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, 2018
Dec. 31, 2017
Assets:    
Cash $ 9,595 $ 8,942
Real estate 57,631 55,552
Other assets 3,644 4,323
Total assets 70,870 68,817
Liabilities and equity:    
Accounts payable and other liabilities 8,682 7,516
Notes and mortgages payable 26,808 25,194
Equity of:    
Meritage [1] 14,472 14,521
Other 20,908 21,586
Total liabilities and equity $ 70,870 $ 68,817
[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 $454,000, $517,000 and $130,000 of capitalized interest that is a component of our investment balances at December 31, 2018, 2017 and 2016, respectively.