/13		5,025			4.9	%	12 months	November 2018
	Huntsville, AL	10/18/13		9,573			4.99	%	24 months	November 2023
	Columbus, OH	11/21/13		10,651			4.35	%	—	February 2045
	Indianapolis, IN	1/21/14		14,500			4.77	%	36 months	February 2024
				$	75,789
Supplemental financing	'
Debt obligations	'
Schedule of debt information	'
	In the quarter ended March 31, 2014, the Trust also obtained supplemental financing on two multi-family properties on the following terms (dollars in thousands):
	Location	Amount			Interest Rate		Maturity Date
	Lawrenceville, GA	$	1,613		5.46	%	March 2022
	Decatur, GA	2,489			5.74	%	December 2022
		$	4,102

Segment_Reporting_Tables

Segment Reporting (Tables)	6 Months Ended
	Mar. 31, 2014
Segment Reporting	'
Summary of segment reporting	'
	The following table summarizes the Trust’s segment reporting for the period indicated (dollars in thousands):
		Three Months Ended March 31, 2014
		Multi-			Other			Loan and		Total
		Family			Real Estate			Investment
		Real Estate
	Revenues:
	Rental and other revenues from real estate properties	$	13,718		$	1,159		—		$	14,877
	Interest and fees on real estate loans	—			—			$	631	631
	Other income	—			270			6		276
	Total revenues	13,718			1,429			637		15,784
	Expenses:
	Operating expenses relating to real estate properties	7,336			1,059			—		8,395
	Interest expense	3,759			1,190			73		5,022
	Advisor’s fee, related party	326			88			67		481
	Property acquisition costs	292			—			—		292
	General and administrative	1,481			115			130		1,726
	Depreciation and amortization	2,941			442			—		3,383
	Total expenses	16,135			2,894			270		19,299
	Total revenues less total expenses	(2,417		)	(1,465		)	367		(3,515		)
	Equity in earnings of unconsolidated joint ventures	—			4			—		4
	Net (loss) income	(2,417		)	(1,461		)	367		(3,511		)
	Plus: net loss attributable to non- controlling interests	81			838			—		919
	Net (loss) income attributable to common shareholders	$	(2,336	)	$	(623	)	$	367	$	(2,592	)
	Segment assets at March 31, 2014	$	397,718		$	176,634		$	59,637	$	633,989
	The following table summarizes the Trust’s segment reporting for the period indicated (dollars in thousands):
		Six Months Ended March 31, 2014
		Multi-			Other			Loan and		Total
		Family			Real Estate			Investment
		Real Estate
	Revenues:
	Rental and other revenues from real estate properties	$	26,325		$	2,359		—		$	28,684
	Interest and fees on real estate loans	—			—			$	1,769	1,769
	Other income	—			535			12		547
	Total revenues	26,325			2,894			1,781		31,000
	Expenses:
	Operating expenses relating to real estate properties	13,896			2,133			—		16,029
	Interest expense	7,244			2,389			145		9,778
	Advisor’s fee, related party	619			157			154		930
	Property acquisition costs	1,528			—			—		1,528
	General and administrative	2,942			228			257		3,427
	Depreciation and amortization	5,706			868			—		6,574
	Total expenses	31,935			5,775			556		38,266
	Total revenues less total expenses	(5,610		)	(2,881		)	1,225		(7,266		)
	Equity in earnings of unconsolidated joint ventures	—			4			—		4
	Net (loss) income	(5,610		)	(2,877		)	1,225		(7,262		)
	Plus: net loss attributable to non- controlling interests	268			1,669			—		1,937
	Net (loss) income attributable to common shareholders	$	(5,342	)	$	(1,208	)	$	1,225	$	(5,325	)
	Segment assets at March 31, 2014	$	397,718		$	176,634		$	59,637	$	633,989
	The following table summarizes the Trust’s segment reporting for the period indicated (dollars in thousands):
		Three Months Ended March 31, 2013
		Multi-Family			Other			Loan and		Total
		Real Estate			Real Estate			Investment
	Revenues:
	Rental and other revenues from real estate properties	$	6,122		$	744		—		$	6,866
	Interest and fees on real estate loans	—			—			$	2,966	2,966
	Other income	—			283			31		344
	Total revenues	6,122			1,027			2,997		10,146
	Expenses:
	Operating expenses related to real estate properties	2,992			425			—		3,417
	Interest expense	1,824			711			126		2,661
	Advisor’s fees, related party	166			37			240		443
	Property acquisition costs	160			—			—		160
	General and administrative	1,308			86			327		1,721
Depreciation and amortization	1,435			183			—		1,618
Total expenses	7,885			1,442			693		10,020
Total revenues less total expenses	(1,763		)	(415		)	2,304		126
Equity in earnings of unconsolidated ventures	—			68			—		68
Gain on sale of available-for-sale securities	—			—			482		482
Net (loss) income	(1,763		)	(347		)	2,786		676
Plus net (income) loss attributable to non-controlling interests	(21		)	355			—		334
Net (loss) income attributable to common shareholders	$	(1,784	)	$	8		$	2,786	$	1,010
Segment assets at March 31, 2013	$	188,301		$	151,474		$	100,450	$	440,225
The following table summarizes the Trust’s segment reporting for the period indicated (dollars in thousands):
	Six Months Ended March 31, 2013
	Multi-Family			Other			Loan and		Total
	Real Estate			Real Estate			Investment
Revenues:
Rental and other revenues from real estate properties	$	11,072		$	1,434		—		$	12,506
Interest and fees on real estate loans	—			—			$	4,845	4,845
Other income	—			573			473		1,046
Total revenues	11,072			2,007			5,318		18,397
Expenses:
Operating expenses related to real estate properties	5,292			1,271			—		6,563
Interest expense	3,565			1,791			251		5,607
Advisor’s fees, related party	300			91			426		817
Property acquisition costs	1,065			—			—		1,065
General and administrative	2,703			178			676		3,557
Depreciation and amortization	2,539			366			—		2,905
Total expenses	15,464			3,697			1,353		20,514
Total revenues less total expenses	(4,392		)	(1,690		)	3,965		(2,117		)
Equity in earnings of unconsolidated ventures	—			129			—		129
Gain on sale of available-for-sale securities	—			—			482		482
Net (loss) income	(4,392		)	(1,561		)	4,447		(1,506		)
Plus net loss attributable to non-controlling interests	90			1,122			—		1,212
Net (loss) income attributable to common shareholders	$	(4,302	)	$	(439	)	$	4,447	$	(294	)
Segment assets at March 31, 2013	$	188,301		$	151,474		$	100,450	$	440,225

