REAL ESTATE PROPERTIES (Tables)

12 Months Ended

Sep. 30, 2012

REAL ESTATE PROPERTIES

Schedule of real estate properties owned

  A summary of activity in real estate properties for the year ended September 30, 2012 is as follows (dollars in thousands):

	September 30, 2011 Balance		Additions		Capitalized Costs and Improvements		Depreciation, Amortization and other Reductions			September 30, 2012 Balance
Shopping centers/retail(a)	$	2,853		—		—	$	(104	)	$	2,749
Co-op/Condo Apts		315		—	$	2		(67	)		250
Commercial/mixed use(b)		48,137	$	1,659		12,622		(610	)		61,808
Multi-family(c)				115,100		3,714		(1,276	)		117,538
Land(d)		7,972		—		—		—			7,972
Total real estate properties	$	59,277	$	116,759	$	16,338	$	(2,057	)	$	190,317

(a)

The Trust holds, with a minority partner, a leasehold interest in a portion of a retail shopping center located in Yonkers, New York. The leasehold interest is for approximately 28,500 square feet and, including all option periods, expires in 2045. The Trust has an 85% interest in this joint venture.

(b)

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, which includes 252,000 square feet currently under construction. Certain of these assets are subject to mortgages in the aggregate principal balance of $20,100,000 held by the Trust, which are eliminated in consolidation. Several of the assets are also encumbered by other mortgages which are discussed in Note 10—Debt Obligations—Mortgages Payable.

 

(c)

Set forth below is certain information regarding the Trust's purchases, through joint ventures in each of which the Trust has an 80% equity interest, of the following multi-family properties (dollars in thousands):

Location	Purchase Date		No. of Units		Contract Purchase Price		Acquisition Mortgage Debt		BRT Equity		Acquisition Costs
Marietta, GA*		1/12/2012		207	$	8,100	$	6,500	$	2,560		—
Lawrenceville, GA*		2/23/2012		170		6,250		4,687		2,200		—
Palm Beach Gardens, FL		3/22/2012		542		59,400		45,200		14,480	$	1,561
Melbourne, FL		3/30/2012		208		9,250		7,680		3,120		231
Collierville, TN		6/20/2012		325		32,100		25,680		6,220		615
				1,452	$	115,100	$	89,747	$	28,580	$	2,407

*

As a result of amendments to the operating agreement of the joint venture which owns this property, this joint venture was treated as a consolidated subsidiary of the Trust effective August 1, 2012. The Trust was determined to be the primary beneficiary of this venture because it has a controlling interest in that it now has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE.

(d)

Represents an 8.9 acre development parcel located in Daytona Beach, Florida which was acquired in foreclosure.

        Future minimum rentals to be received by the Trust pursuant to non-cancellable operating leases with terms in excess of one year, from properties owned by the Trust or a consolidated subsidiary at September 30, 2012, are as follows (dollars in thousands):

Year Ending September 30,	Amount
2013	$	2,225
2014		2,227
2015		2,186
2016		2,057
2017		1,113
Thereafter		10,361
Total	$	20,169

Schedule of information regarding the Trust's purchases on which the Trust has an 80% equity interest

Set forth below is certain information regarding the Trust's purchases, through joint ventures in each of which the Trust has an 80% equity interest, of the following multi-family properties (dollars in thousands):

Location	Purchase Date		No. of Units		Contract Purchase Price		Acquisition Mortgage Debt		BRT Equity		Acquisition Costs
Marietta, GA*		1/12/2012		207	$	8,100	$	6,500	$	2,560		—
Lawrenceville, GA*		2/23/2012		170		6,250		4,687		2,200		—
Palm Beach Gardens, FL		3/22/2012		542		59,400		45,200		14,480	$	1,561
Melbourne, FL		3/30/2012		208		9,250		7,680		3,120		231
Collierville, TN		6/20/2012		325		32,100		25,680		6,220		615
				1,452	$	115,100	$	89,747	$	28,580	$	2,407

*

As a result of amendments to the operating agreement of the joint venture which owns this property, this joint venture was treated as a consolidated subsidiary of the Trust effective August 1, 2012. The Trust was determined to be the primary beneficiary of this venture because it has a controlling interest in that it now has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and it has the obligation to absorb losses of the entity and the right to receive benefits from the entity that could potentially be significant to the VIE.

Schedule of future minimum rentals to be received pursuant to non-cancellable operating leases with terms in excess of one year, from properties on which the entity holds title

Future minimum rentals to be received by the Trust pursuant to non-cancellable operating leases with terms in excess of one year, from properties owned by the Trust or a consolidated subsidiary at September 30, 2012, are as follows (dollars in thousands):

Year Ending September 30,	Amount
2013	$	2,225
2014		2,227
2015		2,186
2016		2,057
2017		1,113
Thereafter		10,361
Total	$	20,169

Schedule of information regarding the Trust purchased joint ventures in which the Trust has an 80 to 90% equity interest

Location	Purchase Date		No of Units		Contract Purchase Price		Acquisition Mortgage Debt		BRT Equity		Estimated Acquisition Costs
North Charleston, SC		10/4/12		208	$	21,500	$	17,716	$	4,410	$	213
Cordova, TN		11/15/12		464		25,500		19,250		6,220		388
Decatur, GA		11/19/12		212		10,450		8,560		3,396		192
				884	$	57,450	$	45,526	$	14,026	$	793