COVER
COVER - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 01, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | Shares of common stock, par value $.01 per share | ||
Trading Symbol | BRT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Public Float | $ 245.9 | ||
Entity Common Stock, Shares Outstanding | 19,144,381 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the proxy statement for the 2023 annual meeting of stockholders of the Registrant to be filed pursuant to Regulation 14A not later than May 1, 2023, are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000014846 |
AUDIT INFORMATION
AUDIT INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | New York, New York |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Real estate properties, net of accumulated depreciation of $55,195 and $36,467 | $ 651,603 | $ 293,550 |
Investment in unconsolidated joint ventures | 42,576 | 112,347 |
Cash and cash equivalents | 20,281 | 32,339 |
Restricted cash | 872 | 6,582 |
Other assets | 16,786 | 10,341 |
Real estate property held for sale | 0 | 4,379 |
Total Assets | 732,118 | 459,538 |
Liabilities: | ||
Mortgages payable, net of deferred costs of $4,166 and $980 | 403,792 | 199,877 |
Junior subordinated notes, net of deferred costs of $277 and $297 | 37,123 | 37,103 |
Credit facility, net of deferred costs of $498 and $— | 18,502 | 0 |
Accounts payable and accrued liabilities | 22,631 | 19,607 |
Total Liabilities | 482,048 | 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, 18,006 and 17,349 shares issued at December 31, 2022 and 2021 | 180 | 173 |
Additional paid-in capital | 273,863 | 258,161 |
Accumulated deficit | (23,955) | (55,378) |
Total BRT Apartments Corp. stockholders' equity | 250,088 | 202,956 |
Non-controlling interests | (18) | (5) |
Total Equity | 250,070 | 202,951 |
Total Liabilities and Equity | $ 732,118 | $ 459,538 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Real estate properties, net of accumulated depreciation | $ 55,195 | $ 36,467 |
Deferred costs | $ 4,941 | $ 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, issued (in shares) | 18,006,000 | 17,349,000 |
Mortgages | ||
Debt Instrument [Line Items] | ||
Deferred costs | $ 4,166 | $ 980 |
Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Deferred costs | 277 | 297 |
Credit Facility | ||
Debt Instrument [Line Items] | ||
Deferred costs | $ 498 | $ 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | ||||||||||
Rental and other revenue from real estate properties | $ 22,711 | $ 21,691 | $ 14,683 | $ 11,430 | $ 10,279 | $ 7,709 | $ 6,958 | $ 7,095 | $ 70,515 | $ 32,041 |
Other income | 0 | 6 | 2 | 4 | 4 | 5 | 3 | 4 | 12 | 16 |
Total revenues | 22,711 | 21,697 | 14,685 | 11,434 | 10,283 | 7,714 | 6,961 | 7,099 | 70,527 | 32,057 |
Expenses: | ||||||||||
Real estate operating expenses—including $36 and $31 to related parties | 10,262 | 9,195 | 6,348 | 4,753 | 4,515 | 3,404 | 3,166 | 3,117 | 30,558 | 14,202 |
Interest expense | 5,520 | 5,061 | 2,912 | 2,021 | 1,953 | 1,535 | 1,609 | 1,660 | 15,514 | 6,757 |
General and administrative—including $739 and $641 to related party | 3,815 | 3,673 | 3,533 | 3,633 | 3,239 | 3,114 | 3,154 | 3,114 | 14,654 | 12,621 |
Impairment charge | 0 | 0 | 520 | 0 | 0 | 520 | ||||
Depreciation and amortization | 8,031 | 8,165 | 5,010 | 3,606 | 3,285 | 1,787 | 1,416 | 1,537 | 24,812 | 8,025 |
Total expenses | 27,628 | 26,094 | 17,803 | 14,013 | 12,992 | 9,840 | 9,865 | 9,428 | 85,538 | 42,125 |
Total revenues less total expenses | (4,917) | (4,397) | (3,118) | (2,579) | (2,709) | (2,126) | (2,904) | (2,329) | (15,011) | (10,068) |
Equity in earnings (loss) of unconsolidated joint ventures | 580 | 135 | (50) | 1,230 | 1,825 | (4,196) | (492) | (1,345) | 1,895 | (4,208) |
Equity in earnings from sale of unconsolidated joint venture properties | 0 | 11,472 | 40,098 | 12,961 | 0 | 34,982 | 0 | 0 | 64,531 | 34,982 |
Gain on sale of real estate | 0 | 0 | 0 | 6 | 0 | 414 | 7,279 | 0 | 6 | 7,693 |
Casualty loss | (850) | 0 | 0 | 0 | (850) | 0 | ||||
Insurance recovery of casualty loss | 850 | 0 | 0 | 0 | 850 | 0 | ||||
Gain on insurance recovery | 0 | 62 | 0 | 62 | 0 | |||||
Gain on sale of partnership interest | 0 | 0 | 0 | 388 | 0 | 2,244 | 0 | 0 | 2,632 | |
Loss on extinguishment of debt | 0 | 0 | (563) | 0 | (673) | (902) | 0 | 0 | (563) | (1,575) |
Income (loss) from continuing operations | (4,337) | 7,272 | 36,367 | 11,618 | (1,169) | 28,172 | 6,127 | (3,674) | 50,920 | 29,456 |
Provision for taxes | (155) | 178 | 724 | 74 | 51 | 31 | 67 | 57 | 821 | 206 |
Net income (loss) from continuing operations, net of taxes | (4,182) | 7,094 | 35,643 | 11,544 | (1,220) | 28,141 | 6,060 | (3,731) | 50,099 | 29,250 |
Income attributable to non-controlling interests | (37) | (35) | (36) | (36) | (34) | (35) | (33) | (34) | (144) | (136) |
Net income (loss) attributable to common stockholders | $ (4,219) | $ 7,059 | $ 35,607 | $ 11,508 | $ (1,254) | $ 28,106 | $ 6,027 | $ (3,765) | $ 49,955 | $ 29,114 |
Weighted average number of shares of common stock outstanding: | ||||||||||
Basic (in shares) | 17,793,035 | 17,017,690 | ||||||||
Diluted (in shares) | 17,852,951 | 17,084,642 | ||||||||
Per share amounts attributable to common stockholders | ||||||||||
Basic (in dollars per share) | $ (0.22) | $ 0.37 | $ 1.91 | $ 0.62 | $ (0.08) | $ 1.55 | $ 0.34 | $ (0.22) | $ 2.67 | $ 1.63 |
Diluted (in dollars per share) | $ (0.22) | $ 0.37 | $ 1.91 | $ 0.62 | $ (0.08) | $ 1.54 | $ 0.34 | $ (0.22) | $ 2.66 | $ 1.62 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Related party - real estate operating expenses | $ 36 | $ 31 |
Related party - general and administrative | $ 739 | $ 641 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 50,099 | $ 29,250 |
Other comprehensive income: | ||
Unrealized gain on derivative instruments | 0 | 22 |
Other comprehensive income | 0 | 22 |
Comprehensive income | 50,099 | 29,272 |
Comprehensive income attributable to non-controlling interests | (144) | (140) |
Comprehensive income attributable to common stockholders | $ 49,955 | $ 29,132 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Shares of Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Income | (Accumulated Deficit) | Non-Controlling Interests |
Beginning balance at Dec. 31, 2020 | $ 177,688 | $ 164 | $ 245,605 | $ (19) | $ (67,978) | $ (84) |
Increase (Decrease) in Stockholders' Equity | ||||||
Distributions - common stock | (16,514) | (16,514) | ||||
Restricted stock and restricted stock units vesting | 0 | 4 | (4) | |||
Compensation expense—restricted stock and restricted stock units | 2,941 | 2,941 | ||||
Distributions to non-controlling interests | (60) | (60) | ||||
Shares issued through equity offering program, net | 9,624 | 5 | 9,619 | |||
Net income | 29,250 | 29,114 | 136 | |||
Other comprehensive income | 22 | 19 | 3 | |||
Comprehensive income | 29,272 | |||||
Ending balance at Dec. 31, 2021 | 202,951 | 173 | 258,161 | 0 | (55,378) | (5) |
Increase (Decrease) in Stockholders' Equity | ||||||
Distributions - common stock | (18,532) | (18,532) | ||||
Restricted stock and restricted stock units vesting | 0 | 2 | (2) | |||
Compensation expense—restricted stock and restricted stock units | 4,486 | 4,486 | ||||
Distributions to non-controlling interests | (157) | (157) | ||||
Shares issued through equity offering program, net | 9,945 | 5 | 9,940 | |||
Shares issued through DRIP | 1,278 | 1,278 | ||||
Net income | 50,099 | 49,955 | 144 | |||
Other comprehensive income | 0 | 0 | 0 | |||
Comprehensive income | 50,099 | |||||
Ending balance at Dec. 31, 2022 | $ 250,070 | $ 180 | $ 273,863 | $ 0 | $ (23,955) | $ (18) |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends paid (in dollars per share) | $ 0.98 | $ 0.90 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 50,099 | $ 29,250 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 24,812 | 8,025 |
Amortization of deferred financing fees | 628 | 295 |
Amortization of debt fair value adjustment | 137 | (60) |
Amortization of restricted stock and restricted stock units | 4,486 | 2,941 |
Equity in (earnings) loss of unconsolidated joint ventures | (1,895) | 4,208 |
Equity in earnings on sale of real estate of unconsolidated ventures | (64,531) | (34,982) |
Impairment charge | 0 | 520 |
Gain on sale of real estate | (6) | (7,693) |
Gain on sale of partnership interest | 0 | (2,632) |
Gain on insurance recovery | (62) | 0 |
Loss on extinguishment of debt | 563 | 1,575 |
Increases and decreases from changes in other assets and liabilities: | ||
Decrease in other assets | 4,717 | 2,203 |
Decrease in accounts payable and accrued liabilities | (3,923) | (4,179) |
Net cash provided by (used in) operating activities | 15,025 | (529) |
Cash flows from investing activities: | ||
Improvements to real estate owned | (6,295) | (1,308) |
Purchase and consolidation of joint venture properties | (105,262) | (111,956) |
Proceeds from the sale of real estate owned | 4,385 | 24,632 |
Proceeds from the sale of joint venture interests | 0 | 10,540 |
Distributions from unconsolidated joint ventures | 91,239 | 62,025 |
Contributions to unconsolidated joint ventures | (3,500) | (6,031) |
Proceeds from insurance recoveries | 62 | 0 |
Net cash used in investing activities | (19,371) | (22,098) |
Cash flows from financing activities: | ||
Proceeds from mortgages payable | 18,953 | 89,680 |
Mortgage payoffs | (41,666) | (47,605) |
Mortgage principal payments | (2,219) | (2,688) |
Proceeds from credit facility | 43,000 | 0 |
Repayment of credit facility | (24,000) | 0 |
Increase in deferred financing costs | (693) | (319) |
Dividends paid | (17,863) | (15,769) |
Distributions to non-controlling interests | (157) | (60) |
Proceeds from the sale of common stock | 9,945 | 9,624 |
Proceeds from the issuance of DRP shares | 1,278 | 0 |
Net cash (used in) provided by financing activities | (13,422) | 32,863 |
Net (decrease) increase in cash, cash equivalents and restricted cash: | (17,768) | 10,236 |
Cash, cash equivalents and restricted cash at beginning of year | 38,921 | 28,685 |
Cash, cash equivalents and restricted cash at end of year | 21,153 | 38,921 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the year for interest expense | 14,086 | 6,523 |
Cash paid during the year for income and excise taxes | 283 | 173 |
Consolidation on buyout of partnership interest: | ||
Increase in real estate assets | (370,513) | (160,583) |
Increase in other assets | (17,489) | (5,671) |
Increase in mortgage payable | 231,896 | 29,067 |
Increase in deferred loan costs | (3,892) | (748) |
Increase in accounts payable and accrued liabilities | 6,278 | 2,621 |
Decrease in investment in unconsolidated joint ventures | 48,458 | 23,358 |
Purchase and consolidation of investment in joint venture | (105,262) | (111,956) |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | ||
Cash and cash equivalents | 20,281 | 32,339 |
Restricted cash | 872 | 6,582 |
Total cash, cash equivalents and restricted cash, shown in consolidated statement of cash flows | $ 21,153 | $ 38,921 |
ORGANIZATION, BACKGROUND AND SI
ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES | ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES Organization and Background BRT Apartments Corp. (“BRT” or the “Company”) owns, operates and, to a lesser extent, develops multi-family properties. These multi-family properties may be wholly owned by us or by unconsolidated joint ventures in which the Company contributes a significant portion of the equity. At December 31, 2022, BRT: (i) wholly-owns twenty-one multi-family properties located in eleven states with an aggregate of 5,420 units and a carrying value of $649,701,000; (ii) has ownership interests, through unconsolidated entities, in eight multi-family properties located in four states with an aggregate of 2,781 units, and the carrying value of its net equity investment is $39,076,000; and (iii) owns other assets, through consolidated and unconsolidated subsidiaries, with a carrying value of $5,402,000. The Company's 29 multi-family properties are located in 11 states; most of these properties are located in the Southeast United States and Texas. BRT conducts its operations to qualify as a real estate investment trust, or REIT, for Federal income tax purposes. 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. Principles of Consolidation The consolidated financial statements include the accounts and operations of the Company and its wholly owned subsidiaries. The joint venture that owns a property in Yonkers, NY was determined not to be a variable interest entity ("VIE") but is consolidated because the Company has controlling rights in such entity. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. 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 VIEs. Additionally, the Company does not exercise substantial operating control over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. The distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro-rata to the percentage equity interest each partner has in the applicable venture. Income Tax Status The Company qualifies as a real estate investment trust under sections 856-860 of the Internal Revenue Code of 1986, as amended. The board of directors may, at its option, elect to revoke or terminate the Company's election to qualify as a real estate investment trust. The Company will not be subject to federal, and generally state and local taxes on amounts it distributes to stockholders, provided it distributes 90% of its ordinary taxable income and meets other conditions. The Company currently has net operating loss carryforwards which it can use to reduce taxable income. NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) In accordance with Accounting Standards Codification ("ASC") Topic 740 - "Income Taxes", the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Company's financial position or results of operations. The Company's income tax returns for the tax years 2019 through 2021 are subject to review by the Internal Revenue Service. Revenue Recognition Rental revenue from multi-family properties is recorded when due from residents and is recognized monthly as it is earned. Rental payments are due in advance. Leases on residential properties are generally for terms that do not exceed one year. Rental revenue from commercial properties, including the base rent that each tenant is required to pay in accordance with the terms of their respective leases, net of any rent concessions and lease incentives, is reported on a straight-line basis over the non-cancellable term of the lease. Real Estate Properties Real estate properties are stated at cost, net of accumulated depreciation, and include properties acquired through acquisition or development. When the Company purchases real estate assets from third-parties, the Company allocates the purchase price of real estate, including direct transaction costs applicable to an asset acquisition, among land, building, improvements and intangibles (e.g., the value of above, below and at market leases, and origination costs associated with in-place leases and above or below-market mortgages assumed at the acquisition date). The value, as determined, is allocated to the gross assets acquired based on management’s determination of the relative fair values of these assets and liabilities. Whenever the Company buys out the remaining interest from joint venture partners, the Company follows a cost-accumulation approach, wherein the Company allocates the cost basis of their existing interest and the purchase price of the remaining partner interest to the real estate acquired (including land, buildings and improvements, and identified intangibles such as acquired in-place leases) and acquired liabilities. Depreciation for multi-family properties is computed on a straight-line basis over an estimated useful life of 30 years. Intangible assets (and liabilities) are amortized over the remaining life of the related leases at the time of acquisition and is usually less than one year. Expenditures for maintenance and repairs are charged to operations as incurred. Real estate is classified as held for sale when management has determined that the applicable criteria have been met. Real estate assets that are expected to be disposed of are valued at the lower of their carrying amount or their fair value less costs to sell on an individual asset basis. Real estate classified as held for sale is not depreciated. The Company accounts for the sale of real estate when title passes to the buyer, sufficient equity payments have been received, there is no continuing involvement by the Company and there is reasonable assurance that the remaining receivable, if any, will be collected. Asset Impairments The Company reviews each real estate asset owned quarterly to determine if there are indicators of impairment. If such indicators are present, the Company determines whether the carrying amount of the asset can be recovered. Recognition of impairment is required if the undiscounted cash flows estimated to be generated by the asset are less than the asset's carrying amount and that carrying amount exceeds the estimated fair value of the asset. The impairment recognized is the difference between the carrying value and the fair value. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends, the effects of leasing demands, and other factors. In evaluating a property for impairment, various factors are considered, including estimated current and expected operating cash flow from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of such real estate in the ordinary course of business. Valuation adjustments may be necessary in the event that effective interest rates, rent-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. If future evaluations result in a decrease in the value of the property below its carrying value, the reduction will be recognized as an NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) impairment charge. The fair values related to the impaired real estate assets are considered to be a level 3 valuation within the fair value hierarchy because they are based on unobservable inputs and are subjective in nature. For investment in real estate ventures, if indicators of impairment are present, the Company determines if the fair value of the investment is less than its carrying value. Fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the asset. The fair values related to the impaired investments in real estate ventures are considered to be a level 3 valuation within the fair value hierarchy. Equity Based Compensation Compensation expense for grants of restricted stock, restricted stock units ("RSUs") and dividend equivalent rights are amortized over the vesting period of such awards, based upon the estimated fair value of such award at the grant date. The Company recognizes the effect of forfeitures when they occur and previously recognized compensation expense is reversed in the period the grant or unit is forfeited. The deferred compensation related to the RSUs to be recognized as expense is net of certain performance assumptions which are re-evaluated quarterly. For accounting purposes, the restricted shares and the RSUs are not included in the outstanding shares shown on the consolidated balance sheets until they vest; however, the restricted shares are included in the calculation of both basic and diluted earnings per share as they participate in the earnings of the Company. Derivatives and Hedging Activities The Company's objective in using derivative financial instruments is to manage interest rate risk related to variable rate debt. The Company does not use derivatives for trading or speculative purposes. The Company records all derivatives on its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is reported in other comprehensive income (loss). Those amounts are reclassified to earnings in the same income statement line item that is used to present the earnings effect of the hedged item when the hedged item affects earnings. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which they occur. Per Share Data Basic earnings (loss) per share is determined by dividing net income (loss) applicable to holders of common stock for the applicable year by the weighted average number of shares of common stock outstanding during such year. 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 RSU's 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 shares of 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. Cash Equivalents Cash equivalents consist of highly liquid investments; primarily, direct United States treasury obligations with maturities of three months or less when purchased. NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) Restricted Cash Restricted cash consists of cash held for construction costs and property improvements for specific joint venture properties as may be required by contractual arrangements. Deferred Costs Fees and costs incurred in connection with multi-family property financings are deferred and amortized over the term of the related debt obligations. Fees and costs paid related to the successful negotiation of commercial leases are deferred and amortized on a straight-line basis over the terms of the respective leases. Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
REAL ESTATE PROPERTIES
REAL ESTATE PROPERTIES | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
REAL ESTATE PROPERTIES | REAL ESTATE PROPERTIES Real estate properties, excluding a property held for sale in 2021 (see Note 7), consist of the following (dollars in thousands): December 31, 2022 2021 Land $ 74,246 $ 38,822 Building 617,041 281,841 Building improvements 15,511 9,354 Real estate properties 706,798 330,017 Accumulated depreciation (55,195) (36,467) Total real estate properties, net $ 651,603 $ 293,550 A summary of activity in real estate properties, net for the year ended December 31, 2022 follows (dollars in thousands): December 31, 2021 Balance Partner Buyouts Improvements Depreciation December 31, 2022 Balance Multi-family $ 291,538 $ 370,513 $ 6,295 $ (18,645) $ 649,701 Retail shopping center - Yonkers, NY/Other 2,012 — — (110) 1,902 Total real estate properties $ 293,550 $ 370,513 $ 6,295 $ (18,755) $ 651,603 NOTE 2—REAL ESTATE PROPERTIES (Continued) The following summarizes, by state, information for the year ended December 31, 2022 regarding consolidated properties (dollars in thousands): Location Number of Properties Number of Units 2022 Rental and % of 2022 Rental and Other Revenue Tennessee 2 702 $ 13,812 20 % Georgia 3 688 8,785 12 % South Carolina 2 474 8,111 12 % Florida 2 518 7,605 11 % Texas 3 600 7,578 11 % Mississippi 2 776 5,438 8 % Alabama 3 740 5,099 7 % Virginia 1 220 4,556 6 % Ohio 1 264 3,563 5 % Missouri 1 174 2,630 4 % North Carolina 1 264 1,824 3 % Other (a) — — 1,514 2 % 21 5,420 $ 70,515 __________________________________________ (a) Represents non-multi-family revenues. Future minimum rentals to be received pursuant to non-cancellable operating leases with terms in excess of one year, from a commercial property owned by the Company at December 31, 2022, are as follows (dollars in thousands): Year Ending December 31, Amount 2023 $ 1,252 2024 953 2025 648 2026 648 2027 648 Thereafter 217 Total $ 4,366 Leases at the Company's multi-family properties are generally for a term of one year or less and are not reflected in this table. |
ACQUISITIONS, DISPOSITIONS AND
ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES | ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES Acquisitions of Interests in Joint Ventures During 2022 and 2021, the Company purchased its partners' remaining interests in 11 and three joint ventures, respectively. The Company determined that in each acquisition the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions. NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES (continued) The following table summarizes these purchases (dollars in thousands): Buyout Date Property Name Location Units Remaining Interest Purchased Purchase Price (1) 2022 03/23/2022 Verandas at Alamo San Antonio, TX 288 28 % $ 8,721 04/07/2022 Vanguard Heights Creve Coeur, MO 174 22 % 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 07/12/2022 Civic I Southaven, MS 392 25 % 18,233 07/12/2022 Civic II Southaven, MS 384 25 % 17,942 07/14/2022 Abbotts Run Wilmington, NC 264 20 % 9,010 07/19/2022 Somerset at Trussville Trussville, AL 328 20 % 10,558 08/03/2022 Magnolia Pointe Madison, AL 204 20 % 7,246 Total 2,844 $ 105,868 2021 08/18/2021 Bells Bluff Nashville, TN 402 42 % $ 27,860 10/01/2021 Crestmont at Thornblade Greenville , SC 266 10 % 1,600 12/01/2021 Crossings of Bellevue Nashville, TN 300 20 % 16,128 Total 968 $ 45,588 ____________________________ (1) The purchase price reflects our purchase of our joint venture partners' promote interest in the venture and in 2022 excludes closing costs of $2,191 and operating cash acquired from the joint venture of $2,797 and in 2021 excludes closing costs of $793, operating cash acquired from the joint ventures of $2,608 and the payoff of the existing mortgages of $68,183. NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES (continued) The Company assessed the fair value of the tangible assets of each acquired property as of the applicable acquisition date using estimated building costs between $90 and $215 per square foot, with a weighted average square foot cost of $158 and estimated land costs between $4.11 and $50.14 per square foot with a weighted average square foot cost of $6.65, which are Level 3 unobservable input in the fair value hierarchy. The following table summarizes the purchase price allocation of the book values of those properties whose remaining interest was purchased and consolidated in 2022 or 2021 and is based on the proportionate share of the estimated fair value of the property on the acquisition date (dollars in thousands): Property Land Building and Improvements Total Land and building Acquisition related lease intangible Total Assets Acquisition related mortgage intangible 2022 Verandas at Alamo $ 3,336 $ 33,465 $ 36,801 $ 797 $ 37,598 $ (61) Vanguard Heights 5,466 30,826 36,292 508 36,800 578 Jackson Square 3,398 27,167 30,565 634 31,199 283 Brixworth at Bridge Street 1,959 20,080 22,039 321 22,360 — Woodland Apartments 1,289 12,853 14,142 233 14,375 — Grove at River Place 2,866 16,416 19,282 396 19,678 136 Civic I 3,646 45,554 49,200 913 50,113 562 Civic II 3,847 46,452 50,299 1,013 51,312 1,254 Abbotts Run 3,468 37,312 40,780 701 41,481 481 Somerset at Trussville 4,095 42,943 47,038 869 47,907 1,090 Magnolia Pointe 2,052 22,023 24,075 503 24,578 396 $ 35,422 $ 335,091 $ 370,513 $ 6,888 $ 377,401 $ 4,719 2021 Bells Bluff $ 6,172 $ 77,532 $ 83,704 $ 1,597 $ 85,301 — Crestmont at Thornblade 4,033 34,052 38,085 818 38,903 $ 2,641 Crossings of Bellevue 9,679 29,115 38,794 730 39,524 — $ 19,884 $ 140,699 $ 160,583 $ 3,145 $ 163,728 $ 2,641 The unamortized balance of acquisition related lease intangibles, which is included in Other assets in the consolidated balance sheet, was $3,181,000 at December 31, 2022, and amortizes over one year. In March 2023, the Company entered into an agreement to acquire a 238-unit multifamily property constructed in 2019 and located in Richmond, VA, for a purchase price of approximately $62,500,000. The purchase price includes the assumption of approximately $32,000,000 of mortgage debt bearing an interest rate of 3.34% and maturing in 2061. The purchase is subject to the satisfaction of various conditions, including the completion, to BRT’s satisfaction, of its due diligence investigation, as well as the approval by the mortgage lender of the Company’s assumption of the mortgage debt. BRT anticipates that this transaction will be completed in the fourth quarter of 2023, although we can provide no assurance that this transaction will be completed. Property Dispositions During the year ended December 31, 2022, the Company sold a land parcel located in Daytona, FL for a sales price of $4,700,000 and after closing costs, recognized a nominal gain. In 2020, the Company recognized an impairment charge of $3,600,000 in connection with this property. At December 31, 2021, this property was classified as held-for-sale on the Company's consolidated balance sheet ( see Note 7 - Real Estate Property Held for Sale). NOTE 3—ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES (continued) The tables below provide information regarding the Company's disposition of real estate properties during the year ended December 31, 2021 (dollars in thousands): Location Sale Date No. of Units Sales Price Gain on Sale Kendall Manor - Houston, TX 5/26/2021 272 $ 24,500 $ 7,279 New York, NY (1) 8/20/2021 1 545 414 273 $ 25,045 $ 7,693 _______________________________________ (1) Reflects the sale of a cooperative apartment unit. Impairment Charges In cases where the Company does not expect to recover its carrying value on properties held for use, the Company reduces its carrying value to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell. In the year ended December 31, 2021, the Company took an impairment charge of $520,000 related to its investment in OPOP Tower and OPOP Loft properties, St Louis, MO, as the carrying value exceeded the fair value by that amount. The fair value is based upon the sale price at which the Company contracted to sell this joint venture interest. This investment was sold in 2021 and no further impairments were recorded. The Company did not record any impairment charges in 2022. |
RESTRICTED CASH
RESTRICTED CASH | 12 Months Ended |
Dec. 31, 2022 | |
Restricted Cash and Investments [Abstract] | |
RESTRICTED CASH | RESTRICTED CASH Restricted cash represents funds for specific purposes and therefore are not generally available for general corporate purposes. As reflected on the consolidated balance sheets, restricted cash represents funds held by or on behalf of the Company specifically allocated for capital improvements at joint venture multi-family properties. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
LEASES | LEASES Lessor Accounting The Company owns one commercial rental property which is leased to two tenants under operating leases with current expirations ranging from 2024 to 2028, with options to extend or terminate the leases. Revenues from such leases are reported as rental income, net, and are comprised of (i) lease components, which includes fixed lease payments and (ii) non-lease components which includes reimbursements of property level operating expenses. The Company does not separate non-lease components from the related lease components, as the timing and pattern of transfer are the same, and account for the combined component in accordance with ASC 842. 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 December 31, 2022 , the remaining lease term, including the renewal option, is 22.8 years. The Company is also a lessee under a corporate office lease in Great Neck, NY, which is classified as an operating lease. The lease expires on December 31, 2031 and provides a 5-year renewal option. As of December 31, 2022, the remaining lease term, including renewal options deemed exercised, is 14.0 years. NOTE 5 - LEASES (continued) As of December 31, 2022 , the Company's right-of-use ("ROU") assets and lease liabilities were $2,371,000 and $2,472,000, respectively and as of December 31, 2021, the Company's ROU assets and lease liabilities were $2,568,000 and $2,629,000, respectively. The ROU assets and lease liabilities are reported on the consolidated balance sheets in Other assets Accounts payable and accrued liabilities 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. As of December 31, 2022, the minimum future lease payments related to the operating ground and office leases are as follows (dollars in thousands): Year Ending December 31, Amount 2023 $ 236 2024 243 2025 252 2026 257 2027 262 Thereafter 3,240 Total undiscounted cash flows $ 4,490 Present value discount (2,018) Lease liability $ 2,472 |
LEASES | LEASES Lessor Accounting The Company owns one commercial rental property which is leased to two tenants under operating leases with current expirations ranging from 2024 to 2028, with options to extend or terminate the leases. Revenues from such leases are reported as rental income, net, and are comprised of (i) lease components, which includes fixed lease payments and (ii) non-lease components which includes reimbursements of property level operating expenses. The Company does not separate non-lease components from the related lease components, as the timing and pattern of transfer are the same, and account for the combined component in accordance with ASC 842. 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 December 31, 2022 , the remaining lease term, including the renewal option, is 22.8 years. The Company is also a lessee under a corporate office lease in Great Neck, NY, which is classified as an operating lease. The lease expires on December 31, 2031 and provides a 5-year renewal option. As of December 31, 2022, the remaining lease term, including renewal options deemed exercised, is 14.0 years. NOTE 5 - LEASES (continued) As of December 31, 2022 , the Company's right-of-use ("ROU") assets and lease liabilities were $2,371,000 and $2,472,000, respectively and as of December 31, 2021, the Company's ROU assets and lease liabilities were $2,568,000 and $2,629,000, respectively. The ROU assets and lease liabilities are reported on the consolidated balance sheets in Other assets Accounts payable and accrued liabilities 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. As of December 31, 2022, the minimum future lease payments related to the operating ground and office leases are as follows (dollars in thousands): Year Ending December 31, Amount 2023 $ 236 2024 243 2025 252 2026 257 2027 262 Thereafter 3,240 Total undiscounted cash flows $ 4,490 Present value discount (2,018) Lease liability $ 2,472 |
INVESTMENT IN UNCONSOLIDATED VE
INVESTMENT IN UNCONSOLIDATED VENTURES | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN UNCONSOLIDATED VENTURES | INVESTMENT IN UNCONSOLIDATED VENTURES At December 31, 2022 and 2021, the Company owned interests in unconsolidated joint ventures that own eight and 23 multi-family properties (the "Unconsolidated Properties"), respectively. The condensed balance sheets below presents information regarding such properties (dollars in thousands): December 31, 2022 2021 ASSETS Real estate properties, net of accumulated depreciation of $66,945 and $133,615 $ 318,304 $ 734,247 Cash and cash equivalents 6,591 13,741 Other Assets 35,372 25,535 Total Assets $ 360,267 $ 773,523 LIABILITIES AND EQUITY Liabilities: Mortgages payable, net of deferred costs of $1,421 and $3,423 $ 255,261 $ 584,479 Accounts payable and accrued liabilities 8,222 17,064 Total Liabilities 263,483 601,543 Commitments and contingencies Equity: Total unconsolidated joint venture equity 96,784 171,980 Total Liabilities and Equity $ 360,267 $ 773,523 Company equity interest in all joint venture equity $ 42,576 $ 112,347 NOTE 6—INVESTMENT IN UNCONSOLIDATED VENTURES (continued) The condensed income statements below presents information regarding the Unconsolidated Properties (dollars in thousands): Year Ended December 31, 2022 2021 Revenues: Rental and other revenue $ 72,873 $ 121,906 Total revenues 72,873 121,906 Expenses: Real estate operating expenses 33,086 56,507 Interest expense 16,269 30,964 Depreciation 17,798 35,636 Total expenses 67,153 123,107 Total revenues less total expenses 5,720 (1,201) Other equity earnings 121 54 Impairment of assets (8,553) (2,813) Insurance recoveries 8,553 2,813 Gain on insurance recoveries 567 2,179 Gain on sale of real estate properties 118,270 83,984 Loss on extinguishment of debt (3,491) (9,401) Net income from joint ventures $ 121,187 $ 75,615 BRT equity in earnings and equity in earnings from sale of unconsolidated joint venture properties $ 66,426 $ 30,774 Acquisitions On March 10, 2022, the Company acquired for $3,500,000, a 17.45% interest in a planned 240-unit development property located in Johns Island, SC. In December 2022, the venture recorded an impairment charge of $8,553,000 due to a fire at the development. This loss is covered by insurance and accordingly, the venture recorded an insurance recovery of $8,553,000. The Company recorded its proportionate share of the impairment charge and the insurance recovery. Dispositions of Properties The table below provides information regarding the disposition of real estate properties by unconsolidated joint ventures in the year ended December 31, 2022 (dollars in thousands): Location Sale Date Number of Units Sale Price Gain on Sale BRT Gain on Sale BRT Share of Loss of Extinguishment of Debt Verandas at Shavano - San Antonio, TX 2/8/2022 288 $ 53,750 $ 23,652 $ 12,961 $ — Reatreat at Cinco Ranch - Katy, TX 6/14/2022 268 68,300 30,595 17,378 686 The Vive - Kannapolis, NC 6/30/2022 312 91,250 47,086 22,720 787 Waters Edge - Columbia, SC 8/31/2022 204 32,400 16,937 11,472 388 1,072 $ 245,700 $ 118,270 $ 64,531 $ 1,861 NOTE 6—INVESTMENT IN UNCONSOLIDATED VENTURES (continued) The table below provides information regarding the disposition of real estate properties by unconsolidated joint ventures in the year ended December 31, 2021 (dollars in thousands): Location Sale Date No. of Units Sales Price Gain on Sale BRT Gain on Sale BRT Share of Loss of Extinguishment of Debt Avenue Apts,Ocoee, FL 7/20/2021 522 $ 107,661 $ 39,668 $ 19,518 $ 4,474 Parc at 980, Lawrenceville, GA 7/28/2021 586 118,250 44,316 15,464 107 1,108 $ 225,911 $ 83,984 $ 34,982 $ 4,581 On March 13, 2023 , the unconsolidated joint venture that owns Chatham Court and Reflections, a 494 unit multi-family property located in Dallas and in which we have a 50% interest entered into a contract to sell the property. The contract sale price is $73,000,000 and we estimate our share of the gain will be approximately $14,300,000 and our share of the early extinguishment of debt charge will be approximately $167,000. Dispositions of Joint Venture Interests There were no sales of joint venture interests in 2022. The table below provides information regarding the sale of venture interests to our joint venture partners in the year ended December 31, 2021: Location Sale Date No. of Units Sales Price BRT's Share of Gain on Sale Anatole, Daytona Beach, FL 4/20/2021 208 $ 7,540 $ 2,244 OPOP Tower and Lofts, St. Louis, MO 11/4/2021 181 3,000 388 389 $ 10,540 $ 2,632 Joint Venture Buyouts |
REAL ESTATE PROPERTY HELD FOR S
REAL ESTATE PROPERTY HELD FOR SALE | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
REAL ESTATE PROPERTY HELD FOR SALE | REAL ESTATE PROPERTY HELD FOR SALEIn September 2020, the Company entered into a contract to sell a vacant parcel of land located in South Daytona Beach, FL for $4,700,000 with a net book value of $4,379,000. At December 31, 2021, the Company reclassified the net book value of the land as Real estate property held-for-sale in the accompanying balance sheet. The property was sold on February 2, 2022. ( See Note 3) |
DEBT OBLIGATIONS
DEBT OBLIGATIONS | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
DEBT OBLIGATIONS | DEBT OBLIGATIONS Debt obligations consist of the following (dollars in thousands): December 31, 2022 2021 Mortgages payable $ 407,958 $ 200,857 Junior subordinated notes 37,400 37,400 Credit Facility 19,000 — Deferred loan costs (4,941) (1,277) Total debt obligations $ 459,417 $ 236,980 A summary of activity in property debt for the year ended December 31, 2022 is as follows (dollars in thousands): Balance at December 31, 2021 $ 199,877 Acquisitions 236,615 Increase due to refinancing/payoff of acquisition debt 6,749 Fair value adjustment upon consolidation (4,719) Amortization of fair value adjustment 137 Debt Payoff (29,462) Principal Amortization (2,219) Changes in Deferred Fees (3,186) Balance at December 31, 2022 $ 403,792 At December 31, 2022, $407,958,000 of mortgage debt with a weighted average interest rate of 4.00% and a weighted average remaining term to maturity of 7.9 years is outstanding on 17 of the Company's multi-family properties. Scheduled principal repayments for the periods indicated are as follows (dollars in thousands): Year Ending December 31, Scheduled Principal Payments 2023 $ 2,712 2024 3,667 2025 20,188 2026 74,652 2027 46,220 Thereafter 260,519 $ 407,958 NOTE 8—DEBT OBLIGATIONS (continued) The following table summarizes the information regarding the mortgages relating to the properties in which BRT purchased the remaining interests of its joint venture partners during the twelve months ended December 31, 2022 and 2021 (dollars in thousands): Property Name Location Debt at Purchase Date (a) Interest Rate Maturity Date Interest only through 2022 Verandas at Alamo San Antonio, TX $ 27,000 3.64% Oct 2029 Oct 2024 Vanguard Heights Creve Coeur, MO 29,700 4.41% July 2031 June 2025 Jackson Square Tallahassee, FL 21,524 4.19% Sept 2027 Sept 2022 Brixworth at Bridge Street (b) Huntsville, AL 11,147 4.25% June 2032 Maturity The Woodland Apartments Boerne, TX 7,914 4.74% Feb 2026 N/A Grove at River Place (c) Macon, GA 11,426 4.39% Feb 2026 N/A Civic I Southaven, MS 27,389 4.24% March 2026 N/A Civic II Southaven, MS 30,105 3.73% Sept 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% Jan 2028 Dec 2022 $ 236,615 2021 Bells Bluff Nashville, TN $ 52,000 3.48% Aug 2041 N/A Crestmont at Thornblade Greenville, SC 26,425 4.69% Nov 2028 N/A Crossings of Bellevue Nashville, TN 37,680 3.11% Dec 2031 N/A $ 116,105 ________________________________ (a) Excludes fair value adjustments of $4,719 determined as part of the purchase price allocation. (b) The original mortgage debt of $11,147 was refinanced with new ten-year mortgage debt of $18,952 immediately following the buyout. The interest rate, maturity date and interest - only terms reflect the new mortgage. (c) Includes a supplemental mortgage of $1,056 which was paid off immediately following the buyout. The unamortized balance of acquisition related mortgage intangibles, which is included in mortgages payable in the consolidated balance sheet, was $2,000,000 at December 31, 2022 and will be amortized as follows (dollars in thousands): Year Ending December 31, Amount 2023 $ 613 2024 556 2025 501 2026 215 2027 (29) Thereafter 144 Total $ 2,000 NOTE 8—DEBT OBLIGATIONS (continued) The Company paid off the following debt in the years ended December 31, 2022 and 2021 (dollars in thousands): Property Name Location Mortgage Payoff Interest Rate Payoff Date Maturity Date Prepayment Charges 2022 Avalon Pensacola, FL $ 14,558 4.29 % 1/26/2022 3/1/2022 $ — Silvana Oaks N. Charleston, SC 14,904 3.79 % 10/28/2022 11/1/2022 — Total $ 29,462 $ — 2021 Avalon - supplemental Pensacola, FL 2,903 4.92 % 7/29/2021 3/1/2022 29 Avondale Station Decatur, GA 7,140 3.74 % 8/30/2021 12/1/2022 376 Avondale Station - supplemental Decatur, GA 6,866 5.53 % 8/31/2021 12/1/2022 277 Woodland Trails LaGrange, GA 14,025 4.36 % 7/30/2021 2/1/2022 140 Ripco (a) Yonkers, NY 945 5.25 % 8/18/2021 4/1/2022 — Total $ 31,879 $822 ________________________________ (a) In connection with the payoff of this debt, the Company terminated the related interest rate swap. Credit Facility On September 15, 2022, the Company's credit facility with an affiliate of Valley National Bank ("VNB"),was amended to, among other things, increase the amount the Company can borrow, subject to compliance with borrowing base requirements and other conditions, up to $60,000,000, extend the facility's maturity date to September 2025, reduce the adjustable interest rate to the prime rate, with a floor of 3.50% and revise certain financing covenants. The facility can be used 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 $25,000,000 may be used for operating expenses. The facility is secured by the cash available in certain cash accounts maintained by the Company at VNB and the Company's pledge of its interests in the entities that own the unencumbered properties used in calculating the borrowing base. The interest rate in effect as of December 31, 2022 and March 1, 2023 is 7.50% and 7.75%, respectively. There is an unused facility fee of 0.25% per annum on the total amount committed by VNB and unused by the Company. At December 31, 2022, the Company is in compliance in all material respects with its obligations under the facility. At December 31, 2022, there was an outstanding balance on the facility of $19,000,000 and $41,000,000 was available to be borrowed. At December 31, 2021, there was no outstanding balance on the facility. The average balance outstanding on the facility for 2022 and 2021 was $7,907,000 and $—. At March 1, 2023, there is no balance outstanding on the facility. Interest expense for the years ended December 31, 2022 and 2021, which includes amortization of deferred financing costs and unused fees, was $713,000 and $101,000, respectively. Deferred costs of $498,000 and $270,000 are recorded on the consolidated balance sheets at December 31, 2022 and 2021, respectively. Junior Subordinated Notes At December 31, 2022 and 2021, the outstanding principal balance of the Company's junior subordinated notes was $37,400,000, before deferred financing costs of $277,000 and $297,000, respectively. The interest rate on the outstanding balance resets quarterly and is based on three month LIBOR + 2.00%. The rate in effect at December 31, 2022 and 2021 was 6.41% and 2.13% respectively. The notes mature April 30, 2036. NOTE 8—DEBT OBLIGATIONS (continued) The notes require interest only payments through the maturity date, at which time repayment of all outstanding principal and unpaid interest is due. Interest expense for the years ended December 31, 2022 and 2021, which includes amortization of deferred costs, was $1,478,000 and $845,000, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company elected to be taxed as a REIT pursuant to the Code. As a REIT, the Company is generally not subject to Federal income taxes at the corporate level if it distributes 100% of its REIT taxable income, as defined, to its stockholders. To maintain its REIT status, the Company must distribute at least 90% of its ordinary taxable income; however, if it does not distribute 100% of its taxable income, it will be taxed on undistributed income. There are a number of organizational and operational requirements the Company must meet to remain a REIT. If the Company fails to qualify as a REIT in any taxable year, its taxable income will be subject to Federal income tax at regular corporate tax rates and it may not be able to qualify as a REIT for four subsequent tax years. Even if it is qualified as a REIT, the Company is subject to certain state and local income taxes and to Federal income and excise taxes on undistributed taxable income. For income tax purposes, the Company reports on a calendar year basis. As of December 31, 2022, tax returns for the calendar years 2019 through 2021 remain subject to examination by the Internal Revenue Service and various state and local tax jurisdictions. During the years ended December 31, 2022 and 2021, the Company recorded $821,000 and $206,000, respectively, of state franchise tax expense, net of refunds, relating to the 2022 and 2021 calendar years. Earnings and profits, which determine the taxability of dividends to stockholders, differs from net income reported for financial statement purposes due to various items, including timing differences related to impairment charges, depreciation methods and carrying values. For the 2022 tax year, the Company expects to use its remaining available net operating loss carryforwards and at December 31, 2022, the Company does not have any net operating loss carryforwards available. The Company's net operating losses had previously been available to reduce taxable income. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' EQUITY | STOCKHOLDERS' EQUITY Common Stock Dividend Distribution During the years ended December 31, 2022 and 2021, the Company declared an aggregate of $0.98 and $0.90 per share in cash dividends, respectively. Stock Based Compensation In 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, 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. Each of the Company's 2020 Incentive Plan (the "2020 Plan") and the Amended and Restated 2018 Incentive Plan (the "2018 Plan") authorized the Company to grant up to 1,000,000 shares of common stock pursuant to the same type of awards available under the 2022 Plan. No further awards may be granted pursuant to the 2020 Plan or the 2018 Plan, which are referred to collectively as the "Prior Plans." Restricted Stock Units In each of March 2021 (pursuant to the 2020 Plan) and June 2022 (pursuant to the 2022 Plan), the Company issued restricted stock units (the "RSUs") to acquire up to 210,375 and 212,470 shares of common stock respectively. The RSUs granted in each of 2021 and 2022 entitle the recipients, subject to continued service during the applicable performance period to NOTE 10—STOCKHOLDERS' EQUITY (continued) (i) up to 93,500 and 94,431 and shares of common stock, respectively, (the "TSR Award"), based on achieving, during the three-year performance period, specified levels in compounded annual growth rate ("CAGR") in total stockholder return (“TSR”), and (ii) up to 93,500 and 94,431 shares of common stock based, respectively, on achieving, during the measurement period, specified levels in CAGR in adjusted funds from operations (the "AFFO Award"), in each case as determined pursuant to the award agreement. In addition, with respect to each of the RSUs granted in 2021 and 2022, up to 23,375 and 23,608 shares, respectively, (the "Peer Group Adjustment") may be added to or subtracted from the TSR Award, based on attaining or failing to attain, as the case may be, during the applicable performance period, of CAGR in TSR for the REITs that comprise, with specified exceptions, the FTSE NAREIT Equity Apartment Index. The RSU recipients also received dividend equivalent rights entitling them to receive cash dividends with respect to the shares of common stock underlying their RSUs as if the underlying shares were outstanding during the applicable performance period, if, when, and to the extent, the related RSUs vest. The shares underlying the RSU's are not participating securities but are contingently issuable shares. For the TSR Awards, a third party appraiser prepared a Monte Carlo simulation pricing model to assist management in determining fair value. The Monte Carlo valuation consisted of computing the grant date fair value of the awards using the Company's simulated stock price. For these TSR awards, the per unit of share fair value was estimated using the following assumptions: Award Year Expected Life ( yrs) Dividend Rate Risk-Free Interest Rate Expected Price Volatility 2022 3 4.57% 2.23% to 3.11% 35.60% to 47.40% 2021 3 4.93% 0.02% to 0.34% 47.19% to 59.01% For the AFFO Awards granted in 2022 and 2021, fair value is based on the market value on the date of grant. Expense is not recognized on RSUs which the Company does not expect to vest because the performance conditions are not expected to be satisfied. Performance assumptions are re-evaluated quarterly. The total amount recorded at the grant date as deferred compensation with respect to the RSUs granted in 2022 and 2021 was $2,068,000 and $1,995,000 respectively. In June 2016, the Company issued RSUs to acquire up to 450,000 shares of common stock, pursuant to the 2016 Plan. In 2021, it was determined that the market conditions with respect to 250,000 shares underlying RSU's issued under the 2016 Plan had been satisfied; such shares with an aggregate market value of $4,200,000 as of the measurement date, were issued and an aggregate of $775,000 of RSU dividend equivalents were paid. It was also determined that the performance conditions with respect to 200,000 shares underlying RSU's under the 2016 Plan had not been satisfied and accordingly, the 200,000 RSU's did not vest. The Company recorded $1,508,000 and $620,000 of compensation expense related to the amortization of unearned compensation with respect to the RSUs in the year ended December 31, 2022 and 2021 respectively. At December 31, 2022 and 2021, $4,269,000 and $2,248,000 had been deferred as unearned compensation and is to be charged to expense over the balance of the applicable performance period. Restricted Stock In January 2022, June 2021 and January 2021, the Company granted 158,973, 160,000 and 156,774 shares, respectively, of restricted stock pursuant to the 2020 Plan. As of December 31, 2022, an aggregate of 934,092 shares of unvested restricted stock are outstanding pursuant to the Prior Plans. The shares of restricted stock vest five years from the date of grant and under specified circumstances, including a change in control, may vest earlier. For financial statement purposes, the restricted stock is not included in the outstanding shares shown on the consolidated balance sheets until they vest, but are included in the basic and diluted earnings per share computation. During the years ended December 31, 2022 and 2021, the Company recorded $2,978,000 and $2,321,000, respectively, of compensation expense related to the amortization of unearned compensation with respect to the restricted stock awards. At December 31, 2022 and 2021, $7,728,000 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 vesting period of the 934,092 restricted shares is 2.3 years. Subsequent to NOTE 10—STOCKHOLDERS' EQUITY (continued) December 31, 2022, the Company granted 163,974 shares of restricted stock pursuant to the 2022 Plan. Changes in the number of restricted shares outstanding under the Company's equity incentive plans are shown below: Year Ended December 31, 2022 2021 Outstanding at beginning of the year 922,619 744,145 Issued 158,973 316,774 Cancelled (250) (950) Vested (147,250) (137,350) Outstanding at the end of the year 934,092 922,619 The following table reflects the compensation expense recorded for all incentive plans (dollars in thousands): Year Ended December 31, 2022 2021 Restricted stock grants $ 2,978 $ 2,321 Restricted stock units 1,508 620 Total compensation $ 4,486 $ 2,941 Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands): Year Ended December 31, 2022 2021 Numerator for basic and diluted earnings per share: Net income $ 50,099 $ 29,250 Deduct (earnings) attributable to non-controlling interests (144) (136) Deduct (earnings) allocated to unvested restricted stock (2,472) (1,412) Net income available for common stockholders: basic and diluted $ 47,483 $ 27,702 Denominator for basic earnings per share: Weighted average number of common shares outstanding 17,793,035 17,017,690 Effect of dilutive securities: RSUs 59,916 66,952 Denominator for diluted earnings per share: Weighted average number of shares 17,852,951 17,084,642 Earnings per common share, basic $ 2.67 $ 1.63 Earnings per common share, diluted $ 2.66 $ 1.62 NOTE 10—STOCKHOLDERS' EQUITY (continued) Equity Distribution Agreements The following table reflects the sale of shares pursuant to the equity distribution agreements entered into on March 18, 2022, with three sales agents in an at-the-market offering (dollars in thousands): Number of Shares Sold Average Price Gross Proceeds Commissions and Fees Net Proceeds Dollar Value of Shares Sold Aggregate amount available under agreements $ 40,000 2022 (a) 347,815 $ 22.62 $ 7,870 $ 98 $ 7,772 (7,870) 347,815 $ 7,870 $ 98 $ 7,772 Remaining amount available under agreements: $ 32,130 ____________________________ (a) Subsequent to March 17, 2022. The following table reflects the sale of shares pursuant to the equity distribution agreements entered into on November 26, 2019, as amended, with three sales agents in an at-the-market offering (dollars in thousands): Number of Shares Sold Average Price Gross Proceeds Commissions and Fees Net Proceeds Dollar Value of Shares Sold Aggregate amount available under agreements $ 30,000 2019 111,963 $ 18.06 $ 2,022 $ 31 $ 1,991 (2,022) 2020 694,298 17.71 12,293 185 $ 12,108 (12,293) 2021 529,126 18.47 9,771 147 $ 9,624 (9,771) 2022 (a) 100,000 22.06 2,206 33 $ 2,173 (2,206) 1,435,387 $ 26,292 $ 396 $ 25,896 Remaining amount not available under agreements (b): $ 3,708 ____________________________ (a) Through March 17, 2022. (b) The amount remaining was no longer available after March 17, 2022. Stock Buyback On September 13, 2021, the Board of Directors approved a stock purchase 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 years ended December 31, 2022 and 2021, the Company did not repurchase any shares of common stock. 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. In the year ended December 31, 2022, the Company issued 62,360 shares in lieu of cash dividends of $1,279,000. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Company has retained certain of its part time executive officers and Fredric H. Gould, a director, to provide, among other things, the following services: participating in the Company's multi-family property analysis and approval process ( which includes service on an investment committee), providing investment advice, long term planning and consulting with executives and employees with respect to other business matters, as required. The aggregate fees paid in 2022 and 2021 for these services were $1,468,000 and $1,398,000, respectively. Management of certain properties owned by the Company and certain joint venture properties is provided by Majestic Property Management Corp. ("Majestic Property"), a company wholly owned by Fredric H. Gould, under renewable year-to-year agreements. Certain of the Company's officers and directors are also officers and directors of Majestic Property. Majestic Property provides real property management, real estate brokerage and construction supervision services to these properties. For the years ended December 31, 2022 and 2021, fees for these services were $36,000 and $31,000, respectively. Pursuant to a shared services agreement between the Company and several affiliated entities, including Gould Investors L.P., the owner and operator of a diversified portfolio of real estate and other assets and One Liberty Properties, Inc., a NYSE listed equity REIT ("One Liberty"), the (i) services of the part time personnel that perform certain executive, administrative, legal, accounting and clerical functions and (ii) certain facilities and other resources, are provided to the Company. The allocation of expenses for the facilities, personnel and other resources shared by, among others, the Company and Gould Investors, is computed in accordance with such agreement and is included in general and administrative expense on the consolidated statements of operations. During the years ended December 31, 2022 and 2021, allocated general and administrative expenses reimbursed by the Company to Gould Investors pursuant to the shared services agreement aggregated $739,000 and $641,000, respectively. As of December 31, 2022 and 2021, $126,000 and $118,000, res pectively, remains unpaid and is included in accounts payable and accrued liabilities on the consolidated balance sheets. At December 31, 2022, Gould Investors owned approximately 17.2% of BRT’s outstanding common stock. Certain of the Company's officers and directors are also officers and directors of One Liberty and Georgetown Partners, LLC, the managing general partner of Gould Investors. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The Company estimates the fair value of financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: • Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets and liabilities in active markets • Level 2— inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3— inputs to the valuation methodology are unobservable and significant to fair value. The following methods and assumptions were used to estimate the fair value of each class of financial instruments that are not reported 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 on the balance sheets for these instruments approximate their fair value due to the short term nature of these accounts. NOTE 12—FAIR VALUE OF FINANCIAL INSTRUMENTS (continued) Junior subordinated notes: At December 31, 2022, and 2021, the estimated fair value of the Company's junior subordinated notes is less than their carrying value by approximately $4,695,000 and $8,296,000, respectively, based on market interest rates of 7.91% and 4.21%, respectively. Mortgages payable: At December 31, 2022, the estimated fair value of the Company's mortgages payable is less than their carrying value by approximately $37,500,000, assuming market interest rates between 5.18% and 6.23%. At December 31, 2021, the estimated fair value was greater than the carrying value by $511,000, assuming market interest rates between 3.12% and 3.87%. Market interest rates were determined using current financing transaction information provided by third party institutions. 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 assumptions. The fair values of debt obligations are considered to be Level 2 valuations within the fair value hierarchy. Financial Instruments Measured at Fair Value The Company's fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between markets participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other "observable" market inputs and Level 3 assets/liabilities are valued based significantly on "unobservable" market inputs. The Company does not currently own any financial instruments that are classified as Level 3. At December 31, 2022 and 2021, the Company had no financial assets or liabilities measured at fair value. Long-lived assets The Company reviews its investments in real estate when events or circumstances change indicating the carry value of the investment may not be recoverable. In the evaluation of an investment for impairment, many factors are considered, including estimated current and expected cash flows from the asset during the projected hold period, costs necessary to extend the life of the asset, expected capitalization rates, and projected stabilized net operating income and the ability to hold or dispose of the asset in the ordinary course of business. The Company measures its real estate investments at fair value on a nonrecurring basis. In the quarter ended June 30, 2021, the fair value of the real estate investment was determined based on the expected sale price per the contract using the following input levels (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Level 3 Non-Financial Assets: Long-lived assets - Opop Tower and Lofts, St Louis, MO $ 3,000 $ — $ 3,000 $ — |
COMMITMENT AND CONTINGENCIES
COMMITMENT AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENT AND CONTINGENCIES | COMMITMENT AND CONTINGENCIES From time to time, the Company and/or its subsidiaries are parties to legal proceedings that arise in the ordinary course of business, and in particular, personal injury claims involving the operations of the Company's properties. Although management believes that the primary and umbrella insurance coverage maintained with respect to such properties is sufficient to cover claims for compensatory damages, many of these personal injury claims also assert claims for exemplary ( i.e punitive) damages. Generally, insurance does not cover claims for punitive or exemplary damages. NOTE 13—COMMITMENT AND CONTINGENCIES (continued) The Company is one of several defendants in a wrongful death lawsuit seeking an unspecified amount in excess of $1,000,000 and an unspecified amount of exemplary damages. The Company’s primary insurance carrier is defending the claim. Although management is not able to determine the probability and/or magnitude of any potential loss, if any, management believes the Company has sufficient primary and umbrella insurance to cover the claim for compensatory damages. In December 2022, a personal injury lawsuit in which the Company and others were defendants settled - the Company’s insurance carrier paid the plaintiff $850,000. The Company maintains a non-contributory defined contribution pension plan covering eligible employees and officers. Contributions by the Company are made through a money purchase plan, based upon a percent of qualified employees' total salary as defined therein. Pension expense approximated $424,000 and $423,000 during the years ended December 31, 2022 and 2021, respectively. At December 31, 2022 and 2021, $125,000 and $23,000, respectively, remains unpaid and is included in accounts payable and accrued liabilities on the consolidated balance sheets. At December 31, 2022, the Company is the carve-out guarantor with respect to mortgage debt in principal amount of $401,225,000 at seventeen multi-family properties. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Cash Flow Hedges of Interest Rate Risk The Company's objectives 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 December 31, 2022 and 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 derivative financial instrument on the consolidated statements of comprehensive income (loss) for the year ended December 31, 2021 (dollars in thousands): Year ended December 31, 2021 Amount of loss recognized on derivative in Other Comprehensive Income $ (1) Amount of gain reclassified from Accumulated Other Comprehensive (loss) income into Interest Expense $ (12) Total amount of Interest expense presented in the Consolidated Statement of Operations $ 6,757 During the year ended December 31, 2021, the Company accelerated the reclassification of losses of $12,000 from other comprehensive income to earnings as a result of the hedged forecasted transaction becoming probable not to occur. |
QUARTERLY FINANCIAL DATA (Unaud
QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA (Unaudited) | QUARTERLY FINANCIAL DATA (Unaudited) 2022 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues: Rental and other revenue $ 11,430 $ 14,683 $ 21,691 $ 22,711 $ 70,515 Other income 4 2 6 — 12 Total revenues 11,434 14,685 21,697 22,711 70,527 Expenses: Real estate operating expenses 4,753 6,348 9,195 10,262 30,558 Interest expense 2,021 2,912 5,061 5,520 15,514 General and administrative 3,633 3,533 3,673 3,815 14,654 Depreciation 3,606 5,010 8,165 8,031 24,812 Total expenses 14,013 17,803 26,094 27,628 85,538 Total revenues less total expenses (2,579) (3,118) (4,397) (4,917) (15,011) Equity in earnings (loss) of unconsolidated joint ventures 1,230 (50) 135 580 1,895 Equity in earnings from sale of unconsolidated joint venture properties 12,961 40,098 11,472 — 64,531 Gain on sale of real estate 6 — — — 6 Casualty loss — — — (850) (850) Insurance recovery of casualty loss — — — 850 850 Gain on sale of partnership interest — — — — Gain on insurance recoveries — 62 — 62 Loss on extinguishment of debt — (563) — — (563) Income (loss) from continuing operations 11,618 36,367 7,272 (4,337) 50,920 Provision for taxes 74 724 178 (155) 821 Net income (loss) from continuing operations, net of taxes 11,544 35,643 7,094 (4,182) 50,099 (Income) attributable to non-controlling interests (36) (36) (35) (37) (144) Net income (loss) attributable to common stockholders $ 11,508 $ 35,607 $ 7,059 $ (4,219) 49,955 Basic and diluted and per share amounts attributable to common stockholders Basic income (loss) per share $ 0.62 $ 1.91 $ 0.37 $ (0.22) $ 2.67 Diluted income (loss) per share $ 0.62 $ 1.91 $ 0.37 $ (0.22) $ 2.66 NOTE 15—QUARTERLY FINANCIAL DATA (Unaudited) (Continued) 2021 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues: Rental and other revenue $ 7,095 $ 6,958 $ 7,709 $ 10,279 $ 32,041 Other income 4 3 5 4 16 Total revenues 7,099 6,961 7,714 10,283 32,057 Expenses: Real estate operating expenses 3,117 3,166 3,404 4,515 14,202 Interest expense 1,660 1,609 1,535 1,953 6,757 General and administrative 3,114 3,154 3,114 3,239 12,621 Impairment charge — 520 — — 520 Depreciation 1,537 1,416 1,787 3,285 8,025 Total expenses 9,428 9,865 9,840 12,992 42,125 Total revenues less total expenses (2,329) (2,904) (2,126) (2,709) (10,068) Equity in (loss) earnings of unconsolidated joint ventures (1,345) (492) (4,196) 1,825 (4,208) Equity in earnings from sale of unconsolidated joint venture properties — — 34,982 — 34,982 Gain on sale of real estate — 7,279 414 — 7,693 Gain on sale of partnership interest — 2,244 — 388 2,632 Loss on extinguishment of debt — — (902) (673) (1,575) (Loss) income from continuing operations (3,674) 6,127 28,172 (1,169) 29,456 Provision for taxes 57 67 31 51 206 (Loss) income from continuing operations, net of taxes (3,731) 6,060 28,141 (1,220) 29,250 (Income) attributable to non-controlling interests (34) (33) (35) (34) (136) Net (loss) income attributable to common stockholders $ (3,765) $ 6,027 $ 28,106 $ (1,254) 29,114 Basic and per share amounts attributable to common stockholders Basic (loss) income per share $ (0.22) $ 0.34 $ 1.55 $ (0.08) $ 1.63 Diluted (loss) income per share $ (0.22) $ 0.34 $ 1.54 $ (0.08) $ 1.62 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSSubsequent events have been evaluated and any significant events, relative to our consolidated financial statements as of December 31, 2022 that warrant additional disclosure have been included in the notes to the consolidated financial statements. |
