Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 29, 2019 | |
Entity Registrant Name | BBX Capital Corp | |
Entity Central Index Key | 0000315858 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 76,932,065 | |
Class B Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 18,627,873 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | [1] |
ASSETS | |||
Cash and cash equivalents | $ 368,818 | $ 366,305 | |
Restricted cash ($19,185 in 2019 and $28,400 in 2018 in variable interest entities ("VIEs")) | 48,597 | 54,792 | |
Notes receivable, net ($299,374 in 2019 and $341,975 in 2018 in VIEs) | 445,706 | 439,167 | |
Trade inventory | 25,126 | 20,110 | |
Vacation ownership interest ("VOI") inventory | 346,821 | 334,149 | |
Real estate ($12,075 in 2019 and $20,202 in 2018 held for sale) | 59,574 | 54,956 | |
Investments in unconsolidated real estate joint ventures | 53,739 | 64,738 | |
Property and equipment, net | 131,422 | 139,628 | |
Goodwill | 37,248 | 37,248 | |
Intangible assets, net | 68,342 | 69,710 | |
Operating lease assets | 110,435 | ||
Other assets | 121,610 | 124,217 | |
Total assets | 1,817,438 | 1,705,020 | |
Liabilities: | |||
Accounts payable | 29,206 | 29,537 | |
Deferred income | 20,323 | 16,522 | |
Escrow deposits | 25,149 | 22,255 | |
Other liabilities | 128,318 | 104,441 | |
Receivable-backed notes payable - recourse | 94,904 | 76,674 | |
Receivable-backed notes payable - non-recourse (in VIEs) | 341,856 | 382,257 | |
Notes payable and other borrowings | 161,420 | 200,887 | |
Junior subordinated debentures | 137,038 | 136,425 | |
Operating lease liabilities | 124,129 | ||
Deferred income taxes | 90,695 | 86,363 | |
Redeemable 5% cumulative preferred stock of $.01 par value; authorized 15,000 shares; issued and outstanding 10,000 shares in 2019 and 2018 with a stated value of $1,000 per share | 9,730 | 9,472 | |
Total liabilities | 1,162,768 | 1,064,833 | |
Commitments and contingencies (See Note 11) | |||
Redeemable noncontrolling interest | 2,229 | 2,579 | |
Equity: | |||
Preferred stock of $.01 par value; authorized 10,000,000 shares | |||
Additional paid-in capital | 162,183 | 161,684 | |
Accumulated earnings | 392,167 | 385,789 | |
Accumulated other comprehensive income | 1,420 | 1,215 | |
Total shareholders' equity | 556,684 | 549,620 | |
Noncontrolling interests | 95,757 | 87,988 | |
Total equity | 652,441 | 637,608 | |
Total liabilities and equity | 1,817,438 | 1,705,020 | |
Class A Common Stock [Member] | |||
Equity: | |||
Common stock | 766 | 784 | |
Class B Common Stock [Member] | |||
Equity: | |||
Common stock | $ 148 | $ 148 | |
[1] | See Note 1 for a summary of adjustments. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Restricted cash | $ 48,597 | $ 54,792 | [1] |
Notes receivable, net | 445,706 | 439,167 | [1] |
Real estate held-for-sale | $ 12,074 | $ 20,202 | |
Redeemable Cumulative Preferred Stock, dividend rate | 5.00% | 5.00% | |
Redeemable Cumulative Preferred Stock, par value | $ 0.01 | $ 0.01 | |
Redeemable Cumulative Preferred Stock, authorized amount | 15,000 | 15,000 | |
Redeemable Cumulative Preferred Stock, shares issued | 10,000 | 10,000 | |
Redeemable Cumulative Preferred Stock, shares outstanding | 10,000 | 10,000 | |
Redeemable Cumulative Preferred Stock, stated value per share | $ 1,000 | $ 1,000 | |
Preferred stock, par value | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Restricted cash | $ 19,185 | $ 28,400 | |
Notes receivable, net | $ 299,374 | $ 341,975 | |
Class A Common Stock [Member] | |||
Common Stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 150,000,000 | 150,000,000 | |
Common stock, shares issued | 76,580,091 | 78,379,530 | |
Common stock, shares outstanding | 76,580,091 | 78,379,530 | |
Class B Common Stock [Member] | |||
Common Stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 20,000,000 | 20,000,000 | |
Common stock, shares issued | 14,840,534 | 14,840,634 | |
Common stock, shares outstanding | 14,840,534 | 14,840,634 | |
[1] | See Note 1 for a summary of adjustments. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Operations And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Revenues | |||||
Revenue from customers | $ 232,918 | $ 233,246 | $ 651,379 | $ 647,152 | |
Interest income | 21,797 | 21,157 | [1] | 64,730 | 63,738 |
Net gains on sales of real estate assets | 399 | 11,395 | 4,802 | ||
Other revenue | 3,237 | 1,669 | [1] | 7,540 | 4,278 |
Total revenues | 255,114 | 254,403 | [1] | 727,504 | 715,692 |
Costs and Expenses | |||||
Interest expense | 11,870 | 11,130 | [1] | 34,679 | 30,869 |
Recoveries from loan losses, net | (1,821) | (443) | [1] | (4,206) | (7,258) |
Impairment losses | 4,030 | 193 | [1] | 6,786 | 549 |
Selling, general and administrative expenses | 148,549 | 143,559 | [1] | 448,510 | 410,359 |
Total costs and expenses | 242,466 | 236,125 | [1] | 726,174 | 654,825 |
Equity in net earnings of unconsolidated real estate joint ventures | 28,534 | 373 | [1] | 37,276 | 1,165 |
Foreign exchange gain (loss) | 76 | [1] | (24) | 91 | |
Income before income taxes | 41,182 | 18,727 | [1] | 38,582 | 62,123 |
Provision for income taxes | (14,682) | (6,742) | [1] | (15,068) | (21,997) |
Net income | 26,500 | 11,985 | [1] | 23,514 | 40,126 |
Less: Net income attributable to noncontrolling interests | 4,112 | 5,806 | [1] | 11,275 | 16,324 |
Net income attributable to shareholders | $ 22,388 | $ 6,179 | [1] | $ 12,239 | $ 23,802 |
Basic earnings per share | $ 0.24 | $ 0.07 | [1] | $ 0.13 | $ 0.25 |
Diluted earnings per share | $ 0.24 | $ 0.06 | [1] | $ 0.13 | $ 0.24 |
Basic weighted average number of common shares outstanding | 92,587 | 93,193 | [1] | 93,002 | 95,722 |
Diluted weighted average number of common and common equivalent shares outstanding | 94,059 | 96,576 | [1] | 94,306 | 98,971 |
Other comprehensive income (loss), net of tax: | |||||
Unrealized gain (loss) on securities available for sale | $ 16 | $ (11) | [1] | $ 54 | $ (11) |
Foreign currency translation adjustments | (75) | 66 | [1] | 151 | 62 |
Other comprehensive (loss) income, net | (59) | 55 | [1] | 205 | 51 |
Comprehensive income, net of tax | 26,441 | 12,040 | [1] | 23,719 | 40,177 |
Less: Comprehensive income attributable to noncontrolling interests | 4,112 | 5,806 | [1] | 11,275 | 16,324 |
Comprehensive income attributable to shareholders | $ 22,329 | $ 6,234 | [1] | $ 12,444 | $ 23,853 |
Class A Common Stock [Member] | |||||
Costs and Expenses | |||||
Cash dividends declared per common share | $ 0.0125 | $ 0.010 | [1] | $ 0.0375 | $ 0.030 |
Class B Common Stock [Member] | |||||
Costs and Expenses | |||||
Cash dividends declared per common share | $ 0.0125 | $ 0.010 | [1] | $ 0.0375 | $ 0.030 |
Sales Of VOIs [Member] | |||||
Revenues | |||||
Revenue from customers | $ 66,318 | $ 70,698 | [1] | $ 186,351 | $ 195,412 |
Costs and Expenses | |||||
Total costs | 3,121 | 11,237 | [1] | 17,541 | 19,838 |
Fee-Based Sales Commissions [Member] | |||||
Revenues | |||||
Revenue from customers | 60,478 | 61,641 | [1] | 161,033 | 167,581 |
Other Fee-Based Services [Member] | |||||
Revenues | |||||
Revenue from customers | 33,744 | 31,057 | [1] | 94,015 | 89,472 |
Costs and Expenses | |||||
Total costs | 23,746 | 19,937 | [1] | 66,538 | 53,983 |
Cost Reimbursements [Member] | |||||
Revenues | |||||
Revenue from customers | 21,111 | 16,900 | [1] | 58,705 | 47,157 |
Costs and Expenses | |||||
Total costs | 21,111 | 16,900 | [1] | 58,705 | 47,157 |
Trade Sales [Member] | |||||
Revenues | |||||
Revenue from customers | 47,660 | 43,803 | [1] | 138,705 | 126,114 |
Costs and Expenses | |||||
Total costs | 31,860 | 28,957 | [1] | 94,978 | 88,045 |
Sales Of Real Estate Inventory [Member] | |||||
Revenues | |||||
Revenue from customers | 370 | 7,478 | [1] | 5,030 | 17,138 |
Costs and Expenses | |||||
Total costs | 4,655 | [1] | 2,643 | 11,283 | |
Other [Member] | |||||
Revenues | |||||
Revenue from customers | $ 5,527 | $ 3,491 | $ 13,294 | $ 9,138 | |
[1] | See Note 1 for a summary of adjustments. |
Condensed Consolidated Statem_4
Condensed Consolidated Statement Of Changes In Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Earnings [Member]Class A Common Stock [Member] | Accumulated Earnings [Member]Class B Common Stock [Member] | Accumulated Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Total Shareholders' Equity [Member]Class A Common Stock [Member] | Total Shareholders' Equity [Member]Class B Common Stock [Member] | Total Shareholders' Equity [Member] | Non-controlling Interests [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Total | ||
Beginning balance at Dec. 31, 2017 | $ 857 | $ 140 | $ 228,331 | $ 354,432 | $ 1,708 | $ 585,468 | $ 82,054 | $ 667,522 | ||||||||
Beginning balance, shares at Dec. 31, 2017 | 85,689 | 13,963 | ||||||||||||||
Net income | 40,126 | |||||||||||||||
Net income excluding of loss attributable to redeemable noncontrolling interest | 23,802 | 23,802 | 16,382 | 40,184 | ||||||||||||
Other comprehensive income | 51 | 51 | 51 | |||||||||||||
Distributions to noncontrolling interests | (8,263) | (8,263) | ||||||||||||||
Increase in noncontrolling interest from loan foreclosure | 704 | 704 | ||||||||||||||
Common stock cash dividends declared | $ (2,492) | $ (541) | $ (2,492) | $ (541) | $ (2,492) | $ (541) | ||||||||||
Purchase of noncontrolling interest | (587) | (587) | 329 | (258) | ||||||||||||
Repurchase and retirement of Common Stock from tender offer, value | $ (65) | (60,076) | (60,141) | (60,141) | ||||||||||||
Repurchase and retirement of Common Stock from tender offer, shares | (6,486) | |||||||||||||||
Purchase and retirement of Common Stock from vesting of restricted awards, value | $ (4) | $ (1) | (3,777) | (3,782) | (3,782) | |||||||||||
Purchase and retirement of Common Stock from vesting of restricted awards, shares | (375) | (137) | ||||||||||||||
Conversion of Common Stock from Class B to Class A, value | $ 1 | $ (1) | ||||||||||||||
Conversion of Common Stock from Class B to Class A, shares | 27 | (27) | ||||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, value | $ 5 | (5) | ||||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, shares | 535 | |||||||||||||||
Issuance of Common Stock from exercise of options, value | 245 | 245 | 245 | |||||||||||||
Issuance of Common Stock from exercise of options, shares | 27 | |||||||||||||||
Share-based compensation | 10,717 | 10,717 | 10,717 | |||||||||||||
Ending balance at Sep. 30, 2018 | $ 794 | $ 138 | 174,848 | 375,453 | 1,507 | 552,740 | 91,206 | 643,946 | ||||||||
Ending balance, shares at Sep. 30, 2018 | 79,417 | 13,799 | ||||||||||||||
Beginning balance at Jun. 30, 2018 | $ 793 | $ 139 | 175,002 | 370,262 | 1,452 | 547,648 | 91,629 | 639,277 | ||||||||
Beginning balance, shares at Jun. 30, 2018 | 79,257 | 13,936 | ||||||||||||||
Net income | [1] | 11,985 | ||||||||||||||
Net income excluding of loss attributable to redeemable noncontrolling interest | 6,179 | 6,179 | 5,598 | 11,777 | ||||||||||||
Other comprehensive income | 55 | 55 | 55 | [1] | ||||||||||||
Distributions to noncontrolling interests | (6,021) | (6,021) | ||||||||||||||
Common stock cash dividends declared | (809) | (179) | (809) | (179) | (809) | (179) | ||||||||||
Repurchase and retirement of Common Stock from tender offer, value | (17) | (17) | (17) | |||||||||||||
Purchase and retirement of Common Stock from vesting of restricted awards, value | $ (4) | $ (1) | (3,777) | (3,782) | (3,782) | |||||||||||
Purchase and retirement of Common Stock from vesting of restricted awards, shares | (375) | (137) | ||||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, value | $ 5 | (5) | ||||||||||||||
Issuance of Common Stock from vesting of restricted stock awards, shares | 535 | |||||||||||||||
Share-based compensation | 3,645 | 3,645 | 3,645 | |||||||||||||
Ending balance at Sep. 30, 2018 | $ 794 | $ 138 | 174,848 | 375,453 | 1,507 | 552,740 | 91,206 | 643,946 | ||||||||
Ending balance, shares at Sep. 30, 2018 | 79,417 | 13,799 | ||||||||||||||
Cumulative effect from the adoption of ASU | Accounting Standards Update 2016-01 [Member] | 252 | (252) | ||||||||||||||
Beginning balance at Dec. 31, 2018 | $ 784 | $ 148 | 161,684 | 385,789 | 1,215 | 549,620 | 87,988 | 637,608 | [1] | |||||||
Beginning balance, shares at Dec. 31, 2018 | 78,379 | 14,841 | ||||||||||||||
Net income | 23,514 | |||||||||||||||
Net income excluding of loss attributable to redeemable noncontrolling interest | 12,239 | 12,239 | 11,433 | 23,672 | ||||||||||||
Purchase and retirement of Common Stock, value | $ (18) | (8,880) | (8,898) | (8,898) | ||||||||||||
Purchase and retirement of Common Stock, shares | (1,799) | |||||||||||||||
Other comprehensive income | 205 | 205 | 205 | |||||||||||||
Distributions to noncontrolling interests | (3,664) | (3,664) | ||||||||||||||
Common stock cash dividends declared | (2,933) | (726) | (2,933) | (726) | (2,933) | (726) | ||||||||||
Share-based compensation | 9,379 | 9,379 | 9,379 | |||||||||||||
Ending balance at Sep. 30, 2019 | $ 766 | $ 148 | 162,183 | 392,167 | 1,420 | 556,684 | 95,757 | 652,441 | ||||||||
Ending balance, shares at Sep. 30, 2019 | 76,580 | 14,841 | ||||||||||||||
Beginning balance at Jun. 30, 2019 | $ 780 | $ 148 | 166,015 | 370,983 | 1,479 | 539,405 | 92,948 | 632,353 | ||||||||
Beginning balance, shares at Jun. 30, 2019 | 77,978 | 14,841 | ||||||||||||||
Net income | 26,500 | |||||||||||||||
Net income excluding of loss attributable to redeemable noncontrolling interest | 22,388 | 22,388 | 4,030 | 26,418 | ||||||||||||
Purchase and retirement of Common Stock, value | $ (14) | (7,001) | (7,015) | (7,015) | ||||||||||||
Purchase and retirement of Common Stock, shares | (1,398) | |||||||||||||||
Other comprehensive income | (59) | (59) | (59) | |||||||||||||
Distributions to noncontrolling interests | (1,221) | (1,221) | ||||||||||||||
Common stock cash dividends declared | $ (962) | $ (242) | $ (962) | $ (242) | $ (962) | $ (242) | ||||||||||
Share-based compensation | 3,169 | 3,169 | 3,169 | |||||||||||||
Ending balance at Sep. 30, 2019 | $ 766 | $ 148 | $ 162,183 | 392,167 | $ 1,420 | 556,684 | $ 95,757 | 652,441 | ||||||||
Ending balance, shares at Sep. 30, 2019 | 76,580 | 14,841 | ||||||||||||||
Cumulative effect from the adoption of ASU | Accounting Standards Update 2016-02 [Member] | $ (2,202) | $ (2,202) | $ (2,202) | |||||||||||||
[1] | See Note 1 for a summary of adjustments. |
Condensed Consolidated Statem_5
Condensed Consolidated Statement Of Changes In Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Condensed Consolidated Statement Of Changes In Equity [Abstract] | |||
Loss (Income) attributable to redeemable noncontrolling interest | $ 208 | $ 158 | $ 58 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities: | ||
Net income | $ 23,514 | $ 40,126 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
Recoveries from loan losses, net | (4,206) | (7,258) |
Provision for notes receivable allowances | 39,462 | 35,866 |
Depreciation, amortization and accretion, net | 21,150 | 18,557 |
Share-based compensation expense | 9,379 | 10,717 |
Net gains on sales of real estate | (11,395) | (4,798) |
Equity earnings of unconsolidated real estate joint ventures | (37,276) | (1,165) |
Return on investment in unconsolidated real estate joint ventures | 38,020 | 5,233 |
Increase in deferred income tax | 5,210 | 20,465 |
Impairment losses | 6,786 | 549 |
Interest accretion on redeemable 5% cumulative preferred stock | 633 | 854 |
Increase in notes receivable | (46,001) | (48,492) |
Increase in VOI inventory | (12,672) | (23,405) |
(Increase) decrease in trade inventory | (5,016) | 2,286 |
(Increase) decrease in real estate inventory | (2,865) | 9,990 |
Net change in operating lease asset and operating lease liability | 1,134 | |
Increase in other assets | (3,852) | (24,712) |
Increase in other liabilities | 38,389 | 8,774 |
Net cash provided by operating activities | 60,394 | 43,587 |
Investing activities: | ||
Return of investment in unconsolidated real estate joint ventures | 30,331 | 6,586 |
Investments in unconsolidated real estate joint ventures | (20,076) | (1,755) |
Proceeds from repayment of loans receivable | 4,766 | 17,930 |
Proceeds from sales of real estate held-for-sale | 20,374 | 17,121 |
Proceeds from the sale of property and equipment | 15,011 | 569 |
Additions to real estate held-for-sale and held-for-investment | (438) | (1,102) |
Purchases of property and equipment | (26,286) | (33,316) |
Decrease in cash from other investing activities | (73) | (5,072) |
Net cash provided by investing activities | 23,609 | 961 |
Financing activities: | ||
Repayments of notes payable and other borrowings | (171,061) | (152,204) |
Proceeds from notes payable and other borrowings | 99,921 | 196,439 |
Payments for debt issuance costs | (351) | (1,131) |
Payments of interest on redeemable 5% cumulative preferred stock | (375) | (438) |
Purchase and retirement of Class A common stock | (8,898) | (60,141) |
Purchase of noncontrolling interest | (258) | |
Proceeds from the exercise of stock options | 245 | |
Dividends paid on common stock | (3,257) | (2,822) |
Distributions to noncontrolling interest | (3,664) | (8,263) |
Net cash used in financing activities | (87,685) | (28,573) |
(Decrease) increase in cash, cash equivalents and restricted cash | (3,682) | 15,975 |
Cash, cash equivalents and restricted cash at beginning of period | 421,097 | 409,247 |
Cash, cash equivalents and restricted cash at end of period | 417,415 | 425,222 |
Supplemental cash flow information: | ||
Interest paid on borrowings, net of amounts capitalized | 30,252 | 27,807 |
Income taxes paid | 10,873 | 3,103 |
Supplementary disclosure of non-cash investing and financing activities: | ||
Construction funds receivable transferred to real estate | 15,890 | 8,716 |
Operating lease assets obtained in exchange for new operating lease liabilities | 21,700 | |
Acquisition of VOI inventory, property and equipment for notes payable | 24,258 | |
Loans receivable transferred to real estate | 333 | 1,673 |
Reduction in note receivable from holder of redeemable 5% cumulative preferred stock | (5,000) | |
Reduction in redeemable 5% cumulative preferred stock | 4,862 | |
Increase in other assets upon issuance of Community Development District Bonds | 8,110 | |
Assumption of Community Development District Bonds by builders | 1,035 | 4,573 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Total cash, cash equivalents, and restricted cash | $ 421,097 | $ 409,247 |
Organization And Basis Of Finan
Organization And Basis Of Financial Statement Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization And Basis Of Financial Statement Presentation [Abstract] | |
Organization And Basis Of Financial Statement Presentation | 1. Organization and Basis of Financial Statement Presentation Organization BBX Capital Corporation and its subsidiaries (the “Company” or, unless otherwise indicated or the context otherwise requires, “we,” “us,” or “our”) is a Florida-based diversified holding company. BBX Capital Corporation as a standalone entity without its subsidiaries is referred to as “BBX Capital.” BBX Capital has two classes of common stock. Holders of the Class A common stock are entitled to one vote per share, which in the aggregate represents 22% of the combined voting power of the Class A common stock and the Class B common stock. Class B common stock represents the remaining 78% of the combined vote. The percentage of total common equity represented by Class A and Class B common stock was 84% and 16% , respectively, at September 3 0 , 2019. Class B common stock is convertible into Class A common stock on a share for share basis at any time at the option of the holder. Basis of Financial Statement Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these financial statements do not include all of the information and disclosures required by GAAP for complete financial statements. In management’s opinion, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which include normal recurring adjustments, that are necessary for a fair statement of the condensed consolidated financial condition of the Company at September 3 0 , 2019; the condensed consolidated results of operations and comprehensive income of the Company for the three and nine months ended September 3 0 , 2019 and 2018; the condensed consolidated changes in equity of the Company for the three and nine months ended September 3 0 , 2019 and 2018; and the condensed consolidated cash flows of the Company for the nine months ended September 3 0 , 2019 and 2018. Operating results for the three and nine months ended September 3 0 , 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 or any other future period. These unaudited condensed consolidated financial statements and related notes are presented as permitted by Form 10-Q and should be read in conjunction with the Company’s audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on March 12, 2019. The condensed consolidated financial statements include the accounts of BBX Capital’s wholly-owned subsidiaries, other entities in which BBX Capital or its subsidiaries hold controlling financial interests, and any VIEs in which BBX Capital or one of its consolidated subsidiaries is deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated in consolidation. Certain amounts for prior periods have been reclassified to conform to the presentation for the current period. Principal Investments The Company’s principal investments include Bluegreen Vacations Corporation (“Bluegreen” or “Bluegreen Vacations”), BBX Capital Real Estate LLC (“BBX Capital Real Estate”), Renin Holdings, LLC (“Renin”), and IT’SUGAR, LLC (“IT’SUGAR”). Bluegreen is a leading vacation ownership company that markets and sells VOIs and manages resorts in popular leisure and urban destinations. Bluegreen’s resort network includes 45 Club Resorts (resorts in which owners in the Bluegreen Vacation Club (“Vacation Club”) have the right to use most of the units in connection with their VOI ownership) and 24 Club Associate Resorts (resorts in which owners in Bluegreen’s Vacation Club have the right to use a limited number of units in connection with their VOI ownership). Bluegreen markets, sells, and manages VOIs in resorts, which are generally located in popular, high-volume, “drive-to” vacation destinations, including Orlando, Las Vegas, Myrtle Beach, Charleston , and New Orleans, among others. Through its points-based system, the approximately 219,000 owners in Bluegreen’s Vacation Club have the flexibility to stay at units available at its resorts and have access to over 11,350 other hotels and resorts through partnerships and exchange networks. The resorts in which Bluegreen markets, sells, or manages VOIs were either developed or acquired by Bluegreen or were developed and are owned by third parties. Bluegreen earns fees for providing sales and marketing services to third party developers. Bluegreen also earns fees for providing management services to the Vacation Club and homeowners’ associations (“HOAs”), mortgage servicing, VOI title services, reservation services, and construction design and development services. In addition, Bluegreen provides financing to qualified VOI purchasers, which generates significant interest income. BBX Capital Real Estate is engaged in the acquisition, development, construction, ownership, financing, and management of real estate and investments in real estate joint ventures. In addition, BBX Capital Real Estate owns a 50% equity interest in The Altman Companies, LLC (the “Altman Companies”), a developer and manager of multifamily apartment communities, and manages the legacy assets acquired in connection with the Company’s sale of BankAtlantic in 2012, including portfolios of loans receivable and real estate properties. Renin is engaged in the design, manufacture, and distribution of sliding doors, door systems and hardware, and home décor products and operates through its headquarters in Canada and two manufacturing and distribution facilities in the United States and Canada. In addition to its own manufacturing, Renin also sources various products and raw materials from China. IT’SUGAR is a specialty candy retailer which operates approximatel y 100 retail locations in over 25 states and Washington D.C. Its products include bulk candy, candy in giant packaging, and novelty items that are sold at its retail locations, which include a mix of high-traffic resort and entertainment, lifestyle, mall/outlet, and urban locations across the United States. In addition to its principal investments, the Company has investments in various operating businesses, including companies in the confectionery industry. In 2016 , Food for Thought Restaurant Group (“FFTRG”), a wholly-owned subsidiary of BBX Capital, entered into area development and franchise agreements with MOD Super Fast Pizza (“MOD Pizza”) relat ed to the development of up to approximately 60 MOD Pizza franchised restaurant locations throughout Florida . T hrough 2019, FFTRG had opened nine restaurant locations. As a result of FFTRG’s overall operating performance and the Company’s goal of streamlin ing its investment verticals, the Company entered into an agreement with MOD Pizza to terminate the area development and franchise agreements and transferred seven of its restaurant locations, including the related assets , operations, and lease obligations, to MOD Pizza during the third quarter of 2019 . In addition, the Company closed the remaining two locations and terminated the related lease agreements. In connection with the transfer of the seven restaurant locations to MOD Pizza, the Company recognized an aggregate impairment loss of $4.0 million related to the disposal group, which included property and equipment, intangible assets, and net lease liabilities, during the three months ended September 30, 2019. In addition to the impairment losses recognized during the third quarter of 2019, the Company previously recognized $2.7 million of impairment losses associated with property and equipment at three restaurant locations. Accordingly, the Company recognized $6.7 million of impairment losses associated with its investment in MOD Pizza restaurant locations during the nine months ended September 30, 2019. Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) has issued the following Accounting Standards Updates (“ASU”) and guidance relevant to the Company’s operations which were adopted as of January 1, 2019: ASU No. 2016-02 – Leases (Topic 842) . This standard, as subsequently amended and clarified by various ASUs, requires lessees to recognize assets and liabilities for the rights and obligations created by leases of assets. For income statement purposes, the standard retains a dual model which requires leases to be classified as either operating or finance based on criteria that are largely similar to those applied under prior lease accounting but without explicit bright lines. The standard also requires extensive quantitative and qualitative disclosures, including significant judgments and assumptions made by management in applying the standard, intended to provide greater insight into the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted the standard on January 1, 2019 and applied the transition guidance as of the date of adoption under the current-period adjustment method. As a result, the Company recognized right-of-use assets and lease liabilities associated with its leases on January 1, 2019, with a cumulative-effect adjustment to the opening balance of accumulated earnings, while the comparable prior periods in the Company’s financial statements have been and will continue to be reported in accordance with Topic 840, including the disclosures of Topic 840. The standard includes a number of optional practical expedients under the transition guidance. The Company elected the package of practical expedients which allowed the Company to not reassess prior conclusions about lease identification, lease classification, and initial direct costs. The Company also made accounting policy elections by class of underlying asset to not apply the recognition requirements of the standard to leases with terms of 12 months or less and to not separate non-lease components from lease components. Consequently, each separate lease component and the non-lease components associated with that lease component is accounted for as a single lease component for lease classification, recognition, and measurement purposes. Upon adoption of the standard on January 1, 2019, the Company recognized a lease liability of $123.2 million and a right-of-use asset of $113.2 million. The difference between the lease liability and right-of-use asset primarily reflects the reclassification of accrued straight-line rent and unamortized tenant allowances from other liabilities in the Company’s statement of financial condition to a reduction of the right-of-use asset. In addition, the Company recognized an impairment loss of $3.4 million in connection with the recognition of right-of-use assets for certain IT’SUGAR retail locations as a cumulative-effect adjustment to the opening balance of accumulated earnings. The implementation of the standard did not have a material impact on the Company’s statement of operations and comprehensive income or statement of cash flows. See Note 12 for additional information regarding the Company’s lease agreements. Future Adoption of Recently Issued Accounting Pronouncements The FASB has issued the following accounting pronouncements and guidance relevant to the Company’s operations which ha d not been adopted by the Company as of September 3 0 , 2019: ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (as subsequently amended and clarified by various ASUs) . This standard introduces an approach of estimating credit losses on certain types of financial instruments based on expected losses and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating its allowance for credit losses. In addition, the standard requires entities to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination (i.e., by vintage year). The standard also allows entities to irrevocably elect to measure certain financial instruments within the scope of the standard at fair value upon the adoption of the standard. This standard will be effective for the Company on January 1, 2020. The Company is currently evaluating the impact that ASU 2016-13 may have on its consolidated financial statements. ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This standard modifies the disclosure requirements in Topic 820 related to the valuation techniques and inputs used in fair value measurements, uncertainty in measurement, and changes in measurements applied. This standard will be effective for the Company on January 1, 2020. The Company believes that this standard will not have a material impact on its consolidated financial statement s and disclosures. |
Consolidated Variable Interest
Consolidated Variable Interest Entities | 9 Months Ended |
Sep. 30, 2019 | |
Consolidated Variable Interest Entities [Abstract] | |
Consolidated Variable Interest Entities | 2 . Consolidated Variable Interest Entities Bluegreen sells VOI notes receivable through special purpose finance entities. These transactions are generally structured as non-recourse to Bluegreen and are designed to provide liquidity for Bluegreen and to transfer the economic risks and benefits of the notes receivable to third parties. In a securitization, various classes of debt securities are issued by the special purpose finance entities that are generally collateralized by a single tranche of transferred assets, which consist of VOI notes receivable. Bluegreen services the securitized notes receivable for a fee pursuant to servicing agreements negotiated with third parties generally based on market conditions at the time of the securitization. In these securitizations, Bluegreen generally retains a portion of the securities and continues to service the securitized notes receivable. Under these arrangements, the cash payments received from obligors on the receivables sold are generally applied monthly to pay fees to service providers, make interest and principal payments to investors, and fund required reserves, if any, with the remaining balance of such cash retained by Bluegreen; however, to the extent the portfolio of receivables fails to satisfy specified performance criteria (as may occur due to, among other things, an increase in default rates or credit loss severity) or other trigger events occur, the funds received from obligors are required to be distributed on an accelerated basis to investors. Depending on the circumstances and the transaction, the application of the accelerated payment formula may be permanent or temporary until the trigger event is cured. As of September 3 0 , 201 9 , Bluegreen was in compliance with all material terms under its securitization transactions, and no trigger events had occurred. In accordance with the applicable accounting guidance for the consolidation of VIEs, Bluegreen analyzes its variable interests, which may consist of loans, servicing rights, guarantees, and equity investments, to determine if an entity in which Bluegreen has a variable interest is a VIE. The analysis includes a review of both quantitative and qualitative factors. Bluegreen bases its quantitative analysis on the forecasted cash flows of the entity and its qualitative analysis on the structure of the entity, including its decision-making ability and authority with respect to the entity, and relevant financial agreements. Bluegreen also uses qualitative analysis to determine if Bluegreen must consolidate a VIE as the primary beneficiary. In accordance with the applicable accounting guidance, Bluegreen has determined these securitization entities to be VIEs of which Bluegreen is the primary beneficiary and, therefore, Bluegreen consolidates the entities into its financial statements. Under the terms of certain VOI note sales, Bluegreen has the right to repurchase or substitute a limited amount of defaulted notes for new notes at the outstanding principal balance plus accrued interest. Bluegreen’s v oluntary repurchases and substitutions of defaulted notes for the nine months ended September 30 , 201 9 and 201 8 were $8.4 million and $4.4 million, respectively. Bluegreen’s maximum exposure to loss relating to its non-recourse securitization entities is the difference between the outstanding VOI notes receivable and the notes payable, plus cash reserves and any additional residual interest in future cash flows from collateral. The table below sets forth information regarding the assets and liabilities of Bluegreen’s consolidated VIEs included in the Company’s condensed consolidated statements of financial condition (in thousands): September 30, December 31, 2019 2018 Restricted cash $ 19,185 28,400 Securitized notes receivable, net 299,374 341,975 Receivable backed notes payable - non-recourse 341,856 382,257 The restricted cash and the securitized notes receivable balances disclosed in the table above are restricted to satisfy obligations of the VIEs. |
Notes Receivable
Notes Receivable | 9 Months Ended |
Sep. 30, 2019 | |
Notes Receivable [Abstract] | |
Notes Receivable | 3 . Notes Receivable The table below sets forth information relating to Bluegreen’s notes receivable and related allowance for loan losses (in thousands): September 30, December 31, 2019 2018 Notes receivable: VOI notes receivable - non-securitized $ 188,435 124,642 VOI notes receivable - securitized 391,922 447,850 Notes receivable secured by homesites (1) 694 898 Gross notes receivable 581,051 573,390 Allowance for loan losses - non-securitized (42,728) (28,258) Allowance for loan losses - securitized (92,548) (105,875) Allowance for loan losses - homesites (1) (69) (90) Notes receivable, net $ 445,706 439,167 Allowance as a % of gross notes receivable 23% 23% (1) Notes receivable secured by homesites were originated through a business, substantially all the assets of which were sold by Bluegreen in 2012. The weighted-average interest rate charged on Bluegreen’s notes receivable was 14.9% and 15.1% at September 30, 2019 and December 31, 201 8, respectively . Bluegreen’s VOI notes receivable bear interest at fixed rates and are generally secured by property located in Florida, Missouri, Nevada , South Carolina, Tennessee , and Wisconsin. Credit Quality of Notes Receivable and the Allowance for Loan Losses Bluegreen monitors the credit quality of its receivables on an ongoing basis. Bluegreen holds large amounts of homogeneous VOI notes receivable and assesses uncollectibility based on pools of receivables as Bluegreen does not believe that there are significant concentrations of credit risk with any individual counterparty or groups of counterparties. In estimating loan losses, Bluegreen does not use a single primary indicator of credit quality but instead evaluates its VOI notes receivable based upon a static pool analysis that incorporates the aging of the respective receivables, default trends, and prepayment rates by origination year, as well as the FICO scores of the borrowers. The activity in Bluegreen’s allowance for loan losses (including notes receivable secured by homesites) was as follows (in thousands): For the Nine Months Ended September 30, 2019 2018 Balance, beginning of period $ 134,222 123,791 Provision for loan losses 39,462 35,866 Write-offs of uncollectible receivables (38,339) (31,358) Balance, end of period $ 135,345 128,299 The table below sets forth information regarding t he percentage of gross notes receivable outstanding by FICO score of the borrower at the time of origination: September 30, December 31, FICO Score 2019 2018 700+ 59.00 % 57.00 % 600-699 38.00 39.00 <600 2.00 3.00 No score (1) 1.00 1.00 Total 100.00 % 100.00 % (1) VOI notes receivable attributable to borrowers without a FICO score are primarily related to foreign borrowers. The table below sets forth information regarding the delinquency status of Bluegreen’s VOI notes receivable (in thousands): September 30, December 31, 2019 2018 Current $ 547,425 541,783 31-60 days 6,797 5,783 61-90 days 5,271 4,516 > 9 1 days (1) 20,864 20,410 Total $ 580,357 572,492 (1) Includes $10.8 million and $14.3 million of VOI notes receivable as of September 30, 2019 and December 31, 2018, respectively, that, as of such dates, had defaulted but the related VOI note receivable balance had not yet been charged off in accordance with the provisions of certain of Bluegreen’s receivable-backed notes payable transactions. These VOI notes receivable have been included in the allowance for loan losses. |
Trade Inventory
Trade Inventory | 9 Months Ended |
Sep. 30, 2019 | |
Trade Inventory [Abstract] | |
Trade Inventory | 4 . Trade Inventory The Company’s t rade inventory consisted of the following (in thousands): September 30, December 31, 2019 2018 Raw materials $ 3,204 2,718 Paper goods and packaging materials 1,572 1,122 Finished goods 20,350 16,270 Total trade inventory $ 25,126 20,110 |
VOI Inventory
VOI Inventory | 9 Months Ended |
Sep. 30, 2019 | |
VOI Inventory [Abstract] | |
VOI Inventory | 5 . VOI Inventory Bluegreen’s VOI inventory consisted of the following (in thousands): September 30, December 31, 2019 2018 Completed VOI units $ 271,441 237,010 Construction-in-progress 1,542 26,587 Real estate held for future VOI development 73,838 70,552 Total VOI inventory $ 346,821 334,149 |
Real Estate
Real Estate | 9 Months Ended |
Sep. 30, 2019 | |
Real Estate [Abstract] | |
Real Estate | 6 . Real Estate The Company’s r eal estate consisted of the following (in thousands): September 30, December 31, 2019 2018 Real estate held-for-sale: Land $ 10,204 18,439 Residential single-family 719 832 Other 1,151 931 Total real estate held-for-sale 12,074 20,202 Real estate held-for-investment: Land 6,002 10,976 Total real estate held-for-investment 6,002 10,976 Real estate inventory 41,498 23,778 Total real estate $ 59,574 54,956 In April 2019, the Company sold its remaining land parcels located at PGA Station in Palm Beach Gardens, Florida for net proceeds of $8.3 million and recognized a gain on sale of real estate of $1.8 million during the nine months ended September 30, 2019. In connection with the sale, the Company invested $2.1 million of the proceeds in the PGA Lender, LLC joint venture as described in Note 7 below. In May 2019, the Company transferred RoboVault, a self-storage facility located in Fort Lauderdale, Florida, from property and equipment to real estate held-for-sale following a buyer’s completion of due diligence on the property and subsequently sold it to the buyer for net proceeds of $11.8 million. As a result of the sale, the Company recognized a gain on sale of real estate of $4.8 million during the nine months ended September 30, 2019. In June 2019, the Company sold a land parcel located in St. Cloud, Florida that was previously held for investment for net proceeds of $8.7 million and recognized a gain on sale of real estate of $3.0 million during the nine months ended September 30, 2019. 0 |
Investments In Unconsolidated R
Investments In Unconsolidated Real Estate Joint Ventures | 9 Months Ended |
Sep. 30, 2019 | |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Investments In Unconsolidated Real Estate Joint Ventures | 7. Investment s in Unconsolidated Real Estate Joint Ventures As of September 30, 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, a developer and manager of multifamily apartment communities. Investments in unconsolidated real estate joint ventures are accounted for as unconsolidated VIEs . See Note 2 for information regarding the Company’s investments in consolidated VIEs. The Company’s i nvestments in unconsolidated real estate joint ventures consisted of the following (in thousands): September 30, December 31, 2019 2018 Altis at Lakeline - Austin Investors LLC $ 242 4,531 Altis at Grand Central Capital, LLC 2,660 2,549 Altis Promenade Capital, LLC 2,190 2,195 Altis at Bonterra - Hialeah, LLC 497 21,602 Altis Ludlam - Miami Investor, LLC 966 675 Altis Suncoast Manager, LLC 743 1,857 Altis Pembroke Gardens, LLC 1,277 1,284 Altis Fairways, LLC 1,883 1,876 Altis Wiregrass, LLC 1,816 1,897 Altis LH-Miami Manager, LLC 799 - Altis Vineland Pointe Manager, LLC 4,500 - The Altman Companies, LLC 15,267 14,893 ABBX Guaranty, LLC 3,750 2,500 Sunrise and Bayview Partners, LLC 1,499 1,439 PGA Design Center Holdings, LLC 988 691 CCB Miramar, LLC 4,316 1,575 BBX/Label Chapel Trail Development, LLC 1,892 4,515 L03/212 Partners, LLC 1,886 - PGA Lender, LLC 2,110 - Sky Cove, LLC 4,179 - All other investments in real estate joint ventures 279 659 Total $ 53,739 64,738 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 unconsolidated real estate joint ventures , including the Company’s analysis and determination that such entities are VIEs in which the Company is not the primary beneficiary. Sales by Unconsolidated Real Estate Joint Ventures In April 2019, the Altis at Lakeline joint venture sold its 354 unit multifamily apartment community located in Cedar Park, Texas . As a result of the sale, the Company recognized $5.0 million of equity earnings and received approximately $9.3 million of distributions from the venture for the nine months ended September 30, 2019. In April 2019, the PGA Design Center joint venture sold its remaining commercial buildings located in Palm Beach Gardens, Florida for $9.2 million and provided seller financing to the buyer for $4.6 million. As a result of the sale, the Company recognized $2.8 million of equity earnings and received approximately $2.3 million of distributions from the venture for the nine months ended September 30, 2019. As described below, the joint venture contributed the promissory note received from the buyer to a newly formed joint venture between the PGA Design Center joint venture and the Company. In August 2019, the Altis at Bonterra joint venture sold its 314 unit multifamily apartment community located in Hialeah, Florida . As a result of the sale, the Company recognized $29.1 million of equity earnings and received approximately $46.0 million of distributions from the venture for the three and nine months ended September 30, 2019. In addition, prior to the sale, the Company received approximately $4.3 million of distributions from the venture during the nine months ended September 30, 2019 related to the operating profits of the venture . New Unconsolidated Real Estate Joint Ventures In January 201 9 , 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 project 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 September 30, 2019, the Company had funded $1.9 million of its expected capital contribution of $4.0 million. In April 2019, the Company invested $2.1 million in PGA Lender, LLC, a joint venture formed with the PGA Design Center joint venture to participate in the $4.6 million seller financing provided to the buyer of the PGA Design Center joint venture’s commercial buildings, as described above. In connection with the transaction, the Company contributed $2.1 million in cash in exchange for a 45.88% equity interest in the venture, while the PGA Design Center joint venture contributed the $4.6 million promissory note received from the buyer in exchange for $2.1 million in cash and a 54.12% equity interest in the venture. In June 2019, the Company invested $4.2 million in Sky Cove, LLC, a joint venture formed to develop, construct, and sell 204 single family homes in Westlake, Florida. In August 2019, the Company invested $4.5 million in Altis Vineland Pointe Manager, LLC, a joint venture formed to acquire land, obtain entitlements, and fund predevelopment costs for the development of a potential multifamily apartment community in Orlando, Florida. Summarized Financial Information of Certain Unconsolidated Real Estate Joint Ventures The condensed statements of operations for Altis at Bonterra – Hialeah, LLC were as follows (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Total revenues $ 927 1,755 4,479 6,109 Gain on sale of real estate 33,608 - 33,608 - Other expenses (813) (1,622) (4,339) (6,222) Net earnings $ 33,722 133 33,748 (113) Equity in net earnings of unconsolidated real estate joint venture - Altis at Bonterra - Hialeah, LLC $ 29,100 128 29,100 (107) The condensed statements of financial condition for Altis at Bonterra – Hialeah, LLC were as follows (in thousands): September 30, December 31, 2019 2018 Assets Cash $ 1,433 4,033 Real estate - 55,734 Other assets 6 134 Total assets $ 1,439 59,901 Liabilities and Equity Notes payable $ - 38,641 Other liabilities 888 571 Total liabilities 888 39,212 Total equity 551 20,689 Total liabilities and equity $ 1,439 59,901 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt [Abstract] | |
