BRT Apartments (BRT) 10-Q 8 Aug 22 2022 Q2 Quarterly report Financial data

COVER

COVER - shares	6 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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)		18,868,674
Amendment Flag	false
Entity Central Index Key	0000014846
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Real estate properties, net of accumulated depreciation and amortization of $43,031 and $36,467	$ 447,886	$ 293,550
Investments in unconsolidated joint ventures	79,782	112,347
Cash and cash equivalents	57,045	32,339
Restricted cash	4,787	6,582
Other assets	15,721	10,341
Real estate property held for sale	0	4,379
Total Assets	605,221	459,538
Liabilities:
Mortgages payable, net of deferred costs of $2,863 and $980	296,974	199,877
Junior subordinated notes, net of deferred costs of $287 and $297	37,113	37,103
Accounts payable and accrued liabilities	21,984	19,607
Total Liabilities	356,071	256,587
Commitments and contingencies
BRT Apartments Corp. stockholders' equity:
Preferred shares $0.01 par value 2,000 shares authorized, none outstanding	0	0
Common stock, $0.01 par value, 300,000 shares authorized; 17,770 and 17,349 shares outstanding	178	173
Additional paid-in capital	266,256	258,161
Accumulated deficit	(17,291)	(55,378)
Total BRT Apartments Corp. stockholders’ equity	249,143	202,956
Non-controlling interest	7	(5)
Total Equity	249,150	202,951
Total Liabilities and Equity	$ 605,221	$ 459,538

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Real estate accumulated depreciation	$ 43,031	$ 36,467
Deferred mortgage costs	$ 3,150	$ 1,277
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)	17,770,000	17,349,000
Mortgages payable
Debt Instrument [Line Items]
Deferred mortgage costs	$ 2,863	$ 980
Junior subordinated notes
Debt Instrument [Line Items]
Deferred mortgage costs	$ 287	$ 297

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Rental and other revenue from real estate properties	$ 14,683,000	$ 6,958,000	$ 26,113,000	$ 14,053,000
Other income	2,000	3,000	6,000	7,000
Total revenues	14,685,000	6,961,000	26,119,000	14,060,000
Expenses:
Real estate operating expenses - including $8 and $7 to related parties for the three months ended and $19 and $14 for the six months ended	6,348,000	3,166,000	11,101,000	6,283,000
Interest expense	2,912,000	1,609,000	4,933,000	3,269,000
General and administrative - including $185 and $179 to related parties for the three months ended and $431 and $351 for the six months ended	3,533,000	3,154,000	7,166,000	6,268,000
Impairment charge	0	520,000	0	520,000
Depreciation and amortization	5,010,000	1,416,000	8,616,000	2,953,000
Total expenses	17,803,000	9,865,000	31,816,000	19,293,000
Total revenues less total expenses	(3,118,000)	(2,904,000)	(5,697,000)	(5,233,000)
Equity in (loss) earnings of unconsolidated joint ventures	(50,000)	(492,000)	1,180,000	(1,837,000)
Equity in earnings from sale of unconsolidated joint ventures properties	40,098,000	0	53,059,000	0
Gain on sale of real estate	0	7,279,000	6,000	7,279,000
Gain on sale of partnership interest	0	2,244,000	0	2,244,000
Loss on extinguishment of debt	(563,000)	0	(563,000)	0
Income from continuing operations	36,367,000	6,127,000	47,985,000	2,453,000
Income tax provision	724,000	67,000	798,000	124,000
Net income from continuing operations, net of taxes	35,643,000	6,060,000	47,187,000	2,329,000
Net income attributable to non-controlling interest	(36,000)	(33,000)	(72,000)	(67,000)
Net income attributable to common stockholders	$ 35,607,000	$ 6,027,000	$ 47,115,000	$ 2,262,000
Weighted average number of shares of common stock outstanding:
Basic (in shares)	17,671,073	17,720,488	17,616,740	17,520,963
Diluted (in shares)	17,726,343	17,720,488	17,690,601	17,520,963
Per share amounts attributable to common stockholders:
Basic (in dollars per share)	$ 1.91	$ 0.34	$ 2.54	$ 0.13
Diluted (in dollars per share)	$ 1.91	$ 0.34	$ 2.53	$ 0.13

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Related party - real estate operating expenses	$ 8	$ 7	$ 19	$ 14
Related party - general and administrative	$ 185	$ 179	$ 431	$ 351

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ 35,643	$ 6,060	$ 47,187	$ 2,329
Other comprehensive income :
Unrealized gain on derivative instruments	0	5	0	10
Other comprehensive income	0	5	0	10
Comprehensive income	35,643	6,065	47,187	2,339
Comprehensive (income) attributable to non-controlling interests	(36)	(34)	(72)	(69)
Comprehensive income attributable to common stockholders	$ 35,607	$ 6,031	$ 47,115	$ 2,270

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive income	Accumulated Deficit	Non- Controlling Interest
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)
Beginning balance at Dec. 31, 2021	202,951	173	258,161	0	(55,378)	(5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions - common stock	(4,305)				(4,305)
Restricted stock and restricted stock units vesting	0	2	(2)
Compensation expense - restricted stock and restricted stock units	974		974
Shares issued through equity offering program, net	3,038	1	3,037
Net (loss) income	11,544				11,508	36
Comprehensive loss	11,544
Ending balance at Mar. 31, 2022	214,202	176	262,170	0	(48,175)	31
Beginning balance at Dec. 31, 2021	202,951	173	258,161	0	(55,378)	(5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	47,187
Other comprehensive income (loss)	0
Comprehensive loss	47,187
Ending balance at Jun. 30, 2022	249,150	178	266,256	0	(17,291)	7
Beginning balance at Mar. 31, 2022	214,202	176	262,170	0	(48,175)	31
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions - common stock	(4,723)				(4,723)
Compensation expense - restricted stock and restricted stock units	1,001		1,001
Distributions to non-controlling interests	(60)					(60)
Shares issued through equity offering program, net	3,087	2	3,085
Net (loss) income	35,643				35,607	36
Other comprehensive income (loss)	0
Comprehensive loss	35,643
Ending balance at Jun. 30, 2022	$ 249,150	$ 178	$ 266,256	$ 0	$ (17,291)	$ 7

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.25	$ 0.23	$ 0.22	$ 0.22

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Cash flows from operating activities:
Net (loss) income	$ 35,643,000	$ 6,060,000	$ 47,187,000	$ 2,329,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization			8,616,000	2,953,000
Amortization of deferred financing costs			132,000	153,000
Amortization of debt fair value adjustment			(166,000)	0
Amortization of restricted stock and restricted stock units			1,975,000	1,107,000
Equity in (earnings) loss of unconsolidated joint ventures	50,000	492,000	(1,180,000)	1,837,000
Equity in earnings of sale of real estate of unconsolidated venture	(40,098,000)	0	(53,059,000)	0
Impairment charge	0	520,000	0	520,000
Gain on sale of real estate	0	(7,279,000)	(6,000)	(7,279,000)
Gain on sale of partnership interest	0	(2,244,000)	0	(2,244,000)
Loss on extinguishment of debt	563,000	0	563,000	0
Increases and decreases from changes in other assets and liabilities:
Increase in other assets			(432,000)	(443,000)
Decrease in accounts payable and accrued liabilities			(851,000)	(2,021,000)
Net cash provided by (used in) operating activities			2,779,000	(3,088,000)
Cash flows from investing activities:
Improvements to real estate properties			(1,807,000)	(594,000)
Purchase of investment in joint ventures			(42,784,000)	0
Proceeds from the sale of real estate			4,385,000	24,133,000
Proceeds from the sale of partnership interest			0	7,540,000
Distributions from unconsolidated joint ventures			74,670,000	8,053,000
Contributions to unconsolidated joint ventures			(3,044,000)	(6,031,000)
Net cash provided by investing activities			31,420,000	33,101,000
Cash flows from financing activities:
Proceeds from mortgages payable			18,953,000	0
Mortgage payoffs			(26,761,000)	(14,260,000)
Mortgage principal payments			(821,000)	(1,559,000)
Increase in deferred financing costs			(264,000)	(38,000)
Dividends paid			(8,460,000)	(7,592,000)
Distributions to non-controlling interests			(60,000)	0
Proceeds from the sale of common stock			6,125,000	7,349,000
Net cash used in financing activities			(11,288,000)	(16,100,000)
Net increase in cash, cash equivalents and restricted cash:			22,911,000	13,913,000
Cash, cash equivalents and restricted cash at beginning of period			38,921,000	28,685,000
Cash, cash equivalents and restricted cash at end of period	61,832,000	42,598,000	61,832,000	42,598,000
Supplemental disclosure of cash flow information:
Cash paid during the period for interest			4,826,000	3,118,000
Cash paid for income taxes			291,000	194,000
Consolidation on buyout of partnership interests:
Increase in real estate assets			(159,121,000)
Increase in other assets			(6,972,000)
Increase in mortgage payable			107,757,000
Increase in deferred loan costs			(2,272,000)
Increase in accounts payable and accrued liabilities			2,646,000
Decrease in investment in unconsolidated joint ventures			15,178,000
Purchase and consolidation of investment in joint venture			(42,784,000)	0
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	57,045,000	34,666,000	57,045,000	34,666,000
Restricted cash	4,787,000	7,932,000	4,787,000	7,932,000
Total cash, cash equivalents and restricted cash, shown in consolidated statement of cash flows	$ 61,832,000	$ 42,598,000	$ 61,832,000	$ 42,598,000

Organization and Background

Organization and Background	6 Months Ended
	Jun. 30, 2022
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, operates and, to a lesser extent, develops multi-family properties. The Company conducts its operations to qualify as a real estate investment trust, or REIT, for federal income tax purposes. These multi-family properties may be wholly owned by the Company (including its consolidated subsidiaries) or by unconsolidated joint ventures in which the Company generally contributes a significant portion of the equity. At June 30, 2022, the Company: (a) wholly owns sixteen multi-family properties located in nine states with an aggregate of 3,848 units and a carrying value of $445,930,000; (b) has interests, through unconsolidated entities, in 14 multi-family properties located in six states with an aggregate of 4,557 units with a carrying value of $76,749,000 and; (c) has a 17.45% interest in a development project with a carrying value of $3,044,000. BRT's equity interests in these unconsolidated entities range from 17.45% to 80%. 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, 2022, the carrying value of the other real estate assets was $1,956,000.

