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INVESTMENT IN UNCONSOLIDATED VENTURES (Tables)
 12 Months Ended
Dec. 31, 2021
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,
20212020
ASSETS
Real estate properties, net of accumulated depreciation of $133,615 and $145,600
$734,247 $1,075,178 
Cash and cash equivalents13,741 16,939 
Other Assets25,535 29,392 
Total Assets $773,523 $1,121,509 
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $3,423 and $5,537
$584,479 $829,646 
Accounts payable and accrued liabilities17,064 20,237 
Total Liabilities601,543 849,883 
Commitments and contingencies
Equity:
 Total unconsolidated joint venture equity171,980 271,626 
Total Liabilities and Equity$773,523 $1,121,509 
Company equity interest in all joint venture equity$112,347 $169,474 
NOTE 6—INVESTMENT IN UNCONSOLIDATED VENTURES (Continued)
The condensed income statement below presents information regarding the Unconsolidated Properties (dollars in thousands):
Year Ended December 31,
20212020
Revenues:
Rental and other revenue$121,906 $127,058 
Total revenues121,906 127,058 
Expenses:
Real estate operating expenses56,507 60,326 
  Interest expense30,964 34,918 
  Depreciation 35,636 41,657 
  Total expenses123,107 136,901 
Total revenues less total expenses(1,201)(9,843)
 Other equity earnings54 117 
Impairment of assets (2,813)— 
Insurance recoveries 2,813 — 
Gain on insurance recoveries2,179 765 
Gain on sale of real estate properties83,984 — 
Loss on extinguishment of debt(9,401)— 
Net income (loss) from joint ventures$75,615 $(8,961)
BRT equity in loss and equity in earnings from sale of unconsolidated joint venture properties$30,774 $(6,024)
Schedule of Real Estate Acquisitions The following table summarizes these purchases (dollars in thousands):
NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES
LocationPurchase
Date		No. of
Units		Interest PurchasedPurchase
Price		Mortgage
Debt Assumed/Acquired
Bells Bluff, Nashville, TN8/18/2021402 42.0 %$27,860 $52,000 
Crestmont at Thornblade, Greenville, SC10/1/2021266 10.0 %1,600 26,425 
Crossings of Bellevue, Nashville, TN12/1/2021300 20.0 %16,128 37,680 
968 $45,588 $116,105 
The table below provides information regarding the Company's property acquisition through an unconsolidated joint venture during the year ended December 31, 2020 (dollars in thousands):
LocationPurchase
Date		No. of
Units		Purchase
Price		Acquisition
Mortgage
Debt		Initial BRT
Equity		Ownership PercentageCapitalized Property
Acquisition
Costs
Abbotts Run, Wilmington, NC2/20/2020264 $38,000 $23,160 $13,700 80 %$459 

On March 10, 2022 we acquired for $3,500,000 a 17.45% interest in a planned 240-unit development property located in Johns Island, SC.
The table below provides information regarding these four acquisitions (dollars in thousands):
LocationBuyout DateNo. of UnitsPercentage of Interest PurchasedPurchase PriceNew Ownership Percentage Mortgage Balance at Acquisition
Civic Center I/II, Southaven, MS5/4/2021776 14.7 %$6,031 74.7 %N/A
Bells Bluff, West Nashville, TN8/18/2021402 41.9 %27,860 100 %$52,000 
Crestmont at Thornblade, Greenville, SC10/1/2021266 10.0 %1,600 100 %26,425 
Crossings of Bellevue, Nashville, TN12/1/2021300 20.0 %16,128 100 %37,680 
1,744 $51,619 $116,105 
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, 2021 (dollars in thousands):
LocationSale DateNo. of UnitsSales PriceGain on Sale
Kendall Manor - Houston, TX5/26/2021272 $24,500 $7,279 
New York, NY (1)8/20/20211 545 414 
273 $25,045 $7,693 
_______________________________________
(1) Reflects the sale of a cooperative apartment unit.
The table below provides information regarding the disposition of real estate properties by an unconsolidated joint venture in the year ended December 31, 2021 (dollars in thousands):
LocationSale DateNo. of UnitsSales PriceBRT's Share of Gain on Sale Partner's Share of Gain on SaleBRT Share of Loss of Extinguishment of Debt
Avenue Apts,Ocoee, FL7/20/2021522 $107,661 $19,518 $20,150 $4,474 
Parc at 980, Lawrenceville, GA7/28/2021586 118,250 15,464 28,852 107 
1,108 $225,911 $34,982 $49,002 $4,581 
The table below provides information regarding the sale of venture interests to our joint venture partners in the year ended December 31, 2021:
LocationSale DateNo. of UnitsSales PriceBRT's Share of Gain on Sale
Anatole, Daytona Beach, FL4/20/2021208 $7,540 $2,244 
OPOP Tower and Lofts, St. Louis, MO11/4/2021181 3,000 388 
389 $10,540 $2,632