Quarterly report pursuant to Section 13 or 15(d)

Investment in and Advances to Unconsolidated Joint Ventures (Tables)

v3.21.1
Investment in and Advances to Unconsolidated Joint Ventures (Tables)
 3 Months Ended
Mar. 31, 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:
March 31, 2021 December 31, 2020
(dollars in thousands)
Cash and cash equivalents $ 6,603  $ 2,740 
Restricted cash —  4,870 
Real estate inventories 30,145  41,214 
Other assets 122  123 
Total assets $ 36,870  $ 48,947 
 
Accounts payable $ 207  $ 188 
Accrued expenses and other liabilities 4,183  3,928 
Due to affiliates 871  5,735 
Total liabilities 5,261  9,851 
Members' capital 31,609  39,096 
Total liabilities and members' capital $ 36,870  $ 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 March 31,
2021 2020
(dollars in thousands)
Revenues $ 14,080  $ 10,561 
Cost of sales and expenses (13,431) (13,106)
Net income (loss) of unconsolidated joint ventures 649  (2,545)
Equity in net (loss) of unconsolidated joint ventures (1)
$ (21) $ (1,743)
(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 $0.3 million income and $1.4 million loss, as well as $0.4 million and $0.3 million of expense related to capitalized interest and other costs for the three months ended March 31, 2021 and 2020, respectively.