Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2019

Property Acquisitions

The table below provides information regarding the Company's purchase of a multi-family property during the three months ended March 31, 2019 (dollars in thousands):


Location	Purchase Date	No. of Units	Purchase Price		Acquisition Mortgage Debt		Initial BRT Equity		Ownership Percentage	Capitalized Acquisition Costs
Kannapolis, North Carolina	3/12/2019	312	$	48,065	$	33,347	$	11,231	65	$	559

The table below provides information regarding the Company's purchases of multi-family properties during the three months ended March 31, 2018 (dollars in thousands):


Location	Purchase Date	No. of Units	Purchase Price		Acquisition Mortgage Debt		Initial BRT Equity		Ownership Percentage		Capitalized Acquisition Costs
Ocoee, FL	2/7/2018	522	$	71,347	$	53,060	$	12,370	50.0	%	$	1,047
Lawrenceville, GA	2/15/2018	586	77,229		54,447		15,179		50.0	%	767
		1,108	$	148,576	$	107,507	$	27,549			$	1,814

On May 7, 2019, the Company acquired, through a joint venture in which it has an 80% equity interest, a 328-unit multi-family property located in Trussville, AL, for $43,000,000, including $32,250,000 of mortgage debt assumed in connection with the purchase. The mortgage debt matures in June 2029, bears interest at a fixed rate of 4.19%, is interest only for six years, and thereafter amortizes based on a 30 year schedule. The Company contributed $11,625,000 for its ownership interest.

Property Dispositions

The Company did not dispose of any real estate properties during the three months ended March 31, 2019

The following table is a summary of the real estate properties disposed of by the Company during the three months ended March 31, 2018 (dollars in thousands):


Location	Sale Date	No. of Units	Sales Price		Gain on Sale		Non-controlling partner's portion of the gain
Palm Beach Gardens, FL	2/5/2018	542	$	97,200	$	41,830	$	20,593
Valley, AL	2/23/2018	618	51,000		9,712		4,547
Fort Washington	1/18/2018	1	470		439		—
		1,161	$	148,670	$	51,981	$	25,140

Impairment Charges

The Company 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 Company 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 Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying costs to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell. During the three months ended March 31, 2019 and 2018, no impairment charges were recorded.