
	Economic/Legal Ownership				Carrying Value					Share of Earnings/Dividends
	December 31,		December 31,		December 31,		December 31,			Year Ended December 31,
($ in thousands)	2016		2015		2016		2015			2016		2015		2014
Equity Method Investments
Master Planned Communities:
The Summit (a)	—	%	—	%	$	32,653	$	12,052	$	43,501	$	—	$	—
Operating Assets:
Las Vegas 51s, LLC (b) (c)	50.00		50.00			11,062		11,050		12		152		(88)
Constellation (a) (b)	50.00		50.00			2,730		2,685		(54)		—		—
33 Peck Slip (Grandview SHG, LLC) (a)	35.00		—			8,243		—		106		—		—
The Metropolitan Downtown Columbia (d)	50.00		50.00			(1,064)		4,872		(800)		(13)		—
Millennium Six Pines Apartments (e)	100.00		81.43			—		—		44		(1,165)		(1,291)
Stewart Title of Montgomery County, TX	50.00		50.00			3,611		3,715		696		996		1,301
Woodlands Sarofim #1	20.00		20.00			2,683		2,588		182		166		175
Strategic Developments:
Circle T Ranch and Power Center (a)	50.00		50.00			4,956		9,128		10,497		—		—
HHMK Development	50.00		50.00			10		10		—		549		2,120
KR Holdings	50.00		50.00			707		689		18		1,289		19,470
m.flats/TEN.M (a)	50.00		50.00			6,379		7,070		—		—		—
						71,970		53,859		54,202		1,974		21,687
Cost method investments						4,406		3,952		2,616		1,747		1,649
Investment in Real Estate and Other Affiliates					$	76,376	$	57,811	$	56,818	$	3,721	$	23,336

(a)

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

(b)

Equity method variable interest entity (“VIE”) as of December 31, 2016.

(c)

Formerly known as Summerlin Baseball Club, part of the Clark County Las Vegas Stadium LLC joint venture.

(d)

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

(e)

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 4 – Acquisitions and Dispositions 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.