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REAL ESTATE AFFILIATES (Tables)
 12 Months Ended
Dec. 31, 2013
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,  
 
   2013   2012   2013   2012   2013   2012   2011  
 
   (In percentages)
   (In thousands)
   (In thousands)
  

Equity Method Investments:

                                            

Circle T Ranch and Power Center

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

Forest View /Timbermill Apartments (a)

     —       —       —       —       —       4     5  

HHMK Development, LLC (d)

     50.00 %   50.00 %   13     1,257     732     —       —    

KR Holdings, LLC (d)

     50.00 %   50.00 %   19,764     —       9,877     —       —    

Millennium Waterway Apartments (c)

     100.00 %   100.00 %   —       —       —       407     682  

Millennium Woodlands Phase II, LLC (d)

     81.43 %   81.43 %   2,174     2,190     (74 )   —       —    

Parcel C (d)

     50.00 %   —       5,801     —       —       —       —    

Stewart Title

     50.00 %   50.00 %   3,843     3,871     1,223     902     204  

Summerlin Las Vegas Baseball Club (d)

     50.00 %   —       10,636     300     (13 )   —       —    

The Metropolitan Downtown Columbia Project (b)

     50.00 %   50.00 %   3,461     4,330     —       —       —    

The Woodlands (e)

     100.00 %   100.00 %   —       —       —       —       3,731  

Woodlands Sarofim #1

     20.00 %   20.00 %   2,579     2,450     180     (6 )   64  
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

                 57,275     23,402     11,925     1,307     4,685  

Cost basis investments (g)

                 3,746     8,777     2,503 (f)   2,376 (f)   3,893 (f)
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Investment in Real Estate Affiliates

               $ 61,021   $ 32,179   $ 14,428   $ 3,683   $ 8,578  
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                   
(a)
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.
(b)
These entities were previously considered VIEs, whose reassessment in 2013 caused them to no longer be considered VIEs. Please refer to discussion in section following the table.
(c)
On May 31, 2012, we acquired our partner's interest for $6.9 million and consolidated this property.
(d)
Equity method VIEs.
(e)
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.
(f)
Includes distribution received from Summerlin Hospital Medical Center.
(g)
The lower carrying value as of December 31, 2013 is attributable to the sale of our interest in Head Acquisition, LP (Hexalon) on October 30, 2013 that resulted in a gain of approximately $8.5 million.