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REAL ESTATE AND OTHER AFFILIATES (Tables)
 3 Months Ended
Mar. 31, 2016
REAL ESTATE AND OTHER AFFILIATES  
Summary of Investments in Real Estate and Other Affiliates

 

 

Economic/Legal Ownership

 

Carrying Value

 

Share of Earnings/Dividends

 

 

March 31, 

 

December 31, 

 

March 31, 

 

December 31, 

 

Three Months Ended March 31, 

($ in Thousands)

   

2016

   

2015

   

2016

   

2015

   

2016

   

2015

Equity Method Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Master Planned Communities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Summit (a)

 

 —

(a)  

 —

(a)  

$
12,052

 

$
12,052

 

$

 —

 

$

 —

Operating Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33 Peck Slip (a)

 
35.00

%

 —

%  

 
5,969

 

 

 —

 

 
19

 

 

 —

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

 
81.43

%
81.43

%  

 

 

 

 

 —

 

 
13

 

 
(661)

Stewart Title

 
50.00

%
50.00

%

 
3,567

 

 
3,715

 

 
102

 

 
194

Clark County Las Vegas Stadium, LLC (c)

 
50.00

%
50.00

%

 
10,891

 

 
11,050

 

 
(159)

 

 
(117)

The Metropolitan Downtown Columbia (d)

 
50.00

%
50.00

%

 
4,156

 

 
4,872

 

 
(717)

 

 
(319)

Woodlands Sarofim

 
20.00

%
20.00

%

 
2,631

 

 
2,588

 

 
53

 

 
40

Strategic Developments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Circle T Ranch and Power Center

 
50.00

%  
50.00

%  

 
9,128

 

 
9,128

 

 

 —

 

 

 —

HHMK Development (c)

 
50.00

%
50.00

%

 
10

 

 
10

 

 

 —

 

 
539

KR Holdings (a) (c)

 
50.00

%
50.00

%

 
753

 

 
689

 

 
5

 

 
365

m.flats (formerly Parcel C) (a)

 
50.00

%
50.00

%

 
106

 

 
7,070

 

 

 —

 

 

 —

Constellation (a) (c)

 
50.00

%
50.00

%  

 
2,685

 

 
2,685

 

 

 —

 

 

 —

 

 

 

 

 

 

 
51,948

 

 
53,859

 

 
(684)

 

 
41

Cost method investments

 

 

 

 

 

 
4,347

 

 
3,952

 

 
2,616

 

 
1,747

Investment in Real Estate and Other Affiliates

 

 

 

 

 

$
56,295

 

$
57,811

 

$
1,932

 

$
1,788

(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 third quarter 2014. The investment balance is in a deficit position, which is reported in Accounts payable and accrued expenses. We expect to recover the deficit when the property reaches stabilized occupancy.

(c)

Equity method variable interest entity (“VIE”).

(d)

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