Acquisitions and Dispositions

9 Months Ended

Jun. 30, 2018

Property Acquisitions

The table below provides information regarding the Company's purchases of multi-family properties for the nine months ended June 30, 2018 (dollars in thousands):


Location	Purchase Date	No. of Units	Purchase Price		Acquisition Mortgage Debt		Initial BRT Equity		Ownership Percentage		Capitalized Acquisition Costs
Madison, AL	12/7/2017	204	$	18,420	$	15,000	$	4,456	80	%	$	247
Boerne, TX (a)	12/14/2017	120	12,000		9,200		3,780		80	%	244
Ocoee, FL	2/7/2018	522	71,347		53,060		12,370		50	%	1,047
Lawrenceville, GA	2/15/2018	586	77,229		54,447		15,179		50	%	767

Daytona, FL	4/30/2018	208	20,500		13,608		6,900		80	%	386
Grand Prairie, TX	5/17/2018	281	30,800		18,995		7,300		50	%	411
		1,921	$	230,296	$	164,310	$	49,985			$	3,102

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(a) Includes $500 for the acquisition of a land parcel adjacent to the property.

In the quarter ended June 30, 2018, the Company purchased its partner's 2.5% equity interest in Avalon Apartments, located in Pensacola, FL, for $250,000. The property is now wholly owned by the Company.

The table below provides information regarding the Company's purchases of multi-family properties during the nine months ended June 30, 2017 (dollars in thousands):


Location	Purchase Date	No. of Units	Purchase Price		Acquisition Mortgage Debt		Initial BRT Equity		Ownership Percentage		Capitalized Acquisition Costs
Fredricksburg, VA	11/4/2016	220	$	38,490	$	29,940	$	8,720	80	%	$	643
St. Louis, MO	2/28/2017	128	27,000		20,000		6,001		75.5	%	423
St. Louis, MO	2/28/2017	53	8,000		6,200		2,002		75.5	%	134
Creve Coeur, MO	4/4/2017	174	39,600		29,000		9,408		78.0	%	569
West Nashville, TN	6/2/2017	402	5,228		—		4,800		58.0	%	—
Farmers Branch, TX	6/29/2017	509	85,698		55,200		16,200		50.0	%	992
		1,486	$	204,016	$	140,340	$	47,131			$	2,761

Property Dispositions

The following table is a summary of real estate properties disposed of by the Company during the nine months ended June 30, 2018 (dollars in thousands):


Location	Sale Date	No. of Units	Sales Price		Gain on Sale		Non-controlling partner portion of gain
Melbourne, FL	10/25/2017	208	$	22,250	$	12,519	$	2,504
Palm Beach Gardens, FL	2/25/2018	542	97,200		41,830		20,593
Valley, AL	2/23/2018	618	51,000		9,712		4,547
New York, NY	1/18/2018	1	470		439		—
		1,369	$	170,920	$	64,500	$	27,644

The following table is a summary of the real estate properties disposed of by the Company during the nine months ended June 30, 2017 (dollars in thousands):


Location	Sale Date	No. of Units	Sales Price		Gain on Sale		Non-controlling partner portion of gain
Greenville, SC	10/19/2016	350	$	68,000	$	18,483	$	9,329
Panama City, FL	10/26/2016	160	14,720		7,393		3,478
Atlanta, GA	11/21/2016	350	36,750		8,905		4,166
Hixson,TN	11/30/2016	156	10,775		608		152
New York, NY	12/21/2016	1	465		449		—
		1,017	$	130,710	$	35,838	$	17,125

Impairment Charges

The Company reviews each real estate asset owned, including those held through investments in unconsolidated joint ventures, for impairment when there is an event or a change in circumstances indicating that the carrying amount may not be recoverable. The Company measures and records impairment losses, and reduces the carrying value of properties, when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying costs to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell. During the three and nine months ended June 30, 2018 and 2017, no impairment charges were recorded.