Massachusetts
|
13-2755856
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization)
|
Identification
No.)
|
60 Cutter Mill Road, Great Neck,
NY
|
11021
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Large
accelerated filer ¨
|
Accelerated
filer x
|
Non-accelerated
filer ¨ (Do not check
if a smaller reporting company)
|
Smaller
reporting company ¨
|
March
31,
2009
(Unaudited)
|
September
30,
2008
(Audited)
|
|||||||
ASSETS
|
||||||||
Real
estate loans
|
||||||||
Earning
interest
|
$ | 59,258 | $ | 118,028 | ||||
Non-earning
interest
|
67,647 | 18,407 | ||||||
126,905 | 136,435 | |||||||
Deferred
fee income
|
(501 | ) | (882 | ) | ||||
Allowance
for possible losses
|
(16,699 | ) | (6,710 | ) | ||||
109,705 | 128,843 | |||||||
Real
estate properties net of accumulated depreciation of $2,281 and
$1,501
|
43,284 | 42,347 | ||||||
Investment
in unconsolidated ventures at equity
|
6,245 | 9,669 | ||||||
Cash
and cash equivalents
|
14,089 | 35,765 | ||||||
Available-for-sale
securities at market
|
3,491 | 10,482 | ||||||
Real
estate properties held for sale
|
16,934 | 34,665 | ||||||
Other
assets including $45 and $168 relating to real estate properties held for
sale
|
9,074 | 8,249 | ||||||
Total
assets
|
$ | 202,822 | $ | 270,020 | ||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
Liabilities:
|
||||||||
Borrowed
funds
|
$ | 6,000 | $ | 3,000 | ||||
Junior
subordinated notes
|
56,702 | 56,702 | ||||||
Mortgage
payable
|
2,273 | 2,315 | ||||||
Accounts
payable and accrued liabilities including $177 and $584 relating to real
estate properties held for sale
|
2,897 | 3,602 | ||||||
Deposits
payable
|
1,365 | 2,064 | ||||||
Dividends
payable
|
- | 15,565 | ||||||
Total
liabilities
|
69,237 | 83,248 | ||||||
Commitments
and contingencies
|
- | - | ||||||
Shareholders’
equity:
|
||||||||
Preferred
shares, $1 par value:
|
||||||||
Authorized
10,000 shares, none issued
|
- | - | ||||||
Shares
of beneficial interest, $3 par value:
|
||||||||
Authorized
number of shares, unlimited, issued 12,711 shares in both
periods
|
38,133 | 38,133 | ||||||
Additional
paid-in capital
|
166,654 | 166,402 | ||||||
Accumulated
other comprehensive income – net unrealized gain on available-for-sale
securities
|
127 | 7,126 | ||||||
Distributions
in excess of earnings
|
(60,270 | ) | (14,311 | ) | ||||
Cost
of 1,368 and 1,206 treasury shares of beneficial interest
|
(11,059 | ) | (10,578 | ) | ||||
Total
shareholders’ equity
|
133,585 | 186,772 | ||||||
Total
liabilities and shareholders’ equity
|
$ | 202,822 | $ | 270,020 |
|
See
Accompanying Notes to Consolidated Financial
Statements.
