BRT Apartments (BRT) 10-Q8 Nov 222022 Q3 Quarterly reportFinancial data

Company Profile

COVER

COVER - shares	9 Months Ended
COVER - shares	Sep. 30, 2022	Nov. 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-07172
Entity Registrant Name	BRT APARTMENTS CORP.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	13-2755856
Entity Address, Address Line One	60 Cutter Mill Road
Entity Address, City or Town	Great Neck
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11021
City Area Code	516
Local Phone Number	466-3100
Title of 12(b) Security	Common Stock
Trading Symbol	BRT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		18,940,249
Amendment Flag	false
Entity Central Index Key	0000014846
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Real estate properties, net of accumulated depreciation and amortization of $49,008 and $36,467	$ 655,645	$ 293,550
Investments in unconsolidated joint ventures	43,759	112,347
Cash and cash equivalents	21,865	32,339
Restricted cash	872	6,582
Other assets	21,518	10,341
Real estate property held for sale	0	4,379
Total Assets	743,659	459,538
Liabilities:
Mortgages payable, net of deferred costs of $4,327 and $980	419,115	199,877
Junior subordinated notes, net of deferred costs of $282 and $297	37,118	37,103
Credit facility, net of deferred costs of $551 and $—	6,449	0
Accounts payable and accrued liabilities	23,862	19,607
Total Liabilities	486,544	256,587
Commitments and contingencies
BRT Apartments Corp. stockholders' equity:
Preferred shares $0.01 par value 2,000 shares authorized, none outstanding	0	0
Common stock, $0.01 par value, 300,000 shares authorized; 17,973 and 17,349 shares outstanding	180	173
Additional paid-in capital	271,904	258,161
Accumulated deficit	(14,952)	(55,378)
Total BRT Apartments Corp. stockholders’ equity	257,132	202,956
Non-controlling interest	(17)	(5)
Total Equity	257,115	202,951
Total Liabilities and Equity	$ 743,659	$ 459,538

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Real estate accumulated depreciation	$ 49,008	$ 36,467
Deferred costs	$ 5,160	$ 1,277
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, authorized (in shares)	2,000,000	2,000,000
Preferred shares, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, outstanding (in shares)	17,973,000	17,349,000
Mortgages payable
Debt Instrument [Line Items]
Deferred costs	$ 4,327	$ 980
Junior subordinated notes
Debt Instrument [Line Items]
Deferred costs	282	297
Line of Credit
Debt Instrument [Line Items]
Deferred costs	$ 551	$ 0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Rental and other revenue from real estate properties	$ 21,691,000	$ 7,709,000	$ 47,804,000	$ 21,762,000
Other income	6,000	5,000	12,000	12,000
Total revenues	21,697,000	7,714,000	47,816,000	21,774,000
Expenses:
Real estate operating expenses - including $9 and $8 to related parties for the three months ended and $28 and $23 for the nine months ended	9,195,000	3,404,000	20,296,000	9,687,000
Interest expense	5,061,000	1,535,000	9,994,000	4,804,000
General and administrative - including $183 and $172 to related parties for the three months ended and $614 and $523 for the nine months ended	3,673,000	3,114,000	10,839,000	9,382,000
Impairment charge	0	0	0	520,000
Depreciation and amortization	8,165,000	1,787,000	16,781,000	4,740,000
Total expenses	26,094,000	9,840,000	57,910,000	29,133,000
Total revenues less total expenses	(4,397,000)	(2,126,000)	(10,094,000)	(7,359,000)
Equity in earnings (loss) of unconsolidated joint ventures	135,000	(4,196,000)	1,315,000	(6,033,000)
Equity in earnings from sale of unconsolidated joint ventures properties	11,472,000	34,982,000	64,531,000	34,982,000
Gain on sale of real estate	0	414,000	6,000	7,693,000
Gain on sale of partnership interest	0	0	0	2,244,000
Gain on insurance recoveries	62,000	0	62,000	0
Loss on extinguishment of debt	0	(902,000)	(563,000)	(902,000)
Income from continuing operations	7,272,000	28,172,000	55,257,000	30,625,000
Income tax provision	178,000	31,000	976,000	155,000
Net income from continuing operations, net of taxes	7,094,000	28,141,000	54,281,000	30,470,000
Net income attributable to non-controlling interest	(35,000)	(35,000)	(107,000)	(102,000)
Net income attributable to common stockholders	$ 7,059,000	$ 28,106,000	$ 54,174,000	$ 30,368,000
Weighted average number of shares of common stock outstanding:
Basic (in shares)	17,928,197	17,261,520	17,721,700	16,916,623
Diluted (in shares)	17,994,457	17,292,988	17,784,362	16,992,974
Per share amounts attributable to common stockholders:
Basic (in dollars per share)	$ 0.37	$ 1.55	$ 2.91	$ 1.71
Diluted (in dollars per share)	$ 0.37	$ 1.54	$ 2.89	$ 1.70

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Related party - real estate operating expenses	$ 9	$ 8	$ 28	$ 23
Related party - general and administrative	$ 183	$ 172	$ 614	$ 523

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ 7,094	$ 28,141	$ 54,281	$ 30,470
Other comprehensive income :
Unrealized gain on derivative instruments	0	12	0	22
Other comprehensive income	0	12	0	22
Comprehensive income	7,094	28,153	54,281	30,492
Comprehensive (income) attributable to non-controlling interests	(35)	(37)	(107)	(106)
Comprehensive income attributable to common stockholders	$ 7,059	$ 28,116	$ 54,174	$ 30,386

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive income	Accumulated Deficit	Non- Controlling Interest
Beginning balance at Dec. 31, 2020	$ 177,688	$ 164	$ 245,605	$ (19)	$ (67,978)	$ (84)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions - common stock	(4,011)				(4,011)
Restricted stock and restricted stock units vesting	0	4	(4)
Compensation expense - restricted stock and restricted stock units	538		538
Net (loss) income	(3,731)				(3,765)	34
Other comprehensive income	5			4		1
Comprehensive income (loss)	(3,726)
Ending balance at Mar. 31, 2021	170,489	168	246,139	(15)	(75,754)	(49)
Beginning balance at Dec. 31, 2020	177,688	164	245,605	(19)	(67,978)	(84)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	30,470
Other comprehensive income	22
Comprehensive income (loss)	30,492
Ending balance at Sep. 30, 2021	206,293	173	255,960	0	(49,861)	21
Beginning balance at Mar. 31, 2021	170,489	168	246,139	(15)	(75,754)	(49)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions - common stock	(4,007)				(4,007)
Compensation expense - restricted stock and restricted stock units	569		569
Shares issued through equity offering program, net	7,349	4	7,345
Net (loss) income	6,060				6,027	33
Other comprehensive income	5			4		1
Comprehensive income (loss)	6,065
Ending balance at Jun. 30, 2021	180,465	172	254,053	(11)	(73,734)	(15)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions - common stock	(4,233)				(4,233)
Compensation expense - restricted stock and restricted stock units	842		842
Shares issued through equity offering program, net	1,066	1	1,065
Net (loss) income	28,141				28,106	35
Other comprehensive income	12			11		1
Comprehensive income (loss)	28,153
Ending balance at Sep. 30, 2021	206,293	173	255,960	$ 0	(49,861)	21
Beginning balance at Dec. 31, 2021	202,951	173	258,161		(55,378)	(5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions - common stock	(4,305)				(4,305)
Restricted stock and restricted stock units vesting	0	2	(2)
Compensation expense - restricted stock and restricted stock units	974		974
Shares issued through equity offering program, net	3,038	1	3,037
Net (loss) income	11,544				11,508	36
Comprehensive income (loss)	11,544
Ending balance at Mar. 31, 2022	214,202	176	262,170		(48,175)	31
Beginning balance at Dec. 31, 2021	202,951	173	258,161		(55,378)	(5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	54,281
Other comprehensive income	0
Comprehensive income (loss)	54,281
Ending balance at Sep. 30, 2022	257,115	180	271,904		(14,952)	(17)
Beginning balance at Mar. 31, 2022	214,202	176	262,170		(48,175)	31
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions - common stock	(4,723)				(4,723)
Compensation expense - restricted stock and restricted stock units	1,001		1,001
Distributions to non-controlling interests	(60)					(60)
Shares issued through equity offering program, net	3,087	2	3,085
Net (loss) income	35,643				35,607	36
Comprehensive income (loss)	35,643
Ending balance at Jun. 30, 2022	249,150	178	266,256		(17,291)	7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions - common stock	(4,720)				(4,720)
Compensation expense - restricted stock and restricted stock units	1,208		1,208
Distributions to non-controlling interests	(59)					(59)
Shares issued through equity offering program, net	3,820	2	3,818
Shares issues through DRIP	622		622
Net (loss) income	7,094				7,059	35
Other comprehensive income	0
Comprehensive income (loss)	7,094
Ending balance at Sep. 30, 2022	$ 257,115	$ 180	$ 271,904		$ (14,952)	$ (17)

CONSOLIDATED STATEMENTS OF EQ_2

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

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net (loss) income	$ 7,094,000	$ 28,141,000	$ 54,281,000	$ 30,470,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization			16,781,000	4,740,000
Amortization of deferred financing costs			399,000	216,000
Amortization of debt fair value adjustment			(28,000)	0
Amortization of restricted stock and restricted stock units			3,183,000	1,949,000
Equity in (earnings) loss of unconsolidated joint ventures	(135,000)	4,196,000	(1,315,000)	6,033,000
Equity in earnings from sale of real estate of unconsolidated joint venture properties	(11,472,000)	(34,982,000)	(64,531,000)	(34,982,000)
Impairment charge	0	0	0	520,000
Gain on sale of real estate	0	(414,000)	(6,000)	(7,693,000)
Gain on sale of partnership interest	0	0	0	(2,244,000)
Gain on insurance recovery	(62,000)	0	(62,000)	0
Loss on extinguishment of debt	0	902,000	563,000	902,000
Increases and decreases from changes in other assets and liabilities:
Decrease in other assets			1,820,000	1,868,000
Decrease in accounts payable and accrued liabilities			(2,635,000)	(2,000,000)
Net cash provided by (used in) operating activities			8,450,000	(221,000)
Cash flows from investing activities:
Improvements to real estate properties			(4,151,000)	(794,000)
Purchase of investment in joint ventures			(105,262,000)	(22,420,000)
Proceeds from the sale of real estate			4,385,000	24,632,000
Proceeds from the sale of partnership interest			0	7,540,000
Distributions from unconsolidated joint ventures			89,476,000	58,312,000
Contributions to unconsolidated joint ventures			(3,500,000)	(6,031,000)
Proceeds from insurance recoveries			62,000	0
Net cash (used in) provided by investing activities			(18,990,000)	61,239,000
Cash flows from financing activities:
Proceeds from mortgages payable			18,953,000	0
Mortgage payoffs			(26,761,000)	(46,963,000)
Mortgage principal payments			(1,475,000)	(2,180,000)
Proceeds from credit facility			22,000,000	0
Repayment of credit facility			(15,000,000)	0
Increase in deferred financing costs			(672,000)	(38,000)
Dividends paid			(13,136,000)	(11,779,000)
Distributions to non-controlling interests			(119,000)	0
Proceeds from the sale of common stock			9,945,000	8,415,000
Proceeds from issuance of DRP shares			622,000	0
Net cash used in financing activities			(5,643,000)	(52,545,000)
Net (decrease) increase in cash, cash equivalents and restricted cash:			(16,184,000)	8,473,000
Cash, cash equivalents and restricted cash at beginning of period			38,921,000	28,685,000
Cash, cash equivalents and restricted cash at end of period	22,737,000	37,158,000	22,737,000	37,158,000
Supplemental disclosure of cash flow information:
Cash paid during the period for interest			9,169,000	4,591,000
Cash paid for income taxes			291,000	174,000
Consolidation on buyout of partnership interests:
Increase in real estate assets			(370,513,000)	(85,301,000)
Increase in other assets			(17,489,000)	(2,263,000)
Increase in mortgage payable			231,896,000	52,000,000
Increase in deferred loan costs			(3,892,000)	(178,000)
Increase in accounts payable and accrued liabilities			6,278,000	1,474,000
Decrease in investment in unconsolidated joint ventures			48,458,000	11,848,000
Purchase and consolidation of investment in joint venture			(105,262,000)	(22,420,000)
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.
Cash and cash equivalents	21,865,000	29,598,000	21,865,000	29,598,000
Restricted cash	872,000	7,560,000	872,000	7,560,000
Total cash, cash equivalents and restricted cash, shown in consolidated statement of cash flows	$ 22,737,000	$ 37,158,000	$ 22,737,000	$ 37,158,000