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Mar. 31, 2014
Fair Value of Financial Instruments	'
Schedule of financial assets measured at fair value	'
	Set forth below is information regarding the Trust’s financial assets measured at fair value as of March 31, 2014 (dollars in thousands):
		Carrying and		Fair Value Measurements
				Using Fair Value Hierarchy
		Fair Value		Level 1	Level 2
	Financial Assets:
	Interest rate swap	$	4	—	$	4

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	6 Months Ended
	Mar. 31, 2014
Interest Rate Derivatives	'
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 (dollars in thousands):
	Derivatives as of:
	March 31, 2014				September 30, 2013
	Balance Sheet Location	Fair Value			Balance Sheet Location		Fair Value
	Other assets	$	4		Other assets		$	1
	Accounts payable and accrued liabilities	$	—		Accounts payable and accrued liabilities		$	6
Schedule of effect of derivative financial instrument on consolidated statements of comprehensive (loss) income	'
	The following table presents the effect of the Trust’s derivative financial instrument on the consolidated statements of comprehensive (loss) income for the periods indicated (dollars in thousands):
		Three Months Ended						Six Months Ended
		March 31,						March 31,
		2014			2013			2014		2013
	Amount of gain (loss) recognized on derivative in Other Comprehensive (loss) income	$	(25	)	$	9		(7	)	$	11
	Amount of loss reclassified from Accumulated Other Comprehensive (loss) income into Interest Expense	(8		)	(9		)	(17	)	(18		)
Derivative designated as a cash flow hedge	'
Interest Rate Derivatives	'
Schedule of outstanding interest rate derivatives	'
	As of March 31, 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
	Interest rate swap	$	1,839		5.25	%	April 1, 2022
Derivatives not designated as hedges	'
Interest Rate Derivatives	'
Schedule of outstanding interest rate derivatives	'
	As of March 31, 2014, the Trust had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands):
		Notional
	Interest Rate Derivative	Amount			Rate		Maturity
	Interest Rate Caps	$	24,700		1	%	October 1, 2014

