Investments In Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2020

Investments In Unconsolidated Joint Ventures [Abstract]

Investments In Unconsolidated Joint Ventures

NOTE 7 – 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		2020		2019
Mt. Gravatt		33.3%	$	3,960	$	3,894
Rialto Cinemas		50.0%		1,065		1,175
Total Joint Ventures			$	5,025	$	5,069

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

(Dollars in thousands)	2020		2019		2018
Mt. Gravatt	$	(249)	$	674	$	690
Rialto Cinemas		(200)		118		284
Total equity earnings	$	(449)	$	792	$	974

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.