Investment in Unconsolidated Ventures (Tables)

3 Months Ended

Mar. 31, 2025

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):

	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

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

Schedule of Real Estate Properties Owned

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

	March 31, 2025		December 31, 2024
Land	$	74,246	$	74,246
Building	616,979		616,979
Building improvements	33,260		31,115
Real estate properties	724,485		722,340
Accumulated depreciation	(112,966)		(106,425)
Total real estate properties, net	$	611,519	$	615,915

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

	December 31, 2024 Balance		Improvements		Depreciation		March 31, 2025 Balance
Multi-family	$	614,235	$	2,089	$	(6,513)	$	609,811
Retail shopping center and other	1,680		56		(28)		1,708
Total real estate properties	$	615,915	$	2,145	$	(6,541)	$	611,519

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