Debt | 8. Debt N otes Payable and Other Borrowings The table below sets forth information regarding the Company’s notes payable and other borrowings (dollars in thousands): September 30, 2019 December 31, 2018 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Bluegreen: 2013 Notes Payable $ - - $ - $ 28,125 5.50% $ 22,878 Fifth Third Bank Note 3,649 5.11% 7,757 3,834 5.34% 7,892 NBA Éilan Loan 19,974 5.34% 32,821 25,603 5.60% 35,615 Fifth Third Syndicated Line of Credit 75,000 4.88% 102,431 55,000 5.27% 92,415 Fifth Third Syndicated Term Loan 21,094 5.08% 28,809 22,500 5.37% 27,724 Unamortized debt issuance costs (672) (1,671) Total Bluegreen $ 119,045 $ 133,391 Other: Community Development District Obligations $ 29,432 4.25 -6.00% $ 44,771 $ 24,583 4.25 -6.00% $ 35,155 TD Bank Term Loan and Line of Credit 8,394 5.24% (1) 8,117 5.47% (1) Iberia $50.0 million Revolving Line of Credit - - (2) 30,000 5.35% (2) Banc of America Leasing & Capital Equipment Note 406 4.75% (3) 555 4.75% (3) Unsecured Note (4) 3,400 6.00% - 3,400 6.00% Other (4) 1,580 5.89% 1,905 1,507 5.25% 1,968 Unamortized debt issuance costs (837) (666) Total other $ 42,375 $ 67,496 Total notes payable and other borrowings $ 161,420 $ 200,887 (1) The collateral is a blanket lien on Renin’s assets. (2) The collateral is membership interests in Woodbridge having a value of not less than $100.0 million. (3) The collateral is a security interest in the equipment financed by the underlying note. Additionally, IT’SUGAR is guarantor on the note. (4) BBX Capital is guarantor on the note. See Note 13 to the Company’s consolidated financial statements included in the 201 8 Annual Report for additional information regarding the above listed notes payable and other borrowings. New debt issuances and significant changes related to the above listed notes payable and other borrowings are detailed below. In February 2019, the Meadow View at Twin Creeks Community Development District issued $8.1 million of community development bonds in order to fund the infrastructure improvements for Phase II of the Company’s Beacon Lake Community development and repay a portion of the bonds previously issued in 2016 in connection with Phase I of the development. The bonds issued in February 2019 have fixed interest rates ranging from 5.20% to 5.80% and mature at various times during the years 20 30 through 2049. The Company at its option has the ability to repay a specified portion of the bonds at the time that it sells developed lots in the Beacon Lakes Community. In July 2019, the Company modified the Iberia $50.0 million revolving line of credit to, among other things, extend the maturity of the line of credit from March 6, 2020 to June 30, 2021 and remove a financial covenant regarding fixed charge coverage. Under the terms of the modified line of credit, the Company has the option to extend the maturity of the line of credit for a twelve -month period, subject to the satisfaction of certain conditions. In September 2019, Bluegreen repaid in full its 2013 Notes Payable. Accordingly, the related unamortized debt issuance costs associated with the notes of $0.4 million were written off in the third quarter of 2019. In December 2016, Bluegreen entered into a $100.0 million syndicated credit facility with Fifth Third Bank, as administrative agent and lead arranger, and certain other bank participants as lenders. In October 2019, Bluegreen amended and restated the facility and increased the facility to $225.0 million. The amended facility includes a $100.0 million term loan (the “Fifth Third Syndicated Term Loan”) with quarterly amortization requirements and a $125.0 million revolving line of credit (the “Fifth Third Syndicated Line of Credit”). Amounts borrowed under the amended facility generally bear interest at LIBOR plus 2.00% - 2.50% depending on Bluegreen’s leverage ratio, are collateralized by certain of Bluegreen’s VOI inventory, sales center buildings, management fees, short-term receivables, and cash flows from residual interests relating to certain term securitizations, and will mature in October 2024. At closing, Bluegreen borrowed the entire $100.0 million term loan and $30.0 million under the revolving line of credit. Proceeds were used to repay the outstanding balance on the existing syndicated credit facility, repay $3.6 million on the existing Fifth Third Bank Note Payable, and pay expenses and fees associated with the amendment, with the remainder to be used for general corporate purposes. Receivable-Backed Notes Payable The table below sets forth information regarding Bluegreen’s receivable-backed notes payable facilities (dollars in thousands): September 30, 2019 December 31, 2018 Principal Principal Balance of Balance of Pledged/ Pledged/ Debt Interest Secured Debt Interest Secured Balance Rate Receivables Balance Rate Receivables Receivable-backed notes payable - recourse: Liberty Bank Facility $ 28,247 5.25% $ 34,545 $ 17,654 5.25% $ 22,062 NBA Receivables Facility 35,809 4.79% 43,706 48,414 5.27% 57,805 Pacific Western Facility 30,848 4.92% 37,954 10,606 5.52% 13,730 Total $ 94,904 $ 116,205 $ 76,674 $ 93,597 Receivable-backed notes payable - non-recourse: KeyBank/DZ Purchase Facility 19,035 4.84% 23,390 - - - Quorum Purchase Facility 44,865 4.75 -5.50% 50,337 40,074 4.75 -5.50% 45,283 2012 Term Securitization 9,986 2.94% 11,558 15,212 2.94% 16,866 2013 Term Securitization 20,090 3.20% 21,995 27,573 3.20% 29,351 2015 Term Securitization 34,093 3.02% 36,676 44,230 3.02% 47,690 2016 Term Securitization 52,632 3.35% 58,817 63,982 3.35% 72,590 2017 Term Securitization 69,763 3.12% 79,551 83,513 3.12% 95,877 2018 Term Securitization 96,907 4.02% 109,599 114,480 4.02% 125,916 Unamortized debt issuance costs (5,515) - (6,807) - Total $ 341,856 $ 391,923 $ 382,257 $ 433,573 Total receivable-backed debt $ 436,760 $ 508,128 $ 458,931 $ 527,170 There were no new debt issuances or significant changes related to the above listed facilities during the nine months ended September 3 0 , 2019. See Note 13 to the Company’s consolidated financial statements included in the 2018 Annual Report for additional information regarding the above listed receivable-backed notes payable facilities. Junior Subordinated Debentures The table below sets forth information regarding the Company’s junior subordinated debentures (dollars in thousands): September 30, 2019 December 31, 2018 Effective Effective Carrying Interest Carrying Interest Amounts Rates (1) Amounts Rates (1) Woodbridge - Levitt Capital Trusts I - IV $ 66,302 6.07 - 6.17% $ 66,302 6.20 - 6.65% Bluegreen Statutory Trusts I - VI 110,827 7.07 - 7.22% 110,827 7.32 - 7.70% Unamortized debt issuance costs (1,147) (1,200) Unamortized purchase discount (38,944) (39,504) Total junior subordinated debentures $ 137,038 $ 136,425 (1) The Company’s junior subordinated debentures bear interest at 3-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.85% to 4.90% . Woodbridge and Bluegreen have each formed statutory business trusts (collectively, the “Trusts”), each of which issued trust preferred securities and invested the proceeds thereof in junior subordinated debentures of Woodbridge and Bluegreen, respectively. The Trusts are VIEs in which Woodbridge and Bluegreen, as applicable, are not the primary beneficiaries. Accordingly, the Company do es not consolidate the operations of these Trusts; instead, the beneficial interests in the Trusts are accounted for under the equity method of accounting. Included in other assets as of September 3 0 , 201 9 and December 31, 201 8 was $2.1 million of equity in the Trusts. Interest on the junior subordinated debentures and distributions on the trust preferred securities are payable quarterly in arrears at the same interest rate. All of the junior subordinated debentures were eligible for redemption by Woodbridge and Bluegreen, as applicable, as of September 3 0 , 2019 and December 31, 2018. See Note 13 to the Company’s consolidated financial statements included in the 201 8 Annual Report for additional information regarding the Company’s junior subordinated debentures. Debt Compliance and Amounts Available under Credit Facilities As of September 30, 2019, BBX Capital and its subsidiaries were in compliance with all financial debt covenants under their debt instruments, as amended. Amounts available under credit facilities for BBX Capital and its subsidiaries as of September 30, 2019 were as follows (in thousands): BBX Capital $ 50,000 Bluegreen 131,196 Renin 3,668 IT'SUGAR 4,000 Total credit availability $ 188,864 The amounts available under the Company’s credit facilities are subject to eligible collateral and the terms of the facilities, as applicable . |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 9. Revenue Recognition The table below sets forth the Company’s revenue disaggregated by category (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Sales of VOIs $ 66,318 70,698 186,351 195,412 Fee-based sales commissions 60,478 61,641 161,033 167,581 Resort and club management revenue 27,165 25,744 78,169 75,257 Cost reimbursements 21,111 16,900 58,705 47,157 Resort title fees 4,289 3,491 10,092 9,355 Trade sales - wholesale 18,664 17,672 59,024 56,024 Trade sales - retail 28,996 26,131 79,681 70,090 Sales of real estate inventory 370 7,478 5,030 17,138 Other 5,527 3,491 13,294 9,138 Revenue from customers 232,918 233,246 651,379 647,152 Interest income 21,797 21,157 64,730 63,738 Net gains on sales of real estate assets 399 - 11,395 4,802 Total revenues $ 255,114 254,403 727,504 715,692 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 1 0 . Income Taxes BBX Capital and its subsidiaries file a consolidated U.S. federal income tax return and income tax returns in various state and foreign jurisdictions. Effective income tax rates for interim periods are based upon the Company’s current estimated annual rate, which varies based upon the Company’s estimate of taxable earnings and the mix of taxable earnings in the various states in which the Company operates. The Company’s effective tax rate was applied to income before income taxes reduced by net income attributable to noncontrolling interests in joint ventures taxed as partnerships. In addition, the Company recognizes taxes related to unusual or infrequent items or resulting from a change in judgment regarding a position taken in a prior period as discrete items in the interim period in which the event occurs. The Company’s effective income tax rate was approximately 38% and 37% during the three and nine months ended September 3 0 , 201 9, respectively, compared to an effective income tax rate of 44% and 36% for the three and nine months ended September 30, 2018, respectively. The effective tax rate for the nine months ended September 30, 2019 excludes the tax benefit associated with the $39.1 million Bass Pro litigation settlement described in Note 11 below, which the Company accounted for as a discrete item at the statutory income tax rate of 26% . The effective income tax rate for the nine months ended September 30, 2018 excludes a discrete income tax expense of $2.8 million related to the recognition of a provisional adjustment associated with the December 2017 Tax Reform Act. The Company’s effective income tax rate s for the three and nine months ended September 3 0 , 201 9 and 2018 w ere higher than the expected federal income tax rate of 21% due to nondeductible executive compensation and state income taxes. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 1 1 . Commitments and Contingencies Litigation Matters In the ordinary course of business, BBX Capital and its subsidiaries are parties to lawsuits as plaintiff or defendant involving its operations and activities. Bluegreen is subject to claims or proceedings from time to time relating to the purchase, sale, marketing, or financing of VOIs and other business activities. Additionally, from time to time in the ordinary course of business, the Company is involved in disputes with existing and former employees, vendors, taxing jurisdictions , and various other parties and also receives consumer complaints and complaints, inquiries, and orders requiring compliance from governmental and consumer agencies, including Offices of State Attorneys General. The Company takes these matters seriously and attempts to resolve any such issues as they arise. Reserves are accrued for matters in which management believes it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. Management does not believe that the aggregate liability relating to known contingencies in excess of the aggregate amounts accrued will have a material impact on the Company’s results of operations or financial condition. However, litigation is inherently uncertain, and the actual costs of resolving legal claims, including awards of damages, may be substantially higher than the amounts accrued for these claims and may have a material adverse impact on the Company’s results of operations or financial condition. Adverse judgments and the costs of defending or resolving legal claims may be substantial and may have a material adverse impact on the Company’s financial statements. Management is not at this time able to estimate a range of reasonably possible losses with respect to matters in which it is reasonably possible that a loss will occur. In certain matters, management is unable to estimate the loss or reasonable range of loss until additional developments provide information sufficient to support an assessment of the loss or reasonable range of loss. Frequently in these matters, the claims are broad, and the plaintiffs have not quantified or factually supported their claim. The following is a description of certain litigation matters: BBX Capital Litigation There were no material pending legal proceedings against BBX Capital or its subsidiaries other than proceedings against Bluegreen as of September 3 0 , 201 9 . Bluegreen / Bass Pro Litigation and Settlement Bluegreen, indirectly through Bluegreen Vacations Unlimited (“BVU”), its wholly - owned subsidiary , has an exclusive marketing agreement with Bass Pro, a nationally-recognized retailer of fishing, marine, hunting, camping and sports gear, that provides Bluegreen with the right to market and sell vacation packages at kiosks in each of Bass Pro’s retail locations and through other means. As previously disclosed, in March 2019, Bluegreen received a notice from Bass Pro stating that Bass Pro intended to cancel Bluegreen’s access to the Bass Pro marketing channels and advertising materials as of 30 days from the date of the notice unless Bluegreen cured the alleged breaches to Bass Pro’s satisfaction. While Bluegreen respon d e d to Bass Pro with respect to each of the issues raised prior to the expiration of the cure period , o n April 17, 2019, Bass Pro and its affiliates brought an action against BVU alleging that BVU failed to pay certain commissions due it under the parties’ marketing agreement, improperly charged a tour generation fee , and that its conduct in the Bass Pro retail stores breached its contractual commitments. On May 24, 2019, Bluegreen received notice from Bass Pro and its affiliates that it was terminating the marketing agreement based on the failure to cure the alleged breaches, and Bluegreen was removed from all Bass Pro retail stores. BVU subsequently filed a counter claim against Bass Pro and Big Cedar LLC. On June 13, 2019, Bluegreen entered into a settlement agreement which resolved the litigation and reinstated and amended the marketing agreement. Pursuant to the terms of the settlement agreement, Bass Pro agreed to reinstate BVU’s access to Bass Pro’s marketing channels, including Bass Pro and Cabela’s retail stores. Additionally, with no admission of any wrongdoing, Bluegreen paid Bass Pro $20.0 million within 15 days after the execution of the settlement agreement; Bluegreen agreed to p ay Bass Pro $4.0 million on each January 1 from 2020 through 2024; and Bluegreen agreed that Bass Pro would retain $1.5 million of an amount prepaid to them earlier in 2019 under the marketing agreement. Additionally, in lieu of the previous commission arrangement, Bluegreen agreed to pay Bass Pro a fixed annual fee of $70,000 for each Bass Pro and Cabela’s retail store that BVU accesses (excluding retail stores which are designated to provide tours to Bluegreen/Big Cedar Vacations, or “Bluegreen/Big Cedar Feeder Stores”) plus $32 per net vacation package sold (less cancellations and refunds within 45 days of sale), excluding sales at Bluegreen/Big Cedar Feeder Stores. Bluegreen also agreed to contribute to the Wonders of Wildlife Foundation $5.00 per net package sold (less cancellations and refunds within 45 days of sale), subject to an annual minimum of $700,000 . The fixed annual fee was prorated for 2019. Subject to the terms and conditions of the settlement agreement, Bluegreen will generally be required to pay the fixed annual fee with respect to at least 59 Bass Pro retail stores and a minimum number of Cabela’s retail stores that increases over time to a total of at least 60 Cabela’s retail stores by the end of 2021. Notwithstanding the foregoing, the minimum number of Bass Pro and Cabela’s retail stores for purposes of the fixed annual fee may be reduced under certain circumstances set forth in the parties’ agreement, including as a result of a reduction of traffic in the stores in excess of 25% year-over-year. The parties also executed mutual waivers and releases and agreed to the dismissal of the litigation. Bluegreen accrued for the net present value of the above payments required by the settlement agreement, plus attorneys’ fees and costs, totaling approximately $39.1 million, which is reflected in selling, general, and administrative expenses in the Company’s condensed consolidated statements of operations for the nine months ended September 30, 2019. As of September 30, 2019, $17.6 million was accrued for the remaining payments required by the settlement agreement, which are reflected in other liabilities in the Company’s condensed consolidated statement of financial condition. As of September 30, 2019, Bluegreen sold vacation packages in 68 of Bass Pro retail stores and 7 Cabela’s retail stores. During the nine months ended September 30, 2019 and 2018, VOI sales to prospects and leads generated by the agreement with Bass Pro accounted for approximately 13% and 14% , respectively, of Bluegreen’s VOI sales volume. Other Bluegreen Litigation On September 22, 2017, Stephen Potje, Tamela Potje, Sharon Davis, Beafus Davis, Matthew Baldwin, Tammy Baldwin, Arnor Lee, Angela Lee, Gretchen Brown, Paul Brown, Jeremy Estrada, Emily Estrada, Michael Oliver, Carrie Oliver, Russell Walters, Elaine Walters, and Mike Ericson, individually and on behalf of all other similarly situated, filed a purported class action lawsuit against Bluegreen which assert ed claims for alleged violations of the Florida Deceptive and Unfair Trade Practices Act and the Florida False Advertising Law. In the complaint, the plaintiffs alleged the making of false representations in connection with Bluegreen’s sales of VOIs . The purported class action lawsuit was dismissed without prejudice after mediation. However, on or about April 24, 2018, plaintiffs re-filed their individual claims in Palm Beach County Circuit Court. Subsequently, on October 15, 2019, the Court entered an order granting summary judgment in favor of Bluegreen and dismissed all claims. On February 28, 2018, Oscar Hernandez and Estella Michael filed a purported class action litigation in San Bernardino Superior Court against BVU. The central claims in the complaint, as amended during June 2018, include alleged failures to pay overtime and wages at termination and to provide meal and rest periods, as well as claims relating to non-compliant wage statements and unreimbursed business expenses; and a claim under the Private Attorney’s General Act. Plaintiffs sought to represent a class of approximately 660 hourly, non-exempt employees who worked in the state of California since March 1, 2014. In April 2019, the parties mediated and agreed to settle the matter for an immaterial amount. It is expected that the court will approve the settlement and the dismissal of the lawsuit after the settlement documents are executed. On June 28, 2018, Melissa S. Landon, Edward P. Landon, Shane Auxier and Mu Hpare, individually and on behalf of all others similarly situated, filed a purported class action lawsuit against the Company and BVU asserting claims for alleged violations of the Wisconsin Timeshare Act, Wisconsin law prohibiting illegal referral selling, and Wisconsin law prohibiting illegal attorney’s fee provisions. Plaintiffs allegations include that Bluegreen failed to disclose the identity of the seller of real property at the beginning of Bluegreen’s initial contact with the purchaser; that Bluegreen misrepresented who the seller of the real property was; that Bluegreen misrepresented the buyer’s right to cancel; that Bluegreen included an illegal attorney’s fee provision in the sales document(s); that Bluegreen offered an illegal “today only” incentive to purchase; and that Bluegreen utilizes an illegal referral selling program to induce the sale of VOIs. Plaintiffs seek certification of a class consisting of all persons who, in Wisconsin, purchased from Bluegreen one or more VOIs within six years prior to the filing of this lawsuit. Plaintiffs seek statutory damages, attorneys’ fees and injunctive relief. Bluegreen believes the lawsuit is without merit and intends to vigorously defend the action. On January 7, 2019, Shehan Wijesinha filed a purported class action lawsuit alleging violations of the Telephone Consumer Protection Act (the “TCPA”). It is alleged that BVU called plaintiff’s cell phone for telemarketing purposes using an automated dialing system and that plaintiff did not give BVU his express written consent to do so. Plaintiffs seek certification of a class comprised of other persons in the United States who, within the four years prior to the filing of the complaint, received similar calls from or on behalf of BVU without the person’s consent. Plaintiff seeks monetary damages, attorneys’ fees, and injunctive relief. Bluegreen believes the lawsuit is without merit and intends to vigorously defend the action. On July 15, 2019, the court entered an order staying this case pending a ruling from the Federal Communications Commission clarifying the definition of an automatic telephone dialing system under the TCPA and the decision of the Eleventh Circuit in a separate action brought against a VOI company by a plaintiff alleging violations of the TCPA. On January 7, 2019, Debbie Adair and thirty-four other timeshare purchasers filed a lawsuit against BVU and Bass Pro alleging violations of the Tennessee Consumer Protection Act, the Tennessee Time-share Act, the California Time-Share Act, fraudulent misrepresentation for failure to make certain required disclosures, fraudulent inducement for inducing purchasers to remain under contract past rescission, unauthorized practice of law, civil conspiracy, unjust enrichment, and breach of contract. Plaintiffs seek rescission of their contracts, monetary damages, including statutory treble damages, or in the alternative, punitive damages in an amount not less than $0.5 million. Bluegreen believes the lawsuit is without merit and intends to vigorously defend the action. Bluegreen has agreed to indemnify Bass Pro with respect to the claims brought against it in this proceeding. On March 15, 2018, BVU entered into an Agreement for Purchase and Sale of Assets with T. Park Central, LLC, O. Park Central, LLC, and New York Urban Ownership Management, LLC (collectively “New York Urban”) (the “Purchase and Sale Agreement”), which provides for the purchase of The Manhattan Club inventory over a number of years and the assumption of the management contract with The Manhattan Club HOA anticipated to occur in 2021. On October 7, 2019, New York Urban initiated arbitration proceedings against BVU alleging that The Manhattan Club HOA (of which BVU is a member) is obligated to pay an increased management fee to a New York Urban affiliate and that this higher amount would be the benchmark for BVU’s purchase of the management contract under the parties’ Purchase and Sale Agreement. New York Urban is also seeking damages in the arbitration proceedings in excess of $10.0 million for promissory estoppel and tortious interference. BVU has denied New York Urban’s claims and has declared New York Urban in default under the Purchase and Sale Agreement for, among other things, initiating arbitration in violation of the Purchase and Sale Agreement. BVU has informed New York Urban that it would not proceed with its inventory purchases until New York Urban’s defaults are cured. The Purchase and Sale Agreement provides that, in the event of a breach, the nonbreaching party may either waive the breach or terminate the Purchase and Sale Agreement as its sole and exclusive remedy. Commencing in 2015, it came to Bluegreen’s attention that its collection efforts with respect to its VOI notes receivable were being impacted by a then emerging, industry-wide trend involving the receipt of “cease and desist” letters from exit firms and attorneys purporting to represent certain VOI owners. Following receipt of these letters, Bluegreen is unable to contact the owners unless allowed by law. Bluegreen believes these exit firms have encouraged owners to become delinquent and ultimately default on their obligations and that such actions and Bluegreen’s inability to contact the owners are a primary contributor to the increase in its annual default rates . Bluegreen’s average annual default rates have increased from 6.9% in 2015 to 8.6% in 2019. Bluegreen also estimates that approximately 15.0% of the total delinquencies on its VOI notes receivable as of September 3 0 , 2019 related to VOI notes receivable subject to this issue. Bluegreen has in a number of cases pursued, and may in the future pursue, legal action against the VOI owners, and as described below, against the exit firms. On December 21, 2018, Bluegreen filed a lawsuit against timeshare exit firm Totten Franqui and certain of its affiliates (“TPEs”). In the complaint, Bluegreen alleged that the TPEs, through various forms of deceptive advertising, as well as inappropriate direct contact with VOI owners, made false statements about Bluegreen and provided misleading information to the VOI owners. The TPEs have encouraged nonpayment by consumers and exacted fees for doing so. Bluegreen believes the consumers are paying fees to the TPEs in exchange for illusory services and has asserted claims against the TPEs under the Lanham Act, as well as tortious interference with contractual relations, civil conspiracy to commit tortious interference, and other claims. During the course of the litigation, the TPEs and Totten Franqui filed for bankruptcy, which resulted in the litigation being stayed. The bankruptcy judge has appointed an independent trustee to handle the estate of the debtors, and Bluegreen has been in discussions with the bankruptcy trustee about a possible settlement. Bluegreen intends to assert all of its legal rights in the bankruptcy case. The following is a description of certain commitments , contingencies, and guarantees: In lieu of paying maintenance fees for unsold VOI inventory, Bluegreen may enter into subsidy agreements with certain HOAs . During the nine months ended September 3 0 , 201 9 and 2018 , Bluegreen made payments related to such subsidies of $10.5 million and $2.2 million, respectively. As of September 3 0 , 201 9, Bluegreen had accrued $8.0 million for such subsidies, which is included in other liabilities in the Company’s condensed consolidated statement of financial condition. As of December 31, 2018, Bluegreen had no accrued liabilities for such subsidies. The Company guarantees certain obligations of its wholly-owned subsidiaries and unconsolidated real estate joint ventures , including the following : · BBX Capital is a guarant or of 50% of the outstanding balance of a third party loan to the Sunrise and Bayview Partners, LLC real estate joint venture , which had an outstanding balance of $5.0 million as of September 30, 2019 . · BBX Capital is a guarantor on certain notes payable by its wholly-owned subsidiaries. See Note 8 for additional information regarding the se obligations. