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Investments In And Advances To Unconsolidated Joint Ventures And Entities | 12 Months Ended
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Dec. 31, 2014
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, 2014 and 2013, these investments in and advances to unconsolidated joint ventures and entities include the following (dollars in thousands):
|  |  | December 31,
| Interest |  | 2014 |  | 2013
Rialto Distribution | 33.3% | $ | -- | $ | --
Rialto Cinemas | 50.0% |  | 1,564 |  | 1,571
205-209 East 57 th Street Associates, LLC | 25.0% |  | -- |  | --
Mt. Gravatt | 33.3% |  | 4,605 |  | 5,164
Total investments |  | $ | 6,169 | $ | 6,735
For the years ended December 31, 2014, 2013, and 2012, we recorded our earnings (loss) from our unconsolidated joint ventures and entities as follows (dollars in thousands):
|  | Year Ended December 31,
|  | 2014 |  | 2013 |  | 2012
Rialto Distribution | $ | 120 | $ | 159 | $ | 199
Rialto Cinemas |  | 297 |  | 221 |  | 209
205-209 East 57 th Street Associates, LLC |  | -- |  | (1) |  | 27
Mt. Gravatt |  | 598 |  | 990 |  | 1,186
Total equity earnings | $ | 1,015 | $ | 1,369 | $ | 1,621
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, 2014, 2013, and 2012 we received $120,000 (NZ$140,000), $159,000 (NZ$195,000), and $199,000 (NZ$245,000), 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. 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 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,
|  |  |  | 2014 |  | 2013
Current assets |  |  | $ | 903 | $ | 887
Noncurrent assets |  |  |  | 2,621 |  | 3,288
Current liabilities |  |  |  | 753 |  | 751
Noncurrent liabilities |  |  |  | 68 |  | 30
Members’ equity |  |  |  | 2,703 |  | 3,394
Mt. Gravatt Condensed Statements of Operations Information
|  | December 31,
|  | 2014 |  | 2013 |  | 2012
Total revenue | $ | 10,503 | $ | 12,949 | $ | 15,236
Net income |  | 1,775 |  | 2,923 |  | 3,513
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 2012, 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,
|  |  |  | 2014 |  | 2013
Current assets |  |  | $ | 3,146 | $ | 3,255
Noncurrent assets |  |  |  | 5,128 |  | 5,934
Current liabilities |  |  |  | 2,427 |  | 2,516
Noncurrent liabilities |  |  |  | 673 |  | 670
Members’ equity |  |  |  | 5,174 |  | 6,002
Condensed Statements of Operations Information
|  | December 31,
|  | 2014 |  | 2013 |  | 2012
Total revenue | $ | 21,036 | $ | 23,070 | $ | 26,138
Net income |  | 2,774 |  | 3,598 |  | 4,590

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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 + Details
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