|
Three
Months Ended
March 31,
|
Six
Months Ended
March 31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Revenues:
|
||||||||||||||||
Interest
on real estate loans
|
$ | 2,457 | $ | 3,833 | $ | 6,305 | $ | 9,615 | ||||||||
Loan
fee income
|
123 | 435 | 607 | 1,110 | ||||||||||||
Income
from real estate properties
|
1,215 | 499 | 2,525 | 944 | ||||||||||||
Other,
primarily investment income
|
162 | 536 | 363 | 1,142 | ||||||||||||
Total
Revenues
|
3,957 | 5,303 | 9,800 | 12,811 | ||||||||||||
Expenses:
|
||||||||||||||||
Interest
– borrowed funds
|
1,403 | 1,710 | 2,802 | 3,445 | ||||||||||||
Advisor's
fees, related party
|
295 | 457 | 652 | 921 | ||||||||||||
Impairment
charges
|
12,315 | - | 15,815 | - | ||||||||||||
Provision
for loan loss
|
17,530 | 5,300 | 17,530 | 5,300 | ||||||||||||
Foreclosure
related professional fees
|
242 | 487 | 590 | 1,226 | ||||||||||||
General
and administrative – including $223 and $258 to related parties for the
three month periods, respectively, and $486 and $518 for the
six month periods, respectively
|
1,718 | 1,737 | 3,390 | 3,504 | ||||||||||||
Other
taxes
|
21 | 73 | 17 | 100 | ||||||||||||
Expenses
relating to real estate properties including interest on
mortgage payable of $36 and $37 for the three month periods,
respectively, and $72 and $75 for the six month periods,
respectively
|
2,067 | 933 | 4,169 | 1,328 | ||||||||||||
Amortization
and depreciation
|
572 | 235 | 851 | 278 | ||||||||||||
Total
Expenses
|
36,163 | 10,932 | 45,816 | 16,102 | ||||||||||||
(Loss)
before equity in (loss) earnings of unconsolidated joint ventures, gain on
sale of joint venture interests and available-for-sale securities,
minority interest and discontinued operations
|
(32,206 | ) | (5,629 | ) | (36,016 | ) | (3,291 | ) | ||||||||
Equity
in (loss) earnings of unconsolidated joint ventures
|
(2,171 | ) | 701 | (2,087 | ) | 1,152 | ||||||||||
(Loss)
before gain on sale of joint venture interests and available-for-sale
securities, minority interest and discontinued operations
|
(34,377 | ) | (4,928 | ) | (38,103 | ) | (2,139 | ) | ||||||||
Gain
on sale of joint venture interests
|
271 | - | 271 | |||||||||||||
Gain
on sale of available-for-sale securities
|
- | 3,818 | - | 3,818 | ||||||||||||
Minority
interest
|
(42 | ) | (39 | ) | (86 | ) | (54 | ) | ||||||||
(Loss)
income from continuing operations
|
(34,148 | ) | (1,149 | ) | (37,918 | ) | 1,625 | |||||||||
Discontinued
Operations
|
||||||||||||||||
Income
from operations
|
218 | 83 | 365 | 145 | ||||||||||||
Impairment
charges
|
(8,435 | ) | - | (8,435 | ) | - | ||||||||||
Gain
on sale of real estate assets
|
29 | 1,052 | 29 | 1,446 | ||||||||||||
(Loss)
income from discontinued operations
|
(8,188 | ) | 1,135 | (8,041 | ) | 1,591 | ||||||||||
Net
(loss) income
|
$ | (42,336 | ) | $ | (14 | ) | $ | (45,959 | ) | $ | 3,216 | |||||
(Loss)
earnings per share of beneficial interest:
|
||||||||||||||||
(Loss)
income from continuing operations
|
$ | (2.92 | ) | $ | (.10 | ) | $ | (3.24 | ) | $ | .14 | |||||
(Loss)
income from discontinued operations
|
( .70 | ) | .10 | (.69 | ) | .14 | ||||||||||
Basic
and diluted (loss) earnings per share
|
$ | (3.62 | ) | $ | (.00 | ) | $ | (3.93 | ) | $ | .28 | |||||
Cash
distributions per common share
|
$ | - | $ | .62 | $ | - | $ | 1.24 | ||||||||
Weighted
average number of common shares outstanding:
|
||||||||||||||||
Basic
|
11,682,037 | 11,733,741 | 11,688,473 | 11,550,843 | ||||||||||||
Diluted
|
11,682,037 | 11,733,741 | 11,688,473 | 11,560,340 |
Shares
of
Beneficial
Interest
|
Additional
Paid-In
Capital
|
Accumulated
Other
Comprehensive
Income
|
Distributions
In
Excess of
Earnings
|
Treasury
Shares
|
Total
|
|||||||||||||||||||
Balances,
September 30, 2008
|
$ | 38,133 | $ | 166,402 | $ | 7,126 | $ | (14,311 | ) | $ | (10,578 | ) | $ | 186,772 | ||||||||||
