Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | ||
Sep. 30, 2013 | Nov. 07, 2013 | Nov. 07, 2013 | |
Class A [Member] | Class B [Member] | ||
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Entity Registrant Name | 'READING INTERNATIONAL INC | ' | ' |
Trading Symbol | 'rdi | ' | ' |
Entity Central Index Key | '0000716634 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 21,890,029 | 1,495,490 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $37,847 | $38,531 |
Time deposits | ' | 8,000 |
Receivables | 7,031 | 8,514 |
Inventory | 823 | 918 |
Investment in marketable securities | 57 | 55 |
Restricted cash | 790 | 2,465 |
Deferred tax asset | 3,407 | 3,659 |
Prepaid and other current assets | 3,715 | 3,576 |
Assets held for sale | 11,563 | ' |
Total current assets | 65,233 | 65,718 |
Operating property, net | 193,297 | 202,778 |
Investment and development property, net | 76,698 | 94,922 |
Investment in unconsolidated joint ventures and entities | 7,083 | 7,715 |
Investment in Reading International Trust I | 838 | 838 |
Goodwill | 22,467 | 22,898 |
Intangible assets, net | 13,968 | 15,661 |
Deferred tax asset, net | 7,030 | 8,989 |
Other assets | 6,397 | 9,069 |
Total assets | 393,011 | 428,588 |
Current Liabilities: | ' | ' |
Accounts payable and accrued liabilities | 17,262 | 18,909 |
Film rent payable | 6,586 | 6,657 |
Notes payable - current | 77,638 | 19,714 |
Notes payable to related party - current | ' | 9,000 |
Income taxes payable - current | 13,665 | 15,234 |
Deferred current revenue | 9,637 | 11,587 |
Other current liabilities | 6,182 | 6,032 |
Total current liabilities | 130,970 | 87,133 |
Notes payable b long-term | 68,881 | 139,970 |
Subordinated debt | 27,913 | 27,913 |
Taxes payable - long-term | 8,048 | 8,859 |
Other liabilities | 32,073 | 33,759 |
Total liabilities | 267,885 | 297,634 |
Commitments and contingencies (Note 13) | ' | ' |
Stockholders' equity: | ' | ' |
Nonvoting preferred stock, par value $0.01, 12,000 shares authorized and no issued or outstanding shares at September 30, 2013 and December 31, 2012 | ' | ' |
Additional paid-in capital | 137,050 | 136,754 |
Accumulated deficit | -61,133 | -66,993 |
Treasury shares | -4,512 | -4,512 |
Accumulated other comprehensive income | 48,881 | 61,369 |
Total Reading International, Inc. stockholders' equity | 120,525 | 126,856 |
Noncontrolling interests | 4,601 | 4,098 |
Total stockholders' equity | 125,126 | 130,954 |
Total liabilities and stockholdersb equity | 393,011 | 428,588 |
Class A [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, value | 224 | 223 |
Class B [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, value | $15 | $15 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 12,000 | 12,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 32,254,199 | 31,951,945 |
Common stock, shares outstanding | 21,890,029 | 21,587,775 |
Class B [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 1,495,490 | 1,495,490 |
Common stock, shares outstanding | 1,495,490 | 1,495,490 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating revenue | ' | ' | ' | ' |
Cinema | $61,228 | $59,246 | $180,657 | $174,636 |
Real estate | 4,244 | 4,688 | 14,024 | 14,677 |
Total operating revenue | 65,472 | 63,934 | 194,681 | 189,313 |
Operating expense | ' | ' | ' | ' |
Cinema | 48,742 | 48,672 | 145,872 | 141,470 |
Real estate | 2,716 | 3,153 | 8,115 | 8,479 |
Depreciation and amortization | 3,602 | 3,995 | 11,243 | 12,016 |
General and administrative | 4,586 | 3,957 | 13,323 | 12,701 |
Total operating expense | 59,646 | 59,777 | 178,553 | 174,666 |
Operating income | 5,826 | 4,157 | 16,128 | 14,647 |
Interest income | 96 | 148 | 343 | 541 |
Interest expense | -2,910 | -4,313 | -8,467 | -14,149 |
Net gain (loss) on sale of assets | ' | 86 | -7 | 84 |
Other income (expense) | -55 | 182 | 72 | 202 |
Income before income tax expense and equity earnings of unconsolidated joint ventures and entities | 2,957 | 260 | 8,069 | 1,325 |
Income tax benefit (expense) | -751 | 100 | -3,140 | -1,784 |
Income (loss) before equity earnings of unconsolidated joint ventures and entities | 2,206 | 360 | 4,929 | -459 |
Equity earnings of unconsolidated joint ventures | 225 | 277 | 1,005 | 1,090 |
Income before discontinued operations | 2,431 | 637 | 5,934 | 631 |
Loss from discontinued operations, net of tax | ' | -241 | ' | -121 |
Net income | 2,431 | 396 | 5,934 | 510 |
Net income attributable to noncontrolling interests | -38 | -33 | -74 | -149 |
Net income attributable to Reading International, Inc. common shareholders | $2,393 | $363 | $5,860 | $361 |
Basic earnings (loss) per common share attributable to Reading International, Inc. shareholders: | ' | ' | ' | ' |
Earnings from continuing operations | $0.10 | $0.03 | $0.25 | $0.03 |
Loss from discontinued operations, net | $0 | ($0.01) | $0 | ($0.01) |
Basic earnings per share attributable to Reading International, Inc. shareholders | $0.10 | $0.02 | $0.25 | $0.02 |
Diluted earnings (loss) per common share attributable to Reading International, Inc. shareholders: | ' | ' | ' | ' |
Earnings from continuing operations | $0.10 | $0.03 | $0.25 | $0.03 |
Loss from discontinued operations, net | $0 | ($0.01) | $0 | ($0.01) |
Diluted earnings per share attributable to Reading International, Inc. shareholders | $0.10 | $0.02 | $0.25 | $0.02 |
Weighted average number of shares outstanding - basic | 23,383,200 | 23,071,846 | 23,333,352 | 23,007,787 |
Weighted average number of shares outstanding - diluted | 23,517,191 | 23,293,886 | 23,467,343 | 23,229,827 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Net income | $2,431 | $396 | $5,934 | $510 |
Foreign currency translation gain (loss) | 5,819 | 3,687 | -13,043 | 4,476 |
Realized gain on available for sale investments | ' | ' | ' | -109 |
Unrealized gain (loss) on available for sale investments | -2 | 3 | 2 | 105 |
Amortization of pension prior service costs | 166 | 76 | 496 | 228 |
Comprehensive income (loss) | 8,414 | 4,162 | -6,611 | 5,210 |
Net income attributable to noncontrolling interest | -38 | -33 | -74 | -149 |
Comprehensive (income) loss attributable to noncontrolling interest | -15 | -9 | 57 | -5 |
Comprehensive income (loss) attributable to Reading International, Inc. | $8,361 | $4,120 | ($6,628) | $5,056 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities | ' | ' |
Net income | $5,934 | $510 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Gain (loss) recognized on foreign currency transactions | 33 | -19 |
Equity earnings of unconsolidated joint ventures and entities | -1,005 | -1,090 |
Distributions of earnings from unconsolidated joint ventures and entities | 879 | 1,163 |
Loss provision on impairment of assets | ' | 283 |
(Gain) loss on sale of assets | 7 | -84 |
Change in valuation allowance on net deferred tax assets | 980 | -330 |
Gain on sale of marketable securities | ' | -109 |
Depreciation and amortization | 11,243 | 12,290 |
Amortization of prior service costs | 495 | 228 |
Amortization of above and below market leases | 305 | 314 |
Amortization of deferred financing costs | 722 | 1,050 |
Amortization of straight-line rent | 606 | 598 |
Stock based compensation expense | 148 | 240 |
Changes in assets and liabilities: | ' | ' |
Decrease in receivables | 1,146 | 288 |
(Increase) decrease in prepaid and other assets | 171 | -275 |
Increase (decrease) in accounts payable and accrued expenses | -840 | 839 |
Increase (decrease) in film rent payable | 174 | -1,255 |
Decrease in taxes payable | -2,371 | -2,473 |
Increase (decrease) in deferred revenue and other liabilities | -2,381 | 311 |
Net cash provided by operating activities | 16,246 | 12,479 |
Investing Activities | ' | ' |
Acquisition of property | ' | -5,510 |
Purchases of and additions to property and equipment | -12,666 | -4,960 |
Change in restricted cash | 1,613 | 44 |
Purchase of notes receivable | ' | -1,800 |
Proceeds from notes receivable | 2,000 | ' |
Sale of marketable securities | ' | 2,974 |
Distributions of investment in unconsolidated joint ventures and entities | 155 | 315 |
Proceeds from sale of property | ' | 1,866 |
Purchase of time deposits | ' | -8,000 |
Proceeds of time deposits | 8,000 | ' |
Net cash used in investing activities | -898 | -15,071 |
Financing Activities | ' | ' |
Repayment of long-term borrowings | -25,133 | -26,116 |
Proceeds from borrowings | 12,500 | 16,232 |
Capitalized borrowing costs | -103 | -445 |
Proceeds from the exercise of stock options | 249 | 308 |
Noncontrolling interest contributions | 263 | 3,350 |
Noncontrolling interest distributions | -2,103 | ' |
Net cash used in financing activities | -14,327 | -6,671 |
Effect of exchange rate on cash | -1,705 | 201 |
Decrease in cash and cash equivalents | -684 | -9,062 |
Cash and cash equivalents at the beginning of the period | 38,531 | 31,597 |
Cash and cash equivalents at the end of the period | 37,847 | 22,535 |
Cash paid during the period for: | ' | ' |
Interest on borrowings | 5,092 | 11,296 |
Income taxes | 4,911 | 4,618 |
Non-Cash Transactions | ' | ' |
Noncontrolling interest contribution in exchange for debt reduction - related party | 2,250 | ' |
Acquisition of noncontrolling interest | 101 | ' |
Noncontrolling interest contribution from bonus accrual | ' | $255 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended | |
Sep. 30, 2013 | ||
Basis Of Presentation [Abstract] | ' | |
Basis Of Presentation | ' | |
Note 1 – Basis of Presentation | ||
Reading International, Inc., a Nevada corporation (“RDI” and collectively with our consolidated subsidiaries and corporate predecessors, the “Company,” “Reading” and “we,” “us,” or “our”), was founded in 1983 as a Delaware corporation and reincorporated in 1999 in Nevada. Our businesses consist primarily of: | ||
· | the development, ownership, and operation of multiplex cinemas in the United States, Australia, and New Zealand; and | |
· | the development, ownership, and operation of retail and commercial real estate in Australia, New Zealand, and the United States. | |
The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim reporting and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (“SEC”) for interim reporting. As such, certain information and disclosures typically required by US GAAP for complete financial statements have been condensed or omitted. The financial information presented in this quarterly report on Form 10-Q for the period ended September 30, 2013 (the “September Report”) should be read in conjunction with our Annual Report filed on Form 10-K for the year ended December 31, 2012 (our “2012 Annual Report”) which contains the latest audited financial statements and related notes. The periods presented in this document are the three (“2013 Quarter”) and nine (“2013 Nine Months”) months ended September 30, 2013 and the three (“2012 Quarter”) and nine (“2012 Nine Months”) months ended September 30, 2012. | ||
In the opinion of management, all adjustments of a normal recurring nature considered necessary to present fairly in all material respects our financial position as of September 30, 2013 and the results of our operations and cash flows for the three and nine months ended September 30, 2013 and 2012 have been made. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results of operations to be expected for the entire year. | ||
Expiring Debt and Liquidity Requirements | ||
Expiring Long-Term Debt | ||
As indicated in our 2012 Annual Report, the term of our Australian NAB Corporate Term Loan matures on June 30, 2014. Accordingly, the outstanding balance of this debt of $61.4 million (AUS$65.8 million) is classified as current on our September 30, 2013 balance sheet. The Australian NAB Corporate Term Loan is secured by the majority of our theater and entertainment-themed retail center (“ETRC”) properties in Australia. | ||
Additionally, the term of our US Cinema 1, 2, 3 Term Loan matures on June 27, 2014. Accordingly, the outstanding balance of this debt of $15.0 million is classified as current on our September 30, 2013 balance sheet. | ||
We are currently in the process of renegotiating these loans with our current lenders while also seeking possible replacement loans with other lenders. While no assurances can be given that we will be successful, we currently anticipate that these loans will either be extended or replaced prior to their maturities. | ||
Liberty Theatre Term Loans | ||
On May 29, 2013, we replaced our Liberty Theater Term Loan with a loan securitized by our Orpheum and Minetta Lane theaters with a note balance of $7.5 million. For more details on this new loan, see Note 11 – Notes Payable. | ||
Tax Settlement Liability | ||
As indicated in our 2012 Annual Report, in accordance with the agreement between the U.S. Internal Revenue Service and our subsidiary, Craig Corporation, it is obligated to pay $290,000 per month, $3.5 million per year, in settlement of its tax liability for the tax year ended June 30, 1997. | ||
For the abovementioned liabilities, we believe that we have the required liquidity to meet the obligations either through the extension or replacement of maturing debt or the generation of cash from our operating activities. Together with our $37.8 million of cash and cash equivalents, we expect to meet our anticipated short-term working capital requirements for the next twelve months. | ||
Marketable Securities | ||
We had investments in marketable securities of $57,000 and $55,000 at September 30, 2013 and December 31, 2012, respectively. We account for these investments as available for sale investments. We assess our investment in marketable securities for other-than-temporary impairments in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 320-10 for each applicable reporting period. These investments have a cumulative gain of $11,000 included in accumulated other comprehensive income at September 30, 2013. For the three and nine months ended September 30, 2013, our net unrealized gain (loss) on marketable securities was ($2,000) and $2,000, respectively. For the three and nine months ended September 30, 2012, our net unrealized gain (loss) on marketable securities was $3,000 and ($4,000), respectively. During the nine months ended September 30, 2012, we sold $3.0 million of our marketable securities with a realized gain of $109,000. During the nine months ended September 30, 2013, we did not buy or sell any marketable securities. | ||
Deferred Leasing Costs | ||
We amortize direct costs incurred in connection with obtaining tenants for our properties over the respective term of the lease on a straight-line basis. | ||
Deferred Financing Costs | ||
We amortize direct costs incurred in connection with obtaining financing over the term of the loan using the effective interest method, or the straight-line method, if the result is not materially different. In addition, interest on loans with increasing interest rates and scheduled principal pre-payments, is also recognized using the effective interest method. | ||
Accounting Pronouncements Adopted During 2013 | ||
No new pronouncements were adopted during the nine months ended September 30, 2013. | ||
New Accounting Pronouncements | ||
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists ("ASU 2013-11"). ASU 2013-11 is effective for the first interim or annual period beginning on or after December 15, 2013 with early adoption permitted. ASU 2013-11 amends ASC Topic 740, Income Taxes, to provide guidance and reduce diversity in practice on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. We do not believe that the application of this standard will impact our company. | ||
Equity_And_StockBased_Compensa
Equity And Stock-Based Compensation | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Equity And Stock-Based Compensation [Abstract] | ' | ||||||||||||
Equity And Stock-Based Compensation | ' | ||||||||||||
Note 2 – Equity and Stock Based Compensation | |||||||||||||
