Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Equity Method Investments [Line Items]

Joint Venture Impairment [Table Text Block]

The table below summarizes inventory impairments recorded by our unconsolidated joint ventures during the years ended December 31, 2018, 2017 and 2016:

	Year Ended December 31,
	2018		2017		2016
	(Dollars in thousands)
Joint venture impairments related to:
Homebuilding joint ventures	$	—	$	—	$	—
Land development joint ventures	28,776		—		—
Total joint venture impairments	$	28,776	$	—	$	—
Number of projects impaired during the year	1		—		—
Total number of projects included in unconsolidated joint ventures and reviewed for impairment during the year	10		10		13

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 were as follows:

	Year Ended December 31,
	2018			2017			2016
	(Dollars in thousands)
Revenues	$	181,623		$	147,447		$	233,219
Cost of sales and expenses	209,527			147,976			207,028
Net income (loss) of unconsolidated joint ventures	$	(27,904	)	$	(529	)	$	26,191
Equity in net income (loss) of unconsolidated joint ventures reflected in the accompanying consolidated statements of operations	$	(19,653	)	$	866		$	7,691

For the year ended December 31, 2018, the loss allocation from the Company's TNHC Russell Ranch LLC ("Russell Ranch") unconsolidated joint venture exceeded 20% of the Company's consolidated net loss. As a smaller reporting company, we are not subject to the provisions of Rule 3-09 of Regulation S-X, however, the table below presents select financial information for the Russell Ranch joint venture as prescribed by Rule 8-03(b)(3) of Regulation S-X:

	Year Ended December 31,
	2018			2017			2016
	(Dollars in thousands)
Revenues	$	24,632		$	—		$	—
Cost of sales:
Land sales	24,510			—			—
Inventory impairments	28,776			—			—
Gross Margin	(28,654		)	—			—
Expenses	(1,149		)	(920		)	(361		)
Net loss	$	(29,803	)	$	(920	)	$	(361	)
Equity in net income (loss) of unconsolidated joint ventures reflected in the accompanying consolidated statements of operations (1)	$	(20,219	)	$	(372	)	$	(264	)

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

	December 31,
	2018			2017
	(Dollars in thousands)
Cash and cash equivalents	$	45,945		$	30,017
Restricted cash	19,205			15,041
Real estate inventories	374,607			396,850
Other assets	4,231			3,942
Total assets	$	443,988		$	445,850
Accounts payable and accrued liabilities	$	43,158		$	34,959
Notes payable	71,299			78,341
Total liabilities	114,457			113,300
The New Home Company's equity	33,617			50,523
Other partners' equity	295,914			282,027
Total equity	329,531			332,550
Total liabilities and equity	$	443,988		$	445,850
Debt-to-capitalization ratio	17.8		%	19.1		%
Debt-to-equity ratio	21.6		%	23.6		%