BRT Apartments (BRT) 10-Q 6 Nov 20 2020 Q3 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	9 Months Ended
	Sep. 30, 2020	Nov. 04, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-07172
Entity Registrant Name	BRT APARTMENTS CORP.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	13-2755856
Entity Address, Address Line One	60 Cutter Mill Road
Entity Address, City or Town	Great Neck
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11021
City Area Code	516
Local Phone Number	466-3100
Title of 12(b) Security	Common Stock
Trading Symbol	BRT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		17,176,401
Amendment Flag	false
Entity Central Index Key	0000014846
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Real estate properties, net of accumulated depreciation and amortization of $29,237 and $24,094	$ 161,594	$ 169,689
Investments in unconsolidated joint ventures	175,484	177,071
Real estate loan	0	4,150
Cash and cash equivalents	15,650	22,699
Restricted cash	9,129	9,719
Other assets	12,390	7,282
Total Assets	374,247	390,610
Liabilities:
Mortgages payable, net of deferred costs of $628 and $823	131,148	133,215
Junior subordinated notes, net of deferred costs of $322 and $337	37,078	37,063
Accounts payable and accrued liabilities	21,678	20,772
Total Liabilities	189,904	191,050
Commitments and contingencies
BRT Apartments Corp. stockholders' equity:
Preferred shares $.01 par value 2,000 shares authorized, none outstanding	0	0
Common stock, $.01 par value, 300,000 shares authorized; 16,432 and 15,638 shares outstanding	164	156
Additional paid-in capital	245,144	232,331
Accumulated other comprehensive loss	(24)	(10)
Accumulated deficit	(60,853)	(32,824)
Total BRT Apartments Corp. stockholders’ equity	184,431	199,653
Non-controlling interests	(88)	(93)
Total Equity	184,343	199,560
Total Liabilities and Equity	$ 374,247	$ 390,610

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Real estate accumulated depreciation	$ 29,237	$ 24,094
Deferred mortgage costs	$ 950	$ 1,160
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, authorized (in shares)	2,000,000	2,000,000
Preferred shares, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, outstanding (in shares)	16,432,000	15,638,000
Mortgages payable
Debt Instrument [Line Items]
Deferred mortgage costs	$ 628	$ 823
Junior subordinated notes
Debt Instrument [Line Items]
Deferred mortgage costs	$ 322	$ 337

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Rental revenue	$ 7,020,000	$ 6,261,000	$ 20,422,000	$ 20,244,000
Other income	293,000	161,000	631,000	595,000
Total revenues	7,313,000	6,422,000	21,053,000	20,839,000
Expenses:
Real estate operating expenses - including $8 and $13 to related parties for the three months ended and $24 and $93 for the nine months ended	3,289,000	2,741,000	9,351,000	9,242,000
Interest expense	1,731,000	1,870,000	5,400,000	5,865,000
General and administrative - including $167 and $105 to related parties for the three months ended and $631 and $403 for the nine months ended	2,730,000	2,430,000	9,054,000	7,455,000
Impairment charge	3,642,000	0	3,642,000	0
Depreciation	1,777,000	1,373,000	5,147,000	4,348,000
Total expenses	13,169,000	8,414,000	32,594,000	26,910,000
Total revenues less total expenses	(5,856,000)	(1,992,000)	(11,541,000)	(6,071,000)
Equity in loss of unconsolidated joint ventures	(1,529,000)	(2,390,000)	(4,731,000)	(6,676,000)
Gain on sale of real estate	0	9,938,000	0	9,938,000
Loss on extinguishment of debt	0	(1,387,000)	0	(1,387,000)
(Loss) income from continuing operations	(7,385,000)	4,169,000	(16,272,000)	(4,196,000)
Income tax provision	65,000	98,000	192,000	219,000
Net (loss) income from continuing operations, net of taxes	(7,450,000)	4,071,000	(16,464,000)	(4,415,000)
Net income attributable to non-controlling interests	(34,000)	(799,000)	(97,000)	(877,000)
Net (loss) income attributable to common stockholders	$ (7,484,000)	$ 3,272,000	$ (16,561,000)	$ (5,292,000)
Weighted average number of shares of common stock outstanding:
Basic (in shares)	17,176,401	15,913,975	17,095,315	15,900,362
Diluted (in shares)	17,176,401	16,113,975	17,095,315	15,900,362
Per share amounts attributable to common stockholders:
Basic (in dollars per share)	$ (0.44)	$ 0.21	$ (0.97)	$ (0.33)
Diluted (in dollars per share)	$ (0.44)	$ 0.20	$ (0.97)	$ (0.33)

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Related party - real estate operating expenses	$ 8	$ 13	$ 24	$ 93
Related party - general and administrative	$ 167	$ 105	$ 631	$ 403

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (7,450)	$ 4,071	$ (16,464)	$ (4,415)
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments	5	(3)	(17)	(27)
Other comprehensive income (loss)	5	(3)	(17)	(27)
Comprehensive (loss) income	(7,445)	4,068	(16,481)	(4,442)
Comprehensive income attributable to non-controlling interests	(36)	(799)	(95)	(873)
Comprehensive (loss) income attributable to common stockholders	$ (7,481)	$ 3,269	$ (16,576)	$ (5,315)

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) income	Accumulated Deficit	Non- Controlling Interest
Beginning balance at Dec. 31, 2018	$ 203,819	$ 150	$ 223,373	$ 9	$ (20,044)	$ 331
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions - Common Stock	(3,221)				(3,221)
Restricted stock vesting	0	2	(2)
Compensation expense - restricted stock and restricted stock units	365		365
Distributions to non-controlling interests	(46)					(46)
Net (loss) income	(4,213)				(4,247)	34
Other comprehensive income (loss)	(9)			(7)		(2)
Comprehensive income (loss)	(4,222)
Ending balance at Mar. 31, 2019	196,695	152	223,736	2	(27,512)	317
Beginning balance at Dec. 31, 2018	203,819	150	223,373	9	(20,044)	331
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(4,415)
Other comprehensive income (loss)	(27)
Comprehensive income (loss)	(4,442)
Ending balance at Sep. 30, 2019	190,001	152	225,209	(14)	(35,331)	(15)
Beginning balance at Mar. 31, 2019	196,695	152	223,736	2	(27,512)	317
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions - Common Stock	(3,220)				(3,220)
Compensation expense - restricted stock and restricted stock units	373		373
Distributions to non-controlling interests	(39)					(39)
Shares repurchased	(46)		(46)
Net (loss) income	(4,273)				(4,317)	44
Other comprehensive income (loss)	(15)			(13)		(2)
Comprehensive income (loss)	(4,288)
Ending balance at Jun. 30, 2019	189,475	152	224,063	(11)	(35,049)	320
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions - Common Stock	(3,554)				(3,554)
Compensation expense - restricted stock and restricted stock units	372		372
Distributions to non-controlling interests	(1,134)					(1,134)
Shares issued through equity offering program, net	774		774
Net (loss) income	4,071				3,272	799
Other comprehensive income (loss)	(3)			(3)		0
Comprehensive income (loss)	4,068
Ending balance at Sep. 30, 2019	190,001	152	225,209	(14)	(35,331)	(15)
Beginning balance at Dec. 31, 2019	199,560	156	232,331	(10)	(32,824)	(93)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions - Common Stock	(3,822)				(3,822)
Restricted stock vesting	0	1	(1)
Compensation expense - restricted stock and restricted stock units	438		438
Distributions to non-controlling interests	(89)					(89)
Shares issued through equity offering program, net	12,077	7	12,070
Shares repurchased	(616)		(616)
Net (loss) income	(4,799)				(4,831)	32
Other comprehensive income (loss)	(23)			(20)		(3)
Comprehensive income (loss)	(4,822)
Ending balance at Mar. 31, 2020	202,726	164	244,222	(30)	(41,477)	(153)
Beginning balance at Dec. 31, 2019	199,560	156	232,331	(10)	(32,824)	(93)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(16,464)
Other comprehensive income (loss)	(17)
Comprehensive income (loss)	(16,481)
Ending balance at Sep. 30, 2020	184,343	164	245,144	(24)	(60,853)	(88)
Beginning balance at Mar. 31, 2020	202,726	164	244,222	(30)	(41,477)	(153)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions - Common Stock	(3,822)				(3,822)
Compensation expense - restricted stock and restricted stock units	461		461
Net (loss) income	(4,215)				(4,246)	31
Other comprehensive income (loss)	1			2		(1)
Comprehensive income (loss)	(4,214)
Ending balance at Jun. 30, 2020	195,151	164	244,683	(28)	(49,545)	(123)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions - Common Stock	(3,824)				(3,824)
Compensation expense - restricted stock and restricted stock units	461		461
Net (loss) income	(7,450)				(7,484)	34
Other comprehensive income (loss)	5			4		1
Comprehensive income (loss)	(7,445)
Ending balance at Sep. 30, 2020	$ 184,343	$ 164	$ 245,144	$ (24)	$ (60,853)	$ (88)

