
	Range of Ownership (1)	September 30, 2021		December 31, 2020
Condominium and Mixed Use Development:
New York City Standard Metropolitan Statistical Area (“SMSA”)	4.2% - 46.7%	$	23,390	$	30,465
All other U.S. areas	19.6% - 77.8%	36,315		37,773
		59,705		68,238




Hotels:
New York City SMSA	0.4% - 12.3%	1,868		2,629
International	49.0%	1,633		1,852
		3,501		4,481
Commercial:
New York City SMSA	49.0%	—		2,591
All other U.S. areas	1.6%	7,055		7,084
		7,055		9,675

Other:	15.0% - 50.0%	3,938		3,006
Investments in real estate ventures		$	74,199	$	85,400

(1) The Range of Ownership reflects New Valley’s estimated current ownership percentage. New Valley’s actual ownership percentage as well as the percentage of earnings and cash distributions may ultimately differ as a result of a number of factors including potential dilution, financing or admission of additional partners.


	Nine Months Ended
	September 30,
	2021		2020
Condominium and Mixed Use Development:
New York City SMSA	$	396	$	1,169
All other U.S. areas	12,336		4,176
	12,732		5,345
Apartment Buildings:

All other U.S. areas	—		76
	—		76

Hotels:
New York City SMSA	1,579		294

	1,579		294





Other:	1,601		524
Total contributions	$	15,912	$	6,239

For ventures where New Valley previously held an investment, New Valley contributed its proportionate share of additional capital along with contributions by the other investment partners during the nine months ended September 30, 2021 and September 30, 2020. New Valley’s direct investment percentage for these ventures did not significantly change.


	Nine Months Ended
	September 30,
	2021		2020
Condominium and Mixed Use Development:
New York City SMSA	$	4,440	$	1,735
All other U.S. areas	13,594		11,060
	18,034		12,795
Apartment Buildings:

All other U.S. areas	18,566		—
	18,566		—




Commercial:
New York City SMSA	—		591
All other U.S. areas	503		113
	503		704

Other	106		26
Total distributions	$	37,209	$	13,525

Of the distributions received by New Valley from its investment in real estate ventures, $25,330 and $1,919 were from distributions of earnings for the nine months ended September 30, 2021 and 2020, respectively, and $11,879 and $11,606 were a return of capital for the nine months ended September 30, 2021 and 2020, respectively. Distributions from earnings are included in cash from operations in the condensed consolidated statements of cash flows, while distributions that are returns of capital are included in cash flows from investing activities in the condensed consolidated statements of cash flows.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Condominium and Mixed Use Development:
New York City SMSA	$	(841)	$	(6,835)	$	(3,313)	$	(15,286)
All other U.S. areas	(6,128)		(618)		1,146		(9,906)
	(6,969)		(7,453)		(2,167)		(25,192)
Apartment Buildings:

All other U.S. areas	999		(208)		18,566		(284)
	999		(208)		18,566		(284)
Hotels:
New York City SMSA	(246)		(1,119)		(1,094)		(1,768)
International	310		157		(219)		(394)
	64		(962)		(1,313)		(2,162)
Commercial:
New York City SMSA	—		783		(2,591)		1,010
All other U.S. areas	200		(519)		473		(534)
	200		264		(2,118)		476

Other:	(163)		(177)		(563)		(139)
Equity in (losses) earnings from real estate ventures	$	(5,869)	$	(8,536)	$	12,405	$	(27,301)

As part of the Company’s ongoing assessment of the carrying values of its investments in real estate ventures, the Company determined that the fair value of one of its New York City SMSA Commercial ventures was less than its carrying value as of September 30, 2021. The Company determined that the impairment was other than temporary. The Company recorded impairment charges as a component of equity in losses from real estate ventures of $2,713 for the nine months ended September 30, 2021.

As part of the Company’s ongoing assessment of the carrying values of its investments in real estate ventures, the Company determined that the fair value of three of its New York City SMSA Condominium and Mixed Use Development ventures were less than each of its respective carrying value as of September 30, 2020. The Company determined that the impairment was other than temporary. The Company recorded impairment charges as a component of equity in losses from real estate ventures of $6,617 and $10,401 for the three and nine months ended September 30, 2020.

The Company has determined that New Valley is the primary beneficiary of one real estate venture because it controls the activities that most significantly impact the economic performance of the real estate venture. Consequently, New Valley consolidates this variable interest entity (“VIE”).

The carrying amount of the consolidated assets of the VIE was $0 at both September 30, 2021 and December 31, 2020. Those assets are owned by the VIE, not the Company. The consolidated VIE had no recourse liabilities as of September 30, 2021 and December 31, 2020. A VIE’s assets can only be used to settle the obligations of that VIE. The VIE is not a guarantor of the Company’s senior notes and other debts payable.

For the remaining investments in real estate ventures, New Valley determined that the entities were VIEs but New Valley was not the primary beneficiary. Therefore, New Valley’s investment in such real estate ventures has been accounted for under the equity method of accounting.

New Valley’s maximum exposure to loss from its investments in real estate ventures consisted of the net carrying value of the venture adjusted for any future capital commitments and/or guarantee arrangements. The maximum exposure to loss was as follows:


	September 30, 2021
Condominium and Mixed Use Development:
New York City SMSA	$	23,390
All other U.S. areas	36,315
	59,705




Hotels:
New York City SMSA	1,868
International	1,633
	3,501
Commercial:

All other U.S. areas	7,055
	7,055

Other	3,938
Total maximum exposure to loss	$	74,199

New Valley capitalized $614 and $1,636 of interest costs into the carrying value of its ventures whose projects were currently under development for the three and nine months ended September 30, 2021, respectively. New Valley capitalized $932 and $3,188 of interest costs into the carrying value of its ventures whose projects were currently under development for the three and nine months ended September 30, 2020, respectively.

Douglas Elliman has been engaged by the developers as the sole broker or the co-broker for several of the real estate development projects that New Valley owns an interest in through its real estate venture investments. Douglas Elliman had gross commissions of approximately $7,493 and $8,829 from these projects for the nine months ended September 30, 2021 and 2020, respectively.


	September 30, 2021		December 31, 2020
Land and land improvements	$	8,911	$	8,911
Building and building improvements	1,926		1,926
Other	1,651		1,672
	12,488		12,509
Less accumulated depreciation	(2,937)		(2,774)
	$	9,551	$	9,735

New Valley recorded operating losses of $530 and $738 for the three months ended September 30, 2021 and 2020, respectively, from Escena. New Valley recorded operating losses of $250 and $1,010 for the nine months ended September 30, 2021 and 2020, respectively, from Escena. Escena is a master planned community, golf course, and club house in Palm Springs, California.

Townhome A (11 Beach Street). In November 2020, New Valley received, as part of a liquidating distribution from a real estate joint venture, Unit TH-A, a townhouse located in Manhattan, NY. In April 2021, New Valley sold the unit for $6,750 and recognized the revenue in accordance with the scope of ASC Topic 606 since New Valley has no continuing investment or involvement. The sale was presented as revenue and the cost of the investment as cost of sales on the condensed consolidated statements of operations.