Investments in and advances to unconsolidated joint ventures

3 Months Ended

Mar. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Unconsolidated Joint Ventures

Unconsolidated Joint Ventures

As of March 31, 2019 and December 31, 2018, the Company had ownership interests in 10 unconsolidated joint ventures with ownership percentages that generally ranged from 5% to 35%. The condensed combined balance sheets for our unconsolidated joint ventures accounted for under the equity method were as follows:

	March 31,			December 31,
	2019			2018
	(Dollars in thousands)
Cash and cash equivalents	$	32,186		$	45,945
Restricted cash	14,616			19,205
Real estate inventories	362,609			374,607
Other assets	5,329			4,231
Total assets	$	414,740		$	443,988
Accounts payable and accrued liabilities	$	37,794		$	43,158
Notes payable	61,271			71,299
Total liabilities	99,065			114,457
The New Home Company's equity	32,362			33,617
Other partners' equity	283,313			295,914
Total equity	315,675			329,531
Total liabilities and equity	$	414,740		$	443,988
Debt-to-capitalization ratio	16.3		%	17.8		%
Debt-to-equity ratio	19.4		%	21.6		%

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

	Three Months Ended March 31,
	2019		2018
	(Dollars in thousands)
Revenues	$	42,287	$	32,013
Cost of sales and expenses	41,774		31,209
Net income of unconsolidated joint ventures	$	513	$	804
Equity in net income of unconsolidated joint ventures reflected in the accompanying condensed consolidated statements of operations	$	184	$	335

For the three months ended March 31, 2019 and 2018, the Company earned $0.5 million and $1.0 million respectively, in management fees from its unconsolidated joint ventures. For additional detail regarding management fees, please see Note 12 - "Related Party Transactions."