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REAL ESTATE AND OTHER AFFILIATES (Tables)
 9 Months Ended
Sep. 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:
 
 
September 30,
 
December 31,
(In millions)
 
2019
 
2018
Total Assets
 
$
225.7

 
$
218.9

Total Liabilities
 
136.6

 
144.6

Total Equity
 
89.1

 
74.3

 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In millions)
 
2019
 
2018
 
2019
 
2018
Revenues (a)
 
$
25.9

 
$
27.7

 
$
84.1

 
$
88.6

Net income
 
4.6

 
9.5

 
18.9

 
34.7

Gross Margin
 
5.6

 
10.8

 
22.3

 
38.3

 
(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
 
 
September 30,
 
December 31,
 
September 30,
 
December 31,
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
($ in thousands)
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Equity Method Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

Operating Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

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

 
$
—

 
$
172

 
$
87

 
$
478

 
$
371

Stewart Title of Montgomery County, TX
 
50
%
 
50
%
 
3,899

 
3,920

 
306

 
165

 
579

 
393

Woodlands Sarofim #1
 
20
%
 
20
%
 
2,849

 
2,760

 
38

 
30

 
89

 
66

m.flats/TEN.M
 
50
%
 
50
%
 
3,132

 
4,701

 
(75
)
 
(357
)
 
(1,576
)
 
(2,661
)
Master Planned Communities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Summit (b)
 
—
%
 
—
%
 
86,969

 
72,171

 
4,523

 
9,454

 
18,859

 
34,682

Seaport District:
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

Mr. C Seaport (c)
 
35
%
 
35
%
 
8,002

 
8,721

 
(545
)
 
(452
)
 
(1,628
)
 
(452
)
Bar Wayō (Momofuku) (b)
 
—
%
 
—
%
 
6,070

 
—

 
(160
)
 
—

 
(160
)
 
—

Strategic Developments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Circle T Ranch and Power Center
 
50
%
 
50
%
 
6,680

 
5,989

 
400

 
(318
)
 
691

 
3,118

HHMK Development
 
50
%
 
50
%
 
10

 
10

 
—

 
—

 
—

 
—

KR Holdings
 
50
%
 
50
%
 
48

 
159

 
(117
)
 
3

 
(110
)
 
679

Mr. C Seaport (c)
 
35
%
 
35
%
 
—

 
—

 
—

 
—

 
—

 
(240
)
 
 
 
 
 
 
117,659

 
98,431

 
4,542

 
8,612

 
17,222

 
35,956

Cost method investments
 
 
 
 
 
3,952

 
3,856

 
—

 
—

 
3,625

 
3,341

Investment in real estate and other affiliates
 
 
 
$
121,611

 
$
102,287

 
$
4,542

 
$
8,612

 
$
20,847

 
$
39,297

 
(a)
The Metropolitan Downtown Columbia was in a deficit position of $4.0 million and $3.8 million at September 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 September 30, 2019 and December 31, 2018.
(b)
Please refer to the discussion below for a description of the joint venture ownership structure.
(c)
Property was transferred from Strategic Developments to Operating Assets during the three months ended September 30, 2018. The share of earnings/dividends for Mr. C in the Operating Assets and Strategic Developments sections represents the Company’s share recognized when the investment was in the respective segment.