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REAL ESTATE AND OTHER AFFILIATES (Tables)
 6 Months Ended
Jun. 30, 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
 
Share of Earnings/Dividends
 
June 30,
 
December 31,
 
June 30,
 
December 31,
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
($ in thousands)
2020
 
2019
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
Equity Method Investments
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

Operating Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

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

 
$
—

 
$
195

 
$
123

 
$
422

 
$
306

Stewart Title of Montgomery County, TX
50
%
 
50
%
 
3,878

 
4,175

 
160

 
170

 
503

 
272

Woodlands Sarofim #1
20
%
 
20
%
 
3,059

 
2,985

 
29

 
31

 
64

 
51

m.flats/TEN.M
50
%
 
50
%
 
1,887

 
2,431

 
91

 
(279
)
 
156

 
(1,500
)
Master Planned Communities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Summit (b)
—
%
 
—
%
 
88,076

 
84,455

 
(2,968
)
 
6,499

 
5,966

 
14,336

Seaport District:
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

Mr. C Seaport (c)
35
%
 
35
%
 
750

 
7,650

 
(6,249
)
 
(451
)
 
(6,900
)
 
(1,083
)
Bar Wayō (Momofuku) (b)
—
%
 
—
%
 
7,245

 
7,469

 
(384
)
 
—

 
(1,776
)
 
—

Strategic Developments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Circle T Ranch and Power Center
50
%
 
50
%
 
10,469

 
8,207

 
589

 
256

 
675

 
291

HHMK Development
50
%
 
50
%
 
10

 
10

 
—

 
—

 
—

 
—

KR Holdings
50
%
 
50
%
 
379

 
422

 
(15
)
 
5

 
(37
)
 
7

 
 
 
 
 
115,753

 
117,804

 
(8,552
)
 
6,354

 
(927
)
 
12,680

Other equity investments (d)
 
 
 
 
3,953

 
3,953

 
—

 
—

 
3,724

 
3,625

Investments in real estate and other affiliates
 
 
 
$
119,706

 
$
121,757

 
$
(8,552
)
 
$
6,354

 
$
2,797

 
$
16,305

 
(a)
The Metropolitan Downtown Columbia was in a deficit position of $4.7 million and $4.7 million at June 30, 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 June 30, 2020, and December 31, 2019.
(b)
Please refer to the discussion below for ownership structure descriptions.
(c)
During the three months ended June 30, 2020, the Company recognized a $6.0 million impairment of its equity investment in Mr. C Seaport. Refer to Note 5 - Impairment for additional information.
(d)
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:
 
 
June 30,
 
December 31,
(In thousands)
 
2020
 
2019
Total Assets
 
$
243,112

 
$
221,277

Total Liabilities
 
152,904

 
136,314

Total Equity
 
90,208

 
84,963

 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
 
2020
 
2019
 
2020
 
2019
Revenues (a)
 
$
18,836

 
$
27,704

 
$
58,672

 
$
58,187

Net income
 
(2,968
)
 
6,500

 
7,591

 
14,336

Gross Margin
 
(1,448
)
 
8,415

 
10,256

 
16,747

 
(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 three and six months ended June 30, 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.