Discontinued Operations (Tables)
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9 Months Ended |
Sep. 30, 2020 |
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| Discontinued Operations [Abstract] |
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| Summary Of Assets And Liabilities Of Discontinued Operations |
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September 30, |
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December 31, |
|
|
2020 |
|
2019 |
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|
|
|
Cash and cash equivalents |
|
$ |
— |
|
|
20,758 |
Restricted cash |
|
|
— |
|
|
370 |
Trade inventory |
|
|
— |
|
|
22,843 |
Real estate |
|
|
— |
|
|
65,818 |
Investments in and advances to unconsolidated real estate joint ventures |
|
|
— |
|
|
57,330 |
Property and equipment, net |
|
|
— |
|
|
29,836 |
Goodwill |
|
|
— |
|
|
37,248 |
Intangible assets, net |
|
|
— |
|
|
6,671 |
Operating lease assets |
|
|
— |
|
|
87,854 |
Deferred income taxes |
|
|
— |
|
|
2,297 |
Other assets |
|
|
— |
|
|
29,656 |
Discontinued operations total assets |
|
$ |
— |
|
|
360,681 |
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|
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|
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Liabilities: |
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Accounts payable |
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$ |
— |
|
|
9,294 |
Other liabilities |
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|
— |
|
|
21,043 |
Notes payable and other borrowings |
|
|
— |
|
|
42,571 |
Operating lease liability |
|
|
— |
|
|
100,473 |
Discontinued operations total liabilities |
|
$ |
— |
|
|
173,381 |
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| Summary Of Income (Loss) Of Discontinued Operations |
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For the Three Months |
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For the Nine Months |
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Ended September 30, |
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Ended September 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenues: |
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|
|
|
|
|
|
|
|
|
|
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Trade sales |
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$ |
35,692 |
|
|
47,660 |
|
$ |
99,628 |
|
|
138,705 |
Sales of real estate inventory |
|
|
4,970 |
|
|
371 |
|
|
14,248 |
|
|
5,030 |
Interest income |
|
|
366 |
|
|
212 |
|
|
586 |
|
|
762 |
Net gains on sales of real estate assets |
|
|
164 |
|
|
399 |
|
|
130 |
|
|
11,395 |
Other revenue |
|
|
933 |
|
|
1,137 |
|
|
2,398 |
|
|
3,033 |
Total revenues |
|
|
42,125 |
|
|
49,779 |
|
|
116,990 |
|
|
158,925 |
Costs and Expenses: |
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|
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Cost of trade sales |
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|
27,981 |
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|
31,860 |
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|
80,154 |
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|
94,978 |
Cost of real estate inventory sold |
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|
3,367 |
|
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— |
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|
9,473 |
|
|
2,643 |
Interest expense |
|
|
— |
|
|
118 |
|
|
— |
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|
409 |
Recoveries from loan losses, net |
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|
(807) |
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|
(1,821) |
|
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(5,844) |
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(4,206) |
Impairment losses |
|
|
— |
|
|
4,030 |
|
|
31,588 |
|
|
6,786 |
Selling, general and administrative expenses |
|
|
13,394 |
|
|
19,590 |
|
|
40,342 |
|
|
57,492 |
Total costs and expenses |
|
|
43,935 |
|
|
53,777 |
|
|
155,713 |
|
|
158,102 |
Equity in net (losses) earnings of unconsolidated real estate joint ventures |
|
|
(646) |
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|
28,534 |
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|
50 |
|
|
37,276 |
Foreign exchanges (loss) gain |
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|
(59) |
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(1) |
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|
214 |
|
|
(24) |
Loss on the deconsolidation of IT'SUGAR, LLC |
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|
(3,326) |
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— |
|
|
(3,326) |
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|
— |
Other income |
|
|
82 |
|
|
68 |
|
|
192 |
|
|
710 |
(Loss) income from discontinued operations before income taxes |
|
$ |
(5,759) |
|
|
24,603 |
|
$ |
(41,593) |
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|
38,785 |
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| Summary Of Cash Flows Of Discontinued Operations |
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For the Nine Months Ended |
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September 30, |
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|
2020 |
|
2019 |
Operating activities: |
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|
|
|
|
|
Net (loss) income |
|
$ |
(32,526) |
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|
28,374 |
Adjustment to reconcile net (loss) income to net cash |
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|
|
|
|
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(used in) provided by operating activities: |
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|
Recoveries from loan losses, net |
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|
(5,844) |
|
|
(4,206) |
Depreciation, amortization and accretion, net |
|
|
5,468 |
|
|
6,519 |
Net gains on sales of real estate and property and equipment |
|
|
(130) |
|
|
(11,105) |
Equity earnings of unconsolidated real estate joint ventures |
|
|
(49) |
|
|
(37,276) |
Return on investment in unconsolidated real estate joint ventures |
|
|
3,933 |
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|
38,020 |
Loss from the deconsolidation of IT'SUGAR, LLC |
|
|
3,326 |
|
|
- |
(Increase) decrease in deferred income tax asset |
|
|
(9,066) |
|
|
6,277 |
Impairment losses |
|
|
31,588 |
|
|
6,786 |
Increase in trade inventory |
|
|
(279) |
|
|
(5,016) |
(Increase) decrease in trade receivables |
|
|
(2,336) |
|
|
5,042 |
Decrease (increase) in real estate inventory |
|
|
925 |
|
|
(2,865) |
Net change in operating lease assets and liabilities |
|
|
(964) |
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|
683 |
(Increase) decrease in other assets |
|
|
(1,388) |
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|
3,744 |
(Decrease) increase in other liabilities |
|
|
6,512 |
|
|
(483) |
Net cash (used in) provided by operating activities |
|
$ |
(830) |
|
|
34,494 |
Investing activities: |
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|
|
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|
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Return of investment in unconsolidated real estate joint ventures |
|
|
4,631 |
|
|
30,331 |
Investments in unconsolidated real estate joint ventures |
|
|
(14,009) |
|
|
(20,076) |
Proceeds from repayment of loans receivable |
|
|
5,960 |
|
|
4,935 |
Proceeds from sales of real estate |
|
|
2,151 |
|
|
32,136 |
Proceeds from sales of property and equipment |
|
|
— |
|
|
— |
Additions to real estate |
|
|
(70) |
|
|
(438) |
Purchases of property and equipment |
|
|
(4,032) |
|
|
(7,765) |
Decrease in cash from other investing activities |
|
|
(1,065) |
|
|
(73) |
Net cash (used in) provided by investing activities |
|
$ |
(6,434) |
|
|
39,050 |
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