CONSOLIDATED STATEMENT OF EQU_2

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.22	$ 0.22	$ 0.22	$ 0.20	$ 0.20	$ 0.20

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net (loss) income	$ (16,464,000)	$ (4,415,000)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation	5,147,000	4,348,000
Amortization of deferred financing costs	210,000	228,000
Amortization of restricted stock and restricted stock units	1,360,000	1,110,000
Equity in loss of unconsolidated joint ventures	4,731,000	6,676,000
Impairment charge	3,642,000	0
Gain on sale of real estate	0	(9,938,000)
Loss on extinguishment of debt	0	1,387,000
Increases and decreases from changes in other assets and liabilities:
Decrease (increase) in other assets	(1,108,000)	(2,166,000)
Increase in accounts payable and accrued liabilities	757,000	5,834,000
Net cash (used in) provided by operating activities	(1,725,000)	3,064,000
Cash flows from investing activities:
Collections from real estate loan	150,000	450,000
Improvements to real estate properties	(694,000)	(1,169,000)
Distributions from unconsolidated joint ventures	10,556,000	12,034,000
Proceeds from the sale of real estate owned	0	32,801,000
Contributions to unconsolidated joint ventures	(13,700,000)	(29,069,000)
Net cash (used in) provided by investing activities	(3,688,000)	15,047,000
Cash flows from financing activities:
Mortgage payoffs	0	(20,635,000)
Mortgage principal payments	(2,262,000)	(2,189,000)
Proceeds from credit facility	5,000,000	13,500,000
Repayment of credit facility	(5,000,000)	(9,900,000)
Increase in deferred financing costs	0	(83,000)
Dividends paid	(11,336,000)	(9,871,000)
Distributions to non-controlling interests	(89,000)	(1,220,000)
Proceeds from the sale of common stock	12,077,000	774,000
Repurchase of shares of common stock	(616,000)	(46,000)
Net cash used in financing activities	(2,226,000)	(29,670,000)
Net decrease in cash, cash equivalents and restricted cash	(7,639,000)	(11,559,000)
Cash, cash equivalents and restricted cash at beginning of period	32,418,000	31,719,000
Cash, cash equivalents and restricted cash at end of period	24,779,000	20,160,000
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	5,261,000	5,616,000
Cash paid for income taxes	297,000	44,000
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.
Total cash, cash equivalents and restricted cash, shown in consolidated statement of cash flows	$ 24,779,000	$ 20,160,000

Organization and Background

Organization and Background	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Background	Organization and Background BRT Apartments Corp. (the "Company"), a Maryland corporation, owns and operates multi-family properties. The Company conducts its operations to qualify as a real estate investment trust, or REIT, for federal income tax purposes. Generally, the multi-family properties are acquired with joint venture partners in transactions in which the Company contributes a significant portion of the equity. At September 30, 2020, the Company: (a) wholly owns eight multi-family properties located in six states with an aggregate of 1,880 units, and a carrying value of $154,987,000; and (b) has interests, through unconsolidated entities, in 31 multi-family properties located in nine states with an aggregate of 9,162 units (including 741 units at two properties currently in lease-up) and the carrying value of this net equity investment is $175,409,000. BRT's equity interests in these unconsolidated entities range from 32% to 90%. Most of the Company's properties are located in the Southeast United States and Texas. The Company also owns and operates various other real estate assets. At September 30, 2020, the carrying value of the other real estate assets was $6,682,000.

Basis of Preparation

Basis of Preparation	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	Basis of Preparation The accompanying interim unaudited consolidated financial statements as of September 30, 2020, and for the three and nine months ended September 30, 2020 and 2019, reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for such interim periods. The results of operations for the three and nine months ended September 30, 2020 and 2019, are not necessarily indicative of the results for the full year. The consolidated audited balance sheet as of December 31, 2019, has been derived from the audited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States ("GAAP"). Accordingly, these unaudited statements should be read in conjunction with the Company's audited financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission ("SEC") on May 15, 2020, for complete financial statements. The consolidated financial statements include the accounts and operations of the Company and its wholly owned subsidiaries. The joint venture that owns a property in Yonkers New York, was determined not to be a variable interest entity ("VIE") but is consolidated because the Company has controlling rights in such entity. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. Additionally, the Company does not exercise substantial operating control over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. The distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro-rata to the percentage equity interest each partner has in the applicable venture. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates. Substantially all of the Company's assets are comprised of multi- family real estate assets generally leased to tenants on a one-year basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment.

Equity

Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Equity	Equity Equity Distribution Agreements In November 2019, the Company entered into equity distribution agreements with three sales agents to sell up to an aggregate of $30,000,000 of its common stock from time-to-time in an at-the-market offering. During the nine months ended September 30, 2020, the Company sold 694,298 shares for an aggregate sales price of $12,293,000 (all of which shares were sold during the three months ended March 31, 2020), before commissions and fees of $185,000 and offering related expenses of $31,000. From the commencement of this program through September 30, 2020, the Company sold 806,261 shares for an aggregate sales price of $14,316,000 before commissions and fees of $314,000 and offering related expenses of $56,000. Common Stock Dividend Distribution The Company declared a quarterly cash distribution of $0.22 per share, payable on October 12, 2020 to stockholders of record on September 25, 2020. Stock Based Compensation During the nine months ended September 30, 2020, the Company's board of directors adopted and the stockholders' approved the 2020 Incentive Plan. This plan permits the Company to grant: (i) stock options, restricted stock, restricted stock units, performance shares awards and any one or more of the foregoing, up to a maximum of 1,000,000 shares; and (ii) cash settled dividend equivalent rights in tandem with the grant of restricted stock units and certain performance based awards. Restricted Stock Units In June 2016, the Company issued restricted stock units (the "Units") to acquire up to 450,000 shares of common stock pursuant to the 2016 Amended and Restated Incentive Plan (the "2016 Incentive Plan"). The Units entitle the recipients, subject to continued service through the March 31, 2021 vesting date, to receive (i) the underlying shares if and to the extent certain performance and/or market conditions are satisfied at the vesting date, and (ii) an amount equal to the cash dividends paid from the grant date through the vesting date with respect to the shares of common stock underlying the Units if, when, and to the extent, the related Units vest. For financial statement purposes, because the Units are not participating securities, the shares underlying the Units are excluded in the outstanding shares reflected on the consolidated balance sheet and from the calculation of basic earnings per share. The shares underlying the Units are contingently issuable shares. Expense is recognized over the five Restricted Stock In January 2020, the Company granted 158,299 shares of restricted stock pursuant to the 2018 Incentive Plan. As of September 30, 2020 , an aggregate of 744,145 shares of unvested restricted stock are outstanding pursuant to the 2018 Incentive Plan, the 2016 Incentive Plan and the 2012 Incentive Plan (collectively, the "Prior Plans"). No additional awards may be granted under the Prior Plans. The shares of restricted stock vest five years from the date of grant and under specified circumstances, including a change in control, may vest earlier. For financial statement purposes, the restricted stock is not included in the outstanding shares shown on the consolidated balance sheets until they vest, but are included in the earnings per share computation. For the three months ended September 30, 2020 and 2019, the Company recorded $426,000 and $337,000, respectively, and for the nine months ended September 30, 2020 and 2019, the Company recorded $1,255,000 and $1,004,000, respectively, of compensation expense related to the amortization of unearned compensation with respect to the restricted stock awards. At September 30, 2020 and December 31, 2019 , $4,837,000 and $3,328,000 has been deferred as unearned compensation and will be charged to expense over the remaining vesting periods of these restricted stock awards. The weighted average remaining vesting period of these shares of restricted stock is 2.5 years. Stock Buyback On September 12, 2019, the Board of Directors approved a repurchase plan authorizing the Company, effective as of October 1, 2019, to repurchase up to $5,000,000 of shares of common stock through September 30, 2021. During the nine months ended September 30, 2020 , the Company repurchased 39,093 shares of common stock (all of which were repurchased during the three months ended March 31, 2020), at an average market price of $15.76 for an aggregate cost of $616,000. During the three and nine months ended September 30, 2019, the Company repurchased 3,590 shares of common stock at an average market price of $12.80 at an aggregate cost of $46,000. Per Share Data Basic earnings (loss) per share is determined by dividing net income (loss) applicable to common stockholders for the applicable period by the weighted average number of shares of common stock outstanding during such period. The Units are excluded from the basic earnings per share calculation, as they are not participating securities. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock or resulted in the issuance of shares of common stock that share in the earnings of the Company. Diluted earnings per share is determined by dividing net income applicable to common stockholders for the applicable period by the weighted average number of shares of common stock deemed to be outstanding during such period. In calculating diluted earnings per share for the three months ended September 30, 2020 and the nine months ended September 30, 2020 and 2019, the Company did not include any shares underlying the Units as their effect would have been anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Numerator for basic and diluted earnings (loss) per share attributable to common stockholders: Net (loss) income attributable to common stockholders $ (7,484) $ 3,272 $ (16,561) $ (5,292) Denominator: Denominator for basic earnings per share—weighted average number of shares 17,176,401 15,913,975 17,095,315 15,900,362 Effect of diluted securities — 200,000 — — Denominator for diluted earnings per share—adjusted weighted average number of shares and assumed conversions 17,176,401 16,113,975 17,095,315 15,900,362 Basic (loss) income per share $ (0.44) $ 0.21 $ (0.97) $ (0.33) Diluted (loss) income per share $ (0.44) $ 0.20 $ (0.97) $ (0.33)