Stock-Based Compensation | |||||||||||||
During the nine months ended September 30, 2013 and 2012, we issued 217,890 and 155,925, respectively, of Class A Nonvoting shares to an executive employee associated with the vesting of his prior years’ stock grants. During the three and nine months ended September 30, 2013, we accrued $188,000 and $564,000, respectively, in compensation expense associated with the vesting of executive employee stock grants. During the three and nine months ended September 30, 2012, we accrued $238,000 and $714,000, respectively, in compensation expense associated with the vesting of executive employee stock grants. | |||||||||||||
Employee/Director Stock Option Plan | |||||||||||||
We have a long-term incentive stock option plan that provides for the grant to eligible employees, directors, and consultants of incentive or nonstatutory options to purchase shares of our Class A Nonvoting Common Stock and Class B Voting Common Stock. Currently we issue options under our 2010 Stock Incentive Plan. | |||||||||||||
When the Company’s tax deduction from an option exercise exceeds the compensation cost resulting from the option, a tax benefit is created. FASB ASC 718-20 relating to Stock-Based Compensation (“FASB ASC 718-20”), requires that excess tax benefits related to stock option exercises be reflected as financing cash inflows instead of operating cash inflows. For the three and nine months ended September 30, 2013 and 2012, there was no impact to the unaudited condensed consolidated statement of cash flows because there were no recognized tax benefits from stock option exercises during these periods. | |||||||||||||
FASB ASC 718-20 requires companies to estimate forfeitures. Based on our historical experience and the relative market price to strike price of the options, we do not currently estimate any forfeitures of vested or unvested options. | |||||||||||||
In accordance with FASB ASC 718-20, we estimate the fair value of our options using the Black-Scholes option-pricing model, which takes into account assumptions such as the dividend yield, the risk-free interest rate, the expected stock price volatility, and the expected life of the options. As we intend to retain all earnings, we exclude the dividend yield from the calculation. We expense the estimated grant date fair values of options issued on a straight-line basis over the vesting period. | |||||||||||||
For the 50,000 and 90,000 options granted during the nine months ended September 30, 2013 and 2012, respectively, we estimated the fair value of these options at the date of grant using a Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||
2013 | 2012 | ||||||||||||
Stock option exercise price | $5.89 | $5.56 | |||||||||||
Risk-free interest rate | 2.26% | 1.63% | |||||||||||
Expected dividend yield | -- | -- | |||||||||||
Expected option life in years | 5 | 10 | |||||||||||
Expected volatility | 31.89% | 32.12% | |||||||||||
Weighted average fair value | $1.89 | $5.56 | |||||||||||
Based on the above calculation and prior years’ assumptions, and, in accordance with the FASB ASC 718-20, we recorded compensation expense for the total estimated grant date fair value of $18,000 and $112,000 for the three and nine months ended September 30, 2013, respectively, and $27,000 and $197,000 for the three and nine months ended September 30, 2012, respectively. At September 30, 2013, the total unrecognized estimated compensation cost related to non-vested stock options granted was $223,000, which we expect to recognize over a weighted average vesting period of 2.04 years. 62,500 options were exercised during the nine months ended September 30, 2013 having an intrinsic value of $132,000 for which we received $249,000 of cash. Additionally, 75,000 options were exercised during the nine months ended September 30, 2013 having an intrinsic value of $124,000 for which we did not receive any cash but the employee elected to exchange 53,136 personally owned shares of the company at a market price of $5.66 per share for the 75,000 shares based on an exercise price of $4.01 for the related options. 95,000 options were exercised during the nine months ended September 30, 2012 having an intrinsic value of $136,000 for which we received $308,000 of cash. Additionally, 41,000 options were exercised during the nine months ended September 30, 2012 having a realized value of $103,000 for which we did not receive any cash but the consultant elected to receive the net incremental number of in-the-money shares of 15,822 based on an exercise price of $4.01 and a market price of $6.53. The intrinsic, unrealized value of all options outstanding, vested and expected to vest, at September 30, 2013 was $417,000 of which 87.2% are currently exercisable. | |||||||||||||
Pursuant to both our 1999 Stock Option Plan and our 2010 Stock Incentive Plan, all stock options expire within ten years of their grant date. The aggregate total number of shares of Class A Nonvoting Common Stock and Class B Voting Common Stock authorized for issuance under our 2010 Stock Incentive Plan is 1,250,000. At the discretion of our Compensation and Stock Options Committee, the vesting period of stock options is usually between zero and four years. | |||||||||||||
We had the following stock options outstanding and exercisable as of September 30, 2013 and December 31, 2012: | |||||||||||||
Weighted | Weighted Average | ||||||||||||
Common Stock | Average Exercise | Common Stock | Price of | ||||||||||
Options | Price of Options | Exercisable | Exercisable | ||||||||||
Outstanding | Outstanding | Options | Options | ||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | ||||||
Outstanding - January 1, 2012 | 622,350 | 185,100 | $ | 5.65 | $ | 9.90 | 544,383 | 167,550 | $ | 5.86 | $ | 10.05 | |
Granted | 206,000 | -- | $ | 5.94 | $ | -- | |||||||
Exercised | -136,000 | -- | $ | 4.68 | $ | -- | |||||||
Expired | -20,000 | -- | $ | 3.75 | $ | -- | |||||||
Outstanding - December 31, 2012 | 672,350 | 185,100 | $ | 6.24 | $ | 9.90 | 546,350 | 185,100 | $ | 6.26 | $ | 9.90 | |
Granted | 50,000 | -- | $ | 5.89 | $ | -- | |||||||
Exercised | -137,500 | -- | $ | 4.00 | $ | -- | |||||||
Outstanding - September 30, 2013 | 584,850 | 185,100 | $ | 6.73 | $ | 9.90 | 458,850 | 185,100 | $ | 6.89 | $ | 9.90 | |
The weighted average remaining contractual life of all options outstanding, vested, and expected to vest at September 30, 2013 and December 31, 2012 was approximately 4.99 and 5.32 years, respectively. The weighted average remaining contractual life of the exercisable options outstanding at September 30, 2013 and December 31, 2012 was approximately 3.77 and 4.28 years, respectively. | |||||||||||||
Business_Segments
Business Segments | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Business Segments [Abstract] | ' | ||||||||
Business Segments | ' | ||||||||
Note 3 – Business Segments | |||||||||
We organize our operations into two reportable business segments within the meaning of FASB ASC 280-10 - Segment Reporting. Our reportable segments are (1) cinema exhibition and (2) real estate. The cinema exhibition segment is engaged in the development, ownership, and operation of multiplex cinemas. The real estate segment is engaged in the development, ownership, and operation of commercial properties. Incident to our real estate operations we have acquired, and continue to hold, raw land in urban and suburban centers in Australia, New Zealand, and the United States. | |||||||||
The tables below summarize the results of operations for each of our principal business segments for the three and nine months ended September 30, 2013 and 2012, respectively. Operating expense includes costs associated with the day-to-day operations of the cinemas and the management of rental properties including our live theater assets (dollars in thousands): | |||||||||
Three Months Ended September 30, 2013 | Cinema Exhibition | Real Estate | Intersegment Eliminations | Total | |||||
Revenue | $ | 61,228 | $ | 6,157 | $ | -1,913 | $ | 65,472 | |
Operating expense | 50,655 | 2,716 | -1,913 | 51,458 | |||||
Depreciation and amortization | 2,540 | 951 | -- | 3,491 | |||||
General and administrative expense | 891 | 185 | -- | 1,076 | |||||
Segment operating income | $ | 7,142 | $ | 2,305 | $ | -- | $ | 9,447 | |
Three Months Ended September 30, 2012 | Cinema Exhibition | Real Estate | Intersegment Eliminations | Total | |||||
Revenue | $ | 59,246 | $ | 6,570 | $ | -1,882 | $ | 63,934 | |
Operating expense | 50,554 | 3,153 | -1,882 | 51,825 | |||||
Depreciation and amortization | 2,786 | 1,108 | -- | 3,894 | |||||
General and administrative expense | 653 | 197 | -- | 850 | |||||
Segment operating income | $ | 5,253 | $ | 2,112 | $ | -- | $ | 7,365 | |
Reconciliation to net income attributable to Reading International, Inc. shareholders: | 2013 Quarter | 2012 Quarter | |||||||
Total segment operating income | $ | 9,447 | $ | 7,365 | |||||
Non-segment: | |||||||||
Depreciation and amortization expense | 111 | 101 | |||||||
General and administrative expense | 3,510 | 3,107 | |||||||
Operating income | 5,826 | 4,157 | |||||||
Interest expense, net | -2,814 | -4,165 | |||||||
Other income (expense) | -55 | 182 | |||||||
Gain on sale of assets | -- | 86 | |||||||
Income tax benefit (expense) | -751 | 100 | |||||||
Equity earnings of unconsolidated joint ventures and entities | 225 | 277 | |||||||
Loss from discontinued operations | -- | -241 | |||||||
Net income | $ | 2,431 | $ | 396 | |||||
Net income attributable to noncontrolling interests | -38 | -33 | |||||||
Net income attributable to Reading International, Inc. common shareholders | $ | 2,393 | $ | 363 | |||||
Nine Months Ended September 30, 2013 | Cinema Exhibition | Real Estate | Intersegment Eliminations | Total | |||||
Revenue | $ | 180,657 | $ | 19,764 | $ | -5,740 | $ | 194,681 | |
Operating expense | 151,612 | 8,115 | -5,740 | 153,987 | |||||
Depreciation and amortization | 7,824 | 3,086 | -- | 10,910 | |||||
General and administrative expense | 2,463 | 519 | -- | 2,982 | |||||
Segment operating income | $ | 18,758 | $ | 8,044 | $ | -- | $ | 26,802 | |
Nine Months Ended September 30, 2012 | Cinema Exhibition | Real Estate | Intersegment Eliminations | Total | |||||
Revenue | $ | 174,636 | $ | 20,324 | $ | -5,647 | $ | 189,313 | |
Operating expense | 147,117 | 8,479 | -5,647 | 149,949 | |||||
Depreciation and amortization | 8,349 | 3,331 | -- | 11,680 | |||||
General and administrative expense | 2,137 | 522 | -- | 2,659 | |||||
Segment operating income | $ | 17,033 | $ | 7,992 | $ | -- | $ | 25,025 | |
Reconciliation to net income attributable | 2013 Nine | 2012 Nine | |||||||
to Reading International, Inc. shareholders: | Months | Months | |||||||
Total segment operating income | $ | 26,802 | $ | 25,025 | |||||
Non-segment: | |||||||||
Depreciation and amortization expense | 333 | 336 | |||||||
General and administrative expense | 10,341 | 10,042 | |||||||
Operating income | 16,128 | 14,647 | |||||||
Interest expense, net | -8,124 | -13,608 | |||||||
Other income | 72 | 202 | |||||||
Gain (loss) on sale of assets | -7 | 84 | |||||||
Income tax expense | -3,140 | -1,784 | |||||||
Equity earnings of unconsolidated joint ventures and entities | 1,005 | 1,090 | |||||||
Loss from discontinued operations | -- | -121 | |||||||
Net income | $ | 5,934 | $ | 510 | |||||
Net income attributable to noncontrolling interests | -74 | -149 | |||||||
Net income attributable to Reading International, Inc. common shareholders | $ | 5,860 | $ | 361 | |||||
Operations_In_Foreign_Currency
Operations In Foreign Currency | 9 Months Ended | ||
Sep. 30, 2013 | |||
Operations In Foreign Currency [Abstract] | ' | ||
Operations In Foreign Currency | ' | ||
Note 4 – Operations in Foreign Currency | |||
We have significant assets in Australia and New Zealand. To the extent possible, we conduct our Australian and New Zealand operations on a self-funding basis. The carrying value of our Australian and New Zealand assets and liabilities fluctuate due to changes in the exchange rates between the U.S. dollar and the functional currency of Australia (Australian dollar) and New Zealand (New Zealand dollar). We have no derivative financial instruments to hedge against the risk of foreign currency exposure. | |||
Presented in the table below are the currency exchange rates for Australia and New Zealand as of September 30, 2013 and December 31, 2012: | |||
U.S. Dollar | |||
September 30, | 31-Dec-12 | ||
2013 | |||
Australian Dollar | 0.9342 | 1.0393 | |
New Zealand Dollar | 0.8323 | 0.8267 | |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Earnings (Loss) Per Share [Abstract] | ' | ||||||||
Earnings (Loss) Per Share | ' | ||||||||
Note 5 – Earnings (Loss) Per Share | |||||||||
Basic earnings (loss) per share is computed by dividing the net income (loss) attributable to Reading International, Inc. common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing the net income (loss) attributable to Reading International, Inc. common shareholders by the weighted average number of common shares outstanding during the period after giving effect to all potentially dilutive common shares that would have been outstanding if the dilutive common shares had been issued. Stock options and non-vested stock awards give rise to potentially dilutive common shares. In accordance with FASB ASC 260-10 - Earnings Per Share, these shares are included in the diluted earnings per share calculation under the treasury stock method. The following is a calculation of earnings (loss) per share (dollars in thousands, except share data): | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Net income (loss) from continuing operations | $ | 2,393 | $ | 604 | $ | 5,860 | $ | 482 | |
Income from discontinued operations | -- | -241 | -- | -121 | |||||
Net income (loss) attributable to Reading International, Inc. common shareholders | 2,393 | 363 | 5,860 | 361 | |||||
Basic earnings (loss) per common share attributable to Reading International, Inc. shareholders: | |||||||||
Earnings from continuing operations | $ | 0.10 | $ | 0.03 | $ | 0.25 | $ | 0.03 | |
Loss from discontinued operations, net | 0.00 | -0.01 | 0.00 | -0.01 | |||||
Basic earnings per share attributable to Reading International, Inc. shareholders | $ | 0.10 | $ | 0.02 | $ | 0.25 | $ | 0.02 | |
Diluted earnings (loss) per common share attributable to Reading International, Inc. shareholders: | |||||||||
Earnings from continuing operations | $ | 0.10 | $ | 0.03 | $ | 0.25 | $ | 0.03 | |
Loss from discontinued operations, net | 0.00 | -0.01 | 0.00 | -0.01 | |||||
Diluted earnings per share attributable to Reading International, Inc. shareholders | $ | 0.10 | $ | 0.02 | $ | 0.25 | $ | 0.02 | |
Weighted average shares of common stock – basic | 23,383,200 | 23,071,846 | 23,333,352 | 23,007,787 | |||||
Weighted average shares of common stock – diluted | 23,517,191 | 23,293,886 | 23,467,343 | 23,229,827 | |||||
For the three and nine months ended September 30, 2013, the weighted average common stock – diluted included 133,992 of common stock compensation and in-the-money incremental stock options and for the three and nine months ended September 30, 2012, the weighted average common stock – diluted included 222,040 of common stock compensation and in-the-money incremental stock options. In addition, 729,865 of out-of-the-money stock options were excluded from the computation of diluted earnings (loss) per share for the three and nine months ended September 30, 2013, and 682,827 of out-of-the-money stock options were excluded from the computation of diluted earnings (loss) per share for the three and nine months ended September 30, 2012. | |||||||||
Property_And_Equipment
Property And Equipment | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property And Equipment [Abstract] | ' | ||||||||
