	Economic/Legal Ownership				Carrying Value				Share of Earnings/Dividends
	June 30,		December 31,		June 30,		December 31,		Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2017		2016		2017		2016		2017		2016		2017		2016
Equity Method Investments
Master Planned Communities:
The Summit (a)	—	%	—	%	$	47,723	$	32,653	$	9,792	$	8,874	$	15,072	$	8,874
Operating Assets:
Las Vegas 51s, LLC (c)	100.00		50.00			—		11,062		—		454		(152)		295
Constellation (a) (b)	50.00		50.00			2,308		2,730		(385)		—		(322)		—
The Metropolitan Downtown Columbia (d)	50.00		50.00			—		(1,064)		216		205		274		(512)
Millennium Six Pines Apartments (e)	100.00		100.00			—		—		—		22		—		35
Stewart Title of Montgomery County, TX	50.00		50.00			3,721		3,611		183		154		209		256
Woodlands Sarofim #1	20.00		20.00			2,681		2,683		23		42		30		95
Strategic Developments:
Circle T Ranch and Power Center	50.00		50.00			4,456		4,956		—		10,498		—		10,498
HHMK Development	50.00		50.00			10		10		—		—		—		—
KR Holdings	50.00		50.00			723		707		5		4		16		9
m.flats/TEN.M (a)	50.00		50.00			6,629		6,379		—		—		—		—
33 Peck Slip (a) (f)	35.00		35.00			9,139		8,243		—		22		(156)		41
						77,390		71,970		9,834		20,275		14,971		19,591
Cost method investments						4,407		4,406		—		—		3,383		2,616
Investment in Real Estate and Other Affiliates					$	81,797	$	76,376	$	9,834	$	20,275	$	18,354	$	22,207

(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 June 30, 2017. Constellation was also a VIE as of December 31, 2016.

(c)

On March 1, 2017, we acquired our joint venture partner’s interest and have fully consolidated the assets and liabilities of the entity.

(d)

The Metropolitan Downtown Columbia was in a deficit position of $1.6 million at June 30, 2017 due to distributions from operating cash flows in excess of basis and is presented in Accounts payable and accrued expenses.

(e)

On July 20, 2016, we acquired our joint venture partner’s interest in Millennium Six Pines Apartments and fully consolidated the assets and liabilities of the entity.

(f)

The 33 Peck Slip hotel was closed in December 2016 for redevelopment and was transferred to the Strategic Developments segment as of January 1, 2017. The prior year share of earnings for the three and six months ended June 30, 2016 was recorded in the Operating Assets segment but is reflected here for comparative purposes.