Landsea Homes Corporation General form of registration statement for all companies including face-amount certificate companies

General form of registration statement for all companies including face-amount certificate companies

Investment in and Advances to Unconsolidated Joint Ventures (Tables)

Investment in and Advances to Unconsolidated Joint Ventures (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2020

Dec. 31, 2019

Dec. 31, 2018

Landsea Homes [Member]

Schedule of joint ventures accounts

The condensed combined balance sheets for the Company’s unconsolidated joint ventures accounted for under the equity method are as follows:

	September 30, 2020		December 31, 2019
	(dollars in thousands)
Cash and cash equivalents	$	12,039	$	6,159
Real estate inventories		48,489		98,811
Investment in unconsolidated joint venture		—		225
Other assets		25		339
Total assets	$	60,553	$	105,534

Accounts payable	$	188	$	1,892
Accrued expenses and other liabilities		3,550		2,957
Due to affiliates		647		482
EB-5 notes payable		7,000		21,000
Total liabilities		11,385		26,331
Members' capital		49,168		79,203
Total liabilities and members' capital	$	60,553	$	105,534

The condensed combined statements of operations for the Company’s unconsolidated joint ventures accounted for under the equity method are as follows:

	Nine Months Ended September 30,
	2020			2019
	(dollars in thousands)
Revenues	$	28,409		$	43,951
Cost of sales and expenses		(31,353	)		(51,412	)
Impairment of real estate inventories		(27,094	)		(5,800	)
Equity in earnings from unconsolidated joint ventures		—			3,621
Net (loss) income of unconsolidated joint ventures		(30,038	)		(9,640	)
Equity in net (loss) income of unconsolidated joint ventures (¹)	$	(16,229	)	$	(7,498	)

(1)

The equity in net (loss) income of unconsolidated joint ventures consists of the allocation of the Company's proportionate share of income or loss from the unconsolidated joint ventures of $15.3 million and $5.8 million loss, as well as $0.9 million and $1.7 million of amortization expense related to capitalized interest and other costs for the nine months ended September 30, 2020 and 2019, respectively.

The condensed combined balance sheets for the Company's unconsolidated joint ventures accounted for under the equity method are as follows:

	December 31,
	2019		2018
	(dollars in thousands)
Cash and cash equivalents	$	6,159	$	3,020
Restricted cash		—		5,000
Real estate inventories		98,811		148,387
Investment in unconsolidated joint venture		225		8,305
Other assets		339		656
Total assets	$	105,534	$	165,368

Accounts payable	$	1,892	$	5,358
Accrued expenses and other liabilities		2,957		1,852
Due to affiliates		482		6,879
EB-5 notes payable		21,000		35,000
Notes payable		—		16,902
Total liabilities		26,331		65,991
Members' capital		79,203		99,377
Total liabilities and members' capital	$	105,534	$	165,368

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,
	2019			2018			2017
	(dollars in thousands)
Revenues	$	54,633		$	73,587		$	—
Cost of sales and expenses		(62,145	)		(71,286	)		(2,352	)
Impairment of real estate inventories		(5,800	)		—			—
Equity in earnings from unconsolidated joint ventures		1,087			33,314			34
Net (loss) income of unconsolidated joint ventures	$	(12,225	)	$	35,615		$	(2,318	)
Equity in earnings (loss) from investment in unconsolidated joint ventures ⁽¹⁾	$	(7,901	)	$	13,018		$	(458	)

(1)

The equity in net (loss) income of unconsolidated joint ventures consists of the allocation of the Company's proportionate share of income or loss from the unconsolidated joint ventures of $5.9 million loss, $17.8 million income, and $0.5 million loss as well as $2.0 million, $4.8 million, and $0.0 million of amortization expense related to capitalized interest and other costs for the years ended December 31, 2019, 2018, and 2017, respectively.

LS Boston Point LLC [Member]

Schedule of joint ventures accounts

The results of operations and financial position for Point Condo Holdings LLC for the period ended December 31, 2019, are summarized as follows.

	2019
	(unaudited)
Condensed income statement information:
Revenue	$	26,488,198
Cost of sales		21,629,856
Net income	$	2,984,523

The Company's share of net income	$	1,087,482

Condensed balance sheet information:
Assets	$	197,857

Liabilities
Accounts payable	$	32,442
Point Condo Holdings LLC members' equity		165,415
Total liabilities and members' equity	$	197,857

LS- Boston Point LLC's share of members' equity	$	225,000

The results of operations and financial position for Fenway Point Partners LLC and Subsidiaries for the period from January 1, 2018 through December 4, 2018 and for the year ended December 31, 2017 are summarized as follows:

	2018		2017
Condensed income statement information:
Revenue	$	175,080,991	$	278,160

Cost of Sales	$	125,086,864	$	-

Net income (loss)	$	27,914,284	$	(270,130	)

The Company's share of net income (loss)	$	11,457,359	$	(135,065	)

Condensed balance sheet information:
Assets	$	598,381	$	272,646,514

Liabilities	$	12,971	$	202,348,780
Fenway Point Partners LLC members' equity		585,410		70,297,734
Total liabilities and members' equity	$	598,381	$	272,646,514

LS-Boston Point LLC's share of members' equity	$	-	$	35,148,867

The results of operations and financial position for Point Condo Holdings LLC for the period ended December 31, 2018 are summarized as follows.

	2018
Condensed income statement information:
Revenue	$	2,450,000

Cost of Sales	$	2,213,717

Net income	$	32,802

The Company's share of net income	$	-

Condensed balance sheet information:
Assets	$	24,810,623

Liabilities	$	101,143
Point Condo Holdings LLC members' equity		24,709,480
Total liabilities and members' equity	$	24,810,623

LS-Boston Point LLC's share of members' equity	$	9,838,556