Investment in Unconsolidated Ventures (Tables)

9 Months Ended

Sep. 30, 2024

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):

	September 30, 2024		December 31, 2023
ASSETS
Real estate properties, net of accumulated depreciation of $78,684 and $69,970	$	320,839	$	275,874
Cash and cash equivalents	6,104		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 liabilities	9,046		8,751
Total Liabilities	261,028		255,717
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	74,866		81,319
Total Liabilities and Equity	$	335,894	$	337,036
BRT's interest in joint venture equity	$	31,573	$	34,242

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

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues:
Rental and other revenue	$	11,611	$	10,636	$	33,529	$	34,244
Total revenues	11,611		10,636		33,529		34,244
Expenses:
Real estate operating expenses	5,578		5,023		16,462		15,835
Interest expense	2,898		2,212		8,508		7,057
Depreciation	2,916		2,568		8,714		7,833
Total expenses	11,392		9,803		33,684		30,725
Total revenues less total expenses	219		833		(155)		3,519
Other equity earnings	5		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

Schedule of Real Estate Properties Owned

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

	September 30, 2024		December 31, 2023
Land	$	74,246	$	74,246
Building	616,979		616,979
Building improvements	30,053		25,110
Real estate properties	721,278		716,335
Accumulated depreciation	(99,899)		(80,499)
Total real estate properties, net	$	621,379	$	635,836

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

	December 31, 2023 Balance		Improvements		Depreciation		September 30, 2024 Balance
Multi-family	$	634,045	$	4,797	$	(19,317)	$	619,525
Retail shopping center and other	1,791		146		(83)		1,854
Total real estate properties	$	635,836	$	4,943	$	(19,400)	$	621,379

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

	September 30, 2024		December 31, 2023
Land	$	46,331	$	46,331
Building	344,546		291,473
Building improvements	8,646		8,040
Real estate properties	399,523		345,844
Accumulated depreciation	(78,684)		(69,970)
Total real estate properties, net	$	320,839	$	275,874