Organization_and_Background_De

Organization and Background (Details) (Joint ventures, Purchase of properties, Multi-family residential)	6 Months Ended
	Mar. 31, 2014
Minimum	'
Organization, background and significant accounting policies	'
Equity contribution in each transaction (as a percent)	50.00%
Maximum	'
Organization, background and significant accounting policies	'
Equity contribution in each transaction (as a percent)	90.00%

Equity_Details

Equity (Details) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

6 Months Ended

15 Months Ended

6 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Restricted Shares

Restricted Shares

Restricted Shares

Restricted Shares

2012 Incentive Plan

2012 Incentive Plan

2012 Incentive Plan

Prior Plans

Prior Plans

Restricted Shares

Restricted Shares

Restricted Shares

Equity incentive plans

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares authorized for issuance

'

'

'

'

'

'

'

'

600,000

'

'

'

'

Restricted Shares

'

'

'

'

'

'

'

'

'

'

'

'

'

Issued (in shares)

'

'

'

'

'

'

'

'

'

'

272,025

'

'

Shares vested

'

'

'

'

'

'

'

'

'

'

50

'

'

Shares outstanding

'

'

'

'

'

'

'

'

'

271,975

271,975

'

376,300

Number of additional awards available for grant

'

'

'

'

'

'

'

'

'

'

'

0

'

Vesting period for shares issued

'

'

'

'

'

'

'

'

'

'5 years

'

'

'5 years

Compensation expense

'

'

'

'

$214,000

$137,000

$394,000

$330,000

'

'

'

'

'

Unearned compensation

'

'

'

'

$2,489,000

'

$2,489,000

'

'

'

'

'

'

Remaining weighted average vesting period

'

'

'

'

'

'

'2 years 10 months 13 days

'

'

'

'

'

'

Per Share Data

'

'

'

'

'

'

'

'

'

'

'

'

'

Basic and diluted shares outstanding

14,294,022

14,170,229

14,227,734

14,111,153

'

'

'

'

'

'

'

'

'

Real_Estate_Properties_Details

Real Estate Properties (Details) (USD $)	6 Months Ended					6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Sep. 30, 2013	Mar. 31, 2014	Mar. 31, 2014
		Multi-family	Commercial/mixed use properties	Vacant land	Vacant land	Retail/Shopping centers	Coop/condo apartments
			Primary beneficiary
			RBH-TRB Newark Holdings LLC
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	107,320	107,320	'	'	'	'	'
Capitalized Costs and Improvements	15,262	5,093	10,163	'	'	'	6
Depreciation, Amortization and other changes	-6,554	-5,710	-807	'	'	-51	14
Balance at the end of the period	$518,924	$406,495	$101,710	$7,972	$7,972	$2,594	$153

Real_Estate_Properties_Details1

Real Estate Properties (Details 2) (USD $)