Restricted
stock vesting
|
(189 | ) | 189 | - | ||||||||||||||||||||
Compensation
expense – restricted stock
|
- | 441 | - | - | - | 441 | ||||||||||||||||||
Shares
repurchased (184,455 shares)
|
(670 | ) | (670 | ) | ||||||||||||||||||||
Net
loss
|
- | - | - | (45,959 | ) | - | (45,959 | ) | ||||||||||||||||
Other
comprehensive loss - net unrealized loss on
available-for-sale securities
|
- | - | (6,999 | ) | - | - | (6,999 | ) | ||||||||||||||||
Comprehensive
loss
|
- | - | - | - | - | (52,958 | ) | |||||||||||||||||
Balances,
March 31, 2009
|
$ | 38,133 | $ | 166,654 | $ | 127 | $ | (60,270 | ) | $ | (11,059 | ) | $ | 133,585 |
Six Months Ended
March 31,
|
||||||||
2009
|
2008
|
|||||||
Cash flows from operating activities: | ||||||||
Net
(loss) income
|
$ | (45,959 | ) | $ | 3,216 | |||
Adjustments
to reconcile net (loss) income to net cash (used in) provided by operating
activities:
|
||||||||
Provision
for loan losses
|
17,530 | 5,300 |
Impairment
charges
|
24,250 | - | ||||||
Amortization
and depreciation
|
1,171 | 669 | ||||||
Amortization
of deferred fee income
|
(541 | ) | (1,070 | ) | ||||
Amortization
of restricted stock
|
441 | 411 | ||||||
Gain
on sale of available-for-sale securities
|
- | (3,818 | ) | |||||
Gain
on sale of joint venture interests
|
(271 | ) | - | |||||
Net
gain on sale of real estate assets from discontinued
operations
|
(29 | ) | (1,446 | ) | ||||
Equity
in loss (earnings) of unconsolidated joint ventures
|
2,087 | (1,152 | ) | |||||
Distribution
of earnings of unconsolidated joint ventures
|
61 | 910 | ||||||
Increase
in straight line rent
|
(8 | ) | (7 | ) | ||||
Increases
and decreases from changes in other assets and
liabilities:
|
||||||||
Decrease
in interest and dividends receivable
|
646 | 934 | ||||||
Decrease
(increase) in prepaid expenses
|
79 | (80 | ) | |||||
Decrease
in accounts payable and accrued liabilities
|
(1,404 | ) | (2,208 | ) | ||||
Increase
in deferred costs
|
- | (463 | ) | |||||
Other
|
(517 | ) | (349 | ) | ||||
Net
cash (used in) provided by operating activities
|
(2,464 | ) | 847 | |||||
Cash
flows from investing activities:
|
||||||||
Collections
from real estate loans
|
6,074 | 20,136 | ||||||
Additions
to real estate loans
|
(12,726 | ) | (34,108 | ) |
Loan
loss recoveries
|
100 | - |
Net
costs capitalized to real estate owned
|
(1,872 | ) | (706 | ) | ||||
Collection
of loan fees
|
258 | 958 | ||||||
Proceeds
from sale of real estate owned
|
1,010 | 3,499 | ||||||
Proceeds
from sale of available-for-sale securities
|
- | 5,150 | ||||||
Contributions
to unconsolidated ventures
|
(143 | ) | (837 | ) | ||||
Distributions
of capital of unconsolidated ventures
|
476 | 406 | ||||||
Proceeds
from the sale of joint venture interests
|
1,350 | - | ||||||
Net
cash used in investing activities
|
(5,473 | ) | (5,502 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Proceeds
from borrowed funds
|
6,000 | 31,000 | ||||||
Repayment
of borrowed funds
|
(3,000 | ) | (18,000 | ) | ||||
Increase
in deferred credit facility costs
|
(462 | ) | - | |||||
Mortgage
amortization
|
(42 | ) | (39 | ) | ||||
Cash
distribution – common shares
|
(15,565 | ) | (14,040 | ) | ||||
Issuance
of shares – dividend reinvestment and stock purchase plan
|
- | 6,971 | ||||||
Repurchase
of shares
|
(670 | ) | - | |||||
Net
cash (used in) provided by financing activities
|
(13,739 | ) | 5,892 | |||||
Net
(decrease) increase in cash and cash equivalents
|
(21,676 | ) | 1,237 | |||||
Cash
and cash equivalents at beginning of period
|
35,765 | 17,103 | ||||||
Cash
and cash equivalents at end of period
|
$ | 14,089 | $ | 18,340 | ||||
Supplemental
disclosure of cash flow information:
|
||||||||
Cash
paid during the period for interest
|
$ | 2,588 | $ | 3,132 | ||||
Non
cash investing and financing activity:
