Investments In Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2018

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.  The table below summarizes our active investment holdings in two unconsolidated joint ventures:

			December 31,
(Dollars in thousands)	Interest		2018		2017
Mt. Gravatt		33.3%	$	3,861	$	4,118
Rialto Cinemas		50.0%		1,260		1,186
Total Joint Ventures			$	5,121	$	5,304

Our recorded share of equity earnings from our investments in unconsolidated joint ventures are as follows:

(Dollars in thousands)	2018		2017		2016
Mt. Gravatt	$	690	$	726	$	805
Rialto Cinemas		284		89		194
Rialto Distribution		—		—		—
Total equity earnings	$	974	$	815	$	999

Mt. Gravatt

We own an undivided 33.3% interest in Mt. Gravatt, an unincorporated joint venture that owns and operates a sixteen-screen multiplex cinema in Australia.

Rialto Cinemas

We own an undivided 50.0% interest in the assets and liabilities of the Rialto Entertainment joint venture that owns and operates two (2) movie theaters, with 13 screens in New Zealand.

Rialto Distribution

During 2017, this investment was transferred to our previous business partners.  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.