Basis of Preparation

Basis of Preparation	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	Basis of Preparation The accompanying interim unaudited consolidated financial statements, 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, 2022 and 2021, are not necessarily indicative of the results for the full year. The consolidated audited balance sheet as of December 31, 2021, 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, 2021 (the "Annual Report") 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, as determined in accordance with GAAP, 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, 2022
Equity [Abstract]
Equity	Equity Equity Distribution Agreements Effective as of March 18, 2022, the Company (i) terminated the equity distribution agreements dated November 26, 2019, as amended March 31, 2021 and (ii) entered into separate equity distribution agreements with two sales agents to sell an aggregate sales price of up to $40,000,000 of its common stock from time-to-time in an at-the-market offering. During the three and six months ended June 30, 2022, the Company sold 137,477 and 273,756 shares for an aggregate sales price of $3,127,000 and $6,209,000 before commissions and fees of $39,087 and $83,166 respectively. During the three and 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, respectively. Common Stock Dividend Distribution The Company declared a quarterly cash distribution of $0.25 per share, payable on July 8, 2022 to stockholders of record on June 30, 2022. Dividend Reinvestment Plan The Dividend Reinvestment Plan (the “DRP”), among other things, provides stockholders with the opportunity to reinvest all or a portion of their cash dividends paid on the Company’s common stock in additional shares of its common stock, at a discount, determined in the Company’s sole discretion, of up to 5% from the market price for the common stock (as such price is calculated pursuant to the DRP). The discount from the market price is currently 3%. The DRP is effective with the dividend paid on July 8, 2022. Stock Based Compensation During the six months ended June 30, 2022, the Company's board of directors adopted, and the stockholders' approved, the 2022 Incentive Plan (the "2022 Plan"). This plan permits the Company to grant: (i) stock options, restricted stock, restricted stock units, performance shares awards and any one or more of the foregoing, 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, 2022, 787,531 shares are available for issuance pursuant to awards under the 2022 Plan. Awards to acquire 934,092 shares of common stock are outstanding under the 2020 Incentive Plan and the 2018 Incentive Plan (collectively the "Prior Plans") and no further awards may be made pursuant to the Prior Plans. Restricted Stock Units In June 2022 and 2021, the Company issued restricted stock units (the "RSUs") to acquire up to 212,469 and 210,375 shares of common stock pursuant to the 2022 Plan and the 2020 Incentive Plan, respectively. Generally, the RSUs entitle the recipients, subject to continued service through the three year vesting period 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 that would have been paid from the grant date through the vesting date with respect to the shares of common stock underlying the RSUs if, when, and to the extent, the related RSUs vest. The shares underlying the RSUs are not participating securities but are contingently issuable shares. Expense is recognized over the applicable vesting period on the RSUs which the Company expects to vest. For the three months ended June 30, 2022 and 2021, the Company recorded $250,000 and $34,000, respectively, and for the six months ended June 30, 2022 and 2021, the Company recorded $500,000 and $71,000, respectively, of compensation expense related to the amortization of unearned compensation with respect to the RSUs issued under the 2020 Incentive Plan. At June 30, 2022 and December 31, 2021, $1,747,000 and $2,248,000 of compensation expense, respectively, has been deferred and will be charged to expense over the remaining vesting periods. Restricted Stock In January 2022, the Company granted 158,973 shares, of restricted stock pursuant to the 2020 Plan. As of June 30, 2022 , an aggregate of 934,092 shares of unvested restricted stock are outstanding pursuant to the 2020 Incentive Plan and the 2018 Incentive Plan (the "2018 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, 2022 and 2021, the Company recorded $751,000 and $535,000 respectively, and for the six months ended June 30, 2022 and 2021, respectively, the Company recorded $1,475,000 and $1,036,000, respectively, of compensation expense related to the amortization of unearned compensation with respect to the restricted stock awards. At June 30, 2022 and December 31, 2021 , $9,231,000 and $7,332,000, 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 2.8 years. Stock Buyback On September 13, 2021, the Board of Directors approved a stock repurchase plan authorizing the Company, effective as of October 1, 2021, to repurchase up to $5,000,000 of shares of common stock through December 31, 2023. During the three and six months ended June 30, 2022, and June 30, 2021, the Company did not repurchase any shares of common stock. 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. Net income is also allocated to the unvested restricted stock outstanding during each period, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. The RSUs 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 includes only those shares underlying the RSUs that it anticipates will vest based on management's current estimates. The Company excludes any shares underlying the RSUs from such calculation if their effect would have been anti-dilutive. The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator for basic and diluted earnings per share: Net Income $ 35,643 $ 6,060 $ 47,187 $ 2,329 Deduct net income attributable to non-controlling interests (36) (33) (72) (67) Deduct earnings allocated to unvested restricted stock (1,787) (295) (2,354) (371) Net income available for common stockholders: basic and diluted $ 33,820 $ 5,732 $ 44,761 $ 1,891 Denominator for basic earnings per share: Weighted average number of common shares outstanding 17,671,073 17,720,488 17,616,740 17,520,963 Effect of dilutive securities: RSUs 55,270 — 73,861 — Denominator for diluted earnings per share: Weighted average number of shares 17,726,343 17,720,488 17,690,601 17,520,963 Earnings per common share, basic $ 1.91 $ 0.34 $ 2.54 $ 0.13 Earnings per common share, diluted $ 1.91 $ 0.34 $ 2.53 $ 0.13

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Leases Lessor Accounting The Company owns a commercial building leased to two tenants under operating leases expiring 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, 2022, the remaining lease term, including the renewal option deemed exercised, is 23.3 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, 2022, the remaining lease term, including renewal options deemed exercised, is 14.5 years. As of June 30, 2022, the Company's Right of Use ("ROU") assets and lease liabilities were $2,469,000 and $2,550,000, respectively. As of December 31, 2021, the Company's ROU assets and lease liabilities were $2,568,000 and $2,629,000, 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, 2022
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties Real estate properties, excluding real estate held for sale, consists of the following (dollars in thousands): June 30, 2022 December 31, 2021 Land $ 57,138 $ 38,822 Building 422,619 281,841 Building improvements 11,160 9,354 Real estate properties 490,917 330,017 Accumulated depreciation (43,031) (36,467) Total real estate properties, net $ 447,886 $ 293,550 A summary of real estate properties owned is as follows (dollars in thousands): December 31, 2021 Partner Buyouts Improvements Depreciation Sale of Property June 30, 2022 Multi-family $ 291,538 $ 159,121 $ 1,807 $ (6,537) $ — $ 445,929 Retail shopping center and other 2,012 — — (55) — 1,957 Total real estate properties $ 293,550 $ 159,121 $ 1,807 $ (6,592) $ — $ 447,886 Partner Buyouts In the six months ended June 30, 2022, the Company completed the purchase of its partners' remaining interests in the unconsolidated joint ventures that own the properties identified below. As a result of these purchases, these properties (including the related mortgage debt - see note 9 - "Debt Obligations") are wholly-owned and effective as of the closing of such purchase, are included in the Company's consolidated balance sheet and results of operations (dollars in thousands): Buyout Date Property Name Location Units Remaining Interest Purchased Purchase Price (1) 03/23/2022 Verandas at Alamo San Antonio, TX 288 28.1 % $ 8,721 04/07/2022 Vanguard Heights Creve Coeur, MO 174 21.6 % 4,880 05/11/2022 Jackson Square Tallahassee, FL 242 20 % 7,215 05/24/2022 Brixworth at Bridge Street Huntsville, AL 208 20 % 10,697 05/26/2022 Woodland Apartments Boerne, TX 120 20 % 3,881 06/30/2022 Grove at River Place Macon, GA 240 20 % 7,485 Total 1,272 $ 42,879 __________________ (1) The purchase price gives effect to the purchase of the "promote interest" (as more fully described in the Annual Report) of the Company's joint venture partners and does not include closing costs of $ 1,313 and operating cash acquired from the ventures of $1,408. Subsequent to the quarter ended June 30, 2022, the Company completed the purchase of its partners' remaining interests in five unconsolidated joint ventures that own the properties identified below: Buyout Date Property Name Location Units Remaining Interest Purchased Book Value of Property at 6/30/2022 Purchase Price (1) 07/12/2022 Civic I Southaven, MS 392 25 % $ 30,865 $ 18,233 07/12/2022 Civic II Southaven, MS 384 25 % 32,912 17,942 07/14/2022 Abbotts Wilmington, NC 264 20 % 37,346 9,010 07/19/2022 Somerset at Trussville Trussville, AL 328 20 % 40,514 10,558 08/03/2022 Magnolia Pointe Madison, AL 204 20 % 18,533 7,246 Total 1,572 $ 160,170 $ 62,989 ____________________ (1) The purchase price gives effect to the purchase of the "promote interest" (as more fully described in the Annual Report) of the Company's joint venture partners and does not include closing costs and operating cash acquired from the ventures.. The Company determined that the gross assets purchased in each of these 11 acquisitions is concentrated in a single identifiable asset. Therefore, the transactions do not meet the definition of a business and are accounted for as asset acquisitions. The Company assessed the fair value of the tangible assets of the properties as of the acquisition date using the cost accumulation and income approach which utilized market capitalization rates between 4.0% and 4.5%, which are Level 3 unobservable inputs in the fair value hierarchy. The following table summarizes the allocation of the book value based on the proportionate share of the estimated fair value of the property on the acquisition date (dollars in thousands): Verandas at Alamo Vanguard Heights Jackson Square Brixworth at Bridge Street The Woodland Apts Grove at River Place Total Purchase Price Allocation Land $ 3,336 $ 5,466 $ 3,398 $ 1,959 $ 1,289 $ 2,866 $ 18,314 Building and improvements 33,465 30,826 27,167 20,080 12,853 16,416 140,807 Total land and buildings $ 36,801 $ 36,292 $ 30,565 $ 22,039 $ 14,142 $ 19,282 $ 159,121 Acquisition related intangible assets 797 508 634 321 233 396 2,889 Total Asset $ 37,598 $ 36,800 $ 31,199 $ 22,360 $ 14,375 $ 19,678 $ 162,010 Acquisition related mortgage intangible $ (62) $ 588 $ 283 $ — $ — $ 136 $ 945 Property Disposition

Impairment Charges

Impairment Charges	6 Months Ended
	Jun. 30, 2022
Asset Impairment Charges [Abstract]
Impairment Charges	Impairment Charges The Company reviews each real estate asset owned, including those held through investments in unconsolidated joint ventures, for impairment when there is an event or a change in circumstances indicating that the carrying amount may not be recoverable. The Company measures and records impairment charges, and reduces the carrying value of owned properties, when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. For its unconsolidated joint venture investments, the Company measures and records impairment losses, and reduces the carrying value of the equity investment when indicators of impairment are present and the expected discounted cash flows related to the investment is less than the carrying value. 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, 2022
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, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Ventures	Investment in Unconsolidated Ventures At June 30, 2022 and December 31, 2021, the Company held interests in unconsolidated joint ventures that own 14 and 23 multi-family properties (the "Unconsolidated Properties"), respectively. The condensed balance sheets below present information regarding such properties (dollars in thousands): June 30, 2022 December 31, 2021 ASSETS Real estate properties, net of accumulated depreciation of $91,031 and $133,615 $ 483,332 $ 734,247 Cash and cash equivalents 11,002 13,741 Other assets 30,147 25,535 Real estate properties held for sale 14,989 — Total Assets $ 539,470 $ 773,523 LIABILITIES AND EQUITY Liabilities: Mortgages payable, net of deferred costs of $2,331 and $3,423 $ 387,725 $ 584,479 Accounts payable and accrued liabilities 12,484 17,064 Total Liabilities 400,209 601,543 Commitments and contingencies Equity: Total unconsolidated joint venture equity 139,261 171,980 Total Liabilities and Equity $ 539,470 $ 773,523 BRT's interest in joint venture equity $ 79,782 $ 112,347 At the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands): June 30, 2022 December 31, 2021 Land $ 71,545 $ 97,230 Building 479,897 739,577 Building improvements 22,921 31,055 Real estate properties 574,363 867,862 Accumulated depreciation (91,031) (133,615) Total real estate properties, net $ 483,332 $ 734,247 At June 30, 2022 and December 31, 2021, the weighted average interest rate on the mortgages payable is 4.00% and 3.97%, respectively, and the weighted average remaining term to maturity is 6.3 years and 7.6 years, respectively. The condensed income statement below presents information regarding the Unconsolidated Properties (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenues: Rental and other revenue $ 22,107 $ 33,005 $ 47,338 $ 65,677 Total revenues 22,107 33,005 47,338 65,677 Expenses: Real estate operating expenses 9,842 15,233 21,011 30,936 Interest expense 4,893 8,472 10,919 16,994 Depreciation 5,208 9,791 11,844 20,176 Total expenses 19,943 33,496 43,774 68,106 Total revenues less total expenses 2,164 (491) 3,564 (2,429) Other equity earnings 22 5 77 14 Impairment of assets — (490) — (2,813) Insurance recoveries — 490 — 2,813 Gain on insurance recoveries 52 — 567 — Gain on sale of real estate 77,681 — 101,333 — Loss on extinguishment of debt (2,888) — (2,918) — Net income (loss) from joint ventures $ 77,031 $ (486) $ 102,623 $ (2,415) BRT's equity in (loss) earnings and equity in earnings from sale of unconsolidated joint venture properties $ 40,048 $ (492) $ 54,239 $ (1,837) Joint Venture Sales On February 8, 2022, the unconsolidated joint venture in which the Company had a 65% equity interest sold The Verandas at Shavano, a 288-unit multi-family property in San Antonio, TX, for a sales price of $53,750,000. The gain on the sale of this property was $23,652,000 and BRT's share of the gain was $12,961,000. In connection with the sale, mortgage debt of $25,100,000 with 1.2 years of remaining term to maturity and bearing an interest rate of 3.61% was repaid. On June 14, 2022, the unconsolidated joint ventures in which the Company had a 75% equity interest sold Retreat at Cinco Ranch, a 268-unit multi family property in San Antonio, TX for $68,300,000. The gain on the sale of this property was $30,595,000 and BRT's share of the gain was $17,378,000. In connection with the sale, mortgage debt of $30,096,000 with 3.6 years of remaining term to maturity and bearing an interest rate of 4.44% was repaid and the joint venture incurred $1,257,000 from the loss on the extinguishment of debt, of which BRT's share was $686,000. On June 30, 2022, the unconsolidated joint venture in which the Company had a 65% equity interest sold The Vive, a 312-unit multi-family property in Kannapolis, NC for $91,250,000. The gain on the sale of this property was $47,086,000 and BRT's share of the gain was $22,720,000. In connection with the sale, mortgage debt of $31,420,000 with 29.7 years of remaining term to maturity and bearing an interest rate of 3.52% was repaid and the joint venture incurred $1,631,000 from the loss on extinguishment of debt, of which BRT's share was $787,000. Acquisition of Interest in Joint Venture On March 10, 2022, the Company purchased a 17.45% interest in a planned 240-unit development property, Stono Oaks, located in Johns Island, SC. The purchase price for the interest, was $3,500,000, which includes $455,000 held in escrow at June 30, 2022. Joint Venture Buyouts The Company completed the partner buyout transactions in the unconsolidated joint ventures that own the properties identified in note 5 - Real Estate Properties - Partner Buyouts. As a result of these purchases, these properties (including the

