INVESTMENTS IN UNCONSOLIDATED ENTITIES

6 Months Ended

Jun. 30, 2018

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/or 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
	June 30, 2018		December 31, 2017
Assets:
Real estate inventory	$	591,198	$	627,841
Other assets	145,205		138,341
Total assets	$	736,403	$	766,182
Liabilities and owners’ equity:
Debt	$	181,762	$	193,770
Other liabilities	26,527		27,556
Total liabilities	208,289		221,326
Owners’ equity:
TMHC	189,733		192,364
Others	338,381		352,492
Total owners’ equity	528,114		544,856
Total liabilities and owners’ equity	$	736,403	$	766,182

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Revenues	$	76,629		$	64,260		$	135,703		$	87,253
Costs and expenses	(61,485		)	(50,937		)	(108,817		)	(71,041		)
Income of unconsolidated entities	$	15,144		$	13,323		$	26,886		$	16,212
TMHC’s share in income of unconsolidated entities	$	4,017		$	3,071		$	7,263		$	4,156
Distributions from unconsolidated entities	$	12,230		$	5,052		$	13,263		$	6,791