3 Months Ended

6 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

12 Months Ended

0 Months Ended

6 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Sep. 30, 2013

Mar. 31, 2014

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. 18, 2013

Oct. 18, 2013

Jan. 21, 2014

Jan. 21, 2014

Mar. 31, 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

Jan. 14, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Apr. 02, 2014

Apr. 02, 2014

Apr. 02, 2014

Mar. 31, 2014

Sep. 30, 2013

Mar. 31, 2014

Nov. 21, 2013

Nov. 21, 2013

Mar. 31, 2014

Mar. 31, 2014

Mortgages

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint ventures

Consolidated joint ventures

Consolidated joint ventures

Newark Joint Venture

Newark Joint Venture

Newark Joint Venture

Wholly owned subsidiary

Wholly owned subsidiary

Consolidated joint ventures and wholly owned subsidiary

Consolidated joint ventures and wholly owned subsidiary

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

Purchase of properties

Purchase of properties

Purchase of properties

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Purchase of properties

Purchase of properties

Purchase of properties

Purchase of properties

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Vacant land

Multi Family

Vacant land

Retail/Shopping centers

Multi Family

Multi Family

Multi Family

Commercial/mixed use properties

Commercial/mixed use properties

Commercial/mixed use properties

Multi Family

Multi Family

Multi Family

Multi Family

Houston, TX

Houston, TX

Pasadena, TX

Pasadena, TX

Humble, TX, first location

Humble, TX, first location

Humble, TX, second location

Humble, TX, second location

Huntsville, AL

Huntsville, AL

Indianapolis, IN

Indianapolis, IN

Other

Nashville, TN

Nashville, TN

Nashville, TN

Little Rock, AK

Little Rock, AK

Little Rock, AK

Wichita, KS

Wichita, KS

Wichita, KS

Greenville, South Carolina

Greenville, South Carolina

Greenville, South Carolina

Greenville, South Carolina

unit

Estimate

Mortgages

Newark, New Jersey

Newark, New Jersey

Newark, New Jersey

Columbus, OH

Columbus, OH

unit

Mortgages

unit

Mortgages

unit

Mortgages

unit

Mortgages

unit

Mortgages

unit

Mortgages

unit

Mortgages

unit

Estimate

Mortgages

unit

Estimate

Mortgages

unit

Estimate

Mortgages

unit

sqft

sqft

Mortgages

unit

Mortgages

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%

'

'

74.40%

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Units

'

'

'

'

'

'

798

'

144

'

260

'

160

'

208

'

400

'

'

300

'

'

172

'

'

496

'

'

'

360

'

'

968

'

'

'

'

'

264

'

2,234

'

Contract Purchase Price

'

'

'

'

'

'

$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

'

'

$7,000,000

'

'

'

$54,250,000

'

'

'

'

'

$14,050,000

'

$107,320,000

'

Acquisition Debt

'

'

'

'

'

75,789,000

'

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

'

'

'

'

'

'

35,264,000

'

'

'

'

10,651,000

'

75,789,000

Initial BRT Equity

'

'

'

'

'

'

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

'

'

6,400,000

'

'

'

17,724,000

'

'

2,473,000

1,729,000

'

'

'

'

'

BRT Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,734,000

'

36,633,000

'

Property Acquisition Costs

292,000

160,000

1,528,000

1,065,000

'

'

483,000

'

134,000

'

189,000

'

138,000

'

202,000

'

230,000

'

55,000

'

278,000

'

'

97,000

'

'

160,000

'

'

'

'

'

'

535,000

'

'

'

'

97,000

'

1,528,000

'

Additional capital contributions through May 2014

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,300,000

'

'

'

'

'

'

'

'

'

'

'

Area of real estate properties (in square feet)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

690,000

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,000

'

'

'

190,000

'

'

'

'

'

'

Aggregate principal of related party mortgage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20,100,000

'

'

'

'

Mortgages

$393,221,000

'

$393,221,000

'

$313,216,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$80,185,000

'

'

'

'

'

'

Real_Estate_Loans_Details

Real Estate Loans (Details) (USD $)	Mar. 31, 2014	Sep. 30, 2013
In Thousands, unless otherwise specified
Real Estate Loans	'	'
Real Estate Loans, gross	$17,317	$30,513
Deferred fee income	-95	-213
Real Estate Loans, Net	17,222	30,300
Percent of real estate loans	100.00%	100.00%
Multi-family residential	'	'
Real Estate Loans	'	'
Real Estate Loans, gross	9,161	16,772
Percent of real estate loans	53.00%	55.00%
Retail	'	'
Real Estate Loans	'	'
Real Estate Loans, gross	6,476	3,100
Percent of real estate loans	37.00%	10.00%
Hotels	'	'
Real Estate Loans	'	'
Real Estate Loans, gross	1,680	1,680
Percent of real estate loans	10.00%	6.00%
Land	'	'
Real Estate Loans	'	'
Real Estate Loans, gross	'	8,000
Percent of real estate loans	'	26.00%
Single family	'	'
Real Estate Loans	'	'
Real Estate Loans, gross	'	$961
Percent of real estate loans	'	3.00%

Real_Estate_Loans_Details_2

Real Estate Loans (Details 2) (Real properties, Geographic concentration, Senior mortgage loans)	6 Months Ended
	Mar. 31, 2014
New York	'
Concentration of loans	'
Percentage of total	56.00%
Maryland	'
Concentration of loans	'
Percentage of total	26.00%
Tennessee	'
Concentration of loans	'
Percentage of total	10.00%
Florida	'
Concentration of loans	'
Percentage of total	8.00%

