Investments In Unconsolidated Joint Ventures And Entities

6 Months Ended

Jun. 30, 2011

Investments In Unconsolidated Joint Ventures And Entities

Investments In Unconsolidated Joint Ventures And Entities

Note 7 – Investments in Unconsolidated Joint Ventures and Entities

Our investments in unconsolidated joint ventures and entities are accounted for under the equity method of accounting except for Rialto Distribution, which is accounted for as a cost method investment, and, as of June 30, 2011 and December 31, 2010, included the following (dollars in thousands):

	Interest		June 30, 2011		December 31, 2010
Rialto Distribution		33.3%	$	--	$	--
Rialto Cinemas		50.0%		4,878		4,580
205-209 East 57th Street Associates, LLC		25.0%		33		--
Mt. Gravatt Cinema		33.3%		6,480		5,835
Total investments			$	11,391	$	10,415

For the three and six months ended June 30, 2011 and 2010, we recorded our share of equity earnings (loss) from our investments in unconsolidated joint ventures and entities as follows (dollars in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
	2011			2010		2011			2010
Rialto Distribution	$	55		$	35	$	112		$	35
Rialto Cinemas		(65	)		64		(53	)		85
205-209 East 57th Street Associates, LLC		--			--		33			--
Mt. Gravatt Cinema		279			167		541			497
Total equity earnings	$	269		$	266	$	633		$	617

The 3-screen complex in Christchurch, New Zealand owned by our Rialto Cinemas joint venture entity ("Rialto Cinemas"), was damaged as a result of the devastating earthquake suffered by that city on February 22, 2011, and has been closed since that date.  Pursuant to the lease on this property, in May 2011, Rialto Cinemas gave notice to the landlord that Rialto Cinemas would be terminating the cinema lease.