Property And Equipment | ' | ||||||||
Note 6 – Property and Equipment | |||||||||
Acquisitions | |||||||||
Coachella, California Land Acquisition | |||||||||
On January 10, 2012, Shadow View Land and Farming, LLC, a limited liability company owned by our Company, acquired a 202-acre property, zoned for the development of up to 843 single-family residential units, located in the City of Coachella, California. The property was acquired at a foreclosure auction for $5.5 million which currently has a net carrying value of $4.0 million. The property was acquired as a long-term investment in developable land. Half of the funds used to acquire the land were provided by Mr. James J. Cotter, our Chairman, Chief Executive Officer and controlling shareholder. Upon the approval of our Conflicts Committee, these funds were converted on January 18, 2012 into a 50% interest in Shadow View Land and Farming, LLC. We are the managing member of this company. | |||||||||
Disposals | |||||||||
Indooroopilly Sale | |||||||||
On November 20, 2012, we sold our Indooroopilly property for $12.4 million (AUS$12.0 million). This property’s operational results are included in income (loss) from discontinued operations on our Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2012. The condensed statement of operations for Indooroopilly is as follows (dollars in thousands): | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Revenue | $ | -- | $ | 210 | $ | -- | $ | 627 | |
Less: operating expense | -- | 168 | -- | 465 | |||||
Less: impairment expense | -- | 283 | -- | 283 | |||||
Income (loss) from discontinued operations, net of tax | $ | -- | $ | -241 | $ | -- | $ | -121 | |
Taringa Sale | |||||||||
On February 21, 2012, we sold our three properties in the Taringa area of Brisbane, Australia consisting of approximately 1.1 acres for $1.9 million (AUS$1.8 million). | |||||||||
Property Held for Sale – Moonee Ponds | |||||||||
In May 2013, we announced our intent to sell and began actively marketing our 3.3-acre Moonee Pond property in Australia. The current carrying value of this property on our books is $11.6 million (AUS$12.4 million) which has been classified as land held for sale on our September 30, 2013 condensed consolidated balance sheet. The operations of this property were not material and thus not separately presented as discontinued operations. On October 15, 2013, we entered into a definitive purchase and sale agreement to sell this property for a sale price of AUS$23.0 million payable in full on April 16, 2015. See Note 18 – Subsequent Events. | |||||||||
Operating Property | |||||||||
As of September 30, 2013 and December 31, 2012, property associated with our operating activities is summarized as follows (dollars in thousands): | |||||||||
Operating property | September 30, | 31-Dec-12 | |||||||
2013 | |||||||||
Land | $ | 66,753 | $ | 69,370 | |||||
Building and improvements | 127,088 | 136,225 | |||||||
Leasehold interests | 52,033 | 45,391 | |||||||
Fixtures and equipment | 105,858 | 108,169 | |||||||
Total cost | 351,732 | 359,155 | |||||||
Less: accumulated depreciation | -158,435 | -156,377 | |||||||
Operating property, net | $ | 193,297 | $ | 202,778 | |||||
Depreciation expense for property and equipment was $3.2 million and $10.4 million for the three and nine months ended September 30, 2013, respectively, and $3.6 million and $11.0 million for the three and nine months ended September 30, 2012, respectively. | |||||||||
Casualty Loss – Wellington, New Zealand Parking Structure | |||||||||
On July 21, 2013, Wellington, New Zealand experienced a strong earthquake that damaged our parking structure adjacent to our Courtenay Central shopping center. The parking structure has been closed pending repairs to the structure. We estimate the cost to repair the structure will be approximately $1.6 million (NZ$2.0 million) of which our earthquake insurance will cover approximately $944,000 (NZ$1.2 million) after our $710,000 (NZ$844,000) insurance deductable. For the three and nine months ended September 30, 2013, we recorded a casualty loss of $257,000 (NZ$315,000) based on the associated net book value of the property as an other income (expense) and a $944,000 (NZ$1.2 million) insurance receivable in our current receivables at September 30, 2013. Our reduction in operating income will also be offset somewhat by our business interruption insurance subject to the relevant deductible. | |||||||||
Investment and Development Property | |||||||||
As of September 30, 2013 and December 31, 2012, our investment and development property is summarized as follows (dollars in thousands): | |||||||||
Investment and Development Property | September 30, | 31-Dec-12 | |||||||
2013 | |||||||||
Land | $ | 61,983 | $ | 77,020 | |||||
Construction-in-progress (including capitalized interest) | 14,715 | 17,902 | |||||||
Investment and development property | $ | 76,698 | $ | 94,922 | |||||
At the beginning of 2010, we curtailed the development activities of our properties under development and are not currently capitalizing interest expense. As a result, we did not capitalize any interest during the three and nine months ended September 30, 2013 or 2012. | |||||||||
Investments_In_Unconsolidated_
Investments In Unconsolidated Joint Ventures And Entities | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Investments In Unconsolidated Joint Ventures And Entities [Abstract] | ' | ||||||||
Investments In Unconsolidated Joint Ventures and Entities | ' | ||||||||
Note 7 – Investments in Unconsolidated Joint Ventures and Entities | |||||||||
Our investments in unconsolidated joint ventures and entities are accounted for under the equity method of accounting except for Rialto Distribution, which is accounted for as a cost method investment, and, as of September 30, 2013 and December 31, 2012, included the following (dollars in thousands): | |||||||||
Interest | September 30, | 31-Dec-12 | |||||||
2013 | |||||||||
Rialto Distribution | 33.30% | $ | -- | $ | -- | ||||
Rialto Cinemas | 50.00% | 1,645 | 1,561 | ||||||
205-209 East 57th Street Associates, LLC | 25.00% | -- | 60 | ||||||
Mt. Gravatt | 33.30% | 5,438 | 6,094 | ||||||
Total investments | $ | 7,083 | $ | 7,715 | |||||
For the three and nine months ended September 30, 2013 and 2012, we recorded our share of equity earnings from our investments in unconsolidated joint ventures and entities as follows (dollars in thousands): | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Rialto Distribution | $ | 97 | $ | 24 | $ | 137 | $ | 137 | |
Rialto Cinemas | 3 | 27 | 71 | 84 | |||||
205-209 East 57th Street Associates, LLC | -- | -- | -1 | -- | |||||
Mt. Gravatt | 125 | 226 | 798 | 869 | |||||
Total equity earnings | $ | 225 | $ | 277 | $ | 1,005 | $ | 1,090 | |
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Goodwill And Intangible Assets [Abstract] | ' | ||||||||
Goodwill And Intangible Assets | ' | ||||||||
Note 8 – Goodwill and Intangible Assets | |||||||||
In accordance with FASB ASC 350-20-35, Goodwill - Subsequent Measurement and Impairment, we perform an annual impairment review in the fourth quarter of our goodwill and other intangible assets on a reporting unit basis, or earlier if changes in circumstances indicate an asset may be impaired. No such circumstances existed during the 2013 Quarter. As of September 30, 2013 and December 31, 2012, we had goodwill consisting of the following (dollars in thousands): | |||||||||
Cinema | Real Estate | Total | |||||||
Balance as of December 31, 2012 | $ | 17,674 | $ | 5,224 | $ | 22,898 | |||
Foreign currency translation adjustment | -431 | -- | -431 | ||||||
Balance at September 30, 2013 | $ | 17,243 | $ | 5,224 | $ | 22,467 | |||
We have intangible assets other than goodwill that are subject to amortization, which we amortize over various periods. We amortize our beneficial leases over the lease period, the longest of which is 30 years; our trade name using an accelerated amortization method over its estimated useful life of 45 years; and our other intangible assets over 10 years. For the three and nine months ended September 30, 2013, the amortization expense of intangibles totaled $620,000 and $1.7 million, respectively, and, for the three and nine months ended September 30, 2012, the amortization expense of intangibles totaled $638,000 and $1.8 million, respectively. The accumulated amortization of intangibles includes $777,000 and $817,000 of the amortization of acquired leases which are recorded in operating expense for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||
Intangible assets subject to amortization consist of the following (dollars in thousands): | |||||||||
As of September 30, 2013 | Beneficial Leases | Trade name | Other Intangible Assets | Total | |||||
Gross carrying amount | $ | 24,248 | $ | 7,254 | $ | 456 | $ | 31,958 | |
Less: Accumulated amortization | 14,132 | 3,402 | 456 | 17,990 | |||||
Total, net | $ | 10,116 | $ | 3,852 | $ | -- | $ | 13,968 | |
As of December 31, 2012 | Beneficial Leases | Trade name | Other Intangible Assets | Total | |||||
Gross carrying amount | $ | 24,284 | $ | 7,254 | $ | 458 | $ | 31,996 | |
Less: Accumulated amortization | 12,873 | 3,059 | 403 | 16,335 | |||||
Total, net | $ | 11,411 | $ | 4,195 | $ | 55 | $ | 15,661 | |
Prepaid_And_Other_Assets
Prepaid And Other Assets | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Prepaid And Other Assets [Abstract] | ' | ||||
Prepaid And Other Assets | ' | ||||
Note 9 – Prepaid and Other Assets | |||||
Prepaid and other assets are summarized as follows (dollars in thousands): | |||||
September 30, | 31-Dec-12 | ||||
2013 | |||||
Prepaid and other current assets | |||||
Prepaid expenses | $ | 1,290 | $ | 1,150 | |
Prepaid taxes | 889 | 855 | |||
Prepaid rent | 1,129 | 1,079 | |||
Deposits | 368 | 373 | |||
Other | 39 | 119 | |||
Total prepaid and other current assets | $ | 3,715 | $ | 3,576 | |
Other non-current assets | |||||
Other non-cinema and non-rental real estate assets | $ | 1,134 | $ | 1,134 | |
Long-term deposits | 161 | 212 | |||
Deferred financing costs, net | 2,041 | 2,230 | |||
Note receivable | -- | 2,000 | |||
Tenant inducement asset | 556 | 716 | |||
Straight-line rent asset | 2,504 | 2,775 | |||
Other | 1 | 2 | |||
Total non-current assets | $ | 6,397 | $ | 9,069 | |
Income_Tax
Income Tax | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Income Tax [Abstract] | ' | ||||||||
Income Tax | ' | ||||||||
Note 10 – Income Tax | |||||||||
The provision for income taxes is different from the amount computed by applying U.S. statutory rates to consolidated losses before taxes. The significant reason for these differences is as follows (dollars in thousands): | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Expected tax provision | $ | 1,090 | $ | 56 | $ | 3,139 | $ | 714 | |
Increase (decrease) in tax expense resulting from: | |||||||||
Change in valuation allowance, other | -1,099 | -757 | -3,033 | -920 | |||||
Foreign tax provision | 88 | 36 | 1,129 | 121 | |||||
Foreign withholding tax provision | 262 | 227 | 798 | 867 | |||||
Tax effect of foreign tax rates on current income | 9 | -- | -106 | -90 | |||||
State and local tax provision | 150 | 98 | 387 | 369 | |||||
Tax/audit litigation settlement | 251 | 240 | 826 | 723 | |||||
Actual tax provision | $ | 751 | $ | -100 | $ | 3,140 | $ | 1,784 | |
Pursuant to FASB ASC 740-10 – Income Taxes (“FASB ASC 740-10”), a provision should be made for the tax effect of earnings of foreign subsidiaries that are not permanently invested outside the United States. Our intent is that earnings of our foreign subsidiaries are not permanently invested outside the United States. Current earnings were available for distribution in the Reading Australia and Reading New Zealand consolidated group of subsidiaries as of September 30, 2013. We have provided $0.4 million in withholding tax expense in relation to those earnings. We believe the U.S. tax impact of a dividend from our Australian and New Zealand subsidiaries, net of loss carry forward and potential foreign tax credits, would not have a material effect on the tax provision as of September 30, 2013. | |||||||||
Deferred income taxes reflect the “temporary differences” between the financial statement carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, adjusted by the relevant tax rate. In accordance with FASB ASC 740-10, we record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax assets and liabilities, projected future taxable income, tax planning strategies, and recent financial performance. FASB ASC 740-10 presumes that a valuation allowance is required when there is substantial negative evidence about realization of deferred tax assets, such as a pattern of losses in recent years, coupled with facts that suggest such losses may continue. | |||||||||
We have accrued $21.7 million in total tax liabilities as of September 30, 2013, of which $13.7 million has been classified as taxes payable – current and $8.0 million have been classified as taxes payable – long-term. As part of current tax liabilities, we have accrued $3.5 million in connection with the negotiated Tax Court judgment, dated January 6, 2011, implementing our agreement with the IRS as to the final disposition of the 1996 tax litigation matter. We believe that the $21.7 million represents an adequate provision for our income and other tax exposures, including income tax contingencies related to foreign withholding taxes. | |||||||||
In accordance with FASB ASC 740-10-25 – Income Taxes - Uncertain Tax Positions (“FASB ASC 740-10-25”), we record interest and penalties related to income tax matters as part of income tax expense. | |||||||||
The following table is a summary of the activity related to unrecognized tax benefits, excluding interest and penalties, for the periods ending September 30, 2013 and December 31, 2012, and December 31, 2011 (dollars in thousands): | |||||||||
Nine Months Ended September 30, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||
Unrecognized tax benefits – gross beginning balance | $ | 2,171 | $ | 1,974 | $ | 8,058 | |||
Gross increases – prior period tax provisions | 193 | 197 | -- | ||||||
Gross increases – current period tax positions | -- | -- | 151 | ||||||
Settlements | -- | -- | -6,235 | ||||||
Unrecognized tax benefits – gross ending balance | $ | 2,364 | $ | 2,171 | $ | 1,974 | |||
For the three months ended September 30, 2013, we recorded a change of approximately $0.1 million to our gross unrecognized tax benefits. The net tax balance is approximately $2.4 million, of which $1.3 million would impact the effective rate if recognized. | |||||||||
It is difficult to predict the timing and resolution of uncertain tax positions. Based upon the Company’s assessment of many factors, including past experience and judgments about future events, we estimate that within the next 12 months the reserve for uncertain tax positions will increase within a range of $0.9 million to $1.8 million. The reasons for such changes include but are not limited to tax positions expected to be taken during the next twelve months, reevaluation of current uncertain tax positions, expiring statutes of limitations, and interest related to the “Tax Audit/Litigation” settlement which occurred January 6, 2011. | |||||||||
Our company and subsidiaries are subject to U.S. federal income tax, income tax in U.S. states and possessions, and income tax in Australia and New Zealand. Generally, changes to our U.S. federal and most state income tax returns for the calendar year 2008 and earlier are barred by statutes of limitations. Our income tax returns of Australia filed since inception in 1995 are generally open for examination because of operating losses. The income tax returns filed in New Zealand for calendar year 2009 and afterward generally remain open for examination as of September 30, 2013. | |||||||||
