Investment in Unconsolidated Ventures (Tables)

6 Months Ended

Jun. 30, 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):

	June 30, 2021		December 31, 2020
ASSETS
Real estate properties, net of accumulated depreciation of $142,413 and $145,600	$	896,944	$	1,075,178
Cash and cash equivalents	15,249		16,939
Other assets	32,116		29,392
Real estate properties held for sale	139,711		$	—
Total Assets	$	1,084,020	$	1,121,509
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $4,951 and $5,537	$	814,067	$	829,646
Accounts payable and accrued liabilities	20,108		20,237
Total Liabilities	834,175		849,883
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	249,845		271,626
Total Liabilities and Equity	$	1,084,020	$	1,121,509
BRT's interest in joint venture equity	$	159,799	$	169,474

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Revenues:
Rental and other revenue	$	33,005	$	31,542	$	65,677	$	62,385
Total revenues	33,005		31,542		65,677		62,385
Expenses:
Real estate operating expenses	15,233		14,674		30,936		29,206
Interest expense	8,472		8,766		16,994		17,523
Depreciation	9,791		10,417		20,176		20,773
Total expenses	33,496		33,857		68,106		67,502
Total revenues less total expenses	(491)		(2,315)		(2,429)		(5,117)
Equity in earnings	5		9		14		17
Impairment charges	(490)		—		(2,813)		—
Insurance recoveries	490		—		2,813		—
Gain on insurance recoveries	—		338		—		338
Net loss from joint ventures	$	(486)	$	(1,968)	$	(2,415)	$	(4,762)
BRT's equity in loss from joint ventures	$	(492)	$	(1,387)	$	(1,837)	$	(3,202)

Summary of Real Estate Properties Owned

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

	June 30, 2021		December 31, 2020
Land	$	23,317	$	25,585
Building	141,143		154,854
Building improvements	8,724		10,590
Real estate properties	173,184		191,029
Accumulated depreciation	(32,193)		(30,837)
Total real estate properties, net	$	140,991	$	160,192

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

	December 31, 2020 Balance		Capitalized Costs and Improvements		Depreciation		Sale of Property		June 30, 2021 Balance
Multi-family	$	153,604	$	594	$	(2,897)	$	(16,842)	$	134,459
Land - Daytona, FL	4,379		—		—		—		4,379
Retail shopping center and other	2,209		—		(56)		—		2,153
Total real estate properties	$	160,192	$	594	$	(2,953)	$	(16,842)	$	140,991

As of the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands):

	June 30, 2021		December 31, 2020
Land	$	110,887	$	148,341
Building	893,443		1,029,739
Building improvements	35,027		42,698
Real estate properties	1,039,357		1,220,778
Accumulated depreciation	(142,413)		(145,600)
Total real estate properties, net	$	896,944	$	1,075,178