Acquisitions and Dispositions

3 Months Ended

Dec. 31, 2018

Property Acquisitions

The table below provides information regarding the Company's purchase of a multi-family property during the three months ended December 31, 2018 (dollars in thousands):


Location	Purchase Date	No. of Units	Purchase Price		Acquisition Mortgage Debt		Initial BRT Equity		Ownership Percentage	Capitalized Acquisition Costs
Greenville, SC	10/30/2018	266	$	37,750	$	26,425	$	12,920	90	$	509

In the quarter ended December 31, 2018, the Company purchased its partner's 20.0% equity interest in Kendall Apartments, located in Pensacola, FL, for $3,444,000. The property is now wholly owned by the Company.

The table below provides information regarding the Company's purchases of multi-family properties during the three months ended December 31, 2017 (dollars in thousands):


Location	Purchase Date	No. of Units	Purchase Price		Acquisition Mortgage Debt		Initial BRT Equity		Ownership Percentage		Capitalized Acquisition Costs
Madison, AL	12/7/2017	204	$	18,420	$	15,000	$	4,456	80.0	%	$	247
Boerne, TX (a)	12/14/2017	120	12,000		9,200		3,780		80.0	%	244
		324	$	30,420	$	24,200	$	8,236			$	491

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(a) Purchase price includes $500 for the acquisition of a land parcel adjacent to the property.

Property Dispositions

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


Location	Sale Date	No. of Units	Sales Price		Gain on Sale		Non-controlling partner's portion of the gain
North Charleston, SC	11/07/2018	271	$	51,650	$	11,921	$	5,970
Lake St. Louis, MO	12/18/2018	420	41,200		7,593		2,077
		691	$	92,850	$	19,514	$	8,047

The following table is a summary of the real estate properties disposed of by the Company during the three months ended December 31, 2017 (dollars in thousands):


Location	Sale Date	No. of Units	Sales Price		Gain on Sale		Non-controlling partner's portion of the gain
Melbourne, FL	10/25/2017	208	$	22,250	$	12,519	$	2,504

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 December 31, 2018 and 2017, no impairment charges were recorded.