Acquisitions and Dispositions (Tables)

9 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

Schedule of real estate 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

___________________________________________________

(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.

Schedule of 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

The assets and liabilities as of September 30, 2015 of the discontinued operations of the Newark Joint Venture and the statement of operations for the three and nine months ended June 30, 2016 and 2015, are summarized as follows (dollars in thousands):

Balance Sheet	September 30, 2015
ASSETS
Real estate properties, net	$	141,441
Restricted cash	13,277
Deferred costs, net	9,683
Deposits and escrows	93
Other assets	8,734
Total assets of discontinued operations	$	173,228
LIABILITIES
Mortgage payable	$	110,375
Accounts payable and accrued liabilities	6,848
Deferred income	30,990
Total liabilities of discontinued operations	$	148,213

Statement of Operations
	Three Months Ended June 30,					Nine Months Ended June 30,
	2016		2015			2016			2015
Revenues:
Rental and other revenue from real estate properties	$	—	$	1,167		$	2,437		$	3,237
Other income	—		268			444			798
Total revenues	—		1,435			2,881			4,035
Expenses:
Real estate operating expenses	—		1,402			2,277			3,545
Interest expense	—		1,151			2,242			3,718
Depreciation	—		584			1,150			1,655
Total expense	—		3,137			5,669			8,918
Income from discontinued operations	—		(1,702		)	(2,788		)	(4,883		)
Gain on sale of partnership interest	—		—			15,467			—
Discontinued operations	$	—	$	(1,702	)	$	12,679		$	(4,883	)