Real Estate Properties

3 Months Ended

Dec. 31, 2014

Real Estate [Abstract]

Real Estate Properties

Real Estate Properties

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

	September 30, 2014 Balance		Additions (a)		Capitalized Costs and Improvements		Depreciation, Amortization and other reductions (b)			December 31, 2014 Balance
Multi-family	$	511,866	$	27,950	$	9,007	$	(10,374	)	$	538,449
Commercial/mixed use (c)	113,021		—		8,216		(500		)	120,737
Land	7,972		—		—		—			7,972
Shopping centers/Retail	2,678		—		4		(27		)	2,655
Co-op/condo apartments	75		—		—		(1		)	74
Total real estate properties	$	635,612	$	27,950	$	17,227	$	(10,902	)	$	669,887

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(a) During the three months ended December 31, 2014, the Trust purchased the following multi‑family property (dollars in thousands):

Location	Purchase Date	No of Units	Contract Purchase Price		Acquisition Mortgage Debt		BRT Equity		Property Acquisition Costs
Pensacola, FL	12/22/2014	276	$	27,950	$	17,173	$	11,380	$	295

(b)    Includes the re-classification of a property which is held-for-sale. See Note 5 - Asset held for sale.

(c)    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 of commercial space and 61 residential apartment units (excluding 6,000 square feet of commercial space and 62 residential apartments currently under construction). Certain of these assets are subject to a mortgage with a principal balance of $19,500,000 held by the Trust, which is eliminated in consolidation. Several of the assets are also encumbered by other mortgages which are discussed in Note 6 - Debt Obligations. The Trust contributed capital of $4,972,000 to this venture in the year ended September 30, 2014, representing its proportionate share of capital required to fund the operations of the venture for the venture’s current fiscal year and to purchase additional land parcels. This contribution includes $2,489,000 for the payment of deferred interest on the loan held by the Trust.

During the three months ended December 31, 2014, the Trust increased its ownership interest in a (i) joint venture that owns two multi-family properties in Houston, TX from 80% to 91% by purchasing its partner's interest in the venture for $2,036,000; and (ii) joint venture that owns a multi-family property in Decatur, GA from 80% to 100% by purchasing its partner's interest in the venture for $1,850,000. The Trust incurred $153,000 in professional fees related to these transactions.