Investment in Unconsolidated Ventures (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022		December 31, 2021
ASSETS
Real estate properties, net of accumulated depreciation of $125,930 and $133,615	$	675,246	$	734,247
Cash and cash equivalents	11,567		13,741
Other assets	25,944		25,535
Total Assets	$	712,757	$	773,523
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $3,244 and $3,423	$	531,246	$	584,479
Accounts payable and accrued liabilities	10,266		17,064
Total Liabilities	541,512		601,543
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	171,245		171,980
Total Liabilities and Equity	$	712,757	$	773,523
BRT's interest in joint venture equity	$	106,025	$	112,347

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

	Three Months Ended March 31,
	2022		2021
Revenues:
Rental and other revenue	$	25,231	$	32,672
Total revenues	25,231		32,672
Expenses:
Real estate operating expenses	11,169		15,703
Interest expense	6,026		8,522
Depreciation	6,636		10,385
Total expenses	23,831		34,610
Total revenues less total expenses	1,400		(1,938)
Other equity earnings	55		9
Impairment of assets	—		(2,323)
Insurance recoveries	—		2,323
Gain on insurance recoveries	515		—
Gain on sale of real estate	23,652		—
Loss on extinguishment of debt	(30)		—
Net income (loss) from joint ventures	$	25,592	$	(1,929)
BRT's equity in earnings (loss) and equity in earnings from sale of unconsolidated joint venture properties	$	14,191	$	(1,345)

Summary of Real Estate Properties Owned

Real estate properties, excluding real estate held for sale, consists of the following (dollars in thousands):

	March 31, 2022		December 31, 2021
Land	$	42,158	$	38,822
Building	315,279		281,841
Building improvements	10,156		9,354
Real estate properties	367,593		330,017
Accumulated depreciation	(39,259)		(36,467)
Total real estate properties, net	$	328,334	$	293,550

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

	December 31, 2021 Balance		Additions		Capitalized Costs and Improvements		Depreciation		Sale of Property		March 31, 2022 Balance
Multi-family	$	291,538	$	36,802	$	802	$	(2,792)	$	—	$	326,350
Land - Daytona, FL	4,379		—		—		—		(4,379)		—
Retail shopping center and other	2,012		—		—		(28)		—		1,984
Total real estate properties	$	297,929	$	36,802	$	802	$	(2,820)	$	(4,379)	$	328,334

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

	March 31, 2022		December 31, 2021
Land	$	92,378	$	97,230
Building	678,140		739,577
Building improvements	30,658		31,055
Real estate properties	801,176		867,862
Accumulated depreciation	(125,930)		(133,615)
Total real estate properties, net	$	675,246	$	734,247