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REAL ESTATE AFFILIATES (Tables)
 12 Months Ended
Dec. 31, 2012
REAL ESTATE AFFILIATES  
Schedule of information related to investments in real estate affiliates
 
   Economic/Legal
Ownership		   Carrying Value   Share of Earnings/Dividends  
 
   December 31,   December 31,   December 31,  
 
   2012   2011   2012   2011   2012   2011   2010  
 
   (In percentages)
   (In thousands)
   (In thousands)
  

Equity Method Investments

                                            

The Woodlands (a)

               $ —     $ —     $ —     $ 3,731   $ 9,417  

Bridges at Mint Hill, LLC (b)

     90.50 %   79.00 %   —       180     —       —       —    

Circle T

     50.00 %   50.00 %   9,004     9,004     —       (1 )   (4 )

Forest View Apartments (c) (d)

     —       50.00 %   —       5,358     2     5     —    

HHMK Development, LLC

     50.00 %   50.00 %   1,257     —       —       —       —    

KR Holdings, LLC

     50.00 %   —       —       —       —       —       —    

Millennium Waterway Apartments (e)

     100.00 %   83.55 %   —       21,998     407     682     —    

Millennium Woodlands Phase II, LLC

     81.43 %   —       2,190     —       —       —       —    

Parcel D Development, LLC

     50.00 %   50.00 %   4,330     2,990     —       —       —    

Stewart Title (c)

     50.00 %   50.00 %   3,871     3,643     902     204     —    

Timbermill Apartments (c) (d)

     —       50.00 %   —       3,988     2     —       —    

Woodlands Sarofim #1 (c)

     20.00 %   20.00 %   2,450     2,456     (6 )   64     —    

Other Investments

                 300     —       —       —       —    
                                   

 

                 23,402     49,617     1,307     4,685     9,413  

Cost basis investments (f)

                 8,777     9,173     2,376     3,893     —    
                                   

Investment in Real Estate Affiliates

               $ 32,179   $ 58,790   $ 3,683   $ 8,578   $ 9,413  
                                   
(a)
As of July 1, 2011, The Woodlands is consolidated and no longer a Real Estate Affiliate (please refer to Note 4 – Acquisitions and Dispositions). Prior to July 1, 2011, we owned a 52.5% economic interest in The Woodlands.
(b)
On October 30, 2012, we contributed $4.5 million to repay a mortgage secured by the land contributed by our partner. As a result, our ownership percentage increased from 79.0% to 90.5% and we now have the ability to direct the significant economic activities of the entity. We began consolidating this joint venture in the fourth quarter of 2012.
(c)
Equity investment consolidated into our financial statements as part of the acquisition of our partner's economic interest in The Woodlands on July 1, 2011.
(d)
On April 19, 2012, the joint ventures owning the Forest View and Timbermill Apartments completed their sale to a third party. Our share of the distributable cash, after repayment of debt and transaction expenses, was $8.6 million.
(e)
On May 31, 2012, we acquired our partner's interest for $6.9 million and consolidated this property.
(f)
Includes dividends received from Summerlin Hospital Medical Center.