NOTE 2—REAL ESTATE PROPERTIES

A summary of activity in real estate properties (by type) for the year ended September 30, 2014, is as follows (dollars in thousands):

	September 30, 2013 Balance		Additions		Capitalized Costs and Improvements		Depreciation, Amortization and other Reductions			September 30, 2014 Balance
Multi-family(a)	$	299,792	$	205,220	$	20,684	$	(13,830	)	$	511,866
Commercial/mixed use(b)		92,354		—		22,297		(1,630	)		113,021
Land(c)		7,972		—		—		—			7,972
Shopping centers/retail(d)		2,645		—		137		(104	)		2,678
Co-op/Condo Apts		133		—		12		(70	)		75

Total real estate properties	$	402,896	$	205,220	$	43,130	$	(15,634	)	$	635,612

(a)

Set forth below is information for the year ended September 30, 2014 regarding the Trust's purchases of multi-family properties through joint ventures. The Trust has an 80% equity interest in each venture, except for the Columbus, OH property which is wholly owned, and the Greenville, SC property, in which it has a 74% interest (dollars in thousands):

Location	Purchase Date		No. of Units		Contract Purchase Price		Acquisition Mortgage Debt		Initial BRT Equity		Property Acquisition Costs
Houston, TX		10/4/13		798	$	32,800	$	24,100	$	10,525	$	474
Pasadena, TX		10/15/13		144		5,420		4,065		1,687		125
Humble, TX		10/15/13		260		10,500		7,875		3,129		180
Humble, TX		10/15/13		160		6,700		5,025		1,908		129
Huntsville, AL		10/18/13		208		12,050		9,573		3,950		202
Columbus, OH		11/21/13		264		14,050		10,651		3,734		97
Indianapolis, IN		1/21/14		400		18,800		14,500		5,300		191
Greenville, SC(i)		1/31/14		N/A		7,000		—		6,381		—
Nashville, TN		4/2/14		300		26,750		17,300		8,420		296
Little Rock, AK		4/2/14		172		6,750		4,101		2,372		117
Witchita, KS		4/2/14		496		20,750		13,863		6,932		155
Atlanta, GA		6/26/14		350		28,350		22,165		5,944		189
Houston, TX		7/8/14		272		15,300		11,475		5,080		258
Other				—		—		—		—		129

				3,824	$	205,220	$	144,693	$	65,362	$	2,542

(i)	The Greenville, SC joint venture is developing a 360-unit multi-family property with ground floor retail of approximately 10,000 square feet. The Trust has funded its required capital contribution and as of September 30, 2014 had invested $9,631,000.
(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, residential, charter schools and surface parking aggregating approximately 565,000 square feet of commercial space and 61 residential apartment units (another 16,000 square feet of commercial space and 62 residential apartment units are 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 7—Debt Obligations—Mortgages Payable. The Trust made net capital contributions of $4,972,000 and $1,729,000 to this venture in the years ended September 30, 2014 and 2013, respectively, representing its proportionate share of capital required to fund the operations of the venture for its next fiscal year and to purchase additional land parcels. The 2014 contribution includes $2,489,000 for the payment of deferred interest on the loan held by the Trust.
(c)		Represents an 8.9 acre development parcel located in Daytona Beach, Florida acquired in foreclosure.
(d)		The Trust owns, 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.

The 2014 acquisitions have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and assumed liabilities based on management's estimate of fair value of these acquired assets and assumed liabilities at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Trust expects to finalize the valuations and complete the purchase price allocations within one year from the dates of acquisition.

The following table summarizes the preliminary allocations of the purchase prices of assets acquired and liabilities assumed during the year ended September 30, 2014 (dollars in thousands):

	Preliminary Purchase Price Allocation
Land	$	55,110
Buildings and Improvements		150,110

Total Consideration	$	205,220

The following table summarizes the preliminary allocations of the purchase price of properties as recorded as of September 30, 2013, and the finalized allocation of the purchase price, as adjusted, as of September 30, 2014 (dollars in thousands):

	Preliminary Purchase Price Allocation		Adjustments			Finalized Purchase Price Allocation
Land	$	21,833	$	2,367		$	24,200
Buildings and Improvements		163,250		(3,313	)		159,937
Acquisition-related intangible assets (in Acquired lease intangibles, net)		—		946			946
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)		—		—			—
Above-below market debt assumed		—		—			—


Total Consideration	$	185,083		—		$	185,083

A summary of the Trust's multi-family properties by state as at and for the year ended September 30, 2014, is as follows (dollars in thousands):

Location	Number of Units		2014 Revenue		% of Revenue
Texas		2,018	$	14,346		24	%
Tennessee		1,244		12,705		21
Georgia		1,689		12,328		20
Florida		910		10,909		18
South Carolina		208		2,348		4
Alabama		208		1,628		3
Kansas		496		1,677		3
Indiana		400		1,996		3
Ohio		264		1,851		3
Arkansas		172		574		1

		7,609	$	60,362		100	%

Future minimum rentals to be received by the Trust pursuant to non-cancellable operating leases with terms in excess of one year, from commercial properties owned by the Trust at September 30, 2014, are as follows (dollars in thousands):

Year Ending September 30,	Amount
2015	$	3,715
2016		3,673
2017		2,826
2018		2,611
2019		2,645
Thereafter		37,060

Total	$	52,530

Leases at the Trust's multi-family properties are generally for a term of one year or less and are not reflected in the above table.