New Valley also holds equity investments in various real estate projects domestically and internationally. The majority of New Valley’s investment in real estate ventures were located in the New York City Standard Metropolitan Statistical Area (“SMSA”). New Valley aggregated the disclosure of its investments in real estate ventures by property type and operating characteristics.


	Range of Ownership (1)	December 31, 2021		December 31, 2020
Condominium and Mixed Use Development:
New York City SMSA	4.2%- 46.7%	$	22,654	$	30,465
All other U.S. areas	19.6% - 89.1%	57,485		37,773
		80,139		68,238
Apartment Buildings:

All other U.S. areas	7.6% - 50.0%	11,900		—
		11,900		—
Hotels:
New York City SMSA	0.4% - 12.3%	1,635		2,629
International	49.0%	1,522		1,852
		3,157		4,481
Commercial:
New York City SMSA	49.0%	—		2,591
All other U.S. areas	1.6%	7,290		7,084
		7,290		9,675

Other	15.0% - 49.0%	2,576		3,006
Investments in real estate ventures		$	105,062	$	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.


	December 31, 2021		December 31, 2020
Condominium and Mixed Use Development:
New York City SMSA	$	396	$	1,805
All other U.S. areas	33,719		11,140
	34,115		12,945
Apartment Buildings:

All other U.S. areas	11,900		284
	11,900		284
Hotels:
New York City SMSA	1,848		1,169

	1,848		1,169





Other	—		524
Total contributions	$	47,863	$	14,922

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 years ended December 31, 2021 and 2020. New Valley’s direct investment percentage for these ventures did not significantly change.


	December 31, 2021		December 31, 2020
Condominium and Mixed Use Development:
New York City SMSA	$	4,440	$	1,819
All other U.S. areas	13,593		18,188
	18,033		20,007
Apartment Buildings:

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




Commercial:
New York City SMSA	—		601
All other U.S. areas	575		113
	575		714


Total distributions	$	37,174	$	20,721

Of the distributions received by New Valley from its investment in real estate ventures, $25,326 and $1,903 were from distributions of earnings and $11,848 and $18,818 were a return of capital for the years ended December 31, 2021 and 2020, respectively. Distributions from earnings are included in cash from operations in the consolidated statements of cash flows, while distributions that are returns of capital are included in cash flows from investing activities in the consolidated statements of cash flows.


	Year Ended December 31,
	2021		2020		2019
Condominium and Mixed Use Development:
New York City SMSA	$	(4,147)	$	(17,167)	$	(31,011)
All other U.S. areas	(1)		(16,578)		(6,467)
	(4,148)		(33,745)		(37,478)
Apartment Buildings:

All other U.S. areas	18,566		(284)		79
	18,566		(284)		79
Hotels:
New York City SMSA	(1,597)		(3,248)		8,081
International	(330)		(308)		41
	(1,927)		(3,556)		8,122
Commercial:
New York City SMSA	(2,591)		1,340		1
All other U.S. areas	780		(437)		773
	(1,811)		903		774

Other	(430)		(8,046)		743
Total equity in earnings (losses) from real estate ventures	$	10,250	$	(44,728)	$	(27,760)

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 for the year ended December 31, 2021. The Company determined that the impairments were other than temporary. The Company recorded impairment charges as a component of equity in losses from real estate ventures of $2,713 for the year ended December 31, 2021.

During the Company’s 2020 assessment of the carrying values of its investments in real estate ventures, the Company had determined that the fair value of five New York City SMSA and one All other U.S. areas Condominium and Mixed Use Development ventures were less than their carrying value as of December 31, 2020. The Company determined that the impairments were other than temporary. The Company recorded impairment charges of $16,513 for the year ended December 31, 2020.

During the Company’s 2019 assessment of the carrying values of its investments in real estate ventures, the Company had determined that the fair value of six New York City SMSA and one All other U.S. areas Condominium and Mixed Use Development ventures were less than their carrying value as of December 31, 2019. The Company determined that the impairments were other than temporary and recorded impairment charges of $39,757 of which $39,717 was attributed to the Company for the year ended December 31, 2019.

