BRT Apartments (BRT) 10-Q8 Aug 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Jun. 30, 2014	Aug. 05, 2014
Document and Entity Information	'	'
Entity Registrant Name	'BRT REALTY TRUST	'
Entity Central Index Key	'0000014846	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-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	'Q3	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014	Sep. 30, 2013
ASSETS	'	'
Real estate properties, net of accumulated depreciation and amortization of $22,227 and $11,862	$610,969,000	$402,896,000
Real estate loans, net, all earning interest	1,995,000	30,300,000
Cash and cash equivalents	29,439,000	56,905,000
Deferred costs, net	13,557,000	12,833,000
Other assets	19,106,000	13,918,000
Total Assets	700,261,000	549,491,000
Liabilities:	'	'
Mortgage payables	451,655,000	313,216,000
Junior subordinated notes	37,400,000	37,400,000
Accounts payable and accrued liabilities	12,650,000	7,769,000
Deferred income	25,850,000	25,848,000
Total Liabilities	525,555,000	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	166,004,000	165,763,000
Accumulated other comprehensive loss	-16,000	-6,000
Accumulated deficit	-73,228,000	-67,572,000
Total BRT Realty Trust shareholders' equity	133,725,000	138,791,000
Non-controlling interests	38,981,000	26,467,000
Total Equity	172,706,000	165,258,000
Total Liabilities and Equity	700,261,000	549,491,000
Apartment Building [Member]	'	'
ASSETS	'	'
Real estate properties, net of accumulated depreciation and amortization of $22,227 and $11,862	493,987,000	299,792,000
Restricted cash	10,167,000	3,360,000
Variable Interest Entity Primary Beneficiary [Member] \| R B H T R B Newark Holdings L L C [Member] \| Commercial Mixed Use Property [Member]	'	'
ASSETS	'	'
Real estate properties, net of accumulated depreciation and amortization of $22,227 and $11,862	106,312,000	92,354,000
Restricted cash	$15,028,000	$29,279,000

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Sep. 30, 2013
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Sep. 30, 2013
CONSOLIDATED BALANCE SHEETS	'	'
Real estate properties, accumulated depreciation and amortization (in dollars)	$22,227	$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 $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues:	'	'	'	'
Rental and other revenue from real estate properties	$17,449	$8,250	$46,133	$20,756
Interest and fees on real estate loans	352	2,921	2,121	7,766
Other income	314	867	861	1,913
Total revenues	18,115	12,038	49,115	30,435
Expenses:	'	'	'	'
Operating expenses relating to real estate properties	10,042	4,595	26,071	11,158
Interest expense	5,469	3,127	15,247	8,734
Advisor's fees, related party	517	497	1,447	1,314
Property acquisition costs	718	851	2,246	1,916
General and administrative-including $104 and $178 to related party for the three months ended and $451 and $580 for the nine months ended	1,579	1,859	5,006	5,416
Depreciation and amortization	3,801	1,832	10,375	4,737
Total expenses	22,126	12,761	60,392	33,275
Total revenues less total expenses	-4,011	-723	-11,277	-2,840
Equity in earnings of unconsolidated ventures	5	54	9	183
Gain on sale of available-for-sale securities	'	'	'	482
Gain on sale of real estate assets	3	509	3	509
Net (loss) income	-4,003	-160	-11,265	-1,666
Plus: net loss attributable to non- controlling interests	3,672	681	5,609	1,893
Net (loss) income attributable to common shareholders	($331)	$521	($5,656)	$227
Basic and diluted per share amounts attributable to common shareholders:	'	'	'	'
Basic and diluted (loss) earnings per share (in dollars per share)	($0.02)	$0.04	($0.40)	$0.02
Weighted average number of common shares outstanding:	'	'	'	'
Basic and diluted (in shares)	14,303,237	14,162,887	14,252,902	14,128,398

CONSOLIDATED_STATEMENTS_OF_OPE1

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
CONSOLIDATED STATEMENTS OF OPERATIONS	'	'	'	'
General and administrative, related party	$104	$178	$451	$580

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS	'	'	'	'
Net loss	($4,003)	($160)	($11,265)	($1,666)
Other comprehensive (loss) income:	'	'	'	'
Net unrealized loss on available-for-sale securities	'	-15	'	-430
Unrealized (loss) gain on derivative instruments	-20	68	-10	97
Other comprehensive (loss) income	-20	53	-10	-333
Comprehensive loss	-4,023	-107	-11,275	-1,999
Plus: Comprehensive loss attributable to non-controlling interests	3,675	691	5,611	1,908
Comprehensive (loss) income attributable to common shareholders	($348)	$584	($5,664)	($91)

CONSOLIDATED_STATEMENT_OF_EQUI

CONSOLIDATED STATEMENT OF EQUITY (USD $)	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Other Comprehensive Income [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
In Thousands, unless otherwise specified	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Other Comprehensive Income [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Balances at Sep. 30, 2013	$40,606	$165,763	($6)	($67,572)	$26,467	$165,258
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Restricted stock vesting	359	-359	'	'	'	'
Compensation expense - restricted stock	'	600	'	'	'	600
Contributions from non-controlling interests	'	'	'	'	20,791	20,791
Distributions to non-controlling interests	'	'	'	'	-2,668	-2,668
Net loss	'	'	'	-5,656	-5,609	-11,265
Other comprehensive loss	'	'	-10	'	'	-10
Comprehensive loss	'	'	'	'	'	-11,275
Balances at Jun. 30, 2014	$40,965	$166,004	($16)	($73,228)	$38,981	$172,706

CONSOLIDATED_STATEMENT_OF_CASH

CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities	'	'
Net loss	($11,265)	($1,666)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities	'	'
Recovery of previously provided allowances	'	-1,022
Amortization and depreciation	11,865	5,991
Amortization of deferred fee income	-388	-1,317
Amortization of restricted stock	600	511
Gain on sale of real estate assets	-3	-509
Gain on sale of available-for-sale securities	'	-482
Equity in earnings of unconsolidated joint ventures	-9	-183
Distribution of earnings of unconsolidated joint ventures	16	150
Increases and decreases from changes in other assets	'	'
Change in straight-line rent	-430	11
Decrease (increase) in interest and dividends receivable	273	-148
(Increase) decrease in prepaid expenses	-607	-444
Decrease in prepaid interest	462	2,018
Increase (decrease) in accounts and deposits payable and accrued liabilities	4,881	704
Increase in deferred costs	'	-456
Increase in security deposits and other receivables	-4,913	-1,657
Other	4	119
Net cash (used in) provided by operating activities	486	1,620
Cash flows from investing activities:	'	'
Collections from real estate loans	34,045	37,468
Additions to real estate loans	-5,532	-67,818
Loan loss recoveries	'	1,022
Additions to real estate properties	-189,920	-136,403
Net costs capitalized to real estate owned	-28,544	-26,601
Collection of loan fees	180	1,420
Proceeds from the sale of real estate owned	27	573
Proceeds from the sale of available-for-sale securities	'	991
Net cash used in investing activities	-182,300	-174,294
Cash flows from financing activities:	'	'
Proceeds from mortgage financings	139,432	111,742
Mortgage principal payments	-993	-3,601
Increase in deferred borrowing costs	-2,214	-1,664
Capital contributions from non-controlling interests	20,791	9,621
Capital distribution to non-controlling interests	-2,668	-1,007
Net cash provided by financing activities	154,348	115,091
Net decrease in cash and cash equivalents	-27,466	-57,583
Cash and cash equivalents at beginning of period	56,905	78,245
Cash and cash equivalents at end of period	29,439	20,662
Supplemental disclosure of cash flow information:	'	'
Cash paid during the period for interest	15,773	7,558
Taxes paid	209	85
Apartment Building [Member]	'	'
Cash flows from investing activities:	'	'
Net change in restricted cash	($6,807)	($3,773)

Organization_and_Background

Organization and Background	9 Months Ended
Organization and Background	Jun. 30, 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. All of the properties are located in the United States.

