Investment in Unconsolidated Ventures (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023		December 31, 2022
ASSETS
Real estate properties, net of accumulated depreciation of $67,399 and $66,945	$	278,096	$	318,304
Cash and cash equivalents	8,504		6,591
Other assets	50,789		35,372
Total Assets	$	337,389	$	360,267
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $1,185 and $1,421	$	242,763	$	255,261
Accounts payable and accrued liabilities	11,547		8,222
Total Liabilities	254,310		263,483
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	83,079		96,784
Total Liabilities and Equity	$	337,389	$	360,267
BRT's interest in joint venture equity	$	34,501	$	42,576

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenues:
Rental and other revenue	$	10,636	$	13,502	$	34,244	$	60,840
Total revenues	10,636		13,502		34,244		60,840
Expenses:
Real estate operating expenses	5,023		6,512		15,835		27,523
Interest expense	2,212		2,843		7,057		13,762
Depreciation	2,568		3,113		7,833		14,957
Total expenses	9,803		12,468		30,725		56,242
Total revenues less total expenses	833		1,034		3,519		4,598
Other equity earnings	3		12		119		89
Gain on insurance recoveries	—		—		65		567
Gain on sale of real estate	—		16,937		38,418		118,270
Loss on extinguishment of debt	—		(573)		(561)		(3,491)
Net income from joint ventures	$	836	$	17,410	$	41,560	$	120,033
BRT's equity in earnings and equity in earnings from sale of unconsolidated joint venture properties	$	426	$	11,607	$	16,449	$	65,846

Schedule of Real Estate Properties Owned

Real estate properties, consists of the following (dollars in thousands):

	September 30, 2023		December 31, 2022
Land	$	74,246	$	74,246
Building	616,997		617,041
Building improvements	22,854		15,511
Real estate properties	714,097		706,798
Accumulated depreciation	(74,108)		(55,195)
Total real estate properties, net	$	639,989	$	651,603

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

	December 31, 2022 Balance		Improvements		Depreciation		Sale of Property		September 30, 2023 Balance
Multi-family	$	649,701	$	7,299	$	(18,830)	$	—	$	638,170
Retail shopping center and other	1,902		107		(83)		(107)		1,819
Total real estate properties	$	651,603	$	7,406	$	(18,913)	$	(107)	$	639,989

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

	September 30, 2023		December 31, 2022
Land	$	46,331	$	59,404
Building	291,473		315,400
Building improvements	7,691		10,445
Real estate properties	345,495		385,249
Accumulated depreciation	(67,399)		(66,945)
Total real estate properties, net	$	278,096	$	318,304

Schedule of Property Dispositions

During the nine months ended September 30, 2022, the unconsolidated joint ventures in which the Company had equity interests, sold the following properties:

Property	Date of Sale	Units	Interest Sold		Sales Price		Gain on Sale		BRT Share of Gain		Mtge Debt at Sale Date		Loss on extinguishment of debt		BRT Share of extinguishment of debt
The Verandas at Shavano, San Antonio, TX	2/8/2022	288	65	%	$	53,750	$	23,652	$	12,961	$	25,100	$	—	$	—
Retreat at Cinco Ranch, San Antonio, TX	6/14/2022	268	75	%	68,300		30,595		17,378		30,096		1,257		686
The Vive, Kannapolis, NC	6/30/2022	312	65	%	91,250		47,086		22,720		31,420		1,631		787
Waters Edge, Columbia, SC	8/31/2022	204	80	%	$	32,400	$	16,937	$	11,472	$	12,241	573		388
		1,072			$	245,700	$	118,270	$	64,531	$	98,857	$	3,461	$	1,861