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Investment in Unconsolidated Ventures
 6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Ventures Investment in Unconsolidated Ventures
At June 30, 2024 and December 31, 2023, the Company held interests in unconsolidated joint ventures that own eight multi-family properties (the "Unconsolidated Properties"), one which was in development at December 31, 2023. The condensed balance sheets below present information regarding such properties (dollars in thousands):

June 30, 2024December 31, 2023
ASSETS
Real estate properties, net of accumulated depreciation of $75,768 and $69,970
$324,214 $275,874 
Cash and cash equivalents5,374 6,447 
Other assets (1)7,418 54,715 
Total Assets$337,006 $337,036 
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $986 and $1,135
$250,584 $246,966 
Accounts payable and accrued liabilities10,657 8,751 
Total Liabilities261,241 255,717 
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity75,765 81,319 
Total Liabilities and Equity$337,006 $337,036 
BRT's interest in joint venture equity$32,178 $34,242 
______________________________________________________
(1) Includes $46,508 of work -in-process related to the Stono Oaks development at December 31, 2023. As of June 30, 2024 this property has been placed in service.

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At the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands):
June 30, 2024December 31, 2023
Land$46,331 $46,331 
Building344,546 291,473 
Building improvements9,105 8,040 
   Real estate properties399,982 345,844 
Accumulated depreciation(75,768)(69,970)
    Total real estate properties, net$324,214 $275,874 

At June 30, 2024 and December 31, 2023, the weighted average interest rate on the mortgages payable is 4.38% and 4.32%, respectively, and the weighted average remaining term to maturity is 4.4 years and 5.0 years, respectively.
The condensed income statements below present information regarding the Unconsolidated Properties (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Revenues:
Rental and other revenue$11,294 $11,476 $21,918 $23,608 
Total revenues11,294 11,476 21,918 23,608 
Expenses:
Real estate operating expenses5,438 5,137 10,884 10,812 
Interest expense2,832 2,390 5,610 4,845 
Depreciation2,905 2,558 5,798 5,265 
Total expenses11,175 10,085 22,292 20,922 
Total revenues less total expenses119 1,391 (374)2,686 
Other equity earnings3 3 21 116 
Gain on insurance recoveries— — — 65 
Gain on sale of real estate — 38,418 — 38,418 
Loss on extinguishment of debt— (561)— (561)
Net income (loss)$122 $39,251 $(353)$40,724 
BRT's equity in earnings and equity in earnings from sale of unconsolidated joint venture properties $389 $15,208 $617 $16,023 

Joint Venture Sale
On May 12, 2023, the unconsolidated joint venture in which the Company had a 50% equity interest sold Chatham Court and Reflections, a 494-unit multi-family property located in Dallas, TX, for a sales price of $73,000,000. The gain on the sale of this property was $38,418,000 and BRT's share of the gain was $14,744,000. In connection with the sale, mortgage debt of $25,405,000 with 4.98 years of remaining term to maturity and bearing an interest rate of 4.01% was repaid and the joint venture incurred $561,000 from the loss on the extinguishment of debt, of which the Company's share was $212,000.