Investment in Unconsolidated Ventures (Tables)

3 Months Ended

Mar. 31, 2024

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):

	March 31, 2024		December 31, 2023
ASSETS
Real estate properties, net of accumulated depreciation of $72,863 and $69,970	$	311,569	$	275,874
Cash and cash equivalents	5,769		6,447
Other assets (1)	17,677		54,715
Total Assets	$	335,015	$	337,036
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $1,061 and $1,135	$	249,245	$	246,966
Accounts payable and accrued liabilities	7,920		8,751
Total Liabilities	257,165		255,717
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	77,850		81,319
Total Liabilities and Equity	$	335,015	$	337,036
BRT's interest in joint venture equity	$	32,953	$	34,242

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(1) Includes $12,715and $46,508 of work -in-process related to the Stono Oaks development at March 31, 2024 and December 31, 2023 respectively.

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

	Three Months Ended March 31,
	2024		2023
Revenues:
Rental and other revenue	$	10,624	$	12,132
Total revenues	10,624		12,132
Expenses:
Real estate operating expenses	5,446		5,675
Interest expense	2,778		2,455
Depreciation	2,893		2,707
Total expenses	11,117		10,837
Total revenues less total expenses	(493)		1,295
Other equity earnings	18		113
Gain on insurance recoveries	—		65
Net (loss) income	$	(475)	$	1,473
BRT's equity in earnings	$	228	$	815

Schedule of Real Estate Properties Owned

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

	March 31, 2024		December 31, 2023
Land	$	74,246	$	74,246
Building	616,979		616,979
Building improvements	26,710		25,110
Real estate properties	717,935		716,335
Accumulated depreciation	(86,934)		(80,499)
Total real estate properties, net	$	631,001	$	635,836

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

	December 31, 2023 Balance		Improvements		Depreciation		March 31, 2024 Balance
Multi-family	$	634,045	$	1,600	$	(6,407)	$	629,238
Retail shopping center and other	1,791		—		(28)		1,763
Total real estate properties	$	635,836	$	1,600	$	(6,435)	$	631,001

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

	March 31, 2024		December 31, 2023
Land	$	46,331	$	46,331
Building	329,534		291,473
Building improvements	8,567		8,040
Real estate properties	384,432		345,844
Accumulated depreciation	(72,863)		(69,970)
Total real estate properties, net	$	311,569	$	275,874