Debt Obligations (Tables)

6 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Schedule of debt obligations

Debt obligations consist of the following (dollars in thousands):

	March 31, 2016		September 30, 2015
Mortgages payable (a)	$	495,136	$	456,064
Junior subordinated notes	37,400		37,400
Total debt obligations	$	532,536	$	493,464

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(a) Excludes mortgages payable held for sale of $26,400 and $19,248 at March 31, 2016 and September 30, 2015 respectively.

Schedule of debt information

The interest rates on the outstanding notes are set forth in the table below: 

Interest Period	Interest Rate
August 1, 2012 through April 29, 2016	4.90	%
April 30, 2016 through April 30, 2036	Libor + 2.00%

During the six months ended March 31,2016, the Trust purchased four multi-family properties and incurred the following fixed rate debt (dollars in thousands):

Location	Closing Date	Acquisition Mortgage Debt		Interest Rate		Interest only period	Maturity Date
LaGrange, GA	11/18/15	$	16,051	4.36	%	-	February 2022
Katy, TX	1/22/16	30,750		4.44	%	60 months	February 2026
Macon, GA	2/1/16	11,200		4.39	%	24 months	February 2026
Southaven, MS	2/29/16	28,000		4.24	%	60 months	March 2026
		$	86,001

During the six months ended March 31, 2016, the Trust obtained additional fixed rate mortgage financing as set forth in the table below (dollars in thousands):

Location	Closing Date	Additional Mortgage Debt		Interest Rate		Maturity Date
Pensacola, FL	10/13/15	$	3,194	4.92	%	March 2022
Atlanta, GA	11/10/15	5,000		4.93	%	July 2021
Houston, TX	2/9/16	3,865		4.94	%	August 2021
		$	12,059