3.	Joint Ventures

On a limited basis, NVR also obtains finished lots using joint venture limited liability corporations (“JVs”). All JVs are typically structured such that NVR is a non-controlling member and is at risk only for the amount the Company has invested, in addition to any deposits placed under fixed price purchase agreements with the JV. NVR is not a borrower, guarantor or obligor on any debt of the JVs, as applicable. The Company enters into a standard fixed price purchase agreement to purchase lots from these JVs, and as a result has a variable interest in these JVs.

At June 30, 2013, the Company had an aggregate investment totaling approximately $90,800 in three JVs that are expected to produce approximately 7,500 finished lots, of which approximately 2,700 were not under contract with NVR. During the first quarter of 2013, NVR invested an additional $11,000 in the Company’s existing joint venture with Morgan Stanley Real Estate Investing. The Company has determined that it is not the primary beneficiary of two of the JVs because NVR and the other JV partner either share power or the other JV partner has the controlling financial interest. The aggregate investment in these two JVs was approximately $84,500 and is reported in the “Other assets, net” line item on the accompanying condensed consolidated balance sheets. For the remaining JV, NVR has concluded that it is the primary beneficiary because the Company has the controlling financial interest in the JV. Accordingly, NVR consolidates this JV. The condensed balance sheets at June 30, 2013 and December 31, 2012, of the consolidated JV were as follows:


	June 30, 2013		December 31, 2012
Cash	$	1,159	$	906
Restricted cash		421		505
Other assets		855		833
Land under development		7,774		13,382

Total assets	$	10,209	$	15,626

Debt	$	1,604	$	4,574
Accrued expenses		778		935
Equity		7,827		10,117

Total liabilities and equity	$	10,209	$	15,626