Notes_Payable
Notes Payable | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Notes Payable [Abstract] | ' | |||||||
Notes Payable | ' | |||||||
Note 11 – Notes Payable | ||||||||
Notes payable are summarized as follows (dollars in thousands): | ||||||||
Name of Note Payable or Security | September 30, | December 31, 2012 Interest Rates | Maturity Date | September 30, | December 31, 2012 Balance | |||
2013 Interest Rates | 2013 Balance | |||||||
Trust Preferred Securities | 4.27% | 4.31% | 30-Apr-27 | $ | 27,914 | $ | 27,913 | |
Australian NAB Corporate Term Loan | 5.04% | 5.82% | 30-Jun-14 | 61,424 | 75,349 | |||
Australian NAB Corporate Revolver | 5.04% | 5.82% | 30-Jun-14 | -- | -- | |||
Australian Shopping Center Loans | -- | -- | 2013-2014 | 140 | 208 | |||
New Zealand Corporate Credit Facility | 4.70% | 4.70% | 31-Mar-15 | 23,304 | 23,148 | |||
US Bank of America Revolver | 3.02% | 3.26% | 31-Oct-17 | 32,375 | 30,000 | |||
US Bank of America Line of Credit | 3.02% | 3.21% | 31-Oct-17 | -- | 2,007 | |||
US Cinema 1, 2, 3 Term Loan | 5.21% | 5.24% | 27-Jun-14 | 15,000 | 15,000 | |||
US Liberty Theaters Term Loan | -- | 6.20% | 1-Apr-13 | -- | 6,429 | |||
US Minetta & Orpheum Theatres Loan | 2.93% | -- | 1-Jun-18 | 7,500 | -- | |||
US Nationwide Loan 1 | -- | 8.50% | 21-Feb-13 | -- | 593 | |||
US Sutton Hill Capital Note – Related Party | -- | 8.25% | 18-Jun-13 | -- | 9,000 | |||
US Union Square Theatre Term Loan | 5.92% | 5.92% | 1-May-15 | 6,775 | 6,950 | |||
Total | $ | 174,432 | $ | 196,597 | ||||
Derivative Instruments | ||||||||
As indicated in Note 17 – Derivative Instruments, for both our Australian NAB Corporate Credit Facility (“NAB Loan”) and our U.S. Bank of America Revolver (“BofA Revolver”), we have entered into interest rate swap agreements for all or part of these facilities. The loan agreement together with the swap results in us paying a total fixed interest rate of 7.90% (5.50% swap contract rate plus a 2.40% margin under the loan) for our NAB Loan and a total fixed interest rate of 4.19% (1.44% swap contract rate plus a 2.75% margin under the loan) for our BofA Revolver instead of the above indicated 5.04% and 3.02%, respectively, which are the obligatorily disclosed loan rates. Additionally, on June 3, 2013, we entered into a new swap agreement for our BofA Revolver which will take effect on December 31, 2014 (see Note 17 – Derivative Instruments). | ||||||||
Notes Payable Refinancing and Payoff | ||||||||
US Bank of America Line of Credit | ||||||||
On June 28, 2013, we repaid the entire $2.0 million outstanding balance on our $5.0 million Bank of America line of credit. | ||||||||
US Sutton Hill Capital Note – Related Party | ||||||||
On June 18, 2013, we repaid our 8.25% note to Sutton Hill Capital (“SHC”) for $9.0 million. As the debtor on this note was Sutton Hill Properties, LLC, in which we have a 75% interest, the note was, in effect, paid $6.75 million by us and $2.25 million by our co-investor. | ||||||||
US Minetta and Orpheum Theatres Loan | ||||||||
On May 29, 2013, we refinanced our Liberty Theaters loan with a $7.5 million loan securitized by our Minetta and Orpheum theatres, having a maturity date of June 1, 2018, and bearing an interest rate of LIBOR plus a 2.75% margin with a LIBOR rate cap of 4.00% plus the 2.75% margin. See Note 16 – Derivative Instruments. | ||||||||
US Bank of America Revolver | ||||||||
On March 25, 2013, Bank of America extended the borrowing limit on our BofA Revolver from $30.0 million to $35.0 million and we borrowed $5.0 million on this revolver. On April 1, 2013, we used $2.3 million of the revolver proceeds to partially repay our US Liberty Theaters Term Loan. | ||||||||
US Cinema 1, 2, 3 Term Loan | ||||||||
On March 20, 2013, pursuant to the loan agreement, we extended the term of our US Cinema 1, 2, 3 Term Loan by one year to June 28, 2014 for a renewal fee of $150,000. | ||||||||
Other_Liabilities
Other Liabilities | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Other Liabilities [Abstract] | ' | ||||
Other Liabilities | ' | ||||
Note 12 – Other Liabilities | |||||
Other liabilities are summarized as follows (dollars in thousands): | |||||
September 30, | 31-Dec-12 | ||||
2013 | |||||
Current liabilities | |||||
Lease liability | $ | 5,900 | $ | 5,855 | |
Security deposit payable | 246 | 174 | |||
Other | 36 | 3 | |||
Other current liabilities | $ | 6,182 | $ | 6,032 | |
Other liabilities | |||||
Foreign withholding taxes | $ | 6,681 | $ | 6,480 | |
Straight-line rent liability | 9,248 | 8,893 | |||
Environmental reserve | 1,656 | 1,656 | |||
Accrued pension | 7,207 | 6,976 | |||
Interest rate swap | 4,223 | 5,855 | |||
Acquired leases | 1,603 | 2,078 | |||
Other payable | 888 | 1,191 | |||
Other | 567 | 630 | |||
Other liabilities | $ | 32,073 | $ | 33,759 | |
Included in our other liabilities are accrued pension costs of $7.2 million at September 30, 2013. The benefits of our pension plans are fully vested, and, as such, no service costs were recognized for the three or nine months ended September 30, 2013 and 2012. Our pension plans are unfunded; therefore, the actuarial assumptions do not include an estimate for any expected return on the plan assets. For the three and nine months ended September 30, 2013, we recognized $66,000 and $231,000, respectively, of interest cost and $166,000 and $496,000, respectively, of amortized prior service cost. For the three and nine months ended September 30, 2012, we recognized $87,000 and $264,000, respectively, of interest cost and $76,000 and $228,000, respectively, of amortized prior service cost. | |||||
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
Note 13 – Commitments and Contingencies | |
Unconsolidated Debt | |
Total debt of unconsolidated joint ventures and entities was $666,000 and $703,000 as of September 30, 2013 and December 31, 2012. Our share of unconsolidated debt, based on our ownership percentage, was $222,000 and $234,000 as of September 30, 2013 and December 31, 2012. This debt is guaranteed by one of our subsidiaries to the extent of our ownership percentage. | |
Digital Projection | |
We financed a $15.5 million purchase of digital projection equipment with an operating lease for our U.S. cinema circuit during 2012. For our Australia and New Zealand circuits, we are in the process of installing similar digital projection equipment for a cost of approximately $9.0 million and $2.8 million, respectively, using our cash on hand. | |
Noncontrolling_Interests
Noncontrolling Interests | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Noncontrolling Interests [Abstract] | ' | ||||||||
Noncontrolling Interests | ' | ||||||||
Note 14 – Noncontrolling interests | |||||||||
The components of noncontrolling interests are as follows (dollars in thousands): | |||||||||
September 30, | 31-Dec-12 | ||||||||
2013 | |||||||||
AFC LLC | $ | -- | $ | 1,737 | |||||
Australian Country Cinemas | 524 | 601 | |||||||
Shadow View Land and Farming LLC | 1,874 | 1,912 | |||||||
Sutton Hill Properties ("SHP") | 2,203 | -152 | |||||||
Noncontrolling interests in consolidated subsidiaries | $ | 4,601 | $ | 4,098 | |||||
The components of income attributable to noncontrolling interests are as follows (dollars in thousands): | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
AFC LLC | $ | -- | $ | 174 | $ | 173 | $ | 467 | |
Australian Country Cinemas | 49 | -1 | 97 | 71 | |||||
Shadow View Land and Farming LLC | -24 | -56 | -38 | -111 | |||||
Sutton Hill Properties | 13 | -84 | -158 | -278 | |||||
Net income (loss) attributable to noncontrolling interest | $ | 38 | $ | 33 | $ | 74 | $ | 149 | |
Summary of Controlling and Noncontrolling Stockholders’ Equity | |||||||||
A summary of the changes in controlling and noncontrolling stockholders’ equity is as follows (dollars in thousands): | |||||||||
Controlling Stockholders’ Equity | Noncontrolling Stockholders’ Equity | Total Stockholders’ Equity | |||||||
Equity at – January 1, 2013 | $ | 126,856 | $ | 4,098 | $ | 130,954 | |||
Net income | 5,860 | 74 | 5,934 | ||||||
Increase in additional paid in capital | 297 | 76 | 373 | ||||||
Contributions from noncontrolling stockholders - SHP | -- | 2,513 | 2,513 | ||||||
Distributions to noncontrolling stockholders | -- | -2,103 | -2,103 | ||||||
Accumulated other comprehensive loss | -12,488 | -57 | -12,545 | ||||||
Equity at – September 30, 2013 | $ | 120,525 | $ | 4,601 | $ | 125,126 | |||
Controlling Stockholders’ Equity | Noncontrolling Stockholders’ Equity | Total Stockholders’ Equity | |||||||
Equity at – January 1, 2012 | $ | 123,752 | $ | 1,235 | $ | 124,987 | |||
Net income | 361 | 149 | 510 | ||||||
Increase in additional paid in capital | 548 | -- | 548 | ||||||
Contributions from noncontrolling stockholders | -- | 3,350 | 3,350 | ||||||
Accumulated other comprehensive income | 4,695 | 5 | 4,700 | ||||||
Equity at – September 30, 2012 | $ | 129,356 | $ | 4,739 | $ | 134,095 | |||
AFC LLC Acquisition of Noncontrolling Interest | |||||||||
On June 28, 2013, we acquired the interest in AFC LLC that we did not already own in consideration of the release of certain claims we held against the owner of that interest under a guaranty agreement. The removal of the AFC LLC noncontrolling interest balance of $76,000 was reflected as a change in our additional paid in capital pursuant to FASB ASC 810-10-45. | |||||||||
Common_Stock
Common Stock | 9 Months Ended |
Sep. 30, 2013 | |
Common Stock [Abstract] | ' |
Common Stock | ' |
Note 15 – Common Stock | |
Common Stock Issuance | |
During the nine months ended September 30, 2013 and 2012, we issued 217,890 and 155,925, respectively, of Class A Nonvoting shares to an executive employee associated with his prior years’ stock grants. | |
62,500 options were exercised during the nine months ended September 30, 2013 having an intrinsic value of $132,000 for which we received $249,000 of cash. Additionally, 75,000 options were exercised during the nine months ended September 30, 2013 having an intrinsic value of $124,000 for which we did not receive any cash but the employee elected to exchange 53,136 personally owned shares of the company at a market price of $5.66 per share for the 75,000 shares based on an exercise price of $4.01 for the related options. 95,000 options were exercised during the nine months ended September 30, 2012 having an intrinsic value of $136,000 for which we received $308,000 of cash. Additionally, 41,000 options were exercised during the nine months ended September 30, 2012 having a realized value of $103,000 for which we did not receive any cash but the consultant elected to receive the net incremental number of in-the-money shares of 15,822 based on an exercise price of $4.01 and a market price of $6.53. | |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Derivative Instruments [Abstract] | ' | ||||||||
Derivative Instruments | ' | ||||||||
Note 16 – Derivative Instruments | |||||||||
As more fully described in our 2012 Annual Report, we are exposed to interest rate changes from our outstanding floating rate borrowings. We manage our fixed to floating rate debt mix to mitigate the impact of adverse changes in interest rates on earnings and cash flows and on the market value of our borrowings. From time to time, we may enter into interest rate hedging contracts, which effectively convert a portion of our variable rate debt to a fixed rate over the term of interest rate swaps or fix the maximum variable rate with an interest rate cap. For an explanation of the impact of swaps on our interest paid for the periods presented, see Note 11 – Notes Payable. | |||||||||
As part of our new US Minetta and Orpheum Theatres Loan, we entered into a five year LIBOR rate cap of 4.00% with a loan margin of 2.75%. See Note 11 – Notes Payable. Additionally, on June 3, 2013, we entered into a new swap agreement for our BofA Revolver which will take effect on December 31, 2014 with a pay fixed rate of 1.15% and an expiration date of October 31, 2017. | |||||||||
The following table sets forth the terms of our interest rate swap and cap derivative instruments at September 30, 2013: | |||||||||
Type of Instrument | Notional Amount | Pay Fixed Rate | Receive Variable Rate | Maturity Date | |||||
Interest rate swap | $ | 24,874,000 | 1.44% | 0.25% | 31-Dec-13 | ||||
Interest rate swap | $ | 67,029,000 | 5.50% | 2.64% | 30-Jun-16 | ||||
Interest rate cap | $ | 7,500,000 | 4.00% | n/a | 1-Jun-18 | ||||
In accordance with FASB ASC 815-10-35, Subsequent Valuation of Derivative Instruments and Hedging Instruments (“FASB ASC 815-10-35”), we marked our interest rate swap and cap instruments to market on the consolidated balance sheet resulting in an decrease in interest expense of $209,000 and $1.6 million during the three and nine months ended September 30, 2013, respectively, and an increase of $351,000 and $1.8 million in interest expense during the three and nine months ended September 30, 2012, respectively. At September 30, 2013 and December 31, 2012, we recorded as other long-term liabilities the fair market value of our interest rate swaps and cap of $4.2 million and $5.9 million, respectively. In accordance with FASB ASC 815-10-35, we have not designated any of our current interest rate swap or cap positions as financial reporting hedges. | |||||||||
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Fair Value Of Financial Instruments [Abstract] | ' | ||||||||||
Fair Value Of Financial Instruments | ' | ||||||||||
Note 17 – Fair Value of Financial Instruments | |||||||||||
FASB ASC 820-10, Fair Value Measurement (“FASB ASC 820-10”) establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The statement requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: | |||||||||||
· | Level 1: Quoted market prices in active markets for identical assets or liabilities. | ||||||||||
· | Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. | ||||||||||
· | Level 3: Unobservable inputs that are not corroborated by market data. | ||||||||||
We used the following methods and assumptions to estimate the fair values of the assets and liabilities: | |||||||||||
Level 1 Fair Value Measurements – are based on market quotes of our marketable securities. | |||||||||||
Level 2 Fair Value Measurements – Interest Rate Swaps and Caps – The fair value of interest rate swap and cap instruments are estimated based on market data and quotes from counter parties to the agreements which are corroborated by market data. | |||||||||||
Level 3 Fair Value Measurements – Impaired Property – For assets measured on a non-recurring basis, such as real estate assets that are required to be recorded at fair value as a result of an impairment, our estimates of fair value are based on management’s best estimate derived from evaluating market sales data for comparable properties developed by a third party appraiser and arriving at management’s estimate of fair value based on such comparable data primarily based on properties with similar characteristics. | |||||||||||
As of September 30, 2013 and December 31, 2012, we held certain items that are required to be measured at fair value on a recurring basis. These included available for sale securities and interest rate derivative contracts. Our available-for-sale securities primarily consist of investments associated with the ownership of marketable securities in New Zealand and the U.S. Derivative instruments are related to our economic hedge of interest rates. | |||||||||||