	The multi-family properties are generally acquired with venture partners in transactions in which the Trust contributes 50% to 90% of the equity.

	BRT conducts its operations to qualify as a real estate investment trust, or REIT, for federal income tax purposes.

Basis_of_Preparation

Basis of Preparation	9 Months Ended
Basis of Preparation	Jun. 30, 2014
Basis of Preparation	'
Basis of Preparation	'
	Note 2 - Basis of Preparation

	The accompanying interim unaudited consolidated financial statements as of June 30, 2014, and for the three and nine months ended June 30, 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 nine months ended June 30, 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 restricted cash multi-family from cash and cash equivalents.

	The consolidated financial statements include the accounts and operations of BRT Realty Trust, its wholly owned subsidiaries, 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 the entity 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 is consolidated based on the Trust having 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	9 Months Ended
Equity	Jun. 30, 2014
Equity	'
Equity	'
	Note 3 - Equity

	Common Share Dividend Distribution

	During the quarter ended June 30, 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 June 30, 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 June 30, 2014 and 2013, the Trust recorded $206,000 and $181,000 of compensation expense, respectively, and for the nine months ended June 30, 2014 and 2013 recorded $600,000 and $511,000 of compensation expense, respectively. At June 30, 2014, $2,284,000 has been deferred as unearned compensation and will be charged to expense over the remaining vesting periods. The weighted average vesting period is 2.62 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 (loss) income 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 using the treasury stock method.

	Basic and diluted shares outstanding for the three months ended June 30, 2014 and 2013, were 14,303,237 and 14,162,887, respectively, and for the nine months ended June 30, 2014 and 2013, were 14,252,902 and 14,128,398, respectively.

Restricted_Cash

Restricted Cash	9 Months Ended
Restricted Cash	Jun. 30, 2014
RESTRICTED CASH	'
RESTRICTED CASH	'
	Note 4 — Restricted Cash

	Restricted cash represents funds that have been segregated for specific purposes and are therefore not 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 three residential/retail buildings at the Newark Joint Venture; 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.

Real_Estate_Properties

Real Estate Properties	9 Months Ended
	Jun. 30, 2014
Real Estate Properties	'
Real Estate Properties	'
	Note 5 - Real Estate Properties

	A summary of real estate properties owned is as follows (dollars in thousands):

		September			Additions (a)			Capitalized			Depreciation,			June 30, 2014
		30, 2013						costs and			amortization			Balance
		Balance						improvements			and other
											changes
	Multi-family	$	299,792		$	189,920		$	13,347		$	(9,072	)	$	493,987
	Commercial / mixed use (b)	92,354			—			15,176			(1,218		)	106,312
	Vacant land	7,972			—			—			—			7,972
	Retail/Shopping centers	2,645			—			—			(77		)	2,568
	Coop/condo apartments	133			—			13			(16		)	130
	Total real estate properties	$	402,896		$	189,920		$	28,536		$	(10,383	)	$	610,969


	(a)During the nine months ended June 30, 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		$	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
	Greenville, SC (i)	1/14/14		N/A		7,000			—			6,400			—
	Indianapolis, IN	1/21/14		400		18,800			14,500			5,300			191
	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
	Other			—		—			—			—			91
				3,552		$	189,920		$	133,218		$	60,301		$	2,246


	(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 funded its required additional capital contributions of $3,231,000 and as of June 30, 2014 had invested $9,631,000. See Note 7 — 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 $80,425,000 at June 30, 2014. The Trust contributed $4,972,000 to this venture in the nine months ended June 30, 2014, representing its proportionate share of capital required to fund the operations of the venture for the venture’s current fiscal year, to obtain options on additional land parcels and to pay deferred interest on the outstanding mortgage loan that is held by BRT. 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.

	In July 2014, a consolidated joint venture in which the Trust has an 80% interest, acquired a multi-family property with 272 units located in Houston, TX. The contract purchase price for this property was $15,300,000 and the purchase was financed with $11,500,000 of mortgage debt. BRT contributed $5,100,000 of equity to this joint venture.

Real_Estate_Loans

Real Estate Loans	9 Months Ended
	Jun. 30, 2014
Real Estate Loans	'
Real Estate Loans	'
	Note 6 - Real Estate Loans

	At June 30, 2014, the Trust had one loan outstanding with a principal balance of $2,000,000 and a book value, net of deferred fees, of $1,995,000.

	Information relating to the Trust’s real estate loans at September 30, 2013, all of which are earning interest, is summarized as follows (dollars in thousands):

		September 30, 2013
	Property Type	Real Estate			Percent
		Loans
	Multi-family residential	$	16,772		55	%
	Retail	3,100			10	%
	Hotel	1,680			6	%
	Land	8,000			26	%
	Single family	961			3	%
		30,513			100	%
	Deferred fee income	(213		)
	Real estate loans, net	$	30,300

Debt_Obligations

Debt Obligations	9 Months Ended
Debt Obligations	Jun. 30, 2014
Debt Obligations	'
Debt Obligations	'
	Note 7 — Debt Obligations

	Debt obligations consist of the following (dollars in thousands):

		June 30, 2014			September 30, 2013
	Junior subordinated notes	$	37,400		$	37,400
	Mortgages payable	451,655			313,216
	Total debt obligations	$	489,055		$	350,616

	Junior Subordinated Notes

	At June 30, 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	4.90	%
	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 June 30, 2014 and 2013, and $1,374,000, for each of the nine months ended June 30, 2014 and 2013. Amortization of the deferred costs, which is a component of interest expense, was $5,000 for each of the three months ended June 30, 2014 and 2013, and $15,000 for each of the nine months ended June 30, 2014 and 2013.

