INVESTMENT IN UNCONSOLIDATED VENTURES (Tables)

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The condensed balance sheet below presents information regarding such properties (dollars in thousands):

	December 31,
	2019		2018
ASSETS
Real estate properties, net of accumulated depreciation of $104,001 and $71,762	$	1,070,941	$	1,007,302
Cash and cash equivalents	12,804		10,769
Deposits and escrows	23,912		27,740
Other assets	4,136		6,913
Total Assets	$	1,111,793	$	1,052,724
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $5,839 and $5,807	$	803,289	$	736,290
Accounts payable and accrued liabilities	19,731		20,823
Total Liabilities	823,020		757,113
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	288,773		295,611
Total Liabilities and Equity	$	1,111,793	$	1,052,724
Company equity interest of joint venture equity	$	177,071	$	176,684

NOTE 7—INVESTMENT IN UNCONSOLIDATED VENTURES (Continued)

The condensed income statement below presents information regarding the Unconsolidated Properties (dollars in thousands):

	Year Ended December 31,
	2019		2018
Revenues:
Rental and other revenue	$	118,177	$	109,433
Total revenues	118,177		109,433
Expenses:
Real estate operating expenses	56,684		53,156
Interest expense	35,023		32,003
Depreciation	39,218		39,316
Total expenses	130,925		124,475
Total revenues less total expenses	(12,748)		(15,042)
Gain on sale of real estate properties	16,899		71,132
Loss on extinguishment of debt	(2,018)		(800)
Insurance recoveries	787		6,085
Net Income from joint ventures	2,920		61,375
BRT equity in earnings from joint ventures	$	1,106	$	32,781