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases	Leases Lessor Accounting The Company owns one commercial rental property which is leased to two tenants under operating leases with current expirations ranging from 2024 to 2028, with options to extend or terminate the leases. Revenues from such leases are reported as rental income, net, and are comprised of (i) lease components, which includes fixed lease payments and (ii) non-lease components which includes reimbursements of property level operating expenses. The Company does not separate non-lease components from the related lease components, as the timing and pattern of transfer are the same, and account for the combined component in accordance with ASC 842. Due to the impact of the COVID-19 pandemic, concession agreements have been executed with the Company’s two tenants. In accordance with the FASB Staff Q&A, Topic 842 and 840 - Accounting for Lease Concessions Related to the Effects of COVID-19 Pandemic, a lessor may make an accounting policy election to (i) not evaluate whether such COVID-19 pandemic related rent-relief is a lease modification under ASC 842 and (ii) treat each tenant rent deferral or forgiveness as if it were contemplated as part of the existing lease contract. The Company elected to apply this accounting policy to the two lease agreements, based on the type of concession provided to the tenant, where the revised cash flows are substantially the same or less than the original lease agreement. As a result, during the nine months ended September 30, 2020, the Company issued total abatements of $75,000 for the two tenants. Lessee Accounting The Company is a lessee under a ground lease in Yonkers, NY which is classified as an operating lease. The ground lease expires September 30, 2024 and provides for one 21-year renewal option. As of September 30, 2020, the remaining lease term, including the renewal option, is 25.0 years. The Company is also a lessee under a corporate office lease in Great Neck, New York, which is classified as an operating lease. The lease expires on December 31, 2031 and provides a 5-year renewal option. As of September 30, 2020 , the remaining lease term, including renewal options deemed exercised, is 16.3 years. In the quarter ended March 31, 2019, the Company recorded $2,900,000 of right of use assets ("ROU") and lease liabilities related to these operating leases. As of September 30, 2020, the Company's ROU assets and lease liabilities were $2,701,000 and $2,720,000, respectively. As of December 31, 2019, the Company's ROU assets and lease liabilities were $2,822,000 and $2,833,000, respectively. The discount rate applied to measure each ROU asset and lease liability is based on the Company’s incremental borrowing rate (“IBR”). The Company considers the general economic environment and its historical borrowing rate activity and factors in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. As the Company did not elect to apply the hindsight practical expedient, lease term assumptions determined under ASC 840 were carried forward and applied in calculating the lease liabilities recorded under ASC 842. The Company’s ground lease offers a renewal option which it assesses against relevant economic factors to determine whether it is reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that the Company is reasonably certain will be exercised, if any, are included in the measurement of the corresponding lease liability and ROU asset.
Leases	Leases Lessor Accounting The Company owns one commercial rental property which is leased to two tenants under operating leases with current expirations ranging from 2024 to 2028, with options to extend or terminate the leases. Revenues from such leases are reported as rental income, net, and are comprised of (i) lease components, which includes fixed lease payments and (ii) non-lease components which includes reimbursements of property level operating expenses. The Company does not separate non-lease components from the related lease components, as the timing and pattern of transfer are the same, and account for the combined component in accordance with ASC 842. Due to the impact of the COVID-19 pandemic, concession agreements have been executed with the Company’s two tenants. In accordance with the FASB Staff Q&A, Topic 842 and 840 - Accounting for Lease Concessions Related to the Effects of COVID-19 Pandemic, a lessor may make an accounting policy election to (i) not evaluate whether such COVID-19 pandemic related rent-relief is a lease modification under ASC 842 and (ii) treat each tenant rent deferral or forgiveness as if it were contemplated as part of the existing lease contract. The Company elected to apply this accounting policy to the two lease agreements, based on the type of concession provided to the tenant, where the revised cash flows are substantially the same or less than the original lease agreement. As a result, during the nine months ended September 30, 2020, the Company issued total abatements of $75,000 for the two tenants. Lessee Accounting The Company is a lessee under a ground lease in Yonkers, NY which is classified as an operating lease. The ground lease expires September 30, 2024 and provides for one 21-year renewal option. As of September 30, 2020, the remaining lease term, including the renewal option, is 25.0 years. The Company is also a lessee under a corporate office lease in Great Neck, New York, which is classified as an operating lease. The lease expires on December 31, 2031 and provides a 5-year renewal option. As of September 30, 2020 , the remaining lease term, including renewal options deemed exercised, is 16.3 years. In the quarter ended March 31, 2019, the Company recorded $2,900,000 of right of use assets ("ROU") and lease liabilities related to these operating leases. As of September 30, 2020, the Company's ROU assets and lease liabilities were $2,701,000 and $2,720,000, respectively. As of December 31, 2019, the Company's ROU assets and lease liabilities were $2,822,000 and $2,833,000, respectively. The discount rate applied to measure each ROU asset and lease liability is based on the Company’s incremental borrowing rate (“IBR”). The Company considers the general economic environment and its historical borrowing rate activity and factors in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. As the Company did not elect to apply the hindsight practical expedient, lease term assumptions determined under ASC 840 were carried forward and applied in calculating the lease liabilities recorded under ASC 842. The Company’s ground lease offers a renewal option which it assesses against relevant economic factors to determine whether it is reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that the Company is reasonably certain will be exercised, if any, are included in the measurement of the corresponding lease liability and ROU asset.

Real Estate Properties

Real Estate Properties	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties Real estate properties consist of the following (dollars in thousands): September 30, 2020 December 31, 2019 Land $ 25,585 $ 29,227 Building 154,854 154,854 Building improvements 10,392 9,702 Real estate properties 190,831 193,783 Accumulated depreciation (29,237) (24,094) Total real estate properties, net $ 161,594 $ 169,689 A summary of real estate properties owned is as follows (dollars in thousands): December 31, 2019 Additions Depreciation Impairment Charge September 30, 2020 Multi-family $ 159,434 $ 617 $ (5,064) $ — $ 154,987 Land - Daytona, FL 8,021 — — (3,642) 4,379 Retail shopping center and other 2,234 77 (83) — 2,228 Total real estate properties $ 169,689 $ 694 $ (5,147) $ (3,642) $ 161,594

Acquisitions and Dispositions

Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions Property Acquisitions The table below provides information regarding the Company's acquisition of a multi-family property, through an unconsolidated joint venture, during the nine months ended September 30, 2020 (dollars in thousands): Location Purchase Date No. of Units Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Capitalized Acquisition Costs Wilmington, North Carolina 2/20/2020 264 $ 38,000 $ 23,160 $ 13,700 80 % $ 459 The table below provides information regarding the Company's acquisition of multi-family properties, through unconsolidated joint ventures, during the nine months ended September 30, 2019 (dollars in thousands): Location Purchase Date No. of Units Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Capitalized Acquisition Costs Kannapolis, North Carolina 3/12/2019 312 $ 48,065 $ 33,347 $ 11,231 65 % $ 559 Birmingham, Alabama 5/7/2019 328 43,000 32,250 11,625 80 % 546 Auburn, AL 8/8/2019 200 18,400 14,500 4,320 80 % 140 840 $ 109,465 $ 80,097 $ 27,176 $ 1,245 Property Dispositions The Company did not dispose of any real estate properties during the nine months ended September 30, 2020. The following table is a summary of the real estate properties disposed of by the Company during the nine months ended September 30, 2019 (dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner's portion of the gain Houston, TX (two properties) 7/11/2019 384 $ 33,200 $ 9,938 $ 894 Impairment Charges The Company reviews each real estate asset owned, including those held through investments in unconsolidated joint ventures, for impairment when there is an event or a change in circumstances indicating that the carrying amount may not be recoverable. The Company measures and records impairment charges, and reduces the carrying value of owned properties, when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. For its unconsolidated joint venture investments, the Company measures and records impairment losses, and reduces the carrying value of the equity investment when indicators of impairment are present and the expected discounted cash flows related to the investment is less than the carrying value. In cases where the Company does not expect to recover its carrying value on properties held for use, the Company reduces its carrying value to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell. In the quarter ended September 30, 2020, indicators of impairment were present on its 8.7 acre vacant land parcel located in South Daytona Beach, Florida. The Company has entered into a contract to sell this property below its carrying value and accordingly the Company took an impairment charge related to this asset of $3,642,000 representing the excess of the carrying value over the fair value. During the three and nine months ended September 30, 2019, no impairment charges were recorded.