	Mortgages Payable

	During the nine months ended June 30, 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			4.90	%	12 months	November 2018
	Humble, TX	10/15/13		7,875			4.90	%	12 months	November 2018
	Humble, TX	10/15/13		5,025			4.90	%	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
	Nashville, TN	4/2/14		17,300			3.63	%	8 months	November 2022
	Little Rock, AK	4/2/14		4,101			3.93	%	—	March 2019
	Witchita, KS	4/2/14		10,452			5.91	%	—	April 2020
	Witchita, KS	4/2/14		3,411			4.06	%	—	May 2020
	Atlanta, GA	6/26/14		22,165			3.87	%	24 months	July 2021
				$	133,218

	The joint venture that acquired the Greenville, SC development property has 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 June 30, 2014 and July 31, 2014, $1,158,000 and $2,209,000, respectively, was outstanding on this loan. This loan is non-recourse to the Trust and the Trust’s subsidiary owning the interest in the joint venture, subject to customary carveouts.

	In the quarter ended June 30, 2014, the Trust also obtained supplemental mortgage 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

	In connection with the July purchase of a multi-family property in Houston, Texas (see note 5 — Real Estate Properties) a joint venture incurred $11,500,000 in mortgage debt. This debt bears interest at 4.07% and matures in August 2021.

Deferred_Income_New_Markets_Ta

Deferred Income (New Markets Tax Credit Transaction)	9 Months Ended
Deferred Income (New Markets Tax Credit Transaction)	Jun. 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)

	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 June 30, 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 June 30, 2014 and September 30, 2013 these costs totaled $8.9 million and $9.6 million, respectively, and are included in deferred costs, net 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	9 Months Ended
	Jun. 30, 2014
Segment Reporting	'
Segment Reporting	'
	Note 9 - 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 June 30, 2014
			Multi-			Other			Loan and			Total
			Family			Real Estate			Investment
			Real Estate

	Revenues:
	Rental and other revenues from real estate properties		$	16,201		$	1,248		—			$	17,449
	Interest and fees on real estate loans		—			—			$	352		352
	Other income		—			263			51			314
	Total revenues		16,201			1,511			403			18,115

	Expenses:
	Operating expenses relating to real estate properties		8,759			1,283			—			10,042
	Interest expense		4,311			1,101			57			5,469
	Advisor’s fee, related party		391			84			42			517
	Property acquisition costs		718			—			—			718
	General and administrative		1,409			102			68			1,579
	Depreciation and amortization		3,363			438			—			3,801
	Total expenses		18,951			3,008			167			22,126
	Total revenues less total expenses		(2,750		)	(1,497		)	236			(4,011		)
	Equity in earnings of unconsolidated joint ventures		—			5			—			5
	Gain on sale of real estate assets		3			—			—			3
	Net (loss) income		(2,747		)	(1,492		)	236			(4,003		)
	Plus: net loss attributable to non- controlling interests		150			3,522			—			3,672
	Net (loss) income attributable to common shareholders		$	(2,597	)	$	2,030		$	236		$	(331	)
	Segment assets at June 30, 2014		$	545,676		$	151,557		$	3,028		$	700,261

	The following table summarizes the Trust’s segment reporting for the period indicated (dollars in thousands):

			Nine Months Ended June 30, 2014
			Multi-			Other			Loan and			Total
			Family			Real Estate			Investment
			Real Estate

	Revenues:
	Rental and other revenues from real estate properties		$	42,526		$	3,607		—			$	46,133
	Interest and fees on real estate loans		—			—			$	2,121		2,121
	Other income		—			798			63			861
	Total revenues		42,526			4,405			2,184			49,115

	Expenses:
	Operating expenses relating to real estate properties		22,655			3,416			—			26,071
	Interest expense		11,555			3,490			202			15,247
	Advisor’s fee, related party		1,010			241			196			1,447
	Property acquisition costs		2,246			—			—			2,246
	General and administrative		4,351			330			325			5,006
	Depreciation and amortization		9,069			1,306			—			10,375
	Total expenses		50,886			8,783			723			60,392
	Total revenues less total expenses		(8,360		)	(4,378		)	1,461			(11,277		)
	Equity in earnings of unconsolidated joint ventures		—			9			—			9
	Gain on the sale of real estate		3			—			—			3
	Net (loss) income		(8,357		)	(4,369		)	1,461			(11,265		)
	Plus: net loss attributable to non- controlling interests		418			5,191			—			5,609
	Net (loss) income attributable to common shareholders		$	(7,939	)	$	822		$	1,461		$	(5,656	)
	Segment assets at June 30, 2014		$	545,676		$	151,557		$	3,028		$	700,261

	The following table summarizes the Trust’s segment reporting for the period indicated (dollars in thousands):

		Three Months Ended June 30, 2013
		Multi-Family			Other			Loan and			Total
		Real Estate			Real Estate			Investment

Rental and other revenue from real estate properties		$	7,515		$	735		—			$	8,250
Interest and fees on real estate loans		—			—			$	2,921		2,921
Other income		—			235			632			867
Total revenues		7,515			970			3,553			12,038
Operating expenses relating to real estate properties		3,942			653			—			4,595
Interest expense		1,970			836			321			3,127
Advisor’s fees, related party		202			64			231			497
General and administrative		499			197			1,163			1,859
Property acquisition costs		851			—			—			851
Depreciation and amortization		1,648			184			—			1,832
Total expenses		9,112			1,934			1,715			12,761

Total revenues less total expenses		(1,597		)	(964		)	1,838			(723		)

Equity in earnings of unconsolidated ventures		—			54			—			54
Gain on sale of real estate assets		—			509			—			509

Net income (loss)		(1,597		)	(401		)	1,838			(160		)
Plus: net loss attributable to non-controlling interests		137			544			—			681
Net income (loss) attributable to common shareholders		$	(1,460	)	$	143		$	1,838		$	521

Segment assets at June 30, 2013		$	262,662		$	150,878		$	88,290		$	501,830

The following table summarizes the Trust’s segment reporting for the period indicated (dollars in thousands):

		Nine Months Ended June 30, 2013
		Multi-Family			Other			Loan and			Total
		Real Estate			Real Estate			Investment

Rental and other revenue from real estate properties		$	18,580		$	2,176		—			$	20,756
Interest and loan fees		—			—			$	7,766		7,766
Other income		—			808			1,105			1,913
Total revenues		18,580			2,984			8,871			30,435
Operating expenses relating to real estate properties		9,234			1,924			—			11,158
Interest expense		5,033			2,671			1,030			8,734
Advisor’s fees, related party		502			155			657			1,314
Property acquisition costs		1,916			—			—			1,916
General and administrative		1,254			547			3,615			5,416
Depreciation and amortization		4,186			551			—			4,737
Total expenses		22,125			5,848			5,302			33,275

Total revenues less total expenses		(3,545		)	(2,864		)	3,569			(2,840		)

Equity in earnings of unconsolidated ventures		—			183			—			183
Gain on sale of available- for-sale securities		—			—			482			482
Gain on sale of real estate assets		—			509			—			509

Net income (loss)		(3,545		)	(2,172		)	4,051			(1,666		)
Plus: net loss attributable to non-controlling interests		227			1,666			—			1,893
Net income (loss) attributable to common shareholders		$	(3,318	)	$	(506	)	$	4,051		$	227

Segment assets at June 30, 2013		$	262,662		$	150,878		$	88,290		$	501,830

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	9 Months Ended
	Jun. 30, 2014
Fair Value of Financial Instruments	'
Fair Value of Financial Instruments	'
	Note 10 — 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 loan: The remaining earning mortgage loan of the Trust has a fixed rate and an estimated fair value which is equal to its carrying value assuming a market interest rate of 10%, which the Trust believes reflects current institutional lender yield requirements.

