Investments in Unconsolidated Entities

3 Months Ended

Mar. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

As of March 31, 2019, we held equity investments in four active homebuilding partnerships or limited liability companies and one financial services limited liability company. Our participation in these entities may be as a developer, a builder, or an investment partner. Our ownership percentage varies from 7% to 65%, depending on the investment, with no controlling interest held in any of these investments.

Unconsolidated Financial Information

Aggregated assets, liabilities and operating results of the entities we account for as equity-method investments are provided below. Because our ownership interest in these entities varies, a direct relationship does not exist between the information presented below and the amounts that are reflected on our consolidated balance sheets as our investments in unconsolidated entities or on our consolidated statements of operations as equity in income of unconsolidated entities.

Assets and liabilities of unconsolidated entities (in thousands):



	March 31, 2019		December 31, 2018
Assets
Cash	$	10,261	$	13,337
Receivables	3,358		4,674
Real estate inventories	100,986		99,864
Other assets	746		811
Total assets	$	115,351	$	118,686
Liabilities and equity
Accounts payable and other liabilities	$	6,930	$	11,631
Company’s equity	4,191		5,410
Outside interests’ equity	104,230		101,645
Total liabilities and equity	$	115,351	$	118,686

Results of operations from unconsolidated entities (in thousands):



	Three Months Ended March 31,
	2019			2018
Net sales	$	4,111		$	4,390
Other operating expense	(2,752		)	(3,287		)
Other income	8			63
Net income	$	1,367		$	1,166
Company’s equity in income of unconsolidated entities	$	750		$	534