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DEBT OBLIGATIONS (Tables)
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Debt Obligations Debt obligations consist of the following (dollars in thousands):
December 31,
20222021
Mortgages payable$407,958 $200,857 
Junior subordinated notes37,400 37,400 
Credit Facility19,000 — 
Deferred loan costs(4,941)(1,277)
Total debt obligations$459,417 $236,980 
Summary of Activity in Property Debt
A summary of activity in property debt for the year ended December 31, 2022 is as follows (dollars in thousands):
Balance at December 31, 2021$199,877 
Acquisitions236,615 
Increase due to refinancing/payoff of acquisition debt6,749 
Fair value adjustment upon consolidation(4,719)
Amortization of fair value adjustment137 
Debt Payoff(29,462)
Principal Amortization(2,219)
Changes in Deferred Fees(3,186)
Balance at December 31, 2022$403,792 
Schedule of Maturities of Long-term Debt Scheduled principal repayments for the periods indicated are as follows (dollars in thousands):
Year Ending December 31,Scheduled Principal Payments
2023$2,712 
20243,667 
202520,188 
202674,652 
202746,220 
Thereafter260,519 
$407,958 
Schedule of Asset Acquisition Allocation of Book Value The following table summarizes the purchase price allocation of the book values of those properties whose remaining interest was purchased and consolidated in 2022 or 2021 and is based on the proportionate share of the estimated fair value of the property on the acquisition date (dollars in thousands):
PropertyLandBuilding and ImprovementsTotal Land and buildingAcquisition related lease intangible Total AssetsAcquisition related mortgage intangible
2022
Verandas at Alamo$3,336 $33,465 $36,801 $797 $37,598 $(61)
Vanguard Heights5,466 30,826 36,292 508 36,800 578 
Jackson Square3,398 27,167 30,565 634 31,199 283 
Brixworth at Bridge Street1,959 20,080 22,039 321 22,360 — 
Woodland Apartments1,289 12,853 14,142 233 14,375 — 
Grove at River Place2,866 16,416 19,282 396 19,678 136 
Civic I3,646 45,554 49,200 913 50,113 562 
Civic II3,847 46,452 50,299 1,013 51,312 1,254 
Abbotts Run3,468 37,312 40,780 701 41,481 481 
Somerset at Trussville4,095 42,943 47,038 869 47,907 1,090 
Magnolia Pointe2,052 22,023 24,075 503 24,578 396 
$35,422 $335,091 $370,513 $6,888 $377,401 $4,719 
2021
Bells Bluff$6,172 $77,532 $83,704 $1,597 $85,301 — 
Crestmont at Thornblade4,033 34,052 38,085 818 38,903 $2,641 
Crossings of Bellevue9,679 29,115 38,794 730 39,524 — 
$19,884 $140,699 $160,583 $3,145 $163,728 $2,641 
The following table summarizes the information regarding the mortgages relating to the properties in which BRT purchased the remaining interests of its joint venture partners during the twelve months ended December 31, 2022 and 2021 (dollars in thousands):
Property NameLocationDebt at Purchase Date (a)Interest RateMaturity DateInterest only through
2022
Verandas at AlamoSan Antonio, TX$27,000 3.64%Oct 2029Oct 2024
Vanguard HeightsCreve Coeur, MO29,700 4.41%July 2031June 2025
Jackson SquareTallahassee, FL21,524 4.19%Sept 2027Sept 2022
Brixworth at Bridge Street (b)Huntsville, AL11,147 4.25%June 2032Maturity
The Woodland ApartmentsBoerne, TX7,914 4.74%Feb 2026N/A
Grove at River Place (c)Macon, GA11,426 4.39%Feb 2026N/A
Civic ISouthaven, MS27,389 4.24%March 2026N/A
Civic IISouthaven, MS30,105 3.73%Sept 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%Jan 2028Dec 2022
$236,615 
2021
Bells BluffNashville, TN$52,000 3.48%Aug 2041N/A
Crestmont at ThornbladeGreenville, SC26,425 4.69%Nov 2028N/A
Crossings of BellevueNashville, TN37,680 3.11%Dec 2031N/A
$116,105 
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(a) Excludes fair value adjustments of $4,719 determined as part of the purchase price allocation.
(b) The original mortgage debt of $11,147 was refinanced with new ten-year mortgage debt of $18,952 immediately following the buyout. The interest rate, maturity date and interest - only terms reflect the new mortgage.
(c) Includes a supplemental mortgage of $1,056 which was paid off immediately following the buyout.
Schedule of Finite-Lived Intangible Liability, Future Amortization Expense
The unamortized balance of acquisition related mortgage intangibles, which is included in mortgages payable in the consolidated balance sheet, was $2,000,000 at December 31, 2022 and will be amortized as follows (dollars in thousands):
Year Ending December 31,Amount
2023$613 
2024556 
2025501 
2026215 
2027(29)
Thereafter144 
Total$2,000 
Schedule of Repayment of Debt
The Company paid off the following debt in the years ended December 31, 2022 and 2021 (dollars in thousands):
Property NameLocationMortgage PayoffInterest RatePayoff DateMaturity DatePrepayment Charges
2022
AvalonPensacola, FL$14,558 4.29 %1/26/20223/1/2022$— 
Silvana OaksN. Charleston, SC14,904 3.79 %10/28/202211/1/2022— 
   Total$29,462 $— 
2021
Avalon - supplementalPensacola, FL2,903 4.92 %7/29/20213/1/202229 
Avondale StationDecatur, GA7,140 3.74 %8/30/202112/1/2022376 
Avondale Station - supplementalDecatur, GA6,866 5.53 %8/31/202112/1/2022277 
Woodland TrailsLaGrange, GA14,025 4.36 %7/30/20212/1/2022140 
Ripco (a)Yonkers, NY945 5.25 %8/18/20214/1/2022— 
      Total$31,879 $822
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(a) In connection with the payoff of this debt, the Company terminated the related interest rate swap.