	Junior subordinated notes: At June 30, 2014, the estimated fair value of the Trust’s junior subordinated notes is lower than their carrying value by approximately $21.8 million based on a market interest rate of 6.57%.

	Mortgage payables: At June 30, 2014, the estimated fair value of the Trust’s mortgage payables is lower than their carrying value by approximately $8.7 million assuming market interest rates between 2.13% and 9.38%. 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 values. 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 June 30, 2014 (dollars in thousands):

		Carrying and			Fair Value Measurements
					Using Fair Value Hierarchy
		Fair Value			Level 1	Level 2
	Financial Assets:
	Interest rate swap	$	(16	)		$	(16	)

	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 June 30, 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 June 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.

Derivative_Financial_Instrumen

Derivative Financial Instruments	9 Months Ended
Derivative Financial Instruments	Jun. 30, 2014
Derivative Financial Instruments	'
Derivative Financial Instruments	'
	Note 11 — 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 these objectives, 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 the Trust’s consolidated balance sheets and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.

	As of June 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
	Interest rate swap	$	1,791		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 gain of $0 and $1,200 for the three months ended June 30, 2014 and June 30, 2013, respectively, and a loss of $550 and $4,500 for the nine months ended June 30, 2014 and 2013, respectively. As of June 30, 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		1.0	%	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 (dollars in thousands):

	Derivatives as of:
	June 30, 2014				September 30, 2013
	Balance Sheet Location	Fair Value			Balance Sheet Location		Fair Value
	Other assets	$	—		Other assets		$	1
	Accounts payable and accrued liabilities	$	17		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 for the periods indicated (dollars in thousands):

		Three Months Ended						Nine Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
	Amount of gain (loss) recognized on derivative in Other Comprehensive (Loss) income	$	(29	)	$	59		$	(36	)	$	69
	Amount of loss reclassified from Accumulated Other Comprehensive (Loss) income into Interest Expense	(9		)	(9		)	(26		)	(28		)

	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 nine months ended June 30, 2014 and June 30, 2013. During the twelve months ending June 30, 2015, the Trust estimates an additional $34,000 will be reclassified from accumulated 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 June 30, 2014, the Company had $17,000 derivatives in a liability position.

New_Accounting_Pronouncement

New Accounting Pronouncement	9 Months Ended
New Accounting Pronouncement	Jun. 30, 2014
New Accounting Pronouncement	'
New Accounting Pronouncement	'
	Note 12 — New Accounting Pronouncement

	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 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	9 Months Ended
Subsequent Events	Jun. 30, 2014
Subsequent Events	'
Subsequent Events	'
	Note 13 - Subsequent Events

	Subsequent events have been evaluated and any significant events, relative to our consolidated financial statements as of June 30, 2014 that warrant additional disclosure, have been included in the notes to the consolidated financial statements.

Basis_of_Preparation_Policies

Basis of Preparation (Policies)	9 Months Ended
Basis of Preparation (Policies)	Jun. 30, 2014
Basis of Preparation	'
Basis of Preparation	'
	The accompanying interim unaudited consolidated financial statements as of June 30, 2014, and for the three and nine months ended June 30, 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 nine months ended June 30, 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 restricted cash multi-family from cash and cash equivalents.

Consolidated Financial Statements and Variable Interest Entities	'
	The consolidated financial statements include the accounts and operations of BRT Realty Trust, its wholly owned subsidiaries, 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 the entity 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 is consolidated based on the Trust having 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)	9 Months Ended
	Jun. 30, 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,			June 30, 2014
		30, 2013						costs and			amortization			Balance
		Balance						improvements			and other
											changes
	Multi-family	$	299,792		$	189,920		$	13,347		$	(9,072	)	$	493,987
	Commercial / mixed use (b)	92,354			—			15,176			(1,218		)	106,312
	Vacant land	7,972			—			—			—			7,972
	Retail/Shopping centers	2,645			—			—			(77		)	2,568
	Coop/condo apartments	133			—			13			(16		)	130
	Total real estate properties	$	402,896		$	189,920		$	28,536		$	(10,383	)	$	610,969


	(a)During the nine months ended June 30, 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		$	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
	Greenville, SC (i)	1/14/14		N/A		7,000			—			6,400			—
	Indianapolis, IN	1/21/14		400		18,800			14,500			5,300			191
	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
	Other			—		—			—			—			91
				3,552		$	189,920		$	133,218		$	60,301		$	2,246

	(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 funded its required additional capital contributions of $3,231,000 and as of June 30, 2014 had invested $9,631,000. See Note 7 — 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 $80,425,000 at June 30, 2014. The Trust contributed $4,972,000 to this venture in the nine months ended June 30, 2014, representing its proportionate share of capital required to fund the operations of the venture for the venture’s current fiscal year, to obtain options on additional land parcels and to pay deferred interest on the outstanding mortgage loan that is held by BRT. 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	'
	(a)During the nine months ended June 30, 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		$	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
	Greenville, SC (i)	1/14/14		N/A		7,000			—			6,400			—
	Indianapolis, IN	1/21/14		400		18,800			14,500			5,300			191
	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
	Other			—		—			—			—			91
				3,552		$	189,920		$	133,218		$	60,301		$	2,246


	(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 funded its required additional capital contributions of $3,231,000 and as of June 30, 2014 had invested $9,631,000. See Note 7 — Debt Obligations - Mortgages Payable.

Real_Estate_Loans_Tables

Real Estate Loans (Tables)	9 Months Ended
	Jun. 30, 2014
Real Estate Loans	'
Summary information relating to real estate loans	'


	Information relating to the Trust’s real estate loans at September 30, 2013, all of which are earning interest, is summarized as follows (dollars in thousands):

		September 30, 2013
	Property Type	Real Estate			Percent
		Loans
	Multi-family residential	$	16,772		55	%
	Retail	3,100			10	%
	Hotel	1,680			6	%
	Land	8,000			26	%
	Single family	961			3	%
		30,513			100	%
	Deferred fee income	(213		)
	Real estate loans, net	$	30,300

Debt_Obligations_Tables

Debt Obligations (Tables)

9 Months Ended

Jun. 30, 2014

Debt Obligations

Schedule of debt obligations

Debt obligations consist of the following (dollars in thousands):

June 30, 2014

September 30, 2013

Junior subordinated notes

37,400

Mortgages payable

451,655

313,216

Total debt obligations

489,055

350,616

Junior Subordinated Debt [Member]

Debt Obligations

Schedule of debt information

Interest Period

Interest Rate

August 1, 2012 through April 29, 2016

4.90

April 30, 2016 through April 30, 2036

LIBOR + 2.00

Mortgages [Member]

Debt Obligations

Schedule of debt information

During the nine months ended June 30, 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

4.90

12 months

November 2018

Humble, TX

10/15/13

7,875

4.90

12 months

November 2018

Humble, TX

10/15/13

5,025

4.90

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

Nashville, TN

4/2/14

17,300

3.63

8 months

November 2022

Little Rock, AK

4/2/14

4,101

3.93

—

March 2019

Witchita, KS

4/2/14

10,452

5.91

—

April 2020

Witchita, KS

4/2/14

3,411

4.06

—

May 2020

Atlanta, GA

6/26/14

22,165

3.87

24 months

July 2021

133,218

Mortgages Supplemental Financing [Member]

Debt Obligations

Schedule of debt information

In the quarter ended June 30, 2014, the Trust also obtained supplemental mortgage 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)	9 Months Ended
	Jun. 30, 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 June 30, 2014
			Multi-			Other			Loan and			Total
			Family			Real Estate			Investment
			Real Estate

	Revenues:
	Rental and other revenues from real estate properties		$	16,201		$	1,248		—			$	17,449
	Interest and fees on real estate loans		—			—			$	352		352
	Other income		—			263			51			314
	Total revenues		16,201			1,511			403			18,115

	Expenses:
	Operating expenses relating to real estate properties		8,759			1,283			—			10,042
	Interest expense		4,311			1,101			57			5,469
	Advisor’s fee, related party		391			84			42			517
	Property acquisition costs		718			—			—			718
	General and administrative		1,409			102			68			1,579
	Depreciation and amortization		3,363			438			—			3,801
	Total expenses		18,951			3,008			167			22,126
	Total revenues less total expenses		(2,750		)	(1,497		)	236			(4,011		)
	Equity in earnings of unconsolidated joint ventures		—			5			—			5
	Gain on sale of real estate assets		3			—			—			3
	Net (loss) income		(2,747		)	(1,492		)	236			(4,003		)
	Plus: net loss attributable to non- controlling interests		150			3,522			—			3,672
	Net (loss) income attributable to common shareholders		$	(2,597	)	$	2,030		$	236		$	(331	)
	Segment assets at June 30, 2014		$	545,676		$	151,557		$	3,028		$	700,261

	The following table summarizes the Trust’s segment reporting for the period indicated (dollars in thousands):

			Nine Months Ended June 30, 2014
			Multi-			Other			Loan and			Total
			Family			Real Estate			Investment
			Real Estate

	Revenues:
	Rental and other revenues from real estate properties		$	42,526		$	3,607		—			$	46,133
	Interest and fees on real estate loans		—			—			$	2,121		2,121
	Other income		—			798			63			861
	Total revenues		42,526			4,405			2,184			49,115

	Expenses:
	Operating expenses relating to real estate properties		22,655			3,416			—			26,071
	Interest expense		11,555			3,490			202			15,247
	Advisor’s fee, related party		1,010			241			196			1,447
	Property acquisition costs		2,246			—			—			2,246
	General and administrative		4,351			330			325			5,006
	Depreciation and amortization		9,069			1,306			—			10,375
	Total expenses		50,886			8,783			723			60,392
	Total revenues less total expenses		(8,360		)	(4,378		)	1,461			(11,277		)
	Equity in earnings of unconsolidated joint ventures		—			9			—			9
	Gain on the sale of real estate		3			—			—			3
	Net (loss) income		(8,357		)	(4,369		)	1,461			(11,265		)
	Plus: net loss attributable to non- controlling interests		418			5,191			—			5,609
	Net (loss) income attributable to common shareholders		$	(7,939	)	$	822		$	1,461		$	(5,656	)
	Segment assets at June 30, 2014		$	545,676		$	151,557		$	3,028		$	700,261

	The following table summarizes the Trust’s segment reporting for the period indicated (dollars in thousands):

			Three Months Ended June 30, 2013
		Multi-Family			Other			Loan and			Total
		Real Estate			Real Estate			Investment

Rental and other revenue from real estate properties		$	7,515		$	735		—			$	8,250
Interest and fees on real estate loans		—			—			$	2,921		2,921
Other income		—			235			632			867
Total revenues		7,515			970			3,553			12,038
Operating expenses relating to real estate properties		3,942			653			—			4,595
Interest expense		1,970			836			321			3,127
Advisor’s fees, related party		202			64			231			497
General and administrative		499			197			1,163			1,859
Property acquisition costs		851			—			—			851
Depreciation and amortization		1,648			184			—			1,832
Total expenses		9,112			1,934			1,715			12,761

Total revenues less total expenses		(1,597		)	(964		)	1,838			(723		)

Equity in earnings of unconsolidated ventures		—			54			—			54
Gain on sale of real estate assets		—			509			—			509

Net income (loss)		(1,597		)	(401		)	1,838			(160		)
Plus: net loss attributable to non-controlling interests		137			544			—			681
Net income (loss) attributable to common shareholders		$	(1,460	)	$	143		$	1,838		$	521

Segment assets at June 30, 2013		$	262,662		$	150,878		$	88,290		$	501,830

The following table summarizes the Trust’s segment reporting for the period indicated (dollars in thousands):

		Nine Months Ended June 30, 2013
		Multi-Family			Other			Loan and			Total
		Real Estate			Real Estate			Investment

Rental and other revenue from real estate properties		$	18,580		$	2,176		—			$	20,756
Interest and loan fees		—			—			$	7,766		7,766
Other income		—			808			1,105			1,913
Total revenues		18,580			2,984			8,871			30,435
Operating expenses relating to real estate properties		9,234			1,924			—			11,158
Interest expense		5,033			2,671			1,030			8,734
Advisor’s fees, related party		502			155			657			1,314
Property acquisition costs		1,916			—			—			1,916
General and administrative		1,254			547			3,615			5,416
Depreciation and amortization		4,186			551			—			4,737
Total expenses		22,125			5,848			5,302			33,275

Total revenues less total expenses		(3,545		)	(2,864		)	3,569			(2,840		)

Equity in earnings of unconsolidated ventures		—			183			—			183
Gain on sale of available- for-sale securities		—			—			482			482
Gain on sale of real estate assets		—			509			—			509

Net income (loss)		(3,545		)	(2,172		)	4,051			(1,666		)
Plus: net loss attributable to non-controlling interests		227			1,666			—			1,893
Net income (loss) attributable to common shareholders		$	(3,318	)	$	(506	)	$	4,051		$	227

Segment assets at June 30, 2013		$	262,662		$	150,878		$	88,290		$	501,830

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Jun. 30, 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 June 30, 2014 (dollars in thousands):

		Carrying and			Fair Value Measurements
					Using Fair Value Hierarchy
		Fair Value			Level 1	Level 2
	Financial Assets:
	Interest rate swap	$	(16	)		$	(16	)

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	9 Months Ended
Derivative Financial Instruments (Tables)	Jun. 30, 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:
	June 30, 2014				September 30, 2013
	Balance Sheet Location	Fair Value			Balance Sheet Location		Fair Value
	Other assets	$	—		Other assets		$	1
	Accounts payable and accrued liabilities	$	17		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 for the periods indicated (dollars in thousands):