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | 12. Leases BBX Capital and its subsidiaries are lessees under various operating leases for retail stores , sales offices, call centers, office space , equipment , and vehicles . Many of the Company’s lease agreements include one or more options to renew, with renewal terms that can extend the lease term from one to seven years, and t he exercise of such renewal options is generally at the Company’s discretion . C ertain of the Company’s lease agreements include rental payments based on a percentage of sales generated at the leased location over contractua l l y specified levels , and others include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain material residual value guarantees or material restrictive covenants. The Company recognizes right-of-use assets and lease liabilities associated with lease agreements with an initial term of greater than 12 months, while lease agreements with an initial term of 12 months or less are not recorded in the Company’s statement of financial condition. The Company generally does not include lease payments associated with renewal options that are exercisable at its discretion in the measurement of its right-of-use assets and lease liabilities as it is not reasonably certain that such options will be exercised. The table below sets forth information regarding the Company’s lease agreements which had an initial term of greater than 12 months (dollars in thousands): As of September 30, 2019 Operating lease assets $ 110,435 Operating lease liabilities $ 124,129 Weighted average remaining lease term (years) 6.5 Weighted average discount rate (1) 5.33 % (1) As most of the Company’s lease agreements do not provide an implicit rate, the Company estimates incremental secured borrowing rates corresponding to the maturities of its lease agreements to determine the present value of future lease payments. To estimate incremental borrowing rates applicable to BBX Capital and its subsidiaries, the Company considers various factors, including the rates applicable to its recently issued debt and credit facilities and prevailing financial market conditions. The Company used the incremental borrowing rates applicable to BBX Capital and its subsidiaries on January 1, 2019 for operating leases that commenced prior to that date. The Company generally recognizes lease costs associated with its operating leases on a straight-line basis over the lease term, while variable lease payments that do not depend on an index or rate are recognized as variable lease costs in the period in which the obligation for those payments is incurred. The table below sets forth information regarding the Company’s lease costs which are included in cost of trade sales and selling, general, and administrative expenses in the Company’s condensed consolidated statements of operations (in thousands): For the Three For the Nine Months Ended Months Ended September 30, 2019 September 30, 2019 Fixed lease costs $ 7,300 21,677 Short-term lease costs 1,377 3,718 Variable lease costs 2,237 6,717 Total operating lease costs $ 10,914 32,112 The table below sets forth information regarding the maturity of the Company’s operating lease liabilities as of September 30, 2019 (in thousands): Period Ending December 31, 2019 $ 6,735 2020 25,671 2021 24,484 2022 22,343 2023 19,145 After 2023 56,736 Total lease payments 155,114 Less: interest 30,985 Present value of lease liabilities $ 124,129 The above operating lease payments exclude $9.9 million of legally binding minimum lease payments for lease agreements executed but not yet commenced, as the Company has not received possession of the leased property. Included in the Company’s statement of cash flows under operating activities for the nine months ended September 30, 2019 was $20.8 million of cash paid for amounts included in the measurement of lease liabilities. During the nine months ended September 30, 2019, the Company obtained $2 1 . 7 million of right -of-use assets in exchange for operating lease liabilities. |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2019 | |
Common Stock [Abstract] | |
Common Stock | 13 . Common Stock Share Repurchase Program In June 2017, BBX Capital’s board of directors approved a share repurchase program authorizing the purchase of up to 5,000,000 shares of BBX Capital’s Class A Common Stock and Class B Common Stock at an aggregate cost of up to $35.0 million. During the three and nine months ended September 30, 2019, BBX Capital purchased 1,398,361 and 1,799,539 shares of its Class A Common Stock, respectively, for approximately $7.0 million and $8.9 million, respectively. As of September 30, 2019, BBX Capital had purchased 3,321,132 shares of its Class A Common Stock for approximately $18.9 million pursuant to the June 2017 share repurchase program. Stock Incentive Plans O n January 8, 2019, BBX Capital ’s c ompensation c ommittee of the board of directors granted awards of 1,923,975 restricted shares of BBX Capital’s Class B Common Stock to its executive officers under the BBX Capital Corporation 2014 Incentive Plan. The aggregate grant date fair value of the awards was $11.8 million, and the shares vest ratably in annual installments of approximately 481,000 shares over four periods beginning on October 1, 2019. In October 2019, 566,322 shares of restricted Class A common stock awards and 1,901,793 shares of restricted Class B common stock awards previously granted to certain of the Company’s officers vested. The officers surrendered a total of 222,848 shares of Class A common stock and 748,357 shares of Class B common stock to the Company to satisfy the $4.5 million tax withholding obligation associated with the vesting of these awards. The Company retired the surrendered shares. Earnings per Share During the three and nine months ended September 30, 2019, approximately 3,039,265 shares of unvested restricted stock awards were not included in the computation of diluted earnings per share for such periods because such awards were assumed to be fully repurchased under the treasury stock method based on the unrecognized compensation cost associated with such awards. During the three and nine months ended September 30, 2018, there were no unvested restricted stock awards that were excluded from the computation of diluted earnings per share for such periods. |
Noncontrolling Interests And Re
Noncontrolling Interests And Redeemable Noncontrolling Interest | 9 Months Ended |
Sep. 30, 2019 | |
Noncontrolling Interests And Redeemable Noncontrolling Interest [Abstract] | |
Noncontrolling Interests And Redeemable Noncontrolling Interest | 14 . Noncontrolling Interests and Redeemable Noncontrolling Interest N oncontrolling interests in the Company’s consolidated subsidiaries consisted of the following (in thousands): September 30, December 31, 2019 2018 Bluegreen (1) $ 40,159 41,478 Bluegreen / Big Cedar Vacations (2) 54,706 45,611 Joint ventures and other 892 899 Total noncontrolling interests $ 95,757 87,988 The redeemable noncontrolling interest included in the Company’s condensed consolidated statements of financial condition as of September 30, 2019 and December 31, 2018 of $2.2 million and $2.6 million, respectively, is comprised of a redeemable noncontrolling interest associated with IT’SUGAR. The Company owns 90.4% of IT’SUGAR’s Class B Units, while the remaining 9.6% of such units are held by a noncontrolling interest and may be redeemed for cash at the holder’s option upon a contingent event outside of the Company’s control. Income (loss) attributable to noncontrolling interests, including redeemable noncontrolling interests, consisted of the following (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Bluegreen (1) $ 1,962 2,048 2,346 6,817 Bluegreen / Big Cedar Vacations (2) 2,248 3,585 9,095 9,509 Joint ventures and other (98) 173 (166) (2) Net income attributable to noncontrolling interests $ 4,112 5,806 11,275 16,324 (1) As a result of Bluegreen’s IPO during the fourth quarter of 2017 and subsequent share repurchases in 2018, the Company owns 90.3% of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company immediately prior to the Bluegreen IPO. (2) Bluegreen has a joint venture arrangement pursuant to which it owns 51% of Bluegreen/Big Cedar Vacations. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 1 5 . Fair Value Measurement Fair value is defined as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A ccounting standards define an input fair value hierarchy that has three broad levels and gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The input fair value hierarchy is summarized below: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability Level 3: Unobservable inputs for the asset or liability Financial Disclosures about Fair Value of Financial Instruments The tables below set forth information regarding the Company’s consolidated financial instruments (in thousands): Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable September 30, September 30, Assets Inputs Inputs 2019 2019 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 368,818 368,818 368,818 - - Restricted cash 48,597 48,597 48,597 - - Notes receivable, net 445,706 587,000 - - 587,000 Financial liabilities: Receivable-backed notes payable $ 436,760 456,600 - - 456,600 Notes payable and other borrowings 161,420 169,366 - - 169,366 Junior subordinated debentures 137,038 149,500 - - 149,500 Redeemable 5% cumulative preferred stock 9,730 9,538 - - 9,538 Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2018 2018 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 366,305 366,305 366,305 - - Restricted cash 54,792 54,792 54,792 - - Notes receivable, net 439,167 537,000 - - 537,000 Financial liabilities: Receivable-backed notes payable $ 458,931 462,400 - - 462,400 Notes payable and other borrowings 200,887 203,547 - - 203,547 Junior subordinated debentures 136,425 132,400 - - 132,400 Redeemable 5% cumulative preferred stock 9,472 9,538 - - 9,538 M anagement has made estimates of fair value that it believes to be reasonable. However, because there is no active market for many of these financial instruments, the fair value of these financial instruments has been derived using the income approach technique with Level 3 unobservable inputs. Estimates used in net present value financial models rely on assumptions and judgments regarding issues where the outcome is unknown, and actual results or values may differ significantly from these estimates. These fair value estimates do not consider the tax effect that would be associated with the disposition of the assets or liabilities at their fair value estimates. As such, the estimated value upon sale or disposition of the asset may not be received, and the estimated value upon disposition of the liability in advance of its scheduled maturity may not be paid. The amounts reported in the consolidated statements of financial condition for cash and cash equivalents and restricted cash approximate fair value. The fair values of Bluegreen’s notes receivable are estimated using Level 3 inputs and are based on estimated future cash flows considering contractual payments and estimates of prepayments and defaults, discounted at a market rate. The amounts reported in the consolidated statements of financial condition relating to Bluegreen’s notes payable and other borrowings, as well as variable rate receivable-backed notes payable, approximate fair value for indebtedness that provides for variable interest rates. The fair value s of Bluegreen’s fixed rate, receivable-backed notes payable are estimated using Level 3 inputs by discounting the net cash outflows estimated to be used to repay the debt. These obligations are to be satisfied using the proceeds from the consumer loans that secure the obligations. The fair value of the Company’s Community Development Bonds , which are included in notes payable and other borrowings above, is measured using the market approach with Level 3 inputs obtained based on estimated market prices of similar financial instruments. The fair value s of the Company’s other borrowings (other than Bluegreen’s notes payable and other borrowings and Community Development Bonds above) are measured using the income approach with Level 3 inputs obtained by discounting the forecasted cash flows based on estimated market rates. The fair value of the Company’s junior subordinated debentures is estimated using Level 3 inputs based on the contractual cash flows discounted at a market rate or based on market price quotes from the over-the-counter bond market. The fair value of the 5% Cumulative Preferred Stock, which is subject to mandatory redemption, is calculated using the income approach with Level 3 inputs by discounting the estimated cash flows at a market discount rate. |
Certain Relationships And Relat
Certain Relationships And Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Certain Relationships And Related Party Transactions [Abstract] | |
Certain Relationships And Related Party Transactions | 16. Certain Relationships and Related Party Transactions The Company may be deemed to be controlled by Alan B. Levan, the Company’s Chairman and Chief Executive Officer, and John E. Abdo, the Company’s Vice Chairman. Together, Mr. Alan B. Levan and Mr. Abdo may be deemed to beneficially own shares of the Company’s Class A Common Stock and Class B Common Stock representing approximately 78% of the Company’s total voting power. Mr. Alan B. Levan and Mr. Abdo also serve as Chairman and Vice Chairman, respectively, of Bluegreen’s Board of Directors. Jarett S. Levan, the Company’s President and son of Alan B. Levan, and Seth M. Wise, the Company’s Executive Vice President, also serve as directors of the Company and Bluegreen. Woodbridge is a wholly-owned subsidiary of the Company and own ed 90.3% of Bluegreen ’s outstanding common stock as of September 30, 2019 . Bluegreen paid or reimbursed the Company for management advisory, risk management, administrative and other services in the amounts of $0.4 million and $1.3 million during the three and nine months ended September 3 0, 201 9, respectively, and $0.6 million and $1.2 million during the three and nine months ended September 30, 2018 , respectively . The Company received $11.4 million and $34.3 million of dividends from Bluegreen during the three and nine months ended September 30 , 201 9, respectively, and $10.1 million and $30.3 million of dividends from Bluegreen during the three and nine months ended September 30, 2018 , respectively. In April 2015, pursuant to a Loan Agreement and Promissory Note, a wholly - owned subsidiary of Bluegreen provided an $80.0 million loan to BBX Capital. Amounts outstanding on the loan b ear interest at a rate of 6% per annum. Payments of interest are required on a quarterly basis, and all outstanding amounts are due and payable in April 2020. BBX Capital is permitted to prepay the loan in whole or in part at any time, and prepayments may be required, to the extent necessary, in order for Bluegreen or its subsidiaries to remain in compliance with covenants under outstanding indebtedness. During each of the three and nine months ended September 3 0 , 2019 and 2018, BBX Capital recognized $1.2 million and $3.6 million, respectively, of interest expense on the loan to Bluegreen . The interest expense was eliminated in consolidation in the Company’s condensed consolidated financial statements. In May 2015, the Company, Woodbridge, Bluegreen , Renin, and their respective subsidiaries entered into an Agreement to Allocate Consolidated Income Tax Liability and Benefits pursuant to which, among other customary terms and conditions, the parties agreed to file consolidated federal tax returns. Under the agreement, the parties calculate their respective income tax liabilities and attributes as if each of them were a separate filer. If any tax attributes of one party to the agreement are used by another party to the agreement to offset such other party’s tax liability, the party providing the benefit will receive an amount for the tax benefits realized. During the nine months ended September 3 0 , 201 9 , BBX Capital received $13.0 million and $1.0 million of tax sharing payments from Bluegreen and Renin, respectively. BBX Capital did not receive any tax sharing payments from Bluegreen and Renin during the three months ended September 30, 2019. D uring the three and nine months ended September 3 0 , 201 8 , BBX Capital received $7.1 million and $21.0 million , respectively, of tax sharing payments from Bluegreen . During each of the three and nine months ended September 30 , 201 9 and 201 8 , the Company paid Abdo Companies, Inc. approximately $77,000 and $230,000 , respectively, in exchange for certain management services. John E. Abdo, the Company’s Vice Chairman, is the principal shareholder and Chief Executive Officer of Abdo Companies, Inc. Certain of the Company’s affiliates, including its executive officers, have independently made investments with their own funds in investments that the Company has sponsored or in which the Company holds investments. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | 17 . Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker in assessing performance and deciding how to allocate resources. Reportable segments consist of one or more operating segments with similar economic characteristics, products and services, production processes, type of customer, distribution system or regulatory environment. The information provided for segment reporting is obtained from internal reports utilized by management of the Company , and t he presentation and allocation of assets and results of operations may not reflect the actual economic costs of the segments as standalone businesses. If a different basis of allocation were utilized, the relative contributions of the segments might differ , but the relative trends in the segments’ operating results would, in management ’ s view, likely not be materially impacted. The Company’s reportable segments are its principal investments : Bluegreen , BBX Capital Real Estate , Renin , and IT’SUGAR. See Note 1 for a description of these segments. In the segment information for the three and nine months ended September 30, 2019 and 2018, amounts set forth in the column entitled “Other” include the Company’s investments in various operating businesses, including its remaining operating businesses in the confectionery industry, a controlling financial interest in a restaurant acquired in connection with a loan receivable default, and its pizza restaurant operations as a franchisee of MOD Pizza. As described in Note 1, the Company exited its pizza restaurant operations as a franchisee of MOD Pizza in September 2019. The amounts set forth in the column entitled “Reconciling Items and Eliminations” include corporate general and administrative expenses, interest expense associated with Woodbridge’s junior subordinated debentures and BBX Capital’s $50.0 million revolving line of credit , and elimination entries. The Company evaluates segment performance based on segment income before income taxes . The table below sets forth the Company’s segment information as of and for the three months ended September 30, 2019 (in thousands): Revenues: Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Sales of VOIs $ 66,318 - - - - - 66,318 Fee-based sales commissions 60,478 - - - - - 60,478 Other fee-based services 33,744 - - - - - 33,744 Cost reimbursements 21,111 - - - - - 21,111 Trade sales - - 16,442 24,678 6,541 (1) 47,660 Sales of real estate inventory - 370 - - - - 370 Interest income 22,081 166 - - 45 (495) 21,797 Net gains on sales of real estate assets - 399 - - - - 399 Other revenue 2,146 197 - 15 1,053 (174) 3,237 Total revenues 205,878 1,132 16,442 24,693 7,639 (670) 255,114 Costs and expenses: Cost of VOIs sold 3,121 - - - - - 3,121 Cost of other fee-based services 23,746 - - - - - 23,746 Cost reimbursements 21,111 - - - - - 21,111 Cost of trade sales - - 12,983 13,902 4,976 (1) 31,860 Cost of real estate inventory sold - - - - - - - Interest expense 10,388 - 131 24 29 1,298 11,870 Recoveries from loan losses, net - (1,821) - - - - (1,821) Impairment losses - 37 - - 3,993 - 4,030 Selling, general and administrative expenses 117,159 2,336 2,849 9,567 4,900 11,738 148,549 Total costs and expenses 175,525 552 15,963 23,493 13,898 13,035 242,466 Equity in net earnings of unconsolidated real estate joint ventures - 28,534 - - - - 28,534 Foreign exchange gain (loss) - - - - - - - Income (loss) before income taxes $ 30,353 29,114 479 1,200 (6,259) (13,705) 41,182 Total assets $ 1,360,829 147,712 32,103 150,841 32,135 93,818 1,817,438 Expenditures for property and equipment $ 3,986 1 79 3,752 224 - 8,042 Depreciation and amortization $ 3,585 - 303 1,181 714 101 5,884 Debt accretion and amortization $ 1,430 22 6 56 1 60 1,575 Cash and cash equivalents $ 183,207 21,781 - 2,412 7,745 153,673 368,818 Real e state equity method investments $ - 53,739 - - - - 53,739 Goodwill $ - - - 35,167 2,081 - 37,248 Receivable-backed notes payable $ 436,760 - - - - - 436,760 Notes payable and other borrowings $ 119,045 32,009 8,394 406 1,861 (295) 161,420 Junior subordinated debentures $ 71,883 - - - - 65,155 137,038 The table below sets forth the Company’s segment information as of and for the three months ended September 30, 2018 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 70,698 - - - - - 70,698 Fee-based sales commissions 61,641 - - - - - 61,641 Other fee-based services 31,057 - - - - - 31,057 Cost reimbursements 16,900 - - - - - 16,900 Trade sales - - 15,330 22,663 5,815 (5) 43,803 Sales of real estate inventory - 7,478 - - - - 7,478 Interest income 21,531 229 - - 10 (613) 21,157 Other revenue 378 572 - 99 840 (220) 1,669 Total revenues 202,205 8,279 15,330 22,762 6,665 (838) 254,403 Costs and expenses: Cost of VOIs sold 11,237 - - - - - 11,237 Cost of other fee-based services 19,937 - - - - - 19,937 Cost reimbursements 16,900 - - - - - 16,900 Cost of trade sales - - 12,306 12,236 4,420 (5) 28,957 Cost of real estate inventory sold - 4,655 - - - - 4,655 Interest expense 9,208 - 157 - 53 1,712 11,130 Recoveries from loan losses, net - (443) - - - - (443) Impairment losses - 193 - - - - 193 Selling, general and administrative expenses 112,407 2,307 2,250 8,962 4,868 12,765 143,559 Total costs and expenses 169,689 6,712 14,713 21,198 9,341 14,472 236,125 Equity in net earnings of unconsolidated real estate joint ventures - 373 - - - - 373 Foreign exchange gain - - 76 - - - 76 Income (loss) before income taxes $ 32,516 1,940 693 1,564 (2,676) (15,310) 18,727 Total assets $ 1,336,992 136,290 28,798 71,450 37,577 66,660 1,677,767 Expenditures for property and equipment $ 9,242 131 99 1,942 1,704 125 13,243 Depreciation and amortization $ 3,169 91 292 1,153 644 108 5,457 Debt accretion and amortization $ 1,086 - 4 (90) 143 91 1,234 Cash and cash equivalents $ 195,439 21,625 - 4,483 10,068 137,897 369,512 Real estate equity method investments $ - 42,550 - - - - 42,550 Goodwill $ - - - 35,167 4,315 - 39,482 Receivable-backed notes payable $ 433,450 - - - - - 433,450 Notes payable and other borrowings $ 137,834 16,285 9,422 620 3,090 29,926 197,177 Junior subordinated