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DEBT OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
Debt obligations consist of the following (dollars in thousands):
December 31,
20232022
Mortgages payable$426,436 $407,958 
Junior subordinated notes37,400 37,400 
Credit facility— 19,000 
Deferred loan costs (1)(4,266)(4,443)
Total debt obligations$459,570 $459,915 
________________________
(1) Excludes $289 and $498 at December 31, 2023 and 2022, respectively, of deferred fees related to our credit facility which is reflected in Other Assets
Summary of Activity in Property Debt
A summary of activity in property debt, net of deferred loan fees, for the year ended December 31, 2023 is as follows (dollars in thousands):
Balance at December 31, 2022$403,792 
New mortgage21,173 
Amortization of fair value adjustment613 
Principal amortization(3,308)
Changes in deferred fees157 
Balance at December 31, 2023$422,427 
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
2024$3,331 
202519,860 
202674,622 
202746,189 
202840,697 
Thereafter241,737 
$426,436 
Schedule of Asset Acquisition Allocation of Book Value The following table summarizes these purchases (dollars in thousands):
Buyout DateProperty NameLocationUnitsRemaining Interest PurchasedPurchase Price (1)
03/23/2022Verandas at AlamoSan Antonio, TX28828 %$8,721 
04/07/2022Vanguard HeightsCreve Coeur, MO17422 %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 
07/12/2022Civic ISouthaven, MS39225 %18,233 
07/12/2022Civic IISouthaven, MS38425 %17,942 
07/14/2022Abbotts RunWilmington, NC26420 %9,010 
07/19/2022Somerset at TrussvilleTrussville, AL32820 %10,558 
08/03/2022Magnolia PointeMadison, AL20420 %7,246 
Total2,844$105,868 
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(1) The purchase price reflects the Company's purchase of its joint venture partner's promote interest in the venture. Includes $3,596 escrows but excludes closing costs of $2,191 and operating cash acquired from the joint venture of $2,797.
The following table summarizes the purchase price allocation of the book values of those properties whose remaining interest was purchased and consolidated in 2022 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
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 
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 (dollars in thousands):
Property NameLocationDebt at Purchase Date (a)Interest RateMaturity DateInterest only through
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
Abbotts RunWilmington, 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 
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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 $1,387,000 at December 31, 2023 and will be amortized as follows (dollars in thousands):
Year Ending December 31,Amount
2024$556 
2025501 
2026215 
2027(29)
20281 
Thereafter143 
Total$1,387 
Schedule of Repayment of Debt
The Company paid off the following debt during the year ended December 31, 2022 (dollars in thousands):
Property NameLocationMortgage PayoffInterest RatePayoff DateMaturity Date
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