		Three Months Ended						Nine Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
	Amount of gain (loss) recognized on derivative in Other Comprehensive (Loss) income	$	(29	)	$	59		$	(36	)	$	69
	Amount of loss reclassified from Accumulated Other Comprehensive (Loss) income into Interest Expense	(9		)	(9		)	(26		)	(28		)


Designated As Hedging Instrument [Member]	'
Interest Rate Derivatives	'
Schedule of outstanding interest rate derivatives	'
	As of June 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
	Interest rate swap	$	1,791		5.25	%	April 1, 2022


Nondesignated [Member]	'
Interest Rate Derivatives	'
Schedule of outstanding interest rate derivatives	'
	As of June 30, 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		1.0	%	October 1, 2014

Organization_and_Background_De

Organization and Background (Details) (Corporate Joint Venture [Member], Property Acquisition [Member], Apartment Building [Member])	9 Months Ended
	Jun. 30, 2014
Minimum [Member]	'
Organization, background and significant accounting policies	'
Equity contribution in each transaction (as a percent)	50.00%
Maximum [Member]	'
Organization, background and significant accounting policies	'
Equity contribution in each transaction (as a percent)	90.00%

Equity_Details

Equity (Details) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

18 Months Ended

9 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Restricted Stock [Member]

Stock Incentive Plan2012 [Member]

Equity Incentive Plan2003 And Equity Incentive Plan2009 [Member]

Restricted Stock [Member]

Equity incentive plans

Shares authorized for issuance

600,000

Restricted Shares

Issued (in shares)

272,025

Shares vested

Shares outstanding

271,975

376,300

Number of additional awards available for grant

Vesting period for shares issued

'5 years

Compensation expense

$206,000

$181,000

$600,000

$511,000

Unearned compensation

$2,284,000

Remaining weighted average vesting period

'2 years 7 months 13 days

Per Share Data

Basic and diluted shares outstanding

14,303,237

14,162,887

14,252,902

14,128,398

Restricted_Cash_Details

Restricted Cash (Details) (Commercial Mixed Use Property [Member], Variable Interest Entity Primary Beneficiary [Member], R B H T R B Newark Holdings L L C [Member])	Jun. 30, 2014
	item
Commercial Mixed Use Property [Member] \| Variable Interest Entity Primary Beneficiary [Member] \| R B H T R B Newark Holdings L L C [Member]	'
Real Estate Properties	'
Number of units	3

Real_Estate_Properties_Details

Real Estate Properties (Details) (USD $)	9 Months Ended					9 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Sep. 30, 2013	Jun. 30, 2014	Jun. 30, 2014
		Apartment Building [Member]	Commercial Mixed Use Property [Member]	Land [Member]	Land [Member]	Retail Site [Member]	Co Op Condominium Apartment Building [Member]
			Variable Interest Entity Primary Beneficiary [Member]
			R B H T R B Newark Holdings L L C [Member]
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	189,920	189,920	'	'	'	'	'
Capitalized Costs and Improvements	28,536	13,347	15,176	'	'	'	13
Depreciation, amortization and other changes	-10,383	-9,072	-1,218	'	'	-77	-16
Balance at the end of the period	$610,969	$493,987	$106,312	$7,972	$7,972	$2,568	$130

Real_Estate_Properties_Details1

Real Estate Properties (Details 2) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

9 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Sep. 30, 2013

Oct. 04, 2013

Oct. 15, 2013

Oct. 18, 2013

Jan. 21, 2014

Apr. 02, 2014

Jun. 26, 2014

Jul. 31, 2014

Jan. 14, 2014

Jun. 30, 2014

Sep. 30, 2013

Jun. 30, 2014

Nov. 21, 2013

Jun. 30, 2014

Variable Interest Entity Primary Beneficiary [Member]

Variable Interest Entity Primary Beneficiary Aggregated Disclosure [Member]

R B H T R B Newark Holdings L L C [Member]

Subsidiaries [Member]

Affiliated Entity [Member]

Property Acquisition [Member]

Property Development [Member]

Property Acquisition [Member]

Variable Interest Entity Primary Beneficiary [Member]

Property Acquisition [Member]

Apartment Building [Member]

Land [Member]

Greenville South Carolina [Member]

Apartment Building [Member]

Retail Site [Member]

Apartment Building [Member]

Commercial Mixed Use Property [Member]

Apartment Building [Member]

Houston T X Location1 [Member]

Pasadena T X [Member]

Humble T X Location One [Member]

Humble T X Location Two [Member]

Huntsville A L [Member]

Indianapolis I N [Member]

Nashville T N [Member]

Little Rock A K [Member]

Wichita K S Location One [Member]

Atlanta G A [Member]

Houston T X Location2 [Member]

Greenville South Carolina [Member]

Other Locations Of Real Estate Properties [Member]

item

Newark N J [Member]

Columbus O H [Member]

item

Mortgages [Member]

property

Mortgages [Member]

property

Mortgages [Member]

item

Mortgages [Member]

item

Mortgages [Member]

item

Mortgages [Member]

item

Mortgages [Member]

item

Mortgages [Member]

item

Mortgages [Member]

item

Mortgages [Member]

item

Mortgages [Member]

home

Mortgages [Member]

home

sqft

Mortgages [Member]

item

Mortgages [Member]

Real Estate Properties

Interest in joint venture (as a percent)

80.00%

74.40%

Number of Units

798

144

260

160

208

400

300

172

496

350

272

360

264

3,552

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

$28,350,000

$15,300,000

$7,000,000

$14,050,000

$189,920,000

Acquisition Debt

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

11,500,000

10,651,000

133,218,000

Initial BRT Equity / additional investment

10,525,000

1,687,000

3,129,000

1,908,000

3,950,000

5,300,000

8,420,000

6,932,000

5,944,000

5,100,000

6,400,000

3,231,000

4,972,000

1,729,000

BRT Equity

2,372,000

3,734,000

60,301,000

Property Acquisition Costs

718,000

851,000

2,246,000

1,916,000

474,000

125,000

180,000

129,000

202,000

191,000

296,000

117,000

155,000

189,000

91,000

97,000

2,246,000

Amount invested in joint ventue

9,631,000

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

$451,655,000

$313,216,000

$80,425,000

Real_Estate_Loans_Details

Real Estate Loans (Details) (USD $)	Jun. 30, 2014	Sep. 30, 2013
Real Estate Loans (Details) (USD $)	loan	Sep. 30, 2013
Real Estate Loans	'	'
Real Estate Loans, gross	$2,000,000	$30,513,000
Deferred fee income	'	-213,000
Real Estate Loans, Net	1,995,000	30,300,000
Percent of real estate loans	'	100.00%
Number of Loans Outstanding	1	'
Apartment Building [Member]	'	'
Real Estate Loans	'	'
Real Estate Loans, gross	'	16,772,000
Percent of real estate loans	'	55.00%
Retail Site [Member]	'	'
Real Estate Loans	'	'
Real Estate Loans, gross	'	3,100,000
Percent of real estate loans	'	10.00%
Hotel [Member]	'	'
Real Estate Loans	'	'
Real Estate Loans, gross	'	1,680,000
Percent of real estate loans	'	6.00%
Land [Member]	'	'
Real Estate Loans	'	'
Real Estate Loans, gross	'	8,000,000
Percent of real estate loans	'	26.00%
Single Family [Member]	'	'
Real Estate Loans	'	'
Real Estate Loans, gross	'	$961,000
Percent of real estate loans	'	3.00%