debentures $ 71,147 - - - - 65,084 136,231 The table below sets forth the Company’s segment information as of and for the nine months ended September 30, 2019 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 186,351 - - - - - 186,351 Fee-based sales commissions 161,033 - - - - - 161,033 Other fee-based services 94,015 - - - - - 94,015 Cost reimbursements 58,705 - - - - - 58,705 Trade sales - - 51,124 63,347 24,250 (16) 138,705 Sales of real estate inventory - 5,030 - - - - 5,030 Interest income 65,964 631 - - 130 (1,995) 64,730 Net gains on sales of real estate assets - 11,395 - - - - 11,395 Other revenue 4,228 1,492 152 241 2,020 (593) 7,540 Total revenues 570,296 18,548 51,276 63,588 26,400 (2,604) 727,504 Costs and expenses: Cost of VOIs sold 17,541 - - - - - 17,541 Cost of other fee-based services 66,538 - - - - - 66,538 Cost reimbursements 58,705 - - - - - 58,705 Cost of trade sales - - 40,989 37,442 16,563 (16) 94,978 Cost of real estate inventory sold - 2,643 - - - - 2,643 Interest expense 29,955 - 387 81 72 4,184 34,679 Recoveries from loan losses, net - (4,206) - - - - (4,206) Impairment losses - 37 - - 6,749 - 6,786 Selling, general and administrative expenses 355,041 6,709 8,326 26,645 16,061 35,728 448,510 Total costs and expenses 527,780 5,183 49,702 64,168 39,445 39,896 726,174 Equity in net earnings of unconsolidated real estate joint ventures - 37,276 - - - - 37,276 Foreign exchange loss - - (24) - - - (24) Income (loss) before income taxes $ 42,516 50,641 1,550 (580) (13,045) (42,500) 38,582 Expenditures for property and equipment $ 18,502 4 284 6,233 1,245 18 26,286 Depreciation and amortization $ 10,453 93 897 3,313 1,889 320 16,965 Debt accretion and amortization $ 3,616 133 23 168 2 243 4,185 The table below sets forth the Company’s segment information as of and for the nine months ended September 30, 2018 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 195,412 - - - - - 195,412 Fee-based sales commissions 167,581 - - - - - 167,581 Other fee-based services 89,472 - - - - - 89,472 Cost reimbursements 47,157 - - - - - 47,157 Trade sales - - 47,205 58,967 19,954 (12) 126,114 Sales of real estate inventory - 17,138 - - - - 17,138 Interest income 63,771 2,064 - 1 105 (2,203) 63,738 Net gains on sales of real estate assets - 4,802 - - - - 4,802 Other revenue 1,269 2,020 - 134 1,455 (600) 4,278 Total revenues 564,662 26,024 47,205 59,102 21,514 (2,815) 715,692 Costs and expenses: Cost of VOIs sold 19,838 - - - - - 19,838 Cost of other fee-based services 53,983 - - - - - 53,983 Cost reimbursements 47,157 - - - - - 47,157 Cost of trade sales - - 38,454 34,020 15,583 (12) 88,045 Cost of real estate inventory sold - 11,283 - - - - 11,283 Interest expense 25,470 - 497 - 241 4,661 30,869 Recoveries from loan losses, net - (7,258) - - - - (7,258) Impairment losses - 362 - - 187 - 549 Selling, general and administrative expenses 315,535 7,175 7,641 25,559 16,541 37,908 410,359 Total costs and expenses 461,983 11,562 46,592 59,579 32,552 42,557 654,825 Equity in net earnings of unconsolidated real estate joint ventures - 1,165 - - - - 1,165 Foreign exchange gain - - 91 - - - 91 Income (loss) before income taxes $ 102,679 15,627 704 (477) (11,038) (45,372) 62,123 Expenditures for property and equipment $ 24,347 298 447 4,169 3,841 214 33,316 Depreciation and amortization $ 9,087 283 869 3,327 1,445 387 15,398 Debt accretion and amortization $ 2,765 2 12 - 159 221 3,159 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18 . S ubsequent Events Subsequent events have been evaluated through the date the financial statements were available to be issued. As of such date, there were no subsequent events identified that required recognition or disclosure other than as disclosed in the footnotes herein. |
Organization And Basis Of Fin_2
Organization And Basis Of Financial Statement Presentation (Policy) | 9 Months Ended |
Sep. 30, 2019 | |
Organization And Basis Of Financial Statement Presentation [Abstract] | |
Basis Of Financial Statement Presentation | Basis of Financial Statement Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, these financial statements do not include all of the information and disclosures required by GAAP for complete financial statements. In management’s opinion, the accompanying unaudited condensed consolidated financial statements contain all adjustments, which include normal recurring adjustments, that are necessary for a fair statement of the condensed consolidated financial condition of the Company at September 3 0 , 2019; the condensed consolidated results of operations and comprehensive income of the Company for the three and nine months ended September 3 0 , 2019 and 2018; the condensed consolidated changes in equity of the Company for the three and nine months ended September 3 0 , 2019 and 2018; and the condensed consolidated cash flows of the Company for the nine months ended September 3 0 , 2019 and 2018. Operating results for the three and nine months ended September 3 0 , 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 or any other future period. These unaudited condensed consolidated financial statements and related notes are presented as permitted by Form 10-Q and should be read in conjunction with the Company’s audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on March 12, 2019. The condensed consolidated financial statements include the accounts of BBX Capital’s wholly-owned subsidiaries, other entities in which BBX Capital or its subsidiaries hold controlling financial interests, and any VIEs in which BBX Capital or one of its consolidated subsidiaries is deemed the primary beneficiary of the VIE. All significant inter-company accounts and transactions have been eliminated in consolidation. Certain amounts for prior periods have been reclassified to conform to the presentation for the current period. |
Principal Investments | Principal Investments The Company’s principal investments include Bluegreen Vacations Corporation (“Bluegreen” or “Bluegreen Vacations”), BBX Capital Real Estate LLC (“BBX Capital Real Estate”), Renin Holdings, LLC (“Renin”), and IT’SUGAR, LLC (“IT’SUGAR”). Bluegreen is a leading vacation ownership company that markets and sells VOIs and manages resorts in popular leisure and urban destinations. Bluegreen’s resort network includes 45 Club Resorts (resorts in which owners in the Bluegreen Vacation Club (“Vacation Club”) have the right to use most of the units in connection with their VOI ownership) and 24 Club Associate Resorts (resorts in which owners in Bluegreen’s Vacation Club have the right to use a limited number of units in connection with their VOI ownership). Bluegreen markets, sells, and manages VOIs in resorts, which are generally located in popular, high-volume, “drive-to” vacation destinations, including Orlando, Las Vegas, Myrtle Beach, Charleston , and New Orleans, among others. Through its points-based system, the approximately 219,000 owners in Bluegreen’s Vacation Club have the flexibility to stay at units available at its resorts and have access to over 11,350 other hotels and resorts through partnerships and exchange networks. The resorts in which Bluegreen markets, sells, or manages VOIs were either developed or acquired by Bluegreen or were developed and are owned by third parties. Bluegreen earns fees for providing sales and marketing services to third party developers. Bluegreen also earns fees for providing management services to the Vacation Club and homeowners’ associations (“HOAs”), mortgage servicing, VOI title services, reservation services, and construction design and development services. In addition, Bluegreen provides financing to qualified VOI purchasers, which generates significant interest income. BBX Capital Real Estate is engaged in the acquisition, development, construction, ownership, financing, and management of real estate and investments in real estate joint ventures. In addition, BBX Capital Real Estate owns a 50% equity interest in The Altman Companies, LLC (the “Altman Companies”), a developer and manager of multifamily apartment communities, and manages the legacy assets acquired in connection with the Company’s sale of BankAtlantic in 2012, including portfolios of loans receivable and real estate properties. Renin is engaged in the design, manufacture, and distribution of sliding doors, door systems and hardware, and home décor products and operates through its headquarters in Canada and two manufacturing and distribution facilities in the United States and Canada. In addition to its own manufacturing, Renin also sources various products and raw materials from China. IT’SUGAR is a specialty candy retailer which operates approximatel y 100 retail locations in over 25 states and Washington D.C. Its products include bulk candy, candy in giant packaging, and novelty items that are sold at its retail locations, which include a mix of high-traffic resort and entertainment, lifestyle, mall/outlet, and urban locations across the United States. In addition to its principal investments, the Company has investments in various operating businesses, including companies in the confectionery industry. In 2016 , Food for Thought Restaurant Group (“FFTRG”), a wholly-owned subsidiary of BBX Capital, entered into area development and franchise agreements with MOD Super Fast Pizza (“MOD Pizza”) relat ed to the development of up to approximately 60 MOD Pizza franchised restaurant locations throughout Florida . T hrough 2019, FFTRG had opened nine restaurant locations. As a result of FFTRG’s overall operating performance and the Company’s goal of streamlin ing its investment verticals, the Company entered into an agreement with MOD Pizza to terminate the area development and franchise agreements and transferred seven of its restaurant locations, including the related assets , operations, and lease obligations, to MOD Pizza during the third quarter of 2019 . In addition, the Company closed the remaining two locations and terminated the related lease agreements. In connection with the transfer of the seven restaurant locations to MOD Pizza, the Company recognized an aggregate impairment loss of $4.0 million related to the disposal group, which included property and equipment, intangible assets, and net lease liabilities, during the three months ended September 30, 2019. In addition to the impairment losses recognized during the third quarter of 2019, the Company previously recognized $2.7 million of impairment losses associated with property and equipment at three restaurant locations. Accordingly, the Company recognized $6.7 million of impairment losses associated with its investment in MOD Pizza restaurant locations during the nine months ended September 30, 2019. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) has issued the following Accounting Standards Updates (“ASU”) and guidance relevant to the Company’s operations which were adopted as of January 1, 2019: ASU No. 2016-02 – Leases (Topic 842) . This standard, as subsequently amended and clarified by various ASUs, requires lessees to recognize assets and liabilities for the rights and obligations created by leases of assets. For income statement purposes, the standard retains a dual model which requires leases to be classified as either operating or finance based on criteria that are largely similar to those applied under prior lease accounting but without explicit bright lines. The standard also requires extensive quantitative and qualitative disclosures, including significant judgments and assumptions made by management in applying the standard, intended to provide greater insight into the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted the standard on January 1, 2019 and applied the transition guidance as of the date of adoption under the current-period adjustment method. As a result, the Company recognized right-of-use assets and lease liabilities associated with its leases on January 1, 2019, with a cumulative-effect adjustment to the opening balance of accumulated earnings, while the comparable prior periods in the Company’s financial statements have been and will continue to be reported in accordance with Topic 840, including the disclosures of Topic 840. The standard includes a number of optional practical expedients under the transition guidance. The Company elected the package of practical expedients which allowed the Company to not reassess prior conclusions about lease identification, lease classification, and initial direct costs. The Company also made accounting policy elections by class of underlying asset to not apply the recognition requirements of the standard to leases with terms of 12 months or less and to not separate non-lease components from lease components. Consequently, each separate lease component and the non-lease components associated with that lease component is accounted for as a single lease component for lease classification, recognition, and measurement purposes. Upon adoption of the standard on January 1, 2019, the Company recognized a lease liability of $123.2 million and a right-of-use asset of $113.2 million. The difference between the lease liability and right-of-use asset primarily reflects the reclassification of accrued straight-line rent and unamortized tenant allowances from other liabilities in the Company’s statement of financial condition to a reduction of the right-of-use asset. In addition, the Company recognized an impairment loss of $3.4 million in connection with the recognition of right-of-use assets for certain IT’SUGAR retail locations as a cumulative-effect adjustment to the opening balance of accumulated earnings. The implementation of the standard did not have a material impact on the Company’s statement of operations and comprehensive income or statement of cash flows. See Note 12 for additional information regarding the Company’s lease agreements. |
Future Adoption of Recently Issued Accounting Pronouncements | Future Adoption of Recently Issued Accounting Pronouncements The FASB has issued the following accounting pronouncements and guidance relevant to the Company’s operations which ha d not been adopted by the Company as of September 3 0 , 2019: ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (as subsequently amended and clarified by various ASUs) . This standard introduces an approach of estimating credit losses on certain types of financial instruments based on expected losses and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating its allowance for credit losses. In addition, the standard requires entities to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination (i.e., by vintage year). The standard also allows entities to irrevocably elect to measure certain financial instruments within the scope of the standard at fair value upon the adoption of the standard. This standard will be effective for the Company on January 1, 2020. The Company is currently evaluating the impact that ASU 2016-13 may have on its consolidated financial statements. ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This standard modifies the disclosure requirements in Topic 820 related to the valuation techniques and inputs used in fair value measurements, uncertainty in measurement, and changes in measurements applied. This standard will be effective for the Company on January 1, 2020. The Company believes that this standard will not have a material impact on its consolidated financial statement s and disclosures. |
Consolidated Variable Interes_2
Consolidated Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Consolidated Variable Interest Entities [Abstract] | |
Information Related To The Assets And Liabilities Of The VIEs | September 30, December 31, 2019 2018 Restricted cash $ 19,185 28,400 Securitized notes receivable, net 299,374 341,975 Receivable backed notes payable - non-recourse 341,856 382,257 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Receivable [Abstract] | |
Information Relating To Bluegreen's Notes Receivable | September 30, December 31, 2019 2018 Notes receivable: VOI notes receivable - non-securitized $ 188,435 124,642 VOI notes receivable - securitized 391,922 447,850 Notes receivable secured by homesites (1) 694 898 Gross notes receivable 581,051 573,390 Allowance for loan losses - non-securitized (42,728) (28,258) Allowance for loan losses - securitized (92,548) (105,875) Allowance for loan losses - homesites (1) (69) (90) Notes receivable, net $ 445,706 439,167 Allowance as a % of gross notes receivable 23% 23% (1) Notes receivable secured by homesites were originated through a business, substantially all the assets of which were sold by Bluegreen in 2012. |
Activity In The Allowance For Loan Losses | For the Nine Months Ended September 30, 2019 2018 Balance, beginning of period $ 134,222 123,791 Provision for loan losses 39,462 35,866 Write-offs of uncollectible receivables (38,339) (31,358) Balance, end of period $ 135,345 128,299 |
Percentage Of Gross Notes Receivable Outstanding, By FICO Score At Origination | September 30, December 31, FICO Score 2019 2018 700+ 59.00 % 57.00 % 600-699 38.00 39.00 <600 2.00 3.00 No score (1) 1.00 1.00 Total 100.00 % 100.00 % (1) VOI notes receivable attributable to borrowers without a FICO score are primarily related to foreign borrowers. |
Delinquency Status Of Bluegreen's VOI Notes Receivable | September 30, December 31, 2019 2018 Current $ 547,425 541,783 31-60 days 6,797 5,783 61-90 days 5,271 4,516 > 9 1 days (1) 20,864 20,410 Total $ 580,357 572,492 |
Trade Inventory (Tables)
Trade Inventory (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Trade Inventory [Abstract] | |
Summary Of Inventory | September 30, December 31, 2019 2018 Raw materials $ 3,204 2,718 Paper goods and packaging materials 1,572 1,122 Finished goods 20,350 16,270 Total trade inventory $ 25,126 20,110 |
VOI Inventory (Tables)
VOI Inventory (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
VOI Inventory [Abstract] | |
Summary Of Inventory | September 30, December 31, 2019 2018 Completed VOI units $ 271,441 237,010 Construction-in-progress 1,542 26,587 Real estate held for future VOI development 73,838 70,552 Total VOI inventory $ 346,821 334,149 |
Real Estate (Tables)
Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Real Estate [Abstract] | |
Schedule Of Real Estate | September 30, December 31, 2019 2018 Real estate held-for-sale: Land $ 10,204 18,439 Residential single-family 719 832 Other 1,151 931 Total real estate held-for-sale 12,074 20,202 Real estate held-for-investment: Land 6,002 10,976 Total real estate held-for-investment 6,002 10,976 Real estate inventory 41,498 23,778 Total real estate $ 59,574 54,956 |
Investments In Unconsolidated_2
Investments In Unconsolidated Real Estate Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Acquisition [Line Items] | |
Investments In Unconsolidated Real Estate Joint Ventures | September 30, December 31, 2019 2018 Altis at Lakeline - Austin Investors LLC $ 242 4,531 Altis at Grand Central Capital, LLC 2,660 2,549 Altis Promenade Capital, LLC 2,190 2,195 Altis at Bonterra - Hialeah, LLC 497 21,602 Altis Ludlam - Miami Investor, LLC 966 675 Altis Suncoast Manager, LLC 743 1,857 Altis Pembroke Gardens, LLC 1,277 1,284 Altis Fairways, LLC 1,883 1,876 Altis Wiregrass, LLC 1,816 1,897 Altis LH-Miami Manager, LLC 799 - Altis Vineland Pointe Manager, LLC 4,500 - The Altman Companies, LLC 15,267 14,893 ABBX Guaranty, LLC 3,750 2,500 Sunrise and Bayview Partners, LLC 1,499 1,439 PGA Design Center Holdings, LLC 988 691 CCB Miramar, LLC 4,316 1,575 BBX/Label Chapel Trail Development, LLC 1,892 4,515 L03/212 Partners, LLC 1,886 - PGA Lender, LLC 2,110 - Sky Cove, LLC 4,179 - All other investments in real estate joint ventures 279 659 Total $ 53,739 64,738 |
Altis at Bonterra - Hialeah, LLC [Member] | |
Business Acquisition [Line Items] | |
Condensed Statements Of Operations For Equity Method Joint Ventures | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Total revenues $ 927 1,755 4,479 6,109 Gain on sale of real estate 33,608 - 33,608 - Other expenses (813) (1,622) (4,339) (6,222) Net earnings $ 33,722 133 33,748 (113) Equity in net earnings of unconsolidated real estate joint venture - Altis at Bonterra - Hialeah, LLC $ 29,100 128 29,100 (107) |
Condensed Statements Of Financial Condition For Equity Method Joint Ventures | September 30, December 31, 2019 2018 Assets Cash $ 1,433 4,033 Real estate - 55,734 Other assets 6 134 Total assets $ 1,439 59,901 Liabilities and Equity Notes payable $ - 38,641 Other liabilities 888 571 Total liabilities 888 39,212 Total equity 551 20,689 Total liabilities and equity $ 1,439 59,901 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt [Abstract] | |
Notes Payable And Other Borrowings | The table below sets forth information regarding the Company’s notes payable and other borrowings (dollars in thousands): September 30, 2019 December 31, 2018 Carrying Carrying Amount of Amount of Debt Interest Pledged Debt Interest Pledged Balance Rate Assets Balance Rate Assets Bluegreen: 2013 Notes Payable $ - - $ - $ 28,125 5.50% $ 22,878 Fifth Third Bank Note 3,649 5.11% 7,757 3,834 5.34% 7,892 NBA Éilan Loan 19,974 5.34% 32,821 25,603 5.60% 35,615 Fifth Third Syndicated Line of Credit 75,000 4.88% 102,431 55,000 5.27% 92,415 Fifth Third Syndicated Term Loan 21,094 5.08% 28,809 22,500 5.37% 27,724 Unamortized debt issuance costs (672) (1,671) Total Bluegreen $ 119,045 $ 133,391 Other: Community Development District Obligations $ 29,432 4.25 -6.00% $ 44,771 $ 24,583 4.25 -6.00% $ 35,155 TD Bank Term Loan and Line of Credit 8,394 5.24% (1) 8,117 5.47% (1) Iberia $50.0 million Revolving Line of Credit - - (2) 30,000 5.35% (2) Banc of America Leasing & Capital Equipment Note 406 4.75% (3) 555 4.75% (3) Unsecured Note (4) 3,400 6.00% - 3,400 6.00% Other (4) 1,580 5.89% 1,905 1,507 5.25% 1,968 Unamortized debt issuance costs (837) (666) Total other $ 42,375 $ 67,496 Total notes payable and other borrowings $ 161,420 $ 200,887 (1) The collateral is a blanket lien on Renin’s assets. (2) The collateral is membership interests in Woodbridge having a value of not less than $100.0 million. (3) The collateral is a security interest in the equipment financed by the underlying note. Additionally, IT’SUGAR is guarantor on the note. (4) BBX Capital is guarantor on the note. |
Receivable-Backed Notes Payable | September 30, 2019 December 31, 2018 Principal Principal Balance of Balance of Pledged/ Pledged/ Debt Interest Secured Debt Interest Secured Balance Rate Receivables Balance Rate Receivables Receivable-backed notes payable - recourse: Liberty Bank Facility $ 28,247 5.25% $ 34,545 $ 17,654 5.25% $ 22,062 NBA Receivables Facility 35,809 4.79% 43,706 48,414 5.27% 57,805 Pacific Western Facility 30,848 4.92% 37,954 10,606 5.52% 13,730 Total $ 94,904 $ 116,205 $ 76,674 $ 93,597 Receivable-backed notes payable - non-recourse: KeyBank/DZ Purchase Facility 19,035 4.84% 23,390 - - - Quorum Purchase Facility 44,865 4.75 -5.50% 50,337 40,074 4.75 -5.50% 45,283 2012 Term Securitization 9,986 2.94% 11,558 15,212 2.94% 16,866 2013 Term Securitization 20,090 3.20% 21,995 27,573 3.20% 29,351 2015 Term Securitization 34,093 3.02% 36,676 44,230 3.02% 47,690 2016 Term Securitization 52,632 3.35% 58,817 63,982 3.35% 72,590 2017 Term Securitization 69,763 3.12% 79,551 83,513 3.12% 95,877 2018 Term Securitization 96,907 4.02% 109,599 114,480 4.02% 125,916 Unamortized debt issuance costs (5,515) - (6,807) - Total $ 341,856 $ 391,923 $ 382,257 $ 433,573 Total receivable-backed debt $ 436,760 $ 508,128 $ 458,931 $ 527,170 |
Junior Subordinated Debentures Outstanding | The table below sets forth information regarding the Company’s junior subordinated debentures (dollars in thousands): September 30, 2019 December 31, 2018 Effective Effective Carrying Interest Carrying Interest Amounts Rates (1) Amounts Rates (1) Woodbridge - Levitt Capital Trusts I - IV $ 66,302 6.07 - 6.17% $ 66,302 6.20 - 6.65% Bluegreen Statutory Trusts I - VI 110,827 7.07 - 7.22% 110,827 7.32 - 7.70% Unamortized debt issuance costs (1,147) (1,200) Unamortized purchase discount (38,944) (39,504) Total junior subordinated debentures $ 137,038 $ 136,425 (1) The Company’s junior subordinated debentures bear interest at 3-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.85% to 4.90% . |
Schedule Of Amounts Available Under Credit Facilities | BBX Capital $ 50,000 Bluegreen 131,196 Renin 3,668 IT'SUGAR 4,000 Total credit availability $ 188,864 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue Recognition [Abstract] | |
