| Schedule of joint ventures accounts |
| Schedule of joint ventures accounts |
|
|
|
|
|
|
|
|
| |
|
December 31, |
| |
|
2020 |
|
2019 |
| |
|
(dollars in thousands) |
| Cash and cash equivalents |
|
$ |
2,740 |
|
|
$ |
6,159 |
|
| Restricted cash |
|
|
4,870 |
|
|
|
— |
|
| Real estate inventories |
|
|
41,214 |
|
|
|
98,811 |
|
| Investment in unconsolidated joint venture |
|
|
— |
|
|
|
225 |
|
| Other assets |
|
|
123 |
|
|
|
339 |
|
| Total assets |
|
$ |
48,947 |
|
|
$ |
105,534 |
|
| |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
188 |
|
|
$ |
1,892 |
|
| Accrued expenses and other liabilities |
|
|
3,928 |
|
|
|
2,957 |
|
| Due to affiliates |
|
|
5,735 |
|
|
|
482 |
|
| EB-5 notes payable |
|
|
— |
|
|
|
21,000 |
|
| Total liabilities |
|
|
9,851 |
|
|
|
26,331 |
|
| Members capital |
|
|
39,096 |
|
|
|
79,203 |
|
| Total liabilities and members capital |
|
$ |
48,947 |
|
|
$ |
105,534 |
|
The
condensed combined statements of operations for the Companys unconsolidated joint ventures accounted for under the equity method
are as follows:
| |
|
Year Ended December 31, |
| |
|
2020 |
|
2019 |
|
2018 |
| |
|
(dollars in thousands) |
| Revenues |
|
$ |
37,403 |
|
|
$ |
54,633 |
|
|
$ |
73,587 |
|
| Cost of sales and expenses |
|
|
(40,230 |
) |
|
|
(62,145 |
) |
|
|
(71,286 |
) |
| Impairment of real estate inventories |
|
|
(27,094 |
) |
|
|
(5,800 |
) |
|
|
— |
|
| Equity in net income from unconsolidated joint ventures |
|
|
— |
|
|
|
1,087 |
|
|
|
33,314 |
|
| Net (loss) income of unconsolidated
joint ventures |
|
$ |
(29,921 |
) |
|
$ |
(12,225 |
) |
|
$ |
35,615 |
|
| Equity in net (loss) income from investment in unconsolidated joint ventures (1) |
|
$ |
(16,418 |
) |
|
$ |
(7,901 |
) |
|
$ |
13,018 |
|
|
(1) |
The
equity in net (loss) income of unconsolidated joint ventures consists of the allocation
of the Companys proportionate share of income or loss from the unconsolidated joint
ventures of $15.2 million loss, $5.9 million loss, and $17.8 million income as well as
$1.2 million, $2.0 million, and $4.8 million of expense related to capitalized interest
and other costs for the years ended December 31, 2020, 2019, and 2018, respectively. |
|