Real Estate Loan

Real Estate Loan	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Real Estate Loan	Real Estate LoanThe Company had a loan receivable secured by several properties in Newark, NJ. At June 30, 2020 the principal balance of this loan was $4,000,000. This loan was sold on September 30, 2020, to an unrelated third party at its book value plus interest and fees of $325,000. Accordingly, no gain or loss was recognized on the sale. Funds were received on October 1, 2020 and the amounts receivable are included in other assets.

Restricted Cash

Restricted Cash	9 Months Ended
	Sep. 30, 2020
Cash and Cash Equivalents [Abstract]
Restricted Cash	Restricted CashRestricted cash represents funds held for specific purposes and are therefore not available for general corporate purposes. The restricted cash reflected on the consolidated balance sheets represents funds that are held by the Company specifically for capital improvements at certain multi-family properties owned by unconsolidated joint ventures.

Investment in Unconsolidated Ve

Investment in Unconsolidated Ventures	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Ventures	Investment in Unconsolidated Ventures At September 30, 2020 and December 31, 2019, the Company held interests in unconsolidated joint ventures (the "Unconsolidated Properties") that own 31 and 30 multi-family properties, respectively. The condensed balance sheets below present information regarding such properties (dollars in thousands): September 30, 2020 December 31, 2019 ASSETS Real estate properties, net of accumulated depreciation of $135,126 and $104,001 $ 1,082,703 $ 1,070,941 Cash and cash equivalents 16,595 12,804 Deposits and escrows 26,368 23,912 Other assets 5,164 4,136 Total Assets $ 1,130,830 $ 1,111,793 LIABILITIES AND EQUITY Liabilities: Mortgages payable, net of deferred costs of $4,605 and $5,839 $ 825,822 $ 803,289 Accounts payable and accrued liabilities 23,602 19,731 Total Liabilities 849,424 823,020 Commitments and contingencies Equity: Total unconsolidated joint venture equity 281,406 288,773 Total Liabilities and Equity $ 1,130,830 $ 1,111,793 BRT interest in joint venture equity $ 175,484 $ 177,071 Real estate properties of our unconsolidated joint ventures consist of the following (dollars in thousands): September 30, 2020 December 31, 2019 Land $ 148,341 $ 144,136 Building 1,028,205 993,643 Building improvements 41,283 37,163 Real estate properties 1,217,829 1,174,942 Accumulated depreciation (135,126) (104,001) Total real estate properties, net $ 1,082,703 $ 1,070,941 The condensed income statement below presents information regarding the Unconsolidated Properties (dollars in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Revenues: Rental and other revenue $ 32,341 $ 31,273 $ 94,726 $ 87,076 Total revenues 32,341 31,273 94,726 87,076 Expenses: Real estate operating expenses 16,092 15,212 45,298 42,612 Interest expense 8,663 9,202 26,186 26,027 Depreciation 10,411 9,901 31,184 29,121 Total expenses 35,166 34,315 102,668 97,760 Total revenues less total expenses (2,825) (3,042) (7,942) (10,684) Loss on extinguishment of debt — (379) — (379) Gain on insurance recoveries 427 — 765 517 Net income from joint ventures $ (2,398) $ (3,421) $ (7,177) $ (10,546) BRT equity in loss from joint ventures $ (1,529) $ (2,390) $ (4,731) $ (6,676)

Debt Obligations

Debt Obligations	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Debt obligations consist of the following (dollars in thousands): September 30, 2020 December 31, 2019 Mortgages payable $ 131,776 $ 134,038 Junior subordinated notes 37,400 37,400 Deferred financing costs (950) (1,160) Total debt obligations, net of deferred costs $ 168,226 $ 170,278 Mortgages Payable The weighted average interest rate on the Company's mortgages payable at September 30, 2020 was 4.15%. For the three months ended September 30, 2020 and 2019 interest expense, which includes amortization of deferred financing costs, was $1,475,000 and $1,373,000, respectively. For the nine months ended September 30, 2020 and 2019 interest expense, which includes amortization of deferred financing costs, was $4,418,000 and $4,385,000, respectively. Credit Facility The Company entered into a credit facility dated April 18, 2019, as amended from time-to-time, with an affiliate of Valley National Bank. The facility allows the Company to borrow, subject to compliance with borrowing base requirements and other conditions, up to $10,000,000 to facilitate the acquisition of multi-family properties and for working capital (including dividend payments) and operating expenses. The facility is secured by the cash available in certain cash accounts maintained by the Company at Valley National Bank, matures April 2021 and bears an adjustable interest rate of 50 basis points over the prime rate, with a floor of 5%. The interest rate in effect as of September 30, 2020 is 5%. For the three months ended September 30, 2020 and 2019, interest expense, which includes amortization of deferred financing costs and unused fees, was $17,000 and $57,000. For the nine months ended September 30, 2020 and 2019, interest expense, which includes amortization of deferred financing costs and unused fees, was $79,000 and $153,000, respectively. Deferred financing costs of $22,000 and $53,000, are recorded in other assets on the Consolidated balance sheets at September 30, 2020 and December 31, 2019, respectively. There is an unused facility fee of 0.25% per annum on the difference between the outstanding loan balance and maximum amount then available under the facility. At September 30, 2020, the Company is in compliance in all material respects with its obligation under the facility. At September 30, 2020 and November 1, 2020, there was no outstanding balance on the facility. Junior Subordinated Notes At September 30, 2020 and December 31, 2019, the Company's junior subordinated notes had an outstanding principal balance of $37,400,000, before deferred financing costs of $322,000 and $337,000, respectively. At September 30, 2020, the interest rate on the outstanding balance is three month LIBOR + 2.00% or 2.27%. The junior subordinated notes require interest only payments through the maturity date of April 30, 2036, at which time repayment of the outstanding principal and unpaid interest become due. Interest expense for the three months ended September 30, 2020 and 2019, which includes amortization of deferred financing costs, was $240,000 and $438,000, respectively, and for the nine months ended September 30, 2020 and 2019, which includes amortization of deferred financing costs, wa s $903,000 and $1,326,000, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has retained certain of its executive officers and Fredric H. Gould, a director, among other things, to participate in the Company's multi-family property analysis and approval process (which includes service on an investment committee); provide investment advice; and provide long-term planning and consulting with executives and employees with respect to other business matters, as required. The aggregate fees incurred and paid for these services in the three months ended September 30, 2020 and 2019 were $350,000 and $332,000, respectively, and for the nine months ended September 30, 2020 and 2019 wer e $1,049,000 and $998,000, respectively. Management of certain properties owned by the Company and certain joint venture properties is provided by Majestic Property Management Corp. ("Majestic Property"), a company wholly owned by Fredric H. Gould. Certain of the Company's officers and directors are also officers and directors of Majestic Property. Majestic Property may also provide real estate brokerage and construction supervision services to these properties. These fees amounted to $8,000 and $9,000 for the three months ended September 30, 2020 and 2019, respectively, and $24,000 and $25,000 for the nine months ended September 30, 2020 and 2019, respectively. The Company shares facilities, personnel and other resources with One Liberty Properties, Inc. ("One Liberty"), Majestic Property, and Gould Investors L.P. ("Gould Investors"). Certain of the Company's executive officers and/or directors also serve in management positions, and have ownership interests, in One Liberty, Majestic Property and/or Georgetown Partners Inc., the managing general partner of Gould Investors. The allocation of expenses for the facilities, personnel and other resources shared by the Company, One Liberty, Majestic Property and Gould Investors is computed in accordance with a shared services

