Investment in Unconsolidated Ventures

6 Months Ended

Jun. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Ventures

Investment in Unconsolidated Ventures

At June 30, 2020 and December 31, 2019, the Company held interests in unconsolidated joint ventures that own 31 and 30 multi-family properties, respectively (the "Unconsolidated Properties"). The condensed balance sheets below present information regarding such properties (dollars in thousands):

	June 30, 2020		December 31, 2019
ASSETS
Real estate properties, net of accumulated depreciation of $124,715 and $104,001	$	1,091,791	$	1,070,941
Cash and cash equivalents	14,700		12,804
Deposits and escrows	23,077		23,912
Other assets	5,687		4,136
Total Assets	$	1,135,255	$	1,111,793
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $5,594 and $5,839	$	826,074	$	803,289
Accounts payable and accrued liabilities	20,081		19,731
Total Liabilities	846,155		823,020
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	289,100		288,773
Total Liabilities and Equity	$	1,135,255	$	1,111,793
BRT interest in joint venture equity	$	180,768	$	177,071

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

	June 30, 2020		December 31, 2019
Land	$	148,341	$	144,136
Building	1,028,205		993,643
Building improvements	39,960		37,163
Real estate properties	1,216,506		1,174,942
Accumulated depreciation	(124,715)		(104,001)
Total real estate properties, net	$	1,091,791	$	1,070,941

At June 30, 2020, the weighted average interest rate on the mortgages payable is 3.96% and the weighted average remaining term to maturity is 7.7 years.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Revenues:
Rental and other revenue	$	31,542	$	28,976	$	62,385	$	55,803
Total revenues	31,542		28,976		62,385		55,803
Expenses:
Real estate operating expenses	14,674		14,304		29,206		27,400
Interest expense	8,766		8,919		17,523		16,825
Depreciation	10,417		10,031		20,773		19,220
Total expenses	33,857		33,254		67,502		63,445
Total revenues less total expenses	(2,315)		(4,278)		(5,117)		(7,642)
Gain on insurance recoveries	338		517		338		517
Net income from joint ventures	$	(1,977)	$	(3,761)	$	(4,779)	$	(7,125)
BRT equity in loss from joint ventures	$	(1,387)	$	(2,218)	$	(3,202)	$	(4,286)