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REAL ESTATE AND OTHER AFFILIATES (Tables)
 12 Months Ended
Dec. 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 OwnershipCarrying ValueShare of Earnings/Dividends
 December 31,December 31,December 31,December 31,Year Ended December 31,
thousands except percentages2020201920202019202020192018
Equity Method Investments
Operating Assets
110 North Wacker (a)see belowsee below$261,143 $— $(13,896)$— $— 
The Metropolitan Downtown Columbia (b)50.0 %50.0 %— — 765 694 467 
Stewart Title of Montgomery County, TX50.0 %50.0 %3,924 4,175 1,250 1,105 573 
Woodlands Sarofim #120.0 %20.0 %3,120 2,985 125 125 94 
m.flats/TEN.M50.0 %50.0 %1,247 2,431 666 (1,875)(2,478)
Master Planned Communities
The Summit (c)see belowsee below96,300 84,455 17,845 28,336 36,284 
Seaport District
Mr. C Seaport (d)— %35.0 %— 7,650 (6,900)(1,980)(465)
Bar Wayō (Momofuku) (c)see belowsee below7,101 7,469 (2,392)(612)— 
Strategic Developments
Circle T Ranch and Power Center (e)— %50.0 %— 8,207 2,463 950 1,534 
HHMK Development50.0 %50.0 %10 10 — — — 
KR Holdings50.0 %50.0 %347 422 (69)263 830 
Mr. C Seaport (d)— %35.0 %— — — — (240)
110 North Wacker (a)see belowsee below— — 267,518 — — 
373,192 117,804 267,375 27,006 36,599 
Other equity investments (f)3,953 3,953 3,724 3,623 3,355 
Investments in real estate and other affiliates$377,145 $121,757 $271,099 $30,629 $39,954 
(a)During the third quarter of 2020, 110 North Wacker was completed and placed in service. This triggered a reconsideration event that resulted in the deconsolidation of 110 North Wacker and the recognition of the retained equity method investment at fair market value. The $267.5 million gain on deconsolidation was recorded in the Strategic Developments segment. The equity method investment was transferred from the Strategic Development segment to the Operating Asset segment. Refer to the discussion below for additional details.
(b)The Metropolitan Downtown Columbia was in a deficit position of $5.0 million at December 31, 2020, and $4.7 million at December 31, 2019, 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, 2020 and 2019.
(c)Refer to the discussion below for details on the ownership structure.
(d)Mr. C Seaport was transferred from Strategic Developments to Operating Assets during the three months ended September 30, 2018. During the three months ended September 30, 2020, the Company completed the sale of its 35% equity investment.
(e)The Company completed the sale of its 50.0% equity investment in Circle T Ranch and Power Center in December 2020. See Note 3 - Acquisitions and Dispositions for additional information.
(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 2020, or cumulatively.
Changes in redeemable noncontrolling interest
The following table presents changes in Redeemable noncontrolling interest:
thousandsRedeemable Noncontrolling Interest
Balance as of December 31, 2019
$— 
Reclassification of redeemable noncontrolling interest to temporary equity6,091 
Net income (loss) attributable to noncontrolling interest22,881 
Share of investee's other comprehensive income142 
Balance as of December 31, 2020
$29,114 
Summarized financial information The following tables include relevant summarized financial statement information for all equity method investments as of December 31:
thousandsThe Summit (a)(b)110 North Wacker (c)Other Investments (d)
Balance Sheet
2020
Total Assets$306,541 $634,274 $247,742 
Total Liabilities207,152 415,452 166,418 
Total Equity99,389 218,822 81,324 
2019
Total Assets$221,277 $— $324,926 
Total Liabilities136,314 — 208,991 
Total Equity84,963 — 115,935 
Income Statement
2020
Revenues$147,680 $5,333 $36,450 
Gross Margin27,064 n/an/a
Operating Incomen/a(3,148)17,100 
Net income (loss)20,426 (8,236)11,220 
2019
Revenues$120,337 $— $42,778 
Gross Margin32,205 n/an/a
Operating Incomen/a— 16,085 
Net income (loss)26,298 — 5,162 
2018
Revenues$102,559 $— $36,613 
Gross Margin42,338 n/an/a
Operating Incomen/a— 14,495 
Net income (loss)36,697 — 6,250 
(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 for The Summit from 2018 to 2020 is primarily due to the mix of product sold in each year. Home sales, which has a lower margin than lot sales, comprised a higher percentage of revenues in both 2020 and 2019, when compared to each prior year period. Additionally, gross margin decreased from 2019 to 2020 due to an increase in projected amenity costs.
(c)The income statement amounts for 110 North Wacker only include activity for the three months ended December 31, 2020, to correspond with the period it was accounted for under the equity method. The loss for that period is the result of the asset still being in the lease-up period.
(d)Other Investments includes The Metropolitan Downtown Columbia, Stewart Title, Woodlands Sarofim #1, m.flats / TEN.M, Bar Wayō, Mr. C Seaport, Circle T Ranch and Power, HHMK Development and KR Holdings. As the Company sold its interests Mr. C Seaport and Circle T Ranch and Power in 2020, the income statement amounts only include activity through the date of sale and the balance sheet amounts do not include balances for these assets as of December 31, 2020.