Investment in Unconsolidated Ventures (Tables)

9 Months Ended

Sep. 30, 2020

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


	September 30, 2020		December 31, 2019
ASSETS
Real estate properties, net of accumulated depreciation of $135,126 and $104,001	$	1,082,703	$	1,070,941
Cash and cash equivalents	16,595		12,804
Deposits and escrows	26,368		23,912
Other assets	5,164		4,136
Total Assets	$	1,130,830	$	1,111,793

LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $4,605 and $5,839	$	825,822	$	803,289
Accounts payable and accrued liabilities	23,602		19,731
Total Liabilities	849,424		823,020
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	281,406		288,773
Total Liabilities and Equity	$	1,130,830	$	1,111,793

BRT interest in joint venture equity	$	175,484	$	177,071

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Revenues:
Rental and other revenue	$	32,341	$	31,273	$	94,726	$	87,076
Total revenues	32,341		31,273		94,726		87,076

Expenses:
Real estate operating expenses	16,092		15,212		45,298		42,612
Interest expense	8,663		9,202		26,186		26,027
Depreciation	10,411		9,901		31,184		29,121
Total expenses	35,166		34,315		102,668		97,760
Total revenues less total expenses	(2,825)		(3,042)		(7,942)		(10,684)

Loss on extinguishment of debt	—		(379)		—		(379)
Gain on insurance recoveries	427		—		765		517
Net income from joint ventures	$	(2,398)	$	(3,421)	$	(7,177)	$	(10,546)

BRT equity in loss from joint ventures	$	(1,529)	$	(2,390)	$	(4,731)	$	(6,676)

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


	September 30, 2020		December 31, 2019
Land	$	25,585	$	29,227
Building	154,854		154,854
Building improvements	10,392		9,702
Real estate properties	190,831		193,783
Accumulated depreciation	(29,237)		(24,094)
Total real estate properties, net	$	161,594	$	169,689

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


	December 31, 2019 Balance		Additions		Depreciation		Impairment Charge		September 30, 2020 Balance
Multi-family	$	159,434	$	617	$	(5,064)	$	—	$	154,987
Land - Daytona, FL	8,021		—		—		(3,642)		4,379
Retail shopping center and other	2,234		77		(83)		—		2,228
Total real estate properties	$	169,689	$	694	$	(5,147)	$	(3,642)	$	161,594

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


	September 30, 2020		December 31, 2019
Land	$	148,341	$	144,136
Building	1,028,205		993,643
Building improvements	41,283		37,163
Real estate properties	1,217,829		1,174,942
Accumulated depreciation	(135,126)		(104,001)
Total real estate properties, net	$	1,082,703	$	1,070,941