ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES
 12 Months Ended
Sep. 30, 2016
Business Combinations [Abstract]  
ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES
REAL ESTATE PROPERTIES
Real estate properties (including real estate properties held for sale), consist of the following:
 
 
September 30, 2016
Balance
Land
 
$
128,409

Building
 
684,133

Building improvements
 
25,717

  Real estate properties
 
838,259

Accumulated depreciation
 
(44,687
)
  Total real estate properties, net
 
$
793,572


A summary of activity in real estate properties (including properties held for sale), for the year ended September 30, 2016, follows (dollars in thousands):
 
September 30,
2015
Balance
 
Additions
 
Capitalized
Costs and
Improvements
 
Sales
 
Depreciation,
Amortization
and other
Reductions
 
September 30,
2016
Balance
Multi-family
$
605,040

 
$
318,680

 
$
39,611

 
$
(157,174
)
 
$
(23,072
)
 
$
783,085

Land - Daytona, FL
7,972

 
—

 
49

 
—

 
—

 
8,021

Shopping centers/retail - Yonkers, NY
2,574

 
—

 
—

 
—

 
(108
)
 
2,466

​
​

 
​

 
​

 
 
 
​

 
​

Total real estate properties
$
615,586

 
$
318,680

 
$
39,660

 
$
(157,174
)
 
$
(23,180
)

$
793,572


The acquisitions completed in the year ended September 30, 2016 and described in Note 3-Acquisitions, Dispositions and Impairment Charges, 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 date of the applicable acquisition.
The following table summarizes the preliminary allocations of the purchase prices of assets acquired during the year ended September 30, 2016 (dollars in thousands):
 
Preliminary
Purchase Price
Allocation
Land
$
53,054

Buildings and Improvements
264,474

Lease Intangibles
1,152

Total Consideration
$
318,680

    

NOTE 2—REAL ESTATE PROPERTIES (continued)
The preliminary measurements of fair value reflected above are subject to change. The Trust expects to finalize the valuations and complete the purchase price allocation as soon as practicable but in no event beyond one year from the date of the applicable acquisition.
The following table summarizes the preliminary allocations of the purchase price of ten properties purchased between July 1, 2015 and September 30, 2016, and the finalized allocation of the purchase price, as adjusted, as of September 30, 2016 (dollars in thousands):
 
Preliminary
Purchase Price
Allocation
 
Adjustments
 
Finalized
Purchase Price
Allocation
 
 
 
 
 
 
Land
$
42,361

 
$
(6,568
)
 
$
35,793

Buildings and Improvements
260,107

 
4,999

 
265,106

Acquisition-related intangible assets (in acquired lease intangibles, net) (1)
733

 
1,569

 
2,302

Total Consideration
$
303,201

 
$
—

 
$
303,201


A summary of the Trust's multi-family properties by state as and for the year ended September 30, 2016, is as follows (dollars in thousands):
Location
 
Number of Units at September 30, 2016
 
2016
Revenue
 
% of 2016
Revenue
Texas
 
2,750

 
$
19,957

 
22
%
Florida
 
1,186

 
15,652

 
17
%
Georgia
 
1,309

 
14,576

 
16
%
Tennessee
 
456

 
9,735

 
11
%
Alabama
 
826

 
6,966

 
8
%
South Carolina
 
1,033

 
6,613

 
8
%
Missouri
 
420

 
3,854

 
4
%
Indiana
 
400

 
3,152

 
4
%
Kansas
 
—

 
3,132

 
3
%
Mississippi
 
776

 
2,678

 
3
%
Ohio
 
264

 
2,440

 
3
%
Arkansas
 
—

 
783

 
1
%
 
 
9,420

 
$
89,538

 
100
%
Future minimum rentals to be received by the Trust pursuant to non-cancellable operating leases with terms in excess of one year, from a commercial property owned by the Trust at September 30, 2016, are as follows (dollars in thousands):
Year Ending September 30,
 
Amount
2017
 
$
1,103

2018
 
1,120

2019
 
1,120

2020
 
1,120

2021
 
1,129

Thereafter
 
5,685

Total
 
$
11,277

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.
ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES
Property Acquisitions    
The table below provides information for the year ended September 30, 2016 regarding the Trust's purchases of multi-family properties (dollars in thousands):
Location
Purchase
Date
 
