New Valley LLC (Tables)

3 Months Ended

Mar. 31, 2017

Real Estate [Abstract]

Investments in real estate ventures

Equity in Earnings (Losses) from Real Estate Ventures:

New Valley recognized equity in earnings (losses) from real estate ventures as follows:

	March 31, 2017			March 31, 2016
Condominium and Mixed Use Development:
New York City SMSA	$	12,180		$	(669	)
All other U.S. areas	(292		)	(514		)
	11,888			(1,183		)
Apartment Buildings:
All other U.S. areas	77			516
	77			516
Hotels:
New York City SMSA	(687		)	(580		)
International	(550		)	(75		)
	(1,237		)	(655		)
Commercial:
New York City SMSA	(245		)	212
	(245		)	212
Other	630			603
Total equity in earnings (losses) from real estate ventures	$	11,113		$	(507	)

Maximum Exposure to Loss:

New Valley's maximum exposure to loss was as follows:

	March 31, 2017
Condominium and Mixed Use Development:
New York City SMSA	$	139,093
All other U.S. areas	48,523
	187,616
Apartment Buildings:
All other U.S. areas	8,212
	8,212
Hotels:
New York City SMSA	21,208
International	2,486
	23,694
Commercial:
New York City SMSA	2,944
All other U.S. areas	10,000
	12,944
Other	2,109
Total maximum exposure to loss	$	234,575

The components of “Investments in real estate ventures” were as follows:

	Range of Ownership	March 31, 2017		December 31, 2016
Condominium and Mixed Use Development:
New York City SMSA	3.1% - 49.5%	$	137,529	$	131,770
All other U.S. areas	15.0% - 48.5%	42,761		40,950
		180,290		172,720
Apartment Buildings:
All other U.S. areas	7.6% - 16.3%	8,212		8,287
		8,212		8,287
Hotels:
New York City SMSA	5.2%	21,208		21,895
International	49.0%	2,486		3,037
		23,694		24,932
Commercial:
New York City SMSA	49.0%	2,944		3,290
All other U.S. areas	2.1%	10,000		10,000
		12,944		13,290
Other	50.0%	2,109		2,029
Investments in real estate ventures		$	227,249	$	221,258

Contributions:

New Valley made contributions to its investments in real estate ventures as follows:

	March 31, 2017		March 31, 2016
Condominium and Mixed Use Development:
New York City SMSA	$	91	$	1,102
All other U.S. areas	1,345		3,975
	1,436		5,077
Hotels:
New York City SMSA	—		718
	—		718
Total contributions	$	1,436	$	5,795

Distributions:

New Valley received distributions from its investments in real estate ventures as follows:

	March 31, 2017		March 31, 2016
Condominium and Mixed Use Development:
New York City SMSA	$	6,200	$	258
	6,200		258
Apartment Buildings:
All other U.S. areas	152		—
	152		—
Commercial:
New York City SMSA	101		135
	101		135
Other	550		550
Total distributions	$	7,003	$	943

Combined Financial Statements for Unconsolidated Subsidiaries

Long-term investments consisted of the following:

	March 31, 2017		December 31, 2016
Investments accounted at cost	$	57,376	$	35,476
Investments accounted for under the equity method	16,420		17,721
	$	73,796	$	53,197

Long-term investments accounted for under the equity method consisted of the following:

	March 31, 2017		December 31, 2016
Indian Creek Investors LP ("Indian Creek")	$	4,212	$	5,248
Boyar Value Fund ("Boyar")	8,138		7,816
Ladenburg Thalmann Financial Services Inc. ("LTS")	4,070		4,657
Castle Brands, Inc. ("Castle")	—		—
	$	16,420	$	17,721

Condominium and Mixed Use Development:

	Three Months Ended March 31,
	2017		2016
Income Statement
Revenue	$	128,278	$	61,926
Cost of Goods Sold	102,195		32,803
Other Expenses	2,526		389
Income from continuing operations	$	23,557	$	28,734

Investments in Real Estate, net

Investments in Real Estate, net:

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

	March 31, 2017		December 31, 2016
Escena, net	$	10,700	$	10,792
Sagaponack	12,918		12,848
Investments in real estate, net	$	23,618	$	23,640

Escena.  The assets of “Escena, net” were as follows:

	March 31, 2017			December 31, 2016
Land and land improvements	$	8,907		$	8,907
Building and building improvements	1,878			1,878
Other	2,038			2,028
	12,823			12,813
Less accumulated depreciation	(2,123		)	(2,021		)
	$	10,700		$	10,792