Debt Obligations

3 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt Obligations

Debt Obligations

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

	December 31, 2014		September 30, 2014
Mortgages payable	$	502,103	$	482,406
Junior subordinated notes	37,400		37,400
Total debt obligations	$	539,503	$	519,806

Mortgages Payable

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

Location	Purchase Date	Acquisition Mortgage Debt		Interest Rate		Interest Only Period	Maturity Date
Pensacola, FL	12/22/14	$	17,173	4.85	%	12 months	October 2018

Contemporaneously with the Trust's increased ownership interest in a joint venture that owns multi-family properties in Houston, TX, the Trust refinanced a $6,494,000 adjustable rate mortgage and obtained a $7,500,000 fixed rate mortgage bearing interest at 4.19%. The new mortgage is interest only until November 2015 and matures in November 2024.

Junior Subordinated Notes

At December 31, 2014 and September 30, 2014, 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 for each of the three months ended December 31, 2014 and 2013. Amortization of the deferred costs, a component of interest expense, was $5,000 for each of the three months ended December 31, 2014 and 2013.