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REAL ESTATE AND OTHER AFFILIATES (Tables)
 12 Months Ended
Dec. 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:
 
 
December 31,
(In millions)
 
2018
 
2017
Total Assets
 
$
218.9

 
$
166.9

Total Liabilities
 
144.6

 
118.9

Total Equity
 
74.3

 
48.0

 
 
 
December 31,
(In millions)
 
2018
 
2017
 
2016
Revenues (a)
 
$
101.2

 
$
58.6

 
$
79.8

Net income
 
36.3

 
23.2

 
43.5

Gross Margin
 
41.9

 
31.2

 
47.1

 
(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 2019.
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
 
 
December 31,
 
December 31,
 
December 31,
 
December 31,
 
Year Ended December 31,
($ in thousands)
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
 
2016
Equity Method Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Master Planned Communities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Summit (a)
 
—

 
—

 
$
72,171

 
$
45,886

 
$
36,284

 
$
23,234

 
$
43,501

Operating Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Las Vegas Aviators (b)
 
100
%
 
100
%
 
—

 
—

 
—

 
(152
)
 
12

Constellation (b) (c)
 
100
%
 
100
%
 
(96
)
 
—

 
(96
)
 
(323
)
 
(54
)
The Metropolitan Downtown Columbia (d)
 
50
%
 
50
%
 
—

 
—

 
467

 
390

 
(800
)
Millennium Six Pines Apartments (b)
 
100
%
 
100
%
 
—

 
—

 
—

 
—

 
44

Stewart Title of Montgomery County, TX
 
50
%
 
50
%
 
3,920

 
3,673

 
573

 
386

 
696

Woodlands Sarofim #1
 
20
%
 
20
%
 
2,760

 
2,696

 
94

 
53

 
182

m.flats/TEN.M (e)
 
50
%
 
50
%
 
4,701

 
—

 
(2,478
)
 
—

 
—

Mr. C Seaport (f)
 
35
%
 
35
%
 
8,721

 
—

 
(465
)
 
—

 
—

Strategic Developments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Circle T Ranch and Power Center
 
50
%
 
50
%
 
5,989

 
4,455

 
1,534

 
—

 
10,497

HHMK Development
 
50
%
 
50
%
 
10

 
10

 
—

 
—

 
—

KR Holdings
 
50
%
 
50
%
 
159

 
749

 
830

 
41

 
18

m.flats/TEN.M (e)
 
50
%
 
50
%
 
—

 
6,521

 
—

 
(415
)
 
—

Mr. C Seaport (f)
 
35
%
 
35
%
 
—

 
8,651

 
(240
)
 
(643
)
 
106

 
 
 
 
 
 
98,335

 
72,641

 
36,503

 
22,571

 
54,202

Cost method investments
 
 
 
 
 
3,952

 
3,952

 
3,451

 
2,927

 
2,616

Investment in Real Estate and Other Affiliates
 
 
 
 
 
$
102,287

 
$
76,593

 
$
39,954

 
$
25,498

 
$
56,818

 
(a)
Please refer to the discussion below for a description of the joint venture ownership structure.
(b)
HHC acquired this joint venture partner’s interest in 2017 and has consolidated the assets and liabilities of the entity in its financial results. See Note 3 - Acquisitions and Dispositions for additional information regarding the transaction.
(c)
Carrying Value and Share of Earnings/Dividends balances represent immaterial residual activity recorded subsequent to HHC's acquisition of the joint venture partner's interest in 2017.
(d)
The Metropolitan Downtown Columbia was in a deficit position of $3.8 million and $2.6 million at December 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 December 31, 2018 and 2017.
(e)
Property was transferred from Strategic Developments to Operating Assets during the three months ended March 31, 2018.
(f)
The Mr. C Seaport hotel was closed in December 2016 for redevelopment and was transferred to the Strategic Developments segment as of January 1, 2017. The property was transferred from Strategic Developments to Operating Assets during the three months ended September 30, 2018 when the redeveloped hotel opened for business.