SCHEDULE III - REAL ESTATE PROP
SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | SCHEDULE III—REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (Dollars in thousands) Initial Cost to Company Costs Capitalized Subsequent to Gross Amount At Which Carried at December 31, 2022 Depreciation Life Description Encumbrances Land Buildings and Improvements Land Improvements Carrying Land Buildings and Total (a) Accumulated Date of Date Commercial Yonkers, NY. $ — — $ 4,000 — $ 320 — — $ 4,320 $ 4,320 $ 2,419 (b) Aug-2000 39 years Multi-Family Residential North Charleston, SC — 2,435 18,970 — 1,658 — 2,435 20,628 23,063 7,473 2010 Oct-2012 30 years Decatur, GA — 1,698 8,676 — 2,425 — 1,698 11,101 12,799 4,198 1954 Nov-2012 30 years Columbus, OH 8,733 1,372 12,678 — 827 — 1,372 13,505 14,877 4,476 1999 Nov-2013 30 years Pensacola, FL — 2,758 25,192 — 1,686 — 2,758 26,878 29,636 7,625 2008 Dec-2014 30 years San Marcos, TX 16,262 2,303 17,605 — 170 — 2,303 17,775 20,078 2,472 2014 Oct-2019 30 years LaGrange, GA — 832 21,969 — 924 — 832 22,893 23,725 5,844 2009 Nov-2015 30 years Fredericksburg, VA 26,184 7,540 33,196 — 1,135 — 7,540 34,331 41,871 6,211 2005 Jul-2018 30 years Nashville, TN 52,000 6,172 77,532 — 695 — 6,172 78,227 84,399 4,067 2017 Sept -2021 30 years Greenville, SC 26,425 4,033 34,052 — 484 — 4,033 34,536 38,569 1,653 1998 Oct-2021 30 years Nashville, TN 37,680 9,679 29,114 — 1,462 — 9,679 30,576 40,255 1,255 1985 Dec-2021 30 years San Antonio, TX 27,000 3,336 33,437 — 18 — 3,336 33,455 36,791 1,053 2018 March-2022 30 years Creve Coeur, MO 29,700 5,466 30,826 — 118 — 5,466 30,944 36,410 915 2019 April-2022 30 years Tallahassee, FL 21,436 3,398 27,167 — 171 — 3,398 27,338 30,736 732 1997 May-2022 30 years Huntsville, AL 18,952 1,959 20,079 — 404 — 1,959 20,483 22,442 487 1992 May-2022 30 years Boerne, TX 7,842 1,289 12,852 — 174 — 1,289 13,026 14,315 301 2008 May-2022 30 years Macon, GA 10,265 2,866 16,423 — 65 — 2,866 16,488 19,354 322 1989 June-2022 30 years Southaven, MS 27,194 3,646 45,554 — 477 — 3,646 46,031 49,677 930 2003 July-2022 30 years Southaven, MS 29,875 3,847 46,452 — 584 — 3,847 47,036 50,883 956 2006 July-2022 30 years Wilmington, NC 23,160 3,468 37,311 — 222 — 3,468 37,533 41,001 759 2003 July-2022 30 years Trussville, AL 32,250 4,095 42,943 — 242 — 4,095 43,185 47,280 683 2007 July-2022 30 years Madison, AL 15,000 2,054 22,023 — 240 — 2,054 22,263 24,317 364 1992 Aug-2022 30 years Total $ 409,958 $ 74,246 $ 618,051 $ — $ 14,501 $ — $ 74,246 $ 632,552 $ 706,798 $ 55,195 Notes to the schedule: (a) Total real estate properties $ 706,798 Less: Accumulated depreciation (55,195) Net real estate properties $ 651,603 (b) Information not readily obtainable. A reconciliation of real estate properties is as follows: 2022 2021 Balance at beginning of year $ 297,929 $ 160,192 Additions: Acquisitions 370,513 160,583 Capital improvements 6,295 1,308 Capitalized development expenses and carrying costs — — 376,808 161,891 Deductions: Sales 4,379 16,927 Depreciation 18,755 7,227 Impairment Charge — — Reconciliation of partnership interest — — 23,134 24,154 Balance at end of year $ 651,603 $ 297,929 |
ORGANIZATION, BACKGROUND AND _2
ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts and operations of the Company and its wholly owned subsidiaries. The joint venture that owns a property in Yonkers, NY was determined not to be a variable interest entity ("VIE") but is consolidated because the Company has controlling rights in such entity. |
Income Tax Status | Income Tax Status The Company qualifies as a real estate investment trust under sections 856-860 of the Internal Revenue Code of 1986, as amended. The board of directors may, at its option, elect to revoke or terminate the Company's election to qualify as a real estate investment trust. The Company will not be subject to federal, and generally state and local taxes on amounts it distributes to stockholders, provided it distributes 90% of its ordinary taxable income and meets other conditions. The Company currently has net operating loss carryforwards which it can use to reduce taxable income. |
Revenue Recognition | Revenue Recognition Rental revenue from multi-family properties is recorded when due from residents and is recognized monthly as it is earned. Rental payments are due in advance. Leases on residential properties are generally for terms that do not exceed one year. Rental revenue from commercial properties, including the base rent that each tenant is required to pay in accordance with the terms of their respective leases, net of any rent concessions and lease incentives, is reported on a straight-line basis over the non-cancellable term of the lease. |
Real Estate Properties | Real Estate Properties Real estate properties are stated at cost, net of accumulated depreciation, and include properties acquired through acquisition or development. When the Company purchases real estate assets from third-parties, the Company allocates the purchase price of real estate, including direct transaction costs applicable to an asset acquisition, among land, building, improvements and intangibles (e.g., the value of above, below and at market leases, and origination costs associated with in-place leases and above or below-market mortgages assumed at the acquisition date). The value, as determined, is allocated to the gross assets acquired based on management’s determination of the relative fair values of these assets and liabilities. Whenever the Company buys out the remaining interest from joint venture partners, the Company follows a cost-accumulation approach, wherein the Company allocates the cost basis of their existing interest and the purchase price of the remaining partner interest to the real estate acquired (including land, buildings and improvements, and identified intangibles such as acquired in-place leases) and acquired liabilities. Depreciation for multi-family properties is computed on a straight-line basis over an estimated useful life of 30 years. Intangible assets (and liabilities) are amortized over the remaining life of the related leases at the time of acquisition and is usually less than one year. Expenditures for maintenance and repairs are charged to operations as incurred. Real estate is classified as held for sale when management has determined that the applicable criteria have been met. Real estate assets that are expected to be disposed of are valued at the lower of their carrying amount or their fair value less costs to sell on an individual asset basis. Real estate classified as held for sale is not depreciated. The Company accounts for the sale of real estate when title passes to the buyer, sufficient equity payments have been received, there is no continuing involvement by the Company and there is reasonable assurance that the remaining receivable, if any, will be collected. |
Asset Impairments | Asset Impairments The Company reviews each real estate asset owned quarterly to determine if there are indicators of impairment. If such indicators are present, the Company determines whether the carrying amount of the asset can be recovered. Recognition of impairment is required if the undiscounted cash flows estimated to be generated by the asset are less than the asset's carrying amount and that carrying amount exceeds the estimated fair value of the asset. The impairment recognized is the difference between the carrying value and the fair value. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends, the effects of leasing demands, and other factors. In evaluating a property for impairment, various factors are considered, including estimated current and expected operating cash flow from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of such real estate in the ordinary course of business. Valuation adjustments may be necessary in the event that effective interest rates, rent-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. If future evaluations result in a decrease in the value of the property below its carrying value, the reduction will be recognized as an NOTE 1—ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (continued) impairment charge. The fair values related to the impaired real estate assets are considered to be a level 3 valuation within the fair value hierarchy because they are based on unobservable inputs and are subjective in nature. |
Equity Based Compensation | Equity Based CompensationCompensation expense for grants of restricted stock, restricted stock units ("RSUs") and dividend equivalent rights are amortized over the vesting period of such awards, based upon the estimated fair value of such award at the grant date. The Company recognizes the effect of forfeitures when they occur and previously recognized compensation expense is reversed in the period the grant or unit is forfeited. The deferred compensation related to the RSUs to be recognized as expense is net of certain performance assumptions which are re-evaluated quarterly. For accounting purposes, the restricted shares and the RSUs are not included in the outstanding shares shown on the consolidated balance sheets until they vest; however, the restricted shares are included in the calculation of both basic and diluted earnings per share as they participate in the earnings of the Company. |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company's objective in using derivative financial instruments is to manage interest rate risk related to variable rate debt. The Company does not use derivatives for trading or speculative purposes. The Company records all derivatives on its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is reported in other comprehensive income (loss). Those amounts are reclassified to earnings in the same income statement line item that is used to present the earnings effect of the hedged item when the hedged item affects earnings. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which they occur. |
Per Share Data | Per Share Data Basic earnings (loss) per share is determined by dividing net income (loss) applicable to holders of common stock for the applicable year by the weighted average number of shares of common stock outstanding during such year. 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 RSU's 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 shares of 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. |
Cash Equivalents | Cash Equivalents Cash equivalents consist of highly liquid investments; primarily, direct United States treasury obligations with maturities of three months or less when purchased. |
Restricted Cash | Restricted Cash Restricted cash consists of cash held for construction costs and property improvements for specific joint venture properties as may be required by contractual arrangements. |
Deferred Costs | Deferred Costs Fees and costs incurred in connection with multi-family property financings are deferred and amortized over the term of the related debt obligations. Fees and costs paid related to the successful negotiation of commercial leases are deferred and amortized on a straight-line basis over the terms of the respective leases. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Fair Value of Financial Instruments | The Company estimates the fair value of financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: • Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets and liabilities in active markets • Level 2— inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3— inputs to the valuation methodology are unobservable and significant to fair value. The following methods and assumptions were used to estimate the fair value of each class of financial instruments that are not reported 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 on the balance sheets for these instruments approximate their fair value due to the short term nature of these accounts. 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 assumptions. The fair values of debt obligations are considered to be Level 2 valuations within the fair value hierarchy. Financial Instruments Measured at Fair Value The Company's fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, there is a fair value hierarchy that distinguishes between markets participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other "observable" market inputs and Level 3 assets/liabilities are valued based significantly on "unobservable" market inputs. The Company does not currently own any financial instruments that are classified as Level 3. |
REAL ESTATE PROPERTIES (Tables)
REAL ESTATE PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Summary of Real Estate Properties Owned | Real estate properties, excluding a property held for sale in 2021 (see Note 7), consist of the following (dollars in thousands): December 31, 2022 2021 Land $ 74,246 $ 38,822 Building 617,041 281,841 Building improvements 15,511 9,354 Real estate properties 706,798 330,017 Accumulated depreciation (55,195) (36,467) Total real estate properties, net $ 651,603 $ 293,550 A summary of activity in real estate properties, net for the year ended December 31, 2022 follows (dollars in thousands): December 31, 2021 Balance Partner Buyouts Improvements Depreciation December 31, 2022 Balance Multi-family $ 291,538 $ 370,513 $ 6,295 $ (18,645) $ 649,701 Retail shopping center - Yonkers, NY/Other 2,012 — — (110) 1,902 Total real estate properties $ 293,550 $ 370,513 $ 6,295 $ (18,755) $ 651,603 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following summarizes, by state, information for the year ended December 31, 2022 regarding consolidated properties (dollars in thousands): Location Number of Properties Number of Units 2022 Rental and % of 2022 Rental and Other Revenue Tennessee 2 702 $ 13,812 20 % Georgia 3 688 8,785 12 % South Carolina 2 474 8,111 12 % Florida 2 518 7,605 11 % Texas 3 600 7,578 11 % Mississippi 2 776 5,438 8 % Alabama 3 740 5,099 7 % Virginia 1 220 4,556 6 % Ohio 1 264 3,563 5 % Missouri 1 174 2,630 4 % North Carolina 1 264 1,824 3 % Other (a) — — 1,514 2 % 21 5,420 $ 70,515 __________________________________________ (a) Represents non-multi-family revenues. |
Schedule of Operating Leases, Future Minimum Payments, Receivable | Future minimum rentals to be received pursuant to non-cancellable operating leases with terms in excess of one year, from a commercial property owned by the Company at December 31, 2022, are as follows (dollars in thousands): Year Ending December 31, Amount 2023 $ 1,252 2024 953 2025 648 2026 648 2027 648 Thereafter 217 Total $ 4,366 |
ACQUISITIONS, DISPOSITIONS AN_2
ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Real Estate Acquisitions | The following table summarizes these purchases (dollars in thousands): Buyout Date Property Name Location Units Remaining Interest Purchased Purchase Price (1) 2022 03/23/2022 Verandas at Alamo San Antonio, TX 288 28 % $ 8,721 04/07/2022 Vanguard Heights Creve Coeur, MO 174 22 % 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 07/12/2022 Civic I Southaven, MS 392 25 % 18,233 07/12/2022 Civic II Southaven, MS 384 25 % 17,942 07/14/2022 Abbotts Run Wilmington, NC 264 20 % 9,010 07/19/2022 Somerset at Trussville Trussville, AL 328 20 % 10,558 08/03/2022 Magnolia Pointe Madison, AL 204 20 % 7,246 Total 2,844 $ 105,868 2021 08/18/2021 Bells Bluff Nashville, TN 402 42 % $ 27,860 10/01/2021 Crestmont at Thornblade Greenville , SC 266 10 % 1,600 12/01/2021 Crossings of Bellevue Nashville, TN 300 20 % 16,128 Total 968 $ 45,588 ____________________________ (1) The purchase price reflects our purchase of our joint venture partners' promote interest in the venture and in 2022 excludes closing costs of $2,191 and operating cash acquired from the joint venture of $2,797 and in 2021 excludes closing costs of $793, operating cash acquired from the joint ventures of $2,608 and the payoff of the existing mortgages of $68,183. |
Schedule of Asset Acquisition Allocation of Book Value | The following table summarizes the purchase price allocation of the book values of those properties whose remaining interest was purchased and consolidated in 2022 or 2021 and is based on the proportionate share of the estimated fair value of the property on the acquisition date (dollars in thousands): Property Land Building and Improvements Total Land and building Acquisition related lease intangible Total Assets Acquisition related mortgage intangible 2022 Verandas at Alamo $ 3,336 $ 33,465 $ 36,801 $ 797 $ 37,598 $ (61) Vanguard Heights 5,466 30,826 36,292 508 36,800 578 Jackson Square 3,398 27,167 30,565 634 31,199 283 Brixworth at Bridge Street 1,959 20,080 22,039 321 22,360 — Woodland Apartments 1,289 12,853 14,142 233 14,375 — Grove at River Place 2,866 16,416 19,282 396 19,678 136 Civic I 3,646 45,554 49,200 913 50,113 562 Civic II 3,847 46,452 50,299 1,013 51,312 1,254 Abbotts Run 3,468 37,312 40,780 701 41,481 481 Somerset at Trussville 4,095 42,943 47,038 869 47,907 1,090 Magnolia Pointe 2,052 22,023 24,075 503 24,578 396 $ 35,422 $ 335,091 $ 370,513 $ 6,888 $ 377,401 $ 4,719 2021 Bells Bluff $ 6,172 $ 77,532 $ 83,704 $ 1,597 $ 85,301 — Crestmont at Thornblade 4,033 34,052 38,085 818 38,903 $ 2,641 Crossings of Bellevue 9,679 29,115 38,794 730 39,524 — $ 19,884 $ 140,699 $ 160,583 $ 3,145 $ 163,728 $ 2,641 The following table summarizes the information regarding the mortgages relating to the properties in which BRT purchased the remaining interests of its joint venture partners during the twelve months ended December 31, 2022 and 2021 (dollars in thousands): Property Name Location Debt at Purchase Date (a) Interest Rate Maturity Date Interest only through 2022 Verandas at Alamo San Antonio, TX $ 27,000 3.64% Oct 2029 Oct 2024 Vanguard Heights Creve Coeur, MO 29,700 4.41% July 2031 June 2025 Jackson Square Tallahassee, FL 21,524 4.19% Sept 2027 Sept 2022 Brixworth at Bridge Street (b) Huntsville, AL 11,147 4.25% June 2032 Maturity The Woodland Apartments Boerne, TX 7,914 4.74% Feb 2026 N/A Grove at River Place (c) Macon, GA 11,426 4.39% Feb 2026 N/A Civic I Southaven, MS 27,389 4.24% March 2026 N/A Civic II Southaven, MS 30,105 3.73% Sept 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% Jan 2028 Dec 2022 $ 236,615 2021 Bells Bluff Nashville, TN $ 52,000 3.48% Aug 2041 N/A Crestmont at Thornblade Greenville, SC 26,425 4.69% Nov 2028 N/A Crossings of Bellevue Nashville, TN 37,680 3.11% Dec 2031 N/A $ 116,105 ________________________________ (a) Excludes fair value adjustments of $4,719 determined as part of the purchase price allocation. (b) The original mortgage debt of $11,147 was refinanced with new ten-year mortgage debt of $18,952 immediately following the buyout. The interest rate, maturity date and interest - only terms reflect the new mortgage. |
Schedule of Real Estate Disposals | The tables below provide information regarding the Company's disposition of real estate properties during the year ended December 31, 2021 (dollars in thousands): Location Sale Date No. of Units Sales Price Gain on Sale Kendall Manor - Houston, TX 5/26/2021 272 $ 24,500 $ 7,279 New York, NY (1) 8/20/2021 1 545 414 273 $ 25,045 $ 7,693 _______________________________________ (1) Reflects the sale of a cooperative apartment unit. The table below provides information regarding the disposition of real estate properties by unconsolidated joint ventures in the year ended December 31, 2022 (dollars in thousands): Location Sale Date Number of Units Sale Price Gain on Sale BRT Gain on Sale BRT Share of Loss of Extinguishment of Debt Verandas at Shavano - San Antonio, TX 2/8/2022 288 $ 53,750 $ 23,652 $ 12,961 $ — Reatreat at Cinco Ranch - Katy, TX 6/14/2022 268 68,300 30,595 17,378 686 The Vive - Kannapolis, NC 6/30/2022 312 91,250 47,086 22,720 787 Waters Edge - Columbia, SC 8/31/2022 204 32,400 16,937 11,472 388 1,072 $ 245,700 $ 118,270 $ 64,531 $ 1,861 The table below provides information regarding the disposition of real estate properties by unconsolidated joint ventures in the year ended December 31, 2021 (dollars in thousands): Location Sale Date No. of Units Sales Price Gain on Sale BRT Gain on Sale BRT Share of Loss of Extinguishment of Debt Avenue Apts,Ocoee, FL 7/20/2021 522 $ 107,661 $ 39,668 $ 19,518 $ 4,474 Parc at 980, Lawrenceville, GA 7/28/2021 586 118,250 44,316 15,464 107 1,108 $ 225,911 $ 83,984 $ 34,982 $ 4,581 Location Sale Date No. of Units Sales Price BRT's Share of Gain on Sale Anatole, Daytona Beach, FL 4/20/2021 208 $ 7,540 $ 2,244 OPOP Tower and Lofts, St. Louis, MO 11/4/2021 181 3,000 388 389 $ 10,540 $ 2,632 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Minimum Future Lease Payments | As of December 31, 2022, the minimum future lease payments related to the operating ground and office leases are as follows (dollars in thousands): Year Ending December 31, Amount 2023 $ 236 2024 243 2025 252 2026 257 2027 262 Thereafter 3,240 Total undiscounted cash flows $ 4,490 Present value discount (2,018) Lease liability $ 2,472 |
INVESTMENT IN UNCONSOLIDATED _2
