New Valley LLC (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Investments [Abstract]

Investments In non-consolidated real estate businesses

The components of “Investments in non-consolidated real estate businesses” were as follows:

	December 31, 2013		December 31, 2012
Douglas Elliman	$	—	$	65,171
Sesto Holdings	5,037		5,037
1107 Broadway	6,579		5,566
The Whitman	1,165		900
The Marquand	7,000		7,000
11 Beach Street	11,160		9,642
701 Seventh Avenue	11,148		9,307
101 Murray Street	19,256		—
Leroy Street	1,150		—
8701 Collins Avenue	3,794		—
23-10 Queens Plaza South	8,058		7,350
Maryland Portfolio	3,498		4,615
ST Portfolio	15,984		—
Chrystie Street	2,048		1,973
Park Lane Hotel	19,514		—
Hotel Taiwana	7,428		2,658
Coral Beach	2,964		—
Other	2,419		—
Investments in non-consolidated real estate businesses	$	128,202	$	119,219

Pro Forma Information

This pro forma information is not necessarily indicative of either the combined results of operations that actually would have been realized by us had the acquisition of Douglas Elliman been consummated at the beginning of the period for which the pro forma information is presented, or of future results.

	December 31, 2013		December 31, 2012
Revenues	$	1,472,655	$	1,461,364
Income from continuing operations	75,017		55,234

Summarized financial information

	December 13, 2013		December 31, 2012
Cash	$	117,660	$	78,015
Other current assets	11,922		8,543
Property, plant and equipment, net	16,293		15,796
Trademarks	21,663		21,663
Goodwill	38,776		38,523
Other intangible assets, net	431		897
Other non-current assets	3,384		3,182
Notes payable - current	201		466
Other current liabilities	26,921		22,065
Notes payable - long term	420		334
Other long-term liabilities	8,862		9,614
Members' equity	173,725		134,140

	January 1 through December 31			Year Ended December 31,		Year Ended December 31,
	2013			2012		2011
Revenues	$	416,453		$	378,175	$	346,309
Costs and expenses	369,852			346,617		315,318
Depreciation expense	3,790			3,422		3,439
Amortization expense	213			242		253
Other income	(22		)	1,829		2,007
Interest expense, net	23			62		136
Income tax expense	996			780		946
Net income	$	41,557		$	28,881	$	28,224

The following table summarizes the preliminary fair values of the assets acquired, liabilities assumed and the non-controlling interest recorded for Douglas Elliman on December 13, 2013:

	December 13, 2013
Cash and cash equivalents	$	116,935
Other current assets	12,647
Property, plant and equipment, net	20,275
Goodwill	72,103
Trademarks	80,000
Other intangible assets, net	12,928
Other non-current assets	3,384
Total assets acquired	$	318,272
Notes payable - current	$	201
Other current liabilities	26,247
Notes payable - long term	420
Total liabilities assumed	26,868
Net assets acquired	$	291,404
Non-controlling interest	$	85,703

The summarized financial information of the joint venture was as follows:

	December 31, 2012
Cash	$	11
Other current assets	2
Net loans receivable	—
Interest receivable	—
Other assets	—
Accrued expenses	—
Members' equity	13

	Year Ended December 31,		Year Ended December 31,
	2012		2011
Interest and dividend income	$	25,122	$	635
Costs and expenses	424		269
Interest expense, net	7,794		—
Income tax expense	12		—
Net income	$	16,892	$	366

Investment in Escena

The assets have been classified as an “Investment in Escena, net” on the Company’s consolidated balance sheet and the components are as follows:

	December 31, 2013			December 31, 2012
Land and land improvements	$	8,930		$	11,430
Building and building improvements	1,530			1,530
Other	1,577			1,374
	12,037			14,334
Less accumulated depreciation	(1,412		)	(1,039		)
	$	10,625		$	13,295

The components of “Investments in consolidated real estate businesses, net” were as follows:

	December 31, 2013		December 31, 2012
Escena, net	$	10,625	$	13,295
Indian Creek	10,286		—
Investment in consolidated real estate businesses, net	$	20,911	$	13,295