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

 

 

 

Economic/ Legal Ownership

 

Carrying Value

 

Share of Earnings/Dividends

 

 

 

September 30,

 

December 31,

 

September 30,

 

December 31,

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

2012

 

2011

 

2012

 

2011

 

 

 

(In percentages)

 

(In thousands)

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Woodlands (a)

 

 

 

 

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

3,727

 

Bridges at Mint Hill, LLC (b)

 

79.00

%

79.00

%

673

 

180

 

—

 

—

 

—

 

—

 

Circle T

 

50.00

%

50.00

%

9,004

 

9,004

 

—

 

—

 

—

 

—

 

Forest View Apartments (c) (d)

 

—

 

50.00

%

—

 

5,358

 

—

 

1

 

2

 

1

 

HHMK Development, LLC

 

50.00

%

50.00

%

947

 

—

 

—

 

—

 

—

 

—

 

KR Holdings, LLC

 

50.00

%

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Millennium Waterway Apartments (e)

 

100.00

%

83.55

%

—

 

21,998

 

—

 

14

 

406

 

14

 

Millennium Woodlands Phase II, LLC

 

81.43

%

—

 

2,190

 

—

 

—

 

—

 

—

 

—

 

Parcel D Development, LLC

 

50.00

%

50.00

%

4,084

 

2,990

 

—

 

—

 

—

 

—

 

Stewart Title (c)

 

50.00

%

50.00

%

3,758

 

3,643

 

324

 

85

 

640

 

85

 

Timbermill Apartments (c) (d)

 

—

 

50.00

%

—

 

3,988

 

—

 

1

 

2

 

1

 

Woodlands Sarofim #1 (c)

 

20.00

%

20.00

%

2,462

 

2,456

 

(14

)

30

 

6

 

30

 

Other investments

 

 

 

 

 

300

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

23,418

 

49,617

 

310

 

131

 

1,056

 

3,858

 

Cost basis investments (f)

 

 

 

 

 

12,744

 

12,978

 

—

 

35

 

2,376

 

3,929

 

Total

 

 

 

 

 

$

36,162

 

$

62,595

 

$

310

 

$

166

 

$

3,432

 

$

7,787

 

 

(a)              As of July 1, 2011, The Woodlands is consolidated and no longer a Real Estate Affiliate (Refer to Note 4). Prior to July 1, 2011, we owned 52.5% economic interest in The Woodlands.

(b)             Ownership percentage as of October 30, 2012 is 90.50%

(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.