Debt_Obligations_Details

Debt Obligations (Details) (USD $)	3 Months Ended		9 Months Ended
Debt Obligations (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2013
Debt Obligations	'	'	'	'	'
Total debt obligations	$489,055,000	'	$489,055,000	'	$350,616,000
Junior Subordinated Debt [Member]	'	'	'	'	'
Debt Obligations	'	'	'	'	'
Total debt obligations	37,400,000	'	37,400,000	'	37,400,000
Other disclosures	'	'	'	'	'
Interest expense	458,000	458,000	1,374,000	1,374,000	'
Amortization of deferred costs included in interest expense	5,000	5,000	15,000	15,000	'
Junior Subordinated Debt [Member] \| Debt Instrument Interest Rate1 August2012 Through29 April2016 [Member]	'	'	'	'	'
Debt Obligations	'	'	'	'	'
Interest Rate (as a percent)	4.90%	'	4.90%	'	'
Junior Subordinated Debt [Member] \| Debt Instrument Interest Rate30 April2016 Through30 April2036 [Member]	'	'	'	'	'
Debt Obligations	'	'	'	'	'
Reference rate	'	'	'LIBOR	'	'
Margin interest above reference rate (as a percent)	'	'	0.02%	'	'
Mortgages [Member]	'	'	'	'	'
Debt Obligations	'	'	'	'	'
Total debt obligations	$451,655,000	'	$451,655,000	'	$313,216,000

Debt_Obligations_Details_2

Debt Obligations (Details 2) (USD $)

9 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jul. 31, 2014

Oct. 04, 2013

Oct. 15, 2013

Oct. 18, 2013

Nov. 21, 2013

Jan. 21, 2014

Apr. 02, 2014

Jun. 26, 2014

Jun. 30, 2014

Jul. 31, 2014

Oct. 04, 2013

Oct. 15, 2013

Oct. 18, 2013

Jan. 21, 2014

Apr. 02, 2014

Jun. 26, 2014

Jul. 31, 2014

Greenville South Carolina [Member]

Mortgages Maturing In October2018 [Member]

Mortgages Maturing In November2018 Mortgage One [Member]

Mortgages Maturing In November2018 Mortgage Two [Member]

Mortgages Maturing In November2018 Mortgage Three [Member]

Mortgages Maturing In November2023 [Member]

Mortgages Maturing In February2045 [Member]

Mortgages Maturing In February2024 [Member]

Mortgages Maturing In November2022 [Member]

Mortgages Maturing In March2019 [Member]

Mortgages Maturing in April2020 [Member]

Mortgages Maturing In May2020 [Member]

Mortgages Maturing In July 2021 Member

Supplemental Financing Mortgages Maturing In March2022 [Member]

Supplemental Financing Mortgages Maturing In December2022 [Member]

Mortgages Supplemental Financing [Member]

Mortgages Maturing In August 21 [Member]

Mortgages [Member]

Apartment Building [Member]

Houston T X Location1 [Member]

Pasadena T X [Member]

Humble T X Location One [Member]

Humble T X Location Two [Member]

Huntsville A L [Member]

Columbus O H [Member]

Indianapolis I N [Member]

Nashville T N [Member]

Little Rock A K [Member]

Wichita K S Location One [Member]

Wichita K S Location Two [Member]

Atlanta G A [Member]

Lawrenceville G A [Member]

Decatur G A [Member]

Apartment Building [Member]

Houston T X Location2 [Member]

Houston T X Location1 [Member]

Pasadena T X [Member]

Humble T X Location One [Member]

Humble T X Location Two [Member]

Huntsville A L [Member]

Indianapolis I N [Member]

Nashville T N [Member]

Little Rock A K [Member]

Wichita K S Location One [Member]

Atlanta G A [Member]

Houston T X Location2 [Member]

Variable Interest Entity Primary Beneficiary [Member]

Apartment Building [Member]

property

Apartment Building [Member]

Property Development [Member]

Variable Interest Entity Primary Beneficiary [Member]

Construction Loan Payable [Member]

Property Acquisition [Member]

Debt Obligations

Acquisition Mortgage Debt

$17,300,000

$4,101,000

$10,452,000

$3,411,000

$22,165,000

$11,500,000

$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

$11,500,000

Interest rate (as a percent)

4.85%

4.90%

4.99%

4.35%

4.77%

3.63%

3.93%

5.91%

4.06%

3.87%

5.46%

5.74%

4.07%

Interest Only Period

'12 months

'24 months

'36 months

'8 months

'24 months

Maximum financing

38,600,000

Reference rate

'one month LIBOR

Margin interest above reference rate (as a percent)

1.95%

Borrowings outstanding

1,158,000

2,209,000

Number of properties on which supplemental financing was obtained

Proceeds from mortgage financings

$139,432,000

$111,742,000

$1,613,000

$2,489,000

$4,102,000

Deferred_Income_New_Markets_Ta1

Deferred Income (New Markets Tax Credit Transaction) (Details) (USD $)	Jun. 30, 2014	Sep. 30, 2013	Jun. 30, 2014	Sep. 11, 2012	Feb. 03, 2012	Jun. 30, 2014	Sep. 30, 2013	Sep. 30, 2012
			Federal New Markets Tax Credit Transaction [Member]	Variable Interest Entity Primary Beneficiary [Member]	Variable Interest Entity Primary Beneficiary [Member]	Variable Interest Entity Primary Beneficiary [Member]	Variable Interest Entity Primary Beneficiary [Member]	Variable Interest Entity Primary Beneficiary [Member]
				Investor [Member]	Investor [Member]	R B H T R B Newark Holdings L L C [Member]	R B H T R B Newark Holdings L L C [Member]	R B H T R B Newark Holdings L L C [Member]
				New Markets Tax Credit Program Special Purpose Entity [Member]	New Markets Tax Credit Program Special Purpose Entity [Member]	Subsidiaries [Member]	Subsidiaries [Member]	Subsidiaries [Member]
				Federal New Markets Tax Credit Transaction [Member]	Federal New Markets Tax Credit Transaction [Member]	Federal New Markets Tax Credit Transaction [Member]	Federal New Markets Tax Credit Transaction [Member]	New Markets Tax Credit Program Special Purpose Entity [Member]
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	$13,557,000	$12,833,000	'	'	'	$8,900,000	$9,600,000	'

