INVESTMENTS IN UNCONSOLIDATED ENTITIES

9 Months Ended

Sep. 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
	September 30, 2018		December 31, 2017
Assets:
Real estate inventory	$	558,871	$	627,841
Other assets	120,185		138,341
Total assets	$	679,056	$	766,182
Liabilities and owners’ equity:
Debt	$	173,932	$	193,770
Other liabilities	16,431		27,556
Total liabilities	190,363		221,326
Owners’ equity:
TMHC	179,249		192,364
Others	309,444		352,492
Total owners’ equity	488,693		544,856
Total liabilities and owners’ equity	$	679,056	$	766,182

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Revenues	$	95,085		$	60,020		$	264,624		$	147,273
Costs and expenses	(84,409		)	(47,505		)	(227,061		)	(118,546		)
Income of unconsolidated entities	$	10,676		$	12,515		$	37,563		$	28,727
TMHC’s share in income of unconsolidated entities	$	2,514		$	2,787		$	9,777		$	6,943
Distributions from unconsolidated entities	$	13,176		$	2,098		$	26,439		$	8,889