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Financial Instruments Not Carried at Fair Value The following methods and assumptions were used to estimate the fair value of each class of financial instruments that are not recorded at fair value on the consolidated balance sheets: Cash and cash equivalents, restricted cash, accounts receivable (included in other assets), accounts payable and accrued liabilities: The carrying amounts reported in the balance sheets for these instruments approximate their fair value due to the short term nature of these accounts. Junior subordinated notes: At September 30, 2020 and December 31, 2019, the estimated fair value of the notes is lower than their carrying value by approximately $10,542,000 and $9,589,000, respectively, based on a market interest rate of 4.74% and 6.41%, respectively. Mortgages payable: At September 30, 2020, the estimated fair value of the Company’s mortgages payable is greater than their carrying value by approximately $5,258,000, assuming market interest rates between 2.69% and 3.04% and at December 31, 2019, the estimated fair value of the Company's mortgages payable was lower than their carrying value by approximately $321,000, assuming market interest rates between 3.89% and 4.33%. Market interest rates were determined using rates which the Company believes reflects institutional lender yield requirements at the balance sheet dates. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value. Financial Instruments Carried at Fair Value The Company’s fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs. The Company does not currently own any financial instruments that are classified as Level 3. Set forth below is information regarding the Company’s financial assets and liabilities measured at fair value as of September 30, 2020 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Level 3 Financial Liabilities: Interest rate swap $ 28 $ — $ 28 $ — Set forth below is information regarding the Company’s financial assets and liabilities measured at fair value as of December 31, 2019 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Level 3 Financial Liabilities: Interest rate swap $ 12 $ — $ 12 $ — Derivative financial instruments: Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, and implied volatilities. At September 30, 2020 and December 31, 2019, these derivatives are included in other liabilities on the consolidated balance sheet. Although the Company has determined that the majority of the inputs used to value its derivative fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with it utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. As of September 30, 2020 and December 31, 2019, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative position and determined that the credit valuation adjustments are not significant to the overall valuation of its derivative. As a result, the Company determined that its derivative valuation is classified in Level 2 of the fair value hierarchy. Long-lived assets The Company measures its real estate investments at fair value on a nonrecurring basis. The fair value of the real estate investment was determined using the following input levels as of September 30, 2020 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Level 3 Non-Financial Assets: Long-lived assets $ 4,379 $ — $ — $ 4,379 The Company reviews its investments in real estate when events or circumstances change indicating the carry value of the investment may not be recoverable. In the evaluation of an investment for impairment, many factors are considered, including estimated current and expected cash flows from the asset during the projected hold period, costs necessary to extend the life of the asset, expected capitalization rates, and projected stabilized net operating income and the ability to hold or dispose of the asset in the ordinary course of business. Quantitative information about Level 3 measurements at September 30, 2020 is as follows: Fair Value Valuation Technique Significant Unobservable Inputs Financial Liabilities: Long-lived asset: Vacant land - South Daytona Beach, FL $ 4,379 Discounted cash flow Non-binding sales contract /Discount rate 12.5%

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Cash Flow Hedges of Interest Rate Risk The Company's objective in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive (Loss) income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. As of September 30, 2020, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands): Interest Rate Derivative Current Notional Amount Fixed Rate Maturity Interest rate swap $ 1,070 5.25 % April 1, 2022 The table below presents the fair value of the Company’s derivative financial instruments as well as its classification on the consolidated balance sheets as of the dates indicated (dollars in thousands): Derivatives as of: September 30, 2020 December 31, 2019 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Other Assets $ — Other Assets $ — Accounts payable and accrued liabilities $ 28 Accounts payable and accrued liabilities $ 12 The following table presents the effect of the Company’s interest rate swaps on the consolidated statements of comprehensive income (loss) for the dates indicated (dollars in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Amount of (loss) gain recognized on derivative in Other Comprehensive Income $ — $ (3) $ (27) $ (25) Amount of (loss) gain reclassified from Accumulated Other Comprehensive Income into Interest expense $ (5) $ — $ (10) $ 2 Total amount of Interest expense presented in the Consolidated Statements of Operations $ 1,731 $ 1,870 $ 5,400 $ 5,865 The Company estimates an additional $20,000 will be reclassified from other comprehensive loss as an increase to interest expense over the next twelve months. Credit-risk-related Contingent Features The agreement between the Company and its derivative counterparties provides that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Company could be declared in default on its derivative obligations. As of September 30, 2020 and December 31, 2019, the fair value of derivatives in a net liability position including interest but excluding any adjustment for nonperformance risk related to these agreements was $30,000 and $13,000, respectively. As of September 30, 2020 and December 31, 2019, the Company has not posted any collateral related to this agreement and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In March 2020, the Financial Accounting Standard Board issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, lease, derivatives and other contracts. This guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company has elected to apply hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In October 2018, the FASB issued ASU 2018-16, (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) as a Benchmark Interest Rate for Hedging Purposes . The amendments in this update permit the OIS rate based on SOFR as an eligible benchmark interest rate. The amendments in this update are effective for fiscal years beginning after December 15, 2018. The Company adopted this guidance on January 1, 2019. The Company does not believe this guidance will have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement , which removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC Topic 820. This guidance is effective for public companies in fiscal years beginning after December 15, 2019, with early adoption permitted. The Company adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a material effect on the consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . This update provides specific guidance for transactions for acquiring goods and services from nonemployees and specifies that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (i) financing to the issuer or (ii) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC Topic 606, Revenue from Contracts with Customers. The Company adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a material effect on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) establishing ASC Topic 326, Financial Instruments - Credit Losses (“ASC 326”), as amended by subsequent ASUs on the topic. ASU 2016-13 changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of the financial asset. ASU 2016-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2022. We are currently evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent events have been evaluated and any significant events, relative to our consolidated financial statements as of September 30, 2020, that warrant additional disclosure, have been included in the notes to the consolidated financial statements. The Company is presented with the continued risks presented by the novel coronavirus or COVID-19, which is increasing across most areas of the country and may continue to increase in the markets in which it operates. The ultimate extent of the impact of the pandemic on the Company’s business, financial condition, liquidity, results of operations and prospects will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration, the severity of, and the actions taken to control, the pandemic, and the short-term and long-term economic impact thereof.

Basis of Preparation (Policies)

Basis of Preparation (Policies)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	The accompanying interim unaudited consolidated financial statements as of September 30, 2020, and for the three and nine
Consolidated Financial Statements and Variable Interest Entities	The consolidated financial statements include the accounts and operations of the Company and its wholly owned subsidiaries. The joint venture that owns a property in Yonkers New York, was determined not to be a variable interest entity ("VIE") but is consolidated because the Company has controlling rights in such entity. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. Additionally, the Company does not exercise substantial operating control over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. The distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro-rata
Use of Estimates	The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates. Substantially all of the Company's assets are comprised of multi- family real estate assets generally leased to tenants on a one-year basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment.
Financial Instruments Carried at Fair Value	Financial Instruments Carried at Fair Value The Company’s fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs, and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs.
New Accounting Pronouncements	New Accounting Pronouncements In March 2020, the Financial Accounting Standard Board issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, lease, derivatives and other contracts. This guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company has elected to apply hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In October 2018, the FASB issued ASU 2018-16, (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) as a Benchmark Interest Rate for Hedging Purposes . The amendments in this update permit the OIS rate based on SOFR as an eligible benchmark interest rate. The amendments in this update are effective for fiscal years beginning after December 15, 2018. The Company adopted this guidance on January 1, 2019. The Company does not believe this guidance will have a material effect on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement , which removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC Topic 820. This guidance is effective for public companies in fiscal years beginning after December 15, 2019, with early adoption permitted. The Company adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a material effect on the consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . This update provides specific guidance for transactions for acquiring goods and services from nonemployees and specifies that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (i) financing to the issuer or (ii) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC Topic 606, Revenue from Contracts with Customers. The Company adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a material effect on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) establishing ASC Topic 326, Financial Instruments - Credit Losses (“ASC 326”), as amended by subsequent ASUs on the topic. ASU 2016-13 changes how entities will account for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current “incurred loss” model with an “expected loss” model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of the financial asset. ASU 2016-13 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2022. We are currently evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements.

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Numerator for basic and diluted earnings (loss) per share attributable to common stockholders: Net (loss) income attributable to common stockholders $ (7,484) $ 3,272 $ (16,561) $ (5,292) Denominator: Denominator for basic earnings per share—weighted average number of shares 17,176,401 15,913,975 17,095,315 15,900,362 Effect of diluted securities — 200,000 — — Denominator for diluted earnings per share—adjusted weighted average number of shares and assumed conversions 17,176,401 16,113,975 17,095,315 15,900,362 Basic (loss) income per share $ (0.44) $ 0.21 $ (0.97) $ (0.33) Diluted (loss) income per share $ (0.44) $ 0.20 $ (0.97) $ (0.33)

Real Estate Properties (Tables)

Real Estate Properties (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Summary of real estate properties owned	Real estate properties consist of the following (dollars in thousands): September 30, 2020 December 31, 2019 Land $ 25,585 $ 29,227 Building 154,854 154,854 Building improvements 10,392 9,702 Real estate properties 190,831 193,783 Accumulated depreciation (29,237) (24,094) Total real estate properties, net $ 161,594 $ 169,689 A summary of real estate properties owned is as follows (dollars in thousands): December 31, 2019 Additions Depreciation Impairment Charge September 30, 2020 Multi-family $ 159,434 $ 617 $ (5,064) $ — $ 154,987 Land - Daytona, FL 8,021 — — (3,642) 4,379 Retail shopping center and other 2,234 77 (83) — 2,228 Total real estate properties $ 169,689 $ 694 $ (5,147) $ (3,642) $ 161,594 Real estate properties of our unconsolidated joint ventures consist of the following (dollars in thousands): September 30, 2020 December 31, 2019 Land $ 148,341 $ 144,136 Building 1,028,205 993,643 Building improvements 41,283 37,163 Real estate properties 1,217,829 1,174,942 Accumulated depreciation (135,126) (104,001) Total real estate properties, net $ 1,082,703 $ 1,070,941

