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Investment in Unconsolidated Ventures
 9 Months Ended
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, 2025December 31, 2024
ASSETS
Real estate properties, net of accumulated depreciation of $92,124 and $81,843
$366,408 $318,594 
Cash and cash equivalents5,491 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 liabilities9,442 5,148 
Total Liabilities295,635 256,260 
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity91,876 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, 2025December 31, 2024
Land$54,272 $46,331 
Building387,567 344,546 
Building improvements16,693 9,560 
   Real estate properties458,532 400,437 
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,
2025202420252024
Revenues:
Rental and other revenue$13,043 $11,611 $36,679 $33,529 
Total revenues13,043 11,611 36,679 33,529 
Expenses:
Real estate operating expenses6,203 5,578 17,120 16,462 
Interest expense3,103 2,898 8,618 8,508 
Depreciation3,956 2,916 10,867 8,714 
Total expenses13,262 11,392 36,605 33,684 
Total revenues less total expenses(219)219 74 (155)
Other equity earnings2 5 110 26 
Net (loss) income$(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.