Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Summary of Condensed Financial Information Related to Unconsolidated Equity Method Joint Ventures, Assets Liabilities and Equity (Details)

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INVESTMENTS IN UNCONSOLIDATED ENTITIES - Summary of Condensed Financial Information Related to Unconsolidated Equity Method Joint Ventures, Assets Liabilities and Equity (Details) - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Assets:    
Cash $ 7,807 $ 7,446
Real estate 53,172 54,319
Other assets 4,572 6,461
Total assets 65,551 68,226
Liabilities and equity:    
Accounts payable and other liabilities 5,679 7,339
Notes and mortgages payable 23,887 23,000
Equity of:    
Meritage [1] 14,430 14,245
Other 21,555 23,642
Total liabilities and equity $ 65,551 $ 68,226
[1] Balance represents Meritage’s interest, as reflected in the financial records of the respective joint ventures. This balance may differ from the balance reported in our consolidated financial statements due to the following reconciling items: (i) timing differences for revenue and distributions recognition, (ii) step-up basis and corresponding amortization, (iii) capitalization of interest on qualified assets, (iv) income deferrals as discussed in Note (2) below and (v) the cessation of allocation of losses from joint ventures in which we have previously written down our investment balance to zero and where we have no commitment to fund additional losses.