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 |
) |
|