REAL ESTATE AND OTHER AFFILIATES (Tables)

3 Months Ended

Mar. 31, 2020

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
	March 31,		December 31,		March 31,		December 31,		Three Months Ended March 31,
($ in thousands)	2020		2019		2020		2019		2020			2019
Equity Method Investments
Operating Assets:
The Metropolitan Downtown Columbia (a)	50	%	50	%	$	—	$	—	$	227		$	183
Stewart Title of Montgomery County, TX	50	%	50	%	3,767		4,175		343			102
Woodlands Sarofim #1	20	%	20	%	3,019		2,985		35			20
m.flats/TEN.M	50	%	50	%	1,784		2,431		65			(1,221		)
Master Planned Communities:
The Summit (b)	—	%	—	%	92,216		84,455		8,934			7,837
Seaport District:
Mr. C Seaport	35	%	35	%	7,000		7,650		(651		)	(632		)
Bar Wayō (Momofuku) (b)	—	%	—	%	6,745		7,469		(1,392		)	—
Strategic Developments:
Circle T Ranch and Power Center	50	%	50	%	8,405		8,207		86			35
HHMK Development	50	%	50	%	10		10		—			—
KR Holdings	50	%	50	%	394		422		(22		)	2
					123,340		117,804		7,625			6,326
Other equity investments (c)					3,953		3,953		3,724			3,625
Investments in real estate and other affiliates					$	127,293	$	121,757	$	11,349		$	9,951

(a) The Metropolitan Downtown Columbia was in a deficit position of $4.9 million and $4.7 million at March 31, 2020, and December 31, 2019, respectively, due to distributions from operating cash flows in excess of basis. These deficit balances are presented in Accounts payable and accrued expenses at March 31, 2020, and December 31, 2019.

(b) Please refer to the discussion below for a description of the joint venture ownership structure.

(c) 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. There were no impairments, or upward or downward adjustments to the carrying amounts of these securities either during current year 2020 or cumulatively.

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

	March 31,		December 31,
(In thousands)	2020		2019
Total Assets	$	222,447	$	221,277
Total Liabilities	128,098		136,314
Total Equity	94,349		84,963

	Three Months Ended March 31,
(In thousands)	2020		2019
Revenues (a)	$	39,836	$	30,483
Net income	10,559		7,423
Gross Margin	11,704		8,332

(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 2020, revenues allocated to each of The Summit’s performance obligations is recognized over time based on an input measure of progress. The first quarter of 2019 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.