Investments In Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2019

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		2019		2018
Mt. Gravatt		33.3%	$	3,894	$	3,861
Rialto Cinemas		50.0%		1,175		1,260
Total Joint Ventures			$	5,069	$	5,121

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

(Dollars in thousands)	2019		2018		2017
Mt. Gravatt	$	674	$	690	$	726
Rialto Cinemas		118		284		89
Rialto Distribution		—		—		—
Total equity earnings	$	792	$	974	$	815

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.