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Investment in Unconsolidated Ventures
 9 Months Ended
Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Ventures Investment in Unconsolidated Ventures
At September 30, 2022 and December 31, 2021, the Company held interests in unconsolidated joint ventures that own eight and 23 multi-family properties (the "Unconsolidated Properties"), respectively. The condensed balance sheets below present information regarding such properties (dollars in thousands):

September 30, 2022December 31, 2021
ASSETS
Real estate properties, net of accumulated depreciation of $64,104 and $133,615
$320,772 $734,247 
Cash and cash equivalents14,706 13,741 
Other assets 31,832 25,535 
Total Assets$367,310 $773,523 
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $1,531 and $3,423
$249,575 $584,479 
Accounts payable and accrued liabilities11,819 17,064 
Total Liabilities261,394 601,543 
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity105,916 171,980 
Total Liabilities and Equity$367,310 $773,523 
BRT's interest in joint venture equity$43,759 $112,347 

At the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands):
September 30, 2022December 31, 2021
Land$59,404 $97,230 
Building315,400 739,577 
Building improvements10,072 31,055 
   Real estate properties384,876 867,862 
Accumulated depreciation(64,104)(133,615)
    Total real estate properties, net$320,772 $734,247 

At September 30, 2022 and December 31, 2021, the weighted average interest rate on the mortgages payable is 3.90% and 3.97%, respectively, and the weighted average remaining term to maturity is 6.5 years and 7.6 years, respectively.
The condensed income statements below present information regarding the Unconsolidated Properties (dollars in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenues:
Rental and other revenue$13,502 $29,818 $60,840 $95,495 
Total revenues13,502 29,818 60,840 95,495 
Expenses:
Real estate operating expenses6,512 14,587 27,523 45,523 
Interest expense2,843 7,568 13,762 24,562 
Depreciation3,113 8,288 14,957 28,464 
Total expenses12,468 30,443 56,242 98,549 
Total revenues less total expenses1,034 (625)4,598 (3,054)
Other equity earnings12 7 89 21 
Impairment of assets — — — (2,813)
Insurance recoveries — — — 2,813 
Gain on insurance recoveries— 1,246 567 1,246 
Gain on sale of real estate 16,937 83,984 118,270 83,984 
Loss on extinguishment of debt(573)(9,401)(3,491)(9,401)
Net income from joint ventures$17,410 $75,211 $120,033 $72,796 
BRT's equity in (loss) earnings and equity in earnings from sale of unconsolidated joint venture properties$11,607 $30,786 $65,846 $28,949 
Joint Venture Sales
On February 8, 2022, the unconsolidated joint venture in which the Company had a 65% equity interest sold The Verandas at Shavano, a 288-unit multi-family property in San Antonio, TX, for a sales price of $53,750,000. The gain on the sale of this property was $23,652,000 and BRT's share of the gain was $12,961,000. In connection with the sale, mortgage debt of $25,100,000 with 1.2 years of remaining term to maturity and bearing an interest rate of 3.61% was repaid.
On June 14, 2022, the unconsolidated joint ventures in which the Company had a 75% equity interest sold Retreat at Cinco Ranch, a 268-unit multi family property in San Antonio, TX for $68,300,000. The gain on the sale of this property was $30,595,000 and BRT's share of the gain was $17,378,000. In connection with the sale, mortgage debt of $30,096,000 with 3.6 years of remaining term to maturity and bearing an interest rate of 4.44% was repaid and the joint venture incurred $1,257,000 from the loss on the extinguishment of debt, of which BRT's share was $686,000.
On June 30, 2022, the unconsolidated joint venture in which the Company had a 65% equity interest sold The Vive, a 312-unit multi-family property in Kannapolis, NC for $91,250,000. The gain on the sale of this property was $47,086,000 and BRT's share of the gain was $22,720,000. In connection with the sale, mortgage debt of $31,420,000 with 29.7 years of remaining term to maturity and bearing an interest rate of 3.52% was repaid and the joint venture incurred $1,631,000 from the loss on extinguishment of debt, of which BRT's share was $787,000.
On August 31, 2022, the unconsolidated joint venture in which the Company had a 80% equity interest sold Water's Edge, a 204-unit multi-family property in Columbia, SC for $32,400,000. The gain on the sale of this property was $16,937,000 and BRT's share of the gain was $11,472,000. In connection with the sale, mortgage debt of $12,241,000 with 3.8 years of remaining term to maturity and bearing an interest rate of 4.28% was repaid and the joint venture incurred $573,000 from the loss on extinguishment of debt, of which BRT's share was $388,000.
Acquisition of Interest in Joint Venture
On March 10, 2022, the Company purchased a 17.45% interest in a planned 240-unit development property, Stono Oaks, located in Johns Island, SC. The purchase price for the interest was $3,500,000.
Joint Venture BuyoutsThe Company completed the partner buyout transactions in the unconsolidated joint ventures that own the properties identified in note 5 - Real Estate Properties - Partner Buyouts. As a result of these purchases, these properties (including the related mortgage debt - see note 9 - Debt Obligations) are wholly-owned effective as of the closing of each purchase, and are included in the Company's consolidated balance sheet and results of operations as of such applicable date.