Disaggregated Revenue | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Sales of VOIs $ 66,318 70,698 186,351 195,412 Fee-based sales commissions 60,478 61,641 161,033 167,581 Resort and club management revenue 27,165 25,744 78,169 75,257 Cost reimbursements 21,111 16,900 58,705 47,157 Resort title fees 4,289 3,491 10,092 9,355 Trade sales - wholesale 18,664 17,672 59,024 56,024 Trade sales - retail 28,996 26,131 79,681 70,090 Sales of real estate inventory 370 7,478 5,030 17,138 Other 5,527 3,491 13,294 9,138 Revenue from customers 232,918 233,246 651,379 647,152 Interest income 21,797 21,157 64,730 63,738 Net gains on sales of real estate assets 399 - 11,395 4,802 Total revenues $ 255,114 254,403 727,504 715,692 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule Of Lease Information | As of September 30, 2019 Operating lease assets $ 110,435 Operating lease liabilities $ 124,129 Weighted average remaining lease term (years) 6.5 Weighted average discount rate (1) 5.33 % (1) As most of the Company’s lease agreements do not provide an implicit rate, the Company estimates incremental secured borrowing rates corresponding to the maturities of its lease agreements to determine the present value of future lease payments. To estimate incremental borrowing rates applicable to BBX Capital and its subsidiaries, the Company considers various factors, including the rates applicable to its recently issued debt and credit facilities and prevailing financial market conditions. The Company used the incremental borrowing rates applicable to BBX Capital and its subsidiaries on January 1, 2019 for operating leases that commenced prior to that date. |
Schedule Of Lease Costs | For the Three For the Nine Months Ended Months Ended September 30, 2019 September 30, 2019 Fixed lease costs $ 7,300 21,677 Short-term lease costs 1,377 3,718 Variable lease costs 2,237 6,717 Total operating lease costs $ 10,914 32,112 |
Schedule Of Operating Lease Maturity | Period Ending December 31, 2019 $ 6,735 2020 25,671 2021 24,484 2022 22,343 2023 19,145 After 2023 56,736 Total lease payments 155,114 Less: interest 30,985 Present value of lease liabilities $ 124,129 |
Noncontrolling Interests And _2
Noncontrolling Interests And Redeemable Noncontrolling Interest (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Noncontrolling Interests And Redeemable Noncontrolling Interest [Abstract] | |
Summary Of Noncontrolling Interests | September 30, December 31, 2019 2018 Bluegreen (1) $ 40,159 41,478 Bluegreen / Big Cedar Vacations (2) 54,706 45,611 Joint ventures and other 892 899 Total noncontrolling interests $ 95,757 87,988 |
Summary Of Income (Loss) Attributable To Noncontrolling Interests | For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Bluegreen (1) $ 1,962 2,048 2,346 6,817 Bluegreen / Big Cedar Vacations (2) 2,248 3,585 9,095 9,509 Joint ventures and other (98) 173 (166) (2) Net income attributable to noncontrolling interests $ 4,112 5,806 11,275 16,324 (1) As a result of Bluegreen’s IPO during the fourth quarter of 2017 and subsequent share repurchases in 2018, the Company owns 90.3% of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company immediately prior to the Bluegreen IPO. (2) Bluegreen has a joint venture arrangement pursuant to which it owns 51% of Bluegreen/Big Cedar Vacations. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Measurement [Abstract] | |
Financial Disclosures About Fair Value Of Financial Instruments | Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable September 30, September 30, Assets Inputs Inputs 2019 2019 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 368,818 368,818 368,818 - - Restricted cash 48,597 48,597 48,597 - - Notes receivable, net 445,706 587,000 - - 587,000 Financial liabilities: Receivable-backed notes payable $ 436,760 456,600 - - 456,600 Notes payable and other borrowings 161,420 169,366 - - 169,366 Junior subordinated debentures 137,038 149,500 - - 149,500 Redeemable 5% cumulative preferred stock 9,730 9,538 - - 9,538 Fair Value Measurements Using Quoted prices Carrying in Active Significant Amount Fair Value Markets Other Significant As of As of for Identical Observable Unobservable December 31, December 31, Assets Inputs Inputs 2018 2018 (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 366,305 366,305 366,305 - - Restricted cash 54,792 54,792 54,792 - - Notes receivable, net 439,167 537,000 - - 537,000 Financial liabilities: Receivable-backed notes payable $ 458,931 462,400 - - 462,400 Notes payable and other borrowings 200,887 203,547 - - 203,547 Junior subordinated debentures 136,425 132,400 - - 132,400 Redeemable 5% cumulative preferred stock 9,472 9,538 - - 9,538 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | The table below sets forth the Company’s segment information as of and for the three months ended September 30, 2019 (in thousands): Revenues: Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Sales of VOIs $ 66,318 - - - - - 66,318 Fee-based sales commissions 60,478 - - - - - 60,478 Other fee-based services 33,744 - - - - - 33,744 Cost reimbursements 21,111 - - - - - 21,111 Trade sales - - 16,442 24,678 6,541 (1) 47,660 Sales of real estate inventory - 370 - - - - 370 Interest income 22,081 166 - - 45 (495) 21,797 Net gains on sales of real estate assets - 399 - - - - 399 Other revenue 2,146 197 - 15 1,053 (174) 3,237 Total revenues 205,878 1,132 16,442 24,693 7,639 (670) 255,114 Costs and expenses: Cost of VOIs sold 3,121 - - - - - 3,121 Cost of other fee-based services 23,746 - - - - - 23,746 Cost reimbursements 21,111 - - - - - 21,111 Cost of trade sales - - 12,983 13,902 4,976 (1) 31,860 Cost of real estate inventory sold - - - - - - - Interest expense 10,388 - 131 24 29 1,298 11,870 Recoveries from loan losses, net - (1,821) - - - - (1,821) Impairment losses - 37 - - 3,993 - 4,030 Selling, general and administrative expenses 117,159 2,336 2,849 9,567 4,900 11,738 148,549 Total costs and expenses 175,525 552 15,963 23,493 13,898 13,035 242,466 Equity in net earnings of unconsolidated real estate joint ventures - 28,534 - - - - 28,534 Foreign exchange gain (loss) - - - - - - - Income (loss) before income taxes $ 30,353 29,114 479 1,200 (6,259) (13,705) 41,182 Total assets $ 1,360,829 147,712 32,103 150,841 32,135 93,818 1,817,438 Expenditures for property and equipment $ 3,986 1 79 3,752 224 - 8,042 Depreciation and amortization $ 3,585 - 303 1,181 714 101 5,884 Debt accretion and amortization $ 1,430 22 6 56 1 60 1,575 Cash and cash equivalents $ 183,207 21,781 - 2,412 7,745 153,673 368,818 Real e state equity method investments $ - 53,739 - - - - 53,739 Goodwill $ - - - 35,167 2,081 - 37,248 Receivable-backed notes payable $ 436,760 - - - - - 436,760 Notes payable and other borrowings $ 119,045 32,009 8,394 406 1,861 (295) 161,420 Junior subordinated debentures $ 71,883 - - - - 65,155 137,038 The table below sets forth the Company’s segment information as of and for the three months ended September 30, 2018 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 70,698 - - - - - 70,698 Fee-based sales commissions 61,641 - - - - - 61,641 Other fee-based services 31,057 - - - - - 31,057 Cost reimbursements 16,900 - - - - - 16,900 Trade sales - - 15,330 22,663 5,815 (5) 43,803 Sales of real estate inventory - 7,478 - - - - 7,478 Interest income 21,531 229 - - 10 (613) 21,157 Other revenue 378 572 - 99 840 (220) 1,669 Total revenues 202,205 8,279 15,330 22,762 6,665 (838) 254,403 Costs and expenses: Cost of VOIs sold 11,237 - - - - - 11,237 Cost of other fee-based services 19,937 - - - - - 19,937 Cost reimbursements 16,900 - - - - - 16,900 Cost of trade sales - - 12,306 12,236 4,420 (5) 28,957 Cost of real estate inventory sold - 4,655 - - - - 4,655 Interest expense 9,208 - 157 - 53 1,712 11,130 Recoveries from loan losses, net - (443) - - - - (443) Impairment losses - 193 - - - - 193 Selling, general and administrative expenses 112,407 2,307 2,250 8,962 4,868 12,765 143,559 Total costs and expenses 169,689 6,712 14,713 21,198 9,341 14,472 236,125 Equity in net earnings of unconsolidated real estate joint ventures - 373 - - - - 373 Foreign exchange gain - - 76 - - - 76 Income (loss) before income taxes $ 32,516 1,940 693 1,564 (2,676) (15,310) 18,727 Total assets $ 1,336,992 136,290 28,798 71,450 37,577 66,660 1,677,767 Expenditures for property and equipment $ 9,242 131 99 1,942 1,704 125 13,243 Depreciation and amortization $ 3,169 91 292 1,153 644 108 5,457 Debt accretion and amortization $ 1,086 - 4 (90) 143 91 1,234 Cash and cash equivalents $ 195,439 21,625 - 4,483 10,068 137,897 369,512 Real estate equity method investments $ - 42,550 - - - - 42,550 Goodwill $ - - - 35,167 4,315 - 39,482 Receivable-backed notes payable $ 433,450 - - - - - 433,450 Notes payable and other borrowings $ 137,834 16,285 9,422 620 3,090 29,926 197,177 Junior subordinated debentures $ 71,147 - - - - 65,084 136,231 The table below sets forth the Company’s segment information as of and for the nine months ended September 30, 2019 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 186,351 - - - - - 186,351 Fee-based sales commissions 161,033 - - - - - 161,033 Other fee-based services 94,015 - - - - - 94,015 Cost reimbursements 58,705 - - - - - 58,705 Trade sales - - 51,124 63,347 24,250 (16) 138,705 Sales of real estate inventory - 5,030 - - - - 5,030 Interest income 65,964 631 - - 130 (1,995) 64,730 Net gains on sales of real estate assets - 11,395 - - - - 11,395 Other revenue 4,228 1,492 152 241 2,020 (593) 7,540 Total revenues 570,296 18,548 51,276 63,588 26,400 (2,604) 727,504 Costs and expenses: Cost of VOIs sold 17,541 - - - - - 17,541 Cost of other fee-based services 66,538 - - - - - 66,538 Cost reimbursements 58,705 - - - - - 58,705 Cost of trade sales - - 40,989 37,442 16,563 (16) 94,978 Cost of real estate inventory sold - 2,643 - - - - 2,643 Interest expense 29,955 - 387 81 72 4,184 34,679 Recoveries from loan losses, net - (4,206) - - - - (4,206) Impairment losses - 37 - - 6,749 - 6,786 Selling, general and administrative expenses 355,041 6,709 8,326 26,645 16,061 35,728 448,510 Total costs and expenses 527,780 5,183 49,702 64,168 39,445 39,896 726,174 Equity in net earnings of unconsolidated real estate joint ventures - 37,276 - - - - 37,276 Foreign exchange loss - - (24) - - - (24) Income (loss) before income taxes $ 42,516 50,641 1,550 (580) (13,045) (42,500) 38,582 Expenditures for property and equipment $ 18,502 4 284 6,233 1,245 18 26,286 Depreciation and amortization $ 10,453 93 897 3,313 1,889 320 16,965 Debt accretion and amortization $ 3,616 133 23 168 2 243 4,185 The table below sets forth the Company’s segment information as of and for the nine months ended September 30, 2018 (in thousands): Bluegreen BBX Capital Real Estate Renin IT'SUGAR Other Reconciling Items and Eliminations Segment Total Revenues: Sales of VOIs $ 195,412 - - - - - 195,412 Fee-based sales commissions 167,581 - - - - - 167,581 Other fee-based services 89,472 - - - - - 89,472 Cost reimbursements 47,157 - - - - - 47,157 Trade sales - - 47,205 58,967 19,954 (12) 126,114 Sales of real estate inventory - 17,138 - - - - 17,138 Interest income 63,771 2,064 - 1 105 (2,203) 63,738 Net gains on sales of real estate assets - 4,802 - - - - 4,802 Other revenue 1,269 2,020 - 134 1,455 (600) 4,278 Total revenues 564,662 26,024 47,205 59,102 21,514 (2,815) 715,692 Costs and expenses: Cost of VOIs sold 19,838 - - - - - 19,838 Cost of other fee-based services 53,983 - - - - - 53,983 Cost reimbursements 47,157 - - - - - 47,157 Cost of trade sales - - 38,454 34,020 15,583 (12) 88,045 Cost of real estate inventory sold - 11,283 - - - - 11,283 Interest expense 25,470 - 497 - 241 4,661 30,869 Recoveries from loan losses, net - (7,258) - - - - (7,258) Impairment losses - 362 - - 187 - 549 Selling, general and administrative expenses 315,535 7,175 7,641 25,559 16,541 37,908 410,359 Total costs and expenses 461,983 11,562 46,592 59,579 32,552 42,557 654,825 Equity in net earnings of unconsolidated real estate joint ventures - 1,165 - - - - 1,165 Foreign exchange gain - - 91 - - - 91 Income (loss) before income taxes $ 102,679 15,627 704 (477) (11,038) (45,372) 62,123 Expenditures for property and equipment $ 24,347 298 447 4,169 3,841 214 33,316 Depreciation and amortization $ 9,087 283 869 3,327 1,445 387 15,398 Debt accretion and amortization $ 2,765 2 12 - 159 221 3,159 |
Organization And Basis Of Fin_3
Organization And Basis Of Financial Statement Presentation (Narrative) (Details) $ in Thousands | Jan. 01, 2019USD ($) | Sep. 30, 2019USD ($)statestoreitem | Sep. 30, 2018USD ($) | Jun. 30, 2019USD ($)store | Sep. 30, 2019USD ($)statestoreitem | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | [1] | Dec. 31, 2016store | |
Business Acquisition [Line Items] | ||||||||||
Other assets | $ 121,610 | $ 121,610 | $ 124,217 | |||||||
Purchase and retirement, value | 7,015 | 8,898 | ||||||||
Revenues | 255,114 | $ 254,403 | [1] | 727,504 | $ 715,692 | |||||
Property and equipment, net | $ 131,422 | $ 131,422 | $ 139,628 | |||||||
Number of class of common stock | item | 2 | |||||||||
Number of votes per share | item | 1 | 1 | ||||||||
Number of stores performing below expectations | store | 3 | |||||||||
Operating lease liabilities | $ 124,129 | $ 124,129 | ||||||||
Operating lease assets | $ 110,435 | $ 110,435 | ||||||||
Altman [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consolidated method ownership percentage | 50.00% | 50.00% | ||||||||
Bluegreen [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of resorts owned | item | 45 | |||||||||
Number of resorts owners in VOI have right to use | item | 24 | |||||||||
Approximate number of owners in the resort club | item | 219,000 | |||||||||
Number of additional other hotels owners can stay through program | item | 11,350 | |||||||||
IT'SUGAR, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of Stores | store | 100 | 100 | ||||||||
Number of states of retail locations | state | 25 | 25 | ||||||||
Food For Thought Restaurant Group [Member] | MOD Pizza [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of Stores | store | 9 | 9 | 60 | |||||||
Number of stores transferred | store | 7 | |||||||||
Number of stores closed | store | 2 | |||||||||
Disposal group, impairment loss | $ 4,000 | $ 2,700 | $ 6,700 | |||||||
Class A Common Stock [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percent of voting power | 22.00% | 22.00% | ||||||||
Percentage of total common equity | 84.00% | 84.00% | ||||||||
Class B Common Stock [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percent of voting power | 78.00% | 78.00% | ||||||||
Percentage of total common equity | 16.00% | 16.00% | ||||||||
Renin [Member] | Reportable Segments [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Revenues | $ 16,442 | $ 15,330 | $ 51,276 | $ 47,205 | ||||||
Accounting Standards Update 2016-02 [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Operating lease liabilities | $ 123,200 | |||||||||
Operating lease assets | 113,200 | |||||||||
Right-of-use asset impairment | $ 3,400 | |||||||||
[1] | See Note 1 for a summary of adjustments. |
Consolidated Variable Interes_3
Consolidated Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Bluegreens Vacation Ownership Interests [Member] | ||
Variable Interest Entity [Line Items] | ||
Voluntary repurchases and substitutions | $ 8.4 | $ 4.4 |
Consolidated Variable Interes_4
Consolidated Variable Interest Entities (Information Related To The Assets And Liabilities Of The VIEs) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Variable Interest Entity [Line Items] | ||||
Restricted cash | $ 48,597 | $ 54,792 | [1] | $ 55,710 |
Securitized notes receivable, net | 445,706 | 439,167 | [1] | |
Receivable backed notes payable - non-recourse | 341,856 | 382,257 | [1] | |
Bluegreens Vacation Ownership Interests [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Restricted cash | 19,185 | 28,400 | ||
Securitized notes receivable, net | 299,374 | 341,975 | ||
Receivable backed notes payable - non-recourse | $ 341,856 | $ 382,257 | ||
[1] | See Note 1 for a summary of adjustments. |
Notes Receivable (Narrative) (D
Notes Receivable (Narrative) (Details) | Sep. 30, 2019 | Dec. 31, 2018 |
Notes Receivable [Member] | Bluegreen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted-average interest rate | 14.90% | 15.10% |
Notes Receivable (Information R
Notes Receivable (Information Relating To Bluegreen's Notes Receivable) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross notes receivable | $ 581,051 | $ 573,390 | ||
Notes receivable, net | $ 445,706 | $ 439,167 | [1] | |
Allowance as a % of gross notes receivable | 23.00% | 23.00% | ||
VOI Notes Receivable - Non-Securitized [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross notes receivable | $ 188,435 | $ 124,642 | ||
Allowance for loan losses | (42,728) | (28,258) | ||
VOI Notes Receivable - Securitized [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross notes receivable | 391,922 | 447,850 | ||
Allowance for loan losses | (92,548) | (105,875) | ||
Notes Receivable Secured By Homesites [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross notes receivable | [2] | 694 | 898 | |
Allowance for loan losses | [2] | $ (69) | $ (90) | |
[1] | See Note 1 for a summary of adjustments. | |||
[2] | Notes receivable secured by homesites were originated through a business, substantially all the assets of which were sold by Bluegreen in 2012. |
Notes Receivable (Activity In T
Notes Receivable (Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Provision for loan losses | $ (4,206) | $ (7,258) |
Bluegreens Vacation Ownership Interests [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance, beginning of period | 134,222 | 123,791 |
Provision for loan losses | 39,462 | 35,866 |
Write-offs of uncollectible receivables | (38,339) | (31,358) |
Balance, end of period | $ 135,345 | $ 128,299 |
Notes Receivable (Percentage Of
Notes Receivable (Percentage Of Gross Notes Receivable Outstanding, By FICO Score At Origination) (Details) | Sep. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | 100.00% | 100.00% | |
700+ [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | 59.00% | 57.00% | |
600-699 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | 38.00% | 39.00% | |
Less Than 699 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | 2.00% | 3.00% | |
No Score [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Percentage of gross notes receivable outstanding | [1] | 1.00% | 1.00% |
[1] | VOI notes receivable attributable to borrowers without a FICO score are primarily related to foreign borrowers. |
Notes Receivable (Delinquency S
Notes Receivable (Delinquency Status Of Bluegreen's VOI Notes Receivable) (Details) - Bluegreens Vacation Ownership Interests [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 547,425 | $ 541,783 |
31-60 days | 6,797 | 5,783 |
61-90 days | 5,271 | 4,516 |
> 90 days | 20,864 | 20,410 |
Total | 580,357 | 572,492 |
VOI note receivable balance had not yet been charged off | $ 10,800 | $ 14,300 |
Trade Inventory (Summary Of Inv
Trade Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Trade Inventory [Abstract] | |||
Raw materials | $ 3,204 | $ 2,718 | |
Paper goods and packaging materials | 1,572 | 1,122 | |
Finished goods | 20,350 | 16,270 | |
Total trade inventory | $ 25,126 | $ 20,110 | [1] |
[1] | See Note 1 for a summary of adjustments. |
VOI Inventory (Summary Of Inven
VOI Inventory (Summary Of Inventory) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
VOI Inventory [Abstract] | |||
Completed VOI units | $ 271,441 | $ 237,010 | |
Construction-in-progress | 1,542 | 26,587 | |
Real estate held for future VOI development | 73,838 | 70,552 | |
Total VOI inventory | $ 346,821 | $ 334,149 | [1] |
[1] | See Note 1 for a summary of adjustments. |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |||||
Jun. 30, 2019 | May 31, 2019 | Apr. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | [1] | Sep. 30, 2018 | |
Investments in unconsolidated real estate joint ventures | $ 53,739 | $ 64,738 | $ 42,550 | ||||
PGA Design Center [Member] | |||||||
Proceeds from Sale of Land Held-for-investment | $ 8,300 | ||||||
Gains (Losses) on Sales of Investment Real Estate | 1,800 | ||||||
PGA Lender, LLC [Member] | |||||||
Investments in unconsolidated real estate joint ventures | 2,100 | 2,110 | |||||
PGA Lender, LLC [Member] | BBX Capital Real Estate [Member] | |||||||
Investments in unconsolidated real estate joint ventures | $ 2,100 | ||||||
Robo Vault [Member] | |||||||
Gains (Losses) on Sales of Investment Real Estate | 4,800 | ||||||
Proceeds from Sale of Real Estate | $ 11,800 | ||||||
St. Cloud, Florida [Member] | |||||||
Proceeds from Sale of Land Held-for-investment | $ 8,700 | ||||||
Gains (Losses) on Sales of Investment Real Estate | $ 3,000 | ||||||
[1] | See Note 1 for a summary of adjustments. |
Real Estate (Schedule Of Real E
Real Estate (Schedule Of Real Estate) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Long Lived Assets Held-for-sale [Line Items] | |||
Total real estate held-for-sale | $ 12,074 | $ 20,202 | |
Total real estate held-for-investment | 6,002 | 10,976 | |
Real estate inventory | 41,498 | 23,778 | |
Total VOI inventory | 59,574 | 54,956 | [1] |
Land [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Total real estate held-for-sale | 10,204 | 18,439 | |
Total real estate held-for-investment | 6,002 | 10,976 | |
Residential Single-Family [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Total real estate held-for-sale | 719 | 832 | |
Other Real Estate [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Total real estate held-for-sale | $ 1,151 | $ 931 | |
[1] | See Note 1 for a summary of adjustments. |
Investments In Unconsolidated_3
Investments In Unconsolidated Real Estate Joint Ventures (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Aug. 31, 2019USD ($) | Jul. 31, 2019property | Apr. 30, 2019USD ($)property | Jan. 31, 2019ft²item | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity in earning of unconsolidated real estate joint ventures | $ 28,534 | $ 373 | [1] | $ 37,276 | $ 1,165 | |||||||
Investments in unconsolidated real estate joint ventures | $ 53,739 | 42,550 | 53,739 | 42,550 | $ 64,738 | [1] | ||||||
Expected total capital contribution of investment | $ 4,000 | |||||||||||
The Altman Companies, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Consolidated method ownership percentage | 50.00% | 50.00% | ||||||||||
Altis At Lakeline - Austin Investors LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number Of Multifamily Apartment Developments | property | 354 | |||||||||||
Proceeds from Divestiture of Interest in Joint Venture | $ 9,300 | |||||||||||
Equity in earning of unconsolidated real estate joint ventures | $ 5,000 | |||||||||||
Investments in unconsolidated real estate joint ventures | $ 242 | 242 | 4,531 | |||||||||
PGA Design Center Holdings, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Proceeds from Sale of Real Estate | 9,200 | |||||||||||
Proceeds from Divestiture of Interest in Joint Venture | 2,300 | |||||||||||
Provided seller financing to buyer | $ 4,600 | |||||||||||
Equity in earning of unconsolidated real estate joint ventures | 2,800 | |||||||||||
Investments in unconsolidated real estate joint ventures | 988 | 988 | 691 | |||||||||
Altis Ludlam - Miami Investor, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Investments in unconsolidated real estate joint ventures | 966 | 966 | 675 | |||||||||
The Altman Companies, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Investments in unconsolidated real estate joint ventures | 15,267 | 15,267 | 14,893 | |||||||||
ABBX Guaranty, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Investments in unconsolidated real estate joint ventures | 3,750 | 3,750 | 2,500 | |||||||||
Altis at Bonterra - Hialeah, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number Of Multifamily Apartment Developments | property | 314 | |||||||||||
Proceeds from Divestiture of Interest in Joint Venture | 46,000 | 46,000 | 4,300 | |||||||||
Equity in earning of unconsolidated real estate joint ventures | $ 29,100 | 29,100 | $ 128 | 29,100 | $ (107) | |||||||
Investments in unconsolidated real estate joint ventures | 497 | 497 | $ 21,602 | |||||||||
L03/212 Partners, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Area of retail space | ft² | 365,000 | |||||||||||
Number Of Multifamily Apartment Developments | item | 341 | |||||||||||
Number of square feet of ground floor retail | ft² | 45,000 | |||||||||||
Investments in unconsolidated real estate joint ventures | 1,886 | 1,886 | ||||||||||
