XML 60 R28.htm IDEA: XBRL DOCUMENT v3.21.1
Investment in Unconsolidated Ventures (Tables)
 3 Months Ended
Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of equity method investments The condensed balance sheets below present information regarding such properties (dollars in thousands):
March 31, 2021December 31, 2020
ASSETS
Real estate properties, net of accumulated depreciation of $155,455 and $145,600$1,064,820 $1,075,178 
Cash and cash equivalents14,900 16,939 
Other assets27,667 29,392 
Total Assets$1,107,387 $1,121,509 
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $5,311 and $5,537$828,591 $829,646 
Accounts payable and accrued liabilities15,099 20,237 
Total Liabilities843,690 849,883 
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity263,697 271,626 
Total Liabilities and Equity$1,107,387 $1,121,509 
BRT's interest in joint venture equity$164,248 $169,474 
The condensed income statement below presents information regarding the Unconsolidated Properties (dollars in thousands):
Three Months Ended
March 31,
20212020
Revenues:
Rental and other revenue$32,672 $30,843 
Total revenues32,672 30,843 
Expenses:
Real estate operating expenses15,703 14,532 
Interest expense8,522 8,757 
Depreciation10,385 10,357 
Total expenses34,610 33,646 
Total revenues less total expenses(1,938)(2,803)
Other equity earnings9 8 
Impairment charges(2,323)— 
Insurance recoveries2,323 — 
Net loss from joint ventures$(1,929)$(2,795)
BRT's equity in loss from joint ventures$(1,345)$(1,815)

During the three months ended March 31, 2021, we recognized $2,300,000 of impairment charges at three of our equity investments located in Texas due to storm damage and also recognized $2,300,000 of insurance recoveries related to the impairment charges resulting from the Texas ice storm damage. There were no comparable charges in the corresponding period of the prior year.
On April 20, 2021, the Company sold its joint venture interest in Anatole Apartments, a property located in Daytona Beach, FL. The Company will recognize a gain of approximately $2,200,000 on the sale in the quarter ending June 30, 2021.
On May 4, 2021, the Company purchased an additional 14.69% interest in Civic Center I and Civic Center II - Southaven, MS, from its existing joint venture partner for $6,031,000. After giving effect to this purchase, the Company owns 74.69% of the equity interest in these properties.

On May 7, 2021, the Company entered into an agreement to acquire the 41.9% interest owned by its joint venture partners in the entity that owns Bells Bluff, a 402-unit multi-family property located in West Nashville, TN. The purchase price for the interest, after giving effect to the joint venture partners' carried interest, is approximately $28,000,000, subject to working capital and certain other adjustments. After giving effect to this purchase, Bells Bluff will be wholly-owned by the Company.
The completion of this purchase is subject to customary closing conditions, including the refinancing of the $47,200,000 floating rate (i.e., 2.975% at March 31, 2021) mortgage debt on the property.
Summary of real estate properties owned
Real estate properties, excluding a property held for sale, consist of the following (dollars in thousands):
March 31, 2021December 31, 2020
Land$23,317 $25,585 
Building141,143 154,854 
Building improvements8,395 10,590 
  Real estate properties172,855 191,029 
Accumulated depreciation(30,777)(30,837)
  Total real estate properties, net$142,078 $160,192 


A summary of real estate property owned, excluding a property held for sale, is as follows (dollars in thousands):
      

December 31, 2020
Balance		Capitalized Costs and ImprovementsDepreciation Reclassified to Held for SaleMarch 31, 2021
Balance
Multi-family$153,604 $223 $(1,509)$(16,800)$135,518 
Land - Daytona, FL4,379 — — — 4,379 
Retail shopping center and other2,209 — (28)— 2,181 
Total real estate properties$160,192 $223 $(1,537)$(16,800)$142,078 
s of the indicated dates, real estate properties of our unconsolidated joint ventures consist of the following (dollars in thousands):
March 31, 2021December 31, 2020
Land$148,341 $148,341 
Building1,027,979 1,029,739 
Building improvements43,955 42,698 
   Real estate properties1,220,275 1,220,778 
Accumulated depreciation(155,455)(145,600)
    Total real estate properties, net$1,064,820 $1,075,178