Investments In Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2022

Investments In Unconsolidated Joint Ventures [Abstract]

Investments In Unconsolidated Joint Ventures

NOTE 8 – 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		2022		2021
Mt. Gravatt		33.3%	$	3,836	$	3,976
Rialto Cinemas		50.0%		920		1,017
Total Joint Ventures			$	4,756	$	4,993

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

(Dollars in thousands)	2022		2021		2020
Mt. Gravatt	$	392	$	254	$	(249)
Rialto Cinemas		(121)		4		(200)
Total equity earnings	$	271	$	258	$	(449)

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.