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REAL ESTATE AND OTHER AFFILIATES (Tables)
 12 Months Ended
Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]  
Summary of investments in real estate and other affiliates

Equity investments in real estate and other affiliates are reported 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)
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
2017
Equity Method Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Las Vegas Aviators (a)
 
100
%
 
100
%
 
$
—

 
$
—

 
$
—

 
$
—

 
$
(152
)
Constellation (a)
 
100
%
 
100
%
 
—

 
—

 
—

 
—

 
(323
)
The Metropolitan Downtown Columbia (b)
 
50
%
 
50
%
 
—

 
—

 
694

 
467

 
390

Stewart Title of Montgomery County, TX
 
50
%
 
50
%
 
4,175

 
3,920

 
1,105

 
573

 
386

Woodlands Sarofim #1
 
20
%
 
20
%
 
2,985

 
2,760

 
125

 
94

 
53

m.flats/TEN.M (c)
 
50
%
 
50
%
 
2,431

 
4,701

 
(1,875
)
 
(2,478
)
 
—

Master Planned Communities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Summit (d)
 
—
%
 
—
%
 
84,455

 
72,171

 
28,336

 
36,284

 
23,234

Seaport District:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mr. C Seaport (e)
 
35
%
 
35
%
 
7,650

 
8,721

 
(1,980
)
 
(465
)
 
—

Bar Wayō (Momofuku) (d)
 
—
%
 
—
%
 
7,469

 
—

 
(612
)
 
—

 
—

Strategic Developments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Circle T Ranch and Power Center
 
50
%
 
50
%
 
8,207

 
5,989

 
950

 
1,534

 
—

HHMK Development
 
50
%
 
50
%
 
10

 
10

 
—

 
—

 
—

KR Holdings
 
50
%
 
50
%
 
422

 
159

 
263

 
830

 
41

m.flats/TEN.M (c)
 
50
%
 
50
%
 
—

 
—

 
—

 
—

 
(415
)
Mr. C Seaport (e)
 
35
%
 
35
%
 
—

 
—

 
—

 
(240
)
 
(643
)
 
 
 
 
 
 
117,804

 
98,431

 
27,006

 
36,599

 
22,571

Other equity investments (f)
 
 
 
 
 
3,953

 
3,856

 
3,623

 
3,355

 
2,927

Investments in real estate and other affiliates
 
 
 
 
 
$
121,757

 
$
102,287

 
$
30,629

 
$
39,954

 
$
25,498

 
(a)
The Company 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.
(b)
Metropolitan Downtown Columbia was in a deficit position of $4.7 million and $3.8 million at December 31, 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 December 31, 2019 and 2018.
(c)
Property was transferred from Strategic Developments to Operating Assets during the three months ended March 31, 2018.
(d)
Please refer to the discussion below for a description of the joint venture ownership structure.
(e)
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 Seaport in the Operating Assets and Strategic Developments sections represents the Company’s share recognized when the investment was in the respective segment.
(f)
Other equity investments represent equity investments not accounted for under the equity method. The Company elected the measurement alternative as these investments do not have readily determinable fair values. See Note 1 - Summary of Significant Accounting Policies for additional information. There were no impairments, or upward or downward adjustments to the carrying amounts of these securities either during current year 2019 or cumulatively.

Relevant financial statement information for The Summit is summarized as follows:
 
 
December 31,
(In millions)
 
2019
 
2018
Total Assets
 
$
220.0

 
$
218.9

Total Liabilities
 
133.4

 
144.6

Total Equity
 
86.6

 
74.3

 
 
 
December 31,
(In millions)
 
2019
 
2018
 
2017
Revenues (a)
 
$
122.0

 
$
101.2

 
$
58.6

Net income
 
28.3

 
36.3

 
23.2

Gross Margin (b)
 
33.8

 
41.9

 
31.2

 
(a)
The Summit adopted ASU 2014-09, Revenues from Contracts with Customers (Topic 606) effective in the fourth quarter of 2019 using the modified retrospective transition method. Therefore, for 2019, revenues allocated to each of The Summit’s performance obligations is recognized over time based on an input measure of progress. Prior period amounts have not been adjusted and are recognized on a percentage of completion basis. The Summit’s adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial statements.
(b)
The decrease in gross margin from 2018 to 2019 is primarily due to the mix of product sold in each year. Built product has a lower margin than lot sales, and built product comprised a higher percentage of revenues in 2019 than in 2018.