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REAL ESTATE AFFILIATES (Tables)
 6 Months Ended
Jun. 30, 2013
REAL ESTATE AFFILIATES  
Schedule of information related to investments in real estate affiliates

 

 

 

 

Economic/ Legal Ownership

 

Carrying Value

 

Share of Earnings/Dividends

 

 

 

June 30,

 

December 31,

 

June 30,

 

December 31,

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

Equity Method Investments

 

2013

 

2012

 

2013

 

2012

 

2013

 

2012

 

2013

 

2012

 

 

 

(In percentages)

 

(In thousands)

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Circle T

 

50.00

%

50.00

%

$

9,036

 

$

9,004

 

$

—

 

$

—

 

$

—

 

$

—

 

Forest View/Timbermill Apartments (a) 

 

—

 

—

 

—

 

—

 

—

 

2

 

—

 

4

 

HHMK Development, LLC

 

50.00

%

50.00

%

163

 

1,257

 

153

 

—

 

153

 

—

 

KR Holdings, LLC

 

50.00

%

50.00

%

13,508

 

—

 

5,191

 

—

 

5,191

 

—

 

Millennium Waterway Apartments (b) 

 

100.00

%

100.00

%

—

 

—

 

—

 

185

 

—

 

406

 

Millennium Woodlands Phase II, LLC (c) 

 

81.43

%

81.43

%

2,196

 

2,190

 

—

 

—

 

—

 

—

 

Parcel D Development, LLC

 

50.00

%

50.00

%

6,302

 

4,330

 

—

 

—

 

—

 

—

 

Stewart Title

 

50.00

%

50.00

%

3,887

 

3,871

 

326

 

257

 

517

 

316

 

Woodlands Sarofim #1

 

20.00

%

20.00

%

2,526

 

2,450

 

37

 

2

 

76

 

20

 

Summerlin Las Vegas Baseball Club

 

50.00

%

50.00

%

10,500

 

300

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

48,118

 

23,402

 

5,707

 

446

 

5,937

 

746

 

Cost basis investments (d) 

 

 

 

 

 

8,614

 

8,777

 

—

 

—

 

2,503

 

2,376

 

Investment in Real Estate Affiliates

 

 

 

 

 

$

56,732

 

$

32,179

 

$

5,707

 

$

446

 

$

8,440

 

$

3,122

 

 

(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)             On May 31, 2012, we acquired our partner’s interest for $6.9 million and consolidated this property. See below for further discussion.

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

(d)             Includes distribution received from Summerlin Hospital Medical Center.