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Schedule of real estate acquisitions	The table below provides information regarding the Company's acquisition of a multi-family property, through an unconsolidated joint venture, during the nine months ended September 30, 2020 (dollars in thousands): Location Purchase Date No. of Units Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Capitalized Acquisition Costs Wilmington, North Carolina 2/20/2020 264 $ 38,000 $ 23,160 $ 13,700 80 % $ 459 The table below provides information regarding the Company's acquisition of multi-family properties, through unconsolidated joint ventures, during the nine months ended September 30, 2019 (dollars in thousands): Location Purchase Date No. of Units Purchase Price Acquisition Mortgage Debt Initial BRT Equity Ownership Percentage Capitalized Acquisition Costs Kannapolis, North Carolina 3/12/2019 312 $ 48,065 $ 33,347 $ 11,231 65 % $ 559 Birmingham, Alabama 5/7/2019 328 43,000 32,250 11,625 80 % 546 Auburn, AL 8/8/2019 200 18,400 14,500 4,320 80 % 140 840 $ 109,465 $ 80,097 $ 27,176 $ 1,245
Schedule of property dispositions	The following table is a summary of the real estate properties disposed of by the Company during the nine months ended September 30, 2019 (dollars in thousands): Location Sale No. of Sales Price Gain on Sale Non-controlling partner's portion of the gain Houston, TX (two properties) 7/11/2019 384 $ 33,200 $ 9,938 $ 894

Investment in Unconsolidated _2

Investment in Unconsolidated Ventures (Tables)	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The condensed balance sheets below present information regarding such properties (dollars in thousands): September 30, 2020 December 31, 2019 ASSETS Real estate properties, net of accumulated depreciation of $135,126 and $104,001 $ 1,082,703 $ 1,070,941 Cash and cash equivalents 16,595 12,804 Deposits and escrows 26,368 23,912 Other assets 5,164 4,136 Total Assets $ 1,130,830 $ 1,111,793 LIABILITIES AND EQUITY Liabilities: Mortgages payable, net of deferred costs of $4,605 and $5,839 $ 825,822 $ 803,289 Accounts payable and accrued liabilities 23,602 19,731 Total Liabilities 849,424 823,020 Commitments and contingencies Equity: Total unconsolidated joint venture equity 281,406 288,773 Total Liabilities and Equity $ 1,130,830 $ 1,111,793 BRT interest in joint venture equity $ 175,484 $ 177,071 The condensed income statement below presents information regarding the Unconsolidated Properties (dollars in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Revenues: Rental and other revenue $ 32,341 $ 31,273 $ 94,726 $ 87,076 Total revenues 32,341 31,273 94,726 87,076 Expenses: Real estate operating expenses 16,092 15,212 45,298 42,612 Interest expense 8,663 9,202 26,186 26,027 Depreciation 10,411 9,901 31,184 29,121 Total expenses 35,166 34,315 102,668 97,760 Total revenues less total expenses (2,825) (3,042) (7,942) (10,684) Loss on extinguishment of debt — (379) — (379) Gain on insurance recoveries 427 — 765 517 Net income from joint ventures $ (2,398) $ (3,421) $ (7,177) $ (10,546) BRT equity in loss from joint ventures $ (1,529) $ (2,390) $ (4,731) $ (6,676)
Summary of real estate properties owned	Real estate properties consist of the following (dollars in thousands): September 30, 2020 December 31, 2019 Land $ 25,585 $ 29,227 Building 154,854 154,854 Building improvements 10,392 9,702 Real estate properties 190,831 193,783 Accumulated depreciation (29,237) (24,094) Total real estate properties, net $ 161,594 $ 169,689 A summary of real estate properties owned is as follows (dollars in thousands): December 31, 2019 Additions Depreciation Impairment Charge September 30, 2020 Multi-family $ 159,434 $ 617 $ (5,064) $ — $ 154,987 Land - Daytona, FL 8,021 — — (3,642) 4,379 Retail shopping center and other 2,234 77 (83) — 2,228 Total real estate properties $ 169,689 $ 694 $ (5,147) $ (3,642) $ 161,594 Real estate properties of our unconsolidated joint ventures consist of the following (dollars in thousands): September 30, 2020 December 31, 2019 Land $ 148,341 $ 144,136 Building 1,028,205 993,643 Building improvements 41,283 37,163 Real estate properties 1,217,829 1,174,942 Accumulated depreciation (135,126) (104,001) Total real estate properties, net $ 1,082,703 $ 1,070,941

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of debt obligations	Debt obligations consist of the following (dollars in thousands): September 30, 2020 December 31, 2019 Mortgages payable $ 131,776 $ 134,038 Junior subordinated notes 37,400 37,400 Deferred financing costs (950) (1,160) Total debt obligations, net of deferred costs $ 168,226 $ 170,278

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities measured at fair value	Set forth below is information regarding the Company’s financial assets and liabilities measured at fair value as of September 30, 2020 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Level 3 Financial Liabilities: Interest rate swap $ 28 $ — $ 28 $ — Set forth below is information regarding the Company’s financial assets and liabilities measured at fair value as of December 31, 2019 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Level 3 Financial Liabilities: Interest rate swap $ 12 $ — $ 12 $ — The Company measures its real estate investments at fair value on a nonrecurring basis. The fair value of the real estate investment was determined using the following input levels as of September 30, 2020 (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Level 3 Non-Financial Assets: Long-lived assets $ 4,379 $ — $ — $ 4,379
Schedule of Fair Value Measurement Inputs and Valuation Techniques	Quantitative information about Level 3 measurements at September 30, 2020 is as follows: Fair Value Valuation Technique Significant Unobservable Inputs Financial Liabilities: Long-lived asset: Vacant land - South Daytona Beach, FL $ 4,379 Discounted cash flow Non-binding sales contract /Discount rate 12.5%

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of outstanding interest rate derivatives	As of September 30, 2020, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands): Interest Rate Derivative Current Notional Amount Fixed Rate Maturity Interest rate swap $ 1,070 5.25 % April 1, 2022
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheets	The table below presents the fair value of the Company’s derivative financial instruments as well as its classification on the consolidated balance sheets as of the dates indicated (dollars in thousands): Derivatives as of: September 30, 2020 December 31, 2019 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Other Assets $ — Other Assets $ — Accounts payable and accrued liabilities $ 28 Accounts payable and accrued liabilities $ 12
Schedule of effect of derivative financial instrument on consolidated statements of comprehensive (loss) income	The following table presents the effect of the Company’s interest rate swaps on the consolidated statements of comprehensive income (loss) for the dates indicated (dollars in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Amount of (loss) gain recognized on derivative in Other Comprehensive Income $ — $ (3) $ (27) $ (25) Amount of (loss) gain reclassified from Accumulated Other Comprehensive Income into Interest expense $ (5) $ — $ (10) $ 2 Total amount of Interest expense presented in the Consolidated Statements of Operations $ 1,731 $ 1,870 $ 5,400 $ 5,865

Organization and Background (De

Organization and Background (Details) $ in Thousands	Sep. 30, 2020USD ($)property_Unitproperty_unitpropertyinvestmentstate	Dec. 31, 2019USD ($)property
Real Estate Properties [Line Items]
Number of properties | property	8
Number of states | state	6
Number of units | property_Unit	1,880
Carry value of investment property	$ 161,594	$ 169,689
Investments in unconsolidated joint ventures	175,484	$ 177,071
Real estate investments, other	$ 6,682
Unconsolidated joint ventures
Real Estate Properties [Line Items]
Number of properties | property	31	30
Number of states | state	9
Number of units | property_Unit	9,162
Carry value of investment property	$ 1,082,703	$ 1,070,941
Number of investments | investment	31
Number of units in properties in lease up stage | property_Unit	741
Number of properties in real estate property, in lease up stage | property_unit	2
Investments in unconsolidated joint ventures	$ 175,409
Unconsolidated joint ventures | Minimum
Real Estate Properties [Line Items]
Equity interest percentage	32.00%
Unconsolidated joint ventures | Maximum
Real Estate Properties [Line Items]
Equity interest percentage	90.00%
Multi-family
Real Estate Properties [Line Items]
Carry value of investment property	$ 154,987

Basis of Preparation (Details)

Basis of Preparation (Details)	9 Months Ended
	Sep. 30, 2020segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Equity - Narrative (Details)