INVESTMENT IN UNCONSOLIDATED VENTURES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | The condensed balance sheets below presents information regarding such properties (dollars in thousands): December 31, 2022 2021 ASSETS Real estate properties, net of accumulated depreciation of $66,945 and $133,615 $ 318,304 $ 734,247 Cash and cash equivalents 6,591 13,741 Other Assets 35,372 25,535 Total Assets $ 360,267 $ 773,523 LIABILITIES AND EQUITY Liabilities: Mortgages payable, net of deferred costs of $1,421 and $3,423 $ 255,261 $ 584,479 Accounts payable and accrued liabilities 8,222 17,064 Total Liabilities 263,483 601,543 Commitments and contingencies Equity: Total unconsolidated joint venture equity 96,784 171,980 Total Liabilities and Equity $ 360,267 $ 773,523 Company equity interest in all joint venture equity $ 42,576 $ 112,347 NOTE 6—INVESTMENT IN UNCONSOLIDATED VENTURES (continued) The condensed income statements below presents information regarding the Unconsolidated Properties (dollars in thousands): Year Ended December 31, 2022 2021 Revenues: Rental and other revenue $ 72,873 $ 121,906 Total revenues 72,873 121,906 Expenses: Real estate operating expenses 33,086 56,507 Interest expense 16,269 30,964 Depreciation 17,798 35,636 Total expenses 67,153 123,107 Total revenues less total expenses 5,720 (1,201) Other equity earnings 121 54 Impairment of assets (8,553) (2,813) Insurance recoveries 8,553 2,813 Gain on insurance recoveries 567 2,179 Gain on sale of real estate properties 118,270 83,984 Loss on extinguishment of debt (3,491) (9,401) Net income from joint ventures $ 121,187 $ 75,615 BRT equity in earnings and equity in earnings from sale of unconsolidated joint venture properties $ 66,426 $ 30,774 |
Schedule of Real Estate Disposals | The tables below provide information regarding the Company's disposition of real estate properties during the year ended December 31, 2021 (dollars in thousands): Location Sale Date No. of Units Sales Price Gain on Sale Kendall Manor - Houston, TX 5/26/2021 272 $ 24,500 $ 7,279 New York, NY (1) 8/20/2021 1 545 414 273 $ 25,045 $ 7,693 _______________________________________ (1) Reflects the sale of a cooperative apartment unit. The table below provides information regarding the disposition of real estate properties by unconsolidated joint ventures in the year ended December 31, 2022 (dollars in thousands): Location Sale Date Number of Units Sale Price Gain on Sale BRT Gain on Sale BRT Share of Loss of Extinguishment of Debt Verandas at Shavano - San Antonio, TX 2/8/2022 288 $ 53,750 $ 23,652 $ 12,961 $ — Reatreat at Cinco Ranch - Katy, TX 6/14/2022 268 68,300 30,595 17,378 686 The Vive - Kannapolis, NC 6/30/2022 312 91,250 47,086 22,720 787 Waters Edge - Columbia, SC 8/31/2022 204 32,400 16,937 11,472 388 1,072 $ 245,700 $ 118,270 $ 64,531 $ 1,861 The table below provides information regarding the disposition of real estate properties by unconsolidated joint ventures in the year ended December 31, 2021 (dollars in thousands): Location Sale Date No. of Units Sales Price Gain on Sale BRT Gain on Sale BRT Share of Loss of Extinguishment of Debt Avenue Apts,Ocoee, FL 7/20/2021 522 $ 107,661 $ 39,668 $ 19,518 $ 4,474 Parc at 980, Lawrenceville, GA 7/28/2021 586 118,250 44,316 15,464 107 1,108 $ 225,911 $ 83,984 $ 34,982 $ 4,581 Location Sale Date No. of Units Sales Price BRT's Share of Gain on Sale Anatole, Daytona Beach, FL 4/20/2021 208 $ 7,540 $ 2,244 OPOP Tower and Lofts, St. Louis, MO 11/4/2021 181 3,000 388 389 $ 10,540 $ 2,632 |
DEBT OBLIGATIONS (Tables)
DEBT OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Obligations | Debt obligations consist of the following (dollars in thousands): December 31, 2022 2021 Mortgages payable $ 407,958 $ 200,857 Junior subordinated notes 37,400 37,400 Credit Facility 19,000 — Deferred loan costs (4,941) (1,277) Total debt obligations $ 459,417 $ 236,980 |
Summary of Activity in Property Debt | A summary of activity in property debt for the year ended December 31, 2022 is as follows (dollars in thousands): Balance at December 31, 2021 $ 199,877 Acquisitions 236,615 Increase due to refinancing/payoff of acquisition debt 6,749 Fair value adjustment upon consolidation (4,719) Amortization of fair value adjustment 137 Debt Payoff (29,462) Principal Amortization (2,219) Changes in Deferred Fees (3,186) Balance at December 31, 2022 $ 403,792 |
Schedule of Maturities of Long-term Debt | Scheduled principal repayments for the periods indicated are as follows (dollars in thousands): Year Ending December 31, Scheduled Principal Payments 2023 $ 2,712 2024 3,667 2025 20,188 2026 74,652 2027 46,220 Thereafter 260,519 $ 407,958 |
Schedule of Asset Acquisition Allocation of Book Value | The following table summarizes the purchase price allocation of the book values of those properties whose remaining interest was purchased and consolidated in 2022 or 2021 and is based on the proportionate share of the estimated fair value of the property on the acquisition date (dollars in thousands): Property Land Building and Improvements Total Land and building Acquisition related lease intangible Total Assets Acquisition related mortgage intangible 2022 Verandas at Alamo $ 3,336 $ 33,465 $ 36,801 $ 797 $ 37,598 $ (61) Vanguard Heights 5,466 30,826 36,292 508 36,800 578 Jackson Square 3,398 27,167 30,565 634 31,199 283 Brixworth at Bridge Street 1,959 20,080 22,039 321 22,360 — Woodland Apartments 1,289 12,853 14,142 233 14,375 — Grove at River Place 2,866 16,416 19,282 396 19,678 136 Civic I 3,646 45,554 49,200 913 50,113 562 Civic II 3,847 46,452 50,299 1,013 51,312 1,254 Abbotts Run 3,468 37,312 40,780 701 41,481 481 Somerset at Trussville 4,095 42,943 47,038 869 47,907 1,090 Magnolia Pointe 2,052 22,023 24,075 503 24,578 396 $ 35,422 $ 335,091 $ 370,513 $ 6,888 $ 377,401 $ 4,719 2021 Bells Bluff $ 6,172 $ 77,532 $ 83,704 $ 1,597 $ 85,301 — Crestmont at Thornblade 4,033 34,052 38,085 818 38,903 $ 2,641 Crossings of Bellevue 9,679 29,115 38,794 730 39,524 — $ 19,884 $ 140,699 $ 160,583 $ 3,145 $ 163,728 $ 2,641 The following table summarizes the information regarding the mortgages relating to the properties in which BRT purchased the remaining interests of its joint venture partners during the twelve months ended December 31, 2022 and 2021 (dollars in thousands): Property Name Location Debt at Purchase Date (a) Interest Rate Maturity Date Interest only through 2022 Verandas at Alamo San Antonio, TX $ 27,000 3.64% Oct 2029 Oct 2024 Vanguard Heights Creve Coeur, MO 29,700 4.41% July 2031 June 2025 Jackson Square Tallahassee, FL 21,524 4.19% Sept 2027 Sept 2022 Brixworth at Bridge Street (b) Huntsville, AL 11,147 4.25% June 2032 Maturity The Woodland Apartments Boerne, TX 7,914 4.74% Feb 2026 N/A Grove at River Place (c) Macon, GA 11,426 4.39% Feb 2026 N/A Civic I Southaven, MS 27,389 4.24% March 2026 N/A Civic II Southaven, MS 30,105 3.73% Sept 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% Jan 2028 Dec 2022 $ 236,615 2021 Bells Bluff Nashville, TN $ 52,000 3.48% Aug 2041 N/A Crestmont at Thornblade Greenville, SC 26,425 4.69% Nov 2028 N/A Crossings of Bellevue Nashville, TN 37,680 3.11% Dec 2031 N/A $ 116,105 ________________________________ (a) Excludes fair value adjustments of $4,719 determined as part of the purchase price allocation. (b) The original mortgage debt of $11,147 was refinanced with new ten-year mortgage debt of $18,952 immediately following the buyout. The interest rate, maturity date and interest - only terms reflect the new mortgage. |
Schedule of Finite-Lived Intangible Liability, Future Amortization Expense | The unamortized balance of acquisition related mortgage intangibles, which is included in mortgages payable in the consolidated balance sheet, was $2,000,000 at December 31, 2022 and will be amortized as follows (dollars in thousands): Year Ending December 31, Amount 2023 $ 613 2024 556 2025 501 2026 215 2027 (29) Thereafter 144 Total $ 2,000 |
Schedule of Repayment of Debt | The Company paid off the following debt in the years ended December 31, 2022 and 2021 (dollars in thousands): Property Name Location Mortgage Payoff Interest Rate Payoff Date Maturity Date Prepayment Charges 2022 Avalon Pensacola, FL $ 14,558 4.29 % 1/26/2022 3/1/2022 $ — Silvana Oaks N. Charleston, SC 14,904 3.79 % 10/28/2022 11/1/2022 — Total $ 29,462 $ — 2021 Avalon - supplemental Pensacola, FL 2,903 4.92 % 7/29/2021 3/1/2022 29 Avondale Station Decatur, GA 7,140 3.74 % 8/30/2021 12/1/2022 376 Avondale Station - supplemental Decatur, GA 6,866 5.53 % 8/31/2021 12/1/2022 277 Woodland Trails LaGrange, GA 14,025 4.36 % 7/30/2021 2/1/2022 140 Ripco (a) Yonkers, NY 945 5.25 % 8/18/2021 4/1/2022 — Total $ 31,879 $822 ________________________________ |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share-Based Payment Award, Valuation Assumptions | For these TSR awards, the per unit of share fair value was estimated using the following assumptions: Award Year Expected Life ( yrs) Dividend Rate Risk-Free Interest Rate Expected Price Volatility 2022 3 4.57% 2.23% to 3.11% 35.60% to 47.40% 2021 3 4.93% 0.02% to 0.34% 47.19% to 59.01% |
Schedule of Changes in Number of Shares Outstanding Under Equity Incentive Plans | Year Ended December 31, 2022 2021 Outstanding at beginning of the year 922,619 744,145 Issued 158,973 316,774 Cancelled (250) (950) Vested (147,250) (137,350) Outstanding at the end of the year 934,092 922,619 |
Schedule of Compensation Expense Recorded for All Incentive Plans | The following table reflects the compensation expense recorded for all incentive plans (dollars in thousands): Year Ended December 31, 2022 2021 Restricted stock grants $ 2,978 $ 2,321 Restricted stock units 1,508 620 Total compensation $ 4,486 $ 2,941 |
Schedule of Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands): Year Ended December 31, 2022 2021 Numerator for basic and diluted earnings per share: Net income $ 50,099 $ 29,250 Deduct (earnings) attributable to non-controlling interests (144) (136) Deduct (earnings) allocated to unvested restricted stock (2,472) (1,412) Net income available for common stockholders: basic and diluted $ 47,483 $ 27,702 Denominator for basic earnings per share: Weighted average number of common shares outstanding 17,793,035 17,017,690 Effect of dilutive securities: RSUs 59,916 66,952 Denominator for diluted earnings per share: Weighted average number of shares 17,852,951 17,084,642 Earnings per common share, basic $ 2.67 $ 1.63 Earnings per common share, diluted $ 2.66 $ 1.62 |
Schedule of Equity Distribution Agreements | The following table reflects the sale of shares pursuant to the equity distribution agreements entered into on March 18, 2022, with three sales agents in an at-the-market offering (dollars in thousands): Number of Shares Sold Average Price Gross Proceeds Commissions and Fees Net Proceeds Dollar Value of Shares Sold Aggregate amount available under agreements $ 40,000 2022 (a) 347,815 $ 22.62 $ 7,870 $ 98 $ 7,772 (7,870) 347,815 $ 7,870 $ 98 $ 7,772 Remaining amount available under agreements: $ 32,130 ____________________________ (a) Subsequent to March 17, 2022. The following table reflects the sale of shares pursuant to the equity distribution agreements entered into on November 26, 2019, as amended, with three sales agents in an at-the-market offering (dollars in thousands): Number of Shares Sold Average Price Gross Proceeds Commissions and Fees Net Proceeds Dollar Value of Shares Sold Aggregate amount available under agreements $ 30,000 2019 111,963 $ 18.06 $ 2,022 $ 31 $ 1,991 (2,022) 2020 694,298 17.71 12,293 185 $ 12,108 (12,293) 2021 529,126 18.47 9,771 147 $ 9,624 (9,771) 2022 (a) 100,000 22.06 2,206 33 $ 2,173 (2,206) 1,435,387 $ 26,292 $ 396 $ 25,896 Remaining amount not available under agreements (b): $ 3,708 ____________________________ (a) Through March 17, 2022. (b) The amount remaining was no longer available after March 17, 2022. |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | In the quarter ended June 30, 2021, the fair value of the real estate investment was determined based on the expected sale price per the contract using the following input levels (dollars in thousands): Carrying and Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Level 3 Non-Financial Assets: Long-lived assets - Opop Tower and Lofts, St Louis, MO $ 3,000 $ — $ 3,000 $ — |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Effect of Derivative Financial Instrument on Consolidated Statements of Comprehensive Income | The following table presents the effect of the Company's derivative financial instrument on the consolidated statements of comprehensive income (loss) for the year ended December 31, 2021 (dollars in thousands): Year ended December 31, 2021 Amount of loss recognized on derivative in Other Comprehensive Income $ (1) Amount of gain reclassified from Accumulated Other Comprehensive (loss) income into Interest Expense $ (12) Total amount of Interest expense presented in the Consolidated Statement of Operations $ 6,757 |
QUARTERLY FINANCIAL DATA (Una_2
QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | 2022 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues: Rental and other revenue $ 11,430 $ 14,683 $ 21,691 $ 22,711 $ 70,515 Other income 4 2 6 — 12 Total revenues 11,434 14,685 21,697 22,711 70,527 Expenses: Real estate operating expenses 4,753 6,348 9,195 10,262 30,558 Interest expense 2,021 2,912 5,061 5,520 15,514 General and administrative 3,633 3,533 3,673 3,815 14,654 Depreciation 3,606 5,010 8,165 8,031 24,812 Total expenses 14,013 17,803 26,094 27,628 85,538 Total revenues less total expenses (2,579) (3,118) (4,397) (4,917) (15,011) Equity in earnings (loss) of unconsolidated joint ventures 1,230 (50) 135 580 1,895 Equity in earnings from sale of unconsolidated joint venture properties 12,961 40,098 11,472 — 64,531 Gain on sale of real estate 6 — — — 6 Casualty loss — — — (850) (850) Insurance recovery of casualty loss — — — 850 850 Gain on sale of partnership interest — — — — Gain on insurance recoveries — 62 — 62 Loss on extinguishment of debt — (563) — — (563) Income (loss) from continuing operations 11,618 36,367 7,272 (4,337) 50,920 Provision for taxes 74 724 178 (155) 821 Net income (loss) from continuing operations, net of taxes 11,544 35,643 7,094 (4,182) 50,099 (Income) attributable to non-controlling interests (36) (36) (35) (37) (144) Net income (loss) attributable to common stockholders $ 11,508 $ 35,607 $ 7,059 $ (4,219) 49,955 Basic and diluted and per share amounts attributable to common stockholders Basic income (loss) per share $ 0.62 $ 1.91 $ 0.37 $ (0.22) $ 2.67 Diluted income (loss) per share $ 0.62 $ 1.91 $ 0.37 $ (0.22) $ 2.66 NOTE 15—QUARTERLY FINANCIAL DATA (Unaudited) (Continued) 2021 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Revenues: Rental and other revenue $ 7,095 $ 6,958 $ 7,709 $ 10,279 $ 32,041 Other income 4 3 5 4 16 Total revenues 7,099 6,961 7,714 10,283 32,057 Expenses: Real estate operating expenses 3,117 3,166 3,404 4,515 14,202 Interest expense 1,660 1,609 1,535 1,953 6,757 General and administrative 3,114 3,154 3,114 3,239 12,621 Impairment charge — 520 — — 520 Depreciation 1,537 1,416 1,787 3,285 8,025 Total expenses 9,428 9,865 9,840 12,992 42,125 Total revenues less total expenses (2,329) (2,904) (2,126) (2,709) (10,068) Equity in (loss) earnings of unconsolidated joint ventures (1,345) (492) (4,196) 1,825 (4,208) Equity in earnings from sale of unconsolidated joint venture properties — — 34,982 — 34,982 Gain on sale of real estate — 7,279 414 — 7,693 Gain on sale of partnership interest — 2,244 — 388 2,632 Loss on extinguishment of debt — — (902) (673) (1,575) (Loss) income from continuing operations (3,674) 6,127 28,172 (1,169) 29,456 Provision for taxes 57 67 31 51 206 (Loss) income from continuing operations, net of taxes (3,731) 6,060 28,141 (1,220) 29,250 (Income) attributable to non-controlling interests (34) (33) (35) (34) (136) Net (loss) income attributable to common stockholders $ (3,765) $ 6,027 $ 28,106 $ (1,254) 29,114 Basic and per share amounts attributable to common stockholders Basic (loss) income per share $ (0.22) $ 0.34 $ 1.55 $ (0.08) $ 1.63 Diluted (loss) income per share $ (0.22) $ 0.34 $ 1.54 $ (0.08) $ 1.62 |
ORGANIZATION, BACKGROUND AND _3
ORGANIZATION, BACKGROUND AND SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) state multi-familyProperty segment property property_unit | Dec. 31, 2021 USD ($) property | |
Real Estate Properties | ||
Number of properties | property | 17 | |
Number of states in which entity operates | state | 11 | |
Number of Units | property_unit | 5,420 | |
Real estate properties, net | $ 651,603 | $ 293,550 |
Net equity investments | $ 42,576 | $ 112,347 |
Number of reportable segments | segment | 1 | |
Unconsolidated Joint Ventures | ||
Real Estate Properties | ||
Number of states in which entity operates | state | 4 | |
Number of investments | multi-familyProperty | 8 | |
Net equity investments | $ 39,076 | |
Consolidated And Unconsolidated Subsidiaries | ||
Real Estate Properties | ||
Number of states in which entity operates | state | 11 | |
Real estate investments, other | $ 5,402 | |
Unconsolidated Joint Ventures | ||
Real Estate Properties | ||
Number of properties | property | 8 | 23 |
Number of Units | property_unit | 2,781 | |
Real estate properties, net | $ 318,304 | $ 734,247 |
Multi-family | ||
Real Estate Properties | ||
Operating leases, term of contract | 1 year | |
Multi-family | Building | ||
Real Estate Properties | ||
Real estate property, estimated useful life | 30 years | |
Multi-family | ||
Real Estate Properties | ||
Number of properties | multi-familyProperty | 21 | |
Real estate properties, net | $ 649,701 | |
Multi-family | Consolidated And Unconsolidated Subsidiaries | ||
Real Estate Properties | ||
Number of properties | multi-familyProperty | 29 |
REAL ESTATE PROPERTIES - Schedu
REAL ESTATE PROPERTIES - Schedule of Real Estate Properties Including Properties Held For Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real Estate [Abstract] | ||
Land | $ 74,246 | $ 38,822 |
Building | 617,041 | 281,841 |
Building improvements | 15,511 | 9,354 |
Real estate properties | 706,798 | 330,017 |
Accumulated depreciation | (55,195) | (36,467) |
Total real estate properties, net | $ 651,603 | $ 293,550 |
REAL ESTATE PROPERTIES - Summar
REAL ESTATE PROPERTIES - Summary of Real Estate Properties Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||||
Balance at the beginning of the period | $ 293,550 | $ 293,550 | ||||||||
Depreciation | $ (8,031) | $ (8,165) | $ (5,010) | (3,606) | $ (3,285) | $ (1,787) | $ (1,416) | $ (1,537) | (24,812) | $ (8,025) |
Balance at the end of the period | 651,603 | 293,550 | 651,603 | 293,550 | ||||||
Multi-family | ||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||||
Balance at the beginning of the period | 291,538 | 291,538 | ||||||||
Partner Buyouts | 370,513 | |||||||||
Improvements | 6,295 | |||||||||
Depreciation | (18,645) | |||||||||
Balance at the end of the period | 649,701 | 291,538 | 649,701 | 291,538 | ||||||
Retail shopping center - Yonkers, NY/Other | Yonkers, NY and other | Newark Joint Venture | ||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||||
Balance at the beginning of the period | 2,012 | 2,012 | ||||||||
Partner Buyouts | 0 | |||||||||
Improvements | 0 | |||||||||
Depreciation | (110) | |||||||||
Balance at the end of the period | 1,902 | 2,012 | 1,902 | 2,012 | ||||||
Total real estate properties | ||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||||
Balance at the beginning of the period | $ 293,550 | 293,550 | ||||||||
Partner Buyouts | 370,513 | |||||||||
Improvements | 6,295 | |||||||||
Depreciation | (18,755) | |||||||||
Balance at the end of the period | $ 651,603 | $ 293,550 | $ 651,603 | $ 293,550 |
REAL ESTATE PROPERTIES - Summ_2
REAL ESTATE PROPERTIES - Summary of Multi-family Properties (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 USD ($) property_unit property | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) property_unit property | Dec. 31, 2021 USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Number of Properties | property | 17 | 17 | ||||||||
Number of Units | 5,420 | 5,420 | ||||||||
2022 Rental and Other Revenue | $ | $ 22,711 | $ 21,697 | $ 14,685 | $ 11,434 | $ 10,283 | $ 7,714 | $ 6,961 | $ 7,099 | $ 70,527 | $ 32,057 |
Geographic concentration | Revenue | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Number of Properties | 21 | 21 | ||||||||
Number of Units | 5,420 | 5,420 | ||||||||
2022 Rental and Other Revenue | $ | $ 70,515 | |||||||||
Tennessee | Geographic concentration | Revenue | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Number of Properties | property | 2 | 2 | ||||||||
Number of Units | 702 | 702 | ||||||||
2022 Rental and Other Revenue | $ | $ 13,812 | |||||||||
% of 2022 Rental and Other Revenue | 20% | |||||||||
Georgia | Geographic concentration | Revenue | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Number of Properties | property | 3 | 3 | ||||||||
Number of Units | 688 | 688 | ||||||||
2022 Rental and Other Revenue | $ | $ 8,785 | |||||||||
% of 2022 Rental and Other Revenue | 12% | |||||||||
South Carolina | Geographic concentration | Revenue | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Number of Properties | property | 2 | 2 | ||||||||
Number of Units | 474 | 474 | ||||||||
2022 Rental and Other Revenue | $ | $ 8,111 | |||||||||
% of 2022 Rental and Other Revenue | 12% | |||||||||
Florida | Geographic concentration | Revenue | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Number of Properties | property | 2 | 2 | ||||||||
Number of Units | 518 | 518 | ||||||||
2022 Rental and Other Revenue | $ | $ 7,605 | |||||||||
% of 2022 Rental and Other Revenue | 11% | |||||||||
Texas | Geographic concentration | Revenue | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Number of Properties | property | 3 | 3 | ||||||||
Number of Units | 600 | 600 | ||||||||
2022 Rental and Other Revenue | $ | $ 7,578 | |||||||||
% of 2022 Rental and Other Revenue | 11% | |||||||||
Mississippi | Geographic concentration | Revenue | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Number of Properties | property | 2 | 2 | ||||||||
Number of Units | 776 | 776 | ||||||||
2022 Rental and Other Revenue | $ | $ 5,438 | |||||||||
% of 2022 Rental and Other Revenue | 8% | |||||||||
Alabama | Geographic concentration | Revenue | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Number of Properties | property | 3 | 3 | ||||||||
Number of Units | 740 | 740 | ||||||||
2022 Rental and Other Revenue | $ | $ 5,099 | |||||||||
% of 2022 Rental and Other Revenue | 7% | |||||||||
Virginia | Geographic concentration | Revenue | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Number of Properties | property | 1 | 1 | ||||||||
Number of Units | 220 | 220 | ||||||||
2022 Rental and Other Revenue | $ | $ 4,556 | |||||||||
% of 2022 Rental and Other Revenue | 6% | |||||||||
Ohio | Geographic concentration | Revenue | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Number of Properties | property | 1 | 1 | ||||||||
Number of Units | 264 | 264 | ||||||||
2022 Rental and Other Revenue | $ | $ 3,563 | |||||||||
% of 2022 Rental and Other Revenue | 5% | |||||||||
Missouri | Geographic concentration | Revenue | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Number of Properties | property | 1 | 1 | ||||||||