|
||||||||
Seller
financing provided for sale of real estate
|
$ | 1,478 | $ | - | ||||
Reclassification
of loan to real estate upon foreclosure
|
$ | 8,970 | $ | 64,446 | ||||
Reclassification
of real estate held for sale to real estate properties
|
$ | 9,924 | $ | - | ||||
Accrued
distributions
|
$ | - | $ | 7,297 |
Three Months Ended
March 31,
|
Six Months Ended
March 31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Basic
|
11,682,037 | 11,733,741 | 11,688,473 | 11,550,843 | ||||||||||||
Effect
of dilutive securities
|
- | - | - | 9,497 | ||||||||||||
Diluted
(1)
|
11,682,037 | 11,733,741 | 11,688,473 | 11,560,340 |
First mortgage loans:
|
Earning
Interest
|
Non-Earning
Interest
|
Total
|
Allowance For
Possible Losses (1)
|
Real Estate
Loans, Net
|
|||||||||||||||
Multi-family
residential
|
$ | 4,164 | $ | 2,164 | $ | 6,328 | $ | (849 | ) | $ | 5,479 | |||||||||
Condominium
units (existing multi-family and commercial units)
|
41,504 | - | 41,504 | - | 41,504 | |||||||||||||||
Hotel
condominium units
|
4,468 | - | 4,468 | - | 4,468 | |||||||||||||||
Land
and land assemblage
|
6,356 | 8,240 | 14,596 | (2,507 | ) | 12,089 | ||||||||||||||
Retail/office/mixed
use
|
- | 52,531 | 52,531 | (13,343 | ) | 39,188 | ||||||||||||||
Industrial
|
2,610 | - | 2,610 | - | 2,610 | |||||||||||||||
Hotel
|
- | 3,283 | 3,283 | - | 3,283 | |||||||||||||||
Residential
|
156 | - | 156 | - | 156 | |||||||||||||||
Second
mortgage loans:
|
||||||||||||||||||||
Multi-family
residential
|
- | 1,250 | 1,250 | - | 1,250 | |||||||||||||||
Retail
|
- | 179 | 179 | - | 179 | |||||||||||||||
59,258 | 67,647 | 126,905 | (16,699 | ) | 110,206 | |||||||||||||||
Deferred
fee income
|
(103 | ) | (398 | ) | (501 | ) | - | (501 | ) | |||||||||||
Real
estate loans
|
$ | 59,155 | $ | 67,249 | $ | 126,404 | $ | (16,699 | ) | $ | 109,705 |
Location
|
Utica, NY
|
Newark, NJ
|
New Jersey
|
Brooklyn, NY
|
Ft Wayne, IN
|
Manhattan, NY
|
||||||||||||||||||
Number
of Loans
|
1 | 19 | 1 | 1 | 1 | 1 | ||||||||||||||||||
Principal
Balance
|
$ | 2,164 | $ | 37,804 | $ | 179 | $ | 22,967 | $ | 3,283 | $ | 1,250 | ||||||||||||
Accrued
Interest
|
- | $ | 67 | - | - | - | - | |||||||||||||||||
Cross
collateral or cross default provision
|
No
|
Yes
|
Yes
|
No
|
No
|
No
|
||||||||||||||||||
Secured
|
Yes
|
Yes
|
Yes
|
Yes
|
Yes
|
Yes
|
||||||||||||||||||
Security
|
Multi-
family apartment building |
Existing
office,
retail,
parking
and
vacant
land
|
5
Retail/
office buildings |
8
Story
vacant
office
w/
retail
|
13
Story
Hotel
|
Multi-family
|
||||||||||||||||||
Recourse/non-recourse
|
Recourse
|
Recourse
|
Recourse
|
Recourse
|
Recourse
|
Recourse
|
||||||||||||||||||
Impaired
|
Yes
|
Yes
|
No
|
Yes
|
No
|
No
|
||||||||||||||||||
Allowance
for possible losses
|
$ | 849 | $ | 11,500 | - | $ | 4,350 | - | - | |||||||||||||||
Collateral
Dependent
|
Yes
|
Yes
|
Yes
|
Yes
|
Yes
|
Yes
|
Three Months Ended
March 31, 2009
|
Six Months Ended
March 31, 2009
|
|||||||
Beginning
principal balance
|
$ | 5,384 | $ | 18,407 | ||||
Additions
|
67,604 | 67,604 | ||||||
Protective
advances
|
- | - | ||||||
Total
additions
|
67,604 | 67,604 | ||||||
Payoffs
and paydowns
|
(341 | ) | (704 | ) | ||||
Transferred
to owned real estate (a)
|
(2,700 | ) | (15,360 | ) | ||||
Direct
charge off (b)
|
(2,300 | ) | (2,300 | ) | ||||
Total
reductions
|
(5,341 | ) | (18,364 | ) | ||||
Principal
balance at March 31, 2009
|
$ | 67,647 | $ | 67,647 |
|
(a)
|
During
the quarter ended March 31, 2009, the Trust acquired by foreclosure, title
to a residential home located in Purchase, New York. At
December 31, 2008, the gross principal balance of the loan secured by such
property, which was reported as non-earning, was $2,700,000, before loan
loss allowances of $1,165,000 of which $700,000 was recorded in prior
periods.
