BRT Apartments (BRT) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	6 Months Ended
	Jun. 30, 2021	Aug. 04, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		18,178,216
Amendment Flag	false
Entity Central Index Key	0000014846
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Real estate properties, net of accumulated depreciation and amortization of $32,193 and $30,837	$ 140,991	$ 160,192
Investments in unconsolidated joint ventures	159,799	169,474
Cash and cash equivalents	34,666	19,885
Restricted cash	7,932	8,800
Other assets	7,851	7,390
Total Assets	351,239	365,741
Liabilities:
Mortgages payable, net of deferred costs of $433 and $563	114,745	130,434
Junior subordinated notes, net of deferred costs of $307 and $317	37,093	37,083
Accounts payable and accrued liabilities	18,936	20,536
Total Liabilities	170,774	188,053
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; 17,230 and 16,432 shares outstanding	172	164
Additional paid-in capital	254,053	245,605
Accumulated other comprehensive loss	(11)	(19)
Accumulated deficit	(73,734)	(67,978)
Total BRT Apartments Corp. stockholders’ equity	180,480	177,772
Non-controlling interests	(15)	(84)
Total Equity	180,465	177,688
Total Liabilities and Equity	$ 351,239	$ 365,741

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Real estate accumulated depreciation	$ 32,193	$ 30,837
Deferred mortgage costs	$ 740	$ 880
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)	17,230,000	16,432,000
Mortgages payable
Debt Instrument [Line Items]
Deferred mortgage costs	$ 433	$ 563
Junior subordinated notes
Debt Instrument [Line Items]
Deferred mortgage costs	$ 307	$ 317

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Rental and other revenue from real estate properties	$ 6,958	$ 6,657	$ 14,053	$ 13,402
Other income	3	159	7	338
Total revenues	6,961	6,816	14,060	13,740
Expenses:
Real estate operating expenses - including $7 and $8 to related parties for the three months ended and $14 and $16 for the six months ended	3,166	3,004	6,283	6,062
Interest expense	1,609	1,809	3,269	3,669
General and administrative - including $179 and $238 to related parties for the three months ended and $351 and $464 for the six months ended	3,154	2,957	6,268	6,324
Impairment charge	520	0	520	0
Depreciation	1,416	1,809	2,953	3,370
Total expenses	9,865	9,579	19,293	19,425
Total revenues less total expenses	(2,904)	(2,763)	(5,233)	(5,685)
Equity in loss of unconsolidated joint ventures	(492)	(1,387)	(1,837)	(3,202)
Gain on sale of real estate	7,279	0	7,279	0
Gain on sale of partnership interest	2,244	0	2,244	0
Income (loss) from continuing operations	6,127	(4,150)	2,453	(8,887)
Income tax provision	67	65	124	127
Net income (loss) from continuing operations, net of taxes	6,060	(4,215)	2,329	(9,014)
Net income attributable to non-controlling interests	(33)	(31)	(67)	(63)
Net income (loss) attributable to common stockholders	$ 6,027	$ (4,246)	$ 2,262	$ (9,077)
Weighted average number of shares of common stock outstanding:
Basic (in shares)	17,720,488	17,176,401	17,520,963	17,054,327
Diluted (in shares)	17,720,488	17,176,401	17,520,963	17,054,327
Per share amounts attributable to common stockholders:
Basic (in dollars per share)	$ 0.34	$ (0.25)	$ 0.13	$ (0.53)
Diluted (in dollars per share)	$ 0.34	$ (0.25)	$ 0.13	$ (0.53)

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Related party - real estate operating expenses	$ 7	$ 8	$ 14	$ 16
Related party - general and administrative	$ 179	$ 238	$ 351	$ 464

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 6,060	$ (4,215)	$ 2,329	$ (9,014)
Other comprehensive income (loss):
Unrealized income (loss) on derivative instruments	5	1	10	(22)
Other comprehensive income (loss)	5	1	10	(22)
Comprehensive income (loss)	6,065	(4,214)	2,339	(9,036)
Comprehensive (income) attributable to non-controlling interests	(34)	(30)	(69)	(59)
Comprehensive income (loss) attributable to common stockholders	$ 6,031	$ (4,244)	$ 2,270	$ (9,095)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - 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, 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 and restricted stock units 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 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	(9,014)
Other comprehensive income (loss)	(22)
Comprehensive loss	(9,036)
Ending balance at Jun. 30, 2020	195,151	164	244,683	(28)	(49,545)	(123)
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 loss	(4,214)
Ending balance at Jun. 30, 2020	195,151	164	244,683	(28)	(49,545)	(123)
Beginning balance at Dec. 31, 2020	177,688	164	245,605	(19)	(67,978)	(84)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions - Common Stock	(4,011)				(4,011)
Restricted stock and restricted stock units vesting	0	4	(4)
Compensation expense - restricted stock and restricted stock units	538		538
Net (loss) income	(3,731)				(3,765)	34
Other comprehensive income (loss)	5			4		1
Comprehensive loss	(3,726)
Ending balance at Mar. 31, 2021	170,489	168	246,139	(15)	(75,754)	(49)
Beginning balance at Dec. 31, 2020	177,688	164	245,605	(19)	(67,978)	(84)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	2,329
Other comprehensive income (loss)	10
Comprehensive loss	2,339
Ending balance at Jun. 30, 2021	180,465	172	254,053	(11)	(73,734)	(15)
Beginning balance at Mar. 31, 2021	170,489	168	246,139	(15)	(75,754)	(49)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions - Common Stock	(4,007)				(4,007)
Compensation expense - restricted stock and restricted stock units	569		569
Shares issued through equity offering program, net	7,349	4	7,345
Net (loss) income	6,060				6,027	33
Other comprehensive income (loss)	5			4		1
Comprehensive loss	6,065
Ending balance at Jun. 30, 2021	$ 180,465	$ 172	$ 254,053	$ (11)	$ (73,734)	$ (15)

