Investments in Unconsolidated Entities

3 Months Ended

Mar. 31, 2017

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
	March 31, 2017		December 31, 2016
Assets:
Real estate inventory	$	736,324	$	614,441
Other assets	127,566		171,216
Total assets	$	863,890	$	785,657
Liabilities and owners’ equity:
Debt	$	333,260	$	277,934
Other liabilities	18,004		22,603
Total liabilities	351,264		300,537
Owners’ equity:
TMHC	171,815		157,909
Others	340,811		327,211
Total owners’ equity	512,626		485,120
Total liabilities and owners’ equity	$	863,890	$	785,657

	Three Months Ended March 31,
	2017			2016
Revenues	$	22,994		$	12,620
Costs and expenses	(20,104		)	(10,110		)
Income of unconsolidated entities	$	2,890		$	2,510
TMHC’s share in income of unconsolidated entities	$	1,085		$	782
Distributions from unconsolidated entities	$	1,739		$	111

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.