Equity - Narrative (Details)	Sep. 25, 2020$ / shares	Jan. 31, 2020shares	Jun. 30, 2016shares	Sep. 30, 2020USD ($)shares	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2020USD ($)shares	Dec. 31, 2019USD ($)	Nov. 30, 2019USD ($)numberOfAgent	Sep. 12, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per share (in dollars per share) | $ / shares	$ 0.22
Repurchases of common stock						$ 616,000	$ 46,000
Effect of diluted securities (in shares) | shares				0	200,000	0	0
New Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beneficial interest purchased authorized amount											$ 5,000,000
Shares repurchased (in shares) | shares					3,590	39,093	3,590
Average market price of shares repurchased (in dollars per share) | $ / shares					$ 12.80	$ 15.76	$ 12.80
Repurchases of common stock					$ 46,000	$ 616,000	$ 46,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense				$ 35,000	35,000	105,000	106,000
Deferred unearned compensation				72,000		72,000		$ 72,000	$ 177,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense				426,000	$ 337,000	1,255,000	$ 1,004,000
Deferred unearned compensation				$ 4,837,000		$ 4,837,000		$ 4,837,000	$ 3,328,000
Remaining weighted average vesting period						2 years 6 months
Incentive Plan 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) | shares				1,000,000		1,000,000		1,000,000
Incentive Plan 2016 | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares) | shares			450,000
Vesting period for shares issued						5 years
Incentive Plan 2016 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for shares issued		5 years
Incentive Plan 2018 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares) | shares		158,299
Shares outstanding (in shares) | shares				744,145		744,145		744,145
Prior Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional awards available for grant (in shares) | shares				0		0		0
Private placement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of agents | numberOfAgent										3
Common stock issued in offering										$ 30,000,000
Shares sold in offering (in shares) | shares						694,298		806,261
Aggregate sales price						$ 12,293,000		$ 14,316,000
Payments for commissions						185,000		314,000
Payments of offering related expenses						$ 31,000		$ 56,000

Equity - Schedule of Computatio

Equity - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator for basic and diluted earnings (loss) per share attributable to common stockholders:
Net (loss) income attributable to common stockholders	$ (7,484)	$ 3,272	$ (16,561)	$ (5,292)
Denominator:
Denominator for basic earnings per share—weighted average number of shares (in shares)	17,176,401	15,913,975	17,095,315	15,900,362
Effect of diluted securities (in shares)	0	200,000	0	0
Denominator for diluted earnings per share—adjusted weighted average number of shares and assumed conversions (in shares)	17,176,401	16,113,975	17,095,315	15,900,362
Basic earnings (loss) per share (in dollars per share)	$ (0.44)	$ 0.21	$ (0.97)	$ (0.33)
Diluted earnings (loss) per share (in dollars per share)	$ (0.44)	$ 0.20	$ (0.97)	$ (0.33)

Leases - Lessor Accounting (Det

Leases - Lessor Accounting (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)tennet
Leases [Abstract]
Number of concession agreements with tenants | tennet	2
Total concessions | $	$ 75,000

Leases - Lessee Accounting (Det

Leases - Lessee Accounting (Details)	9 Months Ended
	Sep. 30, 2020USD ($)contract	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Right-of-use asset	$ 2,701,000	$ 2,822,000	$ 2,900,000
Lease liability	$ 2,720,000	$ 2,833,000	$ 2,900,000
Ground Lease | Yonkers, NY
Lessee, Lease, Description [Line Items]
Number of contracts | contract	1
Renewal term option	21 years
Remaining term	25 years
Ground Lease | Great Neck, NY
Lessee, Lease, Description [Line Items]
Remaining term	16 years 3 months 18 days
Corporate Office | Great Neck, NY
Lessee, Lease, Description [Line Items]
Renewal term option	5 years

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties (Including Properties Held For Sale) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 25,585	$ 29,227
Building	154,854	154,854
Building improvements	10,392	9,702
Real estate properties	190,831	193,783
Accumulated depreciation	(29,237)	(24,094)
Total real estate properties, net	$ 161,594	$ 169,689

Real Estate Properties - Summar

Real Estate Properties - Summary of Real Estate Properties Owned (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	$ 169,689
Additions	694
Depreciation	(5,147)
Impairment Charge	3,642
Real estate properties, ending balance	161,594
Multi-family
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	159,434
Additions	617
Depreciation	(5,064)
Impairment Charge	0
Real estate properties, ending balance	154,987
Land - Daytona, FL | Daytona, FL
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	8,021
Additions	0
Depreciation	0
Impairment Charge	3,642
Real estate properties, ending balance	4,379
Retail shopping center and other
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	2,234
Additions	77
Depreciation	(83)
Impairment Charge	0
Real estate properties, ending balance	$ 2,228

Acquisitions and Dispositions -

Acquisitions and Dispositions - Property Acquisitions (Details)	9 Months Ended
	Sep. 30, 2020USD ($)propertyproperty_Unit	Sep. 30, 2019USD ($)property
Business Acquisition [Line Items]
No. of Units | property_Unit	1,880
Property Acquisition | VIE | Multi-family | Corporate Joint Venture
Business Acquisition [Line Items]
No. of Units | property		840
Purchase Price		$ 109,465,000
Initial BRT Equity		27,176,000
Capitalized Acquisition Costs		$ 1,245,000
Property Acquisition | VIE | Multi-family | Corporate Joint Venture | Wilmington, North Carolina
Business Acquisition [Line Items]
No. of Units | property	264
Purchase Price	$ 38,000,000
Initial BRT Equity	$ 13,700,000
Ownership Percentage	80.00%
Capitalized Acquisition Costs	$ 459,000
Property Acquisition | VIE | Multi-family | Corporate Joint Venture | Kannapolis, North Carolina
Business Acquisition [Line Items]
No. of Units | property		312
Purchase Price		$ 48,065,000
Initial BRT Equity		$ 11,231,000
Ownership Percentage		65.00%
Capitalized Acquisition Costs		$ 559,000
Property Acquisition | VIE | Multi-family | Corporate Joint Venture | Birmingham, Alabama
Business Acquisition [Line Items]
No. of Units | property		328
Purchase Price		$ 43,000,000
Initial BRT Equity		$ 11,625,000
Ownership Percentage		80.00%
Capitalized Acquisition Costs		$ 546,000
Property Acquisition | VIE | Multi-family | Corporate Joint Venture | Auburn, AL
Business Acquisition [Line Items]
No. of Units | property		200
Purchase Price		$ 18,400,000
Initial BRT Equity		$ 4,320,000
Ownership Percentage		80.00%
Capitalized Acquisition Costs		$ 140,000
Property Acquisition | VIE | Multi-family | Corporate Joint Venture | Mortgages payable
Business Acquisition [Line Items]
Acquisition Mortgage Debt		80,097,000
Property Acquisition | VIE | Multi-family | Corporate Joint Venture | Mortgages payable | Wilmington, North Carolina
Business Acquisition [Line Items]
Acquisition Mortgage Debt	$ 23,160,000
Property Acquisition | VIE | Multi-family | Corporate Joint Venture | Mortgages payable | Kannapolis, North Carolina
Business Acquisition [Line Items]
Acquisition Mortgage Debt		33,347,000
Property Acquisition | VIE | Multi-family | Corporate Joint Venture | Mortgages payable | Birmingham, Alabama
Business Acquisition [Line Items]
Acquisition Mortgage Debt		32,250,000
Property Acquisition | VIE | Multi-family | Corporate Joint Venture | Mortgages payable | Auburn, AL
Business Acquisition [Line Items]
Acquisition Mortgage Debt		$ 14,500,000

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Property Dispositions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)refinancing	Sep. 30, 2020property_Unit
Business Acquisition [Line Items]
No. of Units | property_Unit		1,880
Houston, TX (two properties) | Property dispositions
Business Acquisition [Line Items]
No. of Units | refinancing	384
Sales Price	$ 33,200
Gain on Sale	9,938
Non-controlling partner's portion of the gain	$ 894

Acquisitions and Dispositions_3

Acquisitions and Dispositions - Impairment Charges (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)a	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Business Combinations [Abstract]
Area of impairment | a	8.7
Impairment charge | $	$ 3,642,000	$ 0	$ 3,642,000	$ 0

Real Estate Loan (Details)

Real Estate Loan (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Real estate loan	$ 0		$ 4,150
Interest and fees	$ 325
RBHTRB Newark Holdings LLC | Disposed of by Sale
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Real estate loan		$ 4,000

Investment in Unconsolidated _3

Investment in Unconsolidated Ventures - Narrative (Details) - property	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Number of properties	8
Unconsolidated joint ventures
Schedule of Equity Method Investments [Line Items]
Number of properties	31	30
Weighted average interest rate (as a percent)	3.95%
Weighted average remaining term to maturity	7 years 4 months 28 days

Investment in Unconsolidated _4

Investment in Unconsolidated Ventures - Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
ASSETS
Carry value of investment property	$ 161,594	$ 169,689
Cash and cash equivalents	15,650	22,699	$ 9,371
Other assets	12,390	7,282
Total Assets	374,247	390,610
Liabilities:
Mortgages payable	131,148	133,215
Accounts payable and accrued liabilities	21,678	20,772
Total Liabilities	189,904	191,050
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	184,431	199,653
Total Liabilities and Equity	374,247	390,610
Deferred mortgage costs	950	1,160
Mortgages payable
Equity:
Deferred mortgage costs	628	823
Unconsolidated joint ventures
ASSETS
Carry value of investment property	1,082,703	1,070,941
Cash and cash equivalents	16,595	12,804
Deposits and escrows	26,368	23,912
Other assets	5,164	4,136
Total Assets	1,130,830	1,111,793
Liabilities:
Mortgages payable	825,822	803,289
Accounts payable and accrued liabilities	23,602	19,731
Total Liabilities	849,424	823,020
Equity:
Total unconsolidated joint venture equity	281,406	288,773
Total Liabilities and Equity	1,130,830	1,111,793
BRT interest in joint venture equity	175,484	177,071
Real estate properties, net of accumulated depreciation	135,126	104,001
Unconsolidated joint ventures | Mortgages payable
Equity:
Deferred mortgage costs	$ 4,605	$ 5,839

