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REAL ESTATE AND OTHER AFFILIATES (Tables)
 9 Months Ended
Sep. 30, 2016
REAL ESTATE AND OTHER AFFILIATES  
Summary of Investments in Real Estate and Other 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,

($ in Thousands)

   

2016

   

2015

   

2016

   

2015

   

2016

 

2015

 

2016

   

2015

Equity Method Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Master Planned Communities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Summit (a)

 

 —

 

 —

 

$
34,626

 

$
12,052

 

$
13,700

 

$

 —

 

$
22,574

 

$

 —

Operating Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grandview SHG, LLC (a)

 
35.00

%

 —

%  

 
8,061

 

 

 —

 

 
(117)

 

 

 —

 

 
(76)

 

 

 —

Millennium Six Pines Apartments (b) (c)

 
100.00

%
81.43

%  

 

 —

 

 

 —

 

 
9

 

 
(177)

 

 
44

 

 
(1,327)

Stewart Title

 
50.00

%
50.00

%

 
3,592

 

 
3,715

 

 
221

 

 
163

 

 
477

 

 
659

Clark County Las Vegas Stadium, LLC (c)

 
50.00

%
50.00

%

 
11,348

 

 
11,050

 

 
2

 

 
105

 

 
297

 

 
389

The Metropolitan Downtown Columbia (d)

 
50.00

%
50.00

%

 
(539)

 

 
4,872

 

 
(351)

 

 
140

 

 
(863)

 

 
(268)

Woodlands Sarofim

 
20.00

%
20.00

%

 
2,674

 

 
2,588

 

 
26

 

 
58

 

 
121

 

 
133

Strategic Developments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Circle T Ranch and Power Center (a)

 
50.00

%  
50.00

%  

 
4,956

 

 
9,128

 

 

 —

 

 

 —

 

 
10,498

 

 

 —

Constellation (a) (c)

 
50.00

%
50.00

%  

 
2,685

 

 
2,685

 

 

 —

 

 

 —

 

 

 —

 

 

 —

HHMK Development (c)

 
50.00

%
50.00

%

 
10

 

 
10

 

 

 —

 

 

 —

 

 

 —

 

 
549

KR Holdings (c)

 
50.00

%
50.00

%

 
761

 

 
689

 

 
3

 

 
6

 

 
12

 

 
1,282

m.flats (formerly Parcel C) (a) (c)

 
50.00

%
50.00

%

 
6,369

 

 
7,070

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 

 

 

 

 
74,543

 

 
53,859

 

 
13,493

 

 
295

 

 
33,084

 

 
1,417

Cost method investments

 

 

 

 

 

 
4,347

 

 
3,952

 

 

 —

 

 

 —

 

 
2,616

 

 
1,747

Investment in Real Estate and Other Affiliates

 

 

 

 

 

$
78,890

 

$
57,811

 

$
13,493

 

$
295

 

$
35,700

 

$
3,164

 

(a)

Please refer to the discussion below for a description of the joint venture ownership structure.

(b)

As of July 20, 2016, we acquired our joint venture partner’s interest in Millennium Six Pines Apartments (formerly known as Millennium Woodlands Phase II, LLC) and have fully consolidated the assets and liabilities of the entity. See Note 5 – Recent Transactions for additional information regarding this transaction. The investment balance was in a $1.8 million deficit position and reported in Accounts payable and accrued expenses as of December 31, 2015.

(c)

Equity method variable interest entity (“VIE”). The m.flats joint venture was a VIE as of December 31, 2015, but on completion of the financing in the first quarter 2016, we determined the entity was no longer a VIE. 

(d)

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