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Investment in Real Estate and Other Affiliates (Tables)
 3 Months Ended
Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Summary equity of investments in real estate and other affiliates
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 percentages202220212022202120222021
Equity Method Investments  
Operating Assets:  
110 North Wacker (a)— %see below$— $194,999 $5,016 $(15,705)
The Metropolitan Downtown Columbia (b)50 %50 %— — 2,274 (54)
Stewart Title of Montgomery County, TX50 %50 %3,938 4,185 253 251 
Woodlands Sarofim #120 %20 %3,052 3,215 9 31 
m.flats/TEN.M (c)50 %50 %— — 2,985 318 
Master Planned Communities:
The Summit (d)see belowsee below47,158 41,536 5,622 27,650 
Trillium (d)50 %50 %58,920 59,080 (72)— 
Seaport
The Lawn Club (d)see belowsee below2,969 447 — — 
Ssäm Bar (Momofuku) (d)
see belowsee below6,033 5,852 (102)(352)
The Tin Building by Jean-Georges (d)
see belowsee below7,846 — (3,609)— 
Jean-Georges Restaurants (e)25 %— %45,400 — — — 
Strategic Developments:
HHMK Development50 %50 %10 10 — — 
KR Holdings50 %50 %502 127 814 (98)
West End Alexandriasee belowsee below56,630 56,546 84 — 
232,458 365,997 13,274 12,041 
Other equity investments (f)13,904 3,952 4,638 3,755 
Investment in real estate and other affiliates$246,362 $369,949 $17,912 $15,796 
(a)During the first quarter of 2022, the Company completed the sale of its ownership interest in 110 North Wacker. Refer to discussion below for additional information.
(b)The Metropolitan Downtown Columbia was in a deficit position of $9.4 million at March 31, 2022, and $11.3 million at December 31, 2021, 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, 2022, and December 31, 2021.
(c)M.flats/TEN.M was in a deficit position of $4.0 million at March 31, 2022, and $6.0 million at December 31, 2021, 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, 2022, and December 31, 2021.
(d)Refer to the discussion below for details on the ownership structure.
(e)On March 1, 2022, the Company purchased a 25% interest in Jean-Georges Restaurants. Refer to discussion below 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. There were no impairments, or upward or downward adjustments to the carrying amounts of these securities either during current year or cumulatively. As of March 31, 2022, Other equity investments includes $10.0 million of warrants, which represents cash paid by HHC for the option to acquire additional ownership interest in Jean-Georges Restaurants. Refer to discussion below for additional details.
Changes in redeemable noncontrolling interest
The following table presents changes in Redeemable noncontrolling interest:
thousandsRedeemable Noncontrolling Interest
Balance as of December 31, 2021
$22,500 
Net income (loss) attributable to noncontrolling interest(407)
Disposition of noncontrolling interest related to 110 North Wacker(22,093)
Balance as of March 31, 2022
$— 
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