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Investment in Unconsolidated Ventures (Tables)
12 Months Ended
Dec. 31, 2012
Summarized Balance Sheet Information
Combined summarized balance sheet information for our ventures accounted for using the equity method follows:
 
Venture Assets
 
Venture Borrowings  (a)
 
Venture Equity
 
Our Investment
 
At Year-End
 
2012
 
2011
 
2012
 
2011
 
2012
 
2011
 
2012
 
2011
 
(In thousands)
242, LLC(b)
$
21,408

 
$
23,688

 
$
810

 
$
4,429

 
$
19,576

 
$
18,536

 
$
8,903

 
$
8,332

CJUF III, RH Holdings
15,970

 

 
1

 

 
13,701

 

 
3,836

 

CL Ashton Woods(c)
15,701

 

 

 

 
15,044

 

 
5,775

 

CL Realty
8,245

 
51,096

 

 
1,056

 
7,842

 
48,608

 
3,921

 
24,304

FMF Peakview
16,859

 

 

 

 
13,331

 

 
2,666

 

HM Stonewall Estates(c)
5,184

 

 
104

 

 
5,080

 

 
2,470

 

LM Land Holdings(c)
21,094

 

 
3,086

 

 
13,128

 

 
6,045

 

Palisades West

 
124,588

 

 

 

 
81,635

 

 
20,412

Round Rock Luxury Apartments
332

 
34,434

 

 
28,544

 
325

 
4,865

 
225

 
3,312

Temco
13,255

 
18,922

 

 
2,787

 
13,066

 
15,896

 
6,533

 
7,948

Other ventures (4)(d)
16,797

 
16,938

 
34,357

 
38,002

 
(31,600
)
 
(34,045
)
 
1,172

 
(85
)
 
$
134,845

 
$
269,666

 
$
38,358

 
$
74,818

 
$
69,493

 
$
135,495

 
$
41,546

 
$
64,223

Summarized Income Statement Information
Combined summarized income statement information for our ventures accounted for using the equity method follows:
 
Revenues
 
Earnings (Loss)
 
Our Share of Earnings (Loss)
 
For the Year
 
2012
 
2011
 
2010
 
2012
 
2011
 
2010
 
2012
 
2011
 
2010
 
(In thousands)
242, LLC(b)
$
4,868

 
$
2,378

 
$
1

 
$
1,040

 
$
239

 
$
(103
)
 
$
572

 
$
153

 
$
(51
)
CJUF III, RH Holdings

 

 

 
(241
)
 

 

 
(241
)
 

 

CL Ashton Woods(c)
3,353

 

 

 
1,472

 

 

 
2,024

 

 

CL Realty(e)
2,667

 
9,141

 
28,663

 
1,060

 
(22,832
)
 
228

 
530

 
(11,416
)
 
114

FMF Peakview

 

 

 
(116
)
 

 

 
(23
)
 

 

HM Stonewall Estates(c)
2,500

 

 

 
829

 

 

 
332

 

 

LM Land Holdings(c)
10,268

 

 

 
1,895

 

 

 
257

 

 

Palisades West

 
16,230

 
13,588

 

 
5,858

 
4,668

 

 
1,464

 
1,167

Round Rock Luxury Apartments(f)
3,749

 
4,442

 
3,308

 
7,944

 
(483
)
 
(1,429
)
 
5,552

 
(292
)
 
(996
)
Temco(g)
702

 
653

 
2,180

 
(80
)
 
(42,242
)
 
210

 
(40
)
 
(21,121
)
 
105

Other ventures(h) (4)
5,041

 
8,030

 
8,765

 
2,088

 
49

 
(15,889
)
 
5,506

 
2,003

 
4,362

 
$
33,148

 
$
40,874

 
$
56,505

 
$
15,891

 
$
(59,411
)
 
$
(12,315
)
 
$
14,469

 
$
(29,209
)
 
$
4,701

_____________________
(a) 
Total includes current maturities of $32,323,000 at year-end 2012, of which $32,083,000 is non-recourse to us, and $71,816,000 at year-end 2011, of which $43,144,000 is non-recourse to us.
(b) 
Includes unamortized deferred gains on real estate contributed by us to ventures. We recognize deferred gains as income as real estate is sold to third parties and is included in our share of earnings (loss) from the respective ventures. Deferred gains of $885,000 are reflected as a reduction to our investment in unconsolidated ventures at year-end 2012.
(c) 
In 2012, we acquired CL Realty’s equity investment in these residential and mixed-use ventures at estimated fair value. The difference between estimated fair value of the equity investment and our capital account within the respective ventures at closing (basis difference) will be accreted as income or expense over the life of the investment and included in our share of earnings (loss) from the respective ventures. Unrecognized basis difference of $2,957,000 is reflected as a reduction of our investment in unconsolidated ventures at year-end 2012.
(d) 
Our investment in other ventures reflects our ownership interests generally ranging from 25 to 50 percent, excluding venture losses that exceed our investment where we are not obligated to fund those losses. Please read Note 17 for additional information.
(e) 
In 2011, CL Realty’s loss includes non-cash impairment charges of $25,750,000, of which, $23,255,000 relates to additional non-cash impairments associated with real estate assets sold in 2012. Please read Note 3 for additional information. In 2010, CL Realty’s earnings include impairment charges of $4,458,000 principally related to a commercial real estate tract located near the Texas gulf coast.
(f) 
In 2012, Round Rock Luxury Apartments earnings include $8,247,000 gain related to sale of 414-unit multifamily property near Austin for $40,400,000. Our share of equity earnings related to this sale is $5,707,000.
(g) 
In 2011, Temco’s loss includes non-cash impairment charges of $41,226,000, of which, $21,426,000 principally relates to additional non-cash impairments associated with real estate assets sold in 2012. Please read Note 3 for additional information.
(h) 
In 2012, other ventures earnings include $5,307,000 related to a consolidated venture’s share of the gain associated with Round Rock Luxury Apartments sale of Las Brisas. Our share of these earnings was $2,541,000 and we allocated $(2,766,000) to net income attributable to noncontrolling interests. In 2011, our share of other ventures earnings (loss) includes $2,164,000 in earnings related to a deferred gain recognized as a result of entering into an agreement to acquire certain of CL Realty’s real estate assets and $4,869,000 in deferred gains for year 2010 related to CL Realty’s sale of 625 acres to a third party for $20,250,000. In 2010, other ventures loss includes a $13,061,000 loss on sale of a golf course and country club property in Denton, Texas. This loss did not impact our equity in the earnings (loss) of this venture as we exclude losses that exceed our investment where we are not obligated to provide additional equity.