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Investments In Unconsolidated Joint Ventures
 6 Months Ended
Jun. 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).



The table below summarizes our active investment holdings in unconsolidated joint ventures as of June 30, 2017 and December 31, 2016:



 

 

 

 

 

 

 

 



 

 

 

June 30,

 

December 31,

(Dollars in thousands)

 

Interest

 

2017

 

2016

Rialto Cinemas

 

50.0%

 

$

 1,195 

 

$

 1,197 

Mt. Gravatt

 

33.3%

 

 

 4,148 

 

 

 3,874 

Total investments

 

 

 

$

 5,343 

 

$

 5,071 

For the quarter and six months ended June 30, 2017 and 2016, we recorded our share of equity earnings from our investments in unconsolidated joint ventures as follows:





 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

Quarter Ended

 

Six Months Ended



 

 

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

June 30,

(Dollars in thousands)

 

 

2017

 

 

2016

 

 

2017

 

 

2016

Rialto Cinemas

 

 

 

$

 22 

 

$

 84 

 

 

 61 

 

 

 160 

Mt. Gravatt

 

 

 

 

 242 

 

 

 221 

 

 

 457 

 

 

 448 

Total equity earnings

 

 

 

$

 264 

 

$

 305 

 

$

 518 

 

$

 608