The fair values of the interest rate swap and cap agreements are determined using the market standard methodology of discounting the future cash payments and cash receipts on the pay and receive legs of the interest swap agreements that have the net effect of swapping the estimated variable rate note payment stream for a fixed rate payment stream over the period of the swap. The variable interest rates used in the calculation of projected receipts on the interest rate swap agreements are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. To comply with the provisions of FASB ASC 820-10, we incorporate credit valuation adjustments to reflect both our own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by our counterparties and us. However, as of September 30, 2013 and December 31, 2012, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation and determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The nature of our interest rate swap and cap derivative instruments is described in Note 16 – Derivative Instruments. | |||||||||||
We have consistently applied these valuation techniques in all periods presented and believe we have obtained the most accurate information available for the types of derivative contracts we hold. Additionally, there were no transfers of assets and liabilities between levels 1, 2, or 3 during the nine months ended September 30, 2013. | |||||||||||
We measure and record the following assets and liabilities at fair value on a recurring basis subject to the disclosure requirements of FASB ASC 820-10 (dollars in thousands): | |||||||||||
Book Value | Fair Value | ||||||||||
Financial Instrument | Level | September 30, | 31-Dec-12 | September 30, | 31-Dec-12 | ||||||
2013 | 2013 | ||||||||||
Investment in marketable securities | 1 | $ | 57 | $ | 55 | $ | 57 | $ | 55 | ||
Interest rate swaps and cap liability | 2 | $ | 4,223 | $ | 5,855 | $ | 4,223 | $ | 5,855 | ||
We measure the following liabilities at fair value on a recurring basis subject to the disclosure requirements of FASB ASC 820-10 (dollars in thousands): | |||||||||||
Book Value | Fair Value | ||||||||||
Financial Instrument | Level | September 30, | 31-Dec-12 | September 30, | 31-Dec-12 | ||||||
2013 | 2013 | ||||||||||
Notes payable | 3 | $ | 146,519 | $ | 159,684 | $ | 130,767 | $ | 154,795 | ||
Notes payable to related party | N/A | $ | -- | $ | 9,000 | $ | -- | $ | N/A | ||
Subordinated debt | 3 | $ | 27,913 | $ | 27,913 | $ | 11,367 | $ | 12,268 | ||
The fair value of notes payable to related party cannot be determined due to the related party nature of the terms of the notes payable. | |||||||||||
We estimated the fair value of our secured mortgage notes payable, unsecured notes payable, trust preferred securities, and other debt instruments by performing discounted cash flow analyses using an appropriate market discount rate. We calculated the market discount rate by obtaining period-end treasury rates for fixed-rate debt, or LIBOR rates for variable-rate debt, for maturities that correspond to the maturities of our debt, adding appropriate credit spreads derived from information obtained from third-party financial institutions. These credit spreads take into account factors such as our credit standing, the maturity of the debt, whether the debt is secured or unsecured, and the loan-to-value ratios of the debt. | |||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 18 - Subsequent Events | |
Moonee Ponds Sale Agreement | |
On October 15, 2013, we entered into a definitive purchase and sale agreement with Moonee Ponds Pty Ltd, an affiliate of Leighton Properties Pty Ltd, for the sale of our properties located in Moonee Ponds, Victoria, Australia. The agreement calls for a sale price of AUS$23.0 million payable in full on April 16, 2015. Leighton Properties Pty Ltd. has guaranteed the purchaser’s performance. Our attorney has received from the purchaser bank guaranties and checks to the value of AUS$2.3 million representing the agreed upon 10% deposit. These amounts will be held by our attorney and released to us upon settlement on April 16, 2015. The contract is subject to approval by the Australian Foreign Investment Review Board. While no assurances can be given, this approval process is currently not anticipated to take longer than thirty business days to complete from the agreement date. Prior to settlement, Reading retains title to the properties, is responsible for their costs (including taxes and utilities), and is entitled to receive all of their revenues (the properties are currently used as a parking lot). The properties comprise approximately 3.3 acres and are carried on our books at $11.6 million (AUS$12.4 million) at September 30, 2013. | |
Basis_Of_Presentation_Policy
Basis Of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Basis Of Presentation [Abstract] | ' |
Expiring Debt And Liquidity Requirements | ' |
Expiring Debt and Liquidity Requirements | |
Expiring Long-Term Debt | |
As indicated in our 2012 Annual Report, the term of our Australian NAB Corporate Term Loan matures on June 30, 2014. Accordingly, the outstanding balance of this debt of $61.4 million (AUS$65.8 million) is classified as current on our September 30, 2013 balance sheet. The Australian NAB Corporate Term Loan is secured by the majority of our theater and entertainment-themed retail center (“ETRC”) properties in Australia. | |
Additionally, the term of our US Cinema 1, 2, 3 Term Loan matures on June 27, 2014. Accordingly, the outstanding balance of this debt of $15.0 million is classified as current on our September 30, 2013 balance sheet. | |
We are currently in the process of renegotiating these loans with our current lenders while also seeking possible replacement loans with other lenders. While no assurances can be given that we will be successful, we currently anticipate that these loans will either be extended or replaced prior to their maturities. | |
Liberty Theatre Term Loans | |
On May 29, 2013, we replaced our Liberty Theater Term Loan with a loan securitized by our Orpheum and Minetta Lane theaters with a note balance of $7.5 million. For more details on this new loan, see Note 11 – Notes Payable. | |
Tax Settlement Liability | |
As indicated in our 2012 Annual Report, in accordance with the agreement between the U.S. Internal Revenue Service and our subsidiary, Craig Corporation, it is obligated to pay $290,000 per month, $3.5 million per year, in settlement of its tax liability for the tax year ended June 30, 1997. | |
For the abovementioned liabilities, we believe that we have the required liquidity to meet the obligations either through the extension or replacement of maturing debt or the generation of cash from our operating activities. Together with our $37.8 million of cash and cash equivalents, we expect to meet our anticipated short-term working capital requirements for the next twelve months. | |
Marketable Securities | ' |
Marketable Securities | |
We had investments in marketable securities of $57,000 and $55,000 at September 30, 2013 and December 31, 2012, respectively. We account for these investments as available for sale investments. We assess our investment in marketable securities for other-than-temporary impairments in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 320-10 for each applicable reporting period. These investments have a cumulative gain of $11,000 included in accumulated other comprehensive income at September 30, 2013. For the three and nine months ended September 30, 2013, our net unrealized gain (loss) on marketable securities was ($2,000) and $2,000, respectively. For the three and nine months ended September 30, 2012, our net unrealized gain (loss) on marketable securities was $3,000 and ($4,000), respectively. During the nine months ended September 30, 2012, we sold $3.0 million of our marketable securities with a realized gain of $109,000. During the nine months ended September 30, 2013, we did not buy or sell any marketable securities. | |
Deferred Leasing Costs | ' |
Deferred Leasing Costs | |
We amortize direct costs incurred in connection with obtaining tenants for our properties over the respective term of the lease on a straight-line basis. | |
Deferred Financing Costs | ' |
Deferred Financing Costs | |
We amortize direct costs incurred in connection with obtaining financing over the term of the loan using the effective interest method, or the straight-line method, if the result is not materially different. In addition, interest on loans with increasing interest rates and scheduled principal pre-payments, is also recognized using the effective interest method. | |
Accounting Pronouncements Adopted During 2013 | ' |
Accounting Pronouncements Adopted During 2013 | |
No new pronouncements were adopted during the nine months ended September 30, 2013. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists ("ASU 2013-11"). ASU 2013-11 is effective for the first interim or annual period beginning on or after December 15, 2013 with early adoption permitted. ASU 2013-11 amends ASC Topic 740, Income Taxes, to provide guidance and reduce diversity in practice on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. We do not believe that the application of this standard will impact our company. | |
Equity_And_StockBased_Compensa1
Equity And Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Equity And Stock-Based Compensation [Abstract] | ' | ||||||||||||
Schedule Of Fair Value Of Options, Weighted Average Assumptions | ' | ||||||||||||
2013 | 2012 | ||||||||||||
Stock option exercise price | $5.89 | $5.56 | |||||||||||
Risk-free interest rate | 2.26% | 1.63% | |||||||||||
Expected dividend yield | -- | -- | |||||||||||
Expected option life in years | 5 | 10 | |||||||||||
Expected volatility | 31.89% | 32.12% | |||||||||||
Weighted average fair value | $1.89 | $5.56 | |||||||||||
Schedule Of Stock Options Outstanding And Exercisable | ' | ||||||||||||
Weighted | Weighted Average | ||||||||||||
Common Stock | Average Exercise | Common Stock | Price of | ||||||||||
Options | Price of Options | Exercisable | Exercisable | ||||||||||
Outstanding | Outstanding | Options | Options | ||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | ||||||
Outstanding - January 1, 2012 | 622,350 | 185,100 | $ | 5.65 | $ | 9.90 | 544,383 | 167,550 | $ | 5.86 | $ | 10.05 | |
Granted | 206,000 | -- | $ | 5.94 | $ | -- | |||||||
Exercised | -136,000 | -- | $ | 4.68 | $ | -- | |||||||
Expired | -20,000 | -- | $ | 3.75 | $ | -- | |||||||
Outstanding - December 31, 2012 | 672,350 | 185,100 | $ | 6.24 | $ | 9.90 | 546,350 | 185,100 | $ | 6.26 | $ | 9.90 | |
Granted | 50,000 | -- | $ | 5.89 | $ | -- | |||||||
Exercised | -137,500 | -- | $ | 4.00 | $ | -- | |||||||
Outstanding - September 30, 2013 | 584,850 | 185,100 | $ | 6.73 | $ | 9.90 | 458,850 | 185,100 | $ | 6.89 | $ | 9.90 | |
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Business Segments [Abstract] | ' | ||||||||
Quarterly Results Of Operations For Each Of Our Principal Business Segments | ' | ||||||||
Three Months Ended September 30, 2013 | Cinema Exhibition | Real Estate | Intersegment Eliminations | Total | |||||
Revenue | $ | 61,228 | $ | 6,157 | $ | -1,913 | $ | 65,472 | |
Operating expense | 50,655 | 2,716 | -1,913 | 51,458 | |||||
Depreciation and amortization | 2,540 | 951 | -- | 3,491 | |||||
General and administrative expense | 891 | 185 | -- | 1,076 | |||||
Segment operating income | $ | 7,142 | $ | 2,305 | $ | -- | $ | 9,447 | |
Three Months Ended September 30, 2012 | Cinema Exhibition | Real Estate | Intersegment Eliminations | Total | |||||
Revenue | $ | 59,246 | $ | 6,570 | $ | -1,882 | $ | 63,934 | |
Operating expense | 50,554 | 3,153 | -1,882 | 51,825 | |||||
Depreciation and amortization | 2,786 | 1,108 | -- | 3,894 | |||||
General and administrative expense | 653 | 197 | -- | 850 | |||||
Segment operating income | $ | 5,253 | $ | 2,112 | $ | -- | $ | 7,365 | |
Year To Date Results Of Operations For Each Of Our Principal Business Segments | ' | ||||||||
Nine Months Ended September 30, 2013 | Cinema Exhibition | Real Estate | Intersegment Eliminations | Total | |||||
Revenue | $ | 180,657 | $ | 19,764 | $ | -5,740 | $ | 194,681 | |
Operating expense | 151,612 | 8,115 | -5,740 | 153,987 | |||||
Depreciation and amortization | 7,824 | 3,086 | -- | 10,910 | |||||
General and administrative expense | 2,463 | 519 | -- | 2,982 | |||||
Segment operating income | $ | 18,758 | $ | 8,044 | $ | -- | $ | 26,802 | |
Nine Months Ended September 30, 2012 | Cinema Exhibition | Real Estate | Intersegment Eliminations | Total | |||||
Revenue | $ | 174,636 | $ | 20,324 | $ | -5,647 | $ | 189,313 | |
Operating expense | 147,117 | 8,479 | -5,647 | 149,949 | |||||
Depreciation and amortization | 8,349 | 3,331 | -- | 11,680 | |||||
General and administrative expense | 2,137 | 522 | -- | 2,659 | |||||
Segment operating income | $ | 17,033 | $ | 7,992 | $ | -- | $ | 25,025 | |
Quarterly Recociliation To Net Income Attributable To Common Shareholders | ' | ||||||||
Reconciliation to net income attributable to Reading International, Inc. shareholders: | 2013 Quarter | 2012 Quarter | |||||||
Total segment operating income | $ | 9,447 | $ | 7,365 | |||||
Non-segment: | |||||||||
Depreciation and amortization expense | 111 | 101 | |||||||
General and administrative expense | 3,510 | 3,107 | |||||||
Operating income | 5,826 | 4,157 | |||||||
Interest expense, net | -2,814 | -4,165 | |||||||
Other income (expense) | -55 | 182 | |||||||
Gain on sale of assets | -- | 86 | |||||||
Income tax benefit (expense) | -751 | 100 | |||||||
Equity earnings of unconsolidated joint ventures and entities | 225 | 277 | |||||||
Loss from discontinued operations | -- | -241 | |||||||
Net income | $ | 2,431 | $ | 396 | |||||
Net income attributable to noncontrolling interests | -38 | -33 | |||||||
Net income attributable to Reading International, Inc. common shareholders | $ | 2,393 | $ | 363 | |||||
Year To Date Reconciliation To Net Income Attributable To Common Shareholders | ' | ||||||||
Reconciliation to net income attributable | 2013 Nine | 2012 Nine | |||||||
to Reading International, Inc. shareholders: | Months | Months | |||||||
Total segment operating income | $ | 26,802 | $ | 25,025 | |||||
Non-segment: | |||||||||
Depreciation and amortization expense | 333 | 336 | |||||||
General and administrative expense | 10,341 | 10,042 | |||||||
Operating income | 16,128 | 14,647 | |||||||
Interest expense, net | -8,124 | -13,608 | |||||||
Other income | 72 | 202 | |||||||
Gain (loss) on sale of assets | -7 | 84 | |||||||
Income tax expense | -3,140 | -1,784 | |||||||
Equity earnings of unconsolidated joint ventures and entities | 1,005 | 1,090 | |||||||
Loss from discontinued operations | -- | -121 | |||||||
Net income | $ | 5,934 | $ | 510 | |||||
Net income attributable to noncontrolling interests | -74 | -149 | |||||||
Net income attributable to Reading International, Inc. common shareholders | $ | 5,860 | $ | 361 | |||||
Operations_In_Foreign_Currency1
Operations In Foreign Currency (Tables) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Operations In Foreign Currency [Abstract] | ' | ||
Summary Of Currency Exchange Rates | ' | ||
U.S. Dollar | |||
September 30, | 31-Dec-12 | ||
2013 | |||
Australian Dollar | 0.9342 | 1.0393 | |
New Zealand Dollar | 0.8323 | 0.8267 | |
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Earnings (Loss) Per Share [Abstract] | ' | ||||||||
Calculation Of Earnings (Loss) Per Share | ' | ||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Net income (loss) from continuing operations | $ | 2,393 | $ | 604 | $ | 5,860 | $ | 482 | |
Income from discontinued operations | -- | -241 | -- | -121 | |||||
Net income (loss) attributable to Reading International, Inc. common shareholders | 2,393 | 363 | 5,860 | 361 | |||||
Basic earnings (loss) per common share attributable to Reading International, Inc. shareholders: | |||||||||
Earnings from continuing operations | $ | 0.10 | $ | 0.03 | $ | 0.25 | $ | 0.03 | |
Loss from discontinued operations, net | 0.00 | -0.01 | 0.00 | -0.01 | |||||
Basic earnings per share attributable to Reading International, Inc. shareholders | $ | 0.10 | $ | 0.02 | $ | 0.25 | $ | 0.02 | |
