XML 22 R11.htm IDEA: XBRL DOCUMENT v3.24.3
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES
Unconsolidated Entities
Summarized, unaudited condensed combined financial information of unconsolidated entities that are accounted for by the equity method are as follows (in thousands):
As of
September 30,
2024		December 31,
2023
Assets:
Real estate inventory$1,232,415 $952,223 
Other assets198,446 182,517 
Total assets$1,430,861 $1,134,740 
Liabilities and owners’ equity:
Debt$469,811 $317,224 
Other liabilities72,963 50,739 
Total liabilities$542,774 $367,963 
Owners’ equity:
TMHC$397,061 $346,192 
Others491,026 420,585 
Total owners’ equity$888,087 $766,777 
Total liabilities and owners’ equity$1,430,861 $1,134,740 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Revenues$65,075 $44,010 $228,227 $95,647 
Costs and expenses(63,094)(37,810)(212,450)(76,575)
Net income$1,981 $6,200 $15,777 $19,072 
TMHC’s share in net income of unconsolidated entities$707 $1,934 $6,086 $7,049 
Distributions to TMHC from unconsolidated entities$14,837 $2,226 $29,864 $8,110 
Consolidated Entities
As of September 30, 2024, assets of consolidated joint ventures totaled $256.5 million, of which $19.6 million was cash and cash equivalents, $74.0 million was owned real estate inventory, and $119.2 million was property and equipment, net (primarily related to Urban Form). The majority of this property and equipment balance is held for investment as of September 30, 2024. As of December 31, 2023, the assets of consolidated joint ventures totaled $265.2 million, of which $29.8 million was cash and cash equivalents, $70.2 million was owned real estate inventory, and $121.3 million was property and equipment, net (primarily related to Urban Form). The liabilities of the consolidated joint ventures totaled $79.9 million and $133.8 million as of September 30, 2024 and December 31, 2023, respectively, and were primarily comprised of loans payable and other borrowings, accounts payable and accrued expenses and other liabilities.