Organization and Background

Organization and Background	9 Months Ended
Organization and Background	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Background	Organization and Background BRT Apartments Corp. (the "Company" or "BRT"), a Maryland corporation, owns, operates and, to a lesser extent, holds interest in joint ventures that own multi-family properties. The Company conducts its operations to qualify as a real estate investment trust, or REIT, for federal income tax purposes. These multi-family properties may be wholly owned by the Company (including its consolidated subsidiaries) or by unconsolidated joint ventures in which the Company generally contributes a significant portion of the equity. At September 30, 2022, the Company: (a) wholly owns 21 multi-family properties located in eleven states with an aggregate of 5,420 units and a carrying value of $653,716,000; (b) has interests, through unconsolidated entities, in eight multi-family properties located in four states with an aggregate of 2,781 units with a carrying value of $40,281,000; and (c) has a 17.45% interest in a development project with a carrying value of $3,500,000. BRT's equity interests in these unconsolidated entities range from 17.45% to 80%. Most of the Company's properties are located in the Southeast United States and Texas. The Company also owns and operates various other real estate assets. At September 30, 2022, the carrying value of the other real estate assets was $1,929,000.

Basis of Preparation

Basis of Preparation	9 Months Ended
Basis of Preparation	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	Basis of Preparation The accompanying interim unaudited consolidated financial statements, reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for such interim periods. The results of operations for the three and nine months ended September 30, 2022 and 2021, are not necessarily indicative of the results for the full year. The consolidated audited balance sheet as of December 31, 2021, has been derived from the audited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States ("GAAP"). Accordingly, these unaudited statements should be read in conjunction with the Company's audited financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2021 (the "Annual Report") filed with the Securities and Exchange Commission ("SEC"). The consolidated financial statements include the accounts and operations of the Company and its wholly-owned subsidiaries. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. For each venture, the Company evaluated the rights provided to each party in the venture to assess the consolidation of the venture. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are variable interest entities ("VIEs"). Additionally, as determined in accordance with GAAP, the Company does not exercise substantial operating control over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. The distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro-rata to the percentage equity interest each partner has in the applicable venture. The joint venture that owns a property in Yonkers, New York, was determined not to be a VIE but is consolidated because the Company has controlling rights in such entity. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates. Substantially all of the Company's assets are comprised of multi- family real estate assets generally leased to tenants on a one-year basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment.

Equity

Equity	9 Months Ended
Equity	Sep. 30, 2022
Equity [Abstract]
Equity	Equity Equity Distribution Agreements Effective as of March 18, 2022, the Company (i) terminated the equity distribution agreements dated November 26, 2019, as amended March 31, 2021 and (ii) entered into separate equity distribution agreements with three sales agents to sell up to $40,000,000 of its common stock from time-to-time in an at-the-market offering. During the three and nine months ended September 30, 2022, the Company sold 174,059 and 447,815 shares for an aggregate sales price of $3,867,000 and $10,076,000 before commissions and fees of $48,000 and $131,166, respectively. During the three and nine months ended September 30, 2021, the Company sold 469,490 shares for an aggregate sales price of $8,542,000 before commissions and fees of $126,000. Common Stock Dividend Distribution The Company declared a quarterly cash distribution of $0.25 per share, payable on October 7, 2022 to stockholders of record on September 27, 2022. Dividend Reinvestment Plan The Dividend Reinvestment Plan (the “DRP”), among other things, provides stockholders with the opportunity to reinvest all or a portion of their cash dividends paid on the Company’s common stock in additional shares of its common stock, at a discount, determined in the Company’s sole discretion, of up to 5% from the market price for the common stock (as such price is calculated pursuant to the DRP). The discount from the market price is currently 3%. The DRP is effective with the dividend paid on July 8, 2022. In the three and nine months ended September 30, 2022, we issued 29,190 shares in lieu of cash dividends of $622,000. 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, for up to a maximum of 1,000,000 shares; and (ii) cash settled dividend equivalent rights in tandem with the grant of restricted stock units and certain performance based awards. As of September 30, 2022, 787,531 shares are available for issuance pursuant to awards under the 2022 Plan. Awards to acquire 934,092 shares of common stock are outstanding under the 2020 Incentive Plan and the 2018 Incentive Plan (collectively the "Prior Plans") and no further awards may be made pursuant to the Prior Plans. Restricted Stock Units In June 2022 and 2021, the Company issued restricted stock units (the "RSUs") to acquire up to 212,469 and 210,375 shares of common stock pursuant to the 2022 Plan and the 2020 Incentive Plan, respectively. Generally, the RSUs entitle the recipients, subject to continued service through the three-year vesting period to receive (i) the underlying shares if and to the extent certain performance and/or market conditions are satisfied at the vesting date, and (ii) an amount equal to the cash dividends that would have been paid during the three-year vesting period with respect to the shares of common stock underlying the RSUs if, when, and to the extent, the related RSUs vest. The shares underlying the RSUs are not participating securities but are contingently issuable shares. Expense is recognized on the RSU's which the Company expects to vest over the applicable vesting period. For the three months ended September 30, 2022 and 2021, the Company recorded $457,000 and $200,000, respectively, and for the nine months ended September 30, 2022 and 2021, the Company recorded $957,000 and $271,000, respectively, of compensation expense related to the amortization of unearned compensation with respect to the RSUs issued under the 2020 and 2022 Incentive Plans. At September 30, 2022 and December 31, 2021, $3,786,000 and $2,248,000 of compensation expense, respectively, has been deferred and will be charged to expense over the remaining vesting periods. Restricted Stock In January 2022, the Company granted 158,973 shares of restricted stock pursuant to the 2020 Plan. As of September 30, 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 is included in the earnings per share computation. For the three months ended September 30, 2022 and 2021, the Company recorded $751,000 and $642,000, respectively, and for the nine months ended September 30, 2022 and 2021, the Company recorded $2,226,000 and $1,678,000, respectively, of compensation expense related to the amortization of unearned compensation with respect to the restricted stock awards. At September 30, 2022 and December 31, 2021, $8,480,000 and $7,332,000, respectively, has been deferred as unearned compensation and will be charged to expense over the remaining vesting periods of these restricted stock awards. The weighted average remaining vesting period of these shares of restricted stock is 2.8 years. Stock Buyback On September 13, 2021, the Board of Directors approved a stock repurchase plan authorizing the Company, effective as of October 1, 2021, to repurchase up to $5,000,000 of shares of common stock through December 31, 2023. During the three and nine months ended September 30, 2022 and 2021, the Company did not repurchase any shares of common stock. Per Share Data Basic earnings (loss) per share is determined by dividing net income (loss) applicable to common stockholders for the applicable period by the weighted average number of shares of common stock outstanding during such period. Net income is also allocated to the unvested restricted stock outstanding during each period, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. The RSUs are excluded from the basic earnings per share calculation as they are not participating securities. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock or resulted in the issuance of shares of common stock that share in the earnings of the Company. Diluted earnings per share is determined by dividing net income applicable to common stockholders for the applicable period by the weighted average number of shares of common stock deemed to be outstanding during such period. In calculating diluted earnings per share, the Company includes only those shares underlying the RSUs that it anticipates will vest based on management's estimates as of the end of the most recent quarter. The Company excludes any shares underlying the RSUs from such calculation if their effect would have been anti-dilutive. The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator for basic and diluted earnings per share: Net income $7,094 $28,141 $54,281 $30,470 Deduct net income attributable to non-controlling interests (35) (35) (107) (102) Deduct earnings allocated to unvested restricted stock (349) (1,426) (2,684) (1,441) Net income available for common stockholders: basic and diluted $ 6,710 $ 26,680 $ 51,490 $ 28,927 Denominator for basic earnings per share: Weighted average number of common shares outstanding 17,928,197 17,261,520 17,721,700 16,916,623 Effect of dilutive securities: RSUs 66,260 31,468 62,662 76,351 Denominator for diluted earnings per share: Weighted average number of shares 17,994,457 17,292,988 17,784,362 16,992,974 Earnings per common share, basic $ 0.37 $ 1.55 $ 2.91 $ 1.71 Earnings per common share, diluted $ 0.37 $ 1.54 $ 2.89 $ 1.70

