Annual report pursuant to Section 13 and 15(d)

Investments In And Advances To Unconsolidated Real Estate Joint Ventures (Tables)

v3.20.4
Investments In And Advances To Unconsolidated Real Estate Joint Ventures (Tables)
12 Months Ended
Dec. 31, 2020
Business Acquisition [Line Items]  
Investments In Unconsolidated Real Estate Joint Ventures





 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

December 31,

 

 

 

 

December 31,



 

2020

 

Ownership(1)

 

2019

Altis Grand Central

 

$

2,287 

 

%

11.07 

 

$

2,653 

Altis Promenade

 

 

1,964 

 

 

6.61 

 

 

2,126 

Altis Bonterra

 

 

 —

 

 

96.73 

 

 

618 

Altis Ludlam Trial (2)

 

 

9,653 

 

 

33.30 

 

 

1,081 

Altis Grand at The Preserve (Suncoast)

 

 

1,086 

 

 

33.30 

 

 

753 

Altis Pembroke Gardens

 

 

310 

 

 

0.41 

 

 

1,277 

Altis Boca Raton

 

 

 —

 

 

0.42 

 

 

1,880 

Altis Wiregrass

 

 

163 

 

 

2.22 

 

 

1,792 

Altis Little Havana

 

 

844 

 

 

3.43 

 

 

811 

Altis Lake Willis (Vineland Pointe)

 

 

5,446 

 

 

50.00 

 

 

4,712 

Altis Miramar East/West

 

 

2,818 

 

 

5.00 

 

 

2,631 

The Altman Companies (3)

 

 

15,222 

 

 

50.00 

 

 

14,745 

ABBX Guaranty

 

 

3,750 

 

 

50.00 

 

 

3,750 

Bayview

 

 

1,563 

 

 

50.00 

 

 

1,562 

PGA Design Center

 

 

 —

 

 

40.00 

 

 

996 

Marbella

 

 

6,971 

 

 

70.00 

 

 

5,999 

Chapel Trail

 

 

153 

 

 

46.75 

 

 

1,126 

L03/212 Partners

 

 

2,462 

 

 

3.41 

 

 

2,087 

PGA Lender

 

 

 —

 

 

45.88 

 

 

2,111 

Sky Cove

 

 

3,287 

 

 

26.25 

 

 

4,178 

Other

 

 

31 

 

 

 

 

 

442 

Total

 

$

58,010 

 

 

 

 

$

57,330 



(1)

The Company’s ownership percentage in each real estate joint venture represents the Company’s percentage of the contributed capital in each venture. The operating agreements for many of these ventures provide for a disproportionate allocation of distributions to the extent that certain investors receive specified returns on their investments, and as a result, these percentages do not necessarily reflect the Company’s economic interest in the expected distributions from such ventures. 

(2)

Ownership percentage represents the Company's ownership of the managing member of the joint venture and excludes its preferred interest accounted for as a loan receivable from the joint venture.

(3)

The investment in The Altman Companies, LLC includes $2.3 million of transaction costs that were incurred in connection with the formation of the joint venture. See additional information below in this Note 7 regarding the Company’s acquisition of its interest in the Altman Companies, LLC.



The Altman Companies, LLC [Member]  
Business Acquisition [Line Items]  
Condensed Statements Of Financial Condition For Equity Method Joint Ventures



 

 

 

 

 

 



 

 

 

 

 

 



 

December 31,



 

2020

 

2019

Assets

 

 

 

 

 

 

Cash

 

$

3,100 

 

 

1,634 

Properties and equipment

 

 

363 

 

 

315 

Investment in unconsolidated subsidiaries

 

 

7,382 

 

 

6,353 

Goodwill

 

 

16,683 

 

 

16,683 

Due from related parties

 

 

2,306 

 

 

2,954 

Other assets

 

 

3,443 

 

 

209 

Total assets

 

$

33,277 

 

 

28,148 

Liabilities and Equity

 

 

 

 

 

 

Other liabilities

 

$

6,408 

 

 

2,719 

Total liabilities

 

 

6,408 

 

 

2,719 

Total equity

 

 

26,869 

 

 

25,429 

Total liabilities and equity

 

$

33,277 

 

 

28,148 



Condensed Statements Of Operations For Equity Method Joint Ventures



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

For the Years Ended December 31,



 

2020

 

2019

 

2018

Total revenues

 

$

8,700 

 

 

7,242 

 

 

362 

Other expenses

 

 

(10,670)

 

 

(9,493)

 

 

(652)

Operating loss

 

 

(1,970)

 

 

(2,251)

 

 

(290)

Equity in earnings (losses) from unconsolidated investment in Altman Glenewinkel Construction, LLC

 

 

1,737 

 

 

(913)

 

 

113 

Net loss

 

 

(233)

 

 

(3,164)

 

 

(177)

Equity in net (loss) earnings of unconsolidated real estate joint venture - The Altman Companies

 

$

(117)

 

 

(1,582)

 

 

(88)



Altis at Bonterra - Hialeah, LLC [Member]  
Business Acquisition [Line Items]  
Condensed Statements Of Financial Condition For Equity Method Joint Ventures



 

 

 

 

 

 



 

 

 

 

 

 



 

December 31,



 

2020

 

2019

Assets

 

 

 

 

 

 

Cash

 

$

 

 

855 

Restricted cash

 

 

 

 

