Investments In Unconsolidated Real Estate Joint Ventures

6 Months Ended

Jun. 30, 2016

Investments In Unconsolidated Real Estate Joint Ventures [Abstract]

Investments In Unconsolidated Real Estate Joint Ventures

3.     Investments in Unconsolidated Real Estate Joint Ventures

BBX Capital had the following investments in unconsolidated real estate joint ventures (in thousands):

		June 30,	December 31,
Investment in unconsolidated real estate joint ventures		2016	2015
Altis at Kendall Square, LLC	$	701	764
Altis at Lakeline - Austin Investors LLC		5,257	5,210
New Urban/BBX Development, LLC		775	864
Sunrise and Bayview Partners, LLC		1,570	1,577
Hialeah Communities, LLC		4,023	4,569
PGA Design Center Holdings, LLC		1,874	1,911
CCB Miramar, LLC		875	875
Centra Falls, LLC		700	727
The Addison on Millenia Investment, LLC		5,810	5,778
BBX/S Millenia Blvd Investments, LLC		4,933	4,905
Altis at Bonterra - Hialeah, LLC		15,902	15,782
Altis at Shingle Creek Manager, LLC		332	-
Investments in unconsolidated real estate joint ventures	$	42,752	42,962

BBX Capital’s investments in unconsolidated real estate joint ventures are unconsolidated variable interest entities. 

The amount of interest capitalized in investments in unconsolidated real estate joint ventures associated with joint venture real estate development activities for the three and six months ended June 30, 2016 was  $211,000 and $333,000, respectively and for the three and six months ended June 30, 2015 was $132,000 and $228,000, respectively.  

The condensed statements of operations for the three and six months ended June 30, 2016 and 2015 for all of the above listed equity method joint ventures in the aggregate were as follows (in thousands):

		For the Three Months Ended		For the Six Months Ended
		June 30,		June 30,
		2016	2015	2016	2015
Total revenues	$	5,063	658	6,254	1,037
Total costs and expenses		(3,171)	(1,317)	(5,027)	(2,388)
Net earnings (loss)	$	1,892	(659)	1,227	(1,351)
Equity in net earnings (losses) of unconsolidated real estate joint ventures	$	1,655	(291)	1,313	(595)

See Note 10 to the Consolidated Financial Statements included in the 2015 Annual Report for additional information on BBX Capital’s investments in unconsolidated real estate joint ventures.