Quarterly report pursuant to Section 13 or 15(d)

Investment in and Advances to Unconsolidated Joint Ventures (Tables)

v3.21.2
Investment in and Advances to Unconsolidated Joint Ventures (Tables)
 9 Months Ended
Sep. 30, 2021
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:
September 30, 2021 December 31, 2020
(dollars in thousands)
Cash and cash equivalents $ 2,592  $ 2,740 
Restricted cash —  4,870 
Real estate inventories 10,903  41,214 
Other assets 122  123 
Total assets $ 13,617  $ 48,947 
 
Accounts payable $ 26  $ 188 
Accrued expenses and other liabilities 5,045  3,928 
Due to affiliates 809  5,735 
Total liabilities 5,880  9,851 
Members' capital 7,737  39,096 
Total liabilities and members' capital $ 13,617  $ 48,947 
The condensed combined statements of operations for the Company’s unconsolidated joint ventures accounted for under the equity method are as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
(dollars in thousands) (dollars in thousands)
Revenues $ 10,981  $ 9,937  $ 40,944  $ 28,409 
Cost of sales and expenses (10,106) (10,601) (37,293) (31,353)
Impairment of real estate inventories —  —  —  (27,094)
Net income (loss) of unconsolidated joint ventures $ 875  $ (664) $ 3,651  $ (30,038)
Equity in net income (loss) of unconsolidated joint ventures (1)
$ 168  $ (616) $ 814  $ (16,229)
(1)     The equity in net income (loss) of unconsolidated joint ventures consists of two pieces. The allocation of the Company's proportionate share of income or loss from the unconsolidated joint ventures of $0.5 million income and $0.3 million loss for the three months ended September 30, 2021 and 2020, respectively, and $1.9 million income and $15.3 million loss for the nine months ended September 30, 2021 and 2020, respectively. In addition, expenses related to capitalized interest and other costs were $0.3 million and $0.3 million for the three months ended September 30, 2021 and 2020, respectively, and $1.1 million and $0.9 million for the nine months ended September 30, 2021 and 2020, respectively.