Investment in Unconsolidated Ventures (Tables)

6 Months Ended

Jun. 30, 2023

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):

	June 30, 2023		December 31, 2022
ASSETS
Real estate properties, net of accumulated depreciation of $64,831 and $66,945	$	280,305	$	318,304
Cash and cash equivalents	6,743		6,591
Other assets	37,701		35,372
Total Assets	$	324,749	$	360,267
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $1,234 and $1,421	$	233,445	$	255,261
Accounts payable and accrued liabilities	6,880		8,222
Total Liabilities	240,325		263,483
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	84,424		96,784
Total Liabilities and Equity	$	324,749	$	360,267
BRT's interest in joint venture equity	$	35,530	$	42,576

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues:
Rental and other revenue	$	11,476	$	22,107	$	23,608	$	47,338
Total revenues	11,476		22,107		23,608		47,338
Expenses:
Real estate operating expenses	5,137		9,842		10,812		21,011
Interest expense	2,390		4,893		4,845		10,919
Depreciation	2,558		5,208		5,265		11,844
Total expenses	10,085		19,943		20,922		43,774
Total revenues less total expenses	1,391		2,164		2,686		3,564
Other equity earnings	—		22		113		77
Gain on insurance recoveries	—		52		65		567
Gain on sale of real estate	38,418		77,681		38,418		101,333
Loss on extinguishment of debt	(561)		(2,888)		(561)		(2,918)
Net income from joint ventures	$	39,248	$	77,031	$	40,721	$	102,623
BRT's equity in earnings and equity in earnings from sale of unconsolidated joint venture properties	$	15,208	$	40,048	$	16,023	$	54,239

Schedule of Real Estate Properties Owned

Real estate properties, consists of the following (dollars in thousands):

	June 30, 2023		December 31, 2022
Land	$	74,246	$	74,246
Building	617,041		617,041
Building improvements	20,335		15,511
Real estate properties	711,622		706,798
Accumulated depreciation	(67,753)		(55,195)
Total real estate properties, net	$	643,869	$	651,603

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

	December 31, 2022 Balance		Improvements		Depreciation		June 30, 2023 Balance
Multi-family	$	649,701	$	4,717	$	(12,503)	$	641,915
Retail shopping center and other	1,902		107		(55)		1,954
Total real estate properties	$	651,603	$	4,824	$	(12,558)	$	643,869

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

	June 30, 2023		December 31, 2022
Land	$	46,331	$	59,404
Building	291,473		315,400
Building improvements	7,332		10,445
Real estate properties	345,136		385,249
Accumulated depreciation	(64,831)		(66,945)
Total real estate properties, net	$	280,305	$	318,304

Schedule of Property Dispositions

During the six months ended June 30, 2022, the unconsolidated joint ventures in which the Company had equity interests, sold the following properties:

Property	Date of Sale	Units	Interest Sold		Sales Price		Gain on Sale		BRT Share of Gain		Mtge Debt at Sale Date		Loss on extinguishment of debt		BRT Share of extinguishment of debt
The Verandas at Shavano, San Antonio, TX	2/8/2022	288	65	%	$	53,750	$	23,652	$	12,961	$	25,100	$	—	$	—
Retreat at Cinco Ranch, San Antonio, TX	6/14/2022	268	75	%	68,300		30,595		17,378		30,096		1,257		686
The Vive, Kannapolis, NC	6/30/2022	312	65	%	91,250		47,086		22,720		31,420		1,631		787
		868			$	213,300	$	101,333	$	53,059	$	86,616	$	2,888	$	1,473