INVESTMENT IN UNCONSOLIDATED VENTURES (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019
ASSETS
Real estate properties, net of accumulated depreciation of $145,600 and $104,001	$	1,075,178	$	1,070,941
Cash and cash equivalents	16,939		12,804
Other Assets	29,392		28,048
Total Assets	$	1,121,509	$	1,111,793
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $5,537 and $5,839	$	829,646	$	803,289
Accounts payable and accrued liabilities	20,237		19,731
Total Liabilities	849,883		823,020
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	271,626		288,773
Total Liabilities and Equity	$	1,121,509	$	1,111,793
Company equity interest of joint venture equity	$	169,474	$	177,071

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,
	2020		2019
Revenues:
Rental and other revenue	$	127,058	$	118,177
Total revenues	127,058		118,177
Expenses:
Real estate operating expenses	60,326		56,684
Interest expense	34,918		35,023
Depreciation	41,657		39,218
Total expenses	136,901		130,925
Total revenues less total expenses	(9,843)		(12,748)
Other equity earnings	117		177
Gain on sale of real estate properties	—		16,899
Loss on extinguishment of debt	—		(2,018)
Gain on insurance recoveries	765		787
Net (loss) income from joint ventures	(8,961)		3,097
BRT equity in loss and equity in earnings from sale of unconsolidated joint venture properties	$	(6,024)	$	1,106

Schedule of Real Estate Acquisitions

The tables below provides information regarding the Company's property acquisitions, through unconsolidated joint ventures, and the properties they purchased during the years ended December 31, 2020 and 2019 (dollars in thousands):

2020

Location	Purchase Date	No. of Units	Purchase Price		Acquisition Mortgage Debt		Initial BRT Equity		Ownership Percentage		Capitalized Property Acquisition Costs
Wilmington, NC	2/20/2020	264	$	38,000	$	23,160	$	13,700	80	%	$	459

NOTE 7—INVESTMENT IN UNCONSOLIDATED VENTURES (Continued)

2019

Location	Purchase Date	No. of Units	Purchase Price		Acquisition Mortgage Debt		Initial BRT Equity		Ownership Percentage		Capitalized Property Acquisition Costs
Kannapolis, NC	3/12/2019	312	$	48,065	$	33,347	$	11,231	65	%	$	559
Trussville, AL	5/72019	328	43,000		32,250		11,625		80	%	546
Auburn, AL	8/8/2019	200	18,400		14,500		4,320		80	%	140
		840	$	109,465	$	80,097	$	27,176			$	1,245

Schedule of Real Estate Disposals

The tables below provide information regarding the Company's disposition of real estate properties during the year ended December 31, 2019 (dollars in thousands):

Location	Sale Date	No. of Units	Sales Price		Gain on Sale		Non-Controlling Partner's Share of Gain on Sale
Houston, TX (two properties)	7/11/2019	384	$	33,200	$	9,938	$	894
New York, NY (1)	12/16/2019	1	832		680		—
		385	$	34,032	$	10,618	$	894

(1) Reflects the sale of a cooperative apartment unit.

The table below provides information regarding the disposition of a real estate property by an unconsolidated joint venture in the year ended December 31, 2019 (dollars in thousands):

Location	Sale Date	No. of Units	Sales Price		Gain on Sale		Non-Controlling Partner's Share of Gain on Sale
Indianapolis, IN	12/17/2019	400	$	36,500	$	16,898	$	9,932