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.22	$ 0.22	$ 0.22	$ 0.22

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 6,060	$ (4,215)	$ 2,329	$ (9,014)
Adjustments to reconcile net income(loss) to net cash used in operating activities:
Depreciation			2,953	3,370
Amortization of deferred financing costs			153	140
Amortization of restricted stock and restricted stock units			1,107	899
Equity in loss of unconsolidated joint ventures	492	1,387	1,837	3,202
Impairment charge	520	0	520	0
Gain on sale of real estate	(7,279)	0	(7,279)	0
Gain on sale of partnership interest	(2,244)	0	(2,244)	0
Increases and decreases from changes in other assets and liabilities:
Decrease (increase) in other assets			(443)	(457)
Decrease (increase) in accounts payable and accrued liabilities			(2,021)	657
Net cash used in operating activities			(3,088)	(1,203)
Cash flows from investing activities:
Collections from real estate loan			0	150
Additions to real estate properties			0	0
Improvements to real estate properties			(594)	(441)
Proceeds from the sale of real estate			24,133	0
Proceeds from the sale of partnership interest			7,540	0
Distributions from unconsolidated joint ventures			8,053	6,801
Contributions to unconsolidated joint ventures			(6,031)	(13,700)
Net cash provided by (used in) investing activities			33,101	(7,190)
Cash flows from financing activities:
Mortgage payoffs			(14,260)	0
Mortgage principal payments			(1,559)	(1,505)
Proceeds from credit facility			0	5,000
Repayment of credit facility			0	(5,000)
Increase in deferred financing costs			(38)	0
Dividends paid			(7,592)	(7,556)
Distributions to non-controlling interests			0	(89)
Proceeds from the sale of common stock			7,349	12,077
Repurchase of shares of common stock			0	(616)
Net cash (used in) provided by financing activities			(16,100)	2,311
Net increase (decrease) in cash, cash equivalents and restricted cash:			13,913	(6,082)
Cash, cash equivalents and restricted cash at beginning of period			28,685	32,418
Cash, cash equivalents and restricted cash at end of period	42,598	26,336	42,598	26,336
Supplemental disclosure of cash flow information:
Cash paid during the period for interest			3,118	3,552
Cash paid for income taxes			194	30
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.
Cash and cash equivalents	34,666	16,874	34,666	16,874
Restricted cash	7,932	9,462	7,932	9,462
Total cash, cash equivalents and restricted cash, shown in consolidated statement of cash flows	$ 42,598	$ 26,336	$ 42,598	$ 26,336

Organization and Background

Organization and Background	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Background	Organization and Background BRT Apartments Corp. (the "Company" or "BRT"), 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 June 30, 2021, the Company: (a) wholly owns seven multi-family properties located in six states with an aggregate of 1,608 units, and a carrying value of $134,458,000; and (b) has interests, through unconsolidated entities, in 30 multi-family properties located in nine states with an aggregate of 8,954 units and the carrying value of this net equity investment is $159,799,000. 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 June 30, 2021, the carrying value of the other real estate assets was $6,593,000.

Basis of Preparation

Basis of Preparation	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	Basis of Preparation The accompanying interim unaudited consolidated financial statements as of June 30, 2021, and for the three and six months ended June 30, 2021 and 2020, 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 six months ended June 30, 2021 and 2020, are not necessarily indicative of the results for the full year. The consolidated audited balance sheet as of December 31, 2020, 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, 2020, as amended, filed with the Securities and Exchange Commission ("SEC"). The consolidated financial statements include the accounts and operations of the Company and its wholly-owned subsidiaries. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. For each venture, the Company evaluated the rights provided to each party in the venture to assess the consolidation of the venture. 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 variable interest entities ("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 joint venture that owns a property in Yonkers, New York, was determined not to be a VIE but is consolidated because the Company has controlling rights in such entity. The preparation of the financial statements in conformity with GAAP, 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	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Equity	Equity Equity Distribution Agreements In November 2019, the Company entered into equity distribution agreements, as amended March 31, 2021, 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 six months ended June 30, 2021, the Company sold 410,221 shares for an aggregate sales price of $7,462,000 before commissions and fees of $112,000. During the six months ended June 30, 2020, the Company sold 694,298 shares for an aggregate sales price of $12,293,000, before commissions and fees of $185,000 and offering related expenses of $31,000. From the commencement of this program through June 30, 2021, the Company sold 1,216,482 shares for an aggregate sales price of $21,777,000 before commissions and fees of $327,000 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 July 9, 2021 to stockholders of record on June 25, 2021. Stock Based Compensation The Company's 2020 Incentive Plan (the "2020 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, for 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. As of June 30, 2021, 527,149 shares are available for issuance pursuant to awards under the 2020 Plan. Restricted Stock Units In June 2021, the Company issued restricted stock units (the "Units") to acquire up to 210,375 shares of common stock pursuant to the 2020 Plan. The Units entitled the recipients, subject to continued service through the March 31, 2024 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 (the "RSU Dividend Equivalents") 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 were 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. In June 2016, the Company issued Units to acquire up to 450,000 shares of common stock pursuant to the 2016 Amended and Restated Incentive Plan (the "2016 Plan"). Such Units entitled 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. In the quarter ended June 30, 2021, it was determined that the market conditions with respect to 250,000 shares underlying Units issued under the 2016 Plan had been satisfied; such shares, with an aggregate market value of $4,200,000 as of the vesting date, were issued and an aggregate of $775,000 of RSU Dividend Equivalents was paid. It was also determined that the performance conditions with respect to 200,000 shares underlying Units had not been satisfied; the 200,000 Units were forfeited. Expense is recognized over the applicable vesting period on the Units which the Company expects to vest. For the three months ended June 30, 2021 and 2020, the Company recorded $34,000 and $35,000, respectively, of compensation expense related to the amortization of unearned compensation with respect to the Units and for the six months ended June 30, 2021 and 2020, the Company recorded $71,000 and $70,000, respectively, of compensation expense related to the amortization of unearned compensation with respect to the Units. Restricted Stock In June 2021 and January 2021, the Company granted 160,000 and 156,774 shares, respectively of restricted stock pursuant to the 2020 Plan. As of June 30, 2021 , an aggregate of 923,219 shares of unvested restricted stock are outstanding pursuant to the 2020 Incentive Plan, the 2018 Incentive Plan (the "2018 Plan") and the 2016 Plan. No additional awards may be granted under the 2018 Plan or the 2016 Plan. 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 is included in the earnings per share computation. For the three months ended June 30, 2021 and 2020, the Company recorded $535,000 and $426,000 respectively, and for the six months ended June 30, 2021 and 2020, the Company recorded $1,036,000 and $829,000, respectively, of compensation expense related to the amortization of unearned compensation with respect to the restricted stock awards. At June 30, 2021 and December 31, 2020 , $8,625,000 and $4,411,000, respectively, 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 2.85 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 three and six months ended June 30, 2021 , the Company did not repurchase any shares. During the six months ended June 30, 2020, the Company repurchased 39,093 shares of common stock at an average market price of $15.76 for an aggregate cost of $616,000. 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, the Company, for the three and six months ended June 30, 2021 did not include any shares underlying the Units as criteria with respect to the Units has not been met and for the three and six months ended June 30, 2021 and June 30, 2020, 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator for basic and diluted earnings (loss) per share attributable to common stockholders: Net income (loss) attributable to common stockholders $ 6,027 $ (4,246) $ 2,262 $ (9,077) Denominator: Denominator for basic and diluted earnings per share—weighted average number of shares 17,720,488 17,176,401 17,520,963 17,054,327 Basic and diluted income (loss) per share $ 0.34 $ (0.25) $ 0.13 $ (0.53)

