Investments in Unconsolidated Entities

9 Months Ended

Sep. 30, 2016

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Entities

INVESTMENTS IN UNCONSOLIDATED ENTITIES

We participate in a number of joint ventures with related and unrelated third parties, with ownership interests up to 50.0%. These entities are generally involved in real estate development, homebuilding and mortgage lending activities.

Summarized, unaudited combined financial information of unconsolidated entities that are accounted for by the equity method is as follows (in thousands):

	As of
	September 30, 2016		December 31, 2015
Assets:
Real estate inventory	$	609,133	$	586,359
Other assets	169,517		119,781
Total assets	$	778,650	$	706,140
Liabilities and owners’ equity:
Debt	$	288,470	$	273,769
Other liabilities	21,978		11,239
Total liabilities	310,448		285,008
Owners’ equity:
TMHC	151,606		128,448
Others	316,596		292,684
Total owners’ equity	468,202		421,132
Total liabilities and owners’ equity	$	778,650	$	706,140

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Revenues	$	45,219		$	2,206		$	94,881		$	19,430
Costs and expenses	(38,618		)	(2,242		)	(78,838		)	(15,980		)
Income of unconsolidated entities	$	6,601		$	(36	)	$	16,043		$	3,450
TMHC’s share in income/(loss) of unconsolidated entities	$	1,646		$	(120	)	$	4,734		$	1,408
Distributions from unconsolidated entities	$	2,755		$	442		$	6,084		$	8,736

We have investments in a number of joint ventures with related and unrelated parties to develop land and to develop housing communities, including for-sale residential homes. Some of these joint ventures develop land for the sole use of the joint venture participants, including us, and others develop land for sale to the joint venture participants and to unrelated builders. Our share of the joint venture profit relating to lots we purchase from the joint ventures is deferred until homes are delivered by us and title passes to a homebuyer.