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Investment in Unconsolidated Ventures | 12 Months Ended
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Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Ventures | Investment in Unconsolidated Ventures We participate in real estate ventures for the purpose of acquiring and developing residential, multifamily and mixed-use communities in which we may or may not have a controlling financial interest. U.S. GAAP requires consolidation of Variable Interest Entities (VIEs) in which an enterprise has a controlling financial interest and is the primary beneficiary. A controlling financial interest will have both of the following characteristics: (a) the power to direct the VIE activities that most significantly impact economic performance and (b) the obligation to absorb the VIE losses and right to receive benefits that are significant to the VIE. We examine specific criteria and use judgment when determining whether a venture is a VIE and whether we are the primary beneficiary. We perform this review initially at the time we enter into venture agreements and reassess upon reconsideration events. At year-end 2016, we had ownership interests in 16 ventures that we accounted for using the equity method, none of which are a VIE. In 2016, we sold our interest in FMF Peakview LLC (360 0), a 304-unit multifamily joint venture near Denver, generating $13,917,000 in net proceeds and recognized a gain of $10,363,000 which is included in gain on sale of assets. Combined summarized balance sheet information for our ventures accounted for using the equity method follows:
| Venture Assets |  | Venture Borrowings (a) |  | Venture Equity |  | Our Investment
| At Year-End
| 2016 |  | 2015 |  | 2016 |  | 2015 |  | 2016 |  | 2015 |  | 2016 |  | 2015
| (In thousands)
242, LLC (b) | $ | 26,503 |  |  | $ | 26,687 |  |  | $ | 1,107 |  |  | $ | — |  |  | $ | 23,136 |  |  | $ | 24,877 |  |  | $ | 10,934 |  |  | $ | 11,766 |
CL Ashton Woods, LP (c) | 2,653 |  |  | 7,654 |  |  | — |  |  | — |  |  | 2,198 |  |  | 6,084 |  |  | 1,107 |  |  | 3,615 |
CL Realty, LLC | 8,048 |  |  | 7,872 |  |  | — |  |  | — |  |  | 7,899 |  |  | 7,662 |  |  | 3,950 |  |  | 3,831 |
CREA FMF Nashville LLC (b) | 56,081 |  |  | 57,820 |  |  | 37,446 |  |  | 50,845 |  |  | 17,091 |  |  | 4,291 |  |  | 4,923 |  |  | 3,820 |
Elan 99, LLC | 49,652 |  |  | 34,192 |  |  | 36,238 |  |  | 14,587 |  |  | 13,100 |  |  | 15,838 |  |  | 11,790 |  |  | 14,255 |
FMF Littleton LLC | 70,282 |  |  | 52,376 |  |  | 44,446 |  |  | 22,347 |  |  | 23,798 |  |  | 24,370 |  |  | 6,128 |  |  | 6,270 |
FMF Peakview LLC | — |  |  | 48,869 |  |  | — |  |  | 30,485 |  |  | — |  |  | 16,828 |  |  | — |  |  | 3,447 |
FOR/SR Forsyth LLC | 10,672 |  |  | 6,500 |  |  | 1,568 |  |  | — |  |  | 8,990 |  |  | 6,500 |  |  | 8,091 |  |  | 5,850 |
HM Stonewall Estates, Ltd (c) | 852 |  |  | 2,842 |  |  | — |  |  | — |  |  | 852 |  |  | 2,842 |  |  | 477 |  |  | 1,294 |
LM Land Holdings, LP (c) | 25,538 |  |  | 31,984 |  |  | 3,477 |  |  | 7,728 |  |  | 20,945 |  |  | 22,751 |  |  | 9,685 |  |  | 9,664 |
MRECV DT Holdings LLC | 4,155 |  |  | 4,215 |  |  | — |  |  | — |  |  | 4,144 |  |  | 4,215 |  |  | 3,729 |  |  | 3,807 |
MRECV Edelweiss LLC | 3,484 |  |  | 2,237 |  |  | — |  |  | — |  |  | 3,484 |  |  | 2,237 |  |  | 3,358 |  |  | 2,029 |
MRECV Juniper Ridge LLC | 4,156 |  |  | 3,006 |  |  | — |  |  | — |  |  | 4,156 |  |  | 3,006 |  |  | 3,741 |  |  | 2,730 |
MRECV Meadow Crossing II LLC | 2,492 |  |  | 728 |  |  | — |  |  | — |  |  | 2,491 |  |  | 728 |  |  | 2,242 |  |  | 655 |
Miramonte Boulder Pass, LLC | 10,738 |  |  | 12,627 |  |  | 4,006 |  |  | 5,869 |  |  | 5,265 |  |  | 5,474 |  |  | 5,330 |  |  | 5,349 |
Temco Associates, LLC | 4,368 |  |  | 5,284 |  |  | — |  |  | — |  |  | 4,253 |  |  | 5,113 |  |  | 2,126 |  |  | 2,557 |
Other ventures (d) | — |  |  | 4,174 |  |  | — |  |  | 2,242 |  |  | — |  |  | 1,922 |  |  | — |  |  | 1,514 |
| $ | 279,674 |  |  | $ | 309,067 |  |  | $ | 128,288 |  |  | $ | 134,103 |  |  | $ | 141,802 |  |  | $ | 154,738 |  |  | $ | 77,611 |  |  | $ | 82,453 |
Combined summarized income statement information for our ventures accounted for using the equity method follows:
| Revenues |  | Earnings (Loss) |  | Our Share of Earnings (Loss)
| For the Year
| 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
| (In thousands)