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	Leases Lessor Accounting The Company owns a commercial rental property leased to two tenants under operating leases with current expirations ranging from 2024 to 2028, with tenant 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 accounts for the combined component in accordance with ASC 842. 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 June 30, 2021, the remaining lease term, including the renewal option deemed exercised, is 24.3 years. The Company is 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 five-year renewal option. As of June 30, 2021 , the remaining lease term, including renewal options deemed exercised, is 15.5 years. As of June 30, 2021, the Company's Right of Use ("ROU") assets and lease liabilities were $2,668,000 and $2,721,000, respectively. As of December 31, 2020, the Company's ROU assets and lease liabilities were $2,652,000 and $2,674,000, 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 a commercial rental property leased to two tenants under operating leases with current expirations ranging from 2024 to 2028, with tenant 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 accounts for the combined component in accordance with ASC 842. 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 June 30, 2021, the remaining lease term, including the renewal option deemed exercised, is 24.3 years. The Company is 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 five-year renewal option. As of June 30, 2021 , the remaining lease term, including renewal options deemed exercised, is 15.5 years. As of June 30, 2021, the Company's Right of Use ("ROU") assets and lease liabilities were $2,668,000 and $2,721,000, respectively. As of December 31, 2020, the Company's ROU assets and lease liabilities were $2,652,000 and $2,674,000, 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	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties Real estate properties consist of the following (dollars in thousands): June 30, 2021 December 31, 2020 Land $ 23,317 $ 25,585 Building 141,143 154,854 Building improvements 8,724 10,590 Real estate properties 173,184 191,029 Accumulated depreciation (32,193) (30,837) Total real estate properties, net $ 140,991 $ 160,192 A summary of real estate property owned is as follows (dollars in thousands): December 31, 2020 Capitalized Costs and Improvements Depreciation Sale of Property June 30, 2021 Multi-family $ 153,604 $ 594 $ (2,897) $ (16,842) $ 134,459 Land - Daytona, FL 4,379 — — — 4,379 Retail shopping center and other 2,209 — (56) — 2,153 Total real estate properties $ 160,192 $ 594 $ (2,953) $ (16,842) $ 140,991 Property Dispositions On May 26, 2021 the Company sold its Kendall Manor-Houston, TX property, which had a book value of $16,842,000, for $24,500,000 and recognized a gain on the sale of the property of $7,279,000. In connection with the sale, the Company paid off the existing debt in the amount of $14,260,000.

Impairment Charges

Impairment Charges	6 Months Ended
	Jun. 30, 2021
Asset Impairment Charges [Abstract]
Impairment Charges	Impairment ChargesThe 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. When 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. When the Company does not expect to recover its carrying value on unconsolidated joint ventures that are under contract for sale, the Company, when it is determined that the sale is probable, reduces its carrying value to its fair value.

Restricted Cash

Restricted Cash	6 Months Ended
	Jun. 30, 2021
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	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Ventures	Investment in Unconsolidated Ventures At June 30, 2021 and December 31, 2020, the Company held interests in unconsolidated joint ventures (the "Unconsolidated Properties"), that own 30 and 31 multi-family properties, respectively. The condensed balance sheets below present information regarding such properties (dollars in thousands): June 30, 2021 December 31, 2020 ASSETS Real estate properties, net of accumulated depreciation of $142,413 and $145,600 $ 896,944 $ 1,075,178 Cash and cash equivalents 15,249 16,939 Other assets 32,116 29,392 Real estate properties held for sale 139,711 $ — Total Assets $ 1,084,020 $ 1,121,509 LIABILITIES AND EQUITY Liabilities: Mortgages payable, net of deferred costs of $4,951 and $5,537 $ 814,067 $ 829,646 Accounts payable and accrued liabilities 20,108 20,237 Total Liabilities 834,175 849,883 Commitments and contingencies Equity: Total unconsolidated joint venture equity 249,845 271,626 Total Liabilities and Equity $ 1,084,020 $ 1,121,509 BRT's interest in joint venture equity $ 159,799 $ 169,474 As of the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands): June 30, 2021 December 31, 2020 Land $ 110,887 $ 148,341 Building 893,443 1,029,739 Building improvements 35,027 42,698 Real estate properties 1,039,357 1,220,778 Accumulated depreciation (142,413) (145,600) Total real estate properties, net $ 896,944 $ 1,075,178 At June 30, 2021 and December 31, 2020, the weighted average interest rate on the mortgages payable is 3.96% and 3.96%, respectively, and the weighted average remaining term to maturity is 7.23 years and 7.67 years, respectively. The condensed income statement below presents information regarding the Unconsolidated Properties (dollars in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Revenues: Rental and other revenue $ 33,005 $ 31,542 $ 65,677 $ 62,385 Total revenues 33,005 31,542 65,677 62,385 Expenses: Real estate operating expenses 15,233 14,674 30,936 29,206 Interest expense 8,472 8,766 16,994 17,523 Depreciation 9,791 10,417 20,176 20,773 Total expenses 33,496 33,857 68,106 67,502 Total revenues less total expenses (491) (2,315) (2,429) (5,117) Equity in earnings 5 9 14 17 Impairment charges (490) — (2,813) — Insurance recoveries 490 — 2,813 — Gain on insurance recoveries — 338 — 338 Net loss from joint ventures $ (486) $ (1,968) $ (2,415) $ (4,762) BRT's equity in loss from joint ventures $ (492) $ (1,387) $ (1,837) $ (3,202) During the three and six months ended June 30, 2021, three of the unconsolidated Texas joint ventures recognized (i) $490,000 and $2,813,000 of impairment charges, respectively, as a result of ice storm damage and (ii) $490,000 and $2,813,000 of related insurance recoveries, respectively. On April 20, 2021, the Company sold its joint venture interest in Anatole Apartments, a property located in Daytona Beach, FL. The Company recognized a gain of $2,244,000 on the sale. On May 4, 2021, the Company purchased a 14.69% interest in Civic Center I and Civic Center II - Southaven, MS, from its joint venture partner for $6,031,000. After giving effect to this purchase, the Company owns 74.69% of the equity interest in the venture that owns these properties. On May 7, 2021, the Company entered into an agreement to acquire the 41.9% interest owned by its joint venture partners in the entity that owns Bells Bluff, a 402-unit multi-family property located in West Nashville, TN. The purchase price for the interest, after giving effect to the joint venture partners' carried interest, is $28,000,000, subject to working capital and certain other adjustments. After giving effect to this purchase, Bells Bluff will be wholly-owned by the Company. The completion of this purchase is subject to customary closing conditions, including the refinancing of the $47,200,000 floating rate ( i.e. , 2.975% at June 30, 2021) mortgage debt on the property. On July 20, 2021, the joint venture which owns The Avenue Apartments, Ocoee, FL sold the property for $107,661,000 and for the quarter ended September 30, 2021, will recognize a gain on the sale of this property of approximately $39,000,000. The Company's share of the gain will be approximately $19,000,000. The joint venture will also recognize a mortgage prepayment charge of $8,661,000 of which BRT's share will be approximately $4,200,000. At June 30, 2021, there was $53,060,000 of mortgage debt secured by this property which bore a 3.90% interest rate. On July 28, 2021, the joint venture which owns Parc at 980, Lawrenceville, GA sold the property for $118,250,000 million and for the quarter ended September 30, 2021, will recognize a gain on the sale of this property of approximately $44,000,000. Our share of the gain will be approximately $15,000,000. At June 30, 2021, there was $54,447,000 of mortgage debt secured by this property which bore a 3.97% interest rate.