Investments, Equity Method and

Investments, Equity Method and Joint Ventures - Summary of Real Estate Properties Owned (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Land	$ 25,585	$ 29,227
Building	154,854	154,854
Building improvements	10,392	9,702
Real estate properties	190,831	193,783
Accumulated depreciation	(29,237)	(24,094)
Total real estate properties, net	161,594	169,689
Unconsolidated joint ventures
Schedule of Equity Method Investments [Line Items]
Land	148,341	144,136
Building	1,028,205	993,643
Building improvements	41,283	37,163
Real estate properties	1,217,829	1,174,942
Accumulated depreciation	(135,126)	(104,001)
Total real estate properties, net	$ 1,082,703	$ 1,070,941

Investment in Unconsolidated _5

Investment in Unconsolidated Ventures - Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Total revenues	$ 7,313	$ 6,422	$ 21,053	$ 20,839
Expenses:
Real estate operating expenses	3,289	2,741	9,351	9,242
Interest expense	1,731	1,870	5,400	5,865
Depreciation	1,777	1,373	5,147	4,348
Total expenses	13,169	8,414	32,594	26,910
Total revenues less total expenses	(5,856)	(1,992)	(11,541)	(6,071)
Loss on extinguishment of debt	0	(1,387)	0	(1,387)
Consolidation of investment in limited partnership	34	799	97	877
BRT equity in loss from joint ventures	(7,484)	3,272	(16,561)	(5,292)
Unconsolidated joint ventures
Revenues:
Rental and other revenue	32,341	31,273	94,726	87,076
Total revenues	32,341	31,273	94,726	87,076
Expenses:
Real estate operating expenses	16,092	15,212	45,298	42,612
Interest expense	8,663	9,202	26,186	26,027
Depreciation	10,411	9,901	31,184	29,121
Total expenses	35,166	34,315	102,668	97,760
Total revenues less total expenses	(2,825)	(3,042)	(7,942)	(10,684)
Loss on extinguishment of debt	0	(379)	0	(379)
Gain on insurance recoveries	427	0	765	517
Consolidation of investment in limited partnership	(2,398)	(3,421)	(7,177)	(10,546)
BRT equity in loss from joint ventures	$ (1,529)	$ (2,390)	$ (4,731)	$ (6,676)

Debt Obligations - Summary of D

Debt Obligations - Summary of Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Deferred financing costs	$ (950)	$ (1,160)
Total debt obligations, net of deferred costs	168,226	170,278
Mortgages payable
Debt Instrument [Line Items]
Debt, long-term and short-term debt, combined amount	131,776	134,038
Junior subordinated notes
Debt Instrument [Line Items]
Debt, long-term and short-term debt, combined amount	$ 37,400	$ 37,400

Debt Obligations - Mortgage Pay

Debt Obligations - Mortgage Payable (Details) - Mortgages payable - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Weighted average interest rate on mortgage debt (as a percentage)	4.15%		4.15%
Interest expense	$ 1,475	$ 1,373	$ 4,418	$ 4,385

Debt Obligations - Credit Facil

Debt Obligations - Credit Facility (Details) - USD ($)	Apr. 18, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Nov. 01, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Deferred costs		$ 950,000		$ 950,000			$ 1,160,000
Line of Credit | Valley National Bank | Credit Facility, Maturing April 2021 | Secured Debt
Debt Instrument [Line Items]
Debt assumed, face value	$ 10,000,000
Effective interest rate		5.00%		5.00%
Amortization of deferred fees and unused fees		$ 17,000	$ 57,000	$ 79,000	$ 153,000
Deferred costs		22,000		22,000			$ 53,000
Unused borrowing capacity fee, percentage	0.25%
Facility amount drawn		$ 0		$ 0
Line of Credit | Valley National Bank | Credit Facility, Maturing April 2021 | Secured Debt | Subsequent Event
Debt Instrument [Line Items]
Facility amount drawn						$ 0
Line of Credit | Valley National Bank | Credit Facility, Maturing April 2021 | Secured Debt | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Line of Credit | Valley National Bank | Credit Facility, Maturing April 2021 | Secured Debt | Floor
Debt Instrument [Line Items]
Basis spread on variable rate	5.00%

Debt Obligations - Junior Subor

Debt Obligations - Junior Subordinated Notes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Debt Obligations
Deferred costs	$ 950		$ 950		$ 1,160
Junior subordinated notes
Debt Obligations
Outstanding principal balance	37,400		37,400		37,400
Deferred costs	322		322		$ 337
Interest expense	$ 240	$ 438	$ 903	$ 1,326
Junior subordinated notes | London Interbank Offered Rate (LIBOR)
Debt Obligations
Basis spread on variable rate			2.00%
Effective interest rate	2.27%		2.27%

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)	Jul. 31, 2019property
Related Party Transaction [Line Items]
Related party - general and administrative	$ 167	$ 105	$ 631	$ 403
Number of properties | property	8		8
Director | Advisory services
Related Party Transaction [Line Items]
Related party expense	$ 350	332	$ 1,049	998
Majestic Property Management Corporation | Real Property Management Real Estate Brokerage And Construction Supervision Services
Related Party Transaction [Line Items]
Related party expense	8	9	24	25
Gould Investors Limited Partnership | Shared Services Agreement
Related Party Transaction [Line Items]
Related party - general and administrative	167	105	631	403
Affiliated Entity | Management fee
Related Party Transaction [Line Items]
Related party expense	$ 4	$ 68	$ 4	$ 68
Number of properties | property					2

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Level 2 - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Market Approach Valuation Technique | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	4.74%	6.41%
Market Approach Valuation Technique | Mortgages payable | Minimum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	2.69%	3.89%
Market Approach Valuation Technique | Mortgages payable | Maximum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)	3.04%	4.33%
Carrying and Fair Value | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Estimated fair value (lower) higher than carrying value	$ 10,542	$ 9,589
Carrying and Fair Value | Mortgages payable
Financial Instruments Not Measured at Fair Value
Estimated fair value (lower) higher than carrying value	$ 5,258	$ 321

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Level 1 | Interest rate swap
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total Financial Liabilities	$ 0	$ 0
Level 1 | Real Estate Investment
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total Financial Assets		0
Level 2 | Interest rate swap
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total Financial Liabilities	28	12
Level 2 | Real Estate Investment
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total Financial Assets		0
Level 3 | Interest rate swap
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total Financial Liabilities	0	0
Level 3 | Real Estate Investment
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total Financial Assets		4,379
Carrying and Fair Value | Interest rate swap
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total Financial Liabilities	$ 28	12
Carrying and Fair Value | Real Estate Investment
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total Financial Assets		$ 4,379

Fair Value Measures - Summary o

Fair Value Measures - Summary of Quantitative Information about Level 3 (Details) - Sales Comparison Approach - Vacant Land - South Daytona Beach, FL $ in Thousands	Sep. 30, 2020USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total Financial Assets	$ 4,379
Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	0.125

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Estimated amount to be reclassified from accumulated other comprehensive income (loss) as an increase to interest expense	$ 20		$ 20
Credit-risk-related Contingent Features
Fair value of the derivative in a net liability position	30		30		$ 13
Termination value to settlement of obligations	30		30		13
Interest Expense
Effect of derivative financial instrument on the consolidated statements of comprehensive (loss) income
Amount of (loss) gain recognized on derivative in Other Comprehensive Income	0	$ (3)	(27)	$ (25)
Amount of (loss) gain reclassified from Accumulated Other Comprehensive Income into Interest expense	(5)	0	(10)	2
Total amount of Interest expense presented in the Consolidated Statements of Operations	1,731	$ 1,870	5,400	$ 5,865
Other Assets
Fair value of derivative financial instruments
Fair value of derivative financial instrument asset	0		0		0
Accounts payable and accrued liabilities
Fair value of derivative financial instruments
Fair value of derivative financial instrument liability	28		28		$ 12
Hedging instrument | Interest Rate Swap, Maturity Date April 1, 2022
Derivative [Line Items]
Current Notional Amount	$ 1,070		$ 1,070
Fixed Rate	5.25%		5.25%

Uncategorized Items - brt-20200

Label	Element	Value
Restricted Cash	us-gaap_RestrictedCash	$ 9,129,000
Restricted Cash	us-gaap_RestrictedCash	$ 10,789,000