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Investments In Unconsolidated Joint Ventures
 3 Months Ended
Mar. 31, 2017
Investments In Unconsolidated Joint Ventures [Abstract]  
Investments In Unconsolidated Joint Ventures

Note 6 – Investments in Unconsolidated Joint Ventures

Our investments in unconsolidated joint ventures are accounted for under the equity method of accounting. Our investment in Rialto Distribution was fully written off since 2010 (refer to further discussion below). The table below summarizes our investments in unconsolidated joint ventures as of March 31, 2017 and December 31, 2016:



 

 

 

 

 

 

 

 



 

 

 

March 31,

 

December 31,

(Dollars in thousands)

 

Interest

 

2017

 

2016

Rialto Distribution

 

33.3%

 

$

--

 

$

--

Rialto Cinemas

 

50.0%

 

$

 1,173 

 

$

 1,197 

Mt. Gravatt

 

33.3%

 

 

 4,086 

 

 

 3,874 

Total investments

 

 

 

$

 5,259 

 

$

 5,071 



For the three months ended March 31, 2017 and 2016, we recorded our share of equity earnings from our investments in unconsolidated joint ventures as follows:





 

 

 

 

 

 

 

 



 

 

 

Three Months Ended



 

 

 

 

March 31,

 

 

March 31,

(Dollars in thousands)

 

 

2017

 

 

2016

Rialto Distribution

 

 

 

$

--

 

$

--

Rialto Cinemas

 

 

 

$

 39 

 

$

 76 

Mt. Gravatt

 

 

 

 

 216 

 

 

 226 

Total equity earnings

 

 

 

$

 255 

 

$

 302 



Rialto Distribution

Due to significant losses in years past, we determined that our investment in Rialto Distribution was fully impaired. As a result of these losses, as of January 1, 2010, we treat our interest as a cost method interest in an unconsolidated joint venture, and record income based on the distributions we receive.  We have also fully provided for any losses that may result from the bank guarantee that had been given on behalf of Rialto Distribution (refer to Note 13 – Commitments and Contingencies – Debt Guarantee).