Annual report pursuant to Section 13 and 15(d)

Investment in and Advances to Unconsolidated Joint Ventures (Tables)

v3.22.4
Investment in and Advances to Unconsolidated Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
The condensed combined balance sheets for the Company’s unconsolidated joint ventures accounted for under the equity method are as follows:
December 31,
2022 2021
(dollars in thousands)
Cash and cash equivalents $ 2,917  $ 2,275 
Real estate inventories —  2,515 
Other assets —  122 
Total assets $ 2,917  $ 4,912 
Accounts payable $ 3  $ 21 
Accrued expenses and other liabilities 2,523  3,465 
Due to affiliates 472  787 
Total liabilities 2,998  4,273 
Members’ capital
 (81) 639 
Total liabilities and members’ capital
 $ 2,917  $ 4,912 
The condensed combined statements of operations for the Company’s unconsolidated joint ventures accounted for under the equity method are as follows:
Year Ended December 31,
2022 2021 2020
(dollars in thousands)
Revenues $ 3,047  $ 50,067  $ 37,403 
Cost of sales and expenses (2,633) (45,123) (40,230)
Impairment of real estate inventories —  —  (27,094)
Net income (loss) of unconsolidated joint ventures $ 414  $ 4,944  $ (29,921)
Equity in net income (loss) from investment in unconsolidated joint ventures (1)
$ 149  $ 1,262  $ (16,418)
(1)    The equity in net income (loss) of unconsolidated joint ventures consists of the allocation of the Company’s proportionate share of income or loss from the unconsolidated joint ventures of $0.2 million income, $2.5 million income, and $15.2 million loss as well as $0.1 million, $1.3 million, and $1.2 million of expense related to capitalized interest and other costs for the years ended December 31, 2022, 2021, and 2020, respectively.