|
(b)
|
During
the quarter ended March 31, 2009, BRT took a direct charge-off of
$2,300,000 against a loan due to a fraud committed by the borrower
against BRT. BRT reported the fraud to the criminal
authorities, who are currently investigating the matter. BRT is
considering whether to pursue a legal action against a third party service
provider.
|
Gross Loan
Balance
|
# of
Loans
|
% of Gross
Loans
|
% of
Assets
|
Type
|
State
|
Status
|
|||||||||||
$37,804,000
|
19 | 29.8 | % | 18.7 | % |
Existing
office, retail, parking and vacant land
|
NJ
|
Non-Performing
|
|||||||||
$26,075,000
|
1 | 20.6 | % | 12.9 | % |
Office/condo
conversion
|
NY
|
Performing
|
|||||||||
$22,967,000
|
1 | 18.1 | % | 11.3 | % |
Vacant
office w/retail
|
NY
|
Non-Performing
|
|||||||||
$ 8,700,000
|
1 | 6.9 | % | 4.3 | % |
Multi-family,
condo units
|
NY
|
Performing
|
Three Months Ended
March 31,
|
Six Months Ended
March 31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Balance
at beginning of period
|
$ | 1,550 | $ | 6,620 | $ | 6,710 | $ | 8,917 | ||||||||
Provision
for loan loss
|
17,530 | 5,300 | 17,530 | 5,300 | ||||||||||||
Charge-offs
|
(3,431 | ) | (4,050 | ) | (8,591 | ) | (6,347 | ) | ||||||||
Recoveries
|
1,050 | - | 1,050 | - | ||||||||||||
Balance
at end of period
|
$ | 16,699 | $ | 7,870 | $ | 16,699 | $ | 7,870 |
September
30, 2008
Balance
|
Additions
|
Costs
Capitalized
|
Net
Transfers
from held
for sale
|
Sales
|
Depreciation
and
Amortization
|
Impairment
Charges
|
March
31, 2009
Balance
|
|||||||||||||||||||||||||
Retail
|
$ | 3,159 | - | - | - | - | $ | (45 | ) | - | $ | 3,114 | ||||||||||||||||||||
Condominium
units/coop shares
|
19,846 | - | $ | 186 | $ | 5,067 | $ | (245 | ) | (435 | ) | $ | (6,875 | ) | 17,544 | |||||||||||||||||
Multi-family
|
8,905 | $ | 2,960 | (a) | 333 | 4,857 | (331 | ) | (7,790 | ) | 8,934 | |||||||||||||||||||||
Land
|
10,437 | 4,419 | (b) | (14 | ) | - |
-
|
- | (1,150 | ) | 13,692 | |||||||||||||||||||||
Total
real estate properties
|
$ | 42,347 | $ | 7,379 | $ | 505 | $ | 9,924 | (d) | $ | (245 | ) | $ | (811 | )(c) | $ | (15,815 | ) | $ | 43,284 |
(a)
|
During
the quarter ended December 31, 2008, the Trust acquired by foreclosure a
44 unit garden apartment complex inNaples, Florida. At December
31, 2008, this property had a book value of $2,960,000. This
balance is net of loan chargeoffs of $3,515,000. This property
was transferred to real estate properties held for sale and subsequently
sold in the quarter ended March 31,
2009.
|
(b)
|
During
the quarter ended December 31, 2008, the Trust acquired by foreclosure a
development parcel located in Manhattan, NewYork. This property
had a book value at December 31, 2008 of $4,419,000. This
balance is net of loan charge offs of
$1,645,000.
|
(c)
|
Includes
catch up depreciation of $217,000 relating to properties previously
reported as held for sale.