Debt_Obligations_Details

Debt Obligations (Details) (USD $)	3 Months Ended		6 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Sep. 30, 2013
Debt Obligations	'	'	'	'	'
Total debt obligations	$430,621,000	'	$430,621,000	'	$350,616,000
Junior subordinated notes	'	'	'	'	'
Debt Obligations	'	'	'	'	'
Total debt obligations	37,400,000	'	37,400,000	'	37,400,000
Other disclosures	'	'	'	'	'
Interest expense	458,000	458,000	916,000	916,000	'
Amortization of deferred costs included in interest expense	5,000	5,000	10,000	10,000	'
Junior subordinated notes | August 1, 2012 through April 29, 2016	'	'	'	'	'
Debt Obligations	'	'	'	'	'
Interest Rate (as a percent)	4.90%	'	4.90%	'	'
Junior subordinated notes | April 30, 2016 through April 30, 2036	'	'	'	'	'
Debt Obligations	'	'	'	'	'
Reference rate	'	'	'LIBOR	'	'
Margin interest above reference rate (as a percent)	'	'	2.00%	'	'
Mortgages payable	'	'	'	'	'
Debt Obligations	'	'	'	'	'
Total debt obligations	$393,221,000	'	$393,221,000	'	$313,216,000

Debt_Obligations_Details_2

Debt Obligations (Details 2) (USD $)

6 Months Ended

0 Months Ended

0 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

5-May-14

Oct. 04, 2013

Oct. 15, 2013

Oct. 15, 2013

Oct. 15, 2013

Oct. 18, 2013

Nov. 21, 2013

Jan. 21, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Oct. 04, 2013

Oct. 15, 2013

Oct. 15, 2013

Oct. 15, 2013

Oct. 18, 2013

Jan. 21, 2014

Greenville, South Carolina

Greenville, South Carolina

Mortgages payable maturing in October 2018

Mortgages payable maturing in November 2018, mortgage one

Mortgages payable maturing in November 2018, mortgage two

Mortgages payable maturing in November 2018, mortgage three

Mortgages payable maturing in November 2023

Mortgages payable maturing in February 2045

Mortgages payable maturing in February 2024

Mortgages payable maturing in March 2022

Mortgages payable maturing in December 2022

Supplemental financing

Mortgages

Mortgages

Mortgages

Mortgages

Mortgages

Mortgages

Mortgages

Multi Family

Multi Family

Houston, TX

Pasadena, TX

Humble, TX, first location

Humble, TX, second location

Huntsville, AL

Columbus, OH

Indianapolis, IN

Lawrenceville, GA

Decatur, GA

Multi Family

Houston, TX

Pasadena, TX

Humble, TX, first location

Humble, TX, second location

Huntsville, AL

Indianapolis, IN

Consolidated joint venture

Consolidated joint venture

Multi Family

Multi Family

property

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Property development

Property development

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Consolidated joint venture

Construction loan

Construction loan

Purchase of properties

Purchase of properties

Purchase of properties

Purchase of properties

Purchase of properties

Purchase of properties

Debt Obligations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisition Mortgage Debt

'

'

'

'

$24,100,000

$4,065,000

$7,875,000

$5,025,000

$9,573,000

$10,651,000

$14,500,000

'

'

'

$75,789,000

$24,100,000

$4,065,000

$7,875,000

$5,025,000

$9,573,000

$14,500,000

Interest rate (as a percent)

'

'

'

'

4.85%

4.90%

4.90%

4.90%

4.99%

4.35%

4.77%

5.46%

5.74%

'

'

'

'

'

'

'

'

Interest Only Period

'

'

'

'

'12 months

'12 months

'12 months

'12 months

'24 months

'

'36 months

'

'

'

'

'

'

'

'

'

'

Maximum financing

'

'

38,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reference rate

'

'

'one month LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Margin interest above reference rate (as a percent)

'

'

1.95%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Borrowings outstanding

'

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties on which supplemental financing was obtained

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

Proceeds from mortgage financings

$80,535,000

$52,248,000

'

'

'

'

'

'

'

'

'

$1,613,000

$2,489,000

$4,102,000

'

'

'

'

'

'

'