As a result of the Company recording impairment charges on certain of its investments in real estate ventures, the impaired real estate ventures were carried at fair value as of the period when the impairment charge was recorded. The impaired real estate ventures were measured at fair value on a nonrecurring basis as a result of recording an other-than-temporary impairment charge.

During the year ended 2021, New Valley’s Natura joint venture sold a parcel of land located in Miami, FL. New Valley recognized equity in earnings of $3,899 from the venture and received distributions of $5,168 for the year ended 2021. As of December 31, 2021, the venture had a carrying value of $13,009.

During the year ended 2021, New Valley’s Maryland joint venture sold its apartment complexes located in Baltimore, Maryland. New Valley recognized equity in earnings of $18,566 from the venture and received distributions of $18,566 for the year ended 2021. As of December 31, 2021, the venture had a carrying value of $0.

During the year ended 2019, New Valley’s Park Lane joint venture sold 80% of its interest in the Park Lane Hotel, a Hotel located in the New York City SMSA. New Valley recognized equity in earnings of $10,328 from the sale and received distributions of $20,788 for the year ended 2019. The sale reduced New Valley’s direct ownership percentage of the Park Lane Hotel from 5.20% to 1.04%. New Valley continues to account for its investment in the joint venture under the equity method of accounting because its ownership percentage in its direct investment continues to meet the threshold for equity method accounting.

In 2019, the Company’s New York City SMSA Apartment Building venture sold the remaining parcel of land that was adjacent to a building that was sold the year before. The Company recognized equity in earnings from the venture of $740 and cash distributions of $2,524 for the year ended December 31, 2019. As of December 31, 2021, the venture had a carrying value of $0.

In October 2021, New Valley invested $11,900 for an approximate 50.0% interest in Riverchase AL JV LP. The joint venture plans to improve, renovate, and manage an apartment complex located in Hoover, AL. The venture is a VIE; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley's maximum exposure to loss as a result of its investment in Riverchase AL JV LP was $11,900 at December 31, 2021.

In November 2021, New Valley invested $19,500 for an approximate 89.1% interest in 915 Division JV, LLC. The joint venture plans to develop a mixed use development. The venture is a VIE; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley's maximum exposure to loss as a result of its investment in 915 Division JV, LLC was $19,884 at December 31, 2021.

In November 2021, New Valley invested $1,882 for an approximate 50.0% interest in 2000 Atlantic LLC. The joint venture plans to develop a mixed use development. The venture is a VIE; however, New Valley is not the primary beneficiary. New Valley accounts for this investment under the equity method of accounting. New Valley's maximum exposure to loss as a result of its investment in 2000 Atlantic LLC was $1,919 at December 31, 2021.

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 December 31, 2021 and December 31, 2020. Those assets are owned by the VIE, not the Company. The consolidated VIE had no recourse liabilities as of December 31, 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:


	December 31, 2021
Condominium and Mixed Use Development:
New York City SMSA	$	22,654
All other U.S. areas	57,484
	80,138
Apartment Buildings:

All other U.S. areas	11,900
	11,900
Hotels:
New York City SMSA	1,635
International	1,522
	3,157
Commercial:

All other U.S. areas	7,290
	7,290

Other	2,576
Total maximum exposure to loss	$	105,061

New Valley capitalized $2,669 and $4,003 of interest costs into the carrying value of its ventures whose projects were currently under development during the years ended December 31, 2021 and December 31, 2020, respectively.

The joint venture agreements through which New Valley invests in real estate ventures set forth certain conditions where New Valley or its affiliate may be required to contribute payments towards the satisfaction of liabilities of the other partners in the joint venture, or to otherwise indemnify other partners. Mostly, these contribution/indemnity requirements are triggered in the event New Valley or its affiliate commits an act that results in liability of another partner under a guarantee that the other partner has given to a lender in connection with a loan. The guarantees given in connection with the loans may include non-recourse carve-out, environmental, carry and/or completion guarantees, depending on the specific project. In some instances, New Valley or its affiliate would be proportionately liable in the event of liability under a guarantee that is not the fault of any of the partners in the joint venture. In very limited circumstances, New Valley has agreed to be a guarantor directly in connection with a loan.