PGA Lender, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Consolidated method ownership percentage | 45.88% | |||||||||||
Investments in unconsolidated real estate joint ventures | $ 2,100 | 2,110 | 2,110 | |||||||||
Sky Cove, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Investments in unconsolidated real estate joint ventures | 4,179 | 4,179 | $ 4,200 | |||||||||
Altis LH-Miami Manager, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Investments in unconsolidated real estate joint ventures | 799 | 799 | ||||||||||
Altis Vineland Pointe [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Investments in unconsolidated real estate joint ventures | $ 4,500 | $ 4,500 | $ 4,500 | |||||||||
PGA Design Center [Member] | PGA Design Center Holdings, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Consolidated method ownership percentage | 54.12% | |||||||||||
Proceeds from Equity Method Investment, Distribution | $ 2,100 | |||||||||||
Investments in unconsolidated real estate joint ventures | $ 4,600 | |||||||||||
[1] | See Note 1 for a summary of adjustments. |
Investments In Unconsolidated_4
Investments In Unconsolidated Real Estate Joint Ventures (Investments In Unconsolidated Real Estate Joint Ventures) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Aug. 31, 2019 | Jun. 30, 2019 | Apr. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | $ 53,739 | $ 64,738 | [1] | $ 42,550 | |||
Altis At Lakeline - Austin Investors LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 242 | 4,531 | |||||
Altis at Grand Central Capital, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 2,660 | 2,549 | |||||
Altis Promenade Capital, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 2,190 | 2,195 | |||||
Altis at Bonterra - Hialeah, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 497 | 21,602 | |||||
Altis Ludlam - Miami Investor, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 966 | 675 | |||||
Altis Suncoast Manager, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 743 | 1,857 | |||||
Altis Pembroke Gardens, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 1,277 | 1,284 | |||||
Altis Fairways, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 1,883 | 1,876 | |||||
Altis Wiregrass, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 1,816 | 1,897 | |||||
Altis LH-Miami Manager, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 799 | ||||||
Altis Vineland Pointe [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 4,500 | $ 4,500 | |||||
The Altman Companies, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 15,267 | 14,893 | |||||
ABBX Guaranty, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 3,750 | 2,500 | |||||
Sunrise and Bayview Partners, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 1,499 | 1,439 | |||||
PGA Design Center Holdings, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 988 | 691 | |||||
CCB Miramar, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 4,316 | 1,575 | |||||
BBX/S Millenia Blvd Investments, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 1,892 | 4,515 | |||||
L03/212 Partners, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 1,886 | ||||||
PGA Lender, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 2,110 | $ 2,100 | |||||
Sky Cove, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | 4,179 | $ 4,200 | |||||
All Other Investments In Real Estate Joint Ventures [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated real estate joint ventures | $ 279 | $ 659 | |||||
[1] | See Note 1 for a summary of adjustments. |
Investments In Unconsolidated_5
Investments In Unconsolidated Real Estate Joint Ventures (Condensed Statements Of Operations For Equity Method Joint Ventures) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity in net earnings of unconsolidated real estate joint venture | $ 28,534 | $ 373 | [1] | $ 37,276 | $ 1,165 | |
Altis At Lakeline - Austin Investors LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity in net earnings of unconsolidated real estate joint venture | 5,000 | |||||
PGA Design Center Holdings, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity in net earnings of unconsolidated real estate joint venture | 2,800 | |||||
Altis at Bonterra - Hialeah, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total revenues | 927 | 1,755 | 4,479 | 6,109 | ||
Gain on sale of real estate | 33,608 | 33,608 | ||||
Other expenses | (813) | (1,622) | (4,339) | (6,222) | ||
Net earnings | 33,722 | 133 | 33,748 | (113) | ||
Equity in net earnings of unconsolidated real estate joint venture | $ 29,100 | $ 29,100 | $ 128 | $ 29,100 | $ (107) | |
[1] | See Note 1 for a summary of adjustments. |
Investments In Unconsolidated_6
Investments In Unconsolidated Real Estate Joint Ventures (Condensed Statements Of Financial Condition For Equity Method Joint Ventures) (Details) - Altis at Bonterra - Hialeah, LLC [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Cash | $ 1,433 | $ 4,033 |
Real estate | 55,734 | |
Other assets | 6 | 134 |
Total assets | 1,439 | 59,901 |
Notes payable | 38,641 | |
Other liabilities | 888 | 571 |
Total liabilities | 888 | 39,212 |
Total equity | 551 | 20,689 |
Total liabilities and equity | $ 1,439 | $ 59,901 |
Debt (Notes Payable And Other B
Debt (Notes Payable And Other Borrowings, Narrative) (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||||||||
Oct. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2019 | Feb. 28, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2016 | |||||
Debt Instrument [Line Items] | |||||||||||
Notes And Loans Payable | $ 161,420,000 | $ 161,420,000 | $ 200,887,000 | [1] | $ 197,177,000 | ||||||
Inventory, Real Estate | 59,574,000 | 59,574,000 | 54,956,000 | [1] | |||||||
Line of Credit Facility, Current Borrowing Capacity | 188,864,000 | 188,864,000 | |||||||||
Other Assets | $ 121,610,000 | $ 121,610,000 | $ 124,217,000 | [1] | |||||||
NBA Receivables Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.79% | 4.79% | 5.27% | ||||||||
Community Development Bonds [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes And Loans Payable | $ 8,100,000 | ||||||||||
Community Development Bonds [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | ||||||||||
Community Development Bonds [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | ||||||||||
Other Notes Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes And Loans Payable | $ 42,375,000 | $ 42,375,000 | $ 67,496,000 | ||||||||
Other Notes Payable [Member] | Iberia $50.0 Million Revolving Line Of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes And Loans Payable | 30,000,000 | ||||||||||
Maximum borrowing capacity | 50,000,000 | $ 50,000,000 | |||||||||
Maturity Date | Jun. 30, 2021 | ||||||||||
Line of credit, option to extend maturity | 12 months | ||||||||||
Carrying Amount of Pledged Assets | [2] | [3] | [3] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.35% | ||||||||||
Other Notes Payable [Member] | Iberia $50.0 Million Revolving Line Of Credit [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Carrying Amount of Pledged Assets | $ 100,000,000 | $ 100,000,000 | |||||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes And Loans Payable | 29,432,000 | 29,432,000 | $ 24,583,000 | ||||||||
Carrying Amount of Pledged Assets | [2] | $ 44,771,000 | $ 44,771,000 | $ 35,155,000 | |||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | ||||||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | 4.25% | ||||||||
Other Notes Payable [Member] | Unsecured Note [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes And Loans Payable | [4] | $ 3,400,000 | $ 3,400,000 | $ 3,400,000 | |||||||
Carrying Amount of Pledged Assets | [2],[4] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 6.00% | 6.00% | 6.00% | |||||||
Other Notes Payable [Member] | Other Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes And Loans Payable | [4] | $ 1,580,000 | $ 1,580,000 | $ 1,507,000 | |||||||
Carrying Amount of Pledged Assets | [2],[4] | $ 1,905,000 | $ 1,905,000 | $ 1,968,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 5.89% | 5.89% | 5.25% | |||||||
Other Notes Payable [Member] | Banc Of America Leasing & Capital Equipment Note [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes And Loans Payable | $ 406,000 | $ 406,000 | $ 555,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 4.75% | 4.75% | ||||||||
Bluegreen [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes And Loans Payable | $ 119,045,000 | $ 119,045,000 | $ 133,391,000 | ||||||||
Debt write-off | 400,000 | ||||||||||
Bluegreen [Member] | 2013 Notes Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes And Loans Payable | 28,125,000 | ||||||||||
Carrying Amount of Pledged Assets | [2] | $ 22,878,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ||||||||||
Bluegreen [Member] | Fifth Third Bank Note [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes And Loans Payable | 3,649,000 | 3,649,000 | $ 3,834,000 | ||||||||
Carrying Amount of Pledged Assets | [2] | $ 7,757,000 | $ 7,757,000 | $ 7,892,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.11% | 5.11% | 5.34% | ||||||||
Bluegreen [Member] | Fifth Third Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 100,000,000 | ||||||||||
Bluegreen [Member] | Fifth Third Credit Facility [Member] | Subsequent Event [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt repaid | $ 3,600,000 | ||||||||||
Bluegreen [Member] | Fifth Third Syndicated Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes And Loans Payable | $ 21,094,000 | $ 21,094,000 | $ 22,500,000 | ||||||||
Carrying Amount of Pledged Assets | [2] | $ 28,809,000 | $ 28,809,000 | $ 27,724,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.08% | 5.08% | 5.37% | ||||||||
Bluegreen [Member] | Fifth Third Syndicated LOC [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes And Loans Payable | $ 75,000,000 | $ 75,000,000 | $ 55,000,000 | ||||||||
Carrying Amount of Pledged Assets | [2] | $ 102,431,000 | $ 102,431,000 | $ 92,415,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | 4.88% | 5.27% | ||||||||
Bluegreen [Member] | Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan [Member] | LIBOR [Member] | Maximum [Member] | Subsequent Event [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on rate | 2.50% | ||||||||||
Bluegreen [Member] | Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan [Member] | LIBOR [Member] | Minimum [Member] | Subsequent Event [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on rate | 2.00% | ||||||||||
Bluegreen [Member] | NBA Eilan Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notes And Loans Payable | $ 19,974,000 | $ 19,974,000 | $ 25,603,000 | ||||||||
Carrying Amount of Pledged Assets | [2] | $ 32,821,000 | $ 32,821,000 | $ 35,615,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.34% | 5.34% | 5.60% | ||||||||
Bluegreen [Member] | Term Loans [Member] | Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan [Member] | Subsequent Event [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 100,000,000 | ||||||||||
Bluegreen [Member] | Line of Credit [Member] | Fifth Third Syndicated Line of Credit and Fifth Third Syndicated Term Loan [Member] | Subsequent Event [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 225,000,000 | ||||||||||
Line of Credit Facility, Current Borrowing Capacity | 125,000,000 | ||||||||||
Line of credit, outstanding | $ 30,000,000 | ||||||||||
Bass Pro [Member] | Bluegreen [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Payments for legal settlements | $ 39,100,000 | ||||||||||
[1] | See Note 1 for a summary of adjustments. | ||||||||||
[2] | The collateral is a blanket lien on Renin's assets. | ||||||||||
[3] | The collateral is membership interests in Woodbridge having a value of not less than $100.0 million. | ||||||||||
[4] | BBX Capital is guarantor on the note. |
Debt (Receivable-Backed Notes P
Debt (Receivable-Backed Notes Payable, Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Current borrowing capacity | $ 188,864 | ||
Receivable backed notes payable - non-recourse | 341,856 | $ 382,257 | [1] |
Deferred Finance Costs, Net | 1,147 | 1,200 | |
Bluegreen [Member] | |||
Debt Instrument [Line Items] | |||
Deferred Finance Costs, Net | $ 672 | $ 1,671 | |
Liberty Bank Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.25% | 5.25% | |
Pacific Western Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.92% | 5.52% | |
KeyBank/DZ Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 19,035 | ||
Interest rate | 4.84% | ||
Quorum Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 44,865 | $ 40,074 | |
Quorum Purchase Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.50% | 5.50% | |
Quorum Purchase Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.75% | 4.75% | |
2016 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 52,632 | $ 63,982 | |
Interest rate | 3.35% | 3.35% | |
2017 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 69,763 | $ 83,513 | |
Interest rate | 3.12% | 3.12% | |
2018 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 96,907 | $ 114,480 | |
Interest rate | 4.02% | 4.02% | |
NBA Receivables Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.79% | 5.27% | |
[1] | See Note 1 for a summary of adjustments. |
Debt (Junior Subordinated Deben
Debt (Junior Subordinated Debentures, Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Other assets | $ 121,610 | $ 124,217 | [1] |
The Trusts [Member] | |||
Debt Instrument [Line Items] | |||
Other assets | $ 2,100 | $ 2,100 | |
[1] | See Note 1 for a summary of adjustments. |
Debt (Notes Payable And Other_2
Debt (Notes Payable And Other Borrowings) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | $ 161,420 | $ 200,887 | [1] | $ 197,177 | ||
Unamortized debt issuance costs | (1,147) | (1,200) | ||||
Other Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | 42,375 | 67,496 | ||||
Unamortized debt issuance costs | (837) | (666) | ||||
Other Notes Payable [Member] | Community Development District Obligations [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | 29,432 | 24,583 | ||||
Carrying Amount of Pledged Assets | [2] | 44,771 | 35,155 | |||
Other Notes Payable [Member] | TD Bank Term Loan And Line Of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | $ 8,394 | $ 8,117 | ||||
Interest Rate | 5.24% | 5.47% | ||||
Carrying Amount of Pledged Assets | [2] | |||||
Other Notes Payable [Member] | Iberia $50.0 Million Revolving Line Of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | $ 30,000 | |||||
Interest Rate | 5.35% | |||||
Carrying Amount of Pledged Assets | [2] | [3] | ||||
Maximum borrowing capacity | 50,000 | |||||
Other Notes Payable [Member] | Banc Of America Leasing & Capital Equipment Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | $ 406 | $ 555 | ||||
Interest Rate | 4.75% | 4.75% | ||||
Other Notes Payable [Member] | Unsecured Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | [4] | $ 3,400 | $ 3,400 | |||
Interest Rate | [4] | 6.00% | 6.00% | |||
Carrying Amount of Pledged Assets | [2],[4] | |||||
Other Notes Payable [Member] | Other Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | [4] | $ 1,580 | $ 1,507 | |||
Interest Rate | [4] | 5.89% | 5.25% | |||
Carrying Amount of Pledged Assets | [2],[4] | $ 1,905 | $ 1,968 | |||
Bluegreen [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | 119,045 | 133,391 | ||||
Unamortized debt issuance costs | (672) | (1,671) | ||||
Bluegreen [Member] | 2013 Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | $ 28,125 | |||||
Interest Rate | 5.50% | |||||
Carrying Amount of Pledged Assets | [2] | $ 22,878 | ||||
Bluegreen [Member] | Fifth Third Bank Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | $ 3,649 | $ 3,834 | ||||
Interest Rate | 5.11% | 5.34% | ||||
Carrying Amount of Pledged Assets | [2] | $ 7,757 | $ 7,892 | |||
Bluegreen [Member] | NBA Eilan Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | $ 19,974 | $ 25,603 | ||||
Interest Rate | 5.34% | 5.60% | ||||
Carrying Amount of Pledged Assets | [2] | $ 32,821 | $ 35,615 | |||
Bluegreen [Member] | Fifth Third Syndicated LOC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | $ 75,000 | $ 55,000 | ||||
Interest Rate | 4.88% | 5.27% | ||||
Carrying Amount of Pledged Assets | [2] | $ 102,431 | $ 92,415 | |||
Bluegreen [Member] | Fifth Third Syndicated Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable and other borrowings | $ 21,094 | $ 22,500 | ||||
Interest Rate | 5.08% | 5.37% | ||||
Carrying Amount of Pledged Assets | [2] | $ 28,809 | $ 27,724 | |||
Minimum [Member] | Other Notes Payable [Member] | Community Development District Obligations [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 4.25% | 4.25% | ||||
Minimum [Member] | Other Notes Payable [Member] | Iberia $50.0 Million Revolving Line Of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Carrying Amount of Pledged Assets | $ 100,000 | |||||
Maximum [Member] | Other Notes Payable [Member] | Community Development District Obligations [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 6.00% | 6.00% | ||||
[1] | See Note 1 for a summary of adjustments. | |||||
[2] | The collateral is a blanket lien on Renin's assets. | |||||
[3] | The collateral is membership interests in Woodbridge having a value of not less than $100.0 million. | |||||
[4] | BBX Capital is guarantor on the note. |
Debt (Receivable-Backed Notes_2
Debt (Receivable-Backed Notes Payable) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 94,904 | $ 76,674 | [1] |
Unamortized debt issuance costs | (1,147) | (1,200) | |
Receivable backed notes payable - non-recourse | 341,856 | 382,257 | [1] |
Total receivable-backed debt | 436,760 | 458,931 | |
Principal Balance of Pledged/Secured Receivables | 508,128 | 527,170 | |
Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | 116,205 | 93,597 | |
Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | (5,515) | (6,807) | |
Principal Balance of Pledged/Secured Receivables | 391,923 | 433,573 | |
Liberty Bank Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 28,247 | $ 17,654 | |
Interest Rate | 5.25% | 5.25% | |
Liberty Bank Facility [Member] | Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 34,545 | $ 22,062 | |
NBA Receivables Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 35,809 | $ 48,414 | |
Interest Rate | 4.79% | 5.27% | |
NBA Receivables Facility [Member] | Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 43,706 | $ 57,805 | |
Pacific Western Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable-backed notes payable - recourse | $ 30,848 | $ 10,606 | |
Interest Rate | 4.92% | 5.52% | |
Pacific Western Facility [Member] | Recourse Receivable Backed Notes Payable-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 37,954 | $ 13,730 | |
KeyBank/DZ Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 19,035 | ||
Interest Rate | 4.84% | ||
Principal Balance of Pledged/Secured Receivables | $ 23,390 | ||
Quorum Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | 44,865 | 40,074 | |
Quorum Purchase Facility [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | 50,337 | 45,283 | |
2012 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 9,986 | $ 15,212 | |
Interest Rate | 2.94% | 2.94% | |
2012 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 11,558 | $ 16,866 | |
2013 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 20,090 | $ 27,573 | |
Interest Rate | 3.20% | 3.20% | |
2013 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 21,995 | $ 29,351 | |
2015 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 34,093 | $ 44,230 | |
Interest Rate | 3.02% | 3.02% | |
2015 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 36,676 | $ 47,690 | |
2016 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 52,632 | $ 63,982 | |
Interest Rate | 3.35% | 3.35% | |
2016 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 58,817 | $ 72,590 | |
2017 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 69,763 | $ 83,513 | |
Interest Rate | 3.12% | 3.12% | |
2017 Term Securitization [Member] | Non-Recourse Receivable Backed Notes Payable Non-Recourse [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance of Pledged/Secured Receivables | $ 79,551 | $ 95,877 | |
2018 Term Securitization [Member] | |||
Debt Instrument [Line Items] | |||
Receivable backed notes payable - non-recourse | $ 96,907 | $ 114,480 | |
Interest Rate | 4.02% | 4.02% | |
Principal Balance of Pledged/Secured Receivables | $ 109,599 | $ 125,916 | |
Minimum [Member] | Quorum Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.75% | 4.75% | |
Maximum [Member] | Quorum Purchase Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5.50% | 5.50% | |
[1] | See Note 1 for a summary of adjustments. |
Debt (Junior Subordinated Deb_2
Debt (Junior Subordinated Debentures Outstanding) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |||
Debt Instrument [Line Items] | |||||
Carrying Amounts | $ 137,038 | $ 136,425 | [1] | $ 136,231 | |
Unamortized debt issuance costs | (1,147) | (1,200) | |||
Unamortized purchase discount | (38,944) | (39,504) | |||
Woodbridge [Member] | Levitt Capital Trust I-IV [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying Amounts | 66,302 | 66,302 | |||
Bluegreen [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | (672) | (1,671) | |||
Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying Amounts | $ 110,827 | $ 110,827 | |||
Minimum [Member] | Woodbridge [Member] | Levitt Capital Trust I-IV [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective Interest Rate | [2] | 6.07% | 6.20% | ||
Minimum [Member] | Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective Interest Rate | 7.07% | 7.32% | [2] | ||
Maximum [Member] | Woodbridge [Member] | Levitt Capital Trust I-IV [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective Interest Rate | [2] | 6.17% | 6.65% | ||
Maximum [Member] | Bluegreen [Member] | Bluegreen Statutory Trust I-VI [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective Interest Rate | 7.22% | 7.70% | [2] | ||
LIBOR [Member] | Minimum [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on rate | 3.85% | 3.85% | |||
LIBOR [Member] | Maximum [Member] | Junior Subordinated Debentures [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on rate | 4.90% | 4.90% | |||
[1] | See Note 1 for a summary of adjustments. | ||||
[2] | The Company's junior subordinated debentures bear interest at 3-month LIBOR (subject to quarterly adjustment) plus a spread ranging from 3.85% to 4.90%. |
Debt (Schedule Of Amounts Avail
Debt (Schedule Of Amounts Available Under Credit Facilities) (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Line of Credit Facility [Line Items] | |
Total credit availability | $ 188,864 |
BBX Capital Real Estate [Member] | |
Line of Credit Facility [Line Items] | |
Total credit availability | 50,000 |
Bluegreen [Member] | |
Line of Credit Facility [Line Items] | |
Total credit availability | 131,196 |
Renin [Member] | |
Line of Credit Facility [Line Items] | |
Total credit availability | 3,668 |
IT'SUGAR, LLC [Member] | |
Line of Credit Facility [Line Items] | |
Total credit availability | $ 4,000 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregated Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | $ 232,918 | $ 233,246 | $ 651,379 | $ 647,152 | |
Interest income | 21,797 | 21,157 | [1] | 64,730 | 63,738 |
Net gains on sales of real estate assets | 399 | 11,395 | 4,802 | ||
Other revenue | 3,237 | 1,669 | [1] | 7,540 | 4,278 |
Total revenues | 255,114 | 254,403 | [1] | 727,504 | 715,692 |
Sales Of VOIs [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 66,318 | 70,698 | [1] | 186,351 | 195,412 |
Fee-Based Sales Commissions [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 60,478 | 61,641 | [1] | 161,033 | 167,581 |
Other Fee-Based Services [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 33,744 | 31,057 | [1] | 94,015 | 89,472 |
Resort And Club Management Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 27,165 | 25,744 | 78,169 | 75,257 | |
Cost Reimbursements [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 21,111 | 16,900 | [1] | 58,705 | 47,157 |
Resort Title Fees [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 4,289 | 3,491 | 10,092 | 9,355 | |
Trade Sales - Wholesale [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 18,664 | 17,672 | 59,024 | 56,024 | |
Trade Sales - Retail [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 28,996 | 26,131 | 79,681 | 70,090 | |
Sales Of Real Estate Inventory [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | 370 | 7,478 | [1] | 5,030 | 17,138 |
Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from customers | $ 5,527 | $ 3,491 | $ 13,294 | $ 9,138 | |
