Real Estate Properties

6 Months Ended

Mar. 31, 2013

Note 4 — Real Estate Properties

A summary of real estate properties owned is set forth below (dollars in thousands):

	September 30, 2012 Balance		Additions		Costs Capitalized and Improvements		Depreciation, Amortization and Other Reductions			March 31, 2013 Balance
Shopping centers/Retail	$	2,749	—		—		$	(52	)	$	2,697
Coop/Condo Apartments	250		—		—		(24		)	226
Commercial/Mixed Use (a)	61,808		—		$	15,127	(305		)	76,630
Multi-Family (b)	117,538		$	64,600	1,888		(2,537		)	181,489
Land	7,972		—		—		—			7,972
Total real estate properties	$	190,317	$	64,600	$	17,015	$	(2,918	)	$	269,014

a) Represents the real estate assets of the Newark Joint Venture, a consolidated VIE which owns operating and development properties in Newark, NJ. These properties contain a mix of office, retail space, charter schools and surface parking. Certain of these assets are subject to blanket mortgages aggregating $20,100,000, held by the Trust, which are eliminated in consolidation. Several of the assets are also encumbered by other mortgages - see Note 8 Debt Obligations — Mortgages Payable.

b) During the six months ended March 31, 2013, the Trust purchased, through consolidated joint ventures in which it has an 80% or 90% equity interest, the following multi-family properties (dollars in thousands):

Location	Purchase Date	Number of Units	Contract Purchase Price		Acquisition Mortgage Debt		BRT Equity		Property Acquisition Costs
North Charleston, SC	10/4/12	208	$	21,500	$	17,716	$	4,410	$	213
Cordova, TN	11/15/12	464	25,450		19,248		6,220		386
Decatur, GA	11/19/12	212	10,450		8,046		3,396		231
Panama City, FL	01/11/13	160	7,200		5,587		2,164		136
		1,044	$	64,600	$	50,597	$	16,190	$	966

Subsequent to March 31, 2013, the Trust purchased through consolidated joint ventures in which it has an 80% equity interest, the following multi-family properties (dollars in thousands):

Location	Purchase Date	No. of Units	Contract Purchase Price		Acquisition Mortgage Debt		BRT Equity		Estimated Acquisition Costs
Houston, TX	4/19/13	240	$	16,763	$	13,200	$	3,723	$	445
Pooler, GA	4/29/13	300	35,250		26,400		8,120		141
		540	$	52,013	$	39,600	$	11,843	$	586

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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