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Investment in Unconsolidated Ventures | 9 Months Ended
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Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Ventures | Investment in Unconsolidated Ventures At September 30, 2025 and December 31, 2024, the Company held interests in unconsolidated joint ventures that own ten and eight, respectively, multi-family properties (the "Unconsolidated Properties") (including Stono Oaks that was in lease-up as of December 31, 2024). The condensed balance sheets below present information regarding such properties (dollars in thousands):
|  | September 30, 2025 |  | December 31, 2024
ASSETS |  |  |  |
Real estate properties, net of accumulated depreciation of $92,124 and $81,843 |  | $ | 366,408 |  |  | $ | 318,594 |
Cash and cash equivalents |  | 5,491 |  |  | 5,549 |
Other assets |  | 15,612 |  |  | 5,567 |
Total Assets |  | $ | 387,511 |  |  | $ | 329,710 |
LIABILITIES AND EQUITY |  |  |  |
Liabilities: |  |  |  |
Mortgages payable, net of deferred costs of $1,123 and $837 |  | $ | 286,193 |  |  | $ | 251,112 |
Accounts payable and accrued liabilities |  | 9,442 |  |  | 5,148 |
Total Liabilities |  | 295,635 |  |  | 256,260 |
Commitments and contingencies |  |  |  |
Equity: |  |  |  |
Total unconsolidated joint venture equity |  | 91,876 |  |  | 73,450 |
Total Liabilities and Equity |  | $ | 387,511 |  |  | $ | 329,710 |
BRT's interest in joint venture equity |  | $ | 48,169 |  |  | $ | 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):
| September 30, 2025 |  | December 31, 2024
Land | $ | 54,272 |  |  | $ | 46,331 |
Building | 387,567 |  |  | 344,546 |
Building improvements | 16,693 |  |  | 9,560 |
Real estate properties | 458,532 |  |  | 400,437 |
Accumulated depreciation | (92,124) |  |  | (81,843) |
Total real estate properties, net | $ | 366,408 |  |  | $ | 318,594 |
At September 30, 2025 and December 31, 2024, the weighted average interest rate on the mortgages payable is 4.27% and 4.30%, respectively, and the weighted average remaining term to maturity is 3.6 years and 3.9 years, respectively. The condensed income statements below present information regarding the Unconsolidated Properties (dollars in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |  |
Rental and other revenue |  | $ | 13,043 |  |  | $ | 11,611 |  |  | $ | 36,679 |  |  | $ | 33,529 |
Total revenues |  | 13,043 |  |  | 11,611 |  |  | 36,679 |  |  | 33,529 |
Expenses: |  |  |  |  |  |  |  |
Real estate operating expenses |  | 6,203 |  |  | 5,578 |  |  | 17,120 |  |  | 16,462 |
Interest expense |  | 3,103 |  |  | 2,898 |  |  | 8,618 |  |  | 8,508 |
Depreciation |  | 3,956 |  |  | 2,916 |  |  | 10,867 |  |  | 8,714 |
Total expenses |  | 13,262 |  |  | 11,392 |  |  | 36,605 |  |  | 33,684 |
Total revenues less total expenses |  | (219) |  |  | 219 |  |  | 74 |  |  | (155) |
Other equity earnings |  | 2 |  |  | 5 |  |  | 110 |  |  | 26 |
Net (loss) income |  | $ | (217) |  |  | $ | 224 |  |  | $ | 184 |  |  | $ | (129) |
BRT's equity in (loss) earnings |  | $ | (75) |  |  | $ | 369 |  |  | $ | 637 |  |  | $ | 986 |
On July 15, 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 $10,750,000 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. On September 19, 2025, a joint venture in which the Company has an 80% interest, acquired Oaks at Victory, a 150 unit multi-family property located in Savannah, GA (the "Savannah Acquisition"). The venture acquired the property for $23,000,000 (including a $15,680,000 mortgage assumed as part of the transaction). The mortgage matures in 2031, bears a 2.71% fixed interest rate, and is interest only through September 30, 2027. The Company contributed $8,380,000 to the joint venture for its equity interest. In connection with this transaction, the Company borrowed $8,000,000 from its credit facility. See Note 10.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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