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2022
Leases [Abstract]
Leases	Leases Lessor Accounting The Company owns a commercial building leased to two tenants under operating leases expiring from 2024 to 2028, with tenant options to extend the leases. Revenues from such leases are reported as rental income, net, and are comprised of (i) lease components, which includes fixed lease payments and (ii) non-lease components, which includes reimbursements of property level operating expenses. The Company does not separate non-lease components from the related lease components, as the timing and pattern of transfer are the same, and accounts for the combined component in accordance with ASC 842. Lessee Accounting The Company is a lessee under a ground lease in Yonkers, NY which is classified as an operating lease. The ground lease expires September 30, 2024 and provides for one 21-year renewal option. As of September 30, 2022, the remaining lease term, including the renewal option deemed exercised, is 23.0 years. The Company is a lessee under a corporate office lease in Great Neck, New York, which is classified as an operating lease. The lease expires on December 31, 2031 and provides a five-year renewal option. As of September 30, 2022, the remaining lease term, including renewal options deemed exercised, is 14.3 years. As of September 30, 2022, the Company's Right of Use ("ROU") assets and lease liabilities were $2,420,000 and $2,510,000, respectively. As of December 31, 2021, the Company's ROU assets and lease liabilities were $2,568,000 and $2,629,000, respectively. The discount rate applied to measure each ROU asset and lease liability is based on the Company’s incremental borrowing rate (“IBR”). The Company considers the general economic environment and its historical borrowing rate activity and factors in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. As the Company did not elect to apply the hindsight practical expedient, lease term assumptions determined under ASC 840 were carried forward and applied in calculating the lease liabilities recorded under ASC 842. The Company’s ground lease offers a renewal option which it assesses against relevant economic factors to determine whether it is reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that the Company is reasonably certain will be exercised, if any, are included in the measurement of the corresponding lease liability and ROU asset.
Leases	Leases Lessor Accounting The Company owns a commercial building leased to two tenants under operating leases expiring from 2024 to 2028, with tenant options to extend the leases. Revenues from such leases are reported as rental income, net, and are comprised of (i) lease components, which includes fixed lease payments and (ii) non-lease components, which includes reimbursements of property level operating expenses. The Company does not separate non-lease components from the related lease components, as the timing and pattern of transfer are the same, and accounts for the combined component in accordance with ASC 842. Lessee Accounting The Company is a lessee under a ground lease in Yonkers, NY which is classified as an operating lease. The ground lease expires September 30, 2024 and provides for one 21-year renewal option. As of September 30, 2022, the remaining lease term, including the renewal option deemed exercised, is 23.0 years. The Company is a lessee under a corporate office lease in Great Neck, New York, which is classified as an operating lease. The lease expires on December 31, 2031 and provides a five-year renewal option. As of September 30, 2022, the remaining lease term, including renewal options deemed exercised, is 14.3 years. As of September 30, 2022, the Company's Right of Use ("ROU") assets and lease liabilities were $2,420,000 and $2,510,000, respectively. As of December 31, 2021, the Company's ROU assets and lease liabilities were $2,568,000 and $2,629,000, respectively. The discount rate applied to measure each ROU asset and lease liability is based on the Company’s incremental borrowing rate (“IBR”). The Company considers the general economic environment and its historical borrowing rate activity and factors in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease. As the Company did not elect to apply the hindsight practical expedient, lease term assumptions determined under ASC 840 were carried forward and applied in calculating the lease liabilities recorded under ASC 842. The Company’s ground lease offers a renewal option which it assesses against relevant economic factors to determine whether it is reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that the Company is reasonably certain will be exercised, if any, are included in the measurement of the corresponding lease liability and ROU asset.

Real Estate Properties

Real Estate Properties	9 Months Ended
Real Estate Properties	Sep. 30, 2022
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties Real estate properties, excluding real estate held for sale in December 2021, consists of the following (dollars in thousands): September 30, 2022 December 31, 2021 Land $ 74,246 $ 38,822 Building 617,102 281,841 Building improvements 13,305 9,354 Real estate properties 704,653 330,017 Accumulated depreciation (49,008) (36,467) Total real estate properties, net $ 655,645 $ 293,550 A summary of real estate properties owned is as follows (dollars in thousands): December 31, 2021 Partner Buyouts Improvements Depreciation September 30, 2022 Multi-family $ 291,538 $ 370,513 $ 4,151 $ (12,486) $ 653,716 Retail shopping center and other 2,012 — — (83) 1,929 Total real estate properties $ 293,550 $ 370,513 $ 4,151 $ (12,569) $ 655,645 Partner Buyouts In the nine months ended September 30, 2022, the Company completed the purchase of its partners' remaining interests in the unconsolidated joint ventures that own the properties identified below. As a result of these purchases, these properties (including the related mortgage debt - see note 9 - "Debt Obligations") are wholly-owned and effective as of the closing of such purchase, are included in the Company's consolidated balance sheet and results of operations (dollars in thousands): Buyout Date Property Name Location Units Remaining Interest Purchased Purchase Price (1) 03/23/2022 Verandas at Alamo San Antonio, TX 288 28.1 % $ 8,721 04/07/2022 Vanguard Heights Creve Coeur, MO 174 21.6 % 4,880 05/11/2022 Jackson Square Tallahassee, FL 242 20 % 7,215 05/24/2022 Brixworth at Bridge Street Huntsville, AL 208 20 % 10,697 05/26/2022 Woodland Apartments Boerne, TX 120 20 % 3,881 06/30/2022 Grove at River Place Macon, GA 240 20 % 7,485 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 _________________ (1) The purchase price gives effect to the purchase of the "promote interest" (as more fully described in the Annual Report) of the Company's joint venture partners and does not include closing costs of $2,191 and operating cash acquired from the ventures of $2,797. The Company determined that the gross assets purchased in each of these 11 acquisitions is concentrated in a single identifiable asset. Therefore, the transactions do not meet the definition of a business and are accounted for as asset acquisitions. The Company assessed the fair value of the tangible assets of the properties as of the acquisition date using the cost accumulation and income approach which utilized market capitalization rates between 4.25% and 4.75%, which are Level 3 unobservable inputs in the fair value hierarchy. The following table summarizes the allocation of the book value based on the proportionate share of the estimated fair value of the property on the acquisition date (dollars in thousands): Property Land Building and Improvements Total Land and Building Acquisition and Intangible Assets Total Assets Acquisition Related Mortgage Intangible 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 — The Woodland Apts 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 Total Purchase Price Allocation $ 35,422 $ 335,091 $ 370,513 $ 6,888 $ 377,401 $ 4,719 Property Disposition

Impairment Charges

Impairment Charges	9 Months Ended
Impairment Charges	Sep. 30, 2022
Asset Impairment Charges [Abstract]
Impairment Charges	Impairment Charges The Company reviews each real estate asset owned, including those held through investments in unconsolidated joint ventures, for impairment when there is an event or a change in circumstances indicating that the carrying amount may not be recoverable. The Company measures and records impairment charges, and reduces the carrying value of owned properties, when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. For its unconsolidated joint venture investments, the Company measures and records impairment losses, and reduces the carrying value of the equity investment when indicators of impairment are present and the expected discounted cash flows related to the investment is less than the carrying value. When the Company does not expect to recover its carrying value on properties held for use, the Company reduces its carrying value to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell. When the Company does not expect to recover its carrying value on unconsolidated joint ventures that are under contract for sale, the Company, when it is determined that the sale is probable, reduces its carrying value to its fair value.

Restricted Cash

Restricted Cash	9 Months Ended
Restricted Cash	Sep. 30, 2022
Cash and Cash Equivalents [Abstract]
Restricted Cash	Restricted CashRestricted cash represents funds held for specific purposes and are therefore not available for general corporate purposes. The restricted cash reflected on the consolidated balance sheets represents funds that are held by the Company specifically for capital improvements at certain multi-family properties owned by unconsolidated joint ventures.

Investment in Unconsolidated Ve

Investment in Unconsolidated Ventures	9 Months Ended
Investment in Unconsolidated Ventures	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Ventures	Investment in Unconsolidated Ventures At September 30, 2022 and December 31, 2021, the Company held interests in unconsolidated joint ventures that own eight and 23 multi-family properties (the "Unconsolidated Properties"), respectively. The condensed balance sheets below present information regarding such properties (dollars in thousands): September 30, 2022 December 31, 2021 ASSETS Real estate properties, net of accumulated depreciation of $64,104 and $133,615 $ 320,772 $ 734,247 Cash and cash equivalents 14,706 13,741 Other assets 31,832 25,535 Total Assets $ 367,310 $ 773,523 LIABILITIES AND EQUITY Liabilities: Mortgages payable, net of deferred costs of $1,531 and $3,423 $ 249,575 $ 584,479 Accounts payable and accrued liabilities 11,819 17,064 Total Liabilities 261,394 601,543 Commitments and contingencies Equity: Total unconsolidated joint venture equity 105,916 171,980 Total Liabilities and Equity $ 367,310 $ 773,523 BRT's interest in joint venture equity $ 43,759 $ 112,347 At the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands): September 30, 2022 December 31, 2021 Land $ 59,404 $ 97,230 Building 315,400 739,577 Building improvements 10,072 31,055 Real estate properties 384,876 867,862 Accumulated depreciation (64,104) (133,615) Total real estate properties, net $ 320,772 $ 734,247 At September 30, 2022 and December 31, 2021, the weighted average interest rate on the mortgages payable is 3.90% and 3.97%, respectively, and the weighted average remaining term to maturity is 6.5 years and 7.6 years, respectively. The condensed income statements below present information regarding the Unconsolidated Properties (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenues: Rental and other revenue $ 13,502 $ 29,818 $ 60,840 $ 95,495 Total revenues 13,502 29,818 60,840 95,495 Expenses: Real estate operating expenses 6,512 14,587 27,523 45,523 Interest expense 2,843 7,568 13,762 24,562 Depreciation 3,113 8,288 14,957 28,464 Total expenses 12,468 30,443 56,242 98,549 Total revenues less total expenses 1,034 (625) 4,598 (3,054) Other equity earnings 12 7 89 21 Impairment of assets — — — (2,813) Insurance recoveries — — — 2,813 Gain on insurance recoveries — 1,246 567 1,246 Gain on sale of real estate 16,937 83,984 118,270 83,984 Loss on extinguishment of debt (573) (9,401) (3,491) (9,401) Net income from joint ventures $ 17,410 $ 75,211 $ 120,033 $ 72,796 BRT's equity in (loss) earnings and equity in earnings from sale of unconsolidated joint venture properties $ 11,607 $ 30,786 $ 65,846 $ 28,949 Joint Venture Sales On February 8, 2022, the unconsolidated joint venture in which the Company had a 65% equity interest sold The Verandas at Shavano, a 288-unit multi-family property in San Antonio, TX, for a sales price of $53,750,000. The gain on the sale of this property was $23,652,000 and BRT's share of the gain was $12,961,000. In connection with the sale, mortgage debt of $25,100,000 with 1.2 years of remaining term to maturity and bearing an interest rate of 3.61% was repaid. On June 14, 2022, the unconsolidated joint ventures in which the Company had a 75% equity interest sold Retreat at Cinco Ranch, a 268-unit multi family property in San Antonio, TX for $68,300,000. The gain on the sale of this property was $30,595,000 and BRT's share of the gain was $17,378,000. In connection with the sale, mortgage debt of $30,096,000 with 3.6 years of remaining term to maturity and bearing an interest rate of 4.44% was repaid and the joint venture incurred $1,257,000 from the loss on the extinguishment of debt, of which BRT's share was $686,000. On June 30, 2022, the unconsolidated joint venture in which the Company had a 65% equity interest sold The Vive, a 312-unit multi-family property in Kannapolis, NC for $91,250,000. The gain on the sale of this property was $47,086,000 and BRT's share of the gain was $22,720,000. In connection with the sale, mortgage debt of $31,420,000 with 29.7 years of remaining term to maturity and bearing an interest rate of 3.52% was repaid and the joint venture incurred $1,631,000 from the loss on extinguishment of debt, of which BRT's share was $787,000. On August 31, 2022, the unconsolidated joint venture in which the Company had a 80% equity interest sold Water's Edge, a 204-unit multi-family property in Columbia, SC for $32,400,000. The gain on the sale of this property was $16,937,000 and BRT's share of the gain was $11,472,000. In connection with the sale, mortgage debt of $12,241,000 with 3.8 years of remaining term to maturity and bearing an interest rate of 4.28% was repaid and the joint venture incurred $573,000 from the loss on extinguishment of debt, of which BRT's share was $388,000. Acquisition of Interest in Joint Venture On March 10, 2022, the Company purchased a 17.45% interest in a planned 240-unit development property, Stono Oaks, located in Johns Island, SC. The purchase price for the interest was $3,500,000.