The Company believes that as of December 31, 2021, in the event New Valley becomes legally obligated to contribute funds or otherwise indemnify another partner due to a triggering event under a guarantee, or becomes legally obligated as a guarantor (in the limited circumstances where New Valley is a direct guarantor under the loan documents), the real estate underlying the applicable project is expected to be sufficient to largely repay any guaranteed obligation (although a lender need not necessarily resort to foreclosing on the real estate before seeking recourse under a loan guarantee). New Valley has no additional capital commitments as of December 31, 2021.

Pursuant to Rule 4-08(g), the following summarized financial data for unconsolidated subsidiaries includes information for the following: Other Condominium and Mixed Use Development, Apartment Buildings, Hotels, Commercial and Other.


	Year Ended December 31,
	2021		2020		2019
Income Statements
Revenue	$	301,703	$	386,859	$	208,767
Cost of goods sold	317,894		302,234		76,162
Other expenses	117,985		270,642		149,014
Loss from continuing operations	$	(134,176)	$	(186,017)	$	(16,409)


	December 31, 2021		December 31, 2020

Balance Sheets
Investment in real estate	$	1,434,205	$	4,465,118
Total assets	1,513,581		4,551,788
Total debt	1,107,366		3,569,361
Total liabilities	1,284,579		3,921,492
Non-controlling interest	63,781		83,807


	December 31, 2021		December 31, 2020

Balance Sheets
Investment in real estate	$	—	$	544,610
Total assets	6,780		563,523
Total debt	—		392,324
Total liabilities	131		399,269
Non-controlling interest	4,990		123,273


	Year Ended December 31,
	2021		2020		2019
Income Statements
Revenue	$	42,549	$	130,742	$	147,446
Cost of goods sold	3,671		2,671		5,399
Other expenses	201,211		256,973		220,045
Loss from continuing operations	$	(162,333)	$	(128,902)	$	(77,998)


	December 31, 2021		December 31, 2020

Balance Sheets
Investment in real estate	$	1,553,911	$	1,489,085
Total assets	1,631,664		1,575,800
Total debt	1,110,700		1,071,445
Total liabilities	1,213,044		1,143,419
Non-controlling interest	412,165		427,439


	Year Ended December 31,
	2021		2020		2019
Income Statements
Revenue	$	1,662	$	7,911	$	7,821

Equity in (losses) earnings	24,383		(13,671)		24,159
Other expenses	1,412		4,740		7,724
Income (loss) from continuing operations	$	24,633	$	(10,500)	$	24,256


	Year Ended December 31,
	2021		2020		2019
Income Statements
Revenue	$	180,092	$	571	$	390,478
Cost of Goods Sold	—		—		220,316
Other expenses	303,352		48,633		155,257
(Loss) income from continuing operations	$	(123,260)	$	(48,062)	$	14,905


	December 31, 2021		December 31, 2020

Balance Sheets
Investment in real estate	$	392,754	$	1,216,819
Total assets	444,520		1,237,794
Total debt	227,724		722,930
Total liabilities	233,329		903,196
Non-controlling interest	152,775		272,196

Escena. In March 2008, a wholly owned subsidiary of New Valley purchased a loan collateralized by a substantial portion of a 450-acre approved master planned community in Palm Springs, California known as “Escena.” In April 2009, New Valley completed the foreclosure process and took title to the collateral. The project consists of 615 residential lots with site and public infrastructure, an 18-hole golf course, a completed clubhouse, and a seven-acre site approved for a 450-room hotel.


	December 31, 2021		December 31, 2020
Land and land improvements	$	8,520	$	8,911
Building and building improvements	1,926		1,926
Other	1,643		1,672
	12,089		12,509
Less accumulated depreciation	(2,991)		(2,774)
	$	9,098	$	9,735

Investment in Sagaponack. In April 2015, New Valley invested $12,502 in a residential real estate project located in Sagaponack, NY. In August 2020, New Valley sold the project for $20,500 and recognized the revenue in accordance with the

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 consolidated statements of operations.

Real Estate Market Conditions. Because of the risks and uncertainties of the real estate markets, the Company will continue to perform additional assessments to determine the impact of the markets, if any, on the Company’s consolidated financial statements. Thus, future impairment charges may occur.