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Real Estate Properties (Tables)
 6 Months Ended
Jun. 30, 2022
Real Estate [Abstract]  
Summary of Real Estate Properties Owned
Real estate properties, excluding real estate held for sale, consists of the following (dollars in thousands):

June 30, 2022December 31, 2021
Land$57,138 $38,822 
Building422,619 281,841 
Building improvements11,160 9,354 
  Real estate properties490,917 330,017 
Accumulated depreciation(43,031)(36,467)
  Total real estate properties, net$447,886 $293,550 


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

December 31, 2021
Balance		 Partner Buyouts ImprovementsDepreciation Sale of PropertyJune 30, 2022
Balance
Multi-family$291,538 $159,121 $1,807 $(6,537)$— $445,929 
Retail shopping center and other2,012 — — (55)— 1,957 
Total real estate properties$293,550 $159,121 $1,807 $(6,592)$— $447,886 
At the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands):
June 30, 2022December 31, 2021
Land$71,545 $97,230 
Building479,897 739,577 
Building improvements22,921 31,055 
   Real estate properties574,363 867,862 
Accumulated depreciation(91,031)(133,615)
    Total real estate properties, net$483,332 $734,247 
Schedule of Asset Acquisition Allocation of Book Value
In the six months ended June 30, 2022, the Company completed the purchase of its partners' remaining interests in the unconsolidated joint ventures that own the properties identified below. As a result of these purchases, these properties (including the related mortgage debt - see note 9 - "Debt Obligations") are wholly-owned and effective as of the closing of such purchase, are included in the Company's consolidated balance sheet and results of operations (dollars in thousands):

Buyout DateProperty NameLocationUnitsRemaining Interest PurchasedPurchase Price (1)
03/23/2022Verandas at AlamoSan Antonio, TX28828.1 %$8,721 
04/07/2022Vanguard HeightsCreve Coeur, MO17421.6 %4,880 
05/11/2022Jackson SquareTallahassee, FL24220 %7,215 
05/24/2022Brixworth at Bridge StreetHuntsville, AL20820 %10,697 
05/26/2022Woodland ApartmentsBoerne, TX12020 %3,881 
06/30/2022Grove at River PlaceMacon, GA24020 %7,485 
Total1,272$42,879 
__________________
(1) The purchase price gives effect to the purchase of the "promote interest" (as more fully described in the Annual Report) of the Company's joint venture partners and does not include closing costs of $ 1,313 and operating cash acquired from the ventures of $1,408.


Subsequent to the quarter ended June 30, 2022, the Company completed the purchase of its partners' remaining interests in five unconsolidated joint ventures that own the properties identified below:
Buyout DateProperty NameLocationUnitsRemaining Interest PurchasedBook Value of Property at 6/30/2022Purchase Price (1)
07/12/2022Civic ISouthaven, MS39225 %$30,865 $18,233 
07/12/2022Civic IISouthaven, MS38425 %32,912 17,942 
07/14/2022AbbottsWilmington, NC26420 %37,346 9,010 
07/19/2022Somerset at TrussvilleTrussville, AL32820 %40,514 10,558 
08/03/2022Magnolia PointeMadison, AL20420 %18,533 7,246 
Total1,572$160,170 $62,989 
____________________
(1) The purchase price gives effect to the purchase of the "promote interest" (as more fully described in the Annual Report) of the Company's joint venture partners and does not include closing costs and operating cash acquired from the ventures..
The following table summarizes the allocation of the book value based on the proportionate share of the estimated fair value of the property on the acquisition date (dollars in thousands):
Verandas at AlamoVanguard HeightsJackson SquareBrixworth at Bridge StreetThe Woodland AptsGrove at River PlaceTotal Purchase Price Allocation
Land$3,336 $5,466 $3,398 $1,959 $1,289 $2,866 $18,314 
Building and improvements33,465 30,826 27,167 20,080 12,853 16,416 140,807 
Total land and buildings$36,801 $36,292 $30,565 $22,039 $14,142 $19,282 $159,121 
Acquisition related intangible assets797 508 634 321 233 396 2,889 
   Total Asset$37,598 $36,800 $31,199 $22,360 $14,375 $19,678 $162,010 
Acquisition related mortgage intangible$(62)$588 $283 $— $— $136 $945 
The following table summarizes the information regarding the mortgages relating to the property in which BRT purchased the remaining interests of its joint venture partners during the six months ended June 30, 2022 (dollars in thousands):
Property NameLocationDebt at Purchase Date (1)Interest RateMaturity DateInterest Only through
Verandas at AlamoSan Antonio, TX$27,000 3.64 %Oct 2029October 2024
Vanguard HeightsCreve Coeur, MO29,700 4.41 %July 2031June 2025
Jackson SquareTallahassee, FL21,524 4.19 %Sept 2027September 2022
Brixworth at Bridge Street (2)
Huntsville, AL11,147 4.25 %June 2032Maturity
The Woodland ApartmentsBoerne, TX7,905 4.74 %Feb 2026N/A
Grove at River Place (3)Macon, GA11,426 4.39 %Feb 2026N/A
Total$108,702 
___________________
(1) Excludes fair value adjustments of $945 determined as part of the purchase price allocation.
(2) The original mortgage debt of $11,147 was refinanced with a new ten-year mortgage debt of $18,592 immediately following the buyout.
(3) Includes a supplemental mortgage of $1,056 which was paid off immediately following the buyout.
Subsequent to June 30, 2022, the Company completed the purchase of its joint venture partners' remaining interests in five additional unconsolidated joint ventures that own the properties identified below. The following table summarizes the information regarding the mortgages relating to each purchase (dollars in thousands):
Property NameLocationDebt at Purchase Date (1)Interest RateMaturity DateInterest Only through
Civic ISouthaven, MS$27,429 4.24 %March 2026N/A
Civic IISouthaven, MS30,153 3.73 %September 2026N/A
AbbottsWilmington, NC23,160 4.71 %July 2030July 2025
Somerset at TrussvilleTrussville, AL32,250 4.19 %June 2029May 2025
Magnolia PointeMadison, AL15,000 4.08 %January 2028December 2022
Total$127,992 

(1) Excludes fair value adjustments to be determined as part of the purchase price allocation.