Investments In Unconsolidated Real Estate Joint Ventures
|3 Months Ended|
Mar. 31, 2019
|Investments In Unconsolidated Real Estate Joint Ventures [Abstract]|
|Investments In Unconsolidated Real Estate Joint Ventures||
7. Investments in Unconsolidated Real Estate Joint Ventures
As of March 31, 2019, the Company had equity interests in unconsolidated real estate joint ventures involved in the development of multifamily apartment and townhome communities, as well as single-family master planned communities. In addition, the Company owns a 50% equity interest in The Altman Companies, LLC, a developer and manager of multifamily apartment communities.
Investments in unconsolidated real estate joint ventures are accounted for as unconsolidated variable interest entities. See Note 2 for information regarding the Company’s investments in consolidated variable interest entities.
The Company’s investments in unconsolidated real estate joint ventures consisted of the following (in thousands):
During January 2019, the Company invested in L03/212 Partners, LLC, a joint venture formed to invest in the development of The Main Las Olas, a mixed-used community located in downtown Fort Lauderdale, Florida that is planned to be comprised of an office tower with approximately 365,000 square feet of leasable area, a residential tower with approximately 341 units, and approximately 45,000 square feet of ground floor retail. As of March 31, 2019, the Company had funded $1.5 million of its expected capital contribution of $4.0 million.
See Note 10 to the Company’s consolidated financial statements included in the 2018 Annual Report for the Company’s accounting policies relating to its investments in real estate joint ventures.
No definition available.
The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef