Quarterly report pursuant to Section 13 or 15(d)

Investments in Unconsolidated Entities (Tables)

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Investments in Unconsolidated Entities (Tables)
6 Months Ended
Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
Summarized condensed financial information related to unconsolidated joint ventures that are accounted for using the equity method was as follows (in thousands):
 
At June 30, 2015
 
At December 31, 2014
Assets:
 
 
 
Cash
$
5,743

 
$
6,471

Real estate
33,902

 
34,435

Other assets
3,947

 
2,990

Total assets
$
43,592

 
$
43,896

Liabilities and equity:
 
 
 
Accounts payable and other liabilities
$
5,609

 
$
5,994

Notes and mortgages payable
13,345

 
13,346

Equity of:
 
 
 
Meritage (1)
7,980

 
7,735

Other
16,658

 
16,821

Total liabilities and equity
$
43,592

 
$
43,896


 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Revenue
$
8,413

 
$
6,614

 
$
15,154

 
$
11,923

Costs and expenses
(4,213
)
 
(3,112
)
 
(7,408
)
 
(5,865
)
Net earnings of unconsolidated entities
$
4,200

 
$
3,502

 
$
7,746

 
$
6,058

Meritage’s share of pre-tax earnings (1) (2)
$
2,588

 
$
2,236

 
$
5,009

 
$
4,268


(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.
(2)
Our share of pre-tax earnings is recorded in Earnings from financial services unconsolidated entities and other, net and Loss from other unconsolidated entities, net on our consolidated income statements and excludes joint venture profit related to lots we purchased from the joint ventures. Such profit is deferred until homes are delivered by us and title passes to a homebuyer.