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Investment in Unconsolidated Ventures
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Ventures Investment in Unconsolidated Ventures
At June 30, 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):
June 30, 2025December 31, 2024
ASSETS
Real estate properties, net of accumulated depreciation of $88,754 and $81,843
$313,704 $318,594 
Cash and cash equivalents4,643 5,549 
Other assets 8,587 5,567 
Total Assets$326,934 $329,710 
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of deferred costs of $688 and $837
$249,552 $251,112 
Accounts payable and accrued liabilities7,284 5,148 
Total Liabilities256,836 256,260 
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity70,098 73,450 
Total Liabilities and Equity$326,934 $329,710 
BRT's interest in joint venture equity$30,023 $31,344 
Note 9 – Investment in Unconsolidated Ventures (continued)

At the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands):
June 30, 2025December 31, 2024
Land$46,601 $46,331 
Building339,844 344,546 
Building improvements16,013 9,560 
   Real estate properties402,458 400,437 
Accumulated depreciation(88,754)(81,843)
    Total real estate properties, net$313,704 $318,594 

At June 30, 2025 and December 31, 2024, the weighted average interest rate on the mortgages payable is 4.26% and 4.30%, respectively, and the weighted average remaining term to maturity is 3.4 years and 3.9 years, respectively.
The condensed income statements below present information regarding the Unconsolidated Properties (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues:
Rental and other revenue$11,927 $11,294 $23,636 $21,918 
Total revenues11,927 11,294 23,636 21,918 
Expenses:
Real estate operating expenses5,744 5,438 10,917 10,884 
Interest expense2,770 2,832 5,515 5,610 
Depreciation3,163 2,905 6,911 5,798 
Total expenses11,677 11,175 23,343 22,292 
Total revenues less total expenses250 119 293 (374)
Other equity earnings18 3 108 21 
Net income (loss)$268 $122 $401 $(353)
BRT's equity in earnings$299 $389 $712 $617 
On July 10, 2025, a joint venture in which the Company has an 80% interest, acquired 1322 North, a 214 unit multi-family property located in Auburn, AL (the "Auburn Acquisition"). The venture acquired the property for $36,500,000 (including a $24,419,000 mortgage). The mortgage matures in 2032, bears a 5.38% fixed interest rate, and is interest only through maturity. The Company contributed $10,700,000 to the joint venture for its equity interest. In connection with this transaction, the Company borrowed $7,000,000 from its credit facility. See Note 10.