|
(d)
|
Land
and building allocation for properties recently transferred from held for
sale are preliminary and will be finalized within 12 months of the
respective dates of
acquisition.
|
Condensed Balance Sheet
|
March 31, 2009
|
September 30, 2008
|
||||||
Assets
|
||||||||
Cash
|
$ | 567 | $ | 359 | ||||
Real
estate loans:
|
||||||||
Earning
interest
|
6,354 | 6,323 | ||||||
Non-earning
interest
|
- | 26,421 | ||||||
6,354 | 32,744 | |||||||
Deferred
fee income
|
(22 | ) | (160 | ) | ||||
Allowance
for possible losses
|
- | (2,703 | ) | |||||
6,332 | 29,881 | |||||||
Other
assets
|
48 | 82 | ||||||
Real
estate property held for sale
|
14,368 | 1,143 | ||||||
Total
assets
|
$ | 21,315 | $ | 31,465 | ||||
Liabilities and equity
|
||||||||
Other
liabilities
|
$ | 375 | $ | 211 | ||||
Equity
|
20,940 | 31,254 | ||||||
Total
liabilities and equity
|
$ | 21,315 | $ | 31,465 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
Condensed Statement of
Operations |
2009
|
2008
|
2009
|
2008
|
||||||||||||
Interest
and fees on real estate loans
|
$ | 117 | $ | 1,028 | $ | 536 | $ | 2,880 | ||||||||
Other
income
|
22 | - | 61 | - | ||||||||||||
Total
revenues
|
139 | 1,028 | 597 | 2,880 | ||||||||||||
Provision
for loan loss (1)
|
8,928 | - | 8,928 | - | ||||||||||||
Professional
fees
|
202 | - | 274 | - | ||||||||||||
Real
estate operating expenses
|
6 | - | 6 | - | ||||||||||||
Other
expenses
|
- | 19 | 38 | 156 | ||||||||||||
Total
operating expenses
|
9,136 | 19 | 9,246 | 156 | ||||||||||||
Net
(loss) income attributable to members
|
$ | (8,997 | ) | $ | 1,009 | $ | (8,649 | ) | $ | 2,724 | ||||||
Amount
recorded in statements ofoperations related to venture (2)
|
$ | (2,102 | ) | $ | 681 | $ | (2,068 | ) | $ | 1,128 |
(1)
|
In
the quarter ended March 31, 2009, the venture recorded a provision for
loan loss of $8,928,000 on a multi-family apartment complex located in
Mesa, Arizona, which was subsequently acquired by the venture in a
foreclosure sale.
|
(2)
|
This
amount is net of $68,000 and $136,000 in the three and six months ended
March 31, 2009, respectively and $78,000 and $154,000, in the
three and six months ended March 31, 2008, respectively, of amortization
of the fee that the Trust paid to a merchant bank for arranging the
transaction and securing the capital from the CIT member. This amount
also includes a management allocation equal to 1% per annum of the loan
portfolio, as defined, of $16,000 and $32,000, respectively, in the three
and six month period ended March 31, 2009 and $477,000, in the three and
six month periods ended March 31, 2008 paid to the BRT member, which
includes an out of period adjustment of $268,000 pertaining to the year
ended September 30, 2007 and $115,000 pertaining to the three months ended
December 31, 2007.
