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Real Estate and Other Affiliates (Tables)
 3 Months Ended
Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Summary equity 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
 March 31,December 31,March 31,December 31,Three Months Ended
March 31,
thousands except percentages202120202021202020212020
Equity Method Investments  
Operating Assets:  
110 North Wacker (a)see belowsee below$247,175 $261,143 $(15,705)$— 
The Metropolitan Downtown Columbia (b)50 %50 %— — (54)227 
Stewart Title of Montgomery County, TX50 %50 %4,176 3,924 251 343 
Woodlands Sarofim #120 %20 %3,151 3,120 31 35 
m.flats/TEN.M50 %50 %766 1,247 318 65 
Master Planned Communities:
The Summit (c)see belowsee below122,805 96,300 27,650 8,934 
Seaport
Mr. C Seaport (d)— %— %— — — (651)
Ssäm Bar (Momofuku) (c)(e)
see belowsee below7,302 7,101 (352)(1,392)
Strategic Developments:
Circle T Ranch and Power Center (f)— %— %— — — 86 
HHMK Development50 %50 %10 10 — — 
KR Holdings50 %50 %248 347 (98)(22)
385,633 373,192 12,041 7,625 
Other equity investments (g)3,953 3,953 3,755 3,724 
Investments in real estate and other affiliates$389,586 $377,145 $15,796 $11,349 
(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. Refer to the discussion below for additional details.
(b)The Metropolitan Downtown Columbia was in a deficit position of $5.5 million at March 31, 2021, and $5.0 million at December 31, 2020, 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, 2021, and December 31, 2020.
(c)Refer to the discussion below for details on the ownership structure.
(d)During the three months ended September 30, 2020, the Company completed the sale of its 35% equity investment in Mr. C Seaport.
(e)Bar Wayō was rebranded as Ssäm Bar. Refer to the discussion below for details.
(f)During the three months ended December 31, 2020, the Company completed the sale of its 50% equity investment in Circle T Ranch and Power Center.
(g)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.
Changes in redeemable noncontrolling interest The following table presents changes in Redeemable noncontrolling interest:
thousandsRedeemable Noncontrolling Interest
Balance as of December 31, 2020
$29,114 
Net income (loss) attributable to noncontrolling interest(1,570)
Share of investee’s other comprehensive income174 
Balance as of March 31, 2021
$27,718 
Relevant financial statement information for The Summit
Relevant financial statement information for The Summit is summarized as follows:
thousandsMarch 31, 2021December 31, 2020
Total Assets$334,970 $310,855 
Total Liabilities203,138 209,968 
Total Equity131,832 100,887 
 
 
Three Months Ended March 31,
thousands20212020
Revenues (a)$90,873 $39,836 
Net income32,089 10,559 
Gross Margin33,049 11,704 
(a)The increase in Revenues for the Summit is due to an increase in units closed, with 19 units closing during the three months ended March 31, 2021 compared to 6 units closing during the three months ended March 31, 2020.