Deferred_Income_New_Markets_Ta1

Deferred Income (New Markets Tax Credit Transaction) (Details) (USD $)	Mar. 31, 2014	Sep. 30, 2013	Mar. 31, 2014	Sep. 11, 2012	Feb. 03, 2012	Mar. 31, 2014	Sep. 30, 2013	Sep. 30, 2012
			New Markets Tax Credit Transaction	Primary beneficiary	Primary beneficiary	Primary beneficiary	Primary beneficiary	Primary beneficiary
				Investor	Investor	Newark Joint Venture	Newark Joint Venture	Newark Joint Venture
				NMTC program special-purpose entity	NMTC program special-purpose entity	Subsidiaries	Subsidiaries	Subsidiaries
				New Markets Tax Credit Transaction	New Markets Tax Credit Transaction	New Markets Tax Credit Transaction	New Markets Tax Credit Transaction	NMTC program special-purpose entity
Deferred Income (New Markets Tax Credit Transaction)	'	'	'	'	'	'	'	'
Maximum percentage of qualified investment permitted in NMTC to claim credits against Federal income tax	'	'	39.00%	'	'	'	'	'
Amount contributed to effect financing transaction	'	'	'	$16,400,000	$11,200,000	'	'	'
Period over which tax credits is receivable	'	'	'	'7 years	'7 years	'	'	'
Period after which option to acquire special purpose entity may be exercised	'	'	'	'	'	'	'	'7 years
Recapture period	'	'	'7 years	'	'	'	'	'
Deferred costs, net	$13,371,000	$12,833,000	'	'	'	$9,100,000	$9,600,000	'

Segment_Reporting_Details

Segment Reporting (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Sep. 30, 2013
			item
Segment Reporting	'	'	'	'	'
Number of reportable segments	'	'	3	'	'
Revenues:	'	'	'	'	'
Rental and other revenues from real estate properties	$14,877	$6,866	$28,684	$12,506	'
Interest and fees on real estate loans	631	2,966	1,769	4,845	'
Other income	276	314	547	1,046	'
Total revenues	15,784	10,146	31,000	18,397	'
Expenses:	'	'	'	'	'
Operating expenses relating to real estate properties	8,395	3,417	16,029	6,563	'
Interest expense	5,022	2,661	9,778	5,607	'
Advisor's fees, related party	481	443	930	817	'
Property acquisition costs	292	160	1,528	1,065	'
General and administrative	1,726	1,721	3,427	3,557	'
Depreciation and amortization	3,383	1,618	6,574	2,905	'
Total expenses	19,299	10,020	38,266	20,514	'
Total revenues less total expenses	-3,515	126	-7,266	-2,117	'
Equity in earnings of unconsolidated joint ventures	4	68	4	129	'
Gain on sale of available-for-sale securities	'	482	'	482	'
Net (loss) income	-3,511	676	-7,262	-1,506	'
Plus: net (income) loss attributable to non-controlling interests	919	334	1,937	1,212	'
Net (loss) income attributable to common shareholders	-2,592	1,010	-5,325	-294	'
Segment assets	633,989	440,225	633,989	440,225	549,491
Multi-Family Real Estate	'	'	'	'	'
Revenues:	'	'	'	'	'
Rental and other revenues from real estate properties	13,718	6,122	26,325	11,072	'
Total revenues	13,718	6,122	26,325	11,072	'
Expenses:	'	'	'	'	'
Operating expenses relating to real estate properties	7,336	2,992	13,896	5,292	'
Interest expense	3,759	1,824	7,244	3,565	'
Advisor's fees, related party	326	166	619	300	'
Property acquisition costs	292	160	1,528	1,065	'
General and administrative	1,481	1,308	2,942	2,703	'
Depreciation and amortization	2,941	1,435	5,706	2,539	'
Total expenses	16,135	7,885	31,935	15,464	'
Total revenues less total expenses	-2,417	-1,763	-5,610	-4,392	'
Net (loss) income	-2,417	-1,763	-5,610	-4,392	'
Plus: net (income) loss attributable to non-controlling interests	81	-21	268	90	'
Net (loss) income attributable to common shareholders	-2,336	-1,784	-5,342	-4,302	'
Segment assets	397,718	188,301	397,718	188,301	'
Other Real Estate	'	'	'	'	'
Revenues:	'	'	'	'	'
Rental and other revenues from real estate properties	1,159	744	2,359	1,434	'
Other income	270	283	535	573	'
Total revenues	1,429	1,027	2,894	2,007	'
Expenses:	'	'	'	'	'
Operating expenses relating to real estate properties	1,059	425	2,133	1,271	'
Interest expense	1,190	711	2,389	1,791	'
Advisor's fees, related party	88	37	157	91	'
General and administrative	115	86	228	178	'
Depreciation and amortization	442	183	868	366	'
Total expenses	2,894	1,442	5,775	3,697	'
Total revenues less total expenses	-1,465	-415	-2,881	-1,690	'
Equity in earnings of unconsolidated joint ventures	4	68	4	129	'
Net (loss) income	-1,461	-347	-2,877	-1,561	'
Plus: net (income) loss attributable to non-controlling interests	838	355	1,669	1,122	'
Net (loss) income attributable to common shareholders	-623	8	-1,208	-439	'
Segment assets	176,634	151,474	176,634	151,474	'
Loan and Investment	'	'	'	'	'
Revenues:	'	'	'	'	'
Interest and fees on real estate loans	631	2,966	1,769	4,845	'
Other income	6	31	12	473	'
Total revenues	637	2,997	1,781	5,318	'
Expenses:	'	'	'	'	'
Interest expense	73	126	145	251	'
Advisor's fees, related party	67	240	154	426	'
General and administrative	130	327	257	676	'
Total expenses	270	693	556	1,353	'
Total revenues less total expenses	367	2,304	1,225	3,965	'
Gain on sale of available-for-sale securities	'	482	'	482	'
Net (loss) income	367	2,786	1,225	4,447	'
Net (loss) income attributable to common shareholders	367	2,786	1,225	4,447	'
Segment assets	$59,637	$100,450	$59,637	$100,450	'

