Note 7 - Investments in and Advances to Unconsolidated Joint Ventures
The Company and certain of its subsidiaries are general partners or members
in twenty-eight joint ventures involved in the development and sale of residential
projects. Such joint ventures are 50% or less owned and, accordingly, such
joint ventures are not consolidated with the Company's financial statements.
The Company's investments in unconsolidated joint ventures are accounted
for using the equity method. Condensed combined financial information of
these joint ventures as of December 31, 2000 and 1999 is summarized as follows:
| Condensed Combined Balance Sheets (in thousands):
|
December 31,
|
|
 |
| |
2000
|
1999
|
| Assets |
|
|
|
|
| Cash and cash equivalents |
$
|
10,693
|
$
|
7,197
|
| Receivables |
|
1,440
|
|
1,275
|
| Real estate inventories |
|
240,019
|
|
240,056
|
| Other assets |
|
275
|
|
735
|
|
|
|
| |
$
|
252,427
|
$
|
249,263
|
|
|
|
| Liabilities and Owners' Capital |
|
|
|
|
| Accounts payable |
$
|
15,921
|
$
|
8,558
|
| Accrued expenses |
|
4,984
|
|
5,488
|
| Notes payable |
|
45,162
|
|
54,069
|
| Advances from William Lyon Homes |
|
1,959
|
|
1,055
|
|
|
|
| |
|
68,026
|
|
69,170
|
|
|
|
| Owners' Capital |
|
|
|
|
| William Lyon Homes |
|
48,007
|
|
49,227
|
| Others |
|
136,394
|
|
130,866
|
|
|
|
| |
|
184,401
|
|
180,093
|
|
|
|
| |
$
|
252,427
|
$
|
249,263
|
|
|
|
| Condensed Combined statements of
Income (in thousands): |
|
Year Ended December 31,
|
|
|
| |
|
|
| |
|
2000
|
|
1999
|
|
1998
|
| Sales |
$
|
374,852
|
$
|
203,336
|
$
|
41,081
|
| Operating costs |
|
|
|
|
|
|
| Cost of sales |
|
(314,343)
|
|
(163,215)
|
|
(32,883)
|
| Sales and marketing |
|
(11,567)
|
|
(6,734)
|
|
(1,861)
|
|
|
|
|
| Operating income |
|
48,942
|
|
33,387
|
|
6,337
|
| Other income, net |
|
581
|
|
588
|
|
213
|
|
|
|
|
| Net income |
$
|
49,523
|
$
|
33,975
|
$
|
6,550
|
|
|
|
|
| Allocation to owners |
|
|
|
|
|
|
| William Lyon Homes |
$
|
24,416
|
$
|
17,859
|
$
|
3,499
|
| Others |
|
25,107
|
|
16,116
|
|
3,051
|
|
|
|
|
| |
$
|
49,523
|
$
|
33,975
|
$
|
6,550
|
|
|
|
|
|