Debt Obligations

Debt Obligations	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Debt obligations consist of the following (dollars in thousands): June 30, 2022 December 31, 2021 Mortgages payable $ 299,837 $ 200,857 Junior subordinated notes 37,400 37,400 Deferred financing costs (3,150) (1,277) Total debt obligations, net of deferred costs $ 334,087 $ 236,980 Mortgages Payable At June 30, 2022, the weighted average interest rate on the Company's mortgages payable was 3.91% and the weighted average remaining term to maturity is 9.2 years. For the three months ended June 30, 2022 and 2021, interest expense, which includes amortization of deferred financing costs, was $2,563,000 and $1,378,000, respectively. For the six months ended June 30, 2022 and 2021, interest expense, which includes amortization of deferred financing costs, was $4,326,000 and $2,808,000, respectively. During the three and six months ended June 30, 2022, the Company paid off mortgage debt of $14,558,000 on a property. Partner Buyouts The following table summarizes the information regarding the mortgages relating to the property in which BRT purchased the remaining interests of its joint venture partners during the six months ended June 30, 2022 (dollars in thousands): Property Name Location Debt at Purchase Date (1) Interest Rate Maturity Date Interest Only through Verandas at Alamo San Antonio, TX $ 27,000 3.64 % Oct 2029 October 2024 Vanguard Heights Creve Coeur, MO 29,700 4.41 % July 2031 June 2025 Jackson Square Tallahassee, FL 21,524 4.19 % Sept 2027 September 2022 Brixworth at Bridge Street (2) Huntsville, AL 11,147 4.25 % June 2032 Maturity The Woodland Apartments Boerne, TX 7,905 4.74 % Feb 2026 N/A Grove at River Place (3) Macon, GA 11,426 4.39 % Feb 2026 N/A Total $ 108,702 ___________________ (1) Excludes fair value adjustments of $945 determined as part of the purchase price allocation. (2) The original mortgage debt of $11,147 was refinanced with a new ten-year mortgage debt of $18,592 immediately following the buyout. (3) Includes a supplemental mortgage of $1,056 which was paid off immediately following the buyout. Subsequent to June 30, 2022, the Company completed the purchase of its joint venture partners' remaining interests in five additional unconsolidated joint ventures that own the properties identified below. The following table summarizes the information regarding the mortgages relating to each purchase (dollars in thousands): Property Name Location Debt at Purchase Date (1) Interest Rate Maturity Date Interest Only through Civic I Southaven, MS $ 27,429 4.24 % March 2026 N/A Civic II Southaven, MS 30,153 3.73 % September 2026 N/A Abbotts Wilmington, NC 23,160 4.71 % July 2030 July 2025 Somerset at Trussville Trussville, AL 32,250 4.19 % June 2029 May 2025 Magnolia Pointe Madison, AL 15,000 4.08 % January 2028 December 2022 Total $ 127,992 (1) Excludes fair value adjustments to be determined as part of the purchase price allocation. Credit Facility The Company's amended and restated credit facility dated November 18, 2021 with an affiliate of Valley National Bank ("VNB") allows the Company to borrow, subject to compliance with borrowing base requirements and other conditions, up to $35,000,000 to facilitate the acquisition of multi-family properties, repay mortgage debt secured by multi-family properties and for operating expense ( i.e., working capital (including dividend payments)); provided that no more than $15,000,000 may be used for operating expenses. (The facility provides that it may be expanded to provide for up to $60 million of availability if another lender(s) is willing to provide an additional $25 million of availability). The facility is secured by the cash available in certain cash accounts maintained by the Company at VNB, matures November 2024 and bears an adjustable interest rate of 25 basis points over the prime rate, with a floor of 3.5%. The interest rate in effect as of June 30, 2022 is 5.00%. There is an unused facility fee of 0.25% per annum on the total amount committed by Valley National Bank and unused by the Company. At June 30, 2022, the Company is in compliance in all material respects with its obligations under the facility. At June 30, 2022 and December 31, 2021, there was no outstanding balance on the facility and $35,000,000 was available to be borrowed in both periods. At August 5, 2022, there was an outstanding balance of $22,000,000 on the facility bearing an interest rate of 5.75% and $13,000,000 available to be borrowed. Interest expense for the three months ended June 30, 2022 and 2021, which includes amortization of deferred financing costs and unused fees, was $62,000 and $19,000, respectively. Interest expense for the six months ended June 30, 2022 and 2021, which includes amortization of deferred financing costs and unused fees, was $107,000 and $36,000, respectively. Deferred financing costs of $223,000 and $270,000, are recorded in other assets on the Consolidated balance sheets at June 30, 2022 and December 31, 2021, respectively. Junior Subordinated Notes At June 30, 2022 and December 31, 2021, the outstanding principal balance of the Company's junior subordinated notes was $37,400,000, before deferred financing costs of $287,000 and $297,000, respectively. The interest rate on the outstanding balance resets quarterly and is based on three months LIBOR + 2.00%. The rate in effect at June 30, 2022 and 2021 was 3.29% and 2.21%, respectively. The notes mature April 30, 2036. The interest rate that will be in effect for the three months ending October 30, 2022 is 4.78% The junior subordinated notes require interest only payments through the maturity date of April 30, 2036, at which time repayment of the outstanding principal and unpaid interest become due. Interest expense for the three months ended June 30, 2022 and 2021, which includes amortization of deferred financing costs, was $286,000 and $212,000, respectively. Interest expense for the six months ended June 30, 2022 and 2021, which includes amortization of deferred financing costs, was $498,000 and $426,000, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsThe 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, 2022 and 2021 were $367,000 and $349,000, respectively, and $734,000 and $699,000 for the six months ended June 30, 2022 and 2021, respectively. Management of certain properties owned by the Company and certain joint venture properties is provided by Majestic Property Management, Corp. ("Majestic Property"), a company wholly owned by Fredric H. Gould. Certain of the Company's officers and directors are also officers and directors of Majestic Property. Majestic Property may also provide real estate brokerage and construction supervision services to these properties. These fees amounted to $8,000 and $7,000 for the three months ended June 30, 2022 and 2021 , respectively, and $19,000 and $14,000 for the six months ended June 30, 2022 and 2021, 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, 2022
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, 2022 and December 31, 2021, the estimated fair value of the notes is lower than their carrying value by approximately $7,206,000 and $8,296,000, respectively, based on a market interest rate of 5.97% and 4.21%, respectively. Mortgages payable: At June 30, 2022, the estimated fair value of the Company’s mortgages payable is lower than their carrying value by approximately $21,481,000, assuming market interest rates between 4.27% and 5.32%. At December 31, 2021, the estimated fair value of the Company's mortgages payable was greater than their carrying value by approximately $511,000, assuming market interest rates between 3.12% and 3.87%. 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. 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.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2022
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 income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. As of June 30, 2022 and December 31, 2021, the Company did not have any outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk. 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 June 30, 2021 2021 Amount of (loss) gain recognized on derivative in Other Comprehensive Income $ — $ (27) Amount of (loss) gain reclassified from Accumulated Other Comprehensive Income into Interest expense $ (5) $ (10) Total amount of Interest expense presented in the Consolidated Statements of Operations $ 1,609 $ 3,269

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2022
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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
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, 2022, 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, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	The accompanying interim unaudited consolidated financial statements, 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, 2022 and 2021, are not necessarily indicative of the results for the full year. The consolidated audited balance sheet as of December 31, 2021, 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, 2021 (the "Annual Report") filed with the Securities and Exchange Commission ("SEC").
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, as determined in accordance with GAAP, 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.
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.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Reconciliation of the Numerator and Denominator of Earnings Per Share	The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator for basic and diluted earnings per share: Net Income $ 35,643 $ 6,060 $ 47,187 $ 2,329 Deduct net income attributable to non-controlling interests (36) (33) (72) (67) Deduct earnings allocated to unvested restricted stock (1,787) (295) (2,354) (371) Net income available for common stockholders: basic and diluted $ 33,820 $ 5,732 $ 44,761 $ 1,891 Denominator for basic earnings per share: Weighted average number of common shares outstanding 17,671,073 17,720,488 17,616,740 17,520,963 Effect of dilutive securities: RSUs 55,270 — 73,861 — Denominator for diluted earnings per share: Weighted average number of shares 17,726,343 17,720,488 17,690,601 17,520,963 Earnings per common share, basic $ 1.91 $ 0.34 $ 2.54 $ 0.13 Earnings per common share, diluted $ 1.91 $ 0.34 $ 2.53 $ 0.13

Real Estate Properties (Tables)

Real Estate Properties (Tables)	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Summary of Real Estate Properties Owned	Real estate properties, excluding real estate held for sale, consists of the following (dollars in thousands): June 30, 2022 December 31, 2021 Land $ 57,138 $ 38,822 Building 422,619 281,841 Building improvements 11,160 9,354 Real estate properties 490,917 330,017 Accumulated depreciation (43,031) (36,467) Total real estate properties, net $ 447,886 $ 293,550 A summary of real estate properties owned is as follows (dollars in thousands): December 31, 2021 Partner Buyouts Improvements Depreciation Sale of Property June 30, 2022 Multi-family $ 291,538 $ 159,121 $ 1,807 $ (6,537) $ — $ 445,929 Retail shopping center and other 2,012 — — (55) — 1,957 Total real estate properties $ 293,550 $ 159,121 $ 1,807 $ (6,592) $ — $ 447,886 At the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands): June 30, 2022 December 31, 2021 Land $ 71,545 $ 97,230 Building 479,897 739,577 Building improvements 22,921 31,055 Real estate properties 574,363 867,862 Accumulated depreciation (91,031) (133,615) Total real estate properties, net $ 483,332 $ 734,247
Schedule of Asset Acquisition Allocation of Book Value	In the six months ended June 30, 2022, the Company completed the purchase of its partners' remaining interests in the unconsolidated joint ventures that own the properties identified below. As a result of these purchases, these properties (including the related mortgage debt - see note 9 - "Debt Obligations") are wholly-owned and effective as of the closing of such purchase, are included in the Company's consolidated balance sheet and results of operations (dollars in thousands): Buyout Date Property Name Location Units Remaining Interest Purchased Purchase Price (1) 03/23/2022 Verandas at Alamo San Antonio, TX 288 28.1 % $ 8,721 04/07/2022 Vanguard Heights Creve Coeur, MO 174 21.6 % 4,880 05/11/2022 Jackson Square Tallahassee, FL 242 20 % 7,215 05/24/2022 Brixworth at Bridge Street Huntsville, AL 208 20 % 10,697 05/26/2022 Woodland Apartments Boerne, TX 120 20 % 3,881 06/30/2022 Grove at River Place Macon, GA 240 20 % 7,485 Total 1,272 $ 42,879 __________________ (1) The purchase price gives effect to the purchase of the "promote interest" (as more fully described in the Annual Report) of the Company's joint venture partners and does not include closing costs of $ 1,313 and operating cash acquired from the ventures of $1,408. Subsequent to the quarter ended June 30, 2022, the Company completed the purchase of its partners' remaining interests in five unconsolidated joint ventures that own the properties identified below: Buyout Date Property Name Location Units Remaining Interest Purchased Book Value of Property at 6/30/2022 Purchase Price (1) 07/12/2022 Civic I Southaven, MS 392 25 % $ 30,865 $ 18,233 07/12/2022 Civic II Southaven, MS 384 25 % 32,912 17,942 07/14/2022 Abbotts Wilmington, NC 264 20 % 37,346 9,010 07/19/2022 Somerset at Trussville Trussville, AL 328 20 % 40,514 10,558 08/03/2022 Magnolia Pointe Madison, AL 204 20 % 18,533 7,246 Total 1,572 $ 160,170 $ 62,989 ____________________ (1) The purchase price gives effect to the purchase of the "promote interest" (as more fully described in the Annual Report) of the Company's joint venture partners and does not include closing costs and operating cash acquired from the ventures.. Verandas at Alamo Vanguard Heights Jackson Square Brixworth at Bridge Street The Woodland Apts Grove at River Place Total Purchase Price Allocation Land $ 3,336 $ 5,466 $ 3,398 $ 1,959 $ 1,289 $ 2,866 $ 18,314 Building and improvements 33,465 30,826 27,167 20,080 12,853 16,416 140,807 Total land and buildings $ 36,801 $ 36,292 $ 30,565 $ 22,039 $ 14,142 $ 19,282 $ 159,121 Acquisition related intangible assets 797 508 634 321 233 396 2,889 Total Asset $ 37,598 $ 36,800 $ 31,199 $ 22,360 $ 14,375 $ 19,678 $ 162,010 Acquisition related mortgage intangible $ (62) $ 588 $ 283 $ — $ — $ 136 $ 945 The following table summarizes the information regarding the mortgages relating to the property in which BRT purchased the remaining interests of its joint venture partners during the six months ended June 30, 2022 (dollars in thousands): Property Name Location Debt at Purchase Date (1) Interest Rate Maturity Date Interest Only through Verandas at Alamo San Antonio, TX $ 27,000 3.64 % Oct 2029 October 2024 Vanguard Heights Creve Coeur, MO 29,700 4.41 % July 2031 June 2025 Jackson Square Tallahassee, FL 21,524 4.19 % Sept 2027 September 2022 Brixworth at Bridge Street (2) Huntsville, AL 11,147 4.25 % June 2032 Maturity The Woodland Apartments Boerne, TX 7,905 4.74 % Feb 2026 N/A Grove at River Place (3) Macon, GA 11,426 4.39 % Feb 2026 N/A Total $ 108,702 ___________________ (1) Excludes fair value adjustments of $945 determined as part of the purchase price allocation. (2) The original mortgage debt of $11,147 was refinanced with a new ten-year mortgage debt of $18,592 immediately following the buyout. (3) Includes a supplemental mortgage of $1,056 which was paid off immediately following the buyout. Subsequent to June 30, 2022, the Company completed the purchase of its joint venture partners' remaining interests in five additional unconsolidated joint ventures that own the properties identified below. The following table summarizes the information regarding the mortgages relating to each purchase (dollars in thousands): Property Name Location Debt at Purchase Date (1) Interest Rate Maturity Date Interest Only through Civic I Southaven, MS $ 27,429 4.24 % March 2026 N/A Civic II Southaven, MS 30,153 3.73 % September 2026 N/A Abbotts Wilmington, NC 23,160 4.71 % July 2030 July 2025 Somerset at Trussville Trussville, AL 32,250 4.19 % June 2029 May 2025 Magnolia Pointe Madison, AL 15,000 4.08 % January 2028 December 2022 Total $ 127,992 (1) Excludes fair value adjustments to be determined as part of the purchase price allocation.