Number of Units | 174 | 174 | ||||||||
2022 Rental and Other Revenue | $ | $ 2,630 | |||||||||
% of 2022 Rental and Other Revenue | 4% | |||||||||
North Carolina | Geographic concentration | Revenue | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Number of Properties | property | 1 | 1 | ||||||||
Number of Units | 264 | 264 | ||||||||
2022 Rental and Other Revenue | $ | $ 1,824 | |||||||||
% of 2022 Rental and Other Revenue | 3% | |||||||||
Other | Geographic concentration | Revenue | ||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||
Number of Properties | property | 0 | 0 | ||||||||
Number of Units | 0 | 0 | ||||||||
2022 Rental and Other Revenue | $ | $ 1,514 | |||||||||
% of 2022 Rental and Other Revenue | 2% |
REAL ESTATE PROPERTIES - Future
REAL ESTATE PROPERTIES - Future Minimum Rentals to be Received (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Commercial | |
Future minimum rentals to be received pursuant to non-cancellable operating leases | |
2023 | $ 1,252 |
2024 | 953 |
2025 | 648 |
2026 | 648 |
2027 | 648 |
Thereafter | 217 |
Total | $ 4,366 |
Multi-family | |
Future minimum rentals to be received pursuant to non-cancellable operating leases | |
Operating leases, term of contract | 1 year |
Multi-family | Maximum | |
Future minimum rentals to be received pursuant to non-cancellable operating leases | |
Operating leases, term of contract | 1 year |
ACQUISITIONS, DISPOSITIONS AN_3
ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) property_unit | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) multi-familyProperty property_unit | Dec. 31, 2021 USD ($) multi-familyProperty | Dec. 31, 2020 USD ($) | |
Finite-Lived Intangible Assets | ||||||||
Number acquisitions during period | multi-familyProperty | 11 | 3 | ||||||
Number of units | property_unit | 5,420 | |||||||
Impairment charge | $ 0 | $ 0 | $ 520 | $ 0 | $ 0 | $ 520 | ||
Mortgages | ||||||||
Finite-Lived Intangible Assets | ||||||||
Mortgage debt assumed in asset acquisition | $ 200,857 | 407,958 | 200,857 | |||||
Forecast | ||||||||
Finite-Lived Intangible Assets | ||||||||
Number of units | property_unit | 238 | |||||||
Daytona, Florida | Vacant Land Parcel | ||||||||
Finite-Lived Intangible Assets | ||||||||
Proceeds from the sale of real estate owned | 4,700 | |||||||
Impairment charge | $ 3,600 | |||||||
Richmond VA | Forecast | ||||||||
Finite-Lived Intangible Assets | ||||||||
Asset acquisition purchase price | $ 62,500 | |||||||
Richmond VA | Forecast | Mortgages | ||||||||
Finite-Lived Intangible Assets | ||||||||
Mortgage debt assumed in asset acquisition | $ 32,000 | |||||||
Interest Rate | 3.34% | |||||||
Unconsolidated Joint Ventures | St Louis M O | ||||||||
Finite-Lived Intangible Assets | ||||||||
Impairment charge | $ 520 | |||||||
Leases | ||||||||
Finite-Lived Intangible Assets | ||||||||
Finite lived intangible asset | $ 3,181 | |||||||
Amortization period | 1 year | |||||||
Fair Value, Inputs, Level 3 | Measurement Input, Estimated Building Costs Per Square Foot | Minimum | ||||||||
Finite-Lived Intangible Assets | ||||||||
Tangible assets measurement input (as percent) | 90 | |||||||
Fair Value, Inputs, Level 3 | Measurement Input, Estimated Building Costs Per Square Foot | Maximum | ||||||||
Finite-Lived Intangible Assets | ||||||||
Tangible assets measurement input (as percent) | 215 | |||||||
Fair Value, Inputs, Level 3 | Measurement Input, Estimated Building Costs Per Square Foot | Weighted Average | ||||||||
Finite-Lived Intangible Assets | ||||||||
Tangible assets measurement input (as percent) | 158 | |||||||
Fair Value, Inputs, Level 3 | Measurement Input, Estimated Land Costs Per Square Foot | Minimum | ||||||||
Finite-Lived Intangible Assets | ||||||||
Tangible assets measurement input (as percent) | 4.11 | |||||||
Fair Value, Inputs, Level 3 | Measurement Input, Estimated Land Costs Per Square Foot | Maximum | ||||||||
Finite-Lived Intangible Assets | ||||||||
Tangible assets measurement input (as percent) | 50.14 | |||||||
Fair Value, Inputs, Level 3 | Measurement Input, Estimated Land Costs Per Square Foot | Weighted Average | ||||||||
Finite-Lived Intangible Assets | ||||||||
Tangible assets measurement input (as percent) | 6.65 |
ACQUISITIONS, DISPOSITIONS AN_4
ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - Schedule of Business Acquisitions, by Acquisition (Details) $ in Thousands | 12 Months Ended | ||||||||||||||
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 ($) property_unit | May 26, 2022 USD ($) property_unit | May 24, 2022 USD ($) property_unit | May 11, 2022 USD ($) property_unit | Apr. 07, 2022 USD ($) property_unit | Mar. 23, 2022 USD ($) property_unit | Dec. 01, 2021 USD ($) property_unit | Oct. 01, 2021 USD ($) property_unit | Aug. 18, 2021 USD ($) property_unit | Dec. 31, 2022 USD ($) property_unit | Dec. 31, 2021 USD ($) property_unit | |
Real Estate Properties | |||||||||||||||
Units | property_unit | 5,420 | ||||||||||||||
Consolidated Joint Ventures | Joint ventures | |||||||||||||||
Real Estate Properties | |||||||||||||||
Asset acquisition, closing costs | $ 2,191 | $ 793 | |||||||||||||
Asset acquisition, recognized identifiable assets and liabilities assumed, cash and equivalents | $ 2,797 | 2,608 | |||||||||||||
Mortgage payable payoff | $ 68,183 | ||||||||||||||
Multi-family | Consolidated Joint Ventures | Joint ventures | Partner Buyouts | |||||||||||||||
Real Estate Properties | |||||||||||||||
Units | property_unit | 2,844 | 968 | |||||||||||||
Purchase price | $ 105,868 | $ 45,588 | |||||||||||||
Multi-family | Consolidated Joint Ventures | Verandas at Alamo, San Antonio, TX | Joint ventures | Partner Buyouts | |||||||||||||||
Real Estate Properties | |||||||||||||||
Units | property_unit | 288 | ||||||||||||||
Variable interest entity, qualitative or quantitative information, ownership percentage purchased | 28% | ||||||||||||||
Purchase price | $ 8,721 | ||||||||||||||
Multi-family | Consolidated Joint Ventures | Vanguard Heights, Creve Coeur, MO | Joint ventures | Partner Buyouts | |||||||||||||||
Real Estate Properties | |||||||||||||||
Units | property_unit | 174 | ||||||||||||||
Variable interest entity, qualitative or quantitative information, ownership percentage purchased | 22% | ||||||||||||||
Purchase price | $ 4,880 | ||||||||||||||
Multi-family | Consolidated Joint Ventures | Jackson Square, Tallahassee, FL | Joint ventures | Partner Buyouts | |||||||||||||||
Real Estate Properties | |||||||||||||||
Units | property_unit | 242 | ||||||||||||||
Variable interest entity, qualitative or quantitative information, ownership percentage purchased | 20% | ||||||||||||||
Purchase price | $ 7,215 | ||||||||||||||
Multi-family | Consolidated Joint Ventures | Brixworth at Bridge Street, Huntsville, AL | Joint ventures | Partner Buyouts | |||||||||||||||
Real Estate Properties | |||||||||||||||
Units | property_unit | 208 | ||||||||||||||
Variable interest entity, qualitative or quantitative information, ownership percentage purchased | 20% | ||||||||||||||
Purchase price | $ 10,697 | ||||||||||||||
Multi-family | Consolidated Joint Ventures | The Woodland Apartments, Boerne, TX | Joint ventures | Partner Buyouts | |||||||||||||||
Real Estate Properties | |||||||||||||||
Units | property_unit | 120 | ||||||||||||||
Variable interest entity, qualitative or quantitative information, ownership percentage purchased | 20% | ||||||||||||||
Purchase price | $ 3,881 | ||||||||||||||
Multi-family | Consolidated Joint Ventures | Grove at River Place, Macon, GA | Joint ventures | Partner Buyouts | |||||||||||||||
Real Estate Properties | |||||||||||||||
Units | property_unit | 240 | ||||||||||||||
Variable interest entity, qualitative or quantitative information, ownership percentage purchased | 20% | ||||||||||||||
Purchase price | $ 7,485 | ||||||||||||||
Multi-family | Consolidated Joint Ventures | Civic I Southaven, MS | Joint ventures | Partner Buyouts | |||||||||||||||
Real Estate Properties | |||||||||||||||
Units | property_unit | 392 | ||||||||||||||
Variable interest entity, qualitative or quantitative information, ownership percentage purchased | 25% | ||||||||||||||
Purchase price | $ 18,233 | ||||||||||||||
Multi-family | Consolidated Joint Ventures | Civic II Southaven, MS | Joint ventures | Partner Buyouts | |||||||||||||||
Real Estate Properties | |||||||||||||||
Units | property_unit | 384 | ||||||||||||||
Variable interest entity, qualitative or quantitative information, ownership percentage purchased | 25% | ||||||||||||||
Purchase price | $ 17,942 | ||||||||||||||
Multi-family | Consolidated Joint Ventures | Abbotts Run, Wilmington, NC | Joint ventures | Partner Buyouts | |||||||||||||||
Real Estate Properties | |||||||||||||||
Units | property_unit | 264 | ||||||||||||||
Variable interest entity, qualitative or quantitative information, ownership percentage purchased | 20% | ||||||||||||||
Purchase price | $ 9,010 | ||||||||||||||
Multi-family | Consolidated Joint Ventures | Somerset at Trussville Trussville, AL | Joint ventures | Partner Buyouts | |||||||||||||||
Real Estate Properties | |||||||||||||||
Units | property_unit | 328 | ||||||||||||||
Variable interest entity, qualitative or quantitative information, ownership percentage purchased | 20% | ||||||||||||||
Purchase price | $ 10,558 | ||||||||||||||
Multi-family | Consolidated Joint Ventures | Magnolia Pointe, Madison, AL | Joint ventures | Partner Buyouts | |||||||||||||||
Real Estate Properties | |||||||||||||||
Units | property_unit | 204 | ||||||||||||||
Variable interest entity, qualitative or quantitative information, ownership percentage purchased | 20% | ||||||||||||||
Purchase price | $ 7,246 | ||||||||||||||
Multi-family | Consolidated Joint Ventures | Bells Bluff, Nashville, TN | Joint ventures | Partner Buyouts | |||||||||||||||
Real Estate Properties | |||||||||||||||
Units | property_unit | 402 | ||||||||||||||
Variable interest entity, qualitative or quantitative information, ownership percentage purchased | 42% | ||||||||||||||
Purchase price | $ 27,860 | ||||||||||||||
Multi-family | Consolidated Joint Ventures | Crestmont at Thornblade, Greenville, SC | Joint ventures | Partner Buyouts | |||||||||||||||
Real Estate Properties | |||||||||||||||
Units | property_unit | 266 | ||||||||||||||
Variable interest entity, qualitative or quantitative information, ownership percentage purchased | 10% | ||||||||||||||
Purchase price | $ 1,600 | ||||||||||||||
Multi-family | Consolidated Joint Ventures | Crossings of Bellevue, Nashville, TN | Joint ventures | Partner Buyouts | |||||||||||||||
Real Estate Properties | |||||||||||||||
Units | property_unit | 300 | ||||||||||||||
Variable interest entity, qualitative or quantitative information, ownership percentage purchased | 20% | ||||||||||||||
Purchase price | $ 16,128 |
ACQUISITIONS, DISPOSITIONS AN_5
ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - Purchase Price Allocation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Purchase Price Allocation | ||
Land | $ 35,422 | $ 19,884 |
Building and Improvements | 335,091 | 140,699 |
Total Land and building | 370,513 | 160,583 |
Acquisition related intangibles | 6,888 | 3,145 |
Total Assets | 377,401 | 163,728 |
Mortgage Intangible | ||
Purchase Price Allocation | ||
Acquisition related intangibles | 4,719 | 2,641 |
Verandas at Alamo, San Antonio, TX | ||
Purchase Price Allocation | ||
Land | 3,336 | |
Building and Improvements | 33,465 | |
Total Land and building | 36,801 | |
Acquisition related intangibles | 797 | |
Total Assets | 37,598 | |
Verandas at Alamo, San Antonio, TX | Mortgage Intangible | ||
Purchase Price Allocation | ||
Acquisition related intangibles | (61) | |
Vanguard Heights, Creve Coeur, MO | ||
Purchase Price Allocation | ||
Land | 5,466 | |
Building and Improvements | 30,826 | |
Total Land and building | 36,292 | |
Acquisition related intangibles | 508 | |
Total Assets | 36,800 | |
Vanguard Heights, Creve Coeur, MO | Mortgage Intangible | ||
Purchase Price Allocation | ||
Acquisition related intangibles | 578 | |
Jackson Square, Tallahassee, FL | ||
Purchase Price Allocation | ||
Land | 3,398 | |
Building and Improvements | 27,167 | |
Total Land and building | 30,565 | |
Acquisition related intangibles | 634 | |
Total Assets | 31,199 | |
Jackson Square, Tallahassee, FL | Mortgage Intangible | ||
Purchase Price Allocation | ||
Acquisition related intangibles | 283 | |
Brixworth at Bridge Street, Huntsville, AL | ||
Purchase Price Allocation | ||
Land | 1,959 | |
Building and Improvements | 20,080 | |
Total Land and building | 22,039 | |
Acquisition related intangibles | 321 | |
Total Assets | 22,360 | |
Brixworth at Bridge Street, Huntsville, AL | Mortgage Intangible | ||
Purchase Price Allocation | ||
Acquisition related intangibles | 0 | |
The Woodland Apartments, Boerne, TX | ||
Purchase Price Allocation | ||
Land | 1,289 | |
Building and Improvements | 12,853 | |
Total Land and building | 14,142 | |
Acquisition related intangibles | 233 | |
Total Assets | 14,375 | |
The Woodland Apartments, Boerne, TX | Mortgage Intangible | ||
Purchase Price Allocation | ||
Acquisition related intangibles | 0 | |
Grove at River Place, Macon, GA | ||
Purchase Price Allocation | ||
Land | 2,866 | |
Building and Improvements | 16,416 | |
Total Land and building | 19,282 | |
Acquisition related intangibles | 396 | |
Total Assets | 19,678 | |
Grove at River Place, Macon, GA | Mortgage Intangible | ||
Purchase Price Allocation | ||
Acquisition related intangibles | 136 | |
Civic I Southaven, MS | ||
Purchase Price Allocation | ||
Land | 3,646 | |
Building and Improvements | 45,554 | |
Total Land and building | 49,200 | |
Acquisition related intangibles | 913 | |
Total Assets | 50,113 | |
Civic I Southaven, MS | Mortgage Intangible | ||
Purchase Price Allocation | ||
Acquisition related intangibles | 562 | |
Civic II Southaven, MS | ||
Purchase Price Allocation | ||
Land | 3,847 | |
Building and Improvements | 46,452 | |
Total Land and building | 50,299 | |
Acquisition related intangibles | 1,013 | |
Total Assets | 51,312 | |
Civic II Southaven, MS | Mortgage Intangible | ||
Purchase Price Allocation | ||
Acquisition related intangibles | 1,254 | |
Abbotts Run, Wilmington, NC | ||
Purchase Price Allocation | ||
Land | 3,468 | |
Building and Improvements | 37,312 | |
Total Land and building | 40,780 | |
Acquisition related intangibles | 701 | |
Total Assets | 41,481 | |
Abbotts Run, Wilmington, NC | Mortgage Intangible | ||
Purchase Price Allocation | ||
Acquisition related intangibles | 481 | |
Somerset at Trussville Trussville, AL | ||
Purchase Price Allocation | ||
Land | 4,095 | |
Building and Improvements | 42,943 | |
Total Land and building | 47,038 | |
Acquisition related intangibles | 869 | |
Total Assets | 47,907 | |
Somerset at Trussville Trussville, AL | Mortgage Intangible | ||
Purchase Price Allocation | ||
Acquisition related intangibles | 1,090 | |
Magnolia Pointe, Madison, AL | ||
Purchase Price Allocation | ||
Land | 2,052 | |
Building and Improvements | 22,023 | |
Total Land and building | 24,075 | |
Acquisition related intangibles | 503 | |
Total Assets | 24,578 | |
Magnolia Pointe, Madison, AL | Mortgage Intangible | ||
Purchase Price Allocation | ||
Acquisition related intangibles | $ 396 | |
Bells Bluff | ||
Purchase Price Allocation | ||
Land | 6,172 | |
Building and Improvements | 77,532 | |
Total Land and building | 83,704 | |
Acquisition related intangibles | 1,597 | |
Total Assets | 85,301 | |
Bells Bluff | Mortgage Intangible | ||
Purchase Price Allocation | ||
Acquisition related intangibles | 0 | |
Crestmont at Thornblade | ||
Purchase Price Allocation | ||
Land | 4,033 | |
Building and Improvements | 34,052 | |
Total Land and building | 38,085 | |
Acquisition related intangibles | 818 | |
Total Assets | 38,903 | |
Crestmont at Thornblade | Mortgage Intangible | ||
Purchase Price Allocation | ||
Acquisition related intangibles | 2,641 | |
Crossings of Bellevue | ||
Purchase Price Allocation | ||
Land | 9,679 | |
Building and Improvements | 29,115 | |
Total Land and building | 38,794 | |
Acquisition related intangibles | 730 | |
Total Assets | 39,524 | |
Crossings of Bellevue | Mortgage Intangible | ||
Purchase Price Allocation | ||
Acquisition related intangibles | $ 0 |
ACQUISITIONS, DISPOSITIONS AN_6
ACQUISITIONS, DISPOSITIONS AND IMPAIRMENT CHARGES - Schedule of Property Dispositions (Details) $ in Thousands | 12 Months Ended | ||
Aug. 20, 2021 USD ($) property_unit | May 26, 2021 USD ($) property_unit | Dec. 31, 2022 USD ($) property_unit | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of Units | property_unit | 5,420 | ||
Disposition of Real Estate Properties | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of Units | property_unit | 273 | ||
Sales Price | $ 25,045 | ||
Gain on Sale | $ 7,693 | ||
Disposition of Real Estate Properties | Kendall Manor - Houston, TX | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of Units | property_unit | 272 | ||
Sales Price | $ 24,500 | ||
Gain on Sale | $ 7,279 | ||
Disposition of Real Estate Properties | New York, NY | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of Units | property_unit | 1 | ||
Sales Price | $ 545 | ||
Gain on Sale | $ 414 |
LEASES - Lessor Accounting (Det
LEASES - Lessor Accounting (Details) | Dec. 31, 2022 tenant property |
Leases [Abstract] | |
Number of commercial rental properties | property | 1 |
Number of tenants under lease | tenant | 2 |
LEASES - Lessee Accounting (Det
LEASES - Lessee Accounting (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) renewalOption | Dec. 31, 2021 USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Right-of-use asset | $ 2,371 | $ 2,568 |
Lease liability | $ 2,472 | $ 2,629 |
Operating lease, right-of-use asset extensible enumeration | Other assets | Other assets |
Operating lease, liability, extensible list | Accounts payable and accrued liabilities | Accounts payable and accrued liabilities |
Land | Yonkers, NY. | ||
Lessee, Lease, Description [Line Items] | ||
Number of contracts | renewalOption | 1 | |
Renewal term option | 21 years | |
Remaining term | 22 years 9 months 18 days | |
Building | Great Neck, NY | ||
Lessee, Lease, Description [Line Items] | ||
Renewal term option | 5 years | |
Remaining term | 14 years |
LEASES - Schedule of Minimum Fu
LEASES - Schedule of Minimum Future Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 236 | |
2024 | 243 | |
2025 | 252 | |
2026 | 257 | |
2027 | 262 | |
Thereafter | 3,240 | |
Total undiscounted cash flows | 4,490 | |
Present value discount | (2,018) | |
Lease liability | $ 2,472 | $ 2,629 |
INVESTMENT IN UNCONSOLIDATED _3
INVESTMENT IN UNCONSOLIDATED VENTURES - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 13, 2023 USD ($) property_unit | Dec. 31, 2022 USD ($) property property_unit | Dec. 31, 2022 USD ($) property property_unit | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) property | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) multi-familyProperty property property_unit | Dec. 31, 2021 USD ($) multi-familyProperty property | Mar. 10, 2022 USD ($) property_unit | |
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Number of properties | property | 17 | 17 | 17 | ||||||||||
Number of units | property_unit | 5,420 | 5,420 | 5,420 | ||||||||||
Impairment charge | $ 0 | $ 0 | $ 520 | $ 0 | $ 0 | $ 520 | |||||||
Insurance recovery of casualty loss | $ 850 | $ 0 | $ 0 | $ 0 | 850 | 0 | |||||||
Gain on sale of real estate | 0 | 0 | 0 | 6 | 0 | 414 | 7,279 | 0 | 6 | 7,693 | |||
Loss on extinguishment of debt | $ 0 | $ 0 | $ (563) | $ 0 | $ (673) | $ (902) | $ 0 | $ 0 | $ (563) | $ (1,575) | |||
Number acquisitions during period | multi-familyProperty | 11 | 3 | |||||||||||
Unconsolidated Joint Ventures | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Number of properties | property | 8 | 8 | 23 | 8 | 23 | ||||||||
Number of units | property_unit | 2,781 | 2,781 | 2,781 | ||||||||||
Impairment charge | $ 8,553 | $ 2,813 | |||||||||||
Insurance recovery of casualty loss | 8,553 | 2,813 | |||||||||||
Gain on sale of real estate | 118,270 | 83,984 | |||||||||||
Loss on extinguishment of debt | $ (3,491) | $ (9,401) | |||||||||||
Johns Island, SC | Primary Beneficiary | Development Property | Unconsolidated Joint Ventures | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Purchase price | $ 3,500 | ||||||||||||
Additional interest acquired | 17.45% | ||||||||||||
Number of units | property_unit | 240 | ||||||||||||
Impairment charge | $ 8,553 | ||||||||||||
Insurance recovery of casualty loss | $ 8,553 | ||||||||||||
Chatham Court and Reflections, Dallas | Primary Beneficiary | Multi-Family Property | Unconsolidated Joint Ventures | Subsequent Event | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Additional interest acquired | 50% | ||||||||||||
Number of units | property_unit | 494 | ||||||||||||
Sale price | $ 73,000 | ||||||||||||
Gain on sale of real estate | 14,300 | ||||||||||||
Loss on extinguishment of debt | $ 167 |
INVESTMENT IN UNCONSOLIDATED _4
INVESTMENT IN UNCONSOLIDATED VENTURES - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | |||
Real estate properties, net of accumulated depreciation of $66,945 and $133,615 | $ 651,603 | $ 293,550 | |
Cash and cash equivalents | 20,281 | 32,339 | |
Other Assets | 16,786 | 10,341 | |
Total Assets | 732,118 | 459,538 | |
Liabilities: | |||
Mortgages payable, net of deferred costs of $1,421 and $3,423 | 403,792 | 199,877 | |
Accounts payable and accrued liabilities | 22,631 | 19,607 | |
Total Liabilities | 482,048 | 256,587 | |
Commitments and contingencies | |||
Equity: | |||
Total unconsolidated joint venture equity | 250,070 | 202,951 | $ 177,688 |
Total Liabilities and Equity | 732,118 | 459,538 | |
Real estate properties, net of accumulated depreciation | 55,195 | 36,467 | |
Deferred costs | 4,941 | 1,277 | |
Unconsolidated Joint Ventures | |||
ASSETS | |||
Real estate properties, net of accumulated depreciation of $66,945 and $133,615 | 318,304 | 734,247 | |
Cash and cash equivalents | 6,591 | 13,741 | |
Other Assets | 35,372 | 25,535 | |
Total Assets | 360,267 | 773,523 | |
Liabilities: | |||
Mortgages payable, net of deferred costs of $1,421 and $3,423 | 255,261 | 584,479 | |
Accounts payable and accrued liabilities | 8,222 | 17,064 | |
Total Liabilities | 263,483 | 601,543 | |
Commitments and contingencies | |||
Equity: | |||
Total unconsolidated joint venture equity | 96,784 | 171,980 | |
Total Liabilities and Equity | 360,267 | 773,523 | |
Company equity interest in all joint venture equity | 42,576 | 112,347 | |
Real estate properties, net of accumulated depreciation | 66,945 | 133,615 | |
Mortgages payable | |||
Equity: | |||
Deferred costs | 4,166 | 980 | |
Mortgages payable | Unconsolidated Joint Ventures | |||
