XML 43 R31.htm IDEA: XBRL DOCUMENT v3.23.3

Investment In Unconsolidated Entities (Tables)

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The following table summarizes the statements of operations of the Great Park Venture for the nine months ended September 30, 2023 and 2022 (in thousands):

			Nine Months Ended September 30,
			2023						2022
Land sale and related party land sale revenues			$	372,472					$	39,020
Home sale revenues			—						40,475
Cost of land sales			(165,749)						(15,118)
Cost of home sales			—						(30,784)
Other costs and expenses			(37,204)						(53,251)
Net income (loss) of Great Park Venture			$	169,519					$	(19,658)
The Company’s share of net income (loss)			$	63,570					$	(7,372)
Basis difference (amortization) accretion, net			(10,498)						1,738
Equity in earnings (loss) from Great Park Venture			$	53,072					$	(5,634)

The following table summarizes the balance sheet data of the Great Park Venture and the Company’s investment balance as of September 30, 2023 and December 31, 2022 (in thousands):

			September 30, 2023						December 31, 2022
Inventories			$	435,499					$	605,893
Cash and cash equivalents			150,555						149,326
Contract assets, receivable and other assets			165,076						43,955
Total assets			$	751,130					$	799,174
Accounts payable and other liabilities			$	182,112					$	156,085
Redeemable Legacy Interests			40,705						66,254
Capital (Percentage Interest)			528,313						576,835
Total liabilities and capital			$	751,130					$	799,174
The Company’s share of capital in Great Park Venture			$	198,118					$	216,313
Unamortized basis difference			62,215						72,713
The Company’s investment in the Great Park Venture			$	260,333					$	289,026

The following table summarizes the statements of operations of the Gateway Commercial Venture for the nine months ended September 30, 2023 and 2022 (in thousands):

			Nine Months Ended September 30,
			2023						2022
Rental revenues			$	6,329					$	6,248
Rental operating and other expenses			(2,875)						(2,147)
Depreciation and amortization			(2,982)						(2,966)
Interest expense			(1,829)						(1,006)
Net (loss) income of Gateway Commercial Venture			$	(1,357)					$	129
Equity in (loss) earnings from Gateway Commercial Venture			$	(1,018)					$	97

The following table summarizes the balance sheet data of the Gateway Commercial Venture and the Company’s investment balance as of September 30, 2023 and December 31, 2022 (in thousands):

			September 30, 2023						December 31, 2022
Real estate and related intangible assets, net			$	79,811					$	82,797
Cash and restricted cash			5,843						4,244
Other assets			3,468						4,588
Total assets			$	89,122					$	91,629
Notes payable, net			$	28,902					$	29,418
Other liabilities			7,317						7,951
Members’ capital			52,903						54,260
Total liabilities and capital			$	89,122					$	91,629
The Company’s investment in the Gateway Commercial Venture			$	39,677					$	40,695

X

- References

No definition available.

+ Details

Name:	us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

+ Details

Name:	us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration