Investments in Affiliates

12 Months Ended

Jul. 31, 2015

The Company held the following investments in equity method affiliates as of July 31, 2015:



Equity Method Affiliates	Ownership Interest
Slifer, Smith, and Frampton/Vail Associates Real Estate, LLC (“SSF/VARE”)	50%
KRED	50%
Clinton Ditch and Reservoir Company	43%

The Company had total net investments in equity method affiliates of $7.4 million and $7.5 million as of July 31, 2015 and 2014, respectively, classified as “deferred charges and other assets” in the accompanying Consolidated Balance Sheets. The amount of retained earnings that represent undistributed earnings of 50-percent-or-less-owned entities accounted for by the equity method was $4.1 million and $4.2 million as of July 31, 2015 and 2014, respectively. During the years ended July 31, 2015, 2014 and 2013, distributions in the amounts of $1.0 million, $1.0 million and $0.7 million, respectively, were received from equity method affiliates.

SSF/VARE is a real estate brokerage with multiple locations in Eagle and Summit Counties, Colorado in which the Company has a 50% ownership interest. SSF/VARE has been the broker for several of the Company’s developments. The Company recorded net real estate commissions expense of zero, zero and $0.3 million for payments made to SSF/VARE during the years ended July 31, 2015, 2014 and 2013, respectively. SSF/VARE leases space for real estate offices from the Company. The Company recognized approximately $0.5 million in revenue related to these leases for each of the years ended July 31, 2015, 2014 and 2013.