Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2015

Equity Method Investments and Joint Ventures [Abstract]

As of June 30, 2015 and December 31, 2014, the Company had ownership interests in 13 and 12, respectively, unconsolidated joint ventures with ownership percentages that generally range from 5% to 50%. The condensed combined balance sheets for our unconsolidated joint ventures accounted for under the equity method are as follows:



	June 30,		December 31,
	2015		2014
Cash and cash equivalents	$	44,618,686	$	45,036,567
Restricted cash	11,045,493		14,981,059
Real estate inventories	486,581,358		459,770,310
Other assets	4,286,945		1,822,429
Total assets	$	546,532,482	$	521,610,365

Accounts payable and accrued liabilities	$	63,855,572	$	52,601,452
Notes payable	116,650,660		87,994,263
Total liabilities	$	180,506,232	$	140,595,715
The Company's equity	58,405,196		60,564,033
Other partners' equity	307,621,054		320,450,617
Total equity	366,026,250		381,014,650
Total liabilities and equity	$	546,532,482	$	521,610,365

The condensed combined statements of operations for our unconsolidated joint ventures accounted for under the equity method are as follows:



	Three months ended June 30,				Six months ended June 30,
	2015		2014		2015		2014
Revenues	$	58,185,575	$	30,946,840	$	139,409,520	$	52,446,679
Cost of sales	45,486,038		24,343,988		109,283,713		40,163,141
Gross profit	12,699,537		6,602,852		30,125,807		12,283,538
Operating expenses	5,063,208		3,651,728		11,723,304		7,144,496
Net income of unconsolidated joint ventures	$	7,636,329	$	2,951,124	$	18,402,503	$	5,139,042
Equity in net income of unconsolidated joint ventures reflected in the accompanying consolidated statements of operations	$	3,256,023	$	171,508	$	5,123,922	$	944,728

The Company has entered into agreements with its unconsolidated joint ventures to provide management services related to the underlying projects (collectively referred to as the “Management Agreements”). Pursuant to the Management Agreements, the Company receives a management fee based on each project’s revenues from its unconsolidated joint ventures. For the three and six months ended June 30, 2015 and 2014, the Company earned $2.1 million, $5.1 million, $1.6 million and $3.3 million, respectively, in management fees, which have been recorded as fee building revenues in the accompanying consolidated statements of operations.

On June 29, 2015, the Company formed a new unconsolidated joint venture and received capital credit in excess of our contributed land basis. As a result, the Company recognized $1.6 million in equity in net income of unconsolidated joint ventures and deferred $0.4 million in profit from unconsolidated joint ventures related to this transaction.