
	Economic/Legal Ownership				Carrying Value				Share of Earnings/Dividends
	December 31,		December 31,		December 31,		December 31,		Year Ended December 31,
($ in thousands)	2017		2016		2017		2016		2017		2016			2015
Equity Method Investments
Master Planned Communities:
The Summit (a)	—	%	—	%	$	45,886	$	32,653	$	23,234	$	43,501		$	—
Operating Assets:
Las Vegas 51s, LLC (b) (c)	100.00		50.00			—		11,062		(152)		12			152
Constellation (b) (c)	100.00		50.00			—		2,730		(323)		(54)			—
The Metropolitan Downtown Columbia (d)	50.00		50.00			—		(1,064)		390		(800)			(13)
Millennium Six Pines Apartments (b)	100.00		100.00			—		—		—		44			(1,165)
Stewart Title of Montgomery County, TX	50.00		50.00			3,673		3,611		386		696			996
Woodlands Sarofim #1	20.00		20.00			2,696		2,683		53		182			166
Strategic Developments:
Circle T Ranch and Power Center (a)	50.00		50.00			4,455		4,956		—		10,497			—
HHMK Development	50.00		50.00			10		10		—		—			549
KR Holdings	50.00		50.00			749		707		41		18			1,289
m.flats/TEN.M (a)	50.00		50.00			6,521		6,379		(415)		—			—
33 Peck Slip (a)	35.00		35.00			8,651		8,243		(643)		106	(e)		—
						72,641		71,970		22,571		54,202			1,974
Cost method investments						3,952		4,406		2,927		2,616			1,747
Investment in Real Estate and Other Affiliates					$	76,593	$	76,376	$	25,498	$	56,818		$	3,721

(a)

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

(b)

We acquired our joint venture partner’s interest and have fully consolidated the assets and liabilities of the entity. See Note 4 – Acquisitions and Dispositions for additional information regarding this transaction.

(c)

Equity method VIE as of December 31, 2017.

(d)

The Metropolitan Downtown Columbia was in a deficit position of $2.6 million and $1.1 million at December 31, 2017 and December 31, 2016, respectively, due to distributions from operating cash flows in excess of basis. This deficit balance is presented in Accounts payable and accrued expenses at December 31, 2017. The deficit balance as of December 31, 2016 has been presented as previously reported.

(e)

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 share of earnings for the year ended December 31, 2016 was recorded in the Operating Assets segment but is reflected above in the Strategic Developments segment for comparative purposes.