Debt Obligations

Debt Obligations	9 Months Ended
Debt Obligations	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Debt obligations consist of the following (dollars in thousands): September 30, 2022 December 31, 2021 Mortgages payable $ 423,442 $ 200,857 Junior subordinated notes 37,400 37,400 Credit facility 7,000 — Deferred financing costs (5,160) (1,277) Total debt obligations, net of deferred costs $ 462,682 $ 236,980 Mortgages Payable At September 30, 2022, the weighted average interest rate on the Company's mortgages payable was 3.99% and the weighted average remaining term to maturity is 7.8 years. For the three months ended September 30, 2022 and 2021, interest expense, which includes amortization of deferred financing costs, was $4,423,000 and $1,305,000, respectively. For the nine months ended September 30, 2022 and 2021, interest expense, which includes amortization of deferred financing costs, was $8,749,000 and $4,113,000, respectively. During the three and nine months ended September 30, 2022, the Company paid off mortgage debt of $15,613,000 on two properties. On October 31, 2022, the Company paid off maturing mortgage debt of $14,900,000. Partner Buyouts The following table summarizes the information regarding the mortgages relating to the property in which BRT purchased the remaining interests of its joint venture partners during the nine months ended September 30, 2022 (dollars in thousands): Property Name Location Debt at Purchase Date (1) Interest Rate Maturity Date Interest Only through Verandas at Alamo San Antonio, TX $ 27,000 3.64 % Oct 2029 October 2024 Vanguard Heights Creve Coeur, MO 29,700 4.41 % July 2031 June 2025 Jackson Square Tallahassee, FL 21,524 4.19 % Sept 2027 September 2022 Brixworth at Bridge Street (2) Huntsville, AL 11,147 4.25 % June 2032 Maturity The Woodland Apartments Boerne, TX 7,914 4.74 % Feb 2026 N/A Grove at River Place (3) 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 % September 2026 N/A Abbotts Wilmington, NC 23,160 4.71 % July 2030 July 2025 Somerset at Trussville Trussville, AL 32,250 4.19 % June 2029 May 2025 Magnolia Pointe Madison, AL 15,000 4.08 % January 2028 December 2022 Total $ 236,615 ___________________ (1) Excludes fair value adjustments of $4,719 determined as part of the purchase price allocation. (2) The original mortgage debt of $11,147 was refinanced with a new ten-year mortgage debt of $18,592 immediately following the buyout. (3) Includes a supplemental mortgage of $1,056 which was paid off immediately following the buyout. 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 may borrow, subject to compliance with borrowing base requirements and other conditions, to $60,000,000, extend the facility's maturity date to September 2025, reduce the adjustable interest rate to prime, with a floor of 3.50%, and revise certain financial and other 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 expenses ( i.e., working capital (including dividend payments)); provided that no more than $25,000,000 may be used for operating expenses. The interest rate in effect as of September 30, 2022 is 6.25%. There is an unused facility fee of 0.25% per annum. At September 30, 2022, the Company is in compliance in all material respects with its obligations under the facility. At September 30, 2022, there was $7,000,000 outstanding balance on the facility and no outstanding balance at December 31, 2021. At September 30, 2022 and December 31, 2021, $53,000,000 and $35,000,000, respectively, was available to be borrowed. At November 4, 2022, there was an outstanding balance of $19,000,000 on the facility bearing an interest rate of 7.00% and $41,000,000 available to be borrowed. Interest expense for the three months ended September 30, 2022 and 2021, which includes amortization of deferred financing costs and unused fees, was $227,000 and $18,000, respectively. Interest expense for the nine months ended September 30, 2022 and 2021, which includes amortization of deferred financing costs and unused fees, was $334,000 and $54,000, respectively. Deferred financing costs of $551,000 and $270,000, are recorded in other assets on the Consolidated balance sheets at September 30, 2022 and December 31, 2021, respectively. Junior Subordinated Notes At September 30, 2022 and December 31, 2021, the outstanding principal balance of the Company's junior subordinated notes was $37,400,000, before deferred financing costs of $282,000 and $297,000, respectively. The interest rate on the outstanding balance resets quarterly and is based on three months LIBOR + 2.00%. The rate in effect at September 30, 2022 and 2021 was 4.78% and 2.21%, respectively. The notes mature April 30, 2036. The interest rate that will be in effect for the three months ending January 31, 2023 is 6.41%. The junior subordinated notes require interest only payments through the maturity date of April 30, 2036, at which time repayment of the outstanding principal and unpaid interest become due. Interest expense for the three months ended September 30, 2022 and 2021, which includes amortization of deferred financing costs, was $413,000 and $210,000, respectively. Interest expense for the nine months ended September 30, 2022 and 2021, which includes amortization of deferred financing costs, was $911,000 and $636,000, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has retained certain of its executive officers and Fredric H. Gould, a director, among other things, to participate in the Company's multi-family property analysis and approval process (which includes service on an investment committee), provide investment advice, and provide long-term planning and consulting with executives and employees with respect to other business matters, as required. The aggregate fees incurred for these services in each of the three months ended September 30, 2022 and 2021 were $367,000 and $350,000, respectively, and $1,101,000 and $1,049,000 for the nine months ended September 30, 2022 and 2021, respectively. Management of certain properties owned by the Company and certain joint venture properties is provided by Majestic Property Management, Corp. ("Majestic Property"), a company wholly owned by Fredric H. Gould. Certain of the Company's officers and directors are also officers and directors of Majestic Property. Majestic Property may also provide real estate brokerage and construction supervision services to these properties. These fees amounted to $9,000 and $9,000 for the three months ended September 30, 2022 and 2021, respectively, and $28,000 and $23,000 for the nine months ended September 30, 2022 and 2021, respectively. Pursuant to a shared services agreement between the Company and several affiliated entities, including Gould Investors L.P. ("Gould Investors"), the owner and operator of a diversified portfolio of real estate and other assets, and One Liberty Properties, Inc., a NYSE listed equity REIT, (i) the 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 three months ended September 30, 2022 and 2021, allocated general and administrative expenses reimbursed by the Company to Gould Investors pursuant to the shared services agreement aggregated

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Financial Instruments Not Carried at Fair Value The following methods and assumptions were used to estimate the fair value of each class of financial instruments that are not recorded at fair value on the consolidated balance sheets: Cash and cash equivalents, restricted cash, accounts receivable (included in other assets), accounts payable and accrued liabilities: The carrying amounts reported in the balance sheets for these instruments approximate their fair value due to the short term nature of these accounts. Junior subordinated notes: At September 30, 2022 and December 31, 2021, the estimated fair value of the notes is lower than their carrying value by approximately $6,772,000 and $8,296,000, respectively, based on a market interest rate of 6.78% and 4.21%, respectively. Mortgages payable: At September 30, 2022, the estimated fair value of the Company’s mortgages payable is lower than their carrying value by approximately $37,083,000, assuming market interest rates between 5.13% and 6.18%. At December 31, 2021, the estimated fair value of the Company's mortgages payable was greater than their carrying value by approximately $511,000, assuming market interest rates between 3.12% and 3.87%. Market interest rates were determined using rates which the Company believes reflects institutional lender yield requirements at the balance sheet dates. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value. Non-recurring fair value measurements The Company reviews each investment in real estate and joint venture interests when events or circumstances change, indicating the carrying value of the investment may not be recoverable.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
Derivative Financial Instruments	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Cash Flow Hedges of Interest Rate Risk The Company's objective in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. As of September 30, 2022 and December 31, 2021, the Company did not have any outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk. The following table presents the effect of the Company’s interest rate swaps on the consolidated statements of comprehensive income (loss) for the dates indicated (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 Amount of (loss) gain recognized on derivative in Other Comprehensive Income $ (1) $ (1) Amount of (loss) gain reclassified from Accumulated Other Comprehensive Income into Interest expense $ (2) $ (12) Total amount of Interest expense presented in the Consolidated Statements of Operations $ 1,535 $ 4,804

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
New Accounting Pronouncements	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In March 2020, the Financial Accounting Standard Board issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, lease, derivatives and other contracts. This guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company has elected to apply hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
Commitment and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments 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 exemplary damages. 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.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsSubsequent events have been evaluated and any significant events, relative to our consolidated financial statements as of September 30, 2022, that warrant additional disclosure, have been included in the notes to the consolidated financial statements.

Basis of Preparation (Policies)

Basis of Preparation (Policies)	9 Months Ended
Basis of Preparation (Policies)	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation	The accompanying interim unaudited consolidated financial statements, reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the results for such interim periods. The results of operations for the three and nine months ended September 30, 2022 and 2021, are not necessarily indicative of the results for the full year. The consolidated audited balance sheet as of December 31, 2021, has been derived from the audited financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States ("GAAP"). Accordingly, these unaudited statements should be read in conjunction with the Company's audited financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2021 (the "Annual Report") filed with the Securities and Exchange Commission ("SEC").
Consolidated Financial Statements and Variable Interest Entities	The consolidated financial statements include the accounts and operations of the Company and its wholly-owned subsidiaries. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. For each venture, the Company evaluated the rights provided to each party in the venture to assess the consolidation of the venture. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are variable interest entities ("VIEs"). Additionally, as determined in accordance with GAAP, the Company does not exercise substantial operating control over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. The distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro-rata to the percentage equity interest each partner has in the applicable venture.
Use of Estimates	The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Actual results could differ from those estimates. Substantially all of the Company's assets are comprised of multi- family real estate assets generally leased to tenants on a one-year basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment.
New Accounting Pronouncements	New Accounting Pronouncements In March 2020, the Financial Accounting Standard Board issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, lease, derivatives and other contracts. This guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company has elected to apply hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Equity (Tables)

Equity (Tables)	9 Months Ended
Equity (Tables)	Sep. 30, 2022
Equity [Abstract]
Schedule of Reconciliation of the Numerator and Denominator of Earnings Per Share	The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator for basic and diluted earnings per share: Net income $7,094 $28,141 $54,281 $30,470 Deduct net income attributable to non-controlling interests (35) (35) (107) (102) Deduct earnings allocated to unvested restricted stock (349) (1,426) (2,684) (1,441) Net income available for common stockholders: basic and diluted $ 6,710 $ 26,680 $ 51,490 $ 28,927 Denominator for basic earnings per share: Weighted average number of common shares outstanding 17,928,197 17,261,520 17,721,700 16,916,623 Effect of dilutive securities: RSUs 66,260 31,468 62,662 76,351 Denominator for diluted earnings per share: Weighted average number of shares 17,994,457 17,292,988 17,784,362 16,992,974 Earnings per common share, basic $ 0.37 $ 1.55 $ 2.91 $ 1.71 Earnings per common share, diluted $ 0.37 $ 1.54 $ 2.89 $ 1.70

