
	Economic/ Legal Ownership				Carrying Value				Share of Earnings/Dividends
	March 31,		December 31,		March 31,		December 31,		Three Months Ended March 31,
	2015		2014		2015		2014		2015		2014
	(In percentages)				(In thousands)				(In thousands)
Equity Method Investments
Master Planned Communities:
Discovery Land	N/A		N/A		$	12,052	$	—	$	—	$	—
Operating Assets:
Millennium Woodlands Phase II, LLC (a) (b)	81.43	%	81.43	%		362		1,023		(661)		(36)
Stewart Title	50.00	%	50.00	%		3,663		3,869		194		93
Summerlin Las Vegas Baseball Club, LLC (b)	50.00	%	50.00	%		10,431		10,548		(117)		(126)
The Metropolitan Downtown Columbia (c)	50.00	%	50.00	%		4,562		4,800		(319)		—
Woodlands Sarofim	20.00	%	20.00	%		2,635		2,595		40		57
Strategic Developments:
Circle T Ranch and Power Center	50.00	%	50.00	%		9,004		9,004		—		—
HHMK Development (b)	50.00	%	50.00	%		10		10		539		290
KR Holdings (b)	50.00	%	50.00	%		876		9,183		365		4,009
Parcel C (b)	50.00	%	50.00	%		6,934		8,737		—		—
Summerlin Apartments, LLC (b)	50.00	%	50.00	%		1,661		—		—		—
						52,190		49,769		41		4,287
Cost basis investments						3,937		3,917		1,747		1,781
Investment in Real Estate and Other Affiliates					$	56,127	$	53,686	$	1,788	$	6,068

N/A – Not Applicable

(a)

Millennium Woodlands Phase II, LLC was placed into service in the beginning of the third quarter of 2014.

(b)

Equity method variable interest entities.

(c)

The Metropolitan Downtown Columbia was placed into service in the first quarter 2015.