Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Summary of Condensed Financial Information Related to Unconsolidated Equity Method Joint Ventures, Assets Liabilities and Equity (Details)

v3.24.2
INVESTMENTS IN UNCONSOLIDATED ENTITIES - Summary of Condensed Financial Information Related to Unconsolidated Equity Method Joint Ventures, Assets Liabilities and Equity (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Assets                
Real estate $ 5,175,084   $ 5,175,084     $ 4,721,291    
Other assets 1,568,568   1,568,568     1,503,309    
Total assets 6,923,980   6,923,980     6,353,134    
Equity of:                
Meritage 4,882,534 $ 4,248,295 4,882,534 $ 4,248,295 $ 4,720,573 4,611,900 $ 4,067,210 $ 3,949,611
Total liabilities and stockholders’ equity 6,923,980   6,923,980     6,353,134    
Earnings/(loss) from financial services unconsolidated entities and other, net     2,627 2,882        
Unconsolidated entities                
Equity of:                
Earnings/(loss) from financial services unconsolidated entities and other, net 2,288 $ 2,611 3,741 $ 3,776        
Equity Method Investment, Nonconsolidated Investee                
Assets                
Real estate 39,924   39,924     28,395    
Other assets 5,491   5,491     6,514    
Total assets 49,254   49,254     38,455    
Liabilities and equity:                
Accounts payable and other liabilities 5,903   5,903     6,537    
Equity of:                
Meritage [1] 22,853   22,853     16,279    
Other 20,498   20,498     15,639    
Total liabilities and stockholders’ equity 49,254   49,254     38,455    
Cash 3,839   3,839     3,546    
Cash $ 3,839   $ 3,839     $ 3,546    
[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.