Investment in Unconsolidated Ventures (Tables)

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

The condensed balance sheets below present information regarding such properties (dollars in thousands):

	September 30, 2022		December 31, 2021
ASSETS
Real estate properties, net of accumulated depreciation of $64,104 and $133,615	$	320,772	$	734,247
Cash and cash equivalents	14,706		13,741
Other assets	31,832		25,535
Total Assets	$	367,310	$	773,523
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $1,531 and $3,423	$	249,575	$	584,479
Accounts payable and accrued liabilities	11,819		17,064
Total Liabilities	261,394		601,543
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	105,916		171,980
Total Liabilities and Equity	$	367,310	$	773,523
BRT's interest in joint venture equity	$	43,759	$	112,347

The condensed income statements below present information regarding the Unconsolidated Properties (dollars in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenues:
Rental and other revenue	$	13,502	$	29,818	$	60,840	$	95,495
Total revenues	13,502		29,818		60,840		95,495
Expenses:
Real estate operating expenses	6,512		14,587		27,523		45,523
Interest expense	2,843		7,568		13,762		24,562
Depreciation	3,113		8,288		14,957		28,464
Total expenses	12,468		30,443		56,242		98,549
Total revenues less total expenses	1,034		(625)		4,598		(3,054)
Other equity earnings	12		7		89		21
Impairment of assets	—		—		—		(2,813)
Insurance recoveries	—		—		—		2,813
Gain on insurance recoveries	—		1,246		567		1,246
Gain on sale of real estate	16,937		83,984		118,270		83,984
Loss on extinguishment of debt	(573)		(9,401)		(3,491)		(9,401)
Net income from joint ventures	$	17,410	$	75,211	$	120,033	$	72,796
BRT's equity in (loss) earnings and equity in earnings from sale of unconsolidated joint venture properties	$	11,607	$	30,786	$	65,846	$	28,949

Summary of Real Estate Properties Owned

Real estate properties, excluding real estate held for sale in December 2021, consists of the following (dollars in thousands):

	September 30, 2022		December 31, 2021
Land	$	74,246	$	38,822
Building	617,102		281,841
Building improvements	13,305		9,354
Real estate properties	704,653		330,017
Accumulated depreciation	(49,008)		(36,467)
Total real estate properties, net	$	655,645	$	293,550

A summary of real estate properties owned is as follows (dollars in thousands):

	December 31, 2021 Balance		Partner Buyouts		Improvements		Depreciation		September 30, 2022 Balance
Multi-family	$	291,538	$	370,513	$	4,151	$	(12,486)	$	653,716
Retail shopping center and other	2,012		—		—		(83)		1,929
Total real estate properties	$	293,550	$	370,513	$	4,151	$	(12,569)	$	655,645

At the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands):

	September 30, 2022		December 31, 2021
Land	$	59,404	$	97,230
Building	315,400		739,577
Building improvements	10,072		31,055
Real estate properties	384,876		867,862
Accumulated depreciation	(64,104)		(133,615)
Total real estate properties, net	$	320,772	$	734,247