Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2015

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 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