Real Estate Properties (Tables)

Real Estate Properties (Tables)	9 Months Ended
Real Estate Properties (Tables)	Sep. 30, 2022
Real Estate [Abstract]
Summary of Real Estate Properties Owned	Real estate properties, excluding real estate held for sale in December 2021, consists of the following (dollars in thousands): September 30, 2022 December 31, 2021 Land $ 74,246 $ 38,822 Building 617,102 281,841 Building improvements 13,305 9,354 Real estate properties 704,653 330,017 Accumulated depreciation (49,008) (36,467) Total real estate properties, net $ 655,645 $ 293,550 A summary of real estate properties owned is as follows (dollars in thousands): December 31, 2021 Partner Buyouts Improvements Depreciation September 30, 2022 Multi-family $ 291,538 $ 370,513 $ 4,151 $ (12,486) $ 653,716 Retail shopping center and other 2,012 — — (83) 1,929 Total real estate properties $ 293,550 $ 370,513 $ 4,151 $ (12,569) $ 655,645 At the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands): September 30, 2022 December 31, 2021 Land $ 59,404 $ 97,230 Building 315,400 739,577 Building improvements 10,072 31,055 Real estate properties 384,876 867,862 Accumulated depreciation (64,104) (133,615) Total real estate properties, net $ 320,772 $ 734,247
Schedule of Asset Acquisition Allocation of Book Value	In the nine months ended September 30, 2022, the Company completed the purchase of its partners' remaining interests in the unconsolidated joint ventures that own the properties identified below. As a result of these purchases, these properties (including the related mortgage debt - see note 9 - "Debt Obligations") are wholly-owned and effective as of the closing of such purchase, are included in the Company's consolidated balance sheet and results of operations (dollars in thousands): Buyout Date Property Name Location Units Remaining Interest Purchased Purchase Price (1) 03/23/2022 Verandas at Alamo San Antonio, TX 288 28.1 % $ 8,721 04/07/2022 Vanguard Heights Creve Coeur, MO 174 21.6 % 4,880 05/11/2022 Jackson Square Tallahassee, FL 242 20 % 7,215 05/24/2022 Brixworth at Bridge Street Huntsville, AL 208 20 % 10,697 05/26/2022 Woodland Apartments Boerne, TX 120 20 % 3,881 06/30/2022 Grove at River Place Macon, GA 240 20 % 7,485 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 _________________ (1) The purchase price gives effect to the purchase of the "promote interest" (as more fully described in the Annual Report) of the Company's joint venture partners and does not include closing costs of $2,191 and operating cash acquired from the ventures of $2,797. The following table summarizes the allocation of the book value based on the proportionate share of the estimated fair value of the property on the acquisition date (dollars in thousands): Property Land Building and Improvements Total Land and Building Acquisition and Intangible Assets Total Assets Acquisition Related Mortgage Intangible 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 — The Woodland Apts 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 Total Purchase Price Allocation $ 35,422 $ 335,091 $ 370,513 $ 6,888 $ 377,401 $ 4,719 The following table summarizes the information regarding the mortgages relating to the property in which BRT purchased the remaining interests of its joint venture partners during the nine months ended September 30, 2022 (dollars in thousands): Property Name Location Debt at Purchase Date (1) Interest Rate Maturity Date Interest Only through Verandas at Alamo San Antonio, TX $ 27,000 3.64 % Oct 2029 October 2024 Vanguard Heights Creve Coeur, MO 29,700 4.41 % July 2031 June 2025 Jackson Square Tallahassee, FL 21,524 4.19 % Sept 2027 September 2022 Brixworth at Bridge Street (2) Huntsville, AL 11,147 4.25 % June 2032 Maturity The Woodland Apartments Boerne, TX 7,914 4.74 % Feb 2026 N/A Grove at River Place (3) 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 % September 2026 N/A Abbotts Wilmington, NC 23,160 4.71 % July 2030 July 2025 Somerset at Trussville Trussville, AL 32,250 4.19 % June 2029 May 2025 Magnolia Pointe Madison, AL 15,000 4.08 % January 2028 December 2022 Total $ 236,615 ___________________ (1) Excludes fair value adjustments of $4,719 determined as part of the purchase price allocation. (2) The original mortgage debt of $11,147 was refinanced with a new ten-year mortgage debt of $18,592 immediately following the buyout. (3) Includes a supplemental mortgage of $1,056 which was paid off immediately following the buyout.

Investment in Unconsolidated _2

Investment in Unconsolidated Ventures (Tables)	9 Months Ended
Investment in Unconsolidated Ventures (Tables)	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The condensed balance sheets below present information regarding such properties (dollars in thousands): September 30, 2022 December 31, 2021 ASSETS Real estate properties, net of accumulated depreciation of $64,104 and $133,615 $ 320,772 $ 734,247 Cash and cash equivalents 14,706 13,741 Other assets 31,832 25,535 Total Assets $ 367,310 $ 773,523 LIABILITIES AND EQUITY Liabilities: Mortgages payable, net of deferred costs of $1,531 and $3,423 $ 249,575 $ 584,479 Accounts payable and accrued liabilities 11,819 17,064 Total Liabilities 261,394 601,543 Commitments and contingencies Equity: Total unconsolidated joint venture equity 105,916 171,980 Total Liabilities and Equity $ 367,310 $ 773,523 BRT's interest in joint venture equity $ 43,759 $ 112,347 The condensed income statements below present information regarding the Unconsolidated Properties (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenues: Rental and other revenue $ 13,502 $ 29,818 $ 60,840 $ 95,495 Total revenues 13,502 29,818 60,840 95,495 Expenses: Real estate operating expenses 6,512 14,587 27,523 45,523 Interest expense 2,843 7,568 13,762 24,562 Depreciation 3,113 8,288 14,957 28,464 Total expenses 12,468 30,443 56,242 98,549 Total revenues less total expenses 1,034 (625) 4,598 (3,054) Other equity earnings 12 7 89 21 Impairment of assets — — — (2,813) Insurance recoveries — — — 2,813 Gain on insurance recoveries — 1,246 567 1,246 Gain on sale of real estate 16,937 83,984 118,270 83,984 Loss on extinguishment of debt (573) (9,401) (3,491) (9,401) Net income from joint ventures $ 17,410 $ 75,211 $ 120,033 $ 72,796 BRT's equity in (loss) earnings and equity in earnings from sale of unconsolidated joint venture properties $ 11,607 $ 30,786 $ 65,846 $ 28,949
Summary of Real Estate Properties Owned	Real estate properties, excluding real estate held for sale in December 2021, consists of the following (dollars in thousands): September 30, 2022 December 31, 2021 Land $ 74,246 $ 38,822 Building 617,102 281,841 Building improvements 13,305 9,354 Real estate properties 704,653 330,017 Accumulated depreciation (49,008) (36,467) Total real estate properties, net $ 655,645 $ 293,550 A summary of real estate properties owned is as follows (dollars in thousands): December 31, 2021 Partner Buyouts Improvements Depreciation September 30, 2022 Multi-family $ 291,538 $ 370,513 $ 4,151 $ (12,486) $ 653,716 Retail shopping center and other 2,012 — — (83) 1,929 Total real estate properties $ 293,550 $ 370,513 $ 4,151 $ (12,569) $ 655,645 At the indicated dates, real estate properties of the unconsolidated joint ventures consist of the following (dollars in thousands): September 30, 2022 December 31, 2021 Land $ 59,404 $ 97,230 Building 315,400 739,577 Building improvements 10,072 31,055 Real estate properties 384,876 867,862 Accumulated depreciation (64,104) (133,615) Total real estate properties, net $ 320,772 $ 734,247

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
Debt Obligations (Tables)	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt Obligations	Debt obligations consist of the following (dollars in thousands): September 30, 2022 December 31, 2021 Mortgages payable $ 423,442 $ 200,857 Junior subordinated notes 37,400 37,400 Credit facility 7,000 — Deferred financing costs (5,160) (1,277) Total debt obligations, net of deferred costs $ 462,682 $ 236,980
Schedule of Asset Acquisition Allocation of Book Value	In the nine months ended September 30, 2022, the Company completed the purchase of its partners' remaining interests in the unconsolidated joint ventures that own the properties identified below. As a result of these purchases, these properties (including the related mortgage debt - see note 9 - "Debt Obligations") are wholly-owned and effective as of the closing of such purchase, are included in the Company's consolidated balance sheet and results of operations (dollars in thousands): Buyout Date Property Name Location Units Remaining Interest Purchased Purchase Price (1) 03/23/2022 Verandas at Alamo San Antonio, TX 288 28.1 % $ 8,721 04/07/2022 Vanguard Heights Creve Coeur, MO 174 21.6 % 4,880 05/11/2022 Jackson Square Tallahassee, FL 242 20 % 7,215 05/24/2022 Brixworth at Bridge Street Huntsville, AL 208 20 % 10,697 05/26/2022 Woodland Apartments Boerne, TX 120 20 % 3,881 06/30/2022 Grove at River Place Macon, GA 240 20 % 7,485 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 _________________ (1) The purchase price gives effect to the purchase of the "promote interest" (as more fully described in the Annual Report) of the Company's joint venture partners and does not include closing costs of $2,191 and operating cash acquired from the ventures of $2,797. The following table summarizes the allocation of the book value based on the proportionate share of the estimated fair value of the property on the acquisition date (dollars in thousands): Property Land Building and Improvements Total Land and Building Acquisition and Intangible Assets Total Assets Acquisition Related Mortgage Intangible 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 — The Woodland Apts 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 Total Purchase Price Allocation $ 35,422 $ 335,091 $ 370,513 $ 6,888 $ 377,401 $ 4,719 The following table summarizes the information regarding the mortgages relating to the property in which BRT purchased the remaining interests of its joint venture partners during the nine months ended September 30, 2022 (dollars in thousands): Property Name Location Debt at Purchase Date (1) Interest Rate Maturity Date Interest Only through Verandas at Alamo San Antonio, TX $ 27,000 3.64 % Oct 2029 October 2024 Vanguard Heights Creve Coeur, MO 29,700 4.41 % July 2031 June 2025 Jackson Square Tallahassee, FL 21,524 4.19 % Sept 2027 September 2022 Brixworth at Bridge Street (2) Huntsville, AL 11,147 4.25 % June 2032 Maturity The Woodland Apartments Boerne, TX 7,914 4.74 % Feb 2026 N/A Grove at River Place (3) 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 % September 2026 N/A Abbotts Wilmington, NC 23,160 4.71 % July 2030 July 2025 Somerset at Trussville Trussville, AL 32,250 4.19 % June 2029 May 2025 Magnolia Pointe Madison, AL 15,000 4.08 % January 2028 December 2022 Total $ 236,615 ___________________ (1) Excludes fair value adjustments of $4,719 determined as part of the purchase price allocation. (2) The original mortgage debt of $11,147 was refinanced with a new ten-year mortgage debt of $18,592 immediately following the buyout. (3) Includes a supplemental mortgage of $1,056 which was paid off immediately following the buyout.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
Derivative Financial Instruments (Tables)	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Effect of Derivative Financial Instrument on Consolidated Statements of Comprehensive (Loss) Income	The following table presents the effect of the Company’s interest rate swaps on the consolidated statements of comprehensive income (loss) for the dates indicated (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 Amount of (loss) gain recognized on derivative in Other Comprehensive Income $ (1) $ (1) Amount of (loss) gain reclassified from Accumulated Other Comprehensive Income into Interest expense $ (2) $ (12) Total amount of Interest expense presented in the Consolidated Statements of Operations $ 1,535 $ 4,804