Debt Obligations

Debt Obligations	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Debt obligations consist of the following (dollars in thousands): June 30, 2021 December 31, 2020 Mortgages payable $ 115,178 $ 130,997 Junior subordinated notes 37,400 37,400 Deferred financing costs (740) (880) Total debt obligations, net of deferred costs $ 151,838 $ 167,517 Mortgages Payable The weighted average interest rate on the Company's mortgage payables at June 30, 2021 was 4.14% and the weighted average remaining term to maturity is 4.34 years. For the three months ended June 30, 2021 and 2020, interest expense, which includes amortization of deferred financing costs, was $1,378,000 and $1,468,000, respectively. For the six months ended June 30, 2021 and 2020, interest expense, which includes amortization of deferred financing costs, was $2,808,000 and $2,943,000, respectively. In July 2021, the Company paid down $17,000,000 of mortgage debt pertaining to a primary loan of one property and a supplemental loan of a second property. Such debt was scheduled to mature in 2022 and bore a weighted average interest rate of 4.46%. Credit Facility The Company's credit facility with an affiliate of Valley National Bank, as amended and modified from time-to-time, allows the Company to borrow, subject to compliance with borrowing base requirements and other conditions, up to $15,000,000 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 2023 and bears an adjustable interest rate of 50 basis points over the prime rate, with a floor of 4.25%. The interest rate in effect as of June 30, 2021 is 4.25%. 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. For the three months ended June 30, 2021 and 2020, interest expense, which includes amortization of deferred financing costs and unused fees, was $19,000 and $47,000. For the six months ended June 30, 2021 and 2020, interest expense, which includes amortization of deferred financing costs and unused fees, was $36,000 and $62,000. Deferred financing costs of $30,000 and $12,000, are recorded in other assets on the Consolidated balance sheets at June 30, 2021 and December 31, 2020, respectively. At June 30, 2021, the Company is in compliance in all material respects with its obligation under the facility. At June 30, 2021 and July 31, 2021, there was no outstanding balance on the facility. Junior Subordinated Notes At June 30, 2021 and December 31, 2020, the outstanding principal balance of the Company's junior subordinated notes was $37,400,000, before deferred financing costs of $307,000 and $317,000, respectively. The interest rate on the

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
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 for these services in each of the three months ended June 30, 2021 and 2020 were $349,000 and for each of the six months ended June 30, 2021 and 2020 was $699,000. 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 $7,000 and $8,000 for the three months ended June 30, 2021 and 2020, respectively, and $14,000 and $16,000 for the six months ended June 30, 2021 and 2020, respectively. Pursuant to a shared services agreement between the Company and several affiliated entities, including Gould Investors

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and December 31, 2020, the estimated fair value of the notes is lower than their carrying value by approximately $8,539,000 and $8,670,000, respectively, based on a market interest rate of 4.13% and 4.22%, respectively. Mortgages payable: At June 30, 2021, the estimated fair value of the Company’s mortgages payable is greater than their carrying value by approximately $1,322,000, assuming market interest rates between 3.38% and 3.80%. At December 31, 2020, the estimated fair value of the Company's mortgages payable was greater than their carrying value by approximately $3,831,000, assuming market interest rates between 2.87% and 3.28%. 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 June 30, 2021 (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 $ 13 $ — $ 13 $ — Set forth below is information regarding the Company’s financial assets and liabilities measured at fair value as of December 31, 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 23 $ — $ 23 $ — 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 June 30, 2021 and December 31, 2020, this derivative is 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 June 30, 2021 and December 31, 2020, 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. Non-recurring fair value measurements The Company reviews each investment in real estate and joint venture interests when events or circumstances change, indicating the carrying 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, projected stabilized net operating income, and the ability to hold or dispose of the asset in the ordinary course of business. On June 8, 2021, we entered into a non-binding contract to sell our interests in OPOP Tower and Lofts to our partner for $3,000,000, which was below the asset carrying value as of June 30, 2021. As a result, we recorded an impairment charge of $520,000. As the estimate of fair value was based on a non-binding, privately negotiated contract, the Company classified the fair value estimate of the asset to determine impairment in Level 2 of the fair value hierarchy.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021, 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 $ 967 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: June 30, 2021 December 31, 2020 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Accounts payable and accrued liabilities $ 13 Accounts payable and accrued liabilities $ 23 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 June 30, Six Months Ended 2021 2020 2021 2020 Amount of (loss) gain recognized on derivative in Other Comprehensive Income $ — $ (2) $ — $ (27) Amount of (loss) gain reclassified from Accumulated Other Comprehensive Income into Interest expense $ (5) $ (3) $ (10) $ (5) Total amount of Interest expense presented in the Consolidated Statements of Operations $ 1,609 $ 1,809 $ 3,269 $ 3,669 The Company estimates an additional $14,000 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 June 30, 2021 and December 31, 2020, the fair value of derivatives in a net liability position including interest but excluding any adjustment for nonperformance risk related to these agreements was $15,000 and $25,000, respectively. As of June 30, 2021 and December 31, 2020, 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 settle it obligations under the agreement termination value of $15,000 and $25,000, at June 30, 2021 and December 31, 2020 respectively.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2021
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 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	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsSubsequent events have been evaluated and any significant events, relative to our consolidated financial statements as of June 30, 2021, that warrant additional disclosure, have been included in the notes to the consolidated financial statements.