242, LLC (b) | $ | 5,835 |  |  | $ | 20,995 |  |  | $ | 5,612 |  |  | $ | 1,259 |  |  | $ | 9,588 |  |  | $ | 2,951 |  |  | $ | 668 |  |  | $ | 4,919 |  |  | $ | 1,514 |
CL Ashton Woods, LP (c) | 2,870 |  |  | 9,820 |  |  | 5,431 |  |  | 914 |  |  | 3,881 |  |  | 1,748 |  |  | 1,332 |  |  | 5,000 |  |  | 2,471 |
CL Realty, LLC | 567 |  |  | 856 |  |  | 1,573 |  |  | 237 |  |  | 424 |  |  | 1,068 |  |  | 119 |  |  | 212 |  |  | 534 |
CREA FMF Nashville LLC (b) (d) | 4,955 |  |  | 1,227 |  |  | — |  |  | (1,420 | ) |  | (1,696 | ) |  | (163 | ) |  | 1,103 |  |  | (1,696 | ) |  | (163 | )
Elan 99, LLC | 1,392 |  |  | — |  |  | — |  |  | (2,739 | ) |  | (49 | ) |  | (87 | ) |  | (2,465 | ) |  | (44 | ) |  | (78 | )
FMF Littleton LLC | 3,116 |  |  | 120 |  |  | — |  |  | (571 | ) |  | (367 | ) |  | (239 | ) |  | (143 | ) |  | (92 | ) |  | (60 | )
FMF Peakview LLC | 939 |  |  | 2,057 |  |  | 4 |  |  | (248 | ) |  | (1,116 | ) |  | (410 | ) |  | (50 | ) |  | (223 | ) |  | (83 | )
FOR/SR Forsyth LLC | — |  |  | — |  |  |  |  |  | (65 | ) |  | — |  |  |  |  |  | (58 | ) |  | — |  |  |  |
HM Stonewall Estates, Ltd. (c) | 2,112 |  |  | 3,990 |  |  | 1,728 |  |  | 832 |  |  | 1,881 |  |  | 613 |  |  | 361 |  |  | 952 |  |  | 248 |
LM Land Holdings, LP (c) | 10,001 |  |  | 10,956 |  |  | 21,980 |  |  | 7,288 |  |  | 8,251 |  |  | 15,520 |  |  | 2,458 |  |  | 3,342 |  |  | 4,827 |
MRECV DT Holdings LLC | 495 |  |  | — |  |  |  |  |  | 477 |  |  | 167 |  |  |  |  |  | 429 |  |  | — |  |  |  |
MRECV Edelweiss LLC | 416 |  |  | — |  |  |  |  |  | 409 |  |  | 151 |  |  |  |  |  | 368 |  |  | 137 |  |  |  |
MRECV Juniper Ridge LLC | 379 |  |  | — |  |  |  |  |  | 380 |  |  | 106 |  |  |  |  |  | 342 |  |  | — |  |  |  |
MRECV Meadow Crossing II LLC | 267 |  |  | — |  |  | — |  |  | 220 |  |  | — |  |  | — |  |  | 198 |  |  | — |  |  | — |
Miramonte Boulder Pass, LLC | 4,923 |  |  | — |  |  |  |  |  | (399 | ) |  | (250 | ) |  |  |  |  | (200 | ) |  | (125 | ) |  |  |
PSW Communities, LP | — |  |  | 29,986 |  |  | — |  |  | — |  |  | 2,688 |  |  | (86 | ) |  | — |  |  | 1,169 |  |  | (76 | )
TEMCO Associates, LLC | 1,344 |  |  | 9,485 |  |  | 2,155 |  |  | 440 |  |  | 2,358 |  |  | 494 |  |  | 220 |  |  | 1,179 |  |  | 247 |
Other ventures | 6,519 |  |  | 36,237 |  |  | 3,960 |  |  | 2,105 |  |  | 33,303 |  |  | 3,879 |  |  | 1,441 |  |  | 1,278 |  |  | (696 | )
| $ | 46,130 |  |  | $ | 125,729 |  |  | $ | 42,443 |  |  | $ | 9,119 |  |  | $ | 59,320 |  |  | $ | 25,288 |  |  | $ | 6,123 |  |  | $ | 16,008 |  |  | $ | 8,685 |
_____________________
(a) | Total includes current maturities of $89,756,000 at year-end 2016, of which $78,557,000 is non-recourse to us, and $39,590,000 at year-end 2015, of which $29,691,000 is non-recourse to us.
(b) | Includes unamortized deferred gains on real estate contributed by us to ventures. We recognize deferred gains as income as real estate is sold to third parties. Deferred gains of $1,457,000 are reflected as a reduction to our investment in unconsolidated ventures at year-end 2016.
(c) | Includes unrecognized basis difference of $259,000 which is reflected as an increase of our investment in unconsolidated ventures at year-end 2016. This difference between estimated fair value of the equity investment and our capital account within the respective ventures at closing will be accreted as income or expense over the life of the investment and included in our share of earnings (loss) from the respective ventures.
(d) | Our share of venture earnings in 2016 includes reallocation of prior year cumulative losses incurred by the venture as a result of equity contribution by the venture partner in 2016.
In 2016, we invested $6,089,000 in these ventures and received $13,419,000 in distributions; in 2015, we invested $26,349,000 in these ventures and received $24,909,000 in distributions; and in 2014, we invested $14,692,000 in these ventures and received $7,518,000 in distributions. Distributions include both return of investments and distributions of earnings. We provide construction and development services for some of these ventures for which we receive fees. Fees for these services were $2,466,000 in 2016, $1,856,000 in 2015 and $2,275,000 in 2014, and are included in real estate revenues.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66011266&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32787-111569 + Details
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