Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
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 | ||
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 | ||||||
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 |
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 |
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 |
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 |
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 | ||||||||||||
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 |
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 | |||||||||||||
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 |
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 |
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 |
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 | $ | 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 | |||||||||||||
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 | 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 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Stock Incentive Plan2012 [Member] | Stock Incentive Plan2012 [Member] | Stock Incentive Plan2012 [Member] | Equity Incentive Plan2003 And Equity Incentive Plan2009 [Member] | Equity Incentive Plan2003 And Equity Incentive Plan2009 [Member] | |||||
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||||||||||
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 | ' | ' | ' | ' | $206,000 | $181,000 | $600,000 | $511,000 | ' | ' | ' | ' | ' |
Unearned compensation | ' | ' | ' | ' | $2,284,000 | ' | $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 | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 9 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. 04, 2013 | Oct. 04, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Oct. 18, 2013 | Oct. 18, 2013 | Oct. 18, 2013 | Jan. 21, 2014 | Jan. 21, 2014 | Jan. 21, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Jun. 26, 2014 | Jun. 26, 2014 | Jun. 26, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jan. 14, 2014 | Jan. 14, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Nov. 21, 2013 | Nov. 21, 2013 | Nov. 21, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
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] | 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] | 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] | 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] | 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] | 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] | 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] | Variable Interest Entity Primary Beneficiary [Member] | 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] | 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] | Subsidiaries [Member] | Subsidiaries [Member] | Subsidiaries [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | ||||||
Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Development [Member] | Property Development [Member] | Property Development [Member] | Property Acquisition [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] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | ||||||
Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Land [Member] | Land [Member] | Greenville South Carolina [Member] | Apartment Building [Member] | Retail Site [Member] | Apartment Building [Member] | Commercial Mixed Use Property [Member] | Commercial Mixed Use Property [Member] | Commercial Mixed Use Property [Member] | Commercial Mixed Use Property [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | ||||||
Houston T X Location1 [Member] | Houston T X Location1 [Member] | Houston T X Location1 [Member] | Pasadena T X [Member] | Pasadena T X [Member] | Pasadena T X [Member] | Humble T X Location One [Member] | Humble T X Location One [Member] | Humble T X Location One [Member] | Humble T X Location Two [Member] | Humble T X Location Two [Member] | Humble T X Location Two [Member] | Huntsville A L [Member] | Huntsville A L [Member] | Huntsville A L [Member] | Indianapolis I N [Member] | Indianapolis I N [Member] | Indianapolis I N [Member] | Nashville T N [Member] | Nashville T N [Member] | Nashville T N [Member] | Little Rock A K [Member] | Little Rock A K [Member] | Little Rock A K [Member] | Wichita K S Location One [Member] | Wichita K S Location One [Member] | Wichita K S Location One [Member] | Atlanta G A [Member] | Atlanta G A [Member] | Atlanta G A [Member] | Houston T X Location2 [Member] | Houston T X Location2 [Member] | Greenville South Carolina [Member] | Greenville South Carolina [Member] | Greenville South Carolina [Member] | Greenville South Carolina [Member] | Other Locations Of Real Estate Properties [Member] | item | Newark N J [Member] | Newark N J [Member] | Newark N J [Member] | Columbus O H [Member] | Columbus O H [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 | sqft | Mortgages [Member] | item | Mortgages [Member] | |||||||||||||||||||||||||
Real Estate Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest in joint venture (as a percent) | ' | ' | ' | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | 80.00% | ' | ' | 74.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Units | ' | ' | ' | ' | ' | ' | 798 | ' | ' | 144 | ' | ' | 260 | ' | ' | 160 | ' | ' | 208 | ' | ' | 400 | ' | ' | 300 | ' | ' | 172 | ' | ' | 496 | ' | ' | 350 | ' | 272 | ' | ' | ' | ' | 360 | ' | ' | 3 | ' | ' | ' | ' | 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 | ' | $451,655,000 | ' | $313,216,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $80,425,000 | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Loans_Details
Real Estate Loans (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
loan | ||
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 | |||
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 | 0 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. 15, 2013 | Oct. 15, 2013 | Oct. 18, 2013 | Nov. 21, 2013 | Jan. 21, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Jun. 26, 2014 | Jun. 26, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 31, 2014 | Oct. 04, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Oct. 15, 2013 | Oct. 18, 2013 | Jan. 21, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Jun. 26, 2014 | Jul. 31, 2014 | |
Greenville South Carolina [Member] | 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 November2022 [Member] | Mortgages Maturing In March2019 [Member] | Mortgages Maturing in April2020 [Member] | Mortgages Maturing In May2020 [Member] | Mortgages Maturing In July 2021 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] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | |||
Apartment Building [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] | 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] | 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] | Variable Interest Entity Primary Beneficiary [Member] | Apartment Building [Member] | Apartment Building [Member] | property | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | Apartment Building [Member] | |||||||||||||||||
Property Development [Member] | Property Development [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] | 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] | Variable Interest Entity Primary Beneficiary [Member] | Variable Interest Entity Primary Beneficiary [Member] | ||||||||||||||||||||
Construction Loan Payable [Member] | Construction Loan Payable [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [Member] | Property Acquisition [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% | 4.90% | 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 | '12 months | '12 months | '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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 |
segment | |||||
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 | |
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, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Other Assets [Member] | Accounts Payable And Accrued Liabilities [Member] | Accounts Payable And Accrued Liabilities [Member] | Designated As Hedging Instrument [Member] | Nondesignated [Member] | Nondesignated [Member] | Nondesignated [Member] | Nondesignated [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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -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 | -9,000 | -26,000 | -28,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | $17,000 | ' | $17,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |