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Investments In And Advances To Unconsolidated Joint Ventures And Entities | 12 Months Ended
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Dec. 31, 2013
Investments In And Advances To Unconsolidated Joint Ventures And Entities [Abstract] |
Investments In And Advances To Unconsolidated Joint Ventures and Entities | Note 11 – Investments in and Advances to Unconsolidated Joint Ventures and Entities Investments in and advances to unconsolidated joint ventures and entities are accounted for under the equity method of accounting except for Rialto Distribution as described below. As of December 31, 2013 and 2012, these investments in and advances to unconsolidated joint ventures and entities include the following (dollars in thousands):
|  |  | December 31,
| Interest |  | 2013 |  | 2012
Rialto Distribution | 33.3% | $ | -- | $ | --
Rialto Cinemas | 50.0% |  | 1,571 |  | 1,561
205-209 East 57 th Street Associates, LLC | 25.0% |  | -- |  | 60
Mt. Gravatt | 33.3% |  | 5,164 |  | 6,094
Total investments |  | $ | 6,735 | $ | 7,715
For the years ended December 31, 2013, 2012, and 2011, we recorded our earnings (loss) from our unconsolidated joint ventures and entities as follows (dollars in thousands):
|  | Year Ended December 31,
|  | 2013 |  | 2012 |  | 2011
Rialto Distribution | $ | 159 | $ | 199 | $ | 383
Rialto Cinemas |  | 221 |  | 209 |  | (72)
205-209 East 57 th Street Associates, LLC |  | (1) |  | 27 |  | 33
Mt. Gravatt |  | 990 |  | 1,186 |  | 1,038
Total investor share of earnings |  | 1,369 |  | 1,621 |  | 1,382
Rialto Cinemas impairment recorded at investor level |  | -- |  | -- |  | (2,934)
Total equity earnings | $ | 1,369 | $ | 1,621 | $ | (1,552)
Rialto Distribution Due to significant losses in years past, we determined that the goodwill associated with Rialto Distribution’s investment in the film distribution business was fully impaired. As a result of these losses, as of January 1, 2010, we treat our interest as a cost method interest in an unconsolidated joint venture. For the years ended December 31, 2013, 2012, and 2011 we received $159,000 (NZ$195,000), $199,000 (NZ$245,000), and $383,000 (NZ$500,000), respectively, in distributions from our interest in Rialto Distribution which we recorded as earnings at the time of receipt. Rialto Cinemas We own an undivided 50% interest in the assets and liabilities of the Rialto Entertainment joint venture and treat our interest as an equity method interest in an unconsolidated joint venture. Subsequent to the February 22, 2011 earthquake in Christchurch, the joint venture obtained a termination agreement with the landlord associated with the Christchurch cinema lease (see Note 26 – Casualty Loss). As of December 31, 2013, following the closure of three cinemas with 15 screens, the joint venture owned two cinemas with 13 screens in the New Zealand cities of Auckland and Dunedin. As part of our investment impairment analysis for 2011, we determined that the value of our investment was impaired. For this reason, we recorded an impairment charge to our investment in Rialto Cinemas of $2.9 million (NZ$3.8 million) during December 31, 2011 and included it in our equity loss from unconsolidated joint ventures and entities for the year ended December 31, 2011. 205-209 East 57th Street Associates, LLC We own a non-managing 25% membership interest in 205-209 East 57th Street Associates, LLC a limited liability company formed to redevelop our former cinema site at 205 East 57th Street in Manhattan. During the fourth quarter of 2010, the last residential condominium was sold for $900,000 from which we recorded earnings of $64,000 and received distributions totaling $293,000. During 2012, as a consequence of a purchaser’s dispute, a condominium which was previously sold was repurchased, renovated, and resold for a small gain resulting in additional earnings to us of $27,000. We do not anticipate any further income or expense from this investment. Mt. Gravatt We own an undivided 33.3% interest in Mt. Gravatt, an unincorporated joint venture that owns and operates a 16-screen multiplex cinema in Australia. The condensed balance sheets and statements of operations of Mt. Gravatt are as follows (dollars in thousands): Mt. Gravatt Condensed Balance Sheet Information
|  |  |  | December 31,
|  |  |  | 2013 |  | 2012
Current assets |  |  | $ | 887 | $ | 1,318
Noncurrent assets |  |  |  | 3,288 |  | 4,078
Current liabilities |  |  |  | 751 |  | 1,111
Noncurrent liabilities |  |  |  | 30 |  | 43
Members’ equity |  |  |  | 3,394 |  | 4,242
Mt. Gravatt Condensed Statements of Operations Information
|  | December 31,
|  | 2013 |  | 2012 |  | 2011
Total revenue | $ | 12,949 | $ | 15,236 | $ | 14,097
Net income |  | 2,923 |  | 3,513 |  | 3,045
Malulani Investments, Limited On June 26, 2006, we acquired for $1.8 million, an 18.4% interest in a private real estate company. On July 2, 2009, Magoon Acquisition and Development, LLC (“Magoon LLC”) and we entered into a settlement agreement (the “Settlement Terms”) with respect to a lawsuit against certain officers and directors of Malulani Investments, Limited (“MIL”). Under the Settlement Terms, Magoon LLC and we received $2.5 million in cash, a $6.8 million three-year 6.25% secured promissory note issued by The Malulani Group (“TMG”), and a ten-year “tail interest” in MIL and TMG in exchange for the transfer of all ownership interests in MIL and TMG held by both Magoon, LLC and RDI and for the release of all claims against the defendants in this matter. A gain on the transfer of our ownership interest in MIL of $268,000 was recognized during 2009 as a result of this transaction. The tail interest allows us to participate in certain distributions made or received by MIL, TMG, and in certain cases, the shareholders of TMG. The tail interest, however, continues only for a period of ten years and we cannot assure that we will receive any distributions from this tail interest. During 2011, we received $191,000 in interest on the promissory note, and, on June 14, 2011, we received $6.8 million of principal and interest owed on this note. We believe that further amounts are owed under the note and we have begun litigation to collect such amounts. Any further collections will be recognized when received. Combined Condensed Financial Information The combined condensed financial information for all of the above unconsolidated joint ventures and entities accounted for under the equity method is as follows; therefore, these financials only exclude Rialto Distribution (dollars in thousands): Condensed Balance Sheet Information
|  |  |  | December 31,
|  |  |  | 2013 |  | 2012
Current assets |  |  | $ | 3,255 | $ | 3,488
Noncurrent assets |  |  |  | 5,934 |  | 6,621
Current liabilities |  |  |  | 2,516 |  | 2,197
Noncurrent liabilities |  |  |  | 670 |  | 751
Members’ equity |  |  |  | 6,002 |  | 7,161
Condensed Statements of Operations Information
|  | December 31,
|  | 2013 |  | 2012 |  | 2011
Total revenue | $ | 23,070 | $ | 26,138 | $ | 28,017
Net income |  | 3,598 |  | 4,590 |  | 4,021

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32847-111569 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32787-111569 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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