
									Share of Earnings/Dividends
	Economic/Legal Ownership				Carrying Value				Three Months Ended				Nine Months Ended
	September 30,		December 31,		September 30,		December 31,		September 30,				September 30,
($ in thousands)	2017		2016		2017		2016		2017		2016		2017		2016
Equity Method Investments
Master Planned Communities:
The Summit (a)	—	%	—	%	$	54,203	$	32,653	$	6,480	$	13,700	$	21,552	$	22,574
Operating Assets:
Las Vegas 51s, LLC (b)	100.00		50.00			—		11,062		—		2		(152)		297
Constellation (a) (c)	50.00		50.00			2,175		2,730		107		—		(215)		—
The Metropolitan Downtown Columbia (d)	50.00		50.00			—		(1,064)		82		(351)		356		(863)
Millennium Six Pines Apartments (e)	100.00		100.00			—		—		—		9		—		44
Stewart Title of Montgomery County, TX	50.00		50.00			3,834		3,611		113		221		322		477
Woodlands Sarofim #1	20.00		20.00			2,688		2,683		15		26		45		121
Strategic Developments:
Circle T Ranch and Power Center (a)	50.00		50.00			5,106		4,956		650		—		650		10,498
HHMK Development	50.00		50.00			10		10		—		—		—		—
KR Holdings	50.00		50.00			744		707		20		3		36		12
m.flats/TEN.M (a)	50.00		50.00			6,849		6,379		—		—		—		—
33 Peck Slip (a) (f)	35.00		35.00			9,139		8,243		—		(117)		(156)		(76)
						84,748		71,970		7,467		13,493		22,438		33,084
Cost method investments						4,407		4,406		—		—		3,383		2,616
Investment in Real Estate and Other Affiliates					$	89,155	$	76,376	$	7,467	$	13,493	$	25,821	$	35,700

(a)

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

(b)

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

(c)

Equity method VIE as of September 30, 2017. Constellation and Las Vegas 51s were also VIEs as of December 31, 2016.

(d)

The Metropolitan Downtown Columbia was in a deficit position of $2.0 million at September 30, 2017 and December 31, 2016 due to distributions from operating cash flows in excess of basis. This deficit balance is presented in Accounts payable and accrued expenses at September 30, 2017.

(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 nine months ended September 30, 2016 was recorded in the Operating Assets segment but is reflected here for comparative purposes.