Acquisitions and Dispositions

9 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

Acquisitions and Dispositions

Acquisitions and Dispositions

Property Acquisitions

The table below provides information for the nine months ended June 30,2016 regarding the Trust's purchases of multi-family properties (dollars in thousands):

Location	Purchase Date	No. of Units	Contract Purchase Price		Acquisition Mortgage Debt		Initial BRT Equity		Ownership Percentage		Property Acquisition Costs
N. Charleston, SC (a)	10/13/2015	271	$	3,625	—		$	6,558	65	%	—
La Grange, GA	11/18/2015	236	22,800		$	16,051	6,824		100	%	$	57
Katy, TX	1/22/2016	268	40,250		30,750		8,150		75	%	382
Macon, GA	2/1/2016	240	14,525		11,200		3,250		80	%	158
Southaven, MS	2/29/2016	392	35,000		28,000		5,856		60	%	413
San Antonio, TX	5/6/2016	288	35,150		26,400		6,688		65	%	539
Dallas, TX	5/11/2016	494	37,000		27,938		6,750		50	%	567
Columbia, SC	5/31/2016	204	17,000		12,934		4,930		80	%	302
		2,393	$	205,350	$	153,273	$	49,006			$	2,418

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(a) This acquisition of 41.5 acres of land was purchased for development. The initial equity includes funds contributed in connection with the commencement of construction. Acquisition costs of $63,000 related to this development have been capitalized.

The N. Charleston, SC purchase was accounted for as an asset acquisition and the other purchases were accounted for as business combinations. The purchase price for the business combinations is allocated to the acquired assets and assumed liabilities based on management's estimate of the fair value of the acquired assets and assumed liabilities at the dates of acquisition.

Property Dispositions

The following table is a summary of the real estate properties disposed of by the Trust in the nine months ended June 30, 2016 (dollars in thousands):

Location	Sale Date	No. of Units	Sales Price		Gain on Sale		Non-controlling partner portion of gain
New York, NY	10/1/2015	1	$	652	$	609	—
Cordova, TN	3/2/2016	464	31,100		6,764		$	2,195
Kennesaw, GA	3/15/2016	450	64,000		17,429		10,037
Pooler, GA	4/6/2016	300	38,500		5,710		1,405
Collierville, TN	6/1/2016	324	34,300		4,586		917
		1,539	$	168,552	$	35,098	$	14,554

On June 6, 2016, the Trust sold its partnership interest in a venture that owned a Little Rock, AK property. The Trust sold its interest for $2,342,000 and recognized a gain of $386,000 on the sale.

On July 27, 2016, the Trust entered into a contract to sell the Wichita, KS property for $30,000,000. The sale is subject to customary closing conditions. The Trust anticipates a gain on the sale of the property of approximately $7,700,000 (net of a mortgage prepayment charge of $1,900,000), of which $2,900,000 will be allocated to non-controlling interests.