|
September
30, 2008
Balance
|
Additions
|
Net
Transfers
To
Real Estate
Assets
|
Improvements
|
Impairment
Charges
|
Sales
|
March 31,
2009
Balance
|
||||||||||||||||||||||
Coop
and Condo Units
|
$ | 5,028 | - | $ | (5,067 | ) | $ | 64 | - | - | $ | 25 | ||||||||||||||||
Multi-family
|
29,637 | - | (4,857 | ) | 1,301 | $ | (8,435 | ) | $ | (2,213 | )(b) | 15,433 | ||||||||||||||||
Single
family
|
|
$ | 1,476 | (a) | - | - | - | - | 1,476 | |||||||||||||||||||
Total
|
$ | 34,665 | $ | 1,476 | $ | (9,924 | ) | $ | 1,365 | $ | (8,435 | ) | $ | (2,213 | ) | $ | 16,934 |
March 31, 2009
|
September 30, 2008
|
|||||||
Borrowed
funds
|
$ | 6,000 | $ | 3,000 | ||||
Junior
subordinated notes
|
56,702 | 56,702 | ||||||
Mortgage
payable
|
2,273 | 2,315 | ||||||
Total
debt obligations
|
$ | 64,975 | $ | 62,017 |
For the Three Months Ended
March 31,
|
For the Six Months Ended
March 31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Average
balance
|
$ | 6,000,000 | $ | 21,473,000 | $ | 4,533,000 | $ | 18,885,000 | ||||||||
Outstanding
balance at period end
|
$ | 6,000,000 | $ | 33,000,000 | $ | 6,000,000 | $ | 33,000,000 | ||||||||
Weighted
average interest rate during the period
|
2.69 | % | 5.82 | % | 3.33 | % | 6.46 | % | ||||||||
Interest
rate at period end
|
2.75 | % | 5.36 | % | 2.75 | % | 5.36 | % |
Carrying Value
|
||||
Assets:
|
||||
Other
Assets- common securities Statutory Trusts
|
$ | 1,702,000 | ||
Liabilities:
|
||||
Junior
subordinated notes – BRT
|
1,702,000 | |||
Junior
subordinated notes – preferred securities third party
|
55,000,000 | |||
Net
carrying value
|
$ | 56,702,000 | ||
Maximum
exposure to loss (a)
|
$ | 0 |
Three Months Ended
March 31,
|
Six Months Ended
March 31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Net
(loss) income
|
$ | (42,336 | ) | $ | (14 | ) | $ | (45,959 | ) | $ | 3,216 | |||||
Other
comprehensive loss –
Unrealized loss on available for- sale securities |
(2,701 | ) | (1,971 | ) | (6,999 | ) | (4,530 | ) | ||||||||
Comprehensive
(loss) income
|
$ | (45,037 | ) | $ | (1,985 | ) | $ | (52,958 | ) | $ | (1,314 | ) |
Three Months Ended
March 31, 2009
|
Six Months Ended
March 31, 2009
|
|||||||||||||||||||||||
Loan and
Investment
|
Real
Estate
|
Total
|
Loan and
Investment
|
Real
Estate
|
Total
|
|||||||||||||||||||
Revenues
|
$ | 2,742 | $ | 1,215 | $ | 3,957 | $ | 7,275 | $ | 2,525 | $ | 9,800 | ||||||||||||
Interest
expense
|
968 | 435 | 1,403 | 1,875 | 927 | 2,802 | ||||||||||||||||||
Impairment
charges
|
- | 12,315 | 12,315 | - | 15,815 | 15,815 | ||||||||||||||||||
Provision
for loan loss
|
17,530 | - | 17,530 | 17,530 | - | 17,530 | ||||||||||||||||||
Other
expenses
|
1,644 | 2,699 | 4,343 | 3,305 | 5,513 | 8,818 | ||||||||||||||||||
Amortization
and depreciation
|
- | 572 | 572 | - | 851 | 851 | ||||||||||||||||||
Total
expenses
|
20,142 | 16,021 | 36,163 | 22,710 | 23,106 | 45,816 | ||||||||||||||||||
Loss before
other revenue and expense items
|
(17,400 | ) | (14,806 | ) | (32,206 | ) | (15,435 | ) | (20,581 | ) | (36,016 | ) | ||||||||||||
Equity
in loss of unconsolidated ventures
|
(2,102 | ) | (69 | ) | (2,171 | ) | (2,067 | ) | (20 | ) | (2,087 | ) | ||||||||||||
Minority
interest
|
- | (42 | ) | (42 | ) | - | (86 | ) | (86 | ) | ||||||||||||||
Gain
on sale of joint ventureinterests
|
- | 271 | 271 | - | 271 | 271 | ||||||||||||||||||
Loss
from continuing operations
|
(19,502 | ) | (14,646 | ) | (34,148 | ) | (17,502 | ) | (20,416 | ) | (37,918 | ) | ||||||||||||
Discontinued
operations:
|
||||||||||||||||||||||||
Income
from operations
|
- | 218 | 218 | - | 365 | 365 | ||||||||||||||||||
Impairment
charges
|
- | (8,435 | ) | (8,435 | ) | - | (8,435 | ) | (8,435 | ) | ||||||||||||||
Gain
on sale of realestate assets
|
- | 29 | 29 | - | 29 | 29 | ||||||||||||||||||
Loss
from discontinued operations
|
- | (8,188 | ) | (8,188 | ) | (8,041 | ) | (8,041 | ) | |||||||||||||||