Investment in Unconsolidated Ventures (Tables)

3 Months Ended

Mar. 31, 2020

The condensed balance sheets below present information regarding such properties (dollars in thousands):


	March 31, 2020		December 31, 2019
ASSETS
Real estate properties, net of accumulated depreciation of $114,358 and $104,001	$	1,102,025	$	1,070,941
Cash and cash equivalents	12,717		12,804
Deposits and escrows	20,061		23,912
Other assets	4,791		4,136
Total Assets	$	1,139,594	$	1,111,793

LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $5,847 and $5,839	$	826,646	$	803,289
Accounts payable and accrued liabilities	15,438		19,731
Total Liabilities	842,084		823,020
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	297,510		288,773
Total Liabilities and Equity	$	1,139,594	$	1,111,793

Company equity interest of joint venture equity	$	185,946	$	177,071

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


	Three Months Ended March 31,
	2020		2019
Revenues:
Rental and other revenue	$	30,843	$	26,827
Total revenues	30,843		26,827

Expenses:
Real estate operating expenses	14,532		13,096
Interest expense	8,757		7,906
Depreciation	10,357		9,189
Total expenses	33,646		30,191
Total revenues less total expenses	(2,803)		(3,364)



Net income from joint ventures	$	(2,803)	$	(3,364)

BRT equity in loss from joint ventures	$	(1,815)	$	(2,068)

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


	March 31, 2020		December 31, 2019
Land	$	29,227	$	29,227
Building	154,854		154,854
Building improvements	10,025		9,702
Real estate properties	194,106		193,783
Accumulated depreciation	(25,655)		(24,094)
Total real estate properties, net	$	168,451	$	169,689

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


	December 31, 2019 Balance		Additions		Capitalized Costs and Improvements		Depreciation		Sales		March 31, 2020 Balance
Multi-family	$	159,434	$	—	$	323	$	(1,534)	$	—	$	158,223
Land - Daytona, FL	8,021		—		—		—		—		8,021
Shopping centers/Retail - Yonkers, NY	2,234		—		—		(27)		—		2,207
Total real estate properties	$	169,689	$	—	$	323	$	(1,561)	$	—	$	168,451

Real estate properties of our unconsolidated joint ventures consist of the following (dollars in thousands):


	March 31, 2020		December 31, 2019
Land	$	148,341	$	144,136
Building	1,028,861		993,643
Building improvements	39,181		37,163
Real estate properties	1,216,383		1,174,942
Accumulated depreciation	(114,358)		(104,001)
Total real estate properties, net	$	1,102,025	$	1,070,941