Investment in Unconsolidated _2

Investment in Unconsolidated Ventures (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 December 31, 2021 ASSETS Real estate properties, net of accumulated depreciation of $91,031 and $133,615 $ 483,332 $ 734,247 Cash and cash equivalents 11,002 13,741 Other assets 30,147 25,535 Real estate properties held for sale 14,989 — Total Assets $ 539,470 $ 773,523 LIABILITIES AND EQUITY Liabilities: Mortgages payable, net of deferred costs of $2,331 and $3,423 $ 387,725 $ 584,479 Accounts payable and accrued liabilities 12,484 17,064 Total Liabilities 400,209 601,543 Commitments and contingencies Equity: Total unconsolidated joint venture equity 139,261 171,980 Total Liabilities and Equity $ 539,470 $ 773,523 BRT's interest in joint venture equity $ 79,782 $ 112,347 The condensed income statement below presents information regarding the Unconsolidated Properties (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenues: Rental and other revenue $ 22,107 $ 33,005 $ 47,338 $ 65,677 Total revenues 22,107 33,005 47,338 65,677 Expenses: Real estate operating expenses 9,842 15,233 21,011 30,936 Interest expense 4,893 8,472 10,919 16,994 Depreciation 5,208 9,791 11,844 20,176 Total expenses 19,943 33,496 43,774 68,106 Total revenues less total expenses 2,164 (491) 3,564 (2,429) Other equity earnings 22 5 77 14 Impairment of assets — (490) — (2,813) Insurance recoveries — 490 — 2,813 Gain on insurance recoveries 52 — 567 — Gain on sale of real estate 77,681 — 101,333 — Loss on extinguishment of debt (2,888) — (2,918) — Net income (loss) from joint ventures $ 77,031 $ (486) $ 102,623 $ (2,415) BRT's equity in (loss) earnings and equity in earnings from sale of unconsolidated joint venture properties $ 40,048 $ (492) $ 54,239 $ (1,837)
Summary of Real Estate Properties Owned	Real estate properties, excluding real estate held for sale, consists of the following (dollars in thousands): June 30, 2022 December 31, 2021 Land $ 57,138 $ 38,822 Building 422,619 281,841 Building improvements 11,160 9,354 Real estate properties 490,917 330,017 Accumulated depreciation (43,031) (36,467) Total real estate properties, net $ 447,886 $ 293,550 A summary of real estate properties owned is as follows (dollars in thousands): December 31, 2021 Partner Buyouts Improvements Depreciation Sale of Property June 30, 2022 Multi-family $ 291,538 $ 159,121 $ 1,807 $ (6,537) $ — $ 445,929 Retail shopping center and other 2,012 — — (55) — 1,957 Total real estate properties $ 293,550 $ 159,121 $ 1,807 $ (6,592) $ — $ 447,886 At the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands): June 30, 2022 December 31, 2021 Land $ 71,545 $ 97,230 Building 479,897 739,577 Building improvements 22,921 31,055 Real estate properties 574,363 867,862 Accumulated depreciation (91,031) (133,615) Total real estate properties, net $ 483,332 $ 734,247

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt Obligations	Debt obligations consist of the following (dollars in thousands): June 30, 2022 December 31, 2021 Mortgages payable $ 299,837 $ 200,857 Junior subordinated notes 37,400 37,400 Deferred financing costs (3,150) (1,277) Total debt obligations, net of deferred costs $ 334,087 $ 236,980
Schedule of Asset Acquisition Allocation of Book Value	In the six months ended June 30, 2022, the Company completed the purchase of its partners' remaining interests in the unconsolidated joint ventures that own the properties identified below. As a result of these purchases, these properties (including the related mortgage debt - see note 9 - "Debt Obligations") are wholly-owned and effective as of the closing of such purchase, are included in the Company's consolidated balance sheet and results of operations (dollars in thousands): Buyout Date Property Name Location Units Remaining Interest Purchased Purchase Price (1) 03/23/2022 Verandas at Alamo San Antonio, TX 288 28.1 % $ 8,721 04/07/2022 Vanguard Heights Creve Coeur, MO 174 21.6 % 4,880 05/11/2022 Jackson Square Tallahassee, FL 242 20 % 7,215 05/24/2022 Brixworth at Bridge Street Huntsville, AL 208 20 % 10,697 05/26/2022 Woodland Apartments Boerne, TX 120 20 % 3,881 06/30/2022 Grove at River Place Macon, GA 240 20 % 7,485 Total 1,272 $ 42,879 __________________ (1) The purchase price gives effect to the purchase of the "promote interest" (as more fully described in the Annual Report) of the Company's joint venture partners and does not include closing costs of $ 1,313 and operating cash acquired from the ventures of $1,408. Subsequent to the quarter ended June 30, 2022, the Company completed the purchase of its partners' remaining interests in five unconsolidated joint ventures that own the properties identified below: Buyout Date Property Name Location Units Remaining Interest Purchased Book Value of Property at 6/30/2022 Purchase Price (1) 07/12/2022 Civic I Southaven, MS 392 25 % $ 30,865 $ 18,233 07/12/2022 Civic II Southaven, MS 384 25 % 32,912 17,942 07/14/2022 Abbotts Wilmington, NC 264 20 % 37,346 9,010 07/19/2022 Somerset at Trussville Trussville, AL 328 20 % 40,514 10,558 08/03/2022 Magnolia Pointe Madison, AL 204 20 % 18,533 7,246 Total 1,572 $ 160,170 $ 62,989 ____________________ (1) The purchase price gives effect to the purchase of the "promote interest" (as more fully described in the Annual Report) of the Company's joint venture partners and does not include closing costs and operating cash acquired from the ventures.. Verandas at Alamo Vanguard Heights Jackson Square Brixworth at Bridge Street The Woodland Apts Grove at River Place Total Purchase Price Allocation Land $ 3,336 $ 5,466 $ 3,398 $ 1,959 $ 1,289 $ 2,866 $ 18,314 Building and improvements 33,465 30,826 27,167 20,080 12,853 16,416 140,807 Total land and buildings $ 36,801 $ 36,292 $ 30,565 $ 22,039 $ 14,142 $ 19,282 $ 159,121 Acquisition related intangible assets 797 508 634 321 233 396 2,889 Total Asset $ 37,598 $ 36,800 $ 31,199 $ 22,360 $ 14,375 $ 19,678 $ 162,010 Acquisition related mortgage intangible $ (62) $ 588 $ 283 $ — $ — $ 136 $ 945 The following table summarizes the information regarding the mortgages relating to the property in which BRT purchased the remaining interests of its joint venture partners during the six months ended June 30, 2022 (dollars in thousands): Property Name Location Debt at Purchase Date (1) Interest Rate Maturity Date Interest Only through Verandas at Alamo San Antonio, TX $ 27,000 3.64 % Oct 2029 October 2024 Vanguard Heights Creve Coeur, MO 29,700 4.41 % July 2031 June 2025 Jackson Square Tallahassee, FL 21,524 4.19 % Sept 2027 September 2022 Brixworth at Bridge Street (2) Huntsville, AL 11,147 4.25 % June 2032 Maturity The Woodland Apartments Boerne, TX 7,905 4.74 % Feb 2026 N/A Grove at River Place (3) Macon, GA 11,426 4.39 % Feb 2026 N/A Total $ 108,702 ___________________ (1) Excludes fair value adjustments of $945 determined as part of the purchase price allocation. (2) The original mortgage debt of $11,147 was refinanced with a new ten-year mortgage debt of $18,592 immediately following the buyout. (3) Includes a supplemental mortgage of $1,056 which was paid off immediately following the buyout. Subsequent to June 30, 2022, the Company completed the purchase of its joint venture partners' remaining interests in five additional unconsolidated joint ventures that own the properties identified below. The following table summarizes the information regarding the mortgages relating to each purchase (dollars in thousands): Property Name Location Debt at Purchase Date (1) Interest Rate Maturity Date Interest Only through Civic I Southaven, MS $ 27,429 4.24 % March 2026 N/A Civic II Southaven, MS 30,153 3.73 % September 2026 N/A Abbotts Wilmington, NC 23,160 4.71 % July 2030 July 2025 Somerset at Trussville Trussville, AL 32,250 4.19 % June 2029 May 2025 Magnolia Pointe Madison, AL 15,000 4.08 % January 2028 December 2022 Total $ 127,992 (1) Excludes fair value adjustments to be determined as part of the purchase price allocation.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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 June 30, 2021 2021 Amount of (loss) gain recognized on derivative in Other Comprehensive Income $ — $ (27) Amount of (loss) gain reclassified from Accumulated Other Comprehensive Income into Interest expense $ (5) $ (10) Total amount of Interest expense presented in the Consolidated Statements of Operations $ 1,609 $ 3,269

