Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2016

Equity Method Investments and Joint Ventures [Abstract]

Schedule of summarized financial information of unconsolidated joint ventures

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,
	2016		2015		2016		2015
	(Dollars in thousands)
Revenues	$	70,104	$	58,186	$	112,061	$	139,410
Cost of sales	53,860		45,486		89,764		109,284
Gross margin	16,244		12,700		22,297		30,126
Operating expenses	6,049		5,063		9,961		11,723
Net income of unconsolidated joint ventures	$	10,195	$	7,637	$	12,336	$	18,403
Equity in net income of unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations	$	3,947	$	3,256	$	3,940	$	5,124

The condensed combined balance sheets for our unconsolidated joint ventures accounted for under the equity method are as follows:

	June 30,			December 31,
	2016			2015
	(Dollars in thousands)
Cash and cash equivalents	$	48,634		$	53,936
Restricted cash	12,069			12,279
Real estate inventories	399,945			415,730
Other assets	936			3,972
Total assets	$	461,584		$	485,917
Accounts payable and accrued liabilities	$	38,539		$	57,813
Notes payable	111,541			94,890
Total liabilities	150,080			152,703
The New Home Company's equity	47,353			60,572
Other partners' equity	264,151			272,642
Total equity	311,504			333,214
Total liabilities and equity	$	461,584		$	485,917
Debt-to-capitalization ratio	26.4		%	22.2		%