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REAL ESTATE AND OTHER AFFILIATES (Tables)
 12 Months Ended
Dec. 31, 2015
REAL ESTATE AND OTHER AFFILIATES  
Schedule of information related to investments in real estate and other affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Economic/Legal Ownership

 

Carrying Value

 

Share of Earnings/Dividends

 

 

December 31, 

 

December 31, 

 

December 31, 

 

December 31, 

 

Year Ended December 31, 

($ in Thousands)

   

2015

 

2014

 

2015

    

2014

   

2015

   

2014

   

2013

   

Equity Method Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Master Planned Communities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discovery

 

 —

(a)

 —

(a)

$
12,052

 

$

 —

 

$

 —

 

$

 —

 

$

N/A

 

Operating Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Millennium Woodlands Phase II, LLC (b) (c)

 
81.43

%
81.43

%  

 

 —

 

 
1,023

 

 
(1,165)

 

 
(1,012)

 

 

 —

 

Stewart Title

 
50.00

%
50.00

%

 
3,715

 

 
3,869

 

 
996

 

 
1,301

 

 
1,223

 

Clark County Las Vegas Stadium, LLC (c) (d)

 
50.00

%
50.00

%

 
11,050

 

 
10,548

 

 
152

 

 
(88)

 

 
(13)

 

The Metropolitan Downtown Columbia (e)

 
50.00

%
50.00

%

 
4,872

 

 
4,800

 

 
(13)

 

 

 —

 

 

 —

 

Woodlands Sarofim

 
20.00

%
20.00

%

 
2,588

 

 
2,595

 

 
166

 

 
175

 

 
180

 

Strategic Developments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Circle T Ranch and Power Center

 
50.00

%  
50.00

%  

 
9,128

 

 
9,004

 

 

 —

 

 

 —

 

 

 —

 

HHMK Development (c)

 
50.00

%
50.00

%

 
10

 

 
10

 

 
549

 

 
2,120

 

 
732

 

Millennium Woodlands Phase II, LLC (b) (c)

 
81.43

%
81.43

%  

 

 —

 

 

 —

 

 

 —

 

 
(279)

 

 
(74)

 

KR Holdings (c)

 
50.00

%
50.00

%

 
689

 

 
9,183

 

 
1,289

 

 
19,470

 

 
9,877

 

Parcel C (c)

 
50.00

%
50.00

%

 
7,070

 

 
8,737

 

 

 —

 

 

 —

 

 

 —

 

Constellation (f)

 
50.00

%
50.00

%  

 
2,685

 

 

 —

 

 

 —

 

 

 —

 

 

N/A

 

 

 

 

 

 

 

 
53,859

 

 
49,769

 

 
1,974

 

 
21,687

 

 
11,925

 

Cost method investments

 

 

 

 

 

 
3,952

 

 
3,917

 

 
1,747

 

 
1,649

 

 
2,503

 

Investment in Real Estate and Other Affiliates

 

 

 

 

 

$
57,811

 

$
53,686

 

$
3,721

 

$
23,336

 

$
14,428

 

N/A – Not applicable or not owned in the respective period.

(a)

See discussion below for a description of the joint venture ownership structure.

(b)

Millennium Woodlands Phase II, LLC was placed into service in the beginning of the third quarter 2014. The investment balance is in a deficit position, which is reported in Other liabilities. We expect to recover the deficit when the property reaches stabilized occupancy.

(c)

Equity method variable interest entity (“VIE”).

(d)

Formerly known as the Summerlin Las Vegas Baseball Club, LLC.

(e)

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

Formerly known as Summerlin Apartments, LLC