Organization and Background (De

Organization and Background (Details) $ in Thousands	Jun. 30, 2022 USD ($) state property_unit multi-familyProperty	Dec. 31, 2021 USD ($)
Real Estate Properties [Line Items]
Number of states | state	9
Number of units | property_unit	3,848
Real estate investment property, net	$ 447,886	$ 293,550
Investments in unconsolidated joint ventures	79,782	$ 112,347
Real estate investments, other	$ 1,956
Unconsolidated Joint Ventures
Real Estate Properties [Line Items]
Number of states | state	6
Number of units | property_unit	4,557
Number of investments | multi-familyProperty	14
Investments in unconsolidated joint ventures	$ 76,749
Unconsolidated Joint Ventures | Minimum
Real Estate Properties [Line Items]
Equity interest percentage	17.45%
Unconsolidated Joint Ventures | Maximum
Real Estate Properties [Line Items]
Equity interest percentage	80%
Multi-family
Real Estate Properties [Line Items]
Number of properties | multi-familyProperty	16
Real estate investment property, net	$ 445,930
Future Development Project
Real Estate Properties [Line Items]
Real estate investment property, net	$ 3,044
Equity interest percentage	17.45%

Basis of Preparation (Details)

Basis of Preparation (Details)	6 Months Ended
	Jun. 30, 2022 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Equity - Narrative (Details)

Equity - Narrative (Details)		1 Months Ended				3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares	Aug. 09, 2022	Jun. 30, 2022 USD ($) shares	Jan. 31, 2022 shares	Jun. 30, 2021 shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($) shares	Mar. 18, 2022 USD ($) agent	Dec. 31, 2021 USD ($)	Oct. 01, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per share (in dollars per share) | $ / shares	$ 0.25
New Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beneficial interest purchased authorized amount (up to)												$ 5,000,000
Shares repurchased (in shares) | shares						0		0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense						$ 250,000	$ 34,000	$ 500,000	$ 71,000
Deferred unearned compensation	$ 1,747,000		$ 1,747,000			1,747,000		1,747,000			$ 2,248,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense						751,000	$ 535,000	1,475,000	$ 1,036,000
Deferred unearned compensation	$ 9,231,000		$ 9,231,000			$ 9,231,000		$ 9,231,000			$ 7,332,000
Remaining weighted average vesting period								2 years 9 months 18 days
Dividend Reinvestment Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount from the market price								5%
Dividend Reinvestment Plan | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount from the market price		3%
Incentive Plan 2022
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	787,531		787,531			787,531		787,531
Incentive Plan 2022 | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares) | shares			212,469		210,375
Incentive Plan 2022 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares) | shares				158,973
Shares outstanding (in shares) | shares	934,092		934,092			934,092		934,092
Prior Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for shares issued								5 years
Private Placement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of agents | agent										2
Amount of stock authorized to sell										$ 40,000,000
Shares sold in offering (in shares) | shares						137,477		273,756	410,221
Aggregate sales price						$ 3,127,000		$ 6,209,000	$ 7,462,000
Payments for commissions						$ 39,087		$ 83,166	$ 112,000

Equity - Schedule of Reconcilia

Equity - Schedule of Reconciliation of the Numerator and Denominator of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator for basic and diluted earnings per share:
Net (loss) income	$ 35,643	$ 11,544	$ 6,060	$ (3,731)	$ 47,187	$ 2,329
Deduct net income attributable to non-controlling interests	(36)		(33)		(72)	(67)
Deduct earning allocated to unvested restricted stock, diluted	(1,787)		(295)		(2,354)	(371)
Deduct earning allocated to unvested restricted stock, basic	(1,787)		(295)		(2,354)	(371)
Net income available for common stockholders: diluted	33,820		5,732		44,761	1,891
Net income available for common stockholders: basic	$ 33,820		$ 5,732		$ 44,761	$ 1,891
Denominator for basic earnings per share:
Weighted average number of common shares outstanding (in shares)	17,671,073		17,720,488		17,616,740	17,520,963
Effect of dilutive securities:
RSUs (in shares)	55,270		0		73,861	0
Denominator for diluted earnings per share:
Weighted average number shares (in shares)	17,726,343		17,720,488		17,690,601	17,520,963
Earnings per common share, basic (in dollars per share)	$ 1.91		$ 0.34		$ 2.54	$ 0.13
Earnings per common share, diluted (in dollars per share)	$ 1.91		$ 0.34		$ 2.53	$ 0.13

Leases - Lessee Accounting (Det

Leases - Lessee Accounting (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) tenant renewalOption	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Lessor, number of tenants | tenant	2
Right-of-use asset	$ 2,469	$ 2,568
Lease liability	$ 2,550	$ 2,629
Ground Lease | Yonkers, NY
Lessee, Lease, Description [Line Items]
Number of renewal options | renewalOption	1
Renewal term option	21 years
Remaining term	23 years 3 months 18 days
Corporate Office | Great Neck, NY
Lessee, Lease, Description [Line Items]
Renewal term option	5 years
Remaining term	14 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, 2022	Dec. 31, 2021
Real Estate [Abstract]
Land	$ 57,138	$ 38,822
Building	422,619	281,841
Building improvements	11,160	9,354
Real estate properties	490,917	330,017
Accumulated depreciation	(43,031)	(36,467)
Total real estate properties, net	$ 447,886	$ 293,550

Real Estate Properties - Summar

Real Estate Properties - Summary of Real Estate Properties Owned (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance		$ 293,550
Partner Buyouts	$ 159,121
Improvements	1,807
Depreciation	(6,592)
Sale of Property	0
Real estate properties, ending balance	447,886
Multi-family
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance		291,538
Partner Buyouts	159,121
Improvements	1,807
Depreciation	(6,537)
Sale of Property	0
Real estate properties, ending balance	445,929
Retail shopping center and other
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance		$ 2,012
Partner Buyouts	0
Improvements	0
Depreciation	(55)
Sale of Property	0
Real estate properties, ending balance	$ 1,957

Real Estate Properties - Sche_2

Real Estate Properties - Schedule of Business Acquisitions, by Acquisition (Details) $ in Thousands

Aug. 03, 2022 USD ($) property_unit

Jul. 19, 2022 USD ($) property_unit

Jul. 14, 2022 USD ($) property_unit

Jul. 12, 2022 USD ($) property_unit

Jun. 30, 2022 USD ($) property_unit

May 26, 2022 property_unit

May 24, 2022 property_unit

May 11, 2022 property_unit

Apr. 07, 2022 property_unit

Mar. 23, 2022 property_unit

Aug. 09, 2022 USD ($) property_unit

Dec. 31, 2021 USD ($)

Real Estate Properties [Line Items]

Number of units in real estate property | property_unit

3,848

Real estate investment property, net

$ 447,886

$ 293,550

Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts

Real Estate Properties [Line Items]

Number of units in real estate property | property_unit

1,272

Real estate investment property, net

$ 160,170

Purchase price

42,879

Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts | Subsequent Event

Real Estate Properties [Line Items]

Number of units in real estate property | property_unit

1,572

Purchase price

$ 62,989

San Antonio, TX | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts

Real Estate Properties [Line Items]

Number of units in real estate property | property_unit

288

Remaining Interest Purchased

28.10%

Purchase price

8,721

Creve Coeur, MO | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts

Real Estate Properties [Line Items]

Number of units in real estate property | property_unit

174

Remaining Interest Purchased

21.60%

Purchase price

4,880

Tallahassee, FL | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts

Real Estate Properties [Line Items]

Number of units in real estate property | property_unit

242

Remaining Interest Purchased

20%

Purchase price

7,215

Huntsville, AL | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts

Real Estate Properties [Line Items]

Number of units in real estate property | property_unit

208

Remaining Interest Purchased

20%

Purchase price

10,697

Boerne, TX | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts

Real Estate Properties [Line Items]

Number of units in real estate property | property_unit

120

Remaining Interest Purchased

20%

Purchase price

$ 3,881

Macon, GA | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts

Real Estate Properties [Line Items]

Number of units in real estate property | property_unit

240

Remaining Interest Purchased

20%

Purchase price

$ 7,485

Southaven, MS | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts

Real Estate Properties [Line Items]

Real estate investment property, net

30,865

Southaven, MS | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts | Subsequent Event

Real Estate Properties [Line Items]

Number of units in real estate property | property_unit

392

Remaining Interest Purchased

25%

Purchase price

$ 18,233

Southaven, MS | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts

Real Estate Properties [Line Items]

Real estate investment property, net

32,912

Southaven, MS | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts | Subsequent Event

Real Estate Properties [Line Items]

Number of units in real estate property | property_unit

384

Remaining Interest Purchased

25%

Purchase price

$ 17,942

Wilmington, NC | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts

Real Estate Properties [Line Items]

Real estate investment property, net

37,346

Wilmington, NC | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts | Subsequent Event

Real Estate Properties [Line Items]