Diluted earnings (loss) per common share attributable to Reading International, Inc. shareholders: | |||||||||
Earnings from continuing operations | $ | 0.10 | $ | 0.03 | $ | 0.25 | $ | 0.03 | |
Loss from discontinued operations, net | 0.00 | -0.01 | 0.00 | -0.01 | |||||
Diluted earnings per share attributable to Reading International, Inc. shareholders | $ | 0.10 | $ | 0.02 | $ | 0.25 | $ | 0.02 | |
Weighted average shares of common stock – basic | 23,383,200 | 23,071,846 | 23,333,352 | 23,007,787 | |||||
Weighted average shares of common stock – diluted | 23,517,191 | 23,293,886 | 23,467,343 | 23,229,827 | |||||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property And Equipment [Abstract] | ' | ||||||||
Summary Of Results Of Operations Of Discontinued Operations | ' | ||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Revenue | $ | -- | $ | 210 | $ | -- | $ | 627 | |
Less: operating expense | -- | 168 | -- | 465 | |||||
Less: impairment expense | -- | 283 | -- | 283 | |||||
Income (loss) from discontinued operations, net of tax | $ | -- | $ | -241 | $ | -- | $ | -121 | |
Schedule Of Property And Equipment | ' | ||||||||
Operating property | September 30, | 31-Dec-12 | |||||||
2013 | |||||||||
Land | $ | 66,753 | $ | 69,370 | |||||
Building and improvements | 127,088 | 136,225 | |||||||
Leasehold interests | 52,033 | 45,391 | |||||||
Fixtures and equipment | 105,858 | 108,169 | |||||||
Total cost | 351,732 | 359,155 | |||||||
Less: accumulated depreciation | -158,435 | -156,377 | |||||||
Operating property, net | $ | 193,297 | $ | 202,778 | |||||
Summary Of Investment And Development Property | ' | ||||||||
Investment and Development Property | September 30, | 31-Dec-12 | |||||||
2013 | |||||||||
Land | $ | 61,983 | $ | 77,020 | |||||
Construction-in-progress (including capitalized interest) | 14,715 | 17,902 | |||||||
Investment and development property | $ | 76,698 | $ | 94,922 | |||||
Investments_In_Unconsolidated_1
Investments In Unconsolidated Joint Ventures And Entities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Investments In Unconsolidated Joint Ventures And Entities [Abstract] | ' | ||||||||
Summary Of The Investments In Unconsolidated Joint Ventures And Entities | ' | ||||||||
Interest | September 30, | 31-Dec-12 | |||||||
2013 | |||||||||
Rialto Distribution | 33.30% | $ | -- | $ | -- | ||||
Rialto Cinemas | 50.00% | 1,645 | 1,561 | ||||||
205-209 East 57th Street Associates, LLC | 25.00% | -- | 60 | ||||||
Mt. Gravatt | 33.30% | 5,438 | 6,094 | ||||||
Total investments | $ | 7,083 | $ | 7,715 | |||||
Summary Of Equity Earnings (Loss) From Investments In Unconsolidated Joint Ventures And Entities | ' | ||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Rialto Distribution | $ | 97 | $ | 24 | $ | 137 | $ | 137 | |
Rialto Cinemas | 3 | 27 | 71 | 84 | |||||
205-209 East 57th Street Associates, LLC | -- | -- | -1 | -- | |||||
Mt. Gravatt | 125 | 226 | 798 | 869 | |||||
Total equity earnings | $ | 225 | $ | 277 | $ | 1,005 | $ | 1,090 | |
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Goodwill And Intangible Assets [Abstract] | ' | ||||||||
Summary Of The Goodwill | ' | ||||||||
Cinema | Real Estate | Total | |||||||
Balance as of December 31, 2012 | $ | 17,674 | $ | 5,224 | $ | 22,898 | |||
Foreign currency translation adjustment | -431 | -- | -431 | ||||||
Balance at September 30, 2013 | $ | 17,243 | $ | 5,224 | $ | 22,467 | |||
Summary Of The Intangible Assets Subject To Amortization | ' | ||||||||
As of September 30, 2013 | Beneficial Leases | Trade name | Other Intangible Assets | Total | |||||
Gross carrying amount | $ | 24,248 | $ | 7,254 | $ | 456 | $ | 31,958 | |
Less: Accumulated amortization | 14,132 | 3,402 | 456 | 17,990 | |||||
Total, net | $ | 10,116 | $ | 3,852 | $ | -- | $ | 13,968 | |
As of December 31, 2012 | Beneficial Leases | Trade name | Other Intangible Assets | Total | |||||
Gross carrying amount | $ | 24,284 | $ | 7,254 | $ | 458 | $ | 31,996 | |
Less: Accumulated amortization | 12,873 | 3,059 | 403 | 16,335 | |||||
Total, net | $ | 11,411 | $ | 4,195 | $ | 55 | $ | 15,661 | |
Prepaid_And_Other_Assets_Table
Prepaid And Other Assets (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Prepaid And Other Assets [Abstract] | ' | ||||
Summary Of Prepaid And Other Assets | ' | ||||
September 30, | 31-Dec-12 | ||||
2013 | |||||
Prepaid and other current assets | |||||
Prepaid expenses | $ | 1,290 | $ | 1,150 | |
Prepaid taxes | 889 | 855 | |||
Prepaid rent | 1,129 | 1,079 | |||
Deposits | 368 | 373 | |||
Other | 39 | 119 | |||
Total prepaid and other current assets | $ | 3,715 | $ | 3,576 | |
Other non-current assets | |||||
Other non-cinema and non-rental real estate assets | $ | 1,134 | $ | 1,134 | |
Long-term deposits | 161 | 212 | |||
Deferred financing costs, net | 2,041 | 2,230 | |||
Note receivable | -- | 2,000 | |||
Tenant inducement asset | 556 | 716 | |||
Straight-line rent asset | 2,504 | 2,775 | |||
Other | 1 | 2 | |||
Total non-current assets | $ | 6,397 | $ | 9,069 | |
Income_Tax_Tables
Income Tax (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Income Tax [Abstract] | ' | ||||||||
Schedule Of Income Tax Reconciliation Items | ' | ||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Expected tax provision | $ | 1,090 | $ | 56 | $ | 3,139 | $ | 714 | |
Increase (decrease) in tax expense resulting from: | |||||||||
Change in valuation allowance, other | -1,099 | -757 | -3,033 | -920 | |||||
Foreign tax provision | 88 | 36 | 1,129 | 121 | |||||
Foreign withholding tax provision | 262 | 227 | 798 | 867 | |||||
Tax effect of foreign tax rates on current income | 9 | -- | -106 | -90 | |||||
State and local tax provision | 150 | 98 | 387 | 369 | |||||
Tax/audit litigation settlement | 251 | 240 | 826 | 723 | |||||
Actual tax provision | $ | 751 | $ | -100 | $ | 3,140 | $ | 1,784 | |
Summary Of The Activity Related To Unrecognized Tax Benefits | ' | ||||||||
Nine Months Ended September 30, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||
Unrecognized tax benefits – gross beginning balance | $ | 2,171 | $ | 1,974 | $ | 8,058 | |||
Gross increases – prior period tax provisions | 193 | 197 | -- | ||||||
Gross increases – current period tax positions | -- | -- | 151 | ||||||
Settlements | -- | -- | -6,235 | ||||||
Unrecognized tax benefits – gross ending balance | $ | 2,364 | $ | 2,171 | $ | 1,974 | |||
Notes_Payable_Tables
Notes Payable (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Notes Payable [Abstract] | ' | |||||||
Summary Of Notes Payable | ' | |||||||
Name of Note Payable or Security | September 30, | December 31, 2012 Interest Rates | Maturity Date | September 30, | December 31, 2012 Balance | |||
2013 Interest Rates | 2013 Balance | |||||||
Trust Preferred Securities | 4.27% | 4.31% | 30-Apr-27 | $ | 27,914 | $ | 27,913 | |
Australian NAB Corporate Term Loan | 5.04% | 5.82% | 30-Jun-14 | 61,424 | 75,349 | |||
Australian NAB Corporate Revolver | 5.04% | 5.82% | 30-Jun-14 | -- | -- | |||
Australian Shopping Center Loans | -- | -- | 2013-2014 | 140 | 208 | |||
New Zealand Corporate Credit Facility | 4.70% | 4.70% | 31-Mar-15 | 23,304 | 23,148 | |||
US Bank of America Revolver | 3.02% | 3.26% | 31-Oct-17 | 32,375 | 30,000 | |||
US Bank of America Line of Credit | 3.02% | 3.21% | 31-Oct-17 | -- | 2,007 | |||
US Cinema 1, 2, 3 Term Loan | 5.21% | 5.24% | 27-Jun-14 | 15,000 | 15,000 | |||
US Liberty Theaters Term Loan | -- | 6.20% | 1-Apr-13 | -- | 6,429 | |||
US Minetta & Orpheum Theatres Loan | 2.93% | -- | 1-Jun-18 | 7,500 | -- | |||
US Nationwide Loan 1 | -- | 8.50% | 21-Feb-13 | -- | 593 | |||
US Sutton Hill Capital Note – Related Party | -- | 8.25% | 18-Jun-13 | -- | 9,000 | |||
US Union Square Theatre Term Loan | 5.92% | 5.92% | 1-May-15 | 6,775 | 6,950 | |||
Total | $ | 174,432 | $ | 196,597 | ||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Other Liabilities [Abstract] | ' | ||||
Summary Of Other Liabilities | ' | ||||
September 30, | 31-Dec-12 | ||||
2013 | |||||
Current liabilities | |||||
Lease liability | $ | 5,900 | $ | 5,855 | |
Security deposit payable | 246 | 174 | |||
Other | 36 | 3 | |||
Other current liabilities | $ | 6,182 | $ | 6,032 | |
Other liabilities | |||||
Foreign withholding taxes | $ | 6,681 | $ | 6,480 | |
Straight-line rent liability | 9,248 | 8,893 | |||
Environmental reserve | 1,656 | 1,656 | |||
Accrued pension | 7,207 | 6,976 | |||
Interest rate swap | 4,223 | 5,855 | |||
Acquired leases | 1,603 | 2,078 | |||
Other payable | 888 | 1,191 | |||
Other | 567 | 630 | |||
Other liabilities | $ | 32,073 | $ | 33,759 | |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Noncontrolling Interests [Abstract] | ' | ||||||||
Components Of Noncontrolling Interests | ' | ||||||||
September 30, | 31-Dec-12 | ||||||||
2013 | |||||||||
AFC LLC | $ | -- | $ | 1,737 | |||||
Australian Country Cinemas | 524 | 601 | |||||||
Shadow View Land and Farming LLC | 1,874 | 1,912 | |||||||
Sutton Hill Properties ("SHP") | 2,203 | -152 | |||||||
Noncontrolling interests in consolidated subsidiaries | $ | 4,601 | $ | 4,098 | |||||
Components Of Income Attributable To Noncontrolling Interest | ' | ||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
AFC LLC | $ | -- | $ | 174 | $ | 173 | $ | 467 | |
Australian Country Cinemas | 49 | -1 | 97 | 71 | |||||
Shadow View Land and Farming LLC | -24 | -56 | -38 | -111 | |||||
Sutton Hill Properties | 13 | -84 | -158 | -278 | |||||
Net income (loss) attributable to noncontrolling interest | $ | 38 | $ | 33 | $ | 74 | $ | 149 | |
Summary Of Changes In Controlling And Noncontrolling Stockholdersb Equity | ' | ||||||||
Controlling Stockholders’ Equity | Noncontrolling Stockholders’ Equity | Total Stockholders’ Equity | |||||||
Equity at – January 1, 2013 | $ | 126,856 | $ | 4,098 | $ | 130,954 | |||
Net income | 5,860 | 74 | 5,934 | ||||||
Increase in additional paid in capital | 297 | 76 | 373 | ||||||
Contributions from noncontrolling stockholders - SHP | -- | 2,513 | 2,513 | ||||||
Distributions to noncontrolling stockholders | -- | -2,103 | -2,103 | ||||||
Accumulated other comprehensive loss | -12,488 | -57 | -12,545 | ||||||
Equity at – September 30, 2013 | $ | 120,525 | $ | 4,601 | $ | 125,126 | |||
Controlling Stockholders’ Equity | Noncontrolling Stockholders’ Equity | Total Stockholders’ Equity | |||||||
Equity at – January 1, 2012 | $ | 123,752 | $ | 1,235 | $ | 124,987 | |||
Net income | 361 | 149 | 510 | ||||||
Increase in additional paid in capital | 548 | -- | 548 | ||||||
Contributions from noncontrolling stockholders | -- | 3,350 | 3,350 | ||||||
Accumulated other comprehensive income | 4,695 | 5 | 4,700 | ||||||
Equity at – September 30, 2012 | $ | 129,356 | $ | 4,739 | $ | 134,095 | |||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Derivative Instruments [Abstract] | ' | ||||||||
Set Forth Terms Of Interest Rate Swap And Cap Derivative Instruments | ' | ||||||||
Type of Instrument | Notional Amount | Pay Fixed Rate | Receive Variable Rate | Maturity Date | |||||
Interest rate swap | $ | 24,874,000 | 1.44% | 0.25% | 31-Dec-13 | ||||
Interest rate swap | $ | 67,029,000 | 5.50% | 2.64% | 30-Jun-16 | ||||
Interest rate cap | $ | 7,500,000 | 4.00% | n/a | 1-Jun-18 | ||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Fair Value Of Financial Instruments [Abstract] | ' | ||||||||||
Schedule Of Carrying Value And Fair Value Of Financial Assets And Liabilities | ' | ||||||||||
Book Value | Fair Value | ||||||||||
Financial Instrument | Level | September 30, | 31-Dec-12 | September 30, | 31-Dec-12 | ||||||
2013 | 2013 | ||||||||||
Investment in marketable securities | 1 | $ | 57 | $ | 55 | $ | 57 | $ | 55 | ||
Interest rate swaps and cap liability | 2 | $ | 4,223 | $ | 5,855 | $ | 4,223 | $ | 5,855 | ||
Schedule Of Fair Value Of Financial Instruments | ' | ||||||||||
Book Value | Fair Value | ||||||||||
Financial Instrument | Level | September 30, | 31-Dec-12 | September 30, | 31-Dec-12 | ||||||
2013 | 2013 | ||||||||||
Notes payable | 3 | $ | 146,519 | $ | 159,684 | $ | 130,767 | $ | 154,795 | ||
Notes payable to related party | N/A | $ | -- | $ | 9,000 | $ | -- | $ | N/A | ||
Subordinated debt | 3 | $ | 27,913 | $ | 27,913 | $ | 11,367 | $ | 12,268 | ||
Basis_Of_Presentation_Details
Basis Of Presentation (Details) | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Australian NAB Corporate Term Loan [Member] | Australian NAB Corporate Term Loan [Member] | US Liberty Theaters Term Loan [Member] | US Cinema 1, 2, 3 Term Loan [Member] | |
USD ($) | AUD | USD ($) | USD ($) | |||||||
Basis Of Presentation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility outstanding amount | ' | ' | ' | ' | ' | ' | $61,400,000 | 65,800,000 | $7,500,000 | $15,000,000 |
Tax settlement debt payments, monthly | ' | ' | 290,000 | ' | ' | ' | ' | ' | ' | ' |
Tax settlement debt payments, yearly | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 37,847,000 | 22,535,000 | 37,847,000 | 22,535,000 | 38,531,000 | 31,597,000 | ' | ' | ' | ' |
Investments in marketable securities | 57,000 | ' | 57,000 | ' | 55,000 | ' | ' | ' | ' | ' |
Cumulative unrealized gain (loss) on investments | ' | ' | 11,000 | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on marketable securities | -2,000 | 3,000 | 2,000 | -4,000 | ' | ' | ' | ' | ' | ' |
Sale of marketable securities | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' |
Marketable securities realized gain | ' | ' | ' | $109,000 | ' | ' | ' | ' | ' | ' |
Equity_And_StockBased_Compensa2
Equity And Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Equity And Stock-Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Grant date fair value of options vesting | $18,000 | $27,000 | $112,000 | $197,000 | ' |
Unrecognized estimated compensation cost related to non-vested stock options granted | 223,000 | ' | 223,000 | ' | ' |
Recognition period of unrecognized compensation cost | ' | ' | '2 years 15 days | ' | ' |
Intrinsic unrealized value of all options outstanding, vested and expected to vest | 417,000 | ' | 417,000 | ' | ' |
Percentage of option currently exercisable | ' | ' | 87.20% | ' | ' |
Expiration period for stock options | ' | ' | '10 years | ' | ' |
Common Stock authorized for issuance under 2010 Stock Incentive Plan | 1,250,000 | ' | 1,250,000 | ' | ' |
Weighted average remaining contractual life of all options outstanding, vested, and expected to vest | ' | ' | '4 years 11 months 27 days | ' | '5 years 3 months 26 days |
Weighted average remaining contractual life of the exercisable options outstanding | ' | ' | '3 years 9 months 7 days | ' | '4 years 3 months 11 days |
Class A Nonvoting Common Stock [Member] | Executive Officer [Member] | ' | ' | ' | ' | ' |
Equity And Stock-Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Stocks granted | ' | ' | 217,890 | 155,925 | ' |
Options exercised | ' | ' | 62,500 | 95,000 | ' |
Realized value of option exercised | ' | ' | 132,000 | 136,000 | ' |
Cash received from exercise of stock options | ' | ' | 249,000 | 308,000 | ' |
Class A [Member] | ' | ' | ' | ' | ' |
Equity And Stock-Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Compensation expense | 188,000 | 238,000 | 564,000 | 714,000 | ' |
Options granted | ' | ' | 50,000 | 90,000 | 206,000 |
Options exercised | ' | ' | 137,500 | ' | 136,000 |
Class B [Member] | ' | ' | ' | ' | ' |
Equity And Stock-Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Options granted | ' | ' | ' | ' | ' |
Incremental Shares Issued [Member] | ' | ' | ' | ' | ' |
Equity And Stock-Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Options exercised | ' | ' | 75,000 | 41,000 | ' |
Realized value of option exercised | ' | ' | $124,000 | $103,000 | ' |
In the money shares exercise of options, net | ' | ' | 53,136 | 15,822 | ' |
Market price per share | ' | ' | $5.66 | $6.53 | ' |
