Investments In And Advances To Unconsolidated Real Estate Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2020

Investments In Unconsolidated Real Estate Joint Ventures



	December 31,				December 31,
	2020		Ownership(1)		2019
Altis Grand Central	$	2,287	%	11.07	$	2,653
Altis Promenade		1,964		6.61		2,126
Altis Bonterra		—		96.73		618
Altis Ludlam Trial (2)		9,653		33.30		1,081
Altis Grand at The Preserve (Suncoast)		1,086		33.30		753
Altis Pembroke Gardens		310		0.41		1,277
Altis Boca Raton		—		0.42		1,880
Altis Wiregrass		163		2.22		1,792
Altis Little Havana		844		3.43		811
Altis Lake Willis (Vineland Pointe)		5,446		50.00		4,712
Altis Miramar East/West		2,818		5.00		2,631
The Altman Companies (3)		15,222		50.00		14,745
ABBX Guaranty		3,750		50.00		3,750
Bayview		1,563		50.00		1,562
PGA Design Center		—		40.00		996
Marbella		6,971		70.00		5,999
Chapel Trail		153		46.75		1,126
L03/212 Partners		2,462		3.41		2,087
PGA Lender		—		45.88		2,111
Sky Cove		3,287		26.25		4,178
Other		31				442
Total	$	58,010			$	57,330

(1)

The Company’s ownership percentage in each real estate joint venture represents the Company’s percentage of the contributed capital in each venture. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company’s economic interest in the expected distributions from such ventures.

(2)

Ownership percentage represents the Company's ownership of the managing member of the joint venture and excludes its preferred interest accounted for as a loan receivable from the joint venture.

(3)

The investment in The Altman Companies, LLC includes $2.3 million of transaction costs that were incurred in connection with the formation of the joint venture. See additional information below in this Note 7 regarding the Company’s acquisition of its interest in the Altman Companies, LLC.

The Altman Companies, LLC [Member]

Business Acquisition [Line Items]

Condensed Statements Of Financial Condition For Equity Method Joint Ventures



	December 31,
	2020		2019
Assets
Cash	$	3,100		1,634
Properties and equipment		363		315
Investment in unconsolidated subsidiaries		7,382		6,353
Goodwill		16,683		16,683
Due from related parties		2,306		2,954
Other assets		3,443		209
Total assets	$	33,277		28,148
Liabilities and Equity
Other liabilities	$	6,408		2,719
Total liabilities		6,408		2,719
Total equity		26,869		25,429
Total liabilities and equity	$	33,277		28,148

Condensed Statements Of Operations For Equity Method Joint Ventures



	For the Years Ended December 31,
	2020		2019		2018
Total revenues	$	8,700		7,242		362
Other expenses		(10,670)		(9,493)		(652)
Operating loss		(1,970)		(2,251)		(290)
Equity in earnings (losses) from unconsolidated investment in Altman Glenewinkel Construction, LLC		1,737		(913)		113
Net loss		(233)		(3,164)		(177)
Equity in net (loss) earnings of unconsolidated real estate joint venture - The Altman Companies	$	(117)		(1,582)		(88)

Altis at Bonterra - Hialeah, LLC [Member]

Business Acquisition [Line Items]

Condensed Statements Of Financial Condition For Equity Method Joint Ventures



	December 31,
	2020		2019
Assets
Cash	$	—		855
Restricted cash		—		559
Real estate		—		—
Other assets		—		—
Total assets	$	—		1,414
Liabilities and Equity
Notes payable	$	—		—
Other liabilities		—		751
Total liabilities		—		751
Total equity		—		663
Total liabilities and equity	$	—		1,414

Condensed Statements Of Operations For Equity Method Joint Ventures


	For the Years Ended December 31,
	2020		2019		2018
Total revenues	$	—	$	4,498		6,510
Gain on sale of real estate		—		33,843		—
Other expenses		—		(4,480)		(5,937)
Net earnings	$	—	$	33,861		573
Equity in net earnings of unconsolidated real estate joint venture - Altis Bonterra	$	—	$	29,221		544

Altis At Lakeline - Austin Investors LLC [Member]

Business Acquisition [Line Items]

Condensed Statements Of Financial Condition For Equity Method Joint Ventures



	December 31,
	2020		2019
Assets
Cash	$	—	$	628
Restricted cash		—		5
Real estate		—		—
Other assets		—		144
Total assets	$	—	$	777
Liabilities and Equity
Notes payable	$	—	$	—
Other liabilities		—		—
Total liabilities		—		—
Total equity		—		777
Total liabilities and equity	$	—	$	777

Condensed Statements Of Operations For Equity Method Joint Ventures



	For the Years Ended December 31,
	2020		2019		2018
Total revenues	$	—	$	1,458		5,842
Gain on sale of real estate		—		17,178		—
Other expenses		—		(1,801)		(6,746)
Net earnings (loss)	$	—	$	16,835		(904)
Equity in net (loss) earnings of unconsolidated real estate joint venture - Altis Lakeline	$	—	$	5,029		(312)

Chapel Trail [Member]

Business Acquisition [Line Items]

Condensed Statements Of Financial Condition For Equity Method Joint Ventures



	December 31,
	2020		2019
Assets
Cash	$	—		1,725
Real estate		—		2,134
Other assets		—		6
Total assets	$	—		3,865
Liabilities and Equity
Notes payable	$	—		184
Other liabilities		—		357
Total liabilities		—		541
Total equity		—		3,324
Total liabilities and equity	$	—		3,865

Condensed Statements Of Operations For Equity Method Joint Ventures



	For the Years Ended December 31,
	2020		2019		2018
Total revenues	$	—		44,988		—
Costs of sales		—		(35,575)		—
Other expenses		—		(2,341)		(1,388)
Net earnings (loss)		—		7,072		(1,388)
Equity in net earnings of unconsolidated real estate joint venture - Chapel Trail	$	—		3,306		(649)

Altis at Shingle Creek Manager, LLC [Member]

Business Acquisition [Line Items]

Condensed Statements Of Financial Condition For Equity Method Joint Ventures



	December 31,
	2020		2019
Assets
Cash	$	—		—
Real estate		—		—
Other assets		—		—
Total assets	$	—		—
Liabilities and Equity
Notes payable	$	—		—
Other liabilities		—		—
Total liabilities		—		—
Total equity		—		—
Total liabilities and equity	$	—		—

Condensed Statements Of Operations For Equity Method Joint Ventures



	For the Years Ended December 31,
	2020		2019		2018
Total revenues	$	—		—		1,704
Gain on sale of real estate		—		—		22,027
Other expenses		—		—		(2,156)
Net earnings	$	—		—		21,575
Equity in net earnings of unconsolidated real estate joint venture - Altis Shingle Creek	$	—		—		3,401