Number of units in real estate property | property_unit

264

Remaining Interest Purchased

20%

Purchase price

$ 9,010

Trussville, AL | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts

Real Estate Properties [Line Items]

Real estate investment property, net

40,514

Trussville, AL | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts | Subsequent Event

Real Estate Properties [Line Items]

Number of units in real estate property | property_unit

328

Remaining Interest Purchased

20%

Purchase price

$ 10,558

Madison, AL | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts

Real Estate Properties [Line Items]

Real estate investment property, net

$ 18,533

Madison, AL | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts | Subsequent Event

Real Estate Properties [Line Items]

Number of units in real estate property | property_unit

204

Remaining Interest Purchased

20%

Purchase price

$ 7,246

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details)		3 Months Ended		6 Months Ended		12 Months Ended
	Feb. 02, 2022 USD ($)	Jun. 30, 2022 USD ($) acquisition	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) acquisition	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2021
Real Estate Properties [Line Items]
Number of acquisitions | acquisition		11		11
Gain on sale of real estate		$ 0	$ 7,279,000	$ 6,000	$ 7,279,000
Impairment charge		$ 0	$ 520,000	$ 0	$ 520,000
Fair Value, Inputs, Level 3 | Measurement Input, Market Capitalization Rate | Valuation, Income Approach
Real Estate Properties [Line Items]
Tangible assets measurement input		0.040		0.040			0.045
Vacant Land Parcel | Daytona, FL
Real Estate Properties [Line Items]
Sale price	$ 4,700,000
Gain on sale of real estate	$ 0
Impairment charge						$ 3,600,000

Real Estate Properties - Purcha

Real Estate Properties - Purchase Price Allocation (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2022 USD ($)
Total Purchase Price Allocation
Land	$ 18,314
Building and improvements	140,807
Total land and buildings	159,121
Acquisition related intangible assets	2,889
Total Asset	162,010
Mortgage Intangible
Total Purchase Price Allocation
Acquisition related intangible assets	945
Verandas at Alamo
Total Purchase Price Allocation
Land	3,336
Building and improvements	33,465
Total land and buildings	36,801
Acquisition related intangible assets	797
Total Asset	37,598
Verandas at Alamo | Mortgage Intangible
Total Purchase Price Allocation
Acquisition related intangible assets	(62)
Vanguard Heights
Total Purchase Price Allocation
Land	5,466
Building and improvements	30,826
Total land and buildings	36,292
Acquisition related intangible assets	508
Total Asset	36,800
Vanguard Heights | Mortgage Intangible
Total Purchase Price Allocation
Acquisition related intangible assets	588
Jackson Square
Total Purchase Price Allocation
Land	3,398
Building and improvements	27,167
Total land and buildings	30,565
Acquisition related intangible assets	634
Total Asset	31,199
Jackson Square | Mortgage Intangible
Total Purchase Price Allocation
Acquisition related intangible assets	283
Brixworth at Bridge Street
Total Purchase Price Allocation
Land	1,959
Building and improvements	20,080
Total land and buildings	22,039
Acquisition related intangible assets	321
Total Asset	22,360
Brixworth at Bridge Street | Mortgage Intangible
Total Purchase Price Allocation
Acquisition related intangible assets	0
The Woodland Apts
Total Purchase Price Allocation
Land	1,289
Building and improvements	12,853
Total land and buildings	14,142
Acquisition related intangible assets	233
Total Asset	14,375
The Woodland Apts | Mortgage Intangible
Total Purchase Price Allocation
Acquisition related intangible assets	0
Grove at River Place
Total Purchase Price Allocation
Land	2,866
Building and improvements	16,416
Total land and buildings	19,282
Acquisition related intangible assets	396
Total Asset	19,678
Grove at River Place | Mortgage Intangible
Total Purchase Price Allocation
Acquisition related intangible assets	$ 136

Impairment Charges (Details)

Impairment Charges (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Asset Acquisition [Line Items]
Impairment charge	$ 0	$ 520,000	$ 0	$ 520,000
Unconsolidated Joint Ventures
Asset Acquisition [Line Items]
Impairment charge	$ 0	490,000	$ 0	2,813,000
St Louis M O | Unconsolidated Joint Ventures
Asset Acquisition [Line Items]
Impairment charge		$ 520,000		$ 520,000

Investment in Unconsolidated _3

Investment in Unconsolidated Ventures - Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
ASSETS
Real estate properties, net of accumulated depreciation of $91,031 and $133,615	$ 447,886	$ 293,550
Cash and cash equivalents	57,045	32,339	$ 34,666
Other assets	15,721	10,341
Real estate property held for sale	0	4,379
Total Assets	605,221	459,538
Liabilities:
Mortgages payable, net of deferred costs of $2,331 and $3,423	296,974	199,877
Accounts payable and accrued liabilities	21,984	19,607
Total Liabilities	356,071	256,587
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	249,143	202,956
Total Liabilities and Equity	605,221	459,538
Deferred mortgage costs	3,150	1,277
Mortgages payable
Equity:
Deferred mortgage costs	2,863	980
Unconsolidated Joint Ventures
ASSETS
Real estate properties, net of accumulated depreciation of $91,031 and $133,615	483,332	734,247
Cash and cash equivalents	11,002	13,741
Other assets	30,147	25,535
Real estate property held for sale	14,989	0
Total Assets	539,470	773,523
Liabilities:
Mortgages payable, net of deferred costs of $2,331 and $3,423	387,725	584,479
Accounts payable and accrued liabilities	12,484	17,064
Total Liabilities	400,209	601,543
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	139,261	171,980
Total Liabilities and Equity	539,470	773,523
BRT's interest in joint venture equity	79,782	112,347
Real estate properties, net of accumulated depreciation	91,031	133,615
Unconsolidated Joint Ventures | Mortgages payable
Equity:
Deferred mortgage costs	$ 2,331	$ 3,423

Investment in Unconsolidated _4

Investment in Unconsolidated Ventures - Summary of Real Estate Properties Owned (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Land	$ 57,138	$ 38,822
Building	422,619	281,841
Building improvements	11,160	9,354
Real estate properties	490,917	330,017
Accumulated depreciation	(43,031)	(36,467)
Total real estate properties, net	447,886	293,550
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Land	71,545	97,230
Building	479,897	739,577
Building improvements	22,921	31,055
Real estate properties	574,363	867,862
Accumulated depreciation	(91,031)	(133,615)
Total real estate properties, net	$ 483,332	$ 734,247

Investment in Unconsolidated _5

Investment in Unconsolidated Ventures - Narrative (Details)					3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 14, 2022 USD ($)	Jun. 30, 2022 USD ($) multi-familyProperty property property_unit	Jun. 14, 2022 USD ($) multi-familyProperty	Feb. 08, 2022 USD ($) multi-familyProperty	Jun. 30, 2022 USD ($) multi-familyProperty property property_unit	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) multi-familyProperty property property_unit	Jun. 30, 2021 USD ($)	Dec. 31, 2021 property	Mar. 31, 2022 USD ($)	Mar. 10, 2022 USD ($) property_unit
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest sold		65%	75%	65%	65%		65%
Number of units | property_unit		3,848			3,848		3,848
Gain on sale of real estate					$ 0	$ 7,279,000	$ 6,000	$ 7,279,000
Loss on extinguishment of debt					$ (563,000)	$ 0	$ (563,000)	$ 0
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties | property		14			14		14		23
Weighted average interest rate percentage		4%			4%		4%		3.97%
Weighted average remaining term to maturity							6 years 3 months 18 days		7 years 7 months 6 days
Unconsolidated Joint Ventures | San Antonio, Texas
Schedule of Equity Method Investments [Line Items]
Mortgage debt outstanding			$ 30,096,000	$ 25,100,000
Long-term debt term			3 years 7 months 6 days	1 year 2 months 12 days
Interest Rate			4.44%	3.61%
Unconsolidated Joint Ventures | San Antonio, Texas | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Loss on extinguishment of debt	$ (1,257,000)
Unconsolidated Joint Ventures | San Antonio, Texas | Property dispositions
Schedule of Equity Method Investments [Line Items]
Number of units | multi-familyProperty			268	288
Sales Price			$ 68,300,000	$ 53,750,000
Gain on sale of real estate			17,378,000	12,961,000
Loss on extinguishment of debt			(686,000)
Unconsolidated Joint Ventures | San Antonio, Texas | Property dispositions | Unconsolidated Joint Venture, The Verandas At Shavano
Schedule of Equity Method Investments [Line Items]
Gain on sale of real estate			$ 30,595,000	$ 23,652,000
Unconsolidated Joint Ventures | Kannapolis, NC
Schedule of Equity Method Investments [Line Items]
Mortgage debt outstanding		$ 31,420,000			$ 31,420,000		$ 31,420,000
Long-term debt term		29 years 8 months 12 days			29 years 8 months 12 days		29 years 8 months 12 days
Interest Rate		3.52%			3.52%		3.52%
Loss on extinguishment of debt		$ (1,631,000)
Unconsolidated Joint Ventures | Kannapolis, NC | Property dispositions
Schedule of Equity Method Investments [Line Items]
Number of units | multi-familyProperty		312			312		312
Sales Price		$ 91,250,000			$ 91,250,000		$ 91,250,000
Gain on sale of real estate		22,720,000
Loss on extinguishment of debt		(787,000)
Unconsolidated Joint Ventures | Kannapolis, NC | Property dispositions | Unconsolidated Joint Venture, The Verandas At Shavano
Schedule of Equity Method Investments [Line Items]
Gain on sale of real estate		$ 47,086,000
Unconsolidated Joint Ventures | Stono Oaks. Johns Island, SC | Development Property | VIE
Schedule of Equity Method Investments [Line Items]
Number of units | property_unit											240
Additional interest acquired											17.45%
Purchase price										$ 455,000	$ 3,500,000

Investment in Unconsolidated _6

Investment in Unconsolidated Ventures - Income Statement Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Rental and other revenue	$ 14,683,000	$ 6,958,000	$ 26,113,000	$ 14,053,000
Total revenues	14,685,000	6,961,000	26,119,000	14,060,000
Expenses:
Real estate operating expenses	6,348,000	3,166,000	11,101,000	6,283,000
Interest expense	2,912,000	1,609,000	4,933,000	3,269,000
Depreciation	5,010,000	1,416,000	8,616,000	2,953,000
Total expenses	17,803,000	9,865,000	31,816,000	19,293,000
Total revenues less total expenses	(3,118,000)	(2,904,000)	(5,697,000)	(5,233,000)
Impairment of assets	0	(520,000)	0	(520,000)
Gain on sale of real estate	0	7,279,000	6,000	7,279,000
Loss on extinguishment of debt	(563,000)	0	(563,000)	0
BRT's equity in (loss) earnings and equity in earnings from sale of unconsolidated joint venture properties	35,607,000	6,027,000	47,115,000	2,262,000
Unconsolidated Joint Ventures
Revenues:
Rental and other revenue	22,107,000	33,005,000	47,338,000	65,677,000
Total revenues	22,107,000	33,005,000	47,338,000	65,677,000
Expenses:
Real estate operating expenses	9,842,000	15,233,000	21,011,000	30,936,000
Interest expense	4,893,000	8,472,000	10,919,000	16,994,000
Depreciation	5,208,000	9,791,000	11,844,000	20,176,000
Total expenses	19,943,000	33,496,000	43,774,000	68,106,000
Total revenues less total expenses	2,164,000	(491,000)	3,564,000	(2,429,000)
Other equity earnings	22,000	5,000	77,000	14,000
Impairment of assets	0	(490,000)	0	(2,813,000)
Insurance recoveries	0	490,000	0	2,813,000
Gain on insurance recoveries	52,000	0	567,000	0
Gain on sale of real estate	77,681,000	0	101,333,000	0
Loss on extinguishment of debt	(2,888,000)	0	(2,918,000)	0
Net income (loss) from joint ventures	77,031,000	(486,000)	102,623,000	(2,415,000)
BRT's equity in (loss) earnings and equity in earnings from sale of unconsolidated joint venture properties	$ 40,048,000	$ (492,000)	$ 54,239,000	$ (1,837,000)

Debt Obligations - Summary of D

Debt Obligations - Summary of Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Deferred financing costs	$ (3,150)	$ (1,277)
Total debt obligations, net of deferred costs	334,087	236,980
Mortgages payable
Debt Instrument [Line Items]
Debt, long-term and short-term debt, combined amount	299,837	200,857
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) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Mortgage payoffs			$ 26,761	$ 14,260
Mortgages payable
Debt Instrument [Line Items]
Weighted average interest rate on mortgage debt percentage	3.91%		3.91%
Average maturity			9 years 2 months 12 days
Interest expense	$ 2,563	$ 1,378	$ 4,326	$ 2,808
Mortgages payable | Mortgage Due 2022
Debt Instrument [Line Items]
Mortgage payoffs	$ 14,558		$ 14,558

Debt Obligations - Schedule of

Debt Obligations - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands			6 Months Ended
	Jul. 01, 2022	May 24, 2022	Jun. 30, 2022	Aug. 09, 2022	May 23, 2022
Mortgages payable
Debt Instrument [Line Items]
Average maturity			9 years 2 months 12 days
Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts
Debt Instrument [Line Items]
Debt at Purchase Date			$ 108,702
Long-term debt fair value adjustments			945
Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts | Subsequent Event
Debt Instrument [Line Items]
Debt at Purchase Date				$ 127,992
San Antonio, TX | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts
Debt Instrument [Line Items]
Debt at Purchase Date			$ 27,000
Interest Rate			3.64%
Creve Coeur, MO | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts
Debt Instrument [Line Items]
Debt at Purchase Date			$ 29,700
Interest Rate			4.41%
Tallahassee, FL | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts
Debt Instrument [Line Items]
Debt at Purchase Date			$ 21,524
Interest Rate			4.19%
Huntsville, AL | Mortgages payable
Debt Instrument [Line Items]
Debt instrument face value		$ 18,592			$ 11,147
Average maturity		10 years
Huntsville, AL | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts
Debt Instrument [Line Items]
Debt at Purchase Date			$ 11,147
Interest Rate			4.25%
Boerne, TX | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts
Debt Instrument [Line Items]
Debt at Purchase Date			$ 7,905
Interest Rate			4.74%
Macon, GA | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts
Debt Instrument [Line Items]
Debt at Purchase Date			$ 11,426
Interest Rate			4.39%
Macon, GA | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts | Subsequent Event
Debt Instrument [Line Items]
Payment of supplemental mortgage	$ 1,056
Southaven, MS | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts | Subsequent Event
Debt Instrument [Line Items]
Debt at Purchase Date				$ 27,429
Interest Rate				4.24%
Southaven, MS | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts | Subsequent Event
Debt Instrument [Line Items]
Debt at Purchase Date				$ 30,153
Interest Rate				3.73%
Wilmington, NC | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts | Subsequent Event
Debt Instrument [Line Items]
Debt at Purchase Date				$ 23,160
Interest Rate				4.71%
Trussville, AL | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts | Subsequent Event
Debt Instrument [Line Items]
Debt at Purchase Date				$ 32,250
Interest Rate				4.19%
Madison, AL | Consolidated Joint Ventures | Corporate Joint Venture | Multi-family | Partner Buyouts | Subsequent Event
Debt Instrument [Line Items]
Debt at Purchase Date				$ 15,000
Interest Rate				4.08%

Debt Obligations - Credit Facil

Debt Obligations - Credit Facility (Details) - USD ($)		3 Months Ended		6 Months Ended
	Nov. 18, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Aug. 05, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Deferred costs		$ 3,150,000		$ 3,150,000				$ 1,277,000
Junior subordinated notes
Debt Instrument [Line Items]
Effective interest rate		3.29%	2.21%	3.29%	2.21%
Interest expense		$ 286,000	$ 212,000	$ 498,000	$ 426,000
Deferred costs		$ 287,000		$ 287,000				297,000
Junior subordinated notes | Subsequent Event
Debt Instrument [Line Items]
Effective interest rate						4.78%
Secured Debt | Credit Facility, Maturing April 2023 | Valley National Bank | Line of Credit
Debt Instrument [Line Items]
Debt assumed, face value	$ 35,000,000
Debt used for operating expenses	15,000,000
Debt face amount including uncommitted accordion feature	60,000,000
Additional availability required for increase in available capacity	$ 25,000,000
Effective interest rate		5%		5%
Unused borrowing capacity fee, percentage				0.25%
Facility amount drawn		$ 0		$ 0				0
Interest expense		62,000	$ 19,000	107,000	$ 36,000
Deferred costs		$ 223,000		$ 223,000				$ 270,000
Secured Debt | Credit Facility, Maturing April 2023 | Valley National Bank | Line of Credit | Subsequent Event
Debt Instrument [Line Items]
Debt assumed, face value							$ 13,000,000
Effective interest rate							5.75%
Facility amount drawn							$ 22,000,000
Secured Debt | Credit Facility, Maturing April 2023 | Valley National Bank | Line of Credit | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Secured Debt | Credit Facility, Maturing April 2023 | Valley National Bank | Line of Credit | Floor
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%

Debt Obligations - Junior Subor

Debt Obligations - Junior Subordinated Notes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Debt Obligations
Deferred costs	$ 3,150		$ 3,150		$ 1,277
Junior subordinated notes
Debt Obligations
Outstanding principal balance	37,400		37,400		37,400
Deferred costs	$ 287		$ 287		$ 297
Effective interest rate	3.29%	2.21%	3.29%	2.21%
Interest expense	$ 286	$ 212	$ 498	$ 426
Junior subordinated notes | London Interbank Offered Rate (LIBOR)
Debt Obligations
Basis spread on variable rate			2%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Related party - general and administrative	$ 185	$ 179	$ 431	$ 351
Director | Advisory services
Related Party Transaction [Line Items]
Related party expense	367	349	734	699
Majestic Property Management Corporation | Real Property Management Real Estate Brokerage And Construction Supervision Services
Related Party Transaction [Line Items]
Related party expense	8	7	19	14
Gould Investors Limited Partnership | Shared Services Agreement
Related Party Transaction [Line Items]
Related party - general and administrative	$ 185	$ 179	$ 431	$ 351

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Level 2 - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Junior subordinated notes | Market Approach Valuation Technique
Financial Instruments Not Measured at Fair Value
Market interest rate percentage	5.97%	4.21%
Junior subordinated notes | Carrying value
Financial Instruments Not Measured at Fair Value
Estimated fair value (lower) higher than carrying value	$ 7,206	$ 8,296
Mortgages payable | Market Approach Valuation Technique | Minimum
Financial Instruments Not Measured at Fair Value
Market interest rate percentage	4.27%	3.12%
Mortgages payable | Market Approach Valuation Technique | Maximum
Financial Instruments Not Measured at Fair Value
Market interest rate percentage	5.32%	3.87%
Mortgages payable | Carrying value
Financial Instruments Not Measured at Fair Value
Estimated fair value (lower) higher than carrying value	$ 21,481	$ 511

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) - Interest Expense - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Derivative [Line Items]
Amount of (loss) gain recognized on derivative in Other Comprehensive Income	$ 0	$ (27)
Amount of (loss) gain reclassified from Accumulated Other Comprehensive Income into Interest expense	(5)	(10)
Total amount of Interest expense presented in the Consolidated Statements of Operations	$ 1,609	$ 3,269