New Valley LLC (Tables)

9 Months Ended

Sep. 30, 2020

Real Estate [Abstract]

Investments in real estate ventures

The components of “Investments in real estate ventures” were as follows:

	Range of Ownership (1)	September 30, 2020		December 31, 2019
Condominium and Mixed Use Development:
New York City Standard Metropolitan Statistical Area (“SMSA”)	3.1% - 49.5%	$	36,252	$	51,078
All other U.S. areas	15.0% - 77.8%	41,403		55,842
		77,655		106,920
Hotels:
New York City SMSA	1.0% - 18.4%	2,892		2,462
International	49.0%	1,767		2,161
		4,659		4,623
Commercial:
New York City SMSA	49.0%	2,271		1,852
All other U.S. areas	1.6%	6,987		7,634
		9,258		9,486
Other:	15.0% - 49.0%	10,886		10,527
Investments in real estate ventures		$	102,458	$	131,556

______________________

(1) The Range of Ownership reflects New Valley’s estimated current ownership percentage. New Valley’s actual ownership percentage as well as the percentage of earnings and cash distributions may ultimately differ as a result of a number of factors including potential dilution, financing or admission of additional partners.

Contributions:

The components of New Valley’s contributions to its investments in real estate ventures were as follows:

	Nine Months Ended
	September 30,
	2020		2019
Condominium and Mixed Use Development:
New York City SMSA	$	1,169	$	21,760
All other U.S. areas	4,176		14,000
	5,345		35,760
Apartment Buildings:
All other U.S. areas	76		—
	76		—
Hotels:
New York City SMSA	294		172
	294		172
Other:	524		337
Total contributions	$	6,239	$	36,269

Distributions:

The components of distributions received by New Valley from its investments in real estate ventures were as follows:

	Nine Months Ended
	September 30,
	2020		2019
Condominium and Mixed Use Development:
New York City SMSA	$	1,735	$	3,380
All other U.S. areas	11,060		1,279
	12,795		4,659
Apartment Buildings:
All other U.S. areas	—		79
	—		79
Hotels:
New York City SMSA	—		21,572
	—		21,572
Commercial:
New York City SMSA	591		13
All other U.S. areas	113		160
	704		173
Other	26		8,088
Total distributions	$	13,525	$	34,571

Equity in (Losses) Earnings from Real Estate Ventures:

New Valley recognized equity in (losses) earnings from real estate ventures as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Condominium and Mixed Use Development:
New York City SMSA	$	(6,835)	$	2,099	$	(15,286)	$	(1,127)
All other U.S. areas (1)	(618)		4,600		(9,906)		2,234
	(7,453)		6,699		(25,192)		1,107
Apartment Buildings:
All other U.S. areas (1)	(208)		76		(284)		79
	(208)		76		(284)		79
Hotels:
New York City SMSA (1)	(1,119)		(102)		(1,768)		8,132
International	157		434		(394)		70
	(962)		332		(2,162)		8,202
Commercial:
New York City SMSA	783		(149)		1,010		114
All other U.S. areas	(519)		146		(534)		517
	264		(3)		476		631
Other:	(177)		946		(139)		1,983
Equity in (losses) earnings from real estate ventures	$	(8,536)	$	8,050	$	(27,301)	$	12,002

______________________

(1) The Company recognized a liability, classified in Other current liabilities, of $1,302 as a result of recording equity in losses in excess of the joint ventures' carrying value.

Maximum Exposure to Loss:

New Valley’s maximum exposure to loss from its investments in real estate ventures consisted of the net carrying value of the venture adjusted for any future capital commitments and/or guarantee arrangements. The maximum exposure to loss was as follows:

	September 30, 2020
Condominium and Mixed Use Development:
New York City SMSA	$	36,252
All other U.S. areas	41,403
	77,655
Hotels:
New York City SMSA	2,892
International	1,767
	4,659
Commercial:
New York City SMSA	2,271
All other U.S. areas	6,987
	9,258
Other	24,461
Total maximum exposure to loss	$	116,033

Investments in real estate, net

Investments in Real Estate, net:

The components of “Investments in real estate, net” were as follows:

	September 30, 2020		December 31, 2019
Escena, net	$	9,786	$	9,972
Sagaponack	—		18,345
Investments in real estate, net	$	9,786	$	28,317

Escena.  The assets of “Escena, net” were as follows:

	September 30, 2020		December 31, 2019
Land and land improvements	$	8,911	$	8,910
Building and building improvements	1,926		1,926
Other	1,670		1,659
	12,507		12,495
Less accumulated depreciation	(2,721)		(2,523)
	$	9,786	$	9,972