Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

5. Unconsolidated Joint Ventures

As of December 31, 2015 and 2014, the Company had ownership interests in 14 and 12, respectively, unconsolidated joint ventures with ownership percentages that generally range from 5% to 35%. The condensed combined balance sheets for our unconsolidated joint ventures accounted for under the equity method are as follows:



	December 31,
	2015			2014
	(Dollars in thousands)
Cash and cash equivalents	$	53,936		$	45,037
Restricted cash	12,279			14,981
Real estate inventories	415,730			459,770
Other assets	3,972			1,822
Total assets	$	485,917		$	521,610

Accounts payable and accrued liabilities	$	57,813		$	52,601
Notes payable	94,890			87,994
Total liabilities	152,703			140,595
The Company's equity	60,572			60,564
Other partners' equity	272,642			320,451
Total equity	333,214			381,015
Total liabilities and equity	$	485,917		$	521,610
Debt-to-capitalization ratio	22.2		%	18.8		%

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



	Year Ended December 31,
	2015		2014		2013
	(Dollars in thousands)
Revenues	$	409,881	$	271,385	$	183,710
Cost of sales	317,731		209,267		133,982
Gross margin	92,150		62,118		49,728
Operating expenses	26,956		20,944		14,294
Net income of unconsolidated joint ventures	$	65,194	$	41,174	$	35,434
Equity in net income of unconsolidated joint ventures reflected in the accompanying consolidated statements of operations	$	13,767	$	8,443	$	4,735

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 from its unconsolidated joint ventures based on each project’s revenues. For the years ended December 31, 2015, 2014 and 2013, the Company earned $12.4 million, $9.6 million, and $8.3 million, respectively, in management fees, which have been recorded as fee building revenues in the accompanying consolidated statements of operations.