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Investments in Unconsolidated Ventures (Tables)
 12 Months Ended
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Summary of investments in real estate and other affiliates
Investments in unconsolidated ventures consist of the following:
 Ownership Interest (a)Carrying ValueShare of Earnings/Dividends
 December 31,December 31,December 31,December 31,
Year Ended December 31,
thousands except percentages2022202120222021202220212020
Equity Method Investments
Operating Assets
110 North Wacker— %23.0 %$— $194,999 $4,910 $(74,309)$(13,896)
The Metropolitan Downtown Columbia (b)50.0 %50.0 %— — 4,556 582 765 
Stewart Title of Montgomery County, TX50.0 %50.0 %4,217 4,185 1,294 1,860 1,250 
Woodlands Sarofim #120.0 %20.0 %3,029 3,215 (13)96 125 
m.flats/TEN.M (c)50.0 %50.0 %— — 6,878 974 666 
Master Planned Communities
The Summit (d)50.0 %50.0 %49,368 41,536 (30)59,407 17,845 
Floreo (e)50.0 %50.0 %58,001 59,080 (1,377)(8)— 
Seaport
Mr. C Seaport— %— %— — — — (6,900)
The Lawn Club (d)50.0 %50.0 %2,553 447 — — — 
Ssäm Bar (Momofuku) (d)(e)50.0 %50.0 %5,551 5,852 (783)(1,988)(2,392)
Tin Building by Jean-Georges (d)(e)65.0 %65.0 %6,935 — (36,182)— — 
Jean-Georges Restaurants25.0 %— %45,626 — 692 — — 
Strategic Developments
Circle T Ranch and Power Center— %— %— — — — 2,463 
HHMK Development 50.0 %50.0 %10 10 — — — 
KR Holdings50.0 %50.0 %485 127 797 (221)(69)
West End Alexandria (d)58.3 %58.3 %56,617 56,546 71 — — 
110 North Wacker— 23.0 %— — — — 267,518 
232,392 365,997 (19,187)(13,607)267,375 
Other equity investments (f)13,779 3,952 4,638 3,755 3,724 
Investments in unconsolidated ventures
$246,171 $369,949 $(14,549)$(9,852)$271,099 
(a)Ownership interests presented reflect the Company’s stated ownership interest or if applicable, the Company’s final profit-sharing interest after receipt of any preferred returns based on the venture’s distribution priorities.
(b)The Metropolitan Downtown Columbia was in a deficit position of $9.0 million at December 31, 2022, and $11.3 million at December 31, 2021. These deficit balances are presented in Accounts payable and accrued expenses at December 31, 2022 and 2021.
(c)M.flats/TEN.M was in a deficit position of $1.8 million at December 31, 2022, and $6.0 million at December 31, 2021. The deficit balance is presented in Accounts payable and accrued expenses at December 31, 2022.
(d)For these equity method investments, various provisions in the venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and preferred returns may result in the Company’s economic interest differing from its stated interest or final profit-sharing interest. For these investments, the Company recognizes income or loss based on the venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing interest.
(e)Classified as a VIE; however, the Company is not the primary beneficiary and accounts for its investment in accordance with the equity method. Refer to discussion below for additional information.
(f)Other equity investments represent 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 2022, or cumulatively. As of December 31, 2022, Other equity investments primarily includes $10.0 million of warrants, which represents cash paid by the Company 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, 2020
$29,114 
Net income (loss) attributable to noncontrolling interest(7,431)
Share of investee's other comprehensive income817 
Balance as of December 31, 2021
$22,500 
Net income (loss) attributable to noncontrolling interest— 
Share of investee's other comprehensive income(407)
Disposition of noncontrolling interest related to 110 North Wacker(22,093)
Balance as of December 31, 2022
$— 
Summarized financial information The following tables provide combined summarized financial statement information for the Company’s unconsolidated ventures. Financial statement information is included for each investment for all periods in which the Company’s ownership interest was accounted for as an equity method investment. Fluctuations in the amounts presented below are primarily related to 2022 activity, including the sale of the Company’s ownership interest in 110 North Wacker, partially offset by the Company’s acquisition of an ownership interest in Jean-Georges Restaurants and the additional contribution of Phase II land to The Summit.
thousandsDecember 31, 2022December 31, 2021
Balance Sheet
Total Assets$878,546 $1,442,894 
Total Liabilities505,643 918,847 
Total Equity372,903 524,047 

Year Ended December 31,
thousands202220212020
Income Statement
Revenues$232,786 $377,837 $190,605 
Operating Income9,815 145,471 42,964 
Net income (loss)(2,646)69,904 24,908