Acquisitions and Dispositions

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Acquisitions and Dispositions

Acquisitions and Dispositions

Property Acquisitions

The table below provides information regarding the Company's purchase of multi-family properties during the nine months ended September 30, 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
Birmingham, Alabama	5/7/2019	328	43,000		32,250		11,625		80	%	546
Auburn, Alabama	8/8/2019	200	18,400		14,500		4,320		80	%	140
		840	$	109,465	$	80,097	$	27,176			$	1,245

The table below provides information regarding the Company's purchases of multi-family properties during the nine months ended September 30, 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
Daytona, FL	4/30/2018	208	20,500		13,608		6,900		80.0	%	386
Grand Prairie, TX	5/17/2018	281	30,800		18,995		7,300		50.0	%	411
		1,597	$	199,876	$	140,110	$	41,749			$	2,611

Property Dispositions

The following table is a summary of the real estate properties disposed of by the Company during the nine months ended September 30, 2019 (dollars in thousands):

Location	Sale Date	No. of Units	Sales Price		Gain on Sale		Non-controlling partner's portion of the gain
Houston, TX (two properties)	7/11/2019	384	$	33,200	$	9,938	$	894

The following table is a summary of the real estate properties disposed of by the Company during the nine months ended September 30, 2018 (dollars in thousands):

Location	Sale Date	No. of Units	Sales Price		Gain on Sale		Non-controlling partner's portion of the gain
New York, NY	1/18/2018	1	$	470	$	439	$	—
Valley, AL	2/23/2018	618	51,000		9,712		4,547
Palm Beach Gardens, FL	2/25/2018	542	97,250		41,831		$	20,593
New York, NY	8/15/2018	1	450		423		—
		1,162	$	149,170	$	52,405	$	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 and nine months ended September 30, 2019 and 2018, no impairment charges were recorded.