PULTEGROUP INC/MI/ | 2013 | FY | 3


Investments in unconsolidated entities

We participate in a number of joint ventures with independent third parties. Many of these joint ventures purchase, develop, and/or sell land and homes. A summary of our joint ventures is presented below ($000’s omitted):
 
 
December 31,
 
2013
 
2012
Investments in joint ventures with debt non-recourse to PulteGroup
$
26,532

 
$
11,155

Investments in other active joint ventures
18,791

 
34,474

Total investments in unconsolidated entities
$
45,323

 
$
45,629

 
 
 
 
Total joint venture debt
$
12,408

 
$
6,915

 
 
 
 
PulteGroup proportionate share of joint venture debt:
 
 
 
Joint venture debt with limited recourse guaranties
$
750

 
$
769

Joint venture debt non-recourse to PulteGroup
3,654

 
826

PulteGroup's total proportionate share of joint venture debt
$
4,404

 
$
1,595



In 2013, 2012, and 2011, we recognized (income) expense from unconsolidated joint ventures of $(1.1) million, $(4.1) million, and $(3.3) million, respectively. During 2013, 2012, and 2011, we made capital contributions of $1.7 million, $16.5 million, and $4.6 million, respectively, and received capital and earnings distributions of $3.1 million, $10.5 million, and $11.6 million, respectively.

The timing of cash obligations under the joint venture and any related financing agreements varies by agreement. If additional capital contributions are required and approved, we would need to contribute our pro rata portion of those capital needs in order to not dilute our ownership in the joint ventures. While future capital contributions may be required, we believe the total amount of such contributions will be limited. Our maximum financial loss exposure related to joint ventures is unlikely to exceed the combined investment and limited recourse guaranty totals.

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