Organization and Background (De

Organization and Background (Details) $ in Thousands	Sep. 30, 2022 USD ($) property multi-familyProperty state property_unit	Dec. 31, 2021 USD ($) property
Real Estate Properties [Line Items]
Number of states \| state	11
Number of units \| property_unit	5,420
Real estate investment property, net	$ 655,645	$ 293,550
Investments in unconsolidated joint ventures	43,759	$ 112,347
Real estate investments, other	$ 1,929
Unconsolidated Joint Ventures
Real Estate Properties [Line Items]
Number of properties \| property	8	23
Investments in unconsolidated joint ventures	$ 40,281
Minimum \| Unconsolidated Joint Ventures
Real Estate Properties [Line Items]
Equity interest percentage	17.45%
Maximum \| Unconsolidated Joint Ventures
Real Estate Properties [Line Items]
Equity interest percentage	80%
Unconsolidated Joint Ventures
Real Estate Properties [Line Items]
Number of states \| state	4
Number of units \| property_unit	2,781
Real estate investment property, net	$ 320,772	$ 734,247
Number of investments \| multi-familyProperty	8
Multi-family
Real Estate Properties [Line Items]
Number of properties \| multi-familyProperty	21
Real estate investment property, net	$ 653,716
Future Development Project
Real Estate Properties [Line Items]
Real estate investment property, net	$ 3,500
Future Development Project \| Unconsolidated Joint Ventures
Real Estate Properties [Line Items]
Equity interest percentage	17.45%

Basis of Preparation (Details)

Basis of Preparation (Details)	9 Months Ended
Basis of Preparation (Details)	Sep. 30, 2022 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Equity - Narrative (Details)

Equity - Narrative (Details)	1 Months Ended			3 Months Ended		9 Months Ended
Equity - Narrative (Details)	Jun. 30, 2022 shares	Jan. 31, 2022 shares	Jun. 30, 2021 shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($) shares	Mar. 18, 2022 USD ($) agent	Dec. 31, 2021 USD ($)	Oct. 01, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per share (in dollars per share) \| $ / shares				$ 0.25
New Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beneficial interest purchased authorized amount (up to)										$ 5,000,000
Shares repurchased (in shares) \| shares				0	0	0	0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense				$ 751,000	$ 642,000	$ 2,226,000	$ 1,678,000
Deferred unearned compensation				8,480,000		$ 8,480,000			$ 7,332,000
Remaining weighted average vesting period						2 years 9 months 18 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense				457,000	$ 200,000	$ 957,000	$ 271,000
Deferred unearned compensation				$ 3,786,000		$ 3,786,000			$ 2,248,000
Dividend Reinvestment Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount from the market price						3%
Stock dividends (in shares) \| shares				29,190		29,190
Cash dividends replaced by stock dividends				$ 622,000		$ 622,000
Dividend Reinvestment Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount from the market price						5%
Incentive Plan 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares				1,000,000		1,000,000
Number of awards available for grant (in shares) \| shares				787,531		787,531
Incentive Plan 2022 \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares) \| shares		158,973
Incentive Plan 2022 \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares) \| shares	212,469		210,375
Vesting period for shares issued						3 years
Prior Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares) \| shares				934,092		934,092
Vesting period for shares issued						5 years
Private Placement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of agents \| agent								3
Amount of stock authorized to sell								$ 40,000,000
Shares sold in offering (in shares) \| shares				174,059	469,490	447,815	469,490
Aggregate sales price				$ 3,867,000	$ 8,542,000	$ 10,076,000	$ 8,542,000
Payments for commissions				$ 48,000	$ 126,000	$ 131,166	$ 126,000

Equity - Schedule of Reconcilia

Equity - Schedule of Reconciliation of the Numerator and Denominator of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator for basic and diluted earnings per share:
Net income	$ 7,094	$ 35,643	$ 11,544	$ 28,141	$ 6,060	$ (3,731)	$ 54,281	$ 30,470
Deduct net income attributable to non-controlling interests	(35)			(35)			(107)	(102)
Deduct earning allocated to unvested restricted stock, diluted	(349)			(1,426)			(2,684)	(1,441)
Deduct earning allocated to unvested restricted stock, basic	(349)			(1,426)			(2,684)	(1,441)
Net income available for common stockholders: diluted	6,710			26,680			51,490	28,927
Net income available for common stockholders: basic	$ 6,710			$ 26,680			$ 51,490	$ 28,927
Denominator for basic earnings per share:
Weighted average number of common shares outstanding (in shares)	17,928,197			17,261,520			17,721,700	16,916,623
Effect of dilutive securities:
RSUs (in shares)	66,260			31,468			62,662	76,351
Denominator for diluted earnings per share:
Weighted average number shares (in shares)	17,994,457			17,292,988			17,784,362	16,992,974
Earnings per common share, basic (in dollars per share)	$ 0.37			$ 1.55			$ 2.91	$ 1.71
Earnings per common share, diluted (in dollars per share)	$ 0.37			$ 1.54			$ 2.89	$ 1.70

Leases - Lessee Accounting (Det

Leases - Lessee Accounting (Details) $ in Thousands	9 Months Ended
Leases - Lessee Accounting (Details) $ in Thousands	Sep. 30, 2022 USD ($) tenant renewalOption	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Lessor, number of tenants \| tenant	2
Right-of-use asset	$ 2,420	$ 2,568
Lease liability	$ 2,510	$ 2,629
Ground Lease \| Yonkers, NY
Lessee, Lease, Description [Line Items]
Number of renewal options \| renewalOption	1
Renewal term option	21 years
Remaining term	23 years
Corporate Office \| Great Neck, NY
Lessee, Lease, Description [Line Items]
Renewal term option	5 years
Remaining term	14 years 3 months 18 days

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties Including Properties Held For Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real Estate [Abstract]
Land	$ 74,246	$ 38,822
Building	617,102	281,841
Building improvements	13,305	9,354
Real estate properties	704,653	330,017
Accumulated depreciation	(49,008)	(36,467)
Total real estate properties, net	$ 655,645	$ 293,550

Real Estate Properties - Summar

Real Estate Properties - Summary of Real Estate Properties Owned (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance		$ 293,550
Partner Buyouts	$ 370,513
Improvements	4,151
Depreciation	(12,569)
Real estate properties, ending balance	655,645
Multi-family
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance		291,538
Partner Buyouts	370,513
Improvements	4,151
Depreciation	(12,486)
Real estate properties, ending balance	653,716
Retail shopping center and other
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Real estate properties, beginning balance		$ 2,012
Partner Buyouts	0
Improvements	0
Depreciation	(83)
Real estate properties, ending balance	$ 1,929

Real Estate Properties - Sche_2

Real Estate Properties - Schedule of Business Acquisitions, by Acquisition (Details) $ in Thousands											9 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	Sep. 30, 2022 USD ($) property_unit
Real Estate Properties [Line Items]
Number of units in real estate property \| property_unit											5,420
Consolidated Joint Ventures \| Corporate Joint Venture
Real Estate Properties [Line Items]
Asset acquisition, closing costs											$ 2,191
Asset acquisition, recognized identifiable assets and liabilities assumed, cash and equivalents											$ 2,797
Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Real Estate Properties [Line Items]
Number of units in real estate property \| property_unit											2,844
Purchase price											$ 105,868
Verandas at Alamo, San Antonio, TX \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Real Estate Properties [Line Items]
Number of units in real estate property \| property_unit										288
Variable interest entity, qualitative or quantitative information, ownership percentage purchased										28.10%
Purchase price										$ 8,721
Vanguard Heights, Creve Coeur, MO \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Real Estate Properties [Line Items]
Number of units in real estate property \| property_unit									174
Variable interest entity, qualitative or quantitative information, ownership percentage purchased									21.60%
Purchase price									$ 4,880
Jackson Square, Tallahassee, FL \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Real Estate Properties [Line Items]
Number of units in real estate property \| property_unit								242
Variable interest entity, qualitative or quantitative information, ownership percentage purchased								20%
Purchase price								$ 7,215
Brixworth at Bridge Street, Huntsville, AL \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Real Estate Properties [Line Items]
Number of units in real estate property \| property_unit							208
Variable interest entity, qualitative or quantitative information, ownership percentage purchased							20%
Purchase price							$ 10,697
The Woodland Apartments, Boerne, TX \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Real Estate Properties [Line Items]
Number of units in real estate property \| property_unit						120
Variable interest entity, qualitative or quantitative information, ownership percentage purchased						20%
Purchase price						$ 3,881
Grove at River Place, Macon, GA \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Real Estate Properties [Line Items]
Number of units in real estate property \| property_unit					240
Variable interest entity, qualitative or quantitative information, ownership percentage purchased					20%
Purchase price					$ 7,485
Civic I Southaven, MS \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Real Estate Properties [Line Items]
Number of units in real estate property \| property_unit				392
Variable interest entity, qualitative or quantitative information, ownership percentage purchased				25%
Purchase price				$ 18,233
Civic II Southaven, MS \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Real Estate Properties [Line Items]
Number of units in real estate property \| property_unit				384
Variable interest entity, qualitative or quantitative information, ownership percentage purchased				25%
Purchase price				$ 17,942
Abbotts Run, Wilmington, NC \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Real Estate Properties [Line Items]
Number of units in real estate property \| property_unit			264
Variable interest entity, qualitative or quantitative information, ownership percentage purchased			20%
Purchase price			$ 9,010
Somerset at Trussville Trussville, AL \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Real Estate Properties [Line Items]
Number of units in real estate property \| property_unit		328
Variable interest entity, qualitative or quantitative information, ownership percentage purchased		20%
Purchase price		$ 10,558
Magnolia Pointe, Madison, AL \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Real Estate Properties [Line Items]
Number of units in real estate property \| property_unit	204
Variable interest entity, qualitative or quantitative information, ownership percentage purchased	20%
Purchase price	$ 7,246

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details)		3 Months Ended		9 Months Ended		12 Months Ended
Real Estate Properties - Narrative (Details)	Feb. 02, 2022 USD ($)	Sep. 30, 2022 USD ($) acquisition	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) acquisition	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Real Estate Properties [Line Items]
Number of acquisitions \| acquisition		11		11
Gain on sale of real estate		$ 0	$ 414,000	$ 6,000	$ 7,693,000
Impairment charge		$ 0	$ 0	$ 0	$ 520,000
Vacant Land Parcel \| Daytona, FL
Real Estate Properties [Line Items]
Sale price	$ 4,700,000
Gain on sale of real estate	$ 0
Impairment charge						$ 3,600,000
Fair Value, Inputs, Level 3 \| Measurement Input, Market Capitalization Rate \| Valuation, Income Approach \| Minimum
Real Estate Properties [Line Items]
Tangible assets measurement input (as percent)		0.0425		0.0425
Fair Value, Inputs, Level 3 \| Measurement Input, Market Capitalization Rate \| Valuation, Income Approach \| Maximum
Real Estate Properties [Line Items]
Tangible assets measurement input (as percent)		0.0475		0.0475

Real Estate Properties - Purcha

Real Estate Properties - Purchase Price Allocation (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Real Estate [Line Items]
Land	$ 35,422
Building and Improvements	335,091
Asset Acquisition, Land And Building	370,513
Finite-Lived Intangible Assets Acquired	6,888
Somerset at Trussville	377,401
Mortgage Intangible
Real Estate [Line Items]
Finite-Lived Intangible Assets Acquired	4,719
Verandas at Alamo
Real Estate [Line Items]
Land	3,336
Building and Improvements	33,465
Asset Acquisition, Land And Building	36,801
Finite-Lived Intangible Assets Acquired	797
Somerset at Trussville	37,598
Verandas at Alamo \| Mortgage Intangible
Real Estate [Line Items]
Finite-Lived Intangible Assets Acquired	(61)
Vanguard Heights
Real Estate [Line Items]
Land	5,466
Building and Improvements	30,826
Asset Acquisition, Land And Building	36,292
Finite-Lived Intangible Assets Acquired	508
Somerset at Trussville	36,800
Vanguard Heights \| Mortgage Intangible
Real Estate [Line Items]
Finite-Lived Intangible Assets Acquired	578
Tallahassee, FL
Real Estate [Line Items]
Land	3,398
Building and Improvements	27,167
Asset Acquisition, Land And Building	30,565
Finite-Lived Intangible Assets Acquired	634
Somerset at Trussville	31,199
Tallahassee, FL \| Mortgage Intangible
Real Estate [Line Items]
Finite-Lived Intangible Assets Acquired	283
Huntsville, AL
Real Estate [Line Items]
Land	1,959
Building and Improvements	20,080
Asset Acquisition, Land And Building	22,039
Finite-Lived Intangible Assets Acquired	321
Somerset at Trussville	22,360
Huntsville, AL \| Mortgage Intangible
Real Estate [Line Items]
Finite-Lived Intangible Assets Acquired	0
Boerne, TX
Real Estate [Line Items]
Land	1,289
Building and Improvements	12,853
Asset Acquisition, Land And Building	14,142
Finite-Lived Intangible Assets Acquired	233
Somerset at Trussville	14,375
Boerne, TX \| Mortgage Intangible
Real Estate [Line Items]
Finite-Lived Intangible Assets Acquired	0
Grove at River Place
Real Estate [Line Items]
Land	2,866
Building and Improvements	16,416
Asset Acquisition, Land And Building	19,282
Finite-Lived Intangible Assets Acquired	396
Somerset at Trussville	19,678
Grove at River Place \| Mortgage Intangible
Real Estate [Line Items]
Finite-Lived Intangible Assets Acquired	136
Civic I
Real Estate [Line Items]
Land	3,646
Building and Improvements	45,554
Asset Acquisition, Land And Building	49,200
Finite-Lived Intangible Assets Acquired	913
Somerset at Trussville	50,113
Civic I \| Mortgage Intangible
Real Estate [Line Items]
Finite-Lived Intangible Assets Acquired	562
Civic II
Real Estate [Line Items]
Land	3,847
Building and Improvements	46,452
Asset Acquisition, Land And Building	50,299
Finite-Lived Intangible Assets Acquired	1,013
Somerset at Trussville	51,312
Civic II \| Mortgage Intangible
Real Estate [Line Items]
Finite-Lived Intangible Assets Acquired	1,254
Abbotts Run
Real Estate [Line Items]
Land	3,468
Building and Improvements	37,312
Asset Acquisition, Land And Building	40,780
Finite-Lived Intangible Assets Acquired	701
Somerset at Trussville	41,481
Abbotts Run \| Mortgage Intangible
Real Estate [Line Items]
Finite-Lived Intangible Assets Acquired	481
Somerset at Trussville
Real Estate [Line Items]
Land	4,095
Building and Improvements	42,943
Asset Acquisition, Land And Building	47,038
Finite-Lived Intangible Assets Acquired	869
Somerset at Trussville	47,907
Somerset at Trussville \| Mortgage Intangible
Real Estate [Line Items]
Finite-Lived Intangible Assets Acquired	1,090
Magnolia Pointe
Real Estate [Line Items]
Land	2,052
Building and Improvements	22,023
Asset Acquisition, Land And Building	24,075
Finite-Lived Intangible Assets Acquired	503
Somerset at Trussville	24,578
Magnolia Pointe \| Mortgage Intangible
Real Estate [Line Items]
Finite-Lived Intangible Assets Acquired	$ 396

Impairment Charges (Details)

Impairment Charges (Details) - USD ($)	3 Months Ended		9 Months Ended
Impairment Charges (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Asset Acquisition [Line Items]
Impairment charge	$ 0	$ 0	$ 0	$ 520,000
Unconsolidated Joint Ventures
Asset Acquisition [Line Items]
Impairment charge	$ 0	0	$ 0	2,813,000
St Louis M O \| Unconsolidated Joint Ventures
Asset Acquisition [Line Items]
Impairment charge		$ 520,000		$ 520,000

Investment in Unconsolidated _3

Investment in Unconsolidated Ventures - Narrative (Details)					3 Months Ended		9 Months Ended		12 Months Ended
Investment in Unconsolidated Ventures - Narrative (Details)	Aug. 31, 2022 USD ($) multi-familyProperty	Jun. 30, 2022 USD ($) multi-familyProperty	Jun. 14, 2022 USD ($) multi-familyProperty	Feb. 08, 2022 USD ($) multi-familyProperty	Sep. 30, 2022 USD ($) property_unit property	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) property_unit property	Sep. 30, 2021 USD ($)	Dec. 31, 2021 property	Mar. 10, 2022 USD ($) property_unit
Schedule of Equity Method Investments [Line Items]
Number of units \| property_unit					5,420		5,420
Gain on sale of real estate					$ 0	$ 414,000	$ 6,000	$ 7,693,000
Loss on extinguishment of debt					$ 0	$ (902,000)	$ (563,000)	$ (902,000)
San Antonio, Texas
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest sold			75%	65%
Kannapolis, NC
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest sold		65%
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of properties \| property					8		8		23
Weighted average interest rate percentage					3.90%		3.90%		3.97%
Weighted average remaining term to maturity							6 years 6 months		7 years 7 months 6 days
Unconsolidated Joint Ventures \| San Antonio, Texas
Schedule of Equity Method Investments [Line Items]
Mortgage debt outstanding			$ 30,096,000	$ 25,100,000
Long-term debt term			3 years 7 months 6 days	1 year 2 months 12 days
Interest Rate			4.44%	3.61%
Loss on extinguishment of debt			$ (1,257,000)
Unconsolidated Joint Ventures \| San Antonio, Texas \| Property dispositions
Schedule of Equity Method Investments [Line Items]
Number of units \| multi-familyProperty			268	288
Sales price			$ 68,300,000	$ 53,750,000
Gain on sale of real estate			17,378,000	12,961,000
Loss on extinguishment of debt			(686,000)
Unconsolidated Joint Ventures \| San Antonio, Texas \| Property dispositions \| Unconsolidated Joint Venture, The Verandas At Shavano
Schedule of Equity Method Investments [Line Items]
Gain on sale of real estate				$ 23,652,000
Unconsolidated Joint Ventures \| San Antonio, Texas \| Property dispositions \| Unconsolidated Joint Venture, Retreat at Cinco Ranch
Schedule of Equity Method Investments [Line Items]
Gain on sale of real estate			$ 30,595,000
Unconsolidated Joint Ventures \| Kannapolis, NC
Schedule of Equity Method Investments [Line Items]
Mortgage debt outstanding		$ 31,420,000
Long-term debt term		29 years 8 months 12 days
Interest Rate		3.52%
Loss on extinguishment of debt		$ (1,631,000)
Unconsolidated Joint Ventures \| Kannapolis, NC \| Property dispositions
Schedule of Equity Method Investments [Line Items]
Number of units \| multi-familyProperty		312
Sales price		$ 91,250,000
Gain on sale of real estate		22,720,000
Loss on extinguishment of debt		(787,000)
Unconsolidated Joint Ventures \| Kannapolis, NC \| Property dispositions \| Unconsolidated Joint Venture, The Vive
Schedule of Equity Method Investments [Line Items]
Gain on sale of real estate		$ 47,086,000
Unconsolidated Joint Ventures \| Columbia, SC
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest sold	80%
Mortgage debt outstanding	$ 12,241,000
Long-term debt term	3 years 9 months 18 days
Interest Rate	4.28%
Loss on extinguishment of debt	$ (573,000)
Unconsolidated Joint Ventures \| Columbia, SC \| Property dispositions
Schedule of Equity Method Investments [Line Items]
Number of units \| multi-familyProperty	204
Sales price	$ 32,400,000
Gain on sale of real estate	11,472,000
Loss on extinguishment of debt	(388,000)
Unconsolidated Joint Ventures \| Columbia, SC \| Property dispositions \| Unconsolidated Joint Venture, Water's Edge
Schedule of Equity Method Investments [Line Items]
Gain on sale of real estate	$ 16,937,000
Unconsolidated Joint Ventures \| Stono Oaks. Johns Island, SC \| Development Property \| VIE
Schedule of Equity Method Investments [Line Items]
Number of units \| property_unit										240
Additional interest acquired										17.45%
Purchase price										$ 3,500,000

Investment in Unconsolidated _4

Investment in Unconsolidated Ventures - Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Real estate properties, net of accumulated depreciation of $64,104 and $133,615	$ 655,645			$ 293,550
Cash and cash equivalents	21,865			32,339	$ 29,598
Other assets	21,518			10,341
Total Assets	743,659			459,538
Liabilities:
Mortgages payable, net of deferred costs of $1,531 and $3,423	419,115			199,877
Accounts payable and accrued liabilities	23,862			19,607
Total Liabilities	486,544			256,587
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	257,115	$ 249,150	$ 214,202	202,951	$ 206,293	$ 180,465	$ 170,489	$ 177,688
Total Liabilities and Equity	743,659			459,538
Deferred costs	5,160			1,277
Unconsolidated Joint Ventures
ASSETS
Real estate properties, net of accumulated depreciation of $64,104 and $133,615	320,772			734,247
Cash and cash equivalents	14,706			13,741
Other assets	31,832			25,535
Total Assets	367,310			773,523
Liabilities:
Mortgages payable, net of deferred costs of $1,531 and $3,423	249,575			584,479
Accounts payable and accrued liabilities	11,819			17,064
Total Liabilities	261,394			601,543
Commitments and contingencies
Equity:
Total unconsolidated joint venture equity	105,916			171,980
Total Liabilities and Equity	367,310			773,523
BRT's interest in joint venture equity	43,759			112,347
Unconsolidated Joint Ventures
Equity:
Real estate properties, net of accumulated depreciation	64,104			133,615
Unconsolidated Joint Ventures \| Mortgages payable
Equity:
Deferred costs	$ 1,531			$ 3,423

Investment in Unconsolidated _5

Investment in Unconsolidated Ventures - Summary of Real Estate Properties Owned (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Land	$ 74,246	$ 38,822
Building	617,102	281,841
Building improvements	13,305	9,354
Real estate properties	704,653	330,017
Accumulated depreciation	(49,008)	(36,467)
Total real estate properties, net	655,645	293,550
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Land	59,404	97,230
Building	315,400	739,577
Building improvements	10,072	31,055
Real estate properties	384,876	867,862
Accumulated depreciation	(64,104)	(133,615)
Total real estate properties, net	$ 320,772	$ 734,247

Investment in Unconsolidated _6

Investment in Unconsolidated Ventures - Income Statement Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Rental and other revenue	$ 21,691,000	$ 7,709,000	$ 47,804,000	$ 21,762,000
Total revenues	21,697,000	7,714,000	47,816,000	21,774,000
Expenses:
Real estate operating expenses	9,195,000	3,404,000	20,296,000	9,687,000
Interest expense	5,061,000	1,535,000	9,994,000	4,804,000
Depreciation	8,165,000	1,787,000	16,781,000	4,740,000
Total expenses	26,094,000	9,840,000	57,910,000	29,133,000
Total revenues less total expenses	(4,397,000)	(2,126,000)	(10,094,000)	(7,359,000)
Impairment of assets	0	0	0	(520,000)
Gain on sale of real estate	0	414,000	6,000	7,693,000
Loss on extinguishment of debt	0	(902,000)	(563,000)	(902,000)
BRT's equity in (loss) earnings and equity in earnings from sale of unconsolidated joint venture properties	7,059,000	28,106,000	54,174,000	30,368,000
Unconsolidated Joint Ventures
Revenues:
Rental and other revenue	13,502,000	29,818,000	60,840,000	95,495,000
Total revenues	13,502,000	29,818,000	60,840,000	95,495,000
Expenses:
Real estate operating expenses	6,512,000	14,587,000	27,523,000	45,523,000
Interest expense	2,843,000	7,568,000	13,762,000	24,562,000
Depreciation	3,113,000	8,288,000	14,957,000	28,464,000
Total expenses	12,468,000	30,443,000	56,242,000	98,549,000
Total revenues less total expenses	1,034,000	(625,000)	4,598,000	(3,054,000)
Other equity earnings	12,000	7,000	89,000	21,000
Impairment of assets	0	0	0	(2,813,000)
Insurance recoveries	0	0	0	2,813,000
Gain on insurance recoveries	0	1,246,000	567,000	1,246,000
Gain on sale of real estate	16,937,000	83,984,000	118,270,000	83,984,000
Loss on extinguishment of debt	(573,000)	(9,401,000)	(3,491,000)	(9,401,000)
Net income from joint ventures	17,410,000	75,211,000	120,033,000	72,796,000
BRT's equity in (loss) earnings and equity in earnings from sale of unconsolidated joint venture properties	$ 11,607,000	$ 30,786,000	$ 65,846,000	$ 28,949,000

Debt Obligations - Summary of D

Debt Obligations - Summary of Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Deferred financing costs	$ (5,160)	$ (1,277)
Total debt obligations, net of deferred costs	462,682	236,980
Mortgages payable
Debt Instrument [Line Items]
Debt, long-term and short-term debt, combined amount	423,442	200,857
Deferred financing costs	(4,327)	(980)
Junior subordinated notes
Debt Instrument [Line Items]
Debt, long-term and short-term debt, combined amount	37,400	37,400
Deferred financing costs	(282)	(297)
Credit facility
Debt Instrument [Line Items]
Debt, long-term and short-term debt, combined amount	7,000	0
Deferred financing costs	$ (551)	$ 0

Debt Obligations - Mortgage Pay

Debt Obligations - Mortgage Payable (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Oct. 31, 2022 USD ($)	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($)
Debt Instrument [Line Items]
Mortgage payoffs				$ 26,761	$ 46,963
Mortgages payable
Debt Instrument [Line Items]
Weighted average interest rate on mortgage debt percentage		3.99%		3.99%
Average maturity				7 years 9 months 18 days
Interest expense		$ 4,423	$ 1,305	$ 8,749	$ 4,113
Mortgages payable \| Mortgage Due 2022
Debt Instrument [Line Items]
Mortgage payoffs		$ 15,613		$ 15,613
Mortgage debt paid off, number of properties \| property		2		2
Mortgages payable \| Mortgage Due 2022 \| Subsequent Event
Debt Instrument [Line Items]
Mortgage payoffs	$ 14,900

Debt Obligations - Schedule of

Debt Obligations - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands			9 Months Ended
	Jul. 01, 2022	May 24, 2022	Sep. 30, 2022	May 23, 2022
Mortgages payable
Debt Instrument [Line Items]
Average maturity			7 years 9 months 18 days
Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Debt Instrument [Line Items]
Debt at Purchase Date			$ 236,615
Long-term debt fair value adjustments			4,719
San Antonio, TX \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Debt Instrument [Line Items]
Debt at Purchase Date			$ 27,000
Interest Rate			3.64%
Creve Coeur, MO \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Debt Instrument [Line Items]
Debt at Purchase Date			$ 29,700
Interest Rate			4.41%
Tallahassee, FL \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Debt Instrument [Line Items]
Debt at Purchase Date			$ 21,524
Interest Rate			4.19%
Huntsville, AL \| Mortgages payable
Debt Instrument [Line Items]
Debt instrument face value		$ 18,592		$ 11,147
Average maturity		10 years
Huntsville, AL \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Debt Instrument [Line Items]
Debt at Purchase Date			$ 11,147
Interest Rate			4.25%
Boerne, TX \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Debt Instrument [Line Items]
Debt at Purchase Date			$ 7,914
Interest Rate			4.74%
Macon, GA \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Debt Instrument [Line Items]
Debt at Purchase Date			$ 11,426
Interest Rate			4.39%
Payment of supplemental mortgage	$ 1,056
Civic I \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Debt Instrument [Line Items]
Debt at Purchase Date			$ 27,389
Interest Rate			4.24%
Civic II \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Debt Instrument [Line Items]
Debt at Purchase Date			$ 30,105
Interest Rate			3.73%
Abbotts Run \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Debt Instrument [Line Items]
Debt at Purchase Date			$ 23,160
Interest Rate			4.71%
Somerset at Trussville \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Debt Instrument [Line Items]
Debt at Purchase Date			$ 32,250
Interest Rate			4.19%
Magnolia Pointe \| Consolidated Joint Ventures \| Corporate Joint Venture \| Multi-family \| Partner Buyouts
Debt Instrument [Line Items]
Debt at Purchase Date			$ 15,000
Interest Rate			4.08%

Debt Obligations - Credit Facil

Debt Obligations - Credit Facility (Details) - USD ($)		3 Months Ended		9 Months Ended
Debt Obligations - Credit Facility (Details) - USD ($)	Nov. 18, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Nov. 04, 2022	Sep. 15, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Facility amount drawn		$ 6,449,000		$ 6,449,000				$ 0
Deferred costs		5,160,000		5,160,000				1,277,000
Line of Credit
Debt Instrument [Line Items]
Deferred costs		$ 551,000		$ 551,000				0
Secured Debt \| VNB Credit Facility \| Valley National Bank \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 60,000,000
Debt used for operating expenses	$ 25,000,000
Effective interest rate		6.25%		6.25%
Unused borrowing capacity fee, percentage				0.25%
Facility amount drawn		$ 7,000,000		$ 7,000,000
Remaining borrowing capacity		53,000,000		53,000,000				35,000,000
Interest expense		227,000	$ 18,000	334,000	$ 54,000
Deferred costs		$ 551,000		$ 551,000				$ 270,000
Secured Debt \| VNB Credit Facility \| Valley National Bank \| Line of Credit \| Subsequent Event
Debt Instrument [Line Items]
Effective interest rate						7%
Facility amount drawn						$ 19,000,000
Remaining borrowing capacity						$ 41,000,000
Secured Debt \| VNB Credit Facility \| Valley National Bank \| Line of Credit \| Prime Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%

Debt Obligations - Junior Subor

Debt Obligations - Junior Subordinated Notes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jan. 31, 2023	Dec. 31, 2021
Debt Obligations
Deferred costs	$ 5,160		$ 5,160			$ 1,277
Junior subordinated notes
Debt Obligations
Outstanding principal balance	37,400		37,400			37,400
Deferred costs	$ 282		$ 282			$ 297
Effective interest rate	4.78%	2.21%	4.78%	2.21%
Interest expense	$ 413	$ 210	$ 911	$ 636
Junior subordinated notes \| Forecast
Debt Obligations
Effective interest rate					6.41%
Junior subordinated notes \| London Interbank Offered Rate (LIBOR)
Debt Obligations
Basis spread on variable rate			2%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Related party - general and administrative	$ 183	$ 172	$ 614	$ 523
Director \| Advisory services
Related Party Transaction [Line Items]
Related party expense	367	350	1,101	1,049
Majestic Property Management Corporation \| Real Property Management Real Estate Brokerage And Construction Supervision Services
Related Party Transaction [Line Items]
Related party expense	9	9	28	23
Gould Investors Limited Partnership \| Shared Services Agreement
Related Party Transaction [Line Items]
Related party - general and administrative	$ 183	$ 172	$ 614	$ 523

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Level 2 - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Junior subordinated notes \| Market Approach Valuation Technique
Financial Instruments Not Measured at Fair Value
Market interest rate percentage	6.78%	4.21%
Junior subordinated notes \| Carrying value
Financial Instruments Not Measured at Fair Value
Estimated fair value (lower) higher than carrying value	$ 6,772	$ 8,296
Mortgages payable \| Market Approach Valuation Technique \| Minimum
Financial Instruments Not Measured at Fair Value
Market interest rate percentage	5.13%	3.12%
Mortgages payable \| Market Approach Valuation Technique \| Maximum
Financial Instruments Not Measured at Fair Value
Market interest rate percentage	6.18%	3.87%
Mortgages payable \| Carrying value
Financial Instruments Not Measured at Fair Value
Estimated fair value (lower) higher than carrying value	$ 37,083	$ 511

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of (loss) gain recognized on derivative in Other Comprehensive Income	$ (1)	$ (1)
Amount of (loss) gain reclassified from Accumulated Other Comprehensive Income into Interest expense	(2)	(12)
Total amount of Interest expense presented in the Consolidated Statements of Operations	$ 1,535	$ 4,804

Commitment and Contingencies (D

Commitment and Contingencies (Details) - Subsequent Event - Company's Insurance Carrier $ in Thousands	1 Months Ended
	Nov. 08, 2022 USD ($)
Insurance Claims, Personal Injury
Loss Contingencies [Line Items]
Loss contingency, damages sought	$ 850
Insurance Claims, Wrongful Death
Loss Contingencies [Line Items]
Loss contingency, damages sought	$ 1,000