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 | | Third Quarter-End | | Year-End | | Third Quarter-End | | Year-End | | Third Quarter-End | | Year-End | | Third Quarter-End | | Year-End | | 2015 | | 2014 | | 2015 | | 2014 | | 2015 | | 2014 | | 2015 | | 2014 | | (In thousands) | 242, LLC (b) | $ | 27,647 |
| | $ | 33,021 |
| | $ | — |
| | $ | 6,940 |
| | $ | 25,822 |
| | $ | 21,789 |
| | $ | 12,239 |
| | $ | 10,098 |
| CL Ashton Woods, LP (c) | 8,453 |
| | 13,269 |
| | — |
| | — |
| | 5,671 |
| | 11,453 |
| | 2,620 |
| | 6,015 |
| CL Realty, LLC | 8,246 |
| | 7,960 |
| | — |
| | — |
| | 8,084 |
| | 7,738 |
| | 4,042 |
| | 3,869 |
| CREA FMF Nashville LLC (b) | 57,193 |
| | 40,014 |
| | 49,960 |
| | 29,660 |
| | 4,780 |
| | 5,987 |
| | 4,309 |
| | 5,516 |
| Elan 99, LLC | 25,572 |
| | 10,070 |
| | 5,726 |
| | 1 |
| | 15,885 |
| | 9,643 |
| | 14,297 |
| | 8,679 |
| FOR/SR Forsyth LLC | 6,300 |
| | — |
| | — |
| | — |
| | 6,300 |
| | — |
| | 5,670 |
| | — |
| FMF Littleton LLC | 43,828 |
| | 26,953 |
| | 15,665 |
| | — |
| | 24,585 |
| | 24,435 |
| | 6,324 |
| | 6,287 |
| FMF Peakview LLC | 48,984 |
| | 43,638 |
| | 29,426 |
| | 23,070 |
| | 16,924 |
| | 17,464 |
| | 3,467 |
| | 3,575 |
| HM Stonewall Estates, Ltd (c) | 3,054 |
| | 3,750 |
| | — |
| | 669 |
| | 3,054 |
| | 3,081 |
| | 1,822 |
| | 1,752 |
| LM Land Holdings, LP (c) | 33,397 |
| | 25,561 |
| | 8,015 |
| | 4,448 |
| | 23,679 |
| | 18,500 |
| | 11,033 |
| | 9,322 |
| MRECV DT Holdings LLC | 3,899 |
| | — |
| | — |
| | — |
| | 3,899 |
| | — |
| | 3,510 |
| | — |
| MRECV Edelweiss LLC | 2,000 |
| | — |
| | — |
| | — |
| | 2,000 |
| | — |
| | 1,800 |
| | — |
| MRECV Juniper Ridge LLC | 1,796 |
| | — |
| | — |
| | — |
| | 1,796 |
| | — |
| | 1,616 |
| | — |
| Miramonte Boulder Pass, LLC | 12,429 |
| | — |
| | 5,360 |
| | — |
| | 5,533 |
| | — |
| | 5,403 |
| | — |
| PSW Communities, LP | 14,060 |
| | 16,045 |
| | 6,880 |
| | 10,515 |
| | 6,557 |
| | 4,415 |
| | 4,123 |
| | 3,924 |
| Temco Associates, LLC | 5,813 |
| | 11,756 |
| | — |
| | — |
| | 5,232 |
| | 11,556 |
| | 2,616 |
| | 5,778 |
| Other ventures (d) | 6,605 |
| | 8,453 |
| | 22,956 |
| | 26,944 |
| | (31,306 | ) | | (25,614 | ) | | 434 |
| | 190 |
| | $ | 309,276 |
| | $ | 240,490 |
| | $ | 143,988 |
| | $ | 102,247 |
| | $ | 128,495 |
| | $ | 110,447 |
| | $ | 85,325 |
| | $ | 65,005 |
|
|
Summarized Income Statement Information |
Combined summarized income statement information for our ventures accounted for using the equity method follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Venture Revenues | | Venture Earnings (Loss) | | Our Share of Earnings (Loss) | | Third Quarter | | First Nine Months | | Third Quarter | | First Nine Months | | Third Quarter | | First Nine Months | | 2015 | | 2014 | | 2015 | | 2014 | | 2015 | | 2014 | | 2015 | | 2014 | | 2015 | | 2014 | | 2015 | | 2014 | | (In thousands) | 242, LLC (b) | $ | 2,884 |
| | $ | 88 |
| | $ | 20,583 |
| | $ | 1,563 |
| | $ | 1,161 |
| | $ | (32 | ) | | $ | 9,034 |
| | $ | 448 |
| | $ | 597 |
| | $ | (15 | ) | | $ | 4,642 |
| | $ | 236 |
| CL Ashton Woods, LP (c) | 3,958 |
| | 790 |
| | 6,369 |
| | 1,859 |
| | 1,341 |
| | 277 |
| | 2,719 |
| | 573 |