Exercise price per share | ' | ' | $4.01 | $4.01 | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Equity And Stock-Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Vesting period of stock options | ' | ' | '0 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Equity And Stock-Based Compensation [Line Items] | ' | ' | ' | ' | ' |
Vesting period of stock options | ' | ' | '4 years | ' | ' |
Equity_And_StockBased_Compensa3
Equity And Stock-Based Compensation (Schedule Of Fair Value Of Options, Weighted Average Assumptions) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Equity And Stock-Based Compensation [Abstract] | ' | ' |
Stock option exercise price | $5.89 | $5.56 |
Risk-free interest rate | 2.26% | 1.63% |
Expected dividend yield | ' | ' |
Expected option life in years | '5 years | '10 years |
Expected volatility | 31.89% | 32.12% |
Weighted average fair value | $1.89 | $5.56 |
Equity_And_StockBased_Compensa4
Equity And Stock-Based Compensation (Schedule Of Stock Options Outstanding And Exercisable) (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Equity And Stock-Based Compensation [Line Items] | ' | ' | ' |
Weighted Average Exercise Price of Options Outstanding, Granted | $5.89 | $5.56 | ' |
Class A [Member] | ' | ' | ' |
Equity And Stock-Based Compensation [Line Items] | ' | ' | ' |
Common Stock Options Outstanding, Beginning balance | 672,350 | 622,350 | 622,350 |
Common Stock Options Outstanding, Granted | 50,000 | 90,000 | 206,000 |
Common Stock Options Outstanding, Exercised | -137,500 | ' | -136,000 |
Common Stock Options Outstanding, Expired | ' | ' | -20,000 |
Common Stock Options Outstanding, Ending balance | 584,850 | ' | 672,350 |
Weighted Average Exercise Price of Options Outstanding, Beginning price | $6.24 | $5.65 | $5.65 |
Weighted Average Exercise Price of Options Outstanding, Granted | $5.89 | ' | $5.94 |
Weighted Average Exercise Price of Options Outstanding, Exercised | $4 | ' | $4.68 |
Weighted Average Exercise Price of Options Outstanding, Expired | ' | ' | $3.75 |
Weighted Average Exercise Price of Options Outstanding, Ending price | $6.73 | ' | $6.24 |
Common Stock Exercisable Options, Outstanding Beginning balance | 546,350 | 544,383 | 544,383 |
Common Stock Exercisable Options, Outstanding Ending balance | 458,850 | ' | 546,350 |
Weighted Average Price of Exercisable Options, Outstanding Beginning balance | $6.26 | $5.86 | $5.86 |
Weighted Average Price of Exercisable Options, Outstanding Ending balance | $6.89 | ' | $6.26 |
Class B [Member] | ' | ' | ' |
Equity And Stock-Based Compensation [Line Items] | ' | ' | ' |
Common Stock Options Outstanding, Beginning balance | 185,100 | 185,100 | 185,100 |
Common Stock Options Outstanding, Granted | ' | ' | ' |
Common Stock Options Outstanding, Ending balance | 185,100 | ' | 185,100 |
Weighted Average Exercise Price of Options Outstanding, Beginning price | $9.90 | $9.90 | $9.90 |
Weighted Average Exercise Price of Options Outstanding, Granted | ' | ' | ' |
Weighted Average Exercise Price of Options Outstanding, Ending price | $9.90 | ' | $9.90 |
Common Stock Exercisable Options, Outstanding Beginning balance | 185,100 | 167,550 | 167,550 |
Common Stock Exercisable Options, Outstanding Ending balance | 185,100 | ' | 185,100 |
Weighted Average Price of Exercisable Options, Outstanding Beginning balance | $9.90 | $10.05 | $10.05 |
Weighted Average Price of Exercisable Options, Outstanding Ending balance | $9.90 | ' | $9.90 |
Business_Segments_Results_Of_O
Business Segments (Results Of Operations For Each Of Our Principal Business Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Revenue | $65,472 | $63,934 | $194,681 | $189,313 |
Operating expense | 51,458 | 51,825 | 153,987 | 149,949 |
Depreciation and amortization | 3,491 | 3,894 | 10,910 | 11,680 |
General and administrative expense | 1,076 | 850 | 2,982 | 2,659 |
Segment operating income | 9,447 | 7,365 | 26,802 | 25,025 |
Number of reportable business segments | ' | ' | 2 | ' |
Cinema Exhibition [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Revenue | 61,228 | 59,246 | 180,657 | 174,636 |
Operating expense | 50,655 | 50,554 | 151,612 | 147,117 |
Depreciation and amortization | 2,540 | 2,786 | 7,824 | 8,349 |
General and administrative expense | 891 | 653 | 2,463 | 2,137 |
Segment operating income | 7,142 | 5,253 | 18,758 | 17,033 |
Real Estate [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Revenue | 6,157 | 6,570 | 19,764 | 20,324 |
Operating expense | 2,716 | 3,153 | 8,115 | 8,479 |
Depreciation and amortization | 951 | 1,108 | 3,086 | 3,331 |
General and administrative expense | 185 | 197 | 519 | 522 |
Segment operating income | 2,305 | 2,112 | 8,044 | 7,992 |
Intersegment Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Revenue | -1,913 | -1,882 | -5,740 | -5,647 |
Operating expense | ($1,913) | ($1,882) | ($5,740) | ($5,647) |
Business_Segments_Reconciliati
Business Segments (Reconciliation To Net Loss Attributable To Common Shareholders) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Segments [Abstract] | ' | ' | ' | ' |
Total segment operating income | $9,447 | $7,365 | $26,802 | $25,025 |
Depreciation and amortization expense | 111 | 101 | 333 | 336 |
General and administrative expense | 3,510 | 3,107 | 10,341 | 10,042 |
Operating income | 5,826 | 4,157 | 16,128 | 14,647 |
Interest expense, net | -2,814 | -4,165 | -8,124 | -13,608 |
Other income | -55 | 182 | 72 | 202 |
Gain (loss) on sale of assets | ' | 86 | -7 | 84 |
Income tax benefit (expense) | -751 | 100 | -3,140 | -1,784 |
Equity earnings of unconsolidated joint ventures | 225 | 277 | 1,005 | 1,090 |
Income (loss) from discontinued operations | ' | -241 | ' | -121 |
Net income | 2,431 | 396 | 5,934 | 510 |
Net income attributable to noncontrolling interests | -38 | -33 | -74 | -149 |
Net income (loss) attributable to Reading International, Inc. common shareholders | $2,393 | $363 | $5,860 | $361 |
Operations_In_Foreign_Currency2
Operations In Foreign Currency (Details) | Sep. 30, 2013 | Dec. 31, 2012 |
Australian Dollar [Member] | ' | ' |
Intercompany Foreign Currency Balance [Line Items] | ' | ' |
Currency exchange rates | 0.9342 | 1.0393 |
New Zealand Dollar [Member] | ' | ' |
Intercompany Foreign Currency Balance [Line Items] | ' | ' |
Currency exchange rates | 0.8323 | 0.8267 |
Earnings_Loss_Per_Share_Narrat
Earnings (Loss) Per Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
In-The-Money Incremental Stock Options [Member] | ' | ' | ' | ' |
Earnings (Loss) Per Share [Line Items] | ' | ' | ' | ' |
Weighted average common stock b diluted, stock compensation | 133,992 | 222,040 | 133,992 | 222,040 |
Out-Of-The-Money Stock Options [Member] | ' | ' | ' | ' |
Earnings (Loss) Per Share [Line Items] | ' | ' | ' | ' |
Options excluded from the computation of diluted earnings (loss) per share | 729,865 | 682,827 | 729,865 | 682,827 |
Earnings_Loss_Per_Share_Calcul
Earnings (Loss) Per Share (Calculation Of Earnings (Loss) Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings (Loss) Per Share [Abstract] | ' | ' | ' | ' |
Net income (loss) from continuing operations | $2,393 | $604 | $5,860 | $482 |
Income from discontinued operations | ' | -241 | ' | -121 |
Net income (loss) attributable to Reading International, Inc. common shareholders | $2,393 | $363 | $5,860 | $361 |
Earnings from continuing operations | $0.10 | $0.03 | $0.25 | $0.03 |
Loss from discontinued operations, net | $0 | ($0.01) | $0 | ($0.01) |
Basic earnings per share attributable to Reading International, Inc. shareholders | $0.10 | $0.02 | $0.25 | $0.02 |
Earnings from continuing operations | $0.10 | $0.03 | $0.25 | $0.03 |
Loss from discontinued operations, net | $0 | ($0.01) | $0 | ($0.01) |
Diluted earnings per share attributable to Reading International, Inc. shareholders | $0.10 | $0.02 | $0.25 | $0.02 |
Weighted average shares of common stock b basic | 23,383,200 | 23,071,846 | 23,333,352 | 23,007,787 |
Weighted average shares of common stock b dilutive | 23,517,191 | 23,293,886 | 23,467,343 | 23,229,827 |
Property_And_Equipment_Narrati
Property And Equipment (Narrative) (Details) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||
Nov. 20, 2012 | Nov. 20, 2012 | Feb. 21, 2012 | Feb. 21, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 10, 2012 | Sep. 30, 2013 | Jan. 10, 2013 | Jan. 18, 2012 | Apr. 16, 2015 | |
USD ($) | AUD | USD ($) | AUD | USD ($) | USD ($) | USD ($) | NZD | USD ($) | USD ($) | Moonee Ponds [Member] | Moonee Ponds [Member] | Coachella, California Land [Member] | Coachella, California Land [Member] | Coachella, California Land [Member] | Coachella, California Land [Member] | Scenario, Forecast [Member] | |
property | acre | USD ($) | AUD | USD ($) | USD ($) | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Moonee Ponds [Member] | |||||||||
acre | acre | property | AUD | ||||||||||||||
acre | |||||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of property acquired (acres) | ' | ' | 1.1 | 1.1 | ' | ' | ' | ' | ' | ' | ' | ' | 202 | ' | ' | ' | ' |
Number of residential units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 843 | ' | ' | ' | ' |
Payment to acquire property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,500,000 | ' | ' | ' | ' |
Carrying value of property | ' | ' | ' | ' | 193,297,000 | ' | 193,297,000 | ' | ' | 202,778,000 | 11,600,000 | 12,400,000 | ' | 4,000,000 | ' | ' | ' |
Percentage of funds provided | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Ownership interest in property acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Number of properties sold | ' | ' | 3 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from the sale property | 12,400,000 | 12,000,000 | 1,900,000 | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,000,000 |
Area of property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.3 | 3.3 | ' | ' | ' | ' | ' |
Depreciation expense for property and equipment | ' | ' | ' | ' | 3,200,000 | 3,600,000 | 10,400,000 | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Repair costs | ' | ' | ' | ' | ' | ' | 1,600,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance receivable, current | ' | ' | ' | ' | 944,000 | ' | 944,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance deductible | ' | ' | ' | ' | 710,000 | ' | 710,000 | 844,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Casualty loss | ' | ' | ' | ' | ' | ' | $257,000 | 315,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_And_Equipment_Summary
Property And Equipment (Summary Of Results Of Operations Of Discontinued Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Revenue | $65,472 | $63,934 | $194,681 | $189,313 |
Less: operating expense | 59,646 | 59,777 | 178,553 | 174,666 |
Income (loss) from discontinued operations, net of tax | ' | -241 | ' | -121 |
Indooroopilly Property [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Revenue | ' | 210 | ' | 627 |
Less: operating expense | ' | 168 | ' | 465 |
Less: impairment expense | ' | 283 | ' | 283 |
Income (loss) from discontinued operations, net of tax | ' | ($241) | ' | ($121) |
Property_And_Equipment_Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property And Equipment [Abstract] | ' | ' |
Land | $66,753 | $69,370 |
Building and improvements | 127,088 | 136,225 |
Leasehold interests | 52,033 | 45,391 |
Fixtures and equipment | 105,858 | 108,169 |
Total cost | 351,732 | 359,155 |
Less: accumulated depreciation | -158,435 | -156,377 |
Operating property, net | $193,297 | $202,778 |
Property_And_Equipment_Summary1
Property And Equipment (Summary Of Investment And Development Property) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Investment and development property | $76,698 | $94,922 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Investment and development property | 61,983 | 77,020 |
Construction-In-Progress (Including Capitalized Interest) [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Investment and development property | $14,715 | $17,902 |
Investments_In_Unconsolidated_2
Investments In Unconsolidated Joint Ventures And Entities (Summary Of The Investments In Unconsolidated Joint Ventures And Entities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Total investments | $7,083 | $7,715 |
Rialto Distribution [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Interest | 33.30% | ' |
Rialto Cinemas [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Interest | 50.00% | ' |
Total investments | 1,645 | 1,561 |
205-209 East 57th Street Associates, LLC [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Interest | 25.00% | ' |
Total investments | ' | 60 |
Mt. Gravatt Cinema [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Interest | 33.30% | ' |
Total investments | $5,438 | $6,094 |
Investments_In_Unconsolidated_3
Investments In Unconsolidated Joint Ventures And Entities (Summary Of Equity Earnings (Loss) From Investments In Unconsolidated Joint Ventures And Entities) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Total equity earnings | $225 | $277 | $1,005 | $1,090 |
Rialto Distribution [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Total equity earnings | 97 | 24 | 137 | 137 |
Rialto Cinemas [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Total equity earnings | 3 | 27 | 71 | 84 |
205-209 East 57th Street Associates, LLC [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Total equity earnings | ' | ' | -1 | ' |
Mt. Gravatt Cinema [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Total equity earnings | $125 | $226 | $798 | $869 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Amortization expense of intangibles assets | $620,000 | $638,000 | $1,700,000 | $1,800,000 | ' |
Accumulated amortization | 17,990,000 | ' | 17,990,000 | ' | 16,335,000 |
Beneficial Leases [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets estimated useful life | ' | ' | '30 years | ' | ' |
Accumulated amortization | 14,132,000 | ' | 14,132,000 | ' | 12,873,000 |
Trade Name [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets estimated useful life | ' | ' | '45 years | ' | ' |
Accumulated amortization | 3,402,000 | ' | 3,402,000 | ' | 3,059,000 |
Other Intangible Assets [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets estimated useful life | ' | ' | '10 years | ' | ' |
Accumulated amortization | 456,000 | ' | 456,000 | ' | 403,000 |
Acquired Leases [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Accumulated amortization | $777,000 | $817,000 | $777,000 | $817,000 | ' |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Summary Of The Goodwill) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Goodwill [Line Items] | ' |
Balance as of December 31, 2012 | $22,898 |
Foreign currency translation adjustment | -431 |
Balance at September 30, 2013 | 22,467 |
Cinema [Member] | ' |
Goodwill [Line Items] | ' |
Balance as of December 31, 2012 | 17,674 |
Foreign currency translation adjustment | -431 |
Balance at September 30, 2013 | 17,243 |
Real Estate [Member] | ' |
Goodwill [Line Items] | ' |
Balance as of December 31, 2012 | 5,224 |
Foreign currency translation adjustment | ' |
Balance at September 30, 2013 | $5,224 |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Summary Of The Intangible Assets Subject To Amortization) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | $31,958,000 | $31,996,000 |
Less: Accumulated amortization | 17,990,000 | 16,335,000 |
Total, net | 13,968,000 | 15,661,000 |
Beneficial Leases [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 24,248,000 | 24,284,000 |
Less: Accumulated amortization | 14,132,000 | 12,873,000 |
Total, net | 10,116,000 | 11,411,000 |
Trade Name [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 7,254,000 | 7,254,000 |
Less: Accumulated amortization | 3,402,000 | 3,059,000 |
Total, net | 3,852,000 | 4,195,000 |
Other Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 456,000 | 458,000 |
Less: Accumulated amortization | 456,000 | 403,000 |
Total, net | ' | $55,000 |
Prepaid_And_Other_Assets_Detai