Basis of Preparation (Policies)

Basis of Preparation (Policies)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	The accompanying interim unaudited consolidated financial statements as of June 30, 2021, and for the three and six
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 Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. For each venture, the Company evaluated the rights provided to each party in the venture to assess the consolidation of the venture. 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 variable interest entities ("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.
Use of Estimates	The preparation of the financial statements in conformity with GAAP, 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 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)	6 Months Ended
	Jun. 30, 2021
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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator for basic and diluted earnings (loss) per share attributable to common stockholders: Net income (loss) attributable to common stockholders $ 6,027 $ (4,246) $ 2,262 $ (9,077) Denominator: Denominator for basic and diluted earnings per share—weighted average number of shares 17,720,488 17,176,401 17,520,963 17,054,327 Basic and diluted income (loss) per share $ 0.34 $ (0.25) $ 0.13 $ (0.53)

Real Estate Properties (Tables)

Real Estate Properties (Tables)	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Summary of Real Estate Properties Owned	Real estate properties consist of the following (dollars in thousands): June 30, 2021 December 31, 2020 Land $ 23,317 $ 25,585 Building 141,143 154,854 Building improvements 8,724 10,590 Real estate properties 173,184 191,029 Accumulated depreciation (32,193) (30,837) Total real estate properties, net $ 140,991 $ 160,192 A summary of real estate property owned is as follows (dollars in thousands): December 31, 2020 Capitalized Costs and Improvements Depreciation Sale of Property June 30, 2021 Multi-family $ 153,604 $ 594 $ (2,897) $ (16,842) $ 134,459 Land - Daytona, FL 4,379 — — — 4,379 Retail shopping center and other 2,209 — (56) — 2,153 Total real estate properties $ 160,192 $ 594 $ (2,953) $ (16,842) $ 140,991 As of the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands): June 30, 2021 December 31, 2020 Land $ 110,887 $ 148,341 Building 893,443 1,029,739 Building improvements 35,027 42,698 Real estate properties 1,039,357 1,220,778 Accumulated depreciation (142,413) (145,600) Total real estate properties, net $ 896,944 $ 1,075,178

Investment in Unconsolidated _2

Investment in Unconsolidated Ventures (Tables)	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The condensed balance sheets below present information regarding such properties (dollars in thousands): June 30, 2021 December 31, 2020 ASSETS Real estate properties, net of accumulated depreciation of $142,413 and $145,600 $ 896,944 $ 1,075,178 Cash and cash equivalents 15,249 16,939 Other assets 32,116 29,392 Real estate properties held for sale 139,711 $ — Total Assets $ 1,084,020 $ 1,121,509 LIABILITIES AND EQUITY Liabilities: Mortgages payable, net of deferred costs of $4,951 and $5,537 $ 814,067 $ 829,646 Accounts payable and accrued liabilities 20,108 20,237 Total Liabilities 834,175 849,883 Commitments and contingencies Equity: Total unconsolidated joint venture equity 249,845 271,626 Total Liabilities and Equity $ 1,084,020 $ 1,121,509 BRT's interest in joint venture equity $ 159,799 $ 169,474 The condensed income statement below presents information regarding the Unconsolidated Properties (dollars in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Revenues: Rental and other revenue $ 33,005 $ 31,542 $ 65,677 $ 62,385 Total revenues 33,005 31,542 65,677 62,385 Expenses: Real estate operating expenses 15,233 14,674 30,936 29,206 Interest expense 8,472 8,766 16,994 17,523 Depreciation 9,791 10,417 20,176 20,773 Total expenses 33,496 33,857 68,106 67,502 Total revenues less total expenses (491) (2,315) (2,429) (5,117) Equity in earnings 5 9 14 17 Impairment charges (490) — (2,813) — Insurance recoveries 490 — 2,813 — Gain on insurance recoveries — 338 — 338 Net loss from joint ventures $ (486) $ (1,968) $ (2,415) $ (4,762) BRT's equity in loss from joint ventures $ (492) $ (1,387) $ (1,837) $ (3,202)
Summary of Real Estate Properties Owned	Real estate properties consist of the following (dollars in thousands): June 30, 2021 December 31, 2020 Land $ 23,317 $ 25,585 Building 141,143 154,854 Building improvements 8,724 10,590 Real estate properties 173,184 191,029 Accumulated depreciation (32,193) (30,837) Total real estate properties, net $ 140,991 $ 160,192 A summary of real estate property owned is as follows (dollars in thousands): December 31, 2020 Capitalized Costs and Improvements Depreciation Sale of Property June 30, 2021 Multi-family $ 153,604 $ 594 $ (2,897) $ (16,842) $ 134,459 Land - Daytona, FL 4,379 — — — 4,379 Retail shopping center and other 2,209 — (56) — 2,153 Total real estate properties $ 160,192 $ 594 $ (2,953) $ (16,842) $ 140,991 As of the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands): June 30, 2021 December 31, 2020 Land $ 110,887 $ 148,341 Building 893,443 1,029,739 Building improvements 35,027 42,698 Real estate properties 1,039,357 1,220,778 Accumulated depreciation (142,413) (145,600) Total real estate properties, net $ 896,944 $ 1,075,178

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt Obligations	Debt obligations consist of the following (dollars in thousands): June 30, 2021 December 31, 2020 Mortgages payable $ 115,178 $ 130,997 Junior subordinated notes 37,400 37,400 Deferred financing costs (740) (880) Total debt obligations, net of deferred costs $ 151,838 $ 167,517

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 (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 $ 13 $ — $ 13 $ — Set forth below is information regarding the Company’s financial assets and liabilities measured at fair value as of December 31, 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 23 $ — $ 23 $ —

