Unconsolidated Investments
 9 Months Ended
Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]  
Unconsolidated Investments
Unconsolidated Investments
The following projects are accounted for under the equity method of accounting and are presented in the Company's consolidated balance sheets for the periods below (in thousands):
 
 
 
 
 
Percentage of Ownership
 
September 30,
 
December 31,
 
September 30,
 
December 31,
 
2016
 
2015
 
2016
 
2015
South Kent (1)
$
—

 
$
6,185

 
50.0
%
 
50.0
%
Grand (1)
—

 
5,735

 
45.0
%
 
45.0
%
K2
87,168

 
104,553

 
33.3
%
 
33.3
%
Unconsolidated investments
$
87,168

 
$
116,473

 
 
 
 

(1)As of September 30, 2016, the equity method investment balances in South Kent and Grand were $0. In accordance with ASC 323, Investments - Equity Method and Joint Ventures, the Company has suspended recognition of South Kent's and Grand's equity method earnings or losses and accumulated other comprehensive income (loss), if applicable, until such time as South Kent's and Grand's subsequent cumulative equity method earnings and other comprehensive income exceed cumulative distributions received, cumulative equity method losses and, where applicable, cumulative other comprehensive income (loss) during the suspension period. During the periods when South Kent's and Grand's equity method earnings or losses are suspended, the Company will record cash distributions received as gains in earnings (losses) in unconsolidated investments, net on the Company's consolidated statements of operations.
The following table summarizes the components of suspension during the period which are included in earnings (loss) in unconsolidated investments, net on the Company's consolidated statements of operations and components of suspension included in other comprehensive income (loss) (in thousands):
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2016
 
2016
Earnings (loss) in unconsolidated investments, net
 
 
 
 
Gains on distributions from unconsolidated investments
 
$
5,777

 
$
15,017

Suspended equity losses
 
$
2,662

 
$
4,556

Suspended other comprehensive income
 
$
(535
)
 
$
(659
)

The following table summarizes the aggregated operating results of the unconsolidated investments for the three and nine months ended September 30, 2016 and 2015, respectively (in thousands):
 
Three months ended September 30,
 
Nine months ended September 30,
 
2016
 
2015
 
2016
 
2015
Revenue
$
40,863

 
$
35,697

 
$
167,426

 
$
122,483

Cost of revenue
21,552

 
20,444

 
62,561

 
48,120

Operating expenses
2,675

 
3,133

 
8,734

 
8,447

Other expense
21,553

 
31,476

 
89,820

 
59,925

Net income (loss)
$
(4,917
)
 
$
(19,356
)
 
$
6,311

 
$
5,991


Significant Equity Method Investee
The following table presents summarized statements of operations information for the three and nine months ended September 30, 2016 and 2015, in thousands, as required for the Company's significant equity method investee, South Kent, pursuant to Regulation S-X Rule 10-01 (b)(1):
South Kent
 
Three months ended September 30,
 
Nine months ended September 30,
 
2016
 
2015
 
2016
 
2015
Revenue
$
15,128

 
$
17,137

 
$
65,033

 
$
69,883

Cost of revenue
7,888

 
8,518

 
22,663

 
23,640

Operating expenses
879

 
1,056

 
2,916

 
3,763

Other expense
7,319

 
19,727

 
40,276

 
39,159

Net income (loss)
$
(958
)
 
$
(12,164
)
 
$
(822
)
 
$
3,321