INVESTMENTS IN UNCONSOLIDATED ENTITIES

9 Months Ended

Sep. 30, 2017

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS IN UNCONSOLIDATED ENTITIES

INVESTMENTS IN UNCONSOLIDATED ENTITIES

We have investments 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. 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.

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, 2017		December 31, 2016
Assets:
Real estate inventory	$	736,746	$	614,441
Other assets	122,036		171,216
Total assets	$	858,782	$	785,657
Liabilities and owners’ equity:
Debt	$	298,347	$	277,934
Other liabilities	25,585		22,603
Total liabilities	323,932		300,537
Owners’ equity:
TMHC	184,817		157,909
Others	350,033		327,211
Total owners’ equity	534,850		485,120
Total liabilities and owners’ equity	$	858,782	$	785,657

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Revenues	$	60,020		$	45,219		$	147,273		$	94,881
Costs and expenses	(47,505		)	(38,618		)	(118,546		)	(78,838		)
Income of unconsolidated entities	$	12,515		$	6,601		$	28,727		$	16,043
TMHC’s share in income of unconsolidated entities	$	2,787		$	1,646		$	6,943		$	4,734
Distributions from unconsolidated entities	$	2,098		$	2,755		$	8,889		$	6,084