Equity: | |||
Deferred costs | $ 1,421 | $ 3,423 |
INVESTMENT IN UNCONSOLIDATED _5
INVESTMENT IN UNCONSOLIDATED VENTURES - Income Statement Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | ||||||||||
Rental and other revenue | $ 22,711 | $ 21,691 | $ 14,683 | $ 11,430 | $ 10,279 | $ 7,709 | $ 6,958 | $ 7,095 | $ 70,515 | $ 32,041 |
Total revenues | 22,711 | 21,697 | 14,685 | 11,434 | 10,283 | 7,714 | 6,961 | 7,099 | 70,527 | 32,057 |
Expenses: | ||||||||||
Real estate operating expenses | 10,262 | 9,195 | 6,348 | 4,753 | 4,515 | 3,404 | 3,166 | 3,117 | 30,558 | 14,202 |
Interest expense | 5,520 | 5,061 | 2,912 | 2,021 | 1,953 | 1,535 | 1,609 | 1,660 | 15,514 | 6,757 |
Depreciation | 8,031 | 8,165 | 5,010 | 3,606 | 3,285 | 1,787 | 1,416 | 1,537 | 24,812 | 8,025 |
Total expenses | 27,628 | 26,094 | 17,803 | 14,013 | 12,992 | 9,840 | 9,865 | 9,428 | 85,538 | 42,125 |
Total revenues less total expenses | (4,917) | (4,397) | (3,118) | (2,579) | (2,709) | (2,126) | (2,904) | (2,329) | (15,011) | (10,068) |
Impairment of assets | 0 | 0 | (520) | 0 | 0 | (520) | ||||
Insurance recoveries | 850 | 0 | 0 | 0 | 850 | 0 | ||||
Gain on sale of real estate properties | 0 | 0 | 0 | 6 | 0 | 414 | 7,279 | 0 | 6 | 7,693 |
Loss on extinguishment of debt | 0 | 0 | (563) | 0 | (673) | (902) | 0 | 0 | (563) | (1,575) |
Net income (loss) attributable to common stockholders | $ (4,219) | $ 7,059 | $ 35,607 | $ 11,508 | $ (1,254) | $ 28,106 | $ 6,027 | $ (3,765) | 49,955 | 29,114 |
Unconsolidated Joint Ventures | ||||||||||
Revenues: | ||||||||||
Rental and other revenue | 72,873 | 121,906 | ||||||||
Total revenues | 72,873 | 121,906 | ||||||||
Expenses: | ||||||||||
Real estate operating expenses | 33,086 | 56,507 | ||||||||
Interest expense | 16,269 | 30,964 | ||||||||
Depreciation | 17,798 | 35,636 | ||||||||
Total expenses | 67,153 | 123,107 | ||||||||
Total revenues less total expenses | 5,720 | (1,201) | ||||||||
Other equity earnings | 121 | 54 | ||||||||
Impairment of assets | (8,553) | (2,813) | ||||||||
Insurance recoveries | 8,553 | 2,813 | ||||||||
Gain on insurance recoveries | 567 | 2,179 | ||||||||
Gain on sale of real estate properties | 118,270 | 83,984 | ||||||||
Loss on extinguishment of debt | (3,491) | (9,401) | ||||||||
Net income (loss) attributable to common stockholders | 121,187 | 75,615 | ||||||||
BRT equity in earnings and equity in earnings from sale of unconsolidated joint venture properties | $ 66,426 | $ 30,774 |
INVESTMENT IN UNCONSOLIDATED _6
INVESTMENT IN UNCONSOLIDATED VENTURES - Schedule Of Dispositions Properties and Joint Venture Interests (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Aug. 31, 2022 USD ($) multi-familyProperty | Jun. 30, 2022 USD ($) multi-familyProperty | Jun. 14, 2022 USD ($) multi-familyProperty | Feb. 08, 2022 USD ($) multi-familyProperty | Nov. 04, 2021 USD ($) property_unit | Jul. 28, 2021 USD ($) property_unit | Jul. 20, 2021 USD ($) property_unit | Apr. 20, 2021 USD ($) property_unit | Dec. 31, 2022 USD ($) property_unit multi-familyProperty | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) multi-familyProperty | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) property_unit | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) property_unit multi-familyProperty | Dec. 31, 2021 USD ($) property_unit | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Number of Units | property_unit | 5,420 | 5,420 | ||||||||||||||||
Gain on Sale | $ 0 | $ 0 | $ 0 | $ 6 | $ 0 | $ 414 | $ 7,279 | $ 0 | $ 6 | $ 7,693 | ||||||||
BRT Share of Loss of Extinguishment of Debt | $ 0 | $ 0 | $ 563 | $ 0 | $ 673 | $ 902 | $ 0 | $ 0 | $ 563 | 1,575 | ||||||||
Unconsolidated Joint Ventures | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Number of Units | property_unit | 2,781 | 2,781 | ||||||||||||||||
Gain on Sale | $ 118,270 | 83,984 | ||||||||||||||||
BRT Share of Loss of Extinguishment of Debt | $ 3,491 | $ 9,401 | ||||||||||||||||
Disposition of Real Estate Properties | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Number of Units | property_unit | 273 | 273 | ||||||||||||||||
Sales Price | $ 25,045 | $ 25,045 | ||||||||||||||||
BRT's Share of Gain on Sale | $ 7,693 | |||||||||||||||||
Disposition of Real Estate Properties | Unconsolidated Joint Ventures | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Number of Units | multi-familyProperty | 1,072 | 1,072 | ||||||||||||||||
Sales Price | $ 245,700 | $ 245,700 | ||||||||||||||||
Gain on Sale | 118,270 | |||||||||||||||||
BRT Gain on Sale | 64,531 | |||||||||||||||||
BRT Share of Loss of Extinguishment of Debt | $ 1,861 | |||||||||||||||||
Disposition of Real Estate Properties | Disposition of Real Estate Properties | Unconsolidated Joint Ventures | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Number of Units | property_unit | 1,108 | 1,108 | ||||||||||||||||
Sales Price | $ 225,911 | $ 225,911 | ||||||||||||||||
Gain on Sale | 83,984 | |||||||||||||||||
BRT Gain on Sale | 34,982 | |||||||||||||||||
BRT Share of Loss of Extinguishment of Debt | $ 4,581 | |||||||||||||||||
Disposition of Real Estate Properties | Sale of Venture Interests | Unconsolidated Joint Ventures | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Number of Units | property_unit | 389 | 389 | ||||||||||||||||
Sales Price | $ 10,540 | $ 10,540 | ||||||||||||||||
BRT's Share of Gain on Sale | $ 2,632 | |||||||||||||||||
Verandas at Shavano - San Antonio, TX | Disposition of Real Estate Properties | Unconsolidated Joint Ventures | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Number of Units | multi-familyProperty | 288 | |||||||||||||||||
Sales Price | $ 53,750 | |||||||||||||||||
Gain on Sale | 23,652 | |||||||||||||||||
BRT Gain on Sale | 12,961 | |||||||||||||||||
BRT Share of Loss of Extinguishment of Debt | $ 0 | |||||||||||||||||
Reatreat at Cinco Ranch - Katy, TX | Disposition of Real Estate Properties | Unconsolidated Joint Ventures | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Number of Units | multi-familyProperty | 268 | |||||||||||||||||
Sales Price | $ 68,300 | |||||||||||||||||
Gain on Sale | 30,595 | |||||||||||||||||
BRT Gain on Sale | 17,378 | |||||||||||||||||
BRT Share of Loss of Extinguishment of Debt | $ 686 | |||||||||||||||||
The Vive - Kannapolis, NC | Disposition of Real Estate Properties | Unconsolidated Joint Ventures | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Number of Units | multi-familyProperty | 312 | 312 | ||||||||||||||||
Sales Price | $ 91,250 | $ 91,250 | ||||||||||||||||
Gain on Sale | 47,086 | |||||||||||||||||
BRT Gain on Sale | 22,720 | |||||||||||||||||
BRT Share of Loss of Extinguishment of Debt | $ 787 | |||||||||||||||||
Waters Edge - Columbia, SC | Disposition of Real Estate Properties | Unconsolidated Joint Ventures | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Number of Units | multi-familyProperty | 204 | |||||||||||||||||
Sales Price | $ 32,400 | |||||||||||||||||
Gain on Sale | 16,937 | |||||||||||||||||
BRT Gain on Sale | 11,472 | |||||||||||||||||
BRT Share of Loss of Extinguishment of Debt | $ 388 | |||||||||||||||||
Avenue Apts,Ocoee, FL | Disposition of Real Estate Properties | Disposition of Real Estate Properties | Unconsolidated Joint Ventures | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Number of Units | property_unit | 522 | |||||||||||||||||
Sales Price | $ 107,661 | |||||||||||||||||
Gain on Sale | 39,668 | |||||||||||||||||
BRT Gain on Sale | 19,518 | |||||||||||||||||
BRT Share of Loss of Extinguishment of Debt | $ 4,474 | |||||||||||||||||
Parc at 980, Lawrenceville, GA | Disposition of Real Estate Properties | Disposition of Real Estate Properties | Unconsolidated Joint Ventures | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Number of Units | property_unit | 586 | |||||||||||||||||
Sales Price | $ 118,250 | |||||||||||||||||
Gain on Sale | 44,316 | |||||||||||||||||
BRT Gain on Sale | 15,464 | |||||||||||||||||
BRT Share of Loss of Extinguishment of Debt | $ 107 | |||||||||||||||||
Anatole, Daytona Beach, FL | Disposition of Real Estate Properties | Sale of Venture Interests | Unconsolidated Joint Ventures | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Number of Units | property_unit | 208 | |||||||||||||||||
Sales Price | $ 7,540 | |||||||||||||||||
BRT's Share of Gain on Sale | $ 2,244 | |||||||||||||||||
OPOP Tower and Lofts, St. Louis, MO | Disposition of Real Estate Properties | Sale of Venture Interests | Unconsolidated Joint Ventures | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Number of Units | property_unit | 181 | |||||||||||||||||
Sales Price | $ 3,000 | |||||||||||||||||
BRT's Share of Gain on Sale | $ 388 |
REAL ESTATE PROPERTY HELD FOR_2
REAL ESTATE PROPERTY HELD FOR SALE (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2020 |
Real Estate [Line Items] | |||
Real estate property held for sale | $ 0 | $ 4,379 | |
Vacant Land - South Daytona Beach, FL | |||
Real Estate [Line Items] | |||
Real estate property held for sale | $ 4,700 | ||
Real Estate held for-sale, book value | $ 4,379 |
DEBT OBLIGATIONS - Summary of D
DEBT OBLIGATIONS - Summary of Debt Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Deferred loan costs | $ (4,941) | $ (1,277) |
Total debt obligations | 459,417 | 236,980 |
Mortgages payable | ||
Debt Instrument [Line Items] | ||
Debt, long-term and short-term debt, combined amount | 407,958 | 200,857 |
Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Debt, long-term and short-term debt, combined amount | 37,400 | 37,400 |
Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt, long-term and short-term debt, combined amount | $ 19,000 | $ 0 |
DEBT OBLIGATIONS - Property Deb
DEBT OBLIGATIONS - Property Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Mortgage Debt [Roll Forward] | ||
Balance at December 31, 2021 | $ 199,877 | |
Debt Payoff | (41,666) | $ (47,605) |
Balance at December 31, 2022 | 403,792 | 199,877 |
Mortgages | ||
Mortgage Debt [Roll Forward] | ||
Balance at December 31, 2021 | 199,877 | |
Acquisitions | 236,615 | |
Increase due to refinancing/payoff of acquisition debt | 6,749 | |
Fair value adjustment upon consolidation | (4,719) | |
Amortization of fair value adjustment | 137 | |
Debt Payoff | (29,462) | (31,879) |
Principal Amortization | (2,219) | |
Changes in Deferred Fees | (3,186) | |
Balance at December 31, 2022 | $ 403,792 | $ 199,877 |
DEBT OBLIGATIONS - Mortgage Pay
DEBT OBLIGATIONS - Mortgage Payable Narrative (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) property | |
Debt Instrument [Line Items] | |
Number of properties | property | 17 |
Multi-family | Mortgages | |
Debt Instrument [Line Items] | |
Mortgage debt outstanding | $ | $ 407,958 |
Debt, weighted average interest rate | 4% |
Average maturity | 7 years 10 months 24 days |
DEBT OBLIGATIONS - Maturities o
DEBT OBLIGATIONS - Maturities of Long Term Debt (Details) - Mortgages - Multi-family $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |
2023 | $ 2,712 |
2024 | 3,667 |
2025 | 20,188 |
2026 | 74,652 |
2027 | 46,220 |
Thereafter | 260,519 |
Total debt obligations | $ 407,958 |
Debt OBLIGATIONS - Schedule of
Debt OBLIGATIONS - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jul. 01, 2022 | May 24, 2022 | Dec. 31, 2022 | May 23, 2022 | Dec. 31, 2021 | |
Brixworth at Bridge Street, Huntsville, AL | Mortgages | |||||
Debt Instrument [Line Items] | |||||
Debt instrument face value | $ 18,952 | $ 11,147 | |||
Average maturity | 10 years | ||||
Multi-family | Mortgages | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt outstanding | $ 407,958 | ||||
Average maturity | 7 years 10 months 24 days | ||||
Multi-family | Consolidated Joint Ventures | Joint ventures | Partner Buyouts | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt outstanding | $ 236,615 | $ 116,105 | |||
Long-term debt fair value adjustments | 4,719 | ||||
Multi-family | Consolidated Joint Ventures | Verandas at Alamo, San Antonio, TX | Joint ventures | Partner Buyouts | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt outstanding | $ 27,000 | ||||
Interest rate | 3.64% | ||||
Multi-family | Consolidated Joint Ventures | Vanguard Heights, Creve Coeur, MO | Joint ventures | Partner Buyouts | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt outstanding | $ 29,700 | ||||
Interest rate | 4.41% | ||||
Multi-family | Consolidated Joint Ventures | Jackson Square, Tallahassee, FL | Joint ventures | Partner Buyouts | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt outstanding | $ 21,524 | ||||
Interest rate | 4.19% | ||||
Multi-family | Consolidated Joint Ventures | Brixworth at Bridge Street, Huntsville, AL | Joint ventures | Partner Buyouts | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt outstanding | $ 11,147 | ||||
Interest rate | 4.25% | ||||
Multi-family | Consolidated Joint Ventures | The Woodland Apartments, Boerne, TX | Joint ventures | Partner Buyouts | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt outstanding | $ 7,914 | ||||
Interest rate | 4.74% | ||||
Multi-family | Consolidated Joint Ventures | Grove at River Place, Macon, GA | Joint ventures | Partner Buyouts | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt outstanding | $ 11,426 | ||||
Interest rate | 4.39% | ||||
Payment of supplemental mortgage | $ 1,056 | ||||
Multi-family | Consolidated Joint Ventures | Civic I Southaven, MS | Joint ventures | Partner Buyouts | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt outstanding | $ 27,389 | ||||
Interest rate | 4.24% | ||||
Multi-family | Consolidated Joint Ventures | Civic II Southaven, MS | Joint ventures | Partner Buyouts | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt outstanding | $ 30,105 | ||||
Interest rate | 3.73% | ||||
Multi-family | Consolidated Joint Ventures | Abbotts Run, Wilmington, NC | Joint ventures | Partner Buyouts | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt outstanding | $ 23,160 | ||||
Interest rate | 4.71% | ||||
Multi-family | Consolidated Joint Ventures | Somerset at Trussville Trussville, AL | Joint ventures | Partner Buyouts | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt outstanding | $ 32,250 | ||||
Interest rate | 4.19% | ||||
Multi-family | Consolidated Joint Ventures | Magnolia Pointe, Madison, AL | Joint ventures | Partner Buyouts | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt outstanding | $ 15,000 | ||||
Interest rate | 4.08% | ||||
Multi-family | Consolidated Joint Ventures | Bells Bluff, Nashville, TN | Joint ventures | Partner Buyouts | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt outstanding | $ 52,000 | ||||
Interest rate | 3.48% | ||||
Multi-family | Consolidated Joint Ventures | Crestmont at Thornblade, Greenville, SC | Joint ventures | Partner Buyouts | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt outstanding | $ 26,425 | ||||
Interest rate | 4.69% | ||||
Multi-family | Consolidated Joint Ventures | Crossings of Bellevue, Nashville, TN | Joint ventures | Partner Buyouts | |||||
Debt Instrument [Line Items] | |||||
Mortgage debt outstanding | $ 37,680 | ||||
Interest rate | 3.11% |
DEBT OBLIGATIONS - Schedule O_2
DEBT OBLIGATIONS - Schedule Of Mortgage Payable Amortization (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |
Mortgage related intangible liability, net | $ 2,000 |
Mortgage Intangible | |
Debt Instrument [Line Items] | |
2023 | 613 |
2024 | 556 |
2025 | 501 |
2026 | 215 |
2027 | (29) |
Thereafter | 144 |
Total | $ 2,000 |
DEBT OBLIGATIONS - Schedule o_3
DEBT OBLIGATIONS - Schedule of Repayment of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Mortgage Payoff | $ 41,666 | $ 47,605 |
Mortgages | ||
Debt Instrument [Line Items] | ||
Mortgage Payoff | 29,462 | 31,879 |
Prepayment Charges | 0 | 822 |
Avalon, Pensacola, FL | Mortgages | ||
Debt Instrument [Line Items] | ||
Mortgage Payoff | $ 14,558 | |
Interest Rate | 4.29% | |
Prepayment Charges | $ 0 | |
Silvana Oaks, N. Charleston, SC | Mortgages | ||
Debt Instrument [Line Items] | ||
Mortgage Payoff | $ 14,904 | |
Interest Rate | 3.79% | |
Prepayment Charges | $ 0 | |
Avalon - Supplemental, Pensacola, FL | Mortgages | ||
Debt Instrument [Line Items] | ||
Mortgage Payoff | $ 2,903 | |
Interest Rate | 4.92% | |
Prepayment Charges | $ 29 | |
Avondale Station, Decatur, GA | Mortgages | ||
Debt Instrument [Line Items] | ||
Mortgage Payoff | $ 7,140 | |
Interest Rate | 3.74% | |
Prepayment Charges | $ 376 | |
Avondale Station - supp1emental, Decatur, GA | Mortgages | ||
Debt Instrument [Line Items] | ||
Mortgage Payoff | $ 6,866 | |
Interest Rate | 5.53% | |
Prepayment Charges | $ 277 | |
Woodland Trails, LaGrange, GA | Mortgages | ||
Debt Instrument [Line Items] | ||
Mortgage Payoff | $ 14,025 | |
Interest Rate | 4.36% | |
Prepayment Charges | $ 140 | |
Ripco , Yonkers, NY | Mortgages | ||
Debt Instrument [Line Items] | ||
Mortgage Payoff | $ 945 | |
Interest Rate | 5.25% | |
Prepayment Charges | $ 0 |
DEBT OBLIGATIONS - Credit Facil
DEBT OBLIGATIONS - Credit Facility Narrative (Details) - USD ($) | 12 Months Ended | |||
Sep. 15, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 01, 2023 | |
Debt Instrument [Line Items] | ||||
Facility amount drawn | $ 18,502,000 | $ 0 | ||
Deferred costs | $ 4,941,000 | 1,277,000 | ||
Credit Facility | Valley National Bank | Secured debt | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Facility amount drawn | $ 0 | |||
Credit Facility | Valley National Bank | VNB Credit Facility | Secured debt | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 60,000,000 | |||
Debt used for operating expenses | $ 25,000,000 | |||
Effective interest rate | 7.50% | |||
Unused borrowing capacity fee, percentage | 0.25% | |||
Remaining borrowing capacity | $ 19,000,000 | 41,000,000 | ||
Facility amount drawn | 7,907,000 | 0 | ||
Interest expense, debt | 713,000 | 101,000 | ||
Deferred costs | $ 498,000 | $ 270,000 | ||
Credit Facility | Valley National Bank | VNB Credit Facility | Secured debt | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 7.75% | |||
Credit Facility | Valley National Bank | VNB Credit Facility | Secured debt | Prime Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.50% |
DEBT OBLIGATIONS - Junior Subor
DEBT OBLIGATIONS - Junior Subordinated Notes Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Obligations | ||
Deferred costs | $ 4,941 | $ 1,277 |
Junior subordinated notes | ||
Debt Obligations | ||
Outstanding principal balance | 37,400 | 37,400 |
Deferred costs | $ 277 | $ 297 |
Effective interest rate | 6.41% | 2.13% |
Interest expense | $ 1,478 | $ 845 |
Junior subordinated notes | LIBOR | ||
Debt Obligations | ||
Basis spread on variable rate | 2% | 2% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
State franchise tax expense, net of refunds | $ 821 | $ 206 |
SHAREHOLDERS' EQUITY - Narrativ
SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2022 | Mar. 31, 2022 | Jan. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jan. 31, 2021 | Jun. 30, 2016 | Mar. 15, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity incentive plans | |||||||||||
Dividends declared (in dollars per share) | $ 0.98 | $ 0.90 | |||||||||
Restricted Stock | |||||||||||
Compensation expense | $ 4,486 | $ 2,941 | |||||||||
Restricted stock units | |||||||||||
Restricted Stock | |||||||||||
Number of awards available for grant (in shares) | 250,000 | ||||||||||
Market value | 4,200 | ||||||||||
Dividends paid | $ 775 | ||||||||||
Shares not satisfied (in shares) | 200,000 | ||||||||||
Shares forfeited (in shares) | 200,000 | ||||||||||
Compensation expense | $ 1,508 | $ 620 | |||||||||
Restricted Stock | |||||||||||
Restricted Stock | |||||||||||
Grants in period (in shares) | 158,973 | 316,774 | |||||||||
Shares forfeited (in shares) | 250 | 950 | |||||||||
Compensation expense | $ 2,978 | $ 2,321 | |||||||||
Unearned compensation | $ 7,728 | $ 7,332 | |||||||||
Shares granted but not yet vested (in shares) | 934,092 | 922,619 | 744,145 | ||||||||
Vesting period for shares issued | 5 years | ||||||||||
Remaining weighted average vesting period | 2 years 3 months 18 days | ||||||||||
Incentive Plan 2020 | |||||||||||
Equity incentive plans | |||||||||||
Shares authorized for issuance (in shares) | 1,000,000 | ||||||||||
Incentive Plan 2020 | Restricted stock units | |||||||||||
Restricted Stock | |||||||||||
Grants in period (in shares) | 210,375 | ||||||||||
Recognized and unrecognized unearned compensation | $ 2,068 | $ 1,995 | |||||||||
Incentive Plan 2020 | Restricted Stock | |||||||||||
Restricted Stock | |||||||||||
Grants in period (in shares) | 158,973 | 160,000 | 156,774 | ||||||||
Incentive Plan 2020 | Restricted Stock | Subsequent Event | |||||||||||
Restricted Stock | |||||||||||
Grants in period (in shares) | 163,974 | ||||||||||
Incentive Plan 2020 | CAGR in Shareholder Return | Restricted stock units | |||||||||||
Restricted Stock | |||||||||||
Grants in period (in shares) | 94,431 | 93,500 | |||||||||
Vesting period for shares issued | 3 years | ||||||||||
Incentive Plan 2020 | CAGR in Adjusted Funds from Operations | Restricted stock units | |||||||||||
Restricted Stock | |||||||||||
Grants in period (in shares) | 94,431 | 93,500 | |||||||||
Incentive Plan 2020 | CAGR Relative to FTSE NAREIT Equity Apartment Index | Restricted stock units | |||||||||||
Restricted Stock | |||||||||||
Grants in period (in shares) | 23,608 | 23,375 | |||||||||
Incentive Plan 2022 | Restricted stock units | |||||||||||
Restricted Stock | |||||||||||
Grants in period (in shares) | 212,470 | ||||||||||
Incentive Plan 2018 | |||||||||||
Equity incentive plans | |||||||||||
Shares authorized for issuance (in shares) | 1,000,000 | ||||||||||
Incentive Plan 2016 | |||||||||||
Equity incentive plans | |||||||||||
Shares authorized for issuance (in shares) | 1,000,000 | ||||||||||
Incentive Plan 2016 | Restricted stock units | |||||||||||
Restricted Stock | |||||||||||
Grants in period (in shares) | 450,000 | ||||||||||
Compensation expense | $ 1,508 | 620 | |||||||||
Unearned compensation | $ 4,269 | $ 2,248 |
SHAREHOLDERS' EQUITY - Summary
SHAREHOLDERS' EQUITY - Summary Of Fair Value Assumptions (Details) (Details) - TSR Award | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Equity incentive plans | ||
Expected Life ( yrs) | 3 years | 3 years |
Dividend Rate | 4.57% | 4.93% |
Risk Free Interest Rate, Minimum | 2.23% | 0.02% |
Risk Free Interest Rate, Maximum | 3.11% | 0.34% |
Expected Price Volatility , Minimum | 35.60% | 47.19% |
Expected Price Volatility, Maximum | 47.40% | 59.01% |
SHAREHOLDERS' EQUITY - Summar_2
SHAREHOLDERS' EQUITY - Summary of Restricted Shares Outstanding in Equity Incentive Plans (Details) - Restricted Stock - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in number of shares outstanding | ||
Outstanding at beginning of the year | 922,619 | 744,145 |