Prepaid And Other Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Prepaid And Other Assets [Abstract] | ' | ' |
Prepaid expenses | $1,290 | $1,150 |
Prepaid taxes | 889 | 855 |
Prepaid rent | 1,129 | 1,079 |
Deposits | 368 | 373 |
Other | 39 | 119 |
Total prepaid and other current assets | 3,715 | 3,576 |
Other non-cinema and non-rental real estate assets | 1,134 | 1,134 |
Long-term deposits | 161 | 212 |
Deferred financing costs, net | 2,041 | 2,230 |
Note receivable | ' | 2,000 |
Tenant inducement asset | 556 | 716 |
Straight-line rent asset | 2,504 | 2,775 |
Other | 1 | 2 |
Total non-current assets | $6,397 | $9,069 |
Income_Tax_Narrative_Details
Income Tax (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Income Tax [Abstract] | ' |
Foreign withholding tax expense | $0.40 |
Accrued income taxes | 21.7 |
Accrued income taxes, current | 13.7 |
Non-current tax liabilities | 8 |
Accrued income taxes, current judgment | 3.5 |
Increase to gross unrecognized tax benefits | 0.1 |
Net tax balance | 2.4 |
Impact of effective tax rate if recognized | 1.3 |
Uncertain tax position probable changes in next 12 months, minimum | 0.9 |
Uncertain tax position probable changes in next 12 months, maximum | $1.80 |
Income_Tax_Schedule_Of_Income_
Income Tax (Schedule Of Income Tax Reconciliation Items) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax [Abstract] | ' | ' | ' | ' |
Expected tax provision | $1,090 | $56 | $3,139 | $714 |
Change in valuation allowance, other | -1,099 | -757 | -3,033 | -920 |
Foreign income tax provision | 88 | 36 | 1,129 | 121 |
Foreign withholding tax provision | 262 | 227 | 798 | 867 |
Tax effect of foreign tax rates on current income | 9 | ' | -106 | -90 |
State and local tax provision | 150 | 98 | 387 | 369 |
Tax/audit litigation settlement | 251 | 240 | 826 | 723 |
Actual tax provision (benefit) | $751 | ($100) | $3,140 | $1,784 |
Income_Tax_Summary_Of_The_Acti
Income Tax (Summary Of The Activity Related To Unrecognized Tax Benefits) (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax [Abstract] | ' | ' | ' |
Unrecognized tax benefits b gross beginning balance | $2,171 | $1,974 | $8,058 |
Gross increases b prior period tax positions | 193 | 197 | ' |
Gross increases b current period tax positions | ' | ' | 151 |
Settlements | ' | ' | -6,235 |
Unrecognized tax benefits b gross ending balance | $2,364 | $2,171 | $1,974 |
Notes_Payable_Narrative_Detail
Notes Payable (Narrative) (Details) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Apr. 01, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 25, 2013 | Jun. 28, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 18, 2013 | Jun. 18, 2013 | Jun. 18, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | |
NAB Australian Corporate Credit Facility [Member] | US Bank Of America Revolver [Member] | US Bank Of America Revolver [Member] | US Bank Of America Revolver [Member] | US Bank Of America Revolver [Member] | US Bank Of America Line Of Credit [Member] | US Bank Of America Line Of Credit [Member] | US Bank Of America Line Of Credit [Member] | US Sutton Hill Capital Note b Related Party [Member] | US Sutton Hill Capital Note b Related Party [Member] | US Sutton Hill Capital Note b Related Party [Member] | US Sutton Hill Capital Note b Related Party [Member] | US Sutton Hill Capital Note b Related Party [Member] | Minetta And Orpheum Theaters Loan [Member] | US Cinema 1, 2, 3 Term Loan [Member] | US Cinema 1, 2, 3 Term Loan [Member] | US Liberty Theaters Term Loan [Member] | US Liberty Theaters Term Loan [Member] | |||
Reading International Inc. [Member] | Sutton Hill Capital [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | 7.90% | ' | 4.19% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.15% | ' | ' | ' | ' |
Swap contract rate | ' | ' | 5.50% | ' | 1.44% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate margin | ' | ' | 2.40% | ' | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | ' | ' | ' |
Interest rate | ' | ' | 5.04% | ' | 3.02% | 3.26% | ' | ' | 3.02% | 3.21% | 8.25% | ' | ' | ' | ' | 2.93% | 5.21% | 5.24% | 6.20% | ' |
Line of credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,000,000 | ' | ' | $7,500,000 | $15,000,000 | ' | ' | $7,500,000 |
Ownership percentage by parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of debt paid off | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | 6,750,000 | 2,250,000 | ' | ' | ' | ' | ' |
Spread on variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | ' | ' | ' |
Interest rate cap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' |
Renewal fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' |
Line of credit facility, previous maximum borrowing capacity | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional amount borrowed | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of loan | $25,133,000 | $26,116,000 | ' | $2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes_Payable_Summary_Of_Notes
Notes Payable (Summary Of Notes Payable) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Notes Payable | $174,432 | $196,597 |
Trust Preferred Securities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 4.27% | 4.31% |
Maturity Date | 30-Apr-27 | ' |
Notes Payable | 27,914 | 27,913 |
Australian NAB Corporate Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 5.04% | 5.82% |
Maturity Date | 30-Jun-14 | ' |
Notes Payable | 61,424 | 75,349 |
Australian NAB Corporate Revolver [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 5.04% | 5.82% |
Maturity Date | 30-Jun-14 | ' |
Australian Shopping Center Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity Date, Start | '2013 | ' |
Maturity Date, End | '2014 | ' |
Notes Payable | 140 | 208 |
New Zealand Corporate Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 4.70% | 4.70% |
Maturity Date | 31-Mar-15 | ' |
Notes Payable | 23,304 | 23,148 |
US Bank Of America Revolver [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 3.02% | 3.26% |
Maturity Date | 31-Oct-17 | ' |
Notes Payable | 32,375 | 30,000 |
US Bank Of America Line Of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 3.02% | 3.21% |
Maturity Date | 31-Oct-17 | ' |
Notes Payable | ' | 2,007 |
US Cinema 1, 2, 3 Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 5.21% | 5.24% |
Maturity Date | 27-Jun-14 | ' |
Notes Payable | 15,000 | 15,000 |
US Liberty Theaters Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | ' | 6.20% |
Maturity Date | 1-Apr-13 | ' |
Notes Payable | ' | 6,429 |
Minetta And Orpheum Theaters Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 2.93% | ' |
Maturity Date | 1-Jun-18 | ' |
Notes Payable | 7,500 | ' |
US Nationwide Loan 1 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | ' | 8.50% |
Maturity Date | 21-Feb-13 | ' |
Notes Payable | ' | 593 |
US Sutton Hill Capital Note b Related Party [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | ' | 8.25% |
Maturity Date | 18-Jun-13 | ' |
Notes Payable | ' | 9,000 |
US Union Square Theatre Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 5.92% | 5.92% |
Maturity Date | 1-May-15 | ' |
Notes Payable | $6,775 | $6,950 |
Other_Liabilities_Narrative_De
Other Liabilities (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Other Liabilities [Abstract] | ' | ' | ' | ' | ' |
Accrued pension costs | $7,207,000 | ' | $7,207,000 | ' | $6,976,000 |
Interest cost | 66,000 | 87,000 | 231,000 | 264,000 | ' |
Amortized prior service cost | $166,000 | $76,000 | $496,000 | $228,000 | ' |
Other_Liabilities_Summary_Of_O
Other Liabilities (Summary Of Other Liabilities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities [Abstract] | ' | ' |
Lease liability | $5,900 | $5,855 |
Security deposit payable | 246 | 174 |
Other | 36 | 3 |
Other current liabilities | 6,182 | 6,032 |
Foreign withholding taxes | 6,681 | 6,480 |
Straight-line rent liability | 9,248 | 8,893 |
Environmental reserve | 1,656 | 1,656 |
Accrued pension | 7,207 | 6,976 |
Interest rate swap | 4,223 | 5,855 |
Acquired leases | 1,603 | 2,078 |
Other payable | 888 | 1,191 |
Other | 567 | 630 |
Other liabilities | $32,073 | $33,759 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Commitments And Contingencies [Line Items] | ' | ' |
Total debt of unconsolidated joint ventures and entities | $666,000 | $703,000 |
Share of unconsolidated debt, based on ownership percentage | 222,000 | 234,000 |
Amount of financing required for equipment lease | ' | 15,500,000 |
Australia [Member] | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' |
Cost to purchase equipment | 9,000,000 | ' |
New Zealand [Member] | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' |
Cost to purchase equipment | $2,800,000 | ' |
Noncontrolling_Interests_Narra
Noncontrolling Interests (Narrative) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Noncontrolling Interests [Line Items] | ' | ' |
Increase in additional paid in capital | $373,000 | $548,000 |
Noncontrolling Stockholders' Equity [Member] | ' | ' |
Noncontrolling Interests [Line Items] | ' | ' |
Increase in additional paid in capital | $76,000 | ' |
Noncontrolling_Interests_Compo
Noncontrolling Interests (Components Of Noncontrolling Interests) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interests in consolidated subsidiaries | $4,601 | $4,098 |
Angelika Film Centers LLC [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interests in consolidated subsidiaries | ' | 1,737 |
Australia Country Cinemas [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interests in consolidated subsidiaries | 524 | 601 |
Shadow View Land And Farming LLC [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interests in consolidated subsidiaries | 1,874 | 1,912 |
Sutton Hill Properties [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling interests in consolidated subsidiaries | $2,203 | ($152) |
Noncontrolling_Interests_Compo1
Noncontrolling Interests (Components Of Income Attributable To Noncontrolling Interest) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to noncontrolling interest | $38 | $33 | $74 | $149 |
Angelika Film Centers LLC [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to noncontrolling interest | ' | 174 | 173 | 467 |
Australia Country Cinemas [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to noncontrolling interest | 49 | -1 | 97 | 71 |
Shadow View Land And Farming LLC [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to noncontrolling interest | -24 | -56 | -38 | -111 |
Sutton Hill Properties [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to noncontrolling interest | $13 | ($84) | ($158) | ($278) |
Noncontrolling_Interests_Summa
Noncontrolling Interests (Summary Of Changes In Controlling And Noncontrolling Stockholdersb Equity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Equity, beginning balance | ' | ' | $130,954,000 | $124,987,000 |
Net income | 2,431,000 | 396,000 | 5,934,000 | 510,000 |
Increase in additional paid in capital | ' | ' | 373,000 | 548,000 |
Contributions from noncontrolling stockholders | ' | ' | 2,513,000 | 3,350,000 |
Distributions to noncontrolling stockholders | ' | ' | -2,103,000 | ' |
Accumulated other comprehensive income( loss) | ' | ' | -12,545,000 | 4,700,000 |
Equity, ending balance | 125,126,000 | 134,095,000 | 125,126,000 | 134,095,000 |
Controlling Stockholders' Equity [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Equity, beginning balance | ' | ' | 126,856,000 | 123,752,000 |
Net income | ' | ' | 5,860,000 | 361,000 |
Increase in additional paid in capital | ' | ' | 297,000 | 548,000 |
Accumulated other comprehensive income( loss) | ' | ' | -12,488,000 | 4,695,000 |
Equity, ending balance | 120,525,000 | 129,356,000 | 120,525,000 | 129,356,000 |
Noncontrolling Stockholders' Equity [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Equity, beginning balance | ' | ' | 4,098,000 | 1,235,000 |
Net income | ' | ' | 74,000 | 149,000 |
Increase in additional paid in capital | ' | ' | 76,000 | ' |
Contributions from noncontrolling stockholders | ' | ' | 2,513,000 | 3,350,000 |
Distributions to noncontrolling stockholders | ' | ' | -2,103,000 | ' |
Accumulated other comprehensive income( loss) | ' | ' | -57,000 | 5,000 |
Equity, ending balance | $4,601,000 | $4,739,000 | $4,601,000 | $4,739,000 |
Common_Stock_Details
Common Stock (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Incremental Shares Issued [Member] | ' | ' |
Common Stock [Line Items] | ' | ' |
Exercise price per share | $4.01 | $4.01 |
Market price per share | $5.66 | $6.53 |
In the money shares exercise of options, net | 53,136 | 15,822 |
Realized value, options exercised | $124,000 | $103,000 |
Options exercised | 75,000 | 41,000 |
Executive Officer [Member] | Class A Nonvoting Common Stock [Member] | ' | ' |
Common Stock [Line Items] | ' | ' |
Stocks granted | 217,890 | 155,925 |
Realized value, options exercised | 132,000 | 136,000 |
Options exercised | 62,500 | 95,000 |
Cash received from exercise of stock options | $249,000 | $308,000 |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Increase (decrease) in interest expense from derivatives | $209,000 | $351,000 | $1,600,000 | $1,800,000 | ' |
Interest rate swap | $4,223,000 | ' | $4,223,000 | ' | $5,855,000 |
Minetta And Orpheum Theaters Loan [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Interest rate cap term | ' | ' | '5 years | ' | ' |
Interest rate cap | 4.00% | ' | 4.00% | ' | ' |
Loan margin rate | 2.75% | ' | 2.75% | ' | ' |
Pay fixed rate | 1.15% | ' | 1.15% | ' | ' |
Derivative_Instruments_Set_For
Derivative Instruments (Set Forth Terms Of Interest Rate Swap And Cap Derivative Instruments) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Interest Rate Swap December 31, 2013 [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | $24,874,000 |
Pay fixed rate | 1.44% |
Receive Variable Rate | 0.25% |
Maturity Date | 31-Dec-13 |
Interest Rate Swap June 30, 2016 [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | 67,029,000 |
Pay fixed rate | 5.50% |
Receive Variable Rate | 2.64% |
Maturity Date | 30-Jun-16 |
Interest Rate Cap June 1, 2018 [Member] | ' |
Derivative [Line Items] | ' |
Notional Amount | $7,500,000 |
Pay fixed rate | 4.00% |
Maturity Date | 1-Jun-18 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Schedule Of Carrying Value And Fair Value Financial Assets And Liabilities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment in marketable securities, Book Value | $57 | $55 |
Interest rate swaps liability, Book Value | 4,223 | 5,855 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment in marketable securities, Book Value | 57 | 55 |
Investment in marketable securities, Fair Value | 57 | 55 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swaps liability, Book Value | 4,223 | 5,855 |
Interest rate swaps liability, Fair Value | $4,223 | $5,855 |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Schedule Of Fair Value Of Financial Instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Of Financial Instruments [Abstract] | ' | ' |
Notes payable, Book Value | $146,519 | $159,684 |
Notes payable, Fair Value | 130,767 | 154,795 |
Notes payable to related party, Book Value | ' | 9,000 |
Subordinated debt, Book Value | 27,913 | 27,913 |
Subordinated debt, Fair Value | $11,367 | $12,268 |
Subsequent_Events_Details
Subsequent Events (Details) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 15, 2013 | Apr. 16, 2015 |
USD ($) | USD ($) | Moonee Ponds [Member] | Moonee Ponds [Member] | Moonee Ponds [Member] | Moonee Ponds [Member] | |
USD ($) | AUD | Subsequent Event [Member] | Scenario, Forecast [Member] | |||
acre | AUD | AUD | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Sales price | ' | ' | ' | ' | ' | 23,000,000 |
Down payment received | ' | ' | ' | ' | 2,300,000 | ' |
Down payment percentage | ' | ' | ' | ' | 10.00% | ' |
Area of property | ' | ' | 3.3 | 3.3 | ' | ' |
Carrying value of property | $193,297,000 | $202,778,000 | $11,600,000 | 12,400,000 | ' | ' |