Annual report pursuant to Section 13 and 15(d)

Note 8 - Investments in and Advances to Unconsolidated Real Estate Joint Ventures (Tables)

v3.22.4
Note 8 - Investments in and Advances to Unconsolidated Real Estate Joint Ventures (Tables)
12 Months Ended
Dec. 31, 2022
Notes Tables  
Equity Method Investments [Table Text Block]
   

December 31,

         

December 31,

 
   

2022

   

Ownership (1)

   

2021

 

Altis Grand Central

    687       1.49 %     730  

Altis Ludlam Trail (2)

    12,216       33.30       10,831  

Altis Grand at The Preserve

          33.30       194  

Altis Little Havana

          3.43       1,021  

Altis Lake Willis Phase 1

    850       1.23       437  

Altis Lake Willis Phase 2

    601       3.50        

Altis Vineland Pointe

    151       50.00       2,538  

Altis Miramar East/West

          5.00       2,878  

Altis Grand at Suncoast

    4,579       11.00       2,780  

Altis Blue Lake

    647       1.22       260  

Altis Santa Barbara

    433       3.50        

Altra Kendall

    5,670       13.70        

The Altman Companies(3)

    11,992       50.00       16,716  

ABBX Guaranty

    5,978       50.00       3,750  

Bayview

          50.00       1,308  

Marbella

    1,064       70.00       974  

The Main Las Olas

    1,117       3.41       1,990  

Sky Cove

    24       26.25       1,686  

Sky Cove South

    3,241       26.25       4,708  

Other

    165               165  

Total

  $ 49,415             $ 52,966  
Altis Grand at Preserve [Member]  
Notes Tables  
Equity Method Investments [Table Text Block]
   

December 31,

 
   

2022

   

2021

 

Assets

               

Cash

  $       1,400  

Real estate

           

Other assets

           

Total assets

  $       1,400  

Liabilities and Equity

               

Notes payable

  $        

Other liabilities

          100  

Total liabilities

          100  

Total equity

          1,300  

Total liabilities and equity

  $       1,400  
   

For the Years Ended December 31,

 
   

2022

   

2021

   

2020

 

Total revenues

  $       1,965       399  

Gain on sale of real estate

          37,675        

Other expenses

          (3,476 )     (1,645 )

Net earnings (loss)

          36,164       (1,246 )

Equity in net earnings of unconsolidated real estate joint venture - Altis Grand at the Preserve

  $ 114       4,977       (35 )
Altis Grand Central [Member]  
Notes Tables  
Equity Method Investments [Table Text Block]
   

December 31,

 
   

2022

   

2021

 

Assets

               

Cash

  $        

Real estate

           

Investment in Altis Grand Central JV

    4,589       4,879  

Other assets

           

Total assets

  $ 4,589       4,879  

Liabilities and Equity

               

Notes payable

  $        

Other liabilities

           

Total liabilities

           

Total equity

    4,589       4,879  

Total liabilities and equity

  $ 4,589       4,879  
   

For the Years Ended December 31,

 
   

2022

   

2021

   

2020

 

Total revenues

  $       5,735       2,630  

Gain on sale of equity interest in joint venture

          53,537        

Total expenses

          (7,180 )     (6,294 )

Net earnings (loss)

          52,092       (3,664 )

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

  $       6,182       (406 )
Altis Promenade [Member]  
Notes Tables  
Equity Method Investments [Table Text Block]
   

December 31,

 
   

2022

   

2021

 

Assets

               

Cash

  $       1,197  

Other assets

          208  

Total assets

  $       1,405  

Liabilities and Equity

               

Other liabilities

          1,405  

Total liabilities

          1,405  

Total equity

           

Total liabilities and equity

  $       1,405  
   

For the Years Ended December 31,

 
   

2022

   

2021

   

2020

 

Total revenues

  $       2,589       3,795  

Gain on sale of real estate

          40,010        

Other expenses

          (2,635 )     (6,238 )

Net earnings (loss)

  $       39,964       (2,443 )

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

  $ 230       5,178       (161 )
Altis Miramar East/West [Member]  
Notes Tables  
Equity Method Investments [Table Text Block]
   

December 31,

 
   

2022

   

2021

 

Assets

               

Cash

  $ 433       138  

Real estate

          42,613  

Construction in progress

          103,413  

Other assets

    438       1,773  

Total assets

  $ 871       147,937  

Liabilities and Equity

               

Notes payable

  $       88,077  

Other liabilities

    118       6,785  

Total liabilities

    118       94,862  

Total equity

    753       53,075  

Total liabilities and equity

  $ 871       147,937  
   

For the Years Ended December 31,

 
   

2022

   

2021

   

2020

 

Total revenues

  $ 5,049       1,269        

Gain on sale of real estate

    143,217              

Other expenses

    (7,101 )     (532 )      

Net earnings

  $ 141,165       737        

Equity in net earnings of unconsolidated real estate joint venture - Altis Miramar East/West

  $ 13,950       (34 )      
Altis Little Havana [Member]  
Notes Tables  
Equity Method Investments [Table Text Block]
   

December 31,

 
   

2022

   

2021

 

Assets

               

Cash

  $ 718       40  

Real estate

          58,254  

Other assets

    411       610  

Total assets

  $ 1,129       58,904  

Liabilities and Equity

               

Notes payable

  $       32,536  

Other liabilities

    270       3,116  

Total liabilities

    270       35,652  

Total equity

    859       23,252  

Total liabilities and equity

  $ 1,129       58,904  
   

For the Years Ended December 31,

 
   

2022

   

2021

   

2020

 

Total revenues

  $ 255              

Gain on sale of real estate

    59,023              

Other expenses

    (2,369 )     (82 )      

Net earnings (loss)

  $ 56,909       (82 )      

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

  $ 8,689              
Marbella [Member]  
Notes Tables  
Equity Method Investments [Table Text Block]
   

December 31,

 
   

2022

   

2021

 

Assets

               

Cash

  $ 3,508       4,371  

Real estate inventory

    1,706       49,928  

Other assets

    526       1,673  

Total assets

  $ 5,740       55,972  

Liabilities and Equity

               

Notes payable

  $       30,987  

Customer deposits

          21,255  

Other liabilities

    3,611       2,698  

Total liabilities

    3,611       54,940  

Total equity

    2,129       1,032  

Total liabilities and equity

  $ 5,740       55,972  
   

For the Years Ended December 31,

 
   

2022

   

2021

   

2020

 

Total revenues

  $ 110,914       24,676        

Cost of real estate inventory sold

    (81,610 )     (18,732 )      

Other expenses

    (3,601 )     (2,187 )     (858 )

Net earnings (loss)

  $ 25,703       3,757       (858 )

Equity in net earnings of unconsolidated real estate joint venture - Marbella

  $ 12,594       2,558       601  
The Altman Companies, LLC [Member]  
Notes Tables  
Equity Method Investments [Table Text Block]
   

December 31,

 
   

2022

   

2021

 

Assets

               

Cash

  $ 968       995  

Properties and equipment

    20       387  

Investment in unconsolidated subsidiaries

    5,020       7,153  

Goodwill

    16,683       16,683  

Due from related parties

    7,089       4,462  

Predevelopment costs

    4,253       6,036  

Other assets

    1,393       2,626  

Total assets

  $ 35,426       38,342  

Liabilities and Equity

               

Notes payable

  $ 2,500       3,250  

Due to related parties

    643        

Other liabilities

    10,769       5,213  

Total liabilities

    13,912       8,463  

Total equity

    21,514       29,879  

Total liabilities and equity

  $ 35,426       38,342  

 

   

For the Years Ended December 31,

 
   

2022

   

2021

   

2020

 

Total revenues

  $ 9,106       8,577       8,700  

Other expenses

    (18,555 )     (11,755 )     (10,670 )

Operating loss

    (9,449 )     (3,178 )     (1,970 )

Gain from forgiveness of related party loan

    2,026              

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

    (2,318 )     321       1,737  

Net loss

    (9,741 )     (2,857 )     (233 )

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

  $ (5,491 )     (1,429 )     (117 )