12. Investments in Affiliates

Our investments in affiliates balance is related to our investments in unconsolidated non-construction entities that we account for using the equity method of accounting, including investments in foreign affiliates, real estate entities and an asphalt terminal entity.

As part of the acquisition of Layne, we acquired investments in foreign affiliates that are engaged in mineral drilling services and the manufacture and supply of drilling equipment, parts and supplies in Latin America. The real estate entities were formed to accomplish specific real estate development projects in which our wholly-owned subsidiary, Granite Land Company, participates with third-party partners. The asphalt terminal entity is a 50% interest in a limited liability company which owns and operates an asphalt terminal and operates an emulsion plant in Nevada.

Our investments in affiliates balance consists of the following:

(in thousands)	June 30, 2018		December 31, 2017		June 30, 2017
Equity method investment in foreign affiliates	$	63,000	$	—	$	—
Equity method investments in real estate affiliates		27,591		29,472		27,329
Equity method investment in asphalt terminal affiliate		8,904		8,997		9,841
Total investments in affiliates	$	99,495	$	38,469	$	37,170

The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis:

(in thousands)	June 30, 2018		December 31, 2017		June 30, 2017
Current assets	$	136,953	$	31,320	$	25,246
Noncurrent assets		173,384		129,039		131,723
Total assets		310,337		160,359		156,969
Current liabilities		54,710		30,131		34,736
Long-term liabilities¹		54,383		31,636		25,595
Total liabilities		109,093		61,767		60,331
Net assets		201,244		98,592		96,638
Granite’s share of net assets	$	99,495	$	38,469	$	37,170

¹The balance primarily relates to debt associated with our real estate investments. The increase in the balance since December 31, 2017 is related to debt of our investments in foreign affiliates associated with purchase of equipment and buildings.

The equity method investments in real estate affiliates included $24.0 million, $24.3 million and $22.2 million in residential real estate in Texas as of June 30, 2018, December 31, 2017 and June 30, 2017, respectively. The remaining balances were in commercial real estate in Texas. Of the $310.3 million in total assets as of June 30, 2018, real estate entities had total assets ranging from $0.3 million to $68.2 million, the non-real estate entity had total assets of $20.4 million and the foreign entities had total assets ranging from $0.1 million to $64.6 million. We have direct and indirect investments in the foreign entities and our percent ownership ranged from 25.0% to 50.0% as of June 30, 2018.