INVESTMENT IN UNCONSOLIDATED VENTURES

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

At December 31, 2024 and 2023, the Company owned interests in unconsolidated joint ventures (the "Unconsolidated Properties") that owns multi-family properties (including Stono Oaks that was in lease-up at December 31, 2024 and that was a development project at December 31, 2023). The condensed balance sheets below presents information regarding such investments (other than the preferred equity investments) (dollars in thousands):


	December 31,
	2024		2023
ASSETS
Real estate properties, net of accumulated depreciation of $81,843 and $69,970	$	318,594	$	275,874
Cash and cash equivalents	5,549		6,447
Other Assets (1)	5,567		54,715


Total Assets	$	329,710	$	337,036

LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $837 and $1,135	$	251,112	$	246,966
Accounts payable and accrued liabilities	5,148		8,751
Total Liabilities	256,260		255,717
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	73,450		81,319
Total Liabilities and Equity	$	329,710	$	337,036

Company equity interest in all joint venture equity	$	31,344	$	34,242

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(1) Includes work-in-process at December 31, 2023 of approximately $46,509, related to Stono Oaks.

NOTE 8—INVESTMENT IN UNCONSOLIDATED VENTURES (continued)

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


	Year Ended December 31,
	2024		2023
Revenues:
Rental and other revenue	$	45,182	$	44,785
Total revenues	45,182		44,785

Expenses:
Real estate operating expenses	21,840		20,577
Interest expense	11,357		9,268
Depreciation	11,873		10,403
Total expenses	45,070		40,248
Total revenues less total expenses	112		4,537
Other equity earnings	235		126


Gain on insurance recoveries	—		65
Gain on sale of real estate properties	—		38,418
Loss on extinguishment of debt	—		(561)
Net income from joint ventures	$	347	$	42,585

BRT equity in earnings and equity in earnings from sale of unconsolidated joint venture properties	$	1,644	$	17,037

Dispositions of Properties

The table below provides information regarding the disposition of real estate properties by unconsolidated joint ventures in the year ended December 31, 2023 (dollars in thousands):


Location	Sale Date	Number of Units	Sale Price		Gain on Sale		BRT Share of Gain on Sale		BRT Share of Loss of Extinguishment on Debt
Chatham Court and Reflections - Dallas, TX	5/12/2023	494	$	73,000	$	38,418	$	14,744	$	212