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Interest Rate Derivatives	As of June 30, 2021, 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 $ 967 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: June 30, 2021 December 31, 2020 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Accounts payable and accrued liabilities $ 13 Accounts payable and accrued liabilities $ 23
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 June 30, Six Months Ended 2021 2020 2021 2020 Amount of (loss) gain recognized on derivative in Other Comprehensive Income $ — $ (2) $ — $ (27) Amount of (loss) gain reclassified from Accumulated Other Comprehensive Income into Interest expense $ (5) $ (3) $ (10) $ (5) Total amount of Interest expense presented in the Consolidated Statements of Operations $ 1,609 $ 1,809 $ 3,269 $ 3,669
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 June 30, 2021 (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 $ 13 $ — $ 13 $ — Set forth below is information regarding the Company’s financial assets and liabilities measured at fair value as of December 31, 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 23 $ — $ 23 $ —

Organization and Background (De

Organization and Background (Details) $ in Thousands	Jun. 30, 2021USD ($)propertyinvestmentstateproperty_unit	Dec. 31, 2020USD ($)property
Real Estate Properties [Line Items]
Number of properties | property	7
Number of states | state	6
Number of units | property_unit	1,608
Real estate properties, net of accumulated depreciation	$ 140,991	$ 160,192
Investments in unconsolidated joint ventures	159,799	$ 169,474
Real estate investments, other	6,593
Multi-family
Real Estate Properties [Line Items]
Real estate properties, net of accumulated depreciation	$ 134,458
Unconsolidated Joint Ventures
Real Estate Properties [Line Items]
Number of units | property_unit	8,954
Unconsolidated Joint Ventures
Real Estate Properties [Line Items]
Number of properties | property	30	31
Number of states | state	9
Real estate properties, net of accumulated depreciation	$ 896,944	$ 1,075,178
Number of investments | investment	30
Investments in unconsolidated joint ventures	$ 159,799
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%

Basis of Preparation (Details)

Basis of Preparation (Details)	6 Months Ended
	Jun. 30, 2021segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Equity - Narrative (Details)

Equity - Narrative (Details)	Jun. 25, 2021$ / shares	Jun. 30, 2021USD ($)shares	Jan. 31, 2021shares	Jun. 30, 2016shares	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2021USD ($)shares	Dec. 31, 2020USD ($)	Nov. 30, 2019USD ($)agent	Sep. 12, 2019USD ($)
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							$ 0	$ 616,000
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					0		0	39,093
Average market price of shares repurchased (in dollars per share) | $ / shares								$ 15.76
Repurchases of common stock								$ 616,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards available for grant (in shares) | shares		250,000			250,000		250,000		250,000
Market value							$ 4,200,000,000
Dividends paid		$ 775,000			$ 775,000		$ 775,000		$ 775,000
Shares not satisfied (in shares) | shares		200,000			200,000		200,000		200,000
Shares forfeited (in shares) | shares							200,000
Compensation expense					$ 34,000	$ 35,000	$ 71,000	70,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense					535,000	$ 426,000	1,036,000	$ 829,000
Deferred unearned compensation		$ 8,625,000			$ 8,625,000		$ 8,625,000		$ 8,625,000	$ 4,411,000
Remaining weighted average vesting period							2 years 10 months 6 days
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		1,000,000
Number of awards available for grant (in shares) | shares		527,149			527,149		527,149		527,149
Incentive Plan 2020 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares) | shares		160,000	156,774
Shares outstanding (in shares) | shares		923,219			923,219		923,219		923,219
Incentive Plan 2016 | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares) | shares				450,000			210,375
Prior Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for shares issued
Prior Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards available for grant (in shares) | shares		0			0		0		0
Vesting period for shares issued		5 years
Private Placement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of agents | agent											3
Common stock issued in offering											$ 30,000,000
Shares sold in offering (in shares) | shares							410,221	694,298	1,216,482
Aggregate sales price							$ 7,462,000	$ 12,293,000	$ 21,777,000
Payments for commissions							$ 112,000	185,000	327,000
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator for basic and diluted earnings (loss) per share attributable to common stockholders:
Net income (loss) attributable to common stockholders	$ 6,027	$ (4,246)	$ 2,262	$ (9,077)
Denominator:
Denominator for basic earnings per share—weighted average number of shares (in shares)	17,720,488	17,176,401	17,520,963	17,054,327
Basic income (loss) per share (in dollars per share)	$ 0.34	$ (0.25)	$ 0.13	$ (0.53)
Diluted income (loss) per share (in dollars per share)	$ 0.34	$ (0.25)	$ 0.13	$ (0.53)

Leases - Lessee Accounting (Det

Leases - Lessee Accounting (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)contract	Dec. 31, 2020USD ($)
Lessee, Lease, Description [Line Items]
Right-of-use asset	$ 2,668	$ 2,652
Lease liability	$ 2,721	$ 2,674
Ground Lease | Yonkers, NY
Lessee, Lease, Description [Line Items]
Number of contracts | contract	1
Renewal term option	21 years
Remaining term	24 years 3 months 18 days
Corporate Office | Great Neck, NY
Lessee, Lease, Description [Line Items]
Renewal term option	5 years
Remaining term	15 years 6 months

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties (Including Properties Held For Sale) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Real Estate [Abstract]
Land	$ 23,317	$ 25,585
Building	141,143	154,854
Building improvements	8,724	10,590
Real estate properties	173,184	191,029
Accumulated depreciation	(32,193)	(30,837)
Total real estate properties, net	$ 140,991	$ 160,192

Real Estate Properties - Summar

Real Estate Properties - Summary of Real Estate Properties Owned (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	$ 160,192
Capitalized Costs and Improvements	594
Depreciation	(2,953)
Sale of Property	(16,842)
Real estate properties, ending balance	140,991
Multi-family
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	153,604
Capitalized Costs and Improvements	594
Depreciation	(2,897)
Sale of Property	(16,842)
Real estate properties, ending balance	134,459
Land - Daytona, FL | Daytona, FL
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance	4,379
Capitalized Costs and Improvements	0
Depreciation	0
Sale of Property	0
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	2,209
Capitalized Costs and Improvements	0
Depreciation	(56)
Sale of Property	0
Real estate properties, ending balance	$ 2,153