559 

Real estate

 

 

 

 

 —

Other assets

 

 

 

 

 —

Total assets

 

$

 

 

1,414 

Liabilities and Equity

 

 

 

 

 

 

Notes payable

 

$

 

 

 —

Other liabilities

 

 

 

 

751 

Total liabilities

 

 

 

 

751 

Total equity

 

 

 

 

663 

Total liabilities and equity

 

$

 

 

1,414 



Condensed Statements Of Operations For Equity Method Joint Ventures



 

 

 

 

 

 

 

 

 



 

For the Years Ended December 31,



 

2020

 

2019

 

2018

Total revenues

 

$

 —

 

$

4,498 

 

 

6,510 

Gain on sale of real estate

 

 

 —

 

 

33,843 

 

 

 —

Other expenses

 

 

 —

 

 

(4,480)

 

 

(5,937)

Net earnings

 

$

 —

 

$

33,861 

 

 

573 

Equity in net earnings of unconsolidated real estate joint venture - Altis Bonterra

 

$

 —

 

$

29,221 

 

 

544 



Altis At Lakeline - Austin Investors LLC [Member]  
Business Acquisition [Line Items]  
Condensed Statements Of Financial Condition For Equity Method Joint Ventures



 

 

 

 

 

 



 

 

 

 

 

 



 

December 31,



 

2020

 

2019

Assets

 

 

 

 

 

 

Cash

 

$

 —

 

$

628 

Restricted cash

 

 

 —

 

 

Real estate

 

 

 —

 

 

 —

Other assets

 

 

 —

 

 

144 

Total assets

 

$

 —

 

$

777 

Liabilities and Equity

 

 

 

 

 

 

Notes payable

 

$

 —

 

$

 —

Other liabilities

 

 

 —

 

 

 —

Total liabilities

 

 

 —

 

 

 —

Total equity

 

 

 

 

777 

Total liabilities and equity

 

$

 —

 

$

777 



Condensed Statements Of Operations For Equity Method Joint Ventures



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

For the Years Ended December 31,



 

2020

 

2019

 

2018

Total revenues

 

$

 —

 

$

1,458 

 

 

5,842 

Gain on sale of real estate

 

 

 —

 

 

17,178 

 

 

 —

Other expenses

 

 

 —

 

 

(1,801)

 

 

(6,746)

Net earnings (loss)

 

$

 —

 

$

16,835 

 

 

(904)

Equity in net (loss) earnings of unconsolidated real estate joint venture - Altis Lakeline

 

$

 —

 

$

5,029 

 

 

(312)



Chapel Trail [Member]  
Business Acquisition [Line Items]  
Condensed Statements Of Financial Condition For Equity Method Joint Ventures



 

 

 

 

 

 



 

 

 

 

 

 



 

December 31,



 

2020

 

2019

Assets

 

 

 

 

 

 

Cash

 

$

 —

 

 

1,725 

Real estate

 

 

 —

 

 

2,134 

Other assets

 

 

 —

 

 

Total assets

 

$

 —

 

 

3,865 

Liabilities and Equity

 

 

 

 

 

 

Notes payable

 

$

 —

 

 

184 

Other liabilities

 

 

 —

 

 

357 

Total liabilities

 

 

 —

 

 

541 

Total equity

 

 

 —

 

 

3,324 

Total liabilities and equity

 

$

 —

 

 

3,865 



Condensed Statements Of Operations For Equity Method Joint Ventures



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

For the Years Ended December 31,



 

2020

 

2019

 

2018

Total revenues

 

$

 —

 

 

44,988 

 

 

 —

Costs of sales

 

 

 —

 

 

(35,575)

 

 

 —

Other expenses

 

 

 —

 

 

(2,341)

 

 

(1,388)

Net earnings (loss)

 

 

 —

 

 

7,072 

 

 

(1,388)

Equity in net earnings of unconsolidated real estate joint venture - Chapel Trail

 

$

 —

 

 

3,306 

 

 

(649)



Altis at Shingle Creek Manager, LLC [Member]  
Business Acquisition [Line Items]  
Condensed Statements Of Financial Condition For Equity Method Joint Ventures



 

 

 

 

 

 



 

 

 

 

 

 



 

December 31,



 

2020

 

2019

Assets

 

 

 

 

 

 

Cash

 

$

 —

 

 

 —

Real estate

 

 

 —

 

 

 —

Other assets

 

 

 —

 

 

 —

Total assets

 

$

 —

 

 

 —

Liabilities and Equity

 

 

 

 

 

 

Notes payable

 

$

 —

 

 

 —

Other liabilities

 

 

 —

 

 

 —

Total liabilities

 

 

 —

 

 

 —

Total equity

 

 

 —

 

 

 —

Total liabilities and equity

 

$

 —

 

 

 —



Condensed Statements Of Operations For Equity Method Joint Ventures



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

For the Years Ended December 31,



 

2020

 

2019

 

2018

Total revenues

 

$

 —

 

 

 —

 

 

1,704 

Gain on sale of real estate

 

 

 —

 

 

 —

 

 

22,027 

Other expenses

 

 

 —

 

 

 —

 

 

(2,156)

Net earnings

 

$

 —

 

 

 —

 

 

21,575 

Equity in net earnings of unconsolidated real estate joint venture - Altis Shingle Creek

 

$

 —

 

 

 —

 

 

3,401