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REAL ESTATE AFFILIATES (Tables)
 6 Months Ended
Jun. 30, 2012
REAL ESTATE AFFILIATES  
Schedule of information related to investments in real estate affiliates

 

 

 

 

Economic Ownership

 

Carrying Value

 

Share of Earnings/Dividends

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

December 31,

 

June 30,

 

December 31,

 

June 30,

 

June 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

2012

 

2011

 

2012

 

2011

 

 

 

(In percentages)

 

(In thousands)

 

(In thousands)

 

The Woodlands (a)

 

 

 

 

 

$

 —

 

$

 —

 

$

 —

 

$

 2,110

 

$

 —

 

$

 3,729

 

Bridges at Mint Hill, LLC

 

79.00

%

79.00

%

503

 

180

 

—

 

—

 

—

 

—

 

Circle T

 

50.00

%

50.00

%

9,004

 

9,004

 

—

 

—

 

—

 

—

 

Forest View (b) (c)

 

—

 

50.00

%

—

 

5,358

 

1

 

—

 

2

 

—

 

HHMK Development, LLC

 

50.00

%

50.00

%

418

 

—

 

—

 

—

 

—

 

—

 

Millennium Waterway Apartments (d)

 

100.00

%

83.55

%

—

 

21,998

 

185

 

—

 

406

 

—

 

Millennium Woodlands Phase II, LLC (e)

 

81.43

%

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Parcel D Development, LLC

 

50.00

%

50.00

%

3,673

 

2,990

 

—

 

—

 

—

 

—

 

Stewart Title (b)

 

50.00

%

50.00

%

3,684

 

3,643

 

257

 

—

 

316

 

—

 

Timbermill Apartments (b) (c)

 

—

 

50.00

%

—

 

3,988

 

1

 

—

 

2

 

—

 

Woodlands Sarofim#1 (b)

 

20.00

%

20.00

%

2,476

 

2,456

 

2

 

—

 

20

 

—

 

 

 

 

 

 

 

19,758

 

49,617

 

446

 

2,110

 

746

 

3,729

 

Cost basis investments (f)

 

 

 

 

 

12,839

 

12,978

 

—

 

—

 

2,376

 

3,894

 

Total

 

 

 

 

 

$

 32,597

 

$

 62,595

 

$

 446

 

$

 2,110

 

$

 3,122

 

$

 7,623

 

 

 

(a)           As of July 1, 2011, The Woodlands is consolidated and no longer a Real Estate Affiliate (Refer to Note 4). For the three and six months ended June 30, 2011, we owned 52.5% economic interest in The Woodlands.

(b)           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.

(c)           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. Also in April, we received approximately $0.8 million in distributions from earnings from these joint

(d)           On May 31, 2012, we acquired our partner’s interest for $6.9 million. We now consolidate this property.

(e)           Represents our ownership percentage as of July 5, 2012, the date that the partners contributed capital to the venture.

(f)            Includes dividends received from Summerlin Hospital Medical Center.