No. of
Units
 

Purchase
Price
 
Acquisition
Mortgage
Debt
 
Initial BRT
Equity
 
Ownership Percentage
 
Property
Acquisition
Costs
N. Charleston, SC
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
02/01/16
 
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

Atlanta, GA
8/15/2016
 
271

 
39,125

 
27,375

 
10,769

 
74
%
 
577

Southaven, MS
9/1/2016
 
384

 
38,205

 
30,564

 
6,060

 
60
%
 
347

San Antonio, TX
9/19/2016
 
288

 
36,000

 
27,000

 
8,060

 
72
%
 
510

 
 
 
3,336

 
$
318,680

 
$
238,212

 
$
73,895

 
 
 
$
3,852


Subsequent to September 30, 2016, the Trust purchased three multi-family properties with 933 units, including a 5.8 acre parcel of land on which it contemplates constructing 339 multi-family units. Information regarding these purchases is set forth below (dollars in thousands):
Location
Purchase
Date
 
No. of
Units
 

Purchase
Price
 
Acquisition
Mortgage
Debt
 
Initial BRT
Equity
 
Ownership Percentage
 
Estimated Property
Acquisition
Costs
Fredricksburg, VA
11/04/2016
 
220

 
$
38,490

 
$
29,940

 
$
8,720

 
80
%
 
$
643

Columbia, SC
11/10/2016
 
374

 
58,300

 
41,000

 
5,670

 
32
%
 
71

Columbia, SC (1)
11/10/2016
 
339

 
5,915

 
—

 
8,665

 
46
%
 
—

 
 
 
933

 
$
102,705

 
$
70,940

 
$
23,055

 
 
 
$
714

(1) Represents the purchase of a 5.8 acre parcel of land on which the Trust contemplates the construction of 339 multi-family units.
NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - (continued)
Property Dispositions
The following table is a summary of the real estate properties disposed of by the Trust in the year ended September 30, 2016 (dollars in thousands):
Location
Sale Date
 
No. of Units
 
Sales Price
 
Gain on Sale
 
Non-controlling partner portion of gain
Cordova, TN
3/2/2016
 
464

 
31,100

 
6,731

 
2,195

Kennesaw, GA
3/15/2016
 
450

 
64,000

 
17,462

 
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

Little Rock, AK (1)
6/6/2016
 
172

 
2,372

 
386

 
—

Wichita, KS
9/1/2016
 
496

 
30,400

 
10,718

 
4,241

 
 
 
2,206

 
$
200,672

 
$
45,593

 
$
18,795

(1) Reflects the sale of a partnership interest
The Trust also sold two cooperative units located in Manhattan, NY for $1,377,000 and recognized a gain of $1,271,000 on the sales.
The following table is a summary of the real estate properties disposed of by the Trust subsequent to the year ended September 30, 2016 (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

 
$
18,937

 
$
9,669

Panama City, FL
10/26/2016
 
160

 
14,720

 
7,390

 
3,732

Atlanta, GA
11/21/2016
 
350

 
36,750

 
8,796

 
4,046

Hixon, TN
11/30/2016
 
156

 
10,775

 
479

 
120

 
 
 
1,016

 
$
130,245

 
$
35,602

 
$
17,567


Impairment Charges
The Trust 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 Trust 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 Trust does not expect to recover its carrying costs on properties held for use, the Trust reduces its carrying costs to fair value, and for properties held for sale, the Trust reduces its carrying value to the fair value less costs to sell. During the years ended September 30, 2016, 2015, and 2014, no impairment charges were recorded. Management does not believe that the values of any properties are impaired as of September 30, 2016.
REAL ESTATE PROPERTY HELD FOR SALE

At September 30, 2016, the Sandtown Vistas property in Atlanta, GA and the Spring Valley property in Panama City, FL were held for sale. The Sandtown Vista property, which had a book value of $27,076,000, was sold on November 21, 2016. The Trust estimates it will recognize a gain on the sale of the property of approximately $8,800,000 of which approximately $4,000,000 will be allocated to the non-controlling partner. The Spring Valley property, which had a book value of $6,920,000, was sold on October 26, 2016. The Trust estimates it will recognize a gain on the sale of the property of $7,400,000 of which approximately $3,700,000 will be allocated to the non-controlling partner.