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Investment in Unconsolidated Ventures (Tables)

9 Months Ended

Sep. 30, 2021

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


	September 30, 2021		December 31, 2020
ASSETS
Real estate properties, net of accumulated depreciation of $144,299 and $145,600	$	824,624	$	1,075,178
Cash and cash equivalents	13,328		16,939
Other assets	34,415		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 liabilities	21,046		20,237
Total Liabilities	680,194		849,883
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	192,173		271,626
Total Liabilities and Equity	$	872,367	$	1,121,509

BRT's interest in joint venture equity	$	128,478	$	169,474

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenues:
Rental and other revenue	$	29,818	$	32,341	$	95,495	$	94,726
Total revenues	29,818		32,341		95,495		94,726

Expenses:
Real estate operating expenses	14,587		16,092		45,523		45,298
Interest expense	7,568		8,663		24,562		26,186
Depreciation	8,288		10,411		28,464		31,184
Total expenses	30,443		35,166		98,549		102,668
Total revenues less total expenses	(625)		(2,825)		(3,054)		(7,942)
Other equity earnings	7		97		21		34
Impairment of assets	—		—		(2,813)		—
Insurance recoveries	—		—		2,813		—
Gain on insurance recoveries	1,246		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)

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


	September 30, 2021		December 31, 2020
Land	$	29,489	$	25,585
Building	220,272		154,854
Building improvements	8,839		10,590
Real estate properties	258,600		191,029
Accumulated depreciation	(33,980)		(30,837)
Total real estate properties, net	$	224,620	$	160,192

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


	December 31, 2020 Balance		Additions		Capitalized Costs and Improvements		Depreciation		Sale of Property		September 30, 2021 Balance
Multi-family	$	153,604	$	85,301	$	794	$	(4,657)	$	(16,841)	$	218,201
Land - Daytona, FL	4,379		—		—		—		—		4,379
Retail shopping center and other	2,209		—		—		(83)		(86)		2,040
Total real estate properties	$	160,192	$	85,301	$	794	$	(4,740)	$	(16,927)	$	224,620

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


	September 30, 2021		December 31, 2020
Land	$	105,480	$	148,341
Building	827,494		1,029,739
Building improvements	35,949		42,698
Real estate properties	968,923		1,220,778
Accumulated depreciation	(144,299)		(145,600)
Total real estate properties, net	$	824,624	$	1,075,178