Annual report pursuant to Section 13 and 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
Dec. 31, 2017
Dec. 31, 2016
Assets:    
Cash $ 8,942 $ 7,446
Real estate 55,552 54,319
Other assets 4,323 6,461
Total assets 68,817 68,226
Liabilities and equity:    
Accounts payable and other liabilities 7,516 7,339
Notes and mortgages payable 25,194 23,000
Equity of:    
Meritage [1] 14,521 14,245
Other 21,586 23,642
Total liabilities and equity $ 68,817 $ 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 reflected 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. As discussed in Note 2 to these consolidated financial statements, the balances above do not include $517,000, $130,000 and $445,000 of capitalized interest that is a component of our investment balances at December 31, 2017, 2016 and 2015, respectively.