BBX Capital Real Estate sells two Florida apartment communities; receives $16.4M distribution

BBX Capital, Inc.

Sold Altis Miramar (320 units) and Altra Miramar (330 units) in Miramar, FL.
Received net cash distribution of approx. $16.4M from the joint venture.
Carrying amount of JV investment was $2.9M as of March 31, 2022 (implies gain).
Joint venture sponsored by Altman Companies; development began 2019, completed 2022.
BBX Capital Real Estate is a wholly-owned subsidiary of BBX Capital (OTCQX: BBXIA).

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