Investment in Unconsolidated Ventures

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Ventures

Investment in Unconsolidated Ventures

At March 31, 2024 and December 31, 2023, the Company held interests in unconsolidated joint ventures that own eight multi-family properties (the "Unconsolidated Properties"), respectively, and a property-in-development. The condensed balance sheets below present information regarding such properties (dollars in thousands):

	March 31, 2024		December 31, 2023
ASSETS
Real estate properties, net of accumulated depreciation of $72,863 and $69,970	$	311,569	$	275,874
Cash and cash equivalents	5,769		6,447
Other assets (1)	17,677		54,715
Total Assets	$	335,015	$	337,036
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $1,061 and $1,135	$	249,245	$	246,966
Accounts payable and accrued liabilities	7,920		8,751
Total Liabilities	257,165		255,717
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	77,850		81,319
Total Liabilities and Equity	$	335,015	$	337,036
BRT's interest in joint venture equity	$	32,953	$	34,242

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(1) Includes $12,715and $46,508 of work -in-process related to the Stono Oaks development at March 31, 2024 and December 31, 2023 respectively.

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

	March 31, 2024		December 31, 2023
Land	$	46,331	$	46,331
Building	329,534		291,473
Building improvements	8,567		8,040
Real estate properties	384,432		345,844
Accumulated depreciation	(72,863)		(69,970)
Total real estate properties, net	$	311,569	$	275,874

At March 31, 2024 and December 31, 2023, the weighted average interest rate on the mortgages payable is 4.07% and 4.32%, respectively, and the weighted average remaining term to maturity is 4.8 years and 5.0 years, respectively.

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

	Three Months Ended March 31,
	2024		2023
Revenues:
Rental and other revenue	$	10,624	$	12,132
Total revenues	10,624		12,132
Expenses:
Real estate operating expenses	5,446		5,675
Interest expense	2,778		2,455
Depreciation	2,893		2,707
Total expenses	11,117		10,837
Total revenues less total expenses	(493)		1,295
Other equity earnings	18		113
Gain on insurance recoveries	—		65
Net (loss) income	$	(475)	$	1,473
BRT's equity in earnings	$	228	$	815