Quarterly report pursuant to Section 13 or 15(d)

Note 4 -Investments in Unconsolidated Entities - Unconsolidated Joint Ventures (Details)

v3.22.2
Note 4 -Investments in Unconsolidated Entities - Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
Real estate $ 4,474,062       $ 4,474,062   $ 3,734,408  
Other assets 724,471       724,471   976,682  
Total assets 5,307,723       5,307,723   4,807,533  
Meritage (1) 3,412,469 $ 3,168,315 $ 2,628,144 $ 2,476,693 3,412,469 $ 2,628,144 3,044,389 $ 2,347,868
Total liabilities and stockholders’ equity 5,307,723       5,307,723   4,807,533  
Net earnings of unconsolidated entities 250,084 $ 217,254 167,389 $ 131,843 467,338 299,232    
Meritage’s share of pre-tax earnings (1) (2)         2,145 1,807    
Joint Ventures [Member]                
Meritage’s share of pre-tax earnings (1) (2) [1],[2] 1,208   1,057   2,192 1,807    
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]                
Cash 2,826       2,826   7,983  
Real estate 16,784       16,784   7,989  
Other assets 7,024       7,024   3,903  
Total assets 26,634       26,634   19,875  
Accounts payable and other liabilities 5,990       5,990   7,899  
Meritage (1) [1] 10,198       10,198   4,752  
Other 10,446       10,446   7,224  
Total liabilities and stockholders’ equity 26,634       26,634   $ 19,875  
Revenue 9,840   10,108   19,078 19,103    
Costs and expenses (7,936)   (8,404)   (16,208) (16,529)    
Net earnings of unconsolidated entities $ 1,904   $ 1,704   $ 2,870 $ 2,574    
[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 the accompanying unaudited 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.
[2] Our share of pre-tax earnings from our mortgage joint venture is recorded in Earnings from financial services unconsolidated entities and other, net on the accompanying unaudited consolidated income statements. Our share of pre-tax earnings from all other joint ventures is recorded in Other (expense)/income, net on the accompanying unaudited consolidated income statements and excludes joint venture profit related to lots we purchased from the joint ventures, if any. Such profit is deferred until homes are delivered by us and title passes to a homebuyer.