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Details) (Level 2, USD $)	6 Months Ended							0 Months Ended
	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
	Market valuation	Market valuation	Market valuation	Market valuation	Market valuation	Market valuation	Estimated fair value	Estimated fair value	Estimated fair value
	Real estate loans	Real estate loans	Real estate loans	Junior subordinated notes	Mortgages payable	Mortgages payable	Real estate loans	Junior subordinated notes	Mortgages payable
		Minimum	Maximum		Minimum	Maximum
Financial Instruments Not Measured at Fair Value	'	'	'	'	'	'	'	'	'
Variable market interest rate (as a percent)	'	11.00%	13.00%	'	'	'	'	'	'
Estimated fair value greater than carrying value	'	'	'	'	'	'	$12,000	'	'
Fixed market rate of interest (as a percent)	11.00%	'	'	'	'	'	'	'	'
Estimated fair value lower than carrying value	'	'	'	'	'	'	'	$22,300,000	$12,000,000
Market interest rate (as a percent)	'	'	'	6.84%	2.31%	9.58%	'	'	'

Fair_Value_of_Financial_Instru3

Fair Value of Financial Instruments (Details 2) (Fair value on a recurring basis, Interest rate swap, USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Carrying and Fair Value	'
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)	'
Derivative financial instruments	$4
Level 2	'
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)	'
Derivative financial instruments	$4

Derivative_Financial_Instrumen2

Derivative Financial Instruments (Details) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Sep. 30, 2013

Sep. 30, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Interest Expense

Interest Expense

Interest Expense

Interest Expense

Other assets

Other assets

Accounts payable and accrued liabilities

Derivative designated as a cash flow hedge

Derivatives not designated as hedges

Derivatives not designated as hedges

Derivatives not designated as hedges

Derivatives not designated as hedges

Derivatives not designated as hedges

Interest rate swap

Interest Rate Caps

Interest Rate Derivatives

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notional Amount

'

'

'

'

'

'

'

'

'

'

'

$1,839,000

'

'

'

'

$24,700,000

Rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

5.25%

'

'

'

'

1.00%

Loss on change in fair value of derivatives

'

'

'

'

'

'

'

'

'

'

'

'

-26

-1,100

-550

-5,700

'

Fair value of derivative financial instruments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value of derivative financial instrument asset

'

'

'

'

'

'

'

'

4,000

1,000

'

'

'

'

'

'

'

Fair value of derivative financial instrument liability

'

'

'

'

'

'

'

'

'

'

6,000

'

'

'

'

'

'

Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of gain (loss) recognized on derivative in Other Comprehensive (loss) income

-25,000

9,000

-7,000

11,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of loss reclassified from Accumulated Other Comprehensive (loss) income

'

'

'

'

-8,000

-9,000

-17,000

-18,000

'

'

'

'

'

'

'

'

'

Gain or loss recognized related to hedge ineffectiveness

0

0

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain or loss recognized related to amounts excluded from effectiveness testing

0

0

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimated amount to be reclassified from Accumulated other comprehensive income (loss) as an increase to interest expense

34,000

'

34,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit-risk-related Contingent Features

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Derivatives in a liability position

$0

'

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'