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Investment in Real Estate and Other Affiliates (Tables)
 6 Months Ended
Jun. 30, 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
 June 30,December 31,June 30,December 31,Three Months Ended June 30,
Six Months Ended June 30,
thousands except percentages20222021202220212022202120222021
Equity Method Investments  
Operating Assets:  
110 North Wacker (a)— %see below$— $194,999 $(102)$(11,307)$4,914 $(27,012)
The Metropolitan Downtown Columbia (b)50 %50 %— — 674 165 2,948 111 
Stewart Title of Montgomery County, TX50 %50 %4,398 4,185 459 383 712 634 
Woodlands Sarofim #120 %20 %3,028 3,215 (24)22 (15)53 
m.flats/TEN.M (c)50 %50 %— — 1,584 318 4,569 636 
Master Planned Communities:
The Summit (d) (e)see belowsee below43,887 41,536 (3,270)18,641 2,352 46,291 
Trillium (e)50 %50 %58,997 59,080 (152)— (224)— 
Seaport:
The Lawn Club (e)see belowsee below3,031 447 — — — — 
Ssäm Bar (Momofuku) (e)
see belowsee below5,877 5,852 (155)(336)(257)(688)
The Tin Building by Jean-Georges (e)
see belowsee below4,468 — (5,590)— (9,199)— 
Jean-Georges Restaurants (f)25 %— %45,906 — 506 — 506 — 
Strategic Developments:
HHMK Development50 %50 %10 10 — — — — 
KR Holdings50 %50 %502 127 — (19)814 (117)
West End Alexandriasee belowsee below56,608 56,546 (22)— 62 — 
226,712 365,997 (6,092)7,867 7,182 19,908 
Other equity investments (g)13,904 3,952 — — 4,638 3,755 
Investment in real estate and other affiliates$240,616 $369,949 $(6,092)$7,867 $11,820 $23,663 
(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 $8.9 million at June 30, 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 June 30, 2022, and December 31, 2021.
(c)M.flats/TEN.M was in a deficit position of $2.8 million at June 30, 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 June 30, 2022, and December 31, 2021.
(d)Equity earnings at The Summit decreased for the three and six months ended June 30, 2022, as a result of lower sales in 2022 due to limited available Phase I inventory and the impact of an increase in projected amenity and completion costs recognized in the second quarter of 2022.
(e)Refer to the discussion below for details on the ownership structure.
(f)On March 1, 2022, the Company purchased a 25% interest in Jean-Georges Restaurants. Refer to discussion below for additional information.
(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 or cumulatively. As of June 30, 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 at 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 at June 30, 2022
$— 
Balance at December 31, 2020
$29,114 
Net income (loss) attributable to noncontrolling interest(2,701)
Share of investee’s other comprehensive income368 
Balance at June 30, 2021
$26,781