[1] | See Note 1 for a summary of adjustments. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Loss Carryforwards [Line Items] | ||||
Effective tax rate | 38.00% | 44.00% | 37.00% | 36.00% |
Corporate tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Tax expense December 2017 Tax Reform Act | $ 2.8 | |||
Bass Pro [Member] | Bluegreen [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Corporate tax rate | 26.00% | |||
Payments for legal settlements | $ 39.1 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) | Oct. 07, 2019USD ($) | Jun. 13, 2019USD ($)store | Feb. 28, 2018plaintiff | Sep. 30, 2019USD ($)store | Sep. 30, 2018USD ($) | Dec. 31, 2015 | Jan. 07, 2019USD ($) | Dec. 31, 2018USD ($) | |
Commitments And Contingencies [Line Items] | |||||||||
Number of opt-in plaintiffs | plaintiff | 660 | ||||||||
Average annual default rates | 8.60% | 6.90% | |||||||
Percent of total delinquencies subject to letters | 15.00% | ||||||||
Payments to subsidies | $ 10,500,000 | $ 2,200,000 | |||||||
Other liabilities | 128,318,000 | $ 104,441,000 | [1] | ||||||
Notes And Loans Payable | 161,420,000 | $ 197,177,000 | 200,887,000 | [1] | |||||
Current borrowing capacity | 188,864,000 | ||||||||
Operating lease liabilities | 124,129,000 | ||||||||
Minimum [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Range of reasonably possible losses | $ 500,000 | ||||||||
Subsidies To Certain HOAs [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Other liabilities | 8,000,000 | 0 | |||||||
Bluegreen [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Notes And Loans Payable | $ 119,045,000 | $ 133,391,000 | |||||||
Sunrise and Bayview Partners, LLC [Member] | BCC [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Percent guaranteed on outstanding balance of loan | 50.00% | ||||||||
Issuance of note payable to purchase property and equipment | $ 5,000,000 | ||||||||
Subsequent Event [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Damages sought from lawsuit | $ 10,000,000 | ||||||||
Bass Pro [Member] | Bluegreen [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Annual fee for each store assessed | $ 70,000 | ||||||||
Payment per vacation package sold | $ 32,000 | ||||||||
Cancellation and refund period for vacation packages sold | 45 days | ||||||||
Number of stores vacation packages are sold | store | 68 | ||||||||
Settlement agreement, reduction of traffic in excess of percentage | 25.00% | ||||||||
Percent of volume sales from agreement | 13.00% | 14.00% | |||||||
Notice period for cancellation of access | 30 days | ||||||||
Litigation settlement | $ 20,000,000 | ||||||||
Settlement agreement, period of exectution | 15 days | ||||||||
Settlement agreement, payment per year for next four years | 4,000,000 | ||||||||
Settlement agreement, amount kept as prepaid | $ 1,500,000 | ||||||||
Payments for legal settlements | $ 39,100,000 | ||||||||
Accrued claims | 17,600,000 | ||||||||
Bass Pro [Member] | Bluegreen [Member] | Minimum [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Number of stores vacation packages are sold | store | 59 | ||||||||
Wonders Of Wildlife Foundation [Member] | Bluegreen [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Annual fee for each store assessed | 700,000 | ||||||||
Payment per vacation package sold | $ 5 | ||||||||
Cancellation and refund period for vacation packages sold | 45 days | ||||||||
Cabela [Member] | Bluegreen [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Number of stores vacation packages are sold | store | 60 | ||||||||
[1] | See Note 1 for a summary of adjustments. |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Legally binding minimum lease payments, not yet commenced | $ 9.9 |
Cash paid for amounts included in the measurement of lease liabilities | 20.8 |
Right-of-use assets in exchange for new operating lease liabilities | $ 21.7 |
Maximum [Member] | |
Renewal term | 7 years |
Minimum [Member] | |
Renewal term | 1 year |
Leases (Schedule Of Lease Infor
Leases (Schedule Of Lease Information) (Details) $ in Thousands | Sep. 30, 2019USD ($) | |
Leases [Abstract] | ||
Operating lease assets | $ 110,435 | |
Operating lease liabilities | $ 124,129 | |
Weighted average remaining lease term (years) | 6 years 6 months | |
Weighted average discount rate | 5.33% | [1] |
[1] | As most of the Company's lease agreements do not provide an implicit rate, the Company estimates incremental secured borrowing rates corresponding to the maturities of its lease agreements to determine the present value of future lease payments. To estimate incremental borrowing rates applicable to BBX Capital and its subsidiaries, the Company considers various factors, including the rates applicable to its recently issued debt and credit facilities and prevailing financial market conditions. The Company used the incremental borrowing rates applicable to BBX Capital and its subsidiaries on January 1, 2019 for operating leases that commenced prior to that date. |
Leases (Schedule Of Lease Costs
Leases (Schedule Of Lease Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Fixed lease costs | $ 7,300 | $ 21,677 |
Short-term lease costs | 1,377 | 3,718 |
Variable lease costs | 2,237 | 6,717 |
Total operating lease costs | $ 10,914 | $ 32,112 |
Leases (Schedule Of Operating L
Leases (Schedule Of Operating Lease Future Payments) (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 6,735 |
2020 | 25,671 |
2021 | 24,484 |
2022 | 22,343 |
2023 | 19,145 |
After 2023 | 56,736 |
Total lease payments | 155,114 |
Less: interest | 30,985 |
Present value of lease liabilities | $ 124,129 |
Common Stock (Details)
Common Stock (Details) $ in Millions | Jan. 08, 2019USD ($)itemshares | Oct. 31, 2019USD ($)shares | Sep. 30, 2019USD ($)shares | Sep. 30, 2018shares | Sep. 30, 2019USD ($)shares | Sep. 30, 2018shares | Jun. 30, 2017USD ($)shares |
Equity, Class of Treasury Stock [Line Items] | |||||||
Authorized share repurchase program | 5,000,000 | ||||||
Share repurchase program, value | $ | $ 35 | ||||||
Subsequent Event [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Tax withholding obligation | $ | $ 4.5 | ||||||
Class A Common Stock [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Number of shares repurchased | 1,398,361 | 1,799,539 | |||||
Shares repurchased, value | $ | $ 7 | $ 8.9 | |||||
Class A Common Stock [Member] | Subsequent Event [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Number of shares granted | 566,322 | ||||||
Shares surrendered | 222,848 | ||||||
Class A Common Stock [Member] | June 2017 Share Repurchase Program [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Number of shares repurchased | 3,321,132 | ||||||
Shares repurchased, value | $ | $ 18.9 | ||||||
Class B Common Stock [Member] | Subsequent Event [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Number of shares granted | 1,901,793 | ||||||
Shares surrendered | 748,357 | ||||||
Restricted Stock [Member] | Executive Officers [Member] | Class B Common Stock [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Number of shares granted | 1,923,975 | ||||||
Aggregate fair value on grant date | $ | $ 11.8 | ||||||
Number of shares vested | 481,000 | ||||||
Number of annual installments vested | item | 4 | ||||||
Restricted Stock [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Anti-dilutive shares | 3,039,265 | 0 | 3,039,265 | 0 |
Noncontrolling Interests And _3
Noncontrolling Interests And Redeemable Noncontrolling Interest (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Jun. 16, 2017 | |
Noncontrolling Interest [Line Items] | ||||
Redeemable noncontrolling interest | $ 2,229 | $ 2,579 | [1] | |
IT'SUGAR, LLC [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable noncontrolling interest | $ 2,200 | $ 2,600 | ||
Percent of noncontrolling equity interest | 9.60% | |||
Class B Preferred Units [Member] | IT'SUGAR, LLC [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Percent of noncontrolling equity interest | 90.40% | |||
[1] | See Note 1 for a summary of adjustments. |
Noncontrolling Interests And _4
Noncontrolling Interests And Redeemable Noncontrolling Interest (Summary Of Noncontrolling Interests) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | ||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interests | $ 95,757 | $ 87,988 | [1] | |
Bluegreen [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interests | [2] | 40,159 | 41,478 | |
Bluegreen/Big Cedar Vacation [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interests | [3] | 54,706 | 45,611 | |
Joint Ventures And Other [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interests | $ 892 | $ 899 | ||
[1] | See Note 1 for a summary of adjustments. | |||
[2] | As a result of Bluegreen's IPO during the fourth quarter of 2017 and subsequent share repurchases in 2018, the Company owns 90.3% of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company immediately prior to the Bluegreen IPO. | |||
[3] | Bluegreen has a joint venture arrangement pursuant to which it owns 51% of Bluegreen/Big Cedar Vacations. |
Noncontrolling Interests And _5
Noncontrolling Interests And Redeemable Noncontrolling Interest (Summary Of Income (Loss) Attributable To Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Noncontrolling Interest [Line Items] | |||||
Net income attributable to noncontrolling interests | $ 4,112 | $ 5,806 | $ 11,275 | $ 16,324 | |
Bluegreen [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Net income attributable to noncontrolling interests | [1] | $ 1,962 | 2,048 | $ 2,346 | 6,817 |
Bluegreen [Member] | Bluegreen/Big Cedar Vacation [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Consolidated method ownership percentage | 51.00% | 51.00% | |||
Bluegreen/Big Cedar Vacation [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Net income attributable to noncontrolling interests | [2] | $ 2,248 | 3,585 | $ 9,095 | 9,509 |
Joint Ventures And Other [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Net income attributable to noncontrolling interests | $ (98) | $ 173 | $ (166) | $ (2) | |
[1] | As a result of Bluegreen's IPO during the fourth quarter of 2017 and subsequent share repurchases in 2018, the Company owns 90.3% of Bluegreen. Bluegreen was a wholly-owned subsidiary of the Company immediately prior to the Bluegreen IPO. | ||||
[2] | Bluegreen has a joint venture arrangement pursuant to which it owns 51% of Bluegreen/Big Cedar Vacations. |
Fair Value Measurement (Financi
Fair Value Measurement (Financial Disclosures About Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | $ 121,610 | $ 124,217 | [1] |
Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 368,818 | 366,305 | |
Restricted cash | 48,597 | 54,792 | |
Notes receivable, net | 445,706 | 439,167 | |
Receivable-backed notes payable | 436,760 | 458,931 | |
Notes payable and other borrowings | 161,420 | 200,887 | |
Junior subordinated debentures | 137,038 | 136,425 | |
Redeemable 5% cumulative preferred stock | 9,730 | 9,472 | |
Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 368,818 | 366,305 | |
Restricted cash | 48,597 | 54,792 | |
Notes receivable, net | 587,000 | 537,000 | |
Receivable-backed notes payable | 456,600 | 462,400 | |
Notes payable and other borrowings | 169,366 | 203,547 | |
Junior subordinated debentures | 149,500 | 132,400 | |
Redeemable 5% cumulative preferred stock | 9,538 | 9,538 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 368,818 | 366,305 | |
Restricted cash | 48,597 | 54,792 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes receivable, net | 587,000 | 537,000 | |
Receivable-backed notes payable | 456,600 | 462,400 | |
Notes payable and other borrowings | 169,366 | 203,547 | |
Junior subordinated debentures | 149,500 | 132,400 | |
Redeemable 5% cumulative preferred stock | $ 9,538 | $ 9,538 | |
[1] | See Note 1 for a summary of adjustments. |
Certain Relationships And Rel_2
Certain Relationships And Related Party Transactions (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jul. 31, 2017 | Apr. 30, 2015 | |
Bluegreen [Member] | Woodbridge [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Consolidated method ownership percentage | 90.30% | 90.30% | ||||
Alan Levan And Mr Abdo [Member] | Class A and B Common Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Percent of voting power | 78.00% | 78.00% | ||||
Bluegreen [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Payment of administrative fees from subsidiary | $ 400,000 | $ 600,000 | $ 1,300,000 | $ 1,200,000 | ||
Dividend received | 11,400,000 | 10,100,000 | 34,300,000 | 30,300,000 | ||
Interest expense | 1,200,000 | 1,200,000 | 3,600,000 | 3,600,000 | ||
Allocated consolidated income tax liability and benefits, amount received | 7,100,000 | 13,000,000 | 21,000,000 | |||
Bluegreen [Member] | Other Notes Payable [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt face amount | $ 80,000,000 | |||||
Interest rate | 6.00% | |||||
Renin [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Allocated consolidated income tax liability and benefits, amount received | 1,000,000 | |||||
Abdo Companies Inc. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Management services expenses | $ 77,000 | $ 77,000 | $ 230,000 | $ 230,000 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019USD ($)statestore | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)statestoresegment | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | [1] | |
Segment Reporting Information [Line Items] | ||||||
Minimum number of operating segments with similar characteristics to be considered as a reportable segment | segment | 1 | |||||
Revenues | $ 232,918 | $ 233,246 | $ 651,379 | $ 647,152 | ||
Property and equipment, net | $ 131,422 | $ 131,422 | $ 139,628 | |||
IT'SUGAR, LLC [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Number of retail locations | store | 100 | 100 | ||||
Number of states of retail locations | state | 25 | 25 | ||||
MOD Super-Fast Pizza [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | $ 50,000 | ||||
[1] | See Note 1 for a summary of adjustments. |
Segment Reporting (Segment Info
Segment Reporting (Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | [1] | ||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | $ 232,918 | $ 233,246 | $ 651,379 | $ 647,152 | |||
Interest income | 21,797 | 21,157 | [1] | 64,730 | 63,738 | ||
Net gains on sales of real estate assets | 399 | 11,395 | 4,802 | ||||
Other revenue | 3,237 | 1,669 | [1] | 7,540 | 4,278 | ||
Total revenues | 255,114 | 254,403 | [1] | 727,504 | 715,692 | ||
Interest expense | 11,870 | 11,130 | [1] | 34,679 | 30,869 | ||
Recoveries from loan losses, net | (1,821) | (443) | [1] | (4,206) | (7,258) | ||
Impairment losses | 4,030 | 193 | [1] | 6,786 | 549 | ||
Selling, general and administrative expenses | 148,549 | 143,559 | [1] | 448,510 | 410,359 | ||
Total costs and expenses | 242,466 | 236,125 | [1] | 726,174 | 654,825 | ||
Equity in net earnings of unconsolidated real estate joint ventures | 28,534 | 373 | [1] | 37,276 | 1,165 | ||
Foreign exchange gain (loss) | 76 | [1] | (24) | 91 | |||
Income before income taxes | 41,182 | 18,727 | [1] | 38,582 | 62,123 | ||
Total assets | 1,817,438 | 1,677,767 | 1,817,438 | 1,677,767 | $ 1,705,020 | ||
Expenditures for property and equipment | 8,042 | 13,243 | 26,286 | 33,316 | |||
Depreciation and amortization | 5,884 | 5,457 | 16,965 | 15,398 | |||
Debt accretion and amortization | 1,575 | 1,234 | 4,185 | 3,159 | |||
Cash and cash equivalents | 368,818 | 369,512 | 368,818 | 369,512 | 366,305 | ||
Real estate equity method investments | 53,739 | 42,550 | 53,739 | 42,550 | 64,738 | ||
Goodwill | 37,248 | 39,482 | 37,248 | 39,482 | 37,248 | ||
Receivable-backed notes payable | 436,760 | 433,450 | 436,760 | 433,450 | |||
Notes payable and other borrowings | 161,420 | 197,177 | 161,420 | 197,177 | 200,887 | ||
Junior subordinated debentures | 137,038 | 136,231 | 137,038 | 136,231 | $ 136,425 | ||
Corporate Expenses & Other [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Interest income | 45 | 10 | 130 | 105 | |||
Other revenue | 1,053 | 840 | 2,020 | 1,455 | |||
Total revenues | 7,639 | 6,665 | 26,400 | 21,514 | |||
Interest expense | 29 | 53 | 72 | 241 | |||
Impairment losses | 3,993 | 6,749 | 187 | ||||
Selling, general and administrative expenses | 4,900 | 4,868 | 16,061 | 16,541 | |||
Total costs and expenses | 13,898 | 9,341 | 39,445 | 32,552 | |||
Income before income taxes | (6,259) | (2,676) | (13,045) | (11,038) | |||
Total assets | 32,135 | 37,577 | 32,135 | 37,577 | |||
Expenditures for property and equipment | 224 | 1,704 | 1,245 | 3,841 | |||
Depreciation and amortization | 714 | 644 | 1,889 | 1,445 | |||
Debt accretion and amortization | 1 | 143 | 2 | 159 | |||
Cash and cash equivalents | 7,745 | 10,068 | 7,745 | 10,068 | |||
Goodwill | 2,081 | 4,315 | 2,081 | 4,315 | |||
Notes payable and other borrowings | 1,861 | 3,090 | 1,861 | 3,090 | |||
Eliminations [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Interest income | (495) | (613) | (1,995) | (2,203) | |||
Other revenue | (174) | (220) | (593) | (600) | |||
Total revenues | (670) | (838) | (2,604) | (2,815) | |||
Interest expense | 1,298 | 1,712 | 4,184 | 4,661 | |||
Selling, general and administrative expenses | 11,738 | 12,765 | 35,728 | 37,908 | |||
Total costs and expenses | 13,035 | 14,472 | 39,896 | 42,557 | |||
Income before income taxes | (13,705) | (15,310) | (42,500) | (45,372) | |||
Total assets | 93,818 | 66,660 | 93,818 | 66,660 | |||
Expenditures for property and equipment | 125 | 18 | 214 | ||||
Depreciation and amortization | 101 | 108 | 320 | 387 | |||
Debt accretion and amortization | 60 | 91 | 243 | 221 | |||
Cash and cash equivalents | 153,673 | 137,897 | 153,673 | 137,897 | |||
Notes payable and other borrowings | (295) | 29,926 | (295) | 29,926 | |||
Junior subordinated debentures | 65,155 | 65,084 | 65,155 | 65,084 | |||
Bluegreen [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Interest income | 22,081 | 21,531 | 65,964 | 63,771 | |||
Other revenue | 2,146 | 378 | 4,228 | 1,269 | |||
Total revenues | 205,878 | 202,205 | 570,296 | 564,662 | |||
Interest expense | 10,388 | 9,208 | 29,955 | 25,470 | |||
Selling, general and administrative expenses | 117,159 | 112,407 | 355,041 | 315,535 | |||
Total costs and expenses | 175,525 | 169,689 | 527,780 | 461,983 | |||
Income before income taxes | 30,353 | 32,516 | 42,516 | 102,679 | |||
Total assets | 1,360,829 | 1,336,992 | 1,360,829 | 1,336,992 | |||
Expenditures for property and equipment | 3,986 | 9,242 | 18,502 | 24,347 | |||
Depreciation and amortization | 3,585 | 3,169 | 10,453 | 9,087 | |||
Debt accretion and amortization | 1,430 | 1,086 | 3,616 | 2,765 | |||
Cash and cash equivalents | 183,207 | 195,439 | 183,207 | 195,439 | |||
Receivable-backed notes payable | 436,760 | 433,450 | 436,760 | 433,450 | |||
Notes payable and other borrowings | 119,045 | 137,834 | 119,045 | 137,834 | |||
Junior subordinated debentures | 71,883 | 71,147 | 71,883 | 71,147 | |||
BBX Capital Real Estate [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Interest income | 166 | 229 | 631 | 2,064 | |||
Net gains on sales of real estate assets | 399 | 11,395 | 4,802 | ||||
Other revenue | 197 | 572 | 1,492 | 2,020 | |||
Total revenues | 1,132 | 8,279 | 18,548 | 26,024 | |||
Recoveries from loan losses, net | (1,821) | (443) | (4,206) | (7,258) | |||
Impairment losses | 37 | 193 | 37 | 362 | |||
Selling, general and administrative expenses | 2,336 | 2,307 | 6,709 | 7,175 | |||
Total costs and expenses | 552 | 6,712 | 5,183 | 11,562 | |||
Equity in net earnings of unconsolidated real estate joint ventures | 28,534 | 373 | 37,276 | 1,165 | |||
Income before income taxes | 29,114 | 1,940 | 50,641 | 15,627 | |||
Total assets | 147,712 | 136,290 | 147,712 | 136,290 | |||
Expenditures for property and equipment | 1 | 131 | 4 | 298 | |||
Depreciation and amortization | 91 | 93 | 283 | ||||
Debt accretion and amortization | 22 | 133 | 2 | ||||
Cash and cash equivalents | 21,781 | 21,625 | 21,781 | 21,625 | |||
Real estate equity method investments | 53,739 | 42,550 | 53,739 | 42,550 | |||
Notes payable and other borrowings | 32,009 | 16,285 | 32,009 | 16,285 | |||
Renin [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Other revenue | 152 | ||||||
Total revenues | 16,442 | 15,330 | 51,276 | 47,205 | |||
Interest expense | 131 | 157 | 387 | 497 | |||
Selling, general and administrative expenses | 2,849 | 2,250 | 8,326 | 7,641 | |||
Total costs and expenses | 15,963 | 14,713 | 49,702 | 46,592 | |||
Foreign exchange gain (loss) | 76 | (24) | 91 | ||||
Income before income taxes | 479 | 693 | 1,550 | 704 | |||
Total assets | 32,103 | 28,798 | 32,103 | 28,798 | |||
Expenditures for property and equipment | 79 | 99 | 284 | 447 | |||
Depreciation and amortization | 303 | 292 | 897 | 869 | |||
Debt accretion and amortization | 6 | 4 | 23 | 12 | |||
Notes payable and other borrowings | 8,394 | 9,422 | 8,394 | 9,422 | |||
IT'SUGAR, LLC [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Interest income | 1 | ||||||
Other revenue | 15 | 99 | 241 | 134 | |||
Total revenues | 24,693 | 22,762 | 63,588 | 59,102 | |||
Interest expense | 24 | 81 | |||||
Selling, general and administrative expenses | 9,567 | 8,962 | 26,645 | 25,559 | |||
Total costs and expenses | 23,493 | 21,198 | 64,168 | 59,579 | |||
Income before income taxes | 1,200 | 1,564 | (580) | (477) | |||
Total assets | 150,841 | 71,450 | 150,841 | 71,450 | |||
Expenditures for property and equipment | 3,752 | 1,942 | 6,233 | 4,169 | |||
Depreciation and amortization | 1,181 | 1,153 | 3,313 | 3,327 | |||
Debt accretion and amortization | 56 | (90) | 168 | ||||
Cash and cash equivalents | 2,412 | 4,483 | 2,412 | 4,483 | |||
Goodwill | 35,167 | 35,167 | 35,167 | 35,167 | |||
Notes payable and other borrowings | 406 | 620 | 406 | 620 | |||
Sales Of VOIs [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 66,318 | 70,698 | [1] | 186,351 | 195,412 | ||
Total costs | 3,121 | 11,237 | [1] | 17,541 | 19,838 | ||
Sales Of VOIs [Member] | Bluegreen [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 66,318 | 70,698 | 186,351 | 195,412 | |||
Total costs | 3,121 | 11,237 | 17,541 | 19,838 | |||
Fee-Based Sales Commissions [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 60,478 | 61,641 | [1] | 161,033 | 167,581 | ||
Fee-Based Sales Commissions [Member] | Bluegreen [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 60,478 | 61,641 | 161,033 | 167,581 | |||
Other Fee-Based Services [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 33,744 | 31,057 | [1] | 94,015 | 89,472 | ||
Total costs | 23,746 | 19,937 | [1] | 66,538 | 53,983 | ||
Other Fee-Based Services [Member] | Bluegreen [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 33,744 | 31,057 | 94,015 | 89,472 | |||
Total costs | 23,746 | 19,937 | 66,538 | 53,983 | |||
Cost Reimbursements [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 21,111 | 16,900 | [1] | 58,705 | 47,157 | ||
Total costs | 21,111 | 16,900 | [1] | 58,705 | 47,157 | ||
Cost Reimbursements [Member] | Bluegreen [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 21,111 | 16,900 | 58,705 | 47,157 | |||
Total costs | 21,111 | 16,900 | 58,705 | 47,157 | |||
Trade Sales [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 47,660 | 43,803 | [1] | 138,705 | 126,114 | ||
Total costs | 31,860 | 28,957 | [1] | 94,978 | 88,045 | ||
Trade Sales [Member] | Corporate Expenses & Other [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 6,541 | 5,815 | 24,250 | 19,954 | |||
Total costs | 4,976 | 4,420 | 16,563 | 15,583 | |||
Trade Sales [Member] | Eliminations [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | (1) | (5) | (16) | (12) | |||
Total costs | (1) | (5) | (16) | (12) | |||
Trade Sales [Member] | Renin [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 16,442 | 15,330 | 51,124 | 47,205 | |||
Total costs | 12,983 | 12,306 | 40,989 | 38,454 | |||
Trade Sales [Member] | IT'SUGAR, LLC [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 24,678 | 22,663 | 63,347 | 58,967 | |||
Total costs | 13,902 | 12,236 | 37,442 | 34,020 | |||
Sales Of Real Estate Inventory [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 370 | 7,478 | [1] | 5,030 | 17,138 | ||
Total costs | 4,655 | [1] | 2,643 | 11,283 | |||
Sales Of Real Estate Inventory [Member] | BBX Capital Real Estate [Member] | Reportable Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | 370 | 7,478 | 5,030 | 17,138 | |||
Total costs | 4,655 | 2,643 | 11,283 | ||||
Other [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue from customers | $ 5,527 | $ 3,491 | $ 13,294 | $ 9,138 | |||
[1] | See Note 1 for a summary of adjustments. |