Issued | 158,973 | 316,774 |
Cancelled | (250) | (950) |
Vested | (147,250) | (137,350) |
Outstanding at the end of the year | 934,092 | 922,619 |
SHAREHOLDERS' EQUITY - Summar_3
SHAREHOLDERS' EQUITY - Summary of Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Equity incentive plans | ||
Total compensation | $ 4,486 | $ 2,941 |
Restricted stock grants | ||
Equity incentive plans | ||
Total compensation | 2,978 | 2,321 |
Restricted stock units | ||
Equity incentive plans | ||
Total compensation | $ 1,508 | $ 620 |
SHAREHOLDERS' EQUITY - Schedule
SHAREHOLDERS' EQUITY - Schedule of Reconciliation of the Numerator and Denominator of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator for basic and diluted earnings per share: | ||||||||||
Net income | $ 50,099 | $ 29,250 | ||||||||
Deduct (earnings) attributable to non-controlling interests | $ (37) | $ (35) | $ (36) | $ (36) | $ (34) | $ (35) | $ (33) | $ (34) | (144) | (136) |
Deduct (earnings) loss allocated to unvested restricted stock, basic | (2,472) | (1,412) | ||||||||
Deduct (earnings) allocated to unvested restricted stock, diluted | (2,472) | (1,412) | ||||||||
Net income available for common stockholders: diluted | 47,483 | 27,702 | ||||||||
Net income available for common stockholders: basic | $ 47,483 | $ 27,702 | ||||||||
Weighted Average Number of Shares Outstanding, Basic [Abstract] | ||||||||||
Weighted average number of common shares outstanding (in shares) | 17,793,035 | 17,017,690 | ||||||||
Effect of dilutive securities: | ||||||||||
RSUs (in shares) | 59,916 | 66,952 | ||||||||
Weighted average number of shares of common stock outstanding: | ||||||||||
Weighted average number shares (in shares) | 17,852,951 | 17,084,642 | ||||||||
Earnings (loss) per common share, basic (in dollars per share) | $ (0.22) | $ 0.37 | $ 1.91 | $ 0.62 | $ (0.08) | $ 1.55 | $ 0.34 | $ (0.22) | $ 2.67 | $ 1.63 |
Earnings (loss) per common share, diluted (in dollars per share) | $ (0.22) | $ 0.37 | $ 1.91 | $ 0.62 | $ (0.08) | $ 1.54 | $ 0.34 | $ (0.22) | $ 2.66 | $ 1.62 |
SHAREHOLDERS' EQUITY - Equity D
SHAREHOLDERS' EQUITY - Equity Distribution Agreements (Details) - Private Placement $ / shares in Units, $ in Thousands | 12 Months Ended | 37 Months Ended | |||||
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | Dec. 31, 2019 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Mar. 18, 2022 USD ($) salesAgent | Nov. 26, 2019 USD ($) salesAgent | |
Equity Distribution Agreement, 2022 | |||||||
Equity incentive plans | |||||||
Number of sale agents | salesAgent | 3 | ||||||
Number of shares sold (in shares) | shares | 347,815 | ||||||
Average price (in dollars per share) | $ / shares | $ 22.62 | $ 22.62 | |||||
Gross proceeds | $ 7,870 | ||||||
Commissions and fees | 98 | ||||||
Net proceeds | 7,772 | ||||||
Aggregate amount available under agreements | $ 40,000 | ||||||
Dollar Value of Shares Sold | (7,870) | $ (7,870) | |||||
Remaining amount available under and not available under agreements | $ 32,130 | $ 32,130 | |||||
Equity Distribution Agreement, 2019 | |||||||
Equity incentive plans | |||||||
Number of sale agents | salesAgent | 3 | ||||||
Number of shares sold (in shares) | shares | 100,000 | 529,126 | 694,298 | 111,963 | 1,435,387 | ||
Average price (in dollars per share) | $ / shares | $ 22.06 | $ 18.47 | $ 17.71 | $ 18.06 | $ 22.06 | ||
Gross proceeds | $ 2,206 | $ 9,771 | $ 12,293 | $ 2,022 | $ 26,292 | ||
Commissions and fees | 33 | 147 | 185 | 31 | 396 | ||
Net proceeds | 2,173 | 9,624 | 12,108 | 1,991 | 25,896 | ||
Aggregate amount available under agreements | $ 30,000 | ||||||
Dollar Value of Shares Sold | (2,206) | $ (9,771) | $ (12,293) | $ (2,022) | (2,206) | ||
Remaining amount available under and not available under agreements | $ 3,708 | $ 3,708 |
SHAREHOLDERS' EQUITY - Stock Bu
SHAREHOLDERS' EQUITY - Stock Buyback Narrative (Details) - New share repurchase program - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Oct. 01, 2021 | |
Equity, Class of Treasury Stock [Line Items] | |||
Authorized amount under the share repurchase program | $ 5,000,000 | ||
Stock repurchased during period | $ 0 | $ 0 |
SHAREHOLDERS' EQUITY - Dividend
SHAREHOLDERS' EQUITY - Dividend Reinvestment Plan Narrative (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) shares | |
Share-Based Payment Arrangement [Abstract] | |
Maximum discount rate (as percentage) | 5% |
Discount from the market price (as percentage) | 3% |
Stock dividend (in shares) | shares | 62,360 |
Cash dividend value, replaced by share dividend | $ | $ 1,279 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS | ||
Related party - general and administrative | $ 739 | $ 641 |
Gould Investors Limited Partnership | BRT Apartments | ||
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS | ||
Joint ventures ownership, percentage | 17.20% | |
Director | Advisory Services | ||
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS | ||
Related party expense | $ 1,468 | 1,398 |
Majestic Property Management Corporation | Real Property Management Real Estate Brokerage And Construction Supervision Services | ||
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS | ||
Related party expense | 36 | 31 |
Gould Investors Limited Partnership | Shared Services Agreement | ||
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS | ||
Related party - general and administrative | 739 | 641 |
Amount unpaid | 126 | 118 |
Gould Investors Limited Partnership | Insurance Reimbursement | ||
ADVISOR'S COMPENSATION AND RELATED PARTY TRANSACTIONS | ||
Related party expense | $ 67 | $ 61 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Instruments Not Measured at Fair Value | ||
Financial assets fair value | $ 0 | $ 0 |
Financial liabilities fair value | $ 0 | $ 0 |
Junior subordinated notes | Fair Value, Inputs, Level 2 | Market Approach Valuation Technique | ||
Financial Instruments Not Measured at Fair Value | ||
Market interest rate percentage | 7.91% | 4.21% |
Junior subordinated notes | Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement | ||
Financial Instruments Not Measured at Fair Value | ||
Estimated fair value (lower) higher than carrying value | $ 4,695,000 | $ 8,296,000 |
Mortgages payable | Fair Value, Inputs, Level 2 | Market Approach Valuation Technique | Minimum | ||
Financial Instruments Not Measured at Fair Value | ||
Market interest rate percentage | 5.18% | 3.12% |
Mortgages payable | Fair Value, Inputs, Level 2 | Market Approach Valuation Technique | Maximum | ||
Financial Instruments Not Measured at Fair Value | ||
Market interest rate percentage | 6.23% | 3.87% |
Mortgages payable | Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement | ||
Financial Instruments Not Measured at Fair Value | ||
Estimated fair value (lower) higher than carrying value | $ 37,500,000 | $ 511,000 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Assets and Liabilities Measured at Fair Value (Details) - Long-lived assets - Opop Tower and Lofts, St Louis, MO $ in Thousands | Jun. 30, 2021 USD ($) |
Fair Value, Inputs, Level 1 | |
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities) | |
Non-Financial Assets: | $ 0 |
Fair Value, Inputs, Level 2 | |
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities) | |
Non-Financial Assets: | 3,000 |
Fair Value, Inputs, Level 3 | |
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities) | |
Non-Financial Assets: | 0 |
Estimate of Fair Value Measurement | |
Financial Instruments Measured at Fair Value: Available-for-sale securities - (Corporate equity securities) | |
Non-Financial Assets: | $ 3,000 |
COMMITMENT AND CONTINGENCIES (D
COMMITMENT AND CONTINGENCIES (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2022 USD ($) property | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) | |
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Pension expense | $ 424 | $ 423 | |
Unpaid pension expense, included in accounts payable and accrued liabilities | $ 125 | $ 125 | $ 23 |
Number of Properties | property | 17 | 17 | |
Mortgage Debt | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Carve out guarantor, maximum exposure | $ 401,225 | $ 401,225 | |
Number of Properties | property | 17 | 17 | |
Company's Insurance Carrier | Insurance Claims, Wrongful Death | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Loss contingency, damages sought | $ 1,000 | ||
Company's Insurance Carrier | Insurance Claims, Personal Injury | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Loss contingency, damages sought | $ 850 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Interest Rate Derivatives | |
Amount of loss recognized on derivative in Other Comprehensive Income | $ (1) |
Amount of gain reclassified from Accumulated Other Comprehensive (loss) income into Interest Expense | $ (12) |
Derivative, Excluded Component, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized gain on derivative instruments |
Interest Expense | |
Interest Rate Derivatives | |
Amount of gain reclassified from Accumulated Other Comprehensive (loss) income into Interest Expense | $ (12) |
Total amount of Interest expense presented in the Consolidated Statement of Operations | $ 6,757 |
QUARTERLY FINANCIAL DATA (Una_3
QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | ||||||||||
Rental and other revenue | $ 22,711 | $ 21,691 | $ 14,683 | $ 11,430 | $ 10,279 | $ 7,709 | $ 6,958 | $ 7,095 | $ 70,515 | $ 32,041 |
Other income | 0 | 6 | 2 | 4 | 4 | 5 | 3 | 4 | 12 | 16 |
Total revenues | 22,711 | 21,697 | 14,685 | 11,434 | 10,283 | 7,714 | 6,961 | 7,099 | 70,527 | 32,057 |
Expenses: | ||||||||||
Real estate operating expenses | 10,262 | 9,195 | 6,348 | 4,753 | 4,515 | 3,404 | 3,166 | 3,117 | 30,558 | 14,202 |
Interest expense | 5,520 | 5,061 | 2,912 | 2,021 | 1,953 | 1,535 | 1,609 | 1,660 | 15,514 | 6,757 |
General and administrative | 3,815 | 3,673 | 3,533 | 3,633 | 3,239 | 3,114 | 3,154 | 3,114 | 14,654 | 12,621 |
Impairment charge | 0 | 0 | 520 | 0 | 0 | 520 | ||||
Depreciation | 8,031 | 8,165 | 5,010 | 3,606 | 3,285 | 1,787 | 1,416 | 1,537 | 24,812 | 8,025 |
Total expenses | 27,628 | 26,094 | 17,803 | 14,013 | 12,992 | 9,840 | 9,865 | 9,428 | 85,538 | 42,125 |
Total revenues less total expenses | (4,917) | (4,397) | (3,118) | (2,579) | (2,709) | (2,126) | (2,904) | (2,329) | (15,011) | (10,068) |
Equity in earnings (loss) of unconsolidated joint ventures | 580 | 135 | (50) | 1,230 | 1,825 | (4,196) | (492) | (1,345) | 1,895 | (4,208) |
Equity in earnings from sale of unconsolidated joint venture properties | 0 | 11,472 | 40,098 | 12,961 | 0 | 34,982 | 0 | 0 | 64,531 | 34,982 |
Gain on sale of real estate | 0 | 0 | 0 | 6 | 0 | 414 | 7,279 | 0 | 6 | 7,693 |
Casualty loss | (850) | 0 | 0 | 0 | (850) | 0 | ||||
Insurance recovery of casualty loss | 850 | 0 | 0 | 0 | 850 | 0 | ||||
Gain on sale of partnership interest | 0 | 0 | 0 | 388 | 0 | 2,244 | 0 | 0 | 2,632 | |
Gain on insurance recoveries | 0 | 62 | 0 | 62 | 0 | |||||
Loss on extinguishment of debt | 0 | 0 | (563) | 0 | (673) | (902) | 0 | 0 | (563) | (1,575) |
Income (loss) from continuing operations | (4,337) | 7,272 | 36,367 | 11,618 | (1,169) | 28,172 | 6,127 | (3,674) | 50,920 | 29,456 |
Provision for taxes | (155) | 178 | 724 | 74 | 51 | 31 | 67 | 57 | 821 | 206 |
Net income (loss) from continuing operations, net of taxes | (4,182) | 7,094 | 35,643 | 11,544 | (1,220) | 28,141 | 6,060 | (3,731) | 50,099 | 29,250 |
(Income) attributable to non-controlling interests | (37) | (35) | (36) | (36) | (34) | (35) | (33) | (34) | (144) | (136) |
Net income (loss) attributable to common stockholders | $ (4,219) | $ 7,059 | $ 35,607 | $ 11,508 | $ (1,254) | $ 28,106 | $ 6,027 | $ (3,765) | $ 49,955 | $ 29,114 |
Basic and diluted and per share amounts attributable to common stockholders | ||||||||||
Basic income (loss) per share | $ (0.22) | $ 0.37 | $ 1.91 | $ 0.62 | $ (0.08) | $ 1.55 | $ 0.34 | $ (0.22) | $ 2.67 | $ 1.63 |
Diluted income (loss) per share | $ (0.22) | $ 0.37 | $ 1.91 | $ 0.62 | $ (0.08) | $ 1.54 | $ 0.34 | $ (0.22) | $ 2.66 | $ 1.62 |
SCHEDULE III - REAL ESTATE PR_2
SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 409,958 |
Initial Cost to Company | |
Land | 74,246 |
Buildings and Improvements | 618,051 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 14,501 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 74,246 |
Buildings and Improvements | 632,552 |
Total | 706,798 |
Accumulated Depreciation | 55,195 |
Commercial | Yonkers, NY. | |
Real estate properties and accumulated depreciation | |
Encumbrances | 0 |
Initial Cost to Company | |
Land | 0 |
Buildings and Improvements | 4,000 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 320 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 0 |
Buildings and Improvements | 4,320 |
Total | 4,320 |
Accumulated Depreciation | $ 2,419 |
Depreciation Life | 39 years |
Multi-Family Residential | North Charleston, SC | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 0 |
Initial Cost to Company | |
Land | 2,435 |
Buildings and Improvements | 18,970 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 1,658 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 2,435 |
Buildings and Improvements | 20,628 |
Total | 23,063 |
Accumulated Depreciation | $ 7,473 |
Depreciation Life | 30 years |
Multi-Family Residential | Decatur, GA | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 0 |
Initial Cost to Company | |
Land | 1,698 |
Buildings and Improvements | 8,676 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 2,425 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 1,698 |
Buildings and Improvements | 11,101 |
Total | 12,799 |
Accumulated Depreciation | $ 4,198 |
Depreciation Life | 30 years |
Multi-Family Residential | Columbus, OH | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 8,733 |
Initial Cost to Company | |
Land | 1,372 |
Buildings and Improvements | 12,678 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 827 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 1,372 |
Buildings and Improvements | 13,505 |
Total | 14,877 |
Accumulated Depreciation | $ 4,476 |
Depreciation Life | 30 years |
Multi-Family Residential | Pensacola, FL | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 0 |
Initial Cost to Company | |
Land | 2,758 |
Buildings and Improvements | 25,192 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 1,686 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 2,758 |
Buildings and Improvements | 26,878 |
Total | 29,636 |
Accumulated Depreciation | $ 7,625 |
Depreciation Life | 30 years |
Multi-Family Residential | San Marcos, TX | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 16,262 |
Initial Cost to Company | |
Land | 2,303 |
Buildings and Improvements | 17,605 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 170 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 2,303 |
Buildings and Improvements | 17,775 |
Total | 20,078 |
Accumulated Depreciation | $ 2,472 |
Depreciation Life | 30 years |
Multi-Family Residential | LaGrange, GA | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 0 |
Initial Cost to Company | |
Land | 832 |
Buildings and Improvements | 21,969 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 924 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 832 |
Buildings and Improvements | 22,893 |
Total | 23,725 |
Accumulated Depreciation | $ 5,844 |
Depreciation Life | 30 years |
Multi-Family Residential | Fredericksburg, VA | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 26,184 |
Initial Cost to Company | |
Land | 7,540 |
Buildings and Improvements | 33,196 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 1,135 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 7,540 |
Buildings and Improvements | 34,331 |
Total | 41,871 |
Accumulated Depreciation | $ 6,211 |
Depreciation Life | 30 years |
Multi-Family Residential | Nashville, TN | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 52,000 |
Initial Cost to Company | |
Land | 6,172 |
Buildings and Improvements | 77,532 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 695 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 6,172 |
Buildings and Improvements | 78,227 |
Total | 84,399 |
Accumulated Depreciation | $ 4,067 |
Depreciation Life | 30 years |
Multi-Family Residential | Greenville, SC | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 26,425 |
Initial Cost to Company | |
Land | 4,033 |
Buildings and Improvements | 34,052 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 484 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 4,033 |
Buildings and Improvements | 34,536 |
Total | 38,569 |
Accumulated Depreciation | $ 1,653 |
Depreciation Life | 30 years |
Multi-Family Residential | Nashville, TN | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 37,680 |
Initial Cost to Company | |
Land | 9,679 |
Buildings and Improvements | 29,114 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 1,462 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 9,679 |
Buildings and Improvements | 30,576 |
Total | 40,255 |
Accumulated Depreciation | $ 1,255 |
Depreciation Life | 30 years |
Multi-Family Residential | San Antonio, TX | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 27,000 |
Initial Cost to Company | |
Land | 3,336 |
Buildings and Improvements | 33,437 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 18 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 3,336 |
Buildings and Improvements | 33,455 |
Total | 36,791 |
Accumulated Depreciation | $ 1,053 |
Depreciation Life | 30 years |
Multi-Family Residential | Creve Coeur, MO | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 29,700 |
Initial Cost to Company | |
Land | 5,466 |
Buildings and Improvements | 30,826 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 118 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 5,466 |
Buildings and Improvements | 30,944 |
Total | 36,410 |
Accumulated Depreciation | $ 915 |
Depreciation Life | 30 years |
Multi-Family Residential | Tallahassee, FL | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 21,436 |
Initial Cost to Company | |
Land | 3,398 |
Buildings and Improvements | 27,167 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 171 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 3,398 |
Buildings and Improvements | 27,338 |
Total | 30,736 |
Accumulated Depreciation | $ 732 |
Depreciation Life | 30 years |
Multi-Family Residential | Huntsville, AL | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 18,952 |
Initial Cost to Company | |
Land | 1,959 |
Buildings and Improvements | 20,079 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 404 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 1,959 |
Buildings and Improvements | 20,483 |
Total | 22,442 |
Accumulated Depreciation | $ 487 |
Depreciation Life | 30 years |
Multi-Family Residential | Boerne, TX | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 7,842 |
Initial Cost to Company | |
Land | 1,289 |
Buildings and Improvements | 12,852 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 174 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 1,289 |
Buildings and Improvements | 13,026 |
Total | 14,315 |
Accumulated Depreciation | $ 301 |
Depreciation Life | 30 years |
Multi-Family Residential | Macon, GA | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 10,265 |
Initial Cost to Company | |
Land | 2,866 |
Buildings and Improvements | 16,423 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 65 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 2,866 |
Buildings and Improvements | 16,488 |
Total | 19,354 |
Accumulated Depreciation | $ 322 |
Depreciation Life | 30 years |
Multi-Family Residential | Southaven, MS, Property One | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 27,194 |
Initial Cost to Company | |
Land | 3,646 |
Buildings and Improvements | 45,554 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 477 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 3,646 |
Buildings and Improvements | 46,031 |
Total | 49,677 |
Accumulated Depreciation | $ 930 |
Depreciation Life | 30 years |
Multi-Family Residential | Southaven, MS, Property Two | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 29,875 |
Initial Cost to Company | |
Land | 3,847 |
Buildings and Improvements | 46,452 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 584 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 3,847 |
Buildings and Improvements | 47,036 |
Total | 50,883 |
Accumulated Depreciation | $ 956 |
Depreciation Life | 30 years |
Multi-Family Residential | Wilmington, NC | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 23,160 |
Initial Cost to Company | |
Land | 3,468 |
Buildings and Improvements | 37,311 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 222 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 3,468 |
Buildings and Improvements | 37,533 |
Total | 41,001 |
Accumulated Depreciation | $ 759 |
Depreciation Life | 30 years |
Multi-Family Residential | Trussville, AL | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 32,250 |
Initial Cost to Company | |
Land | 4,095 |
Buildings and Improvements | 42,943 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 242 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 4,095 |
Buildings and Improvements | 43,185 |
Total | 47,280 |
Accumulated Depreciation | $ 683 |
Depreciation Life | 30 years |
Multi-Family Residential | Madison, AL | |
Real estate properties and accumulated depreciation | |
Encumbrances | $ 15,000 |
Initial Cost to Company | |
Land | 2,054 |
Buildings and Improvements | 22,023 |
Costs Capitalized Subsequent to Acquisition | |
Land | 0 |
Improvements | 240 |
Carrying Costs | 0 |
Gross Amount At Which Carried at December 31, 2022 | |
Land | 2,054 |
Buildings and Improvements | 22,263 |
Total | 24,317 |
Accumulated Depreciation | $ 364 |
Depreciation Life | 30 years |
SCHEDULE III - REAL ESTATE PR_3
SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION - Notes to Schedule (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2018 | Sep. 30, 2017 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||
Total real estate properties | $ 706,798 | |||
Less: Accumulated depreciation | (55,195) | |||
Net real estate properties | 651,603 | $ 297,929 | ||
Reconciliation of real estate properties | ||||
Balance at beginning of year | 297,929 | 160,192 | ||
Additions: | ||||
Acquisitions | 370,513 | 160,583 | ||
Capital improvements | 6,295 | 1,308 | ||
Capitalized development expenses and carrying costs | 0 | 0 | ||
Total additions | 376,808 | 161,891 | ||
Deductions: | ||||
Sales | 4,379 | 16,927 | ||
Depreciation | 18,755 | 7,227 | ||
Impairment Charge | 0 | 0 | ||
Reconciliation of partnership interest | $ 0 | $ 0 | ||
Total deductions | 23,134 | 24,154 | ||
Balance at end of year | $ 651,603 | $ 297,929 |