REAL ESTATE AND OTHER AFFILIATES (Tables)

3 Months Ended

Mar. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Summary of Investments in Real Estate and Other Affiliates

Relevant financial statement information for The Summit is summarized as follows:

	March 31,		December 31,
(In millions)	2018		2017
Total Assets	$	189.8	$	166.9
Total Liabilities	131.9		118.9
Total Equity	57.9		48.0

	Three Months Ended March 31,
(In millions)	2018		2017
Revenues (a)	$	23.4	$	11.5
Net income	11.1		5.3
Gross Margin	13.3		6.5

(a) Revenues related to land sales at the joint venture are recognized on a percentage of completion basis as The Summit follows the private company timeline for implementation of the New Revenue Standard of January 1, 2019. The Company has evaluated this impact and concluded that it is not material to HHC's consolidated financial statements.

The Company's investments in Real Estate and Other Affiliates that are reported in accordance with the equity and cost methods are as follows:

	Economic/Legal Ownership				Carrying Value				Share of Earnings/Dividends
	March 31,		December 31,		March 31,		December 31,		Three Months Ended March 31,
($ in thousands)	2018		2017		2018		2017		2018			2017
Equity Method Investments
Master Planned Communities:
The Summit (a)	—	%	—	%	$	57,015	$	45,886	$	11,128		$	5,280
Operating Assets:
Las Vegas 51s, LLC (b)	100	%	100	%	—		—		—			(152		)
Constellation (b)	100	%	100	%	—		—		—			64
The Metropolitan Downtown Columbia (c)	50	%	50	%	—		—		80			57
Stewart Title of Montgomery County, TX	50	%	50	%	3,579		3,673		82			26
Woodlands Sarofim #1	20	%	20	%	2,697		2,696		20			7
m.flats/TEN.M (d)	50	%	50	%	5,648		6,521		(937		)	—
Strategic Developments:
Circle T Ranch and Power Center	50	%	50	%	4,456		4,455		—			—
HHMK Development	50	%	50	%	10		10		—			—
KR Holdings	50	%	50	%	—		749		672			11
33 Peck Slip	35	%	35	%	8,651		8,651		—			(156		)
					82,056		72,641		11,045			5,137
Cost method investments					3,855		3,952		3,341			3,383
Investment in Real Estate and Other Affiliates					$	85,911	$	76,593	$	14,386		$	8,520

(a) Please refer to the schedules below and elsewhere in this Quarterly Report for relevant financial statement information.

(b) HHC acquired this joint venture partner’s interest in 2017 and has fully consolidated the assets and liabilities of the entity.

(c) The Metropolitan Downtown Columbia was in a deficit position of $3.1 million and $2.6 million at March 31, 2018 and December 31, 2017, respectively, due to distributions from operating cash flows in excess of basis. This deficit balance is presented in Accounts payable and accrued expenses at March 31, 2018 and December 31, 2017.

(d) Property was transferred from Strategic Developments to Operating Assets during the three months ended March 31, 2018.