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, 2015
Dec. 31, 2014
Assets:    
Cash $ 7,888 $ 6,471
Real estate 33,366 34,435
Other assets 4,514 2,990
Total assets 45,768 43,896
Liabilities and equity:    
Accounts payable and other liabilities 7,331 5,994
Notes and mortgages payable 13,345 13,346
Equity of:    
Meritage [1] 8,194 7,735
Other 16,898 16,821
Total liabilities and equity $ 45,768 $ 43,896
[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.