Real Estate- Narrative (Details

Real Estate- Narrative (Details) - USD ($) $ in Thousands	May 26, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Real Estate Properties [Line Items]
Real estate properties		$ 173,184		$ 173,184		$ 191,029
Real estate properties, net of accumulated depreciation		140,991		140,991		$ 160,192
Gain on sale of real estate		$ 7,279	$ 0	$ 7,279	$ 0
Kendall Manor Houston Texas
Real Estate Properties [Line Items]
Real estate properties	$ 16,842,000
Real estate properties, net of accumulated depreciation	24,500,000
Gain on sale of real estate	7,279,000
Outstanding principal balance	$ 14,260,000

Impairment Charges (Details)

Impairment Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Asset Impairment Charges [Abstract]
Impairment charge	$ 520	$ 0	$ 520	$ 0

Investment in Unconsolidated _3

Investment in Unconsolidated Ventures - Narrative (Details)	Jul. 28, 2021USD ($)	Jul. 20, 2021USD ($)	May 04, 2021USD ($)	Apr. 20, 2021USD ($)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)propertyproperty_unit	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)propertyproperty_unit	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)property	Jul. 31, 2021USD ($)	May 07, 2021USD ($)property_Unit
Schedule of Equity Method Investments [Line Items]
Number of properties | property						7		7
Impairment charge						$ 520,000	$ 0	$ 520,000	$ 0
Number of units | property_unit						1,608		1,608
Gain on sale of real estate						$ 7,279,000	0	$ 7,279,000	0
Mortgages payable
Schedule of Equity Method Investments [Line Items]
Debt, long-term and short-term debt, combined amount						$ 115,178,000		$ 115,178,000		$ 130,997,000
Mortgages payable | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Outstanding principal balance											$ 17,000,000
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties | property						30		30		31
Weighted average interest rate (as a percent)						3.96%		3.96%		3.96%
Weighted average remaining term to maturity								7 years 2 months 23 days		7 years 8 months 1 day
Impairment charge						$ 490,000	0	$ 2,813,000	0
Insurance recoveries						490,000	$ 0	2,813,000	$ 0
Unconsolidated Joint Ventures | Texas
Schedule of Equity Method Investments [Line Items]
Impairment charge						$ 490,000		2,813,000,000,000
Insurance recoveries								$ 2,813,000,000,000
Unconsolidated Joint Ventures | Anatole Apartments, Daytona Beach, FL | Property Acquisition
Schedule of Equity Method Investments [Line Items]
Gain from sale				$ 2,244,000
Unconsolidated Joint Ventures | Avenue, Ocoee, FL
Schedule of Equity Method Investments [Line Items]
Interest rate						3.90%		3.90%
Outstanding principal balance						$ 53,060,000		$ 53,060,000
Unconsolidated Joint Ventures | Avenue, Ocoee, FL | Forecast
Schedule of Equity Method Investments [Line Items]
Gain on sale of real estate					$ 39,000,000
Unconsolidated Joint Ventures | Avenue, Ocoee, FL | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Gain on sale of real estate		$ 19,000,000
Proceeds from sale of property held-for-sale		107,661,000
Prepayment penalty		8,661,000
Unconsolidated Joint Ventures | Lawrenceville, GA
Schedule of Equity Method Investments [Line Items]
Interest rate						3.97%		3.97%
Outstanding principal balance						$ 54,447,000		$ 54,447,000
Unconsolidated Joint Ventures | Lawrenceville, GA | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Gain on sale of real estate	$ 44,000,000
Proceeds from sale of property held-for-sale	118,250,000
Unconsolidated Joint Ventures | VIE | Civic Center I and Civic Center II - Southaven, MS | Property Acquisition
Schedule of Equity Method Investments [Line Items]
Additional interest acquired			14.69%
Purchase price			$ 6,031,000
Ownership percentage			74.69%
Unconsolidated Joint Ventures | VIE | Bells Bluff, West Nashville, TN | Property Acquisition
Schedule of Equity Method Investments [Line Items]
Purchase price												$ 28,000,000
Unconsolidated Joint Ventures | VIE | Bells Bluff, West Nashville, TN | Property Acquisition | Mortgages payable
Schedule of Equity Method Investments [Line Items]
Debt, long-term and short-term debt, combined amount												$ 47,200,000
Interest rate						2.975%		2.975%
Unconsolidated Joint Ventures | VIE | Bells Bluff, West Nashville, TN | Property Acquisition | Multi-family
Schedule of Equity Method Investments [Line Items]
Additional interest acquired												41.90%
Number of units | property_Unit												402
Unconsolidated Joint Ventures | BRT | Avenue, Ocoee, FL | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Prepayment penalty		$ 4,200,000
Unconsolidated Joint Ventures | BRT | Lawrenceville, GA | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Gain on sale of real estate	$ 15,000,000

Investment in Unconsolidated _4

Investment in Unconsolidated Ventures - Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
ASSETS
Real estate properties, net of accumulated depreciation	$ 140,991	$ 160,192
Cash and cash equivalents	34,666	19,885	$ 16,874
Other assets	7,851	7,390
Total Assets	351,239	365,741
Liabilities:
Mortgages payable	114,745	130,434
Accounts payable and accrued liabilities	18,936	20,536
Total Liabilities	170,774	188,053
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	180,480	177,772
Total Liabilities and Equity	351,239	365,741
Deferred mortgage costs	740	880
Mortgages payable
Equity:
Deferred mortgage costs	433	563
Unconsolidated Joint Ventures
ASSETS
Real estate properties, net of accumulated depreciation	896,944	1,075,178
Cash and cash equivalents	15,249	16,939
Other assets	32,116	29,392
Real estate property held for sale	139,711	0
Total Assets	1,084,020	1,121,509
Liabilities:
Mortgages payable	814,067	829,646
Accounts payable and accrued liabilities	20,108	20,237
Total Liabilities	834,175	849,883
Equity:
Total unconsolidated joint venture equity	249,845	271,626
Total Liabilities and Equity	1,084,020	1,121,509
BRT's interest in joint venture equity	159,799	169,474
Real estate properties, net of accumulated depreciation	142,413	145,600
Unconsolidated Joint Ventures | Mortgages payable
Equity:
Deferred mortgage costs	$ 4,951	$ 5,537

Investment in Unconsolidated _5

Investment in Unconsolidated Ventures - Summary of Real Estate Properties Owned (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Land	$ 23,317	$ 25,585
Building	141,143	154,854
Building improvements	8,724	10,590
Real estate properties	173,184	191,029
Accumulated depreciation	(32,193)	(30,837)
Total real estate properties, net	140,991	160,192
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Land	110,887	148,341
Building	893,443	1,029,739
Building improvements	35,027	42,698
Real estate properties	1,039,357	1,220,778
Accumulated depreciation	(142,413)	(145,600)
Total real estate properties, net	$ 896,944	$ 1,075,178

Investment in Unconsolidated _6

Investment in Unconsolidated Ventures - Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Total revenues	$ 6,961	$ 6,816	$ 14,060	$ 13,740
Expenses:
Real estate operating expenses	3,166	3,004	6,283	6,062
Interest expense	1,609	1,809	3,269	3,669
Depreciation	1,416	1,809	2,953	3,370
Total expenses	9,865	9,579	19,293	19,425
Total revenues less total expenses	(2,904)	(2,763)	(5,233)	(5,685)
Impairment charges	(520)	0	(520)	0
Net loss from joint ventures	33	31	67	63
BRT's equity in loss from joint ventures	6,027	(4,246)	2,262	(9,077)
Unconsolidated Joint Ventures
Revenues:
Rental and other revenue	33,005	31,542	65,677	62,385
Total revenues	33,005	31,542	65,677	62,385
Expenses:
Real estate operating expenses	15,233	14,674	30,936	29,206
Interest expense	8,472	8,766	16,994	17,523
Depreciation	9,791	10,417	20,176	20,773
Total expenses	33,496	33,857	68,106	67,502
Total revenues less total expenses	(491)	(2,315)	(2,429)	(5,117)
Equity in earnings	5	9	14	17
Impairment charges	(490)	0	(2,813)	0
Insurance recoveries	490	0	2,813	0
Gain on insurance recoveries	0	338	0	338
Net loss from joint ventures	(486)	(1,968)	(2,415)	(4,762)
BRT's equity in loss from joint ventures	$ (492)	$ (1,387)	$ (1,837)	$ (3,202)

Debt Obligations - Summary of D

Debt Obligations - Summary of Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Deferred financing costs	$ (740)	$ (880)
Total debt obligations, net of deferred costs	151,838	167,517
Mortgages payable
Debt Instrument [Line Items]
Debt, long-term and short-term debt, combined amount	115,178	130,997
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jul. 31, 2021
Debt Instrument [Line Items]
Weighted average interest rate on mortgage debt (as a percentage)	4.14%		4.14%
Average maturity			4 years 4 months 2 days
Interest expense	$ 1,378	$ 1,468	$ 2,808	$ 2,943
Subsequent Event
Debt Instrument [Line Items]
Weighted average interest rate on mortgage debt (as a percentage)					4.46%
Outstanding principal balance					$ 17,000

Debt Obligations - Credit Facil

Debt Obligations - Credit Facility (Details) - USD ($)	Apr. 18, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Apr. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Deferred costs		$ 740,000		$ 740,000			$ 880,000
Line of Credit | Valley National Bank | Credit Facility, Maturing April 2021 | Secured Debt
Debt Instrument [Line Items]
Debt assumed, face value	$ 15,000,000
Effective interest rate		4.25%		4.25%
Amortization of deferred fees and unused fees		$ 19,000	$ 47,000
Interest expense				$ 36,000	$ 62,000
Deferred costs		30,000		30,000			$ 12,000
Unused borrowing capacity fee, percentage	0.25%
Facility amount drawn		$ 0		$ 0		$ 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	4.25%

Debt Obligations - Junior Subor

Debt Obligations - Junior Subordinated Notes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Obligations
Deferred costs	$ 740		$ 740		$ 880
Junior subordinated notes
Debt Obligations
Outstanding principal balance	37,400		37,400		37,400
Deferred costs	$ 307		$ 307		$ 317
Effective interest rate	2.21%	2.76%	2.21%	2.76%
Interest expense	$ 212	$ 293	$ 426	$ 663
Junior subordinated notes | London Interbank Offered Rate (LIBOR)
Debt Obligations
Basis spread on variable rate			2.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Related party - general and administrative	$ 179	$ 238	$ 351	$ 464
Director | Advisory services
Related Party Transaction [Line Items]
Related party expense	349		699
Majestic Property Management Corporation | Real Property Management Real Estate Brokerage And Construction Supervision Services
Related Party Transaction [Line Items]
Related party expense	7	8	14	16
Gould Investors Limited Partnership | Shared Services Agreement
Related Party Transaction [Line Items]
Related party - general and administrative	$ 179	$ 238	$ 351	$ 464

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Jun. 08, 2021	Jun. 30, 2021	Dec. 31, 2020
Real Estate Investment
Financial Instruments Not Measured at Fair Value
Sale of derivatives	$ 3,000
Impairment charge		$ 520
Level 2 | Market Approach Valuation Technique | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)		4.13%	4.22%
Level 2 | Market Approach Valuation Technique | Mortgages payable | Minimum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)		3.38%	2.87%
Level 2 | Market Approach Valuation Technique | Mortgages payable | Maximum
Financial Instruments Not Measured at Fair Value
Market interest rate (as a percent)		3.80%	3.28%
Carrying and Fair Value | Level 2 | Junior subordinated notes
Financial Instruments Not Measured at Fair Value
Estimated fair value (lower) higher than carrying value		$ 8,539	$ 8,670
Carrying and Fair Value | Level 2 | Mortgages payable
Financial Instruments Not Measured at Fair Value
Estimated fair value (lower) higher than carrying value		$ 1,322	$ 3,831

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value (Details) - Interest rate swap - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Level 1
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total Financial Liabilities	$ 0	$ 0
Level 2
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total Financial Liabilities	13	23
Level 3
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total Financial Liabilities	0	0
Carrying and Fair Value
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities)
Total Financial Liabilities	$ 13	$ 23

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020
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	$ 14
Credit-risk-related Contingent Features
Fair value of the derivative in a net liability position	15				$ 25
Termination value to settlement of obligations	15				25
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	$ 0	$ (2)	$ (27)
Amount of (loss) gain reclassified from Accumulated Other Comprehensive Income into Interest expense	(5)	(10)	(3)	(5)
Total amount of Interest expense presented in the Consolidated Statements of Operations	1,609	$ 3,269	$ 1,809	$ 3,669
Accounts payable and accrued liabilities
Fair value of derivative financial instruments
Fair value of derivative financial instrument liability	13				$ 23
Hedging Instrument | Interest Rate Swap, Maturity Date April 1, 2022
Derivative [Line Items]
Current Notional Amount	$ 967
Fixed Rate	5.25%