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Investment in Unconsolidated Ventures
 9 Months Ended
Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Ventures Investment in Unconsolidated VenturesAt September 30, 2021 and December 31, 2020, the Company held interests in unconsolidated joint ventures that own 27 and 31 multi-family properties, (the "Unconsolidated Properties"), respectively. The condensed balance sheets below present
information regarding such properties (dollars in thousands):
September 30, 2021December 31, 2020
ASSETS
Real estate properties, net of accumulated depreciation of $144,299 and $145,600
$824,624 $1,075,178 
Cash and cash equivalents13,328 16,939 
Other assets34,415 29,392 
Total Assets$872,367 $1,121,509 
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $3,954 and $5,537
$659,148 $829,646 
Accounts payable and accrued liabilities21,046 20,237 
Total Liabilities680,194 849,883 
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity192,173 271,626 
Total Liabilities and Equity$872,367 $1,121,509 
BRT's interest in joint venture equity$128,478 $169,474 


At the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands):
September 30, 2021December 31, 2020
Land$105,480 $148,341 
Building827,494 1,029,739 
Building improvements35,949 42,698 
   Real estate properties968,923 1,220,778 
Accumulated depreciation(144,299)(145,600)
    Total real estate properties, net$824,624 $1,075,178 

At September 30, 2021 and December 31, 2020, the weighted average interest rate on the mortgages payable is 4.03% and 3.96%, respectively, and the weighted average remaining term to maturity is 7.51 years and 7.67 years, respectively.
The condensed income statement below presents information regarding the Unconsolidated Properties (dollars in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Revenues:
Rental and other revenue$29,818 $32,341 $95,495 $94,726 
Total revenues29,818 32,341 95,495 94,726 
Expenses:
Real estate operating expenses14,587 16,092 45,523 45,298 
Interest expense7,568 8,663 24,562 26,186 
Depreciation8,288 10,411 28,464 31,184 
Total expenses30,443 35,166 98,549 102,668 
Total revenues less total expenses(625)(2,825)(3,054)(7,942)
Other equity earnings7 97 21 34 
Impairment of assets— — (2,813)— 
Insurance recoveries— — 2,813 — 
Gain on insurance recoveries1,246 427 1,246 765 
Gain on sale of real estate 83,984 — 83,984 — 
Loss on extinguishment of debt(9,401)— (9,401)— 
Net income (loss) from joint ventures$75,211 $(2,301)$72,796 $(7,143)
BRT's equity in loss and equity in earnings from sale of unconsolidated joint venture properties$30,786 $(1,529)$28,949 $(4,731)

During the three and nine months ended September 30, 2021, three unconsolidated Texas joint ventures recognized an aggregate of (i) $2,813,000 of impairment charges as a result of ice storm damage and (ii) $2,813,000 of related insurance recoveries.
On April 20, 2021, the Company sold its interest in the joint venture that owns Anatole Apartments, a property located in Daytona Beach, FL. The Company recognized a gain of $2,244,000 on the sale.
On May 4, 2021, the Company purchased a 14.69% interest in Civic Center I and Civic Center II - Southaven, MS, from its joint venture partner, for $6,031,000. After giving effect to this purchase, the Company owns 74.69% of the equity interests in the venture that owns these properties.

On July 20, 2021, the joint venture which owns The Avenue Apartments, Ocoee, FL sold the property for $107,661,000 and recognized a gain on the sale of this property of $39,668,000. As a result of the sale, the Company recorded a gain of $19,518,000. The joint venture also recognized a loss on the extinguishment of debt of $9,093,000 in connection with the payoff of the related $53,060,000 mortgage debt. The Company's share of this loss was $4,474,000.

On July 28, 2021, the joint venture which owns Parc at 980, Lawrenceville, GA sold the property for $118,250,000 and recognized a gain on the sale of this property of $44,316,000. As a result of the sale, the Company recorded a gain of $15,464,000. The joint venture also recognized a loss on the extinguishment of debt of $308,000 in connection with the payoff of the related $54,447,000 mortgage debt. The Company's share of this loss was $107,000

On August 18, 2021, the Company acquired 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 was $27,860,000. As a result of the purchase, Bells Bluff , effective as of the purchase date, is wholly-owned by, and its accounts and operations are consolidated with, the Company. In connection with the purchase, the $47,043,000 construction loan on the property was refinanced with 20-year fixed rate (i.e., 3.48% and interest only for 10 years) mortgage debt in the principal amount of $52,000,000.
On October 1, 2021, the Company acquired the 10% interest owned by its joint venture partners in the entity that owns Crestmont at Thornblade, a 266-unit multi-family property located in Greenville, SC. The purchase price for the interest, after giving effect to the joint venture partners' carried interest, was $1,570,000. Crestmont at Thornblade is now wholly-owned by the Company. On November 4, 2021, the Company sold its interest in the joint venture that own OPOP Towers and OPOP Lofts, two properties located in St. Louis, MO., for $3,000,000. The Company anticipates it will record a gain of approximately $385,000. on the sale. During the nine months ended September 30, 2021, the Company recorded an impairment charge of $520,000 related to its investment in the joint venture.