INVESTMENT IN UNCONSOLIDATED VENTURES (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

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

	December 31,
	2022		2021
ASSETS
Real estate properties, net of accumulated depreciation of $66,945 and $133,615	$	318,304	$	734,247
Cash and cash equivalents	6,591		13,741
Other Assets	35,372		25,535
Total Assets	$	360,267	$	773,523
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $1,421 and $3,423	$	255,261	$	584,479
Accounts payable and accrued liabilities	8,222		17,064
Total Liabilities	263,483		601,543
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	96,784		171,980
Total Liabilities and Equity	$	360,267	$	773,523
Company equity interest in all joint venture equity	$	42,576	$	112,347

NOTE 6—INVESTMENT IN UNCONSOLIDATED VENTURES (continued)

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

	Year Ended December 31,
	2022		2021
Revenues:
Rental and other revenue	$	72,873	$	121,906
Total revenues	72,873		121,906
Expenses:
Real estate operating expenses	33,086		56,507
Interest expense	16,269		30,964
Depreciation	17,798		35,636
Total expenses	67,153		123,107
Total revenues less total expenses	5,720		(1,201)
Other equity earnings	121		54
Impairment of assets	(8,553)		(2,813)
Insurance recoveries	8,553		2,813
Gain on insurance recoveries	567		2,179
Gain on sale of real estate properties	118,270		83,984
Loss on extinguishment of debt	(3,491)		(9,401)
Net income from joint ventures	$	121,187	$	75,615
BRT equity in earnings and equity in earnings from sale of unconsolidated joint venture properties	$	66,426	$	30,774

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):

Location	Sale Date	No. of Units	Sales Price		Gain on Sale
Kendall Manor - Houston, TX	5/26/2021	272	$	24,500	$	7,279
New York, NY (1)	8/20/2021	1	545		414
		273	$	25,045	$	7,693

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(1) Reflects the sale of a cooperative apartment unit.

The table below provides information regarding the disposition of real estate properties by unconsolidated joint ventures in the year ended December 31, 2022 (dollars in thousands):

Location	Sale Date	Number of Units	Sale Price		Gain on Sale		BRT Gain on Sale		BRT Share of Loss of Extinguishment of Debt
Verandas at Shavano - San Antonio, TX	2/8/2022	288	$	53,750	$	23,652	$	12,961	$	—
Reatreat at Cinco Ranch - Katy, TX	6/14/2022	268	68,300		30,595		17,378		686
The Vive - Kannapolis, NC	6/30/2022	312	91,250		47,086		22,720		787
Waters Edge - Columbia, SC	8/31/2022	204	32,400		16,937		11,472		388
		1,072	$	245,700	$	118,270	$	64,531	$	1,861

The table below provides information regarding the disposition of real estate properties by unconsolidated joint ventures in the year ended December 31, 2021 (dollars in thousands):

Location	Sale Date	No. of Units	Sales Price		Gain on Sale		BRT Gain on Sale		BRT Share of Loss of Extinguishment of Debt
Avenue Apts,Ocoee, FL	7/20/2021	522	$	107,661	$	39,668	$	19,518	$	4,474
Parc at 980, Lawrenceville, GA	7/28/2021	586	118,250		44,316		15,464		107
		1,108	$	225,911	$	83,984	$	34,982	$	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:

Location	Sale Date	No. of Units	Sales Price		BRT's Share of Gain on Sale
Anatole, Daytona Beach, FL	4/20/2021	208	$	7,540	$	2,244
OPOP Tower and Lofts, St. Louis, MO	11/4/2021	181	3,000		388
		389	$	10,540	$	2,632