Investment in Unconsolidated Ventures

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

At March 31, 2025 and December 31, 2024, the Company held interests in unconsolidated joint ventures that own eight multi-family properties (the "Unconsolidated Properties") (including Stono Oaks that was in lease-up as of each of such dates). The condensed balance sheets below present information regarding such properties (dollars in thousands):


	March 31, 2025		December 31, 2024
ASSETS
Real estate properties, net of accumulated depreciation of $85,591 and $81,843	$	315,771	$	318,594
Cash and cash equivalents	5,531		5,549
Other assets	6,626		5,567

Total Assets	$	327,928	$	329,710

LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $763 and $837	$	250,358	$	251,112
Accounts payable and accrued liabilities	5,502		5,148
Total Liabilities	255,860		256,260
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	72,068		73,450
Total Liabilities and Equity	$	327,928	$	329,710

BRT's interest in joint venture equity	$	30,834	$	31,344

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


	March 31, 2025		December 31, 2024
Land	$	46,601	$	46,331
Building	339,844		344,546
Building improvements	14,917		9,560
Real estate properties	401,362		400,437
Accumulated depreciation	(85,591)		(81,843)
Total real estate properties, net	$	315,771	$	318,594

At March 31, 2025 and December 31, 2024, the weighted average interest rate on the mortgages payable is 4.28% and 4.30%, respectively, and the weighted average remaining term to maturity is 3.6 years and 3.9 years, respectively.

Investment in Unconsolidated Ventures (continued)

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


	Three Months Ended March 31,
	2025		2024
Revenues:
Rental and other revenue	$	11,709	$	10,624
Total revenues	11,709		10,624

Expenses:
Real estate operating expenses	5,173		5,446
Interest expense	2,745		2,778
Depreciation	3,748		2,893
Total expenses	11,666		11,117
Total revenues less total expenses	43		(493)
Other equity earnings	90		18





Net income (loss)	$	133	$	(475)

BRT's equity in earnings	$	413	$	228