Segment_Reporting_Details

Segment Reporting (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2013
	Jun. 30, 2014	Jun. 30, 2013	segment	Jun. 30, 2013	Sep. 30, 2013
Segment Reporting	'	'	'	'	'
Number of reportable segments	'	'	3	'	'
Revenues:	'	'	'	'	'
Rental and other revenues from real estate properties	$17,449	$8,250	$46,133	$20,756	'
Interest and fees on real estate loans	352	2,921	2,121	7,766	'
Other income	314	867	861	1,913	'
Total revenues	18,115	12,038	49,115	30,435	'
Expenses:	'	'	'	'	'
Operating expenses relating to real estate properties	10,042	4,595	26,071	11,158	'
Interest expense	5,469	3,127	15,247	8,734	'
Advisor's fees, related party	517	497	1,447	1,314	'
Property acquisition costs	718	851	2,246	1,916	'
General and administrative	1,579	1,859	5,006	5,416	'
Depreciation and amortization	3,801	1,832	10,375	4,737	'
Total expenses	22,126	12,761	60,392	33,275	'
Total revenues less total expenses	-4,011	-723	-11,277	-2,840	'
Equity in earnings of unconsolidated joint ventures	5	54	9	183	'
Gain on sale of available-for-sale securities	'	'	'	482	'
Gain on sale of real estate assets	3	509	3	509	'
Net (loss) income	-4,003	-160	-11,265	-1,666	'
Plus: net (income) loss attributable to non-controlling interests	3,672	681	5,609	1,893	'
Net (loss) income attributable to common shareholders	-331	521	-5,656	227	'
Segment assets	700,261	501,830	700,261	501,830	549,491
Multi Family Real Estate Segment [Member]	'	'	'	'	'
Revenues:	'	'	'	'	'
Rental and other revenues from real estate properties	16,201	7,515	42,526	18,580	'
Total revenues	16,201	7,515	42,526	18,580	'
Expenses:	'	'	'	'	'
Operating expenses relating to real estate properties	8,759	3,942	22,655	9,234	'
Interest expense	4,311	1,970	11,555	5,033	'
Advisor's fees, related party	391	202	1,010	502	'
Property acquisition costs	718	851	2,246	1,916	'
General and administrative	1,409	499	4,351	1,254	'
Depreciation and amortization	3,363	1,648	9,069	4,186	'
Total expenses	18,951	9,112	50,886	22,125	'
Total revenues less total expenses	-2,750	-1,597	-8,360	-3,545	'
Gain on sale of real estate assets	3	'	3	'	'
Net (loss) income	-2,747	-1,597	-8,357	-3,545	'
Plus: net (income) loss attributable to non-controlling interests	150	137	418	227	'
Net (loss) income attributable to common shareholders	-2,597	-1,460	-7,939	-3,318	'
Segment assets	545,676	262,662	545,676	262,662	'
Other Real Estate Segment [Member]	'	'	'	'	'
Revenues:	'	'	'	'	'
Rental and other revenues from real estate properties	1,248	735	3,607	2,176	'
Other income	263	235	798	808	'
Total revenues	1,511	970	4,405	2,984	'
Expenses:	'	'	'	'	'
Operating expenses relating to real estate properties	1,283	653	3,416	1,924	'
Interest expense	1,101	836	3,490	2,671	'
Advisor's fees, related party	84	64	241	155	'
General and administrative	102	197	330	547	'
Depreciation and amortization	438	184	1,306	551	'
Total expenses	3,008	1,934	8,783	5,848	'
Total revenues less total expenses	-1,497	-964	-4,378	-2,864	'
Equity in earnings of unconsolidated joint ventures	5	54	9	183	'
Gain on sale of real estate assets	'	509	'	509	'
Net (loss) income	-1,492	-401	-4,369	-2,172	'
Plus: net (income) loss attributable to non-controlling interests	3,522	544	5,191	1,666	'
Net (loss) income attributable to common shareholders	2,030	143	822	-506	'
Segment assets	151,557	150,878	151,557	150,878	'
Loan And Investment [Member]	'	'	'	'	'
Revenues:	'	'	'	'	'
Interest and fees on real estate loans	352	2,921	2,121	7,766	'
Other income	51	632	63	1,105	'
Total revenues	403	3,553	2,184	8,871	'
Expenses:	'	'	'	'	'
Interest expense	57	321	202	1,030	'
Advisor's fees, related party	42	231	196	657	'
General and administrative	68	1,163	325	3,615	'
Total expenses	167	1,715	723	5,302	'
Total revenues less total expenses	236	1,838	1,461	3,569	'
Gain on sale of available-for-sale securities	'	'	'	482	'
Net (loss) income	236	1,838	1,461	4,051	'
Net (loss) income attributable to common shareholders	236	1,838	1,461	4,051	'
Segment assets	$3,028	$88,290	$3,028	$88,290	'

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments (Details) (Fair Value Inputs Level2 [Member], USD $)	9 Months Ended				0 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
	Market Approach Valuation Technique [Member]	Market Approach Valuation Technique [Member]	Market Approach Valuation Technique [Member]	Market Approach Valuation Technique [Member]	Estimate Of Fair Value Fair Value Disclosure [Member]	Estimate Of Fair Value Fair Value Disclosure [Member]
	Mortgage Loans On Real Estate [Member]	Junior Subordinated Debt [Member]	Mortgages [Member]	Mortgages [Member]	Junior Subordinated Debt [Member]	Mortgages [Member]
			Minimum [Member]	Maximum [Member]
Financial Instruments Not Measured at Fair Value	'	'	'	'	'	'
Fixed market rate of interest (as a percent)	10.00%	'	'	'	'	'
Estimated fair value lower than carrying value	'	'	'	'	$21.80	$8.70
Market interest rate (as a percent)	'	6.57%	2.13%	9.38%	'	'

Fair_Value_of_Financial_Instru3

Fair Value of Financial Instruments (Details 2) (Fair Value Measurements Recurring [Member], Interest Rate Swap [Member], USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified	Jun. 30, 2014
Estimate Of Fair Value Fair Value Disclosure [Member]	'
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)	'
Derivative financial instruments	($16)
Fair Value Inputs Level2 [Member]	'
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)	'
Derivative financial instruments	($16)

Derivative_Financial_Instrumen2

Derivative Financial Instruments (Details) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Sep. 30, 2013

Jun. 30, 2014

Sep. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Interest Expense [Member]

Other Assets [Member]

Accounts Payable And Accrued Liabilities [Member]

Designated As Hedging Instrument [Member]

Nondesignated [Member]

Interest Rate Swap [Member]

Interest Rate Cap [Member]

Interest Rate Derivatives

Notional Amount

$1,791,000

$24,700,000

Rate (as a percent)

5.25%

1.00%

Loss on change in fair value of derivatives

-1,200,000

550,000

4,500,000

Fair value of derivative financial instruments

Fair value of derivative financial instrument asset

1,000

Fair value of derivative financial instrument liability

17,000

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

-29,000

59,000

-36,000

69,000

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

-9,000

-26,000

-28,000

Gain or loss recognized related to hedge ineffectiveness

Gain or loss recognized related to amounts excluded from effectiveness testing

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

34,000

Credit-risk-related Contingent Features

Derivatives in a liability position

$17,000