Annual report pursuant to Section 13 and 15(d)

Real Estate

v3.20.4
Real Estate
12 Months Ended
Dec. 31, 2020
Real Estate [Abstract]  
Real Estate

6.    Real Estate  



The Company’s real estate consisted of the following (in thousands):







 

 

 

 

 

 



 

December 31,

 

December 31,



 

2020

 

2019

Real estate held-for-sale

 

$

9,031 

 

 

11,297 

Real estate held-for-investment

 

 

5,992 

 

 

6,015 

Real estate inventory

 

 

40,777 

 

 

48,506 

Total real estate

 

$

55,800 

 

 

65,818 



During the year ended December 31, 2020, the Company sold various real estate assets that were classified as held-for-sale. As a result of these sales, the Company recognized total net gains on sales of real estate of $0.3 million and received aggregate net proceeds of $2.6 million.



During the year ended December 31, 2019, the Company sold various real estate assets that were classified as held-for-sale or held-for-investment, including its remaining land parcels located at PGA Station in Palm Beach Gardens, Florida and various land parcels located in Florida, as well as RoboVault, a self-storage facility in Fort Lauderdale, Florida that was previously classified in property and equipment. As a result of these sales, the Company recognized total net gains on sales of real estate of $13.6 million and received aggregate net proceeds of $35.2 million during the year ended December 31, 2019.



Impairment Testing



As a result of the COVID-19 pandemic and the related impact on the overall market, the Company evaluated various factors, including asset-specific factors, overall economic and market conditions, and concluded that, except as discussed in Note 7 in relation to certain of its investments in unconsolidated real estate joint ventures, there had not been a significant decline in the fair value of BBXRE’s real estate assets during the year ended December 31, 2020 that required the Company to recognize any material impairment losses. As part of this evaluation, the Company considered the excess of the expected profits associated with BBXRE’s real estate assets in relation to their carrying amounts. sales at BBXRE’s single-family home developments (which have returned to pre-pandemic levels), indications that there has not to date been a significant decline in sales prices for single-family homes, and appraisals of certain of its real estate held-for-sale and held-for-investment.

 

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