| | 1,849 |
| | 373 |
| | 3,405 |
| | 826 |
| CL Realty, LLC | 205 |
| | 413 |
| | 674 |
| | 1,240 |
| | 103 |
| | 294 |
| | 346 |
| | 846 |
| | 52 |
| | 147 |
| | 174 |
| | 423 |
| CREA FMF Nashville LLC (b) | 442 |
| | — |
| | 477 |
| | — |
| | (991 | ) | | — |
| | (1,207 | ) | | (25 | ) | | (991 | ) | | — |
| | (1,207 | ) | | (25 | ) | Elan 99, LLC | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (2 | ) | | — |
| | — |
| | — |
| | (2 | ) | | — |
| FMF Littleton LLC | 6 |
| | — |
| | 6 |
| | — |
| | (152 | ) | | — |
| | (152 | ) | | — |
| | (38 | ) | | — |
| | (38 | ) | | — |
| FMF Peakview LLC | 628 |
| | 3 |
| | 1,280 |
| | 3 |
| | (286 | ) | | (109 | ) | | (1,020 | ) | | (261 | ) | | (58 | ) | | (21 | ) | | (204 | ) | | (52 | ) | FOR/SR Forsyth LLC | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| HM Stonewall Estates, Ltd (c) | 921 |
| | 292 |
| | 2,590 |
| | 1,727 |
| | 480 |
| | 91 |
| | 1,292 |
| | 613 |
| | 157 |
| | 36 |
| | 730 |
| | 245 |
| LM Land Holdings, LP (c) | 1,857 |
| | 4,604 |
| | 8,154 |
| | 13,897 |
| | 1,391 |
| | 3,397 |
| | 5,179 |
| | 10,368 |
| | 423 |
| | 1,200 |
| | 1,710 |
| | 3,097 |
| MRECV DT Holdings LLC | — |
| | — |
| | — |
| | — |
| | 167 |
| | — |
| | 167 |
| | — |
| | — |
| | — |
| | — |
| | — |
| MRECV Edelweiss LLC | — |
| | — |
| | — |
| | — |
| | 125 |
| | — |
| | 125 |
| | — |
| | 65 |
| | — |
| | 65 |
| | — |
| MRECV Juniper Ridge LLC | — |
| | — |
| | — |
| | — |
| | 105 |
| | — |
| | 105 |
| | — |
| | — |
| | — |
| | — |
| | — |
| Miramonte Boulder Pass, LLC | — |
| | — |
| | — |
| | — |
| | (92 | ) | | — |
| | (141 | ) | | — |
| | (46 | ) | | — |
| | (71 | ) | | — |
| PSW Communities, LP | 5,145 |
| | — |
| | 21,214 |
| | — |
| | 613 |
| | (11 | ) | | 3,141 |
| | (231 | ) | | 127 |
| | (9 | ) | | 1,088 |
| | (204 | ) | Temco Associates, LLC | 8,019 |
| | 79 |
| | 9,163 |
| | 793 |
| | 1,618 |
| | 42 |
| | 2,077 |
| | 158 |
| | 809 |
| | 21 |
| | 1,039 |
| | 79 |
| Other ventures (d) | 71 |
| | 2,427 |
| | 3,772 |
| | 3,546 |
| | 242 |
| | 386 |
| | (16 | ) | | (454 | ) | | (37 | ) | | 284 |
| | 207 |
| | (660 | ) | | $ | 24,136 |
| | $ | 8,696 |
| | $ | 74,282 |
| | $ | 24,628 |
| | $ | 5,825 |
| | $ | 4,335 |
| | $ | 21,647 |
| | $ | 12,035 |
| | $ | 2,909 |
| | $ | 2,016 |
| | $ | 11,538 |
| | $ | 3,965 |
|
_____________________ | | (a) | Total includes current maturities of $72,637,000 at third quarter-end 2015, of which $40,902,000 is non-recourse to us, and $65,795,000 at year-end 2014, of which $42,566,000 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. Deferred gains of $1,496,000 are reflected as a reduction to our investment in unconsolidated ventures at third quarter-end 2015. |
| | (c) | Includes unrecognized basis difference of $588,000 which is reflected as a reduction of our investment in unconsolidated ventures at third quarter-end 2015. The 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. |
| | (d) | Our investment in other ventures reflects our ownership interests, excluding venture losses that exceed our investment where we are not obligated to fund those losses. Please read Note 16—Variable Interest Entities for additional information. |
|