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Investment in Unconsolidated Ventures
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Ventures Investment in Unconsolidated Ventures
At September 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):

September 30, 2024December 31, 2023
ASSETS
Real estate properties, net of accumulated depreciation of $78,684 and $69,970
$320,839 $275,874 
Cash and cash equivalents6,104 6,447 
Other assets (1)8,951 54,715 
Total Assets$335,894 $337,036 
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $912 and $1,135
$251,982 $246,966 
Accounts payable and accrued liabilities9,046 8,751 
Total Liabilities261,028 255,717 
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity74,866 81,319 
Total Liabilities and Equity$335,894 $337,036 
BRT's interest in joint venture equity$31,573 $34,242 
_______________________________________________________
(1) Includes $46,508 of work -in-process related to the Stono Oaks development at December 31, 2023.

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At the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands):
September 30, 2024December 31, 2023
Land$46,331 $46,331 
Building344,546 291,473 
Building improvements8,646 8,040 
   Real estate properties399,523 345,844 
Accumulated depreciation(78,684)(69,970)
    Total real estate properties, net$320,839 $275,874 

At September 30, 2024 and December 31, 2023, the weighted average interest rate on the mortgages payable is 4.41% and 4.32%, respectively, and the weighted average remaining term to maturity is 4.1 years and 5.0 years, respectively.
The condensed income statements below present information regarding the Unconsolidated Properties (dollars in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenues:
Rental and other revenue$11,611 $10,636 $33,529 $34,244 
Total revenues11,611 10,636 33,529 34,244 
Expenses:
Real estate operating expenses5,578 5,023 16,462 15,835 
Interest expense2,898 2,212 8,508 7,057 
Depreciation2,916 2,568 8,714 7,833 
Total expenses11,392 9,803 33,684 30,725 
Total revenues less total expenses219 833 (155)3,519 
Other equity earnings5 3 26 119 
Gain on insurance recoveries— — — 65 
Gain on sale of real estate — — — 38,418 
Loss on extinguishment of debt— — — (561)
Net income (loss)$224 $836 $(129)$41,560 
BRT's equity in earnings and equity in earnings from sale of unconsolidated joint venture properties $369 $426 $986 $16,449 
Subsequent to the quarter ended September 30, 2024 the Company provided an aggregate of $18,300,000 to joint ventures that purchased a 204-unit multi-family property in Wilmington, North Carolina and a 184-unit multi-family property in Kennesaw, Georgia - generally the transaction documents provide for (1) an annual return to the of approximately 13.0% (of which 6.0% to 6.5% is payable monthly (to the extent of available cash-flow, with the balance of 6.5% to 7.0% also to be paid monthly from any remaining cash flow after sponsor's receipt of a specified return) and (2) the total amount provided, including all accrued return , in any event to be payable to the company from 2029 to 2031.