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REAL ESTATE AND OTHER AFFILIATES (Tables)
 6 Months Ended
Jun. 30, 2019
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:
 
 
June 30,
 
December 31,
(In millions)
 
2019
 
2018
Total Assets
 
$
222.5

 
$
218.9

Total Liabilities
 
136.6

 
144.6

Total Equity
 
85.9

 
74.3

 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In millions)
 
2019
 
2018
 
2019
 
2018
Revenues (a)
 
$
27.7

 
$
37.5

 
$
58.2

 
$
60.9

Net income
 
6.5

 
14.1

 
14.3

 
25.2

Gross Margin
 
8.4

 
14.2

 
16.7

 
27.5

 
(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 ASU 2014-09, Revenues from Contracts with Customers (Topic 606) and will adopt by the end 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
 
Share of Earnings/Dividends
 
 
June 30,
 
December 31,
 
June 30,
 
December 31,
 
Three Months Ended June 30,
 
Six Months Ended June 30,
($ in thousands)
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Equity Method Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

Operating Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

The Metropolitan Downtown Columbia (a)
 
50
%
 
50
%
 
$
—

 
$
—

 
$
123

 
$
204

 
$
306

 
$
284

Stewart Title of Montgomery County, TX
 
50
%
 
50
%
 
3,842

 
3,920

 
170

 
145

 
272

 
227

Woodlands Sarofim #1
 
20
%
 
20
%
 
2,811

 
2,760

 
31

 
16

 
51

 
36

m.flats/TEN.M
 
50
%
 
50
%
 
3,236

 
4,701

 
(279
)
 
(1,367
)
 
(1,500
)
 
(2,304
)
Master Planned Communities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Summit (b)
 
—
%
 
—
%
 
83,767

 
72,171

 
6,499

 
14,100

 
14,336

 
25,228

Seaport District:
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

Mr. C Seaport
 
35
%
 
35
%
 
8,547

 
8,721

 
(451
)
 
(240
)
 
(1,083
)
 
(240
)
Bar Wayō (Momofuku) (b)
 
—
%
 
—
%
 
5,306

 
—

 
—

 
—

 
—

 
—

Strategic Developments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Circle T Ranch and Power Center
 
50
%
 
50
%
 
6,281

 
5,989

 
256

 
3,436

 
291

 
3,436

HHMK Development
 
50
%
 
50
%
 
10

 
10

 
—

 
—

 
—

 
—

KR Holdings
 
50
%
 
50
%
 
165

 
159

 
5

 
4

 
7

 
676

 
 
 
 
 
 
113,965

 
98,431

 
6,354

 
16,298

 
12,680

 
27,343

Cost method investments
 
 
 
 
 
3,856

 
3,856

 
—

 
1

 
3,625

 
3,342

Investment in real estate and other affiliates
 
 
 
$
117,821

 
$
102,287

 
$
6,354

 
$
16,299

 
$
16,305

 
$
30,685

 
(a)
The Metropolitan Downtown Columbia was in a deficit position of $4.0 million and $3.8 million at June 30, 2019 and December 31, 2018, respectively, due to distributions from operating cash flows in excess of basis. These deficit balances are presented in Accounts payable and accrued expenses at June 30, 2019 and December 31, 2018.
(b)
Please refer to the discussion below for a description of the joint venture ownership structure.