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 March 31, 2014, the Company had an aggregate investment totaling approximately $86,300 in four JVs that are expected to produce approximately 9,200 finished lots, of which approximately 3,400 were not under contract with NVR. The Company has determined that it is not the primary beneficiary of three 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 three JVs was approximately $83,600 and is reported in the “Other assets” 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 March 31, 2014 and December 31, 2013, of the consolidated JV were as follows:


	March 31, 2014		December 31, 2013
Cash	$	784	$	668
Restricted cash		208		248
Other assets		490		542
Land under development		5,106		5,810

Total assets	$	6,588	$	7,268

Debt	$	2,153	$	3,365
Accrued expenses		760		862
Equity		3,675		3,041

Total liabilities and equity	$	6,588	$	7,268