Investments In Unconsolidated Joint Ventures

9 Months Ended

Sep. 30, 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 previous investment in Rialto Distribution, which was fully written off since 2010, has been transferred to our previous business partners.  As part of our exit strategy, we paid an amount lower than the accrual we had taken for our debt obligation in the joint venture.  Consequently, we recognized a gain of  $15,000  (NZ$21,000) during the quarter ended June 30, 2017.

The table below summarizes our active investment holdings in two (2) unconsolidated joint ventures as of September 30, 2017 and December 31, 2016:

		September 30,		December 31,
(Dollars in thousands)	Interest	2017		2016
Rialto Cinemas	50.0%	$	1,211	$	1,197
Mt. Gravatt	33.3%		4,128		3,874
Total investments		$	5,339	$	5,071

For the quarter and nine months endedSeptember 30, 2017 and 2016, therecognized share of equity earnings from our investments in unconsolidated joint ventures are as follows:

	Quarter Ended				Nine Months Ended
		September 30,		September 30,		September 30,		September 30,
(Dollars in thousands)		2017		2016		2017		2016
Rialto Cinemas	$	32	$	47		93		208
Mt. Gravatt		104		153		561		600
Total equity earnings	$	136	$	200	$	654	$	808