Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 09, 2016 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | READING INTERNATIONAL INC | |
Trading Symbol | rdi | |
Entity Central Index Key | 716,634 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 21,654,305 | |
Class B [Member] | ||
Entity Common Stock, Shares Outstanding | 1,680,590 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | ||
ASSETS | ||||
Cash and cash equivalents | $ 16,330 | $ 19,702 | [1] | |
Receivables | 11,380 | 10,036 | [1] | |
Inventory | 969 | 1,122 | [1] | |
Investment in marketable securities | 51 | 51 | [1] | |
Restricted cash | 17 | 160 | [1] | |
Prepaid and other current assets | 5,898 | 5,429 | [1] | |
Land held for sale - current | [1] | 421 | ||
Total current assets | 34,645 | 36,921 | [1] | |
Operating property, net | 217,075 | 210,298 | [1] | |
Land held for sale - non current | 40,004 | 37,966 | [1] | |
Investment and development property, net | 23,326 | 23,002 | [1] | |
Investment in unconsolidated joint ventures and entities | 5,656 | 5,370 | [1] | |
Investment in Reading International Trust I | 838 | 838 | [1] | |
Goodwill | 20,002 | 19,715 | [1] | |
Intangible assets, net | 9,430 | 9,889 | [1] | |
Deferred tax asset, net | 25,582 | 25,649 | [1] | |
Other assets | 3,744 | 3,615 | [1] | |
Total assets | 380,302 | 373,263 | [1] | |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable and accrued liabilities | 23,889 | 23,638 | [1] | |
Film rent payable | 9,162 | 9,291 | [1] | |
Debt – current, net | 14,943 | 14,887 | [1] | |
Taxes payable – current | 6,971 | 5,275 | [1] | |
Deferred current revenue | 13,073 | 14,591 | [1] | |
Other current liabilities | 7,850 | 7,640 | [1] | |
Total current liabilities | 75,888 | 75,322 | [1] | |
Debt – long-term, net | 85,474 | 87,101 | [1] | |
Subordinated debt, net | 27,178 | 27,125 | [1] | |
Noncurrent tax liabilities | 16,633 | 16,457 | [1] | |
Other liabilities | 29,265 | 30,062 | [1] | |
Total liabilities | $ 234,438 | $ 236,067 | [1] | |
Commitments and contingencies (Note 13) | [1] | |||
Stockholders' equity: | ||||
Nonvoting preferred stock, par value $0.01, 12,000 shares authorized and no issued or outstanding shares at March 31, 2016 and December 31, 2015 | [1] | |||
Additional paid-in capital | $ 143,957 | $ 143,815 | [1] | |
Accumulated deficit | (7,252) | (9,478) | [1] | |
Treasury shares | (13,524) | (13,524) | [1] | |
Accumulated other comprehensive income | 18,147 | 11,806 | [1] | |
Total Reading International, Inc. stockholders' equity | 141,574 | 132,865 | [1] | |
Noncontrolling interests | 4,290 | 4,331 | [1] | |
Total stockholders' equity | 145,864 | 137,196 | [1] | |
Total liabilities and stockholders’ equity | 380,302 | 373,263 | [1] | |
Class A [Member] | ||||
Stockholders' equity: | ||||
Common stock | 229 | 229 | [1] | |
Class B [Member] | ||||
Stockholders' equity: | ||||
Common stock | $ 17 | $ 17 | [1] | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 | 32,831,113 | 21,654,302 |
Common stock, shares outstanding | 32,831,113 | 21,654,302 |
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 | 1,680,590 | 1,680,590 |
Common stock, shares outstanding | 1,680,590 | 1,680,590 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating revenue | ||
Cinema | $ 61,315 | $ 56,899 |
Real estate | 3,474 | 3,686 |
Total operating revenue | 64,789 | 60,585 |
Operating expenses | ||
Cinema | (47,957) | (45,141) |
Real estate | (2,141) | (2,140) |
Depreciation and amortization | (3,808) | (3,742) |
General and administrative | (6,191) | (4,329) |
Total costs and expenses | (60,097) | (55,352) |
Operating income | 4,692 | 5,233 |
Interest income | 37 | 195 |
Interest expense | (1,912) | (2,770) |
Net gain on sale of assets | 393 | 2,822 |
Other expense | (57) | (91) |
Income before income tax expense and equity earnings of unconsolidated joint ventures and entities | 3,153 | 5,389 |
Equity earnings of unconsolidated joint ventures and entities | 302 | 236 |
Income before income taxes | 3,455 | 5,625 |
Income tax benefit (expense) | (1,231) | (2,523) |
Net income | 2,224 | 3,102 |
Net loss attributable to noncontrolling interests | (2) | (16) |
Net income attributable to Reading International, Inc. common shareholders | $ 2,226 | $ 3,118 |
Basic income per share attributable to Reading International, Inc. shareholders | $ 0.10 | $ 0.13 |
Diluted income per share attributable to Reading International, Inc. shareholders | $ 0.09 | $ 0.13 |
Weighted average number of shares outstanding-basic | 23,334,892 | 23,242,467 |
Weighted average number of shares outstanding-diluted | 23,532,858 | 23,523,655 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ||
Net income | $ 2,224 | $ 3,102 |
Foreign currency translation gain (loss) | 6,323 | (9,864) |
Unrealized income on available for sale investments | (1) | |
Amortization of actuarial loss | (32) | (52) |
Comprehensive income (loss) | 8,579 | (6,711) |
Net loss attributable to noncontrolling interests | (2) | (16) |
Less: Comprehensive loss attributable to noncontrolling interests | 16 | 25 |
Comprehensive income (loss) attributable to Reading International, Inc. | $ 8,565 | $ (6,720) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Cash flows from Operating Activities | |||
Net income | $ 2,224 | $ 3,102 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity earnings of unconsolidated joint ventures and entities | (302) | (236) | |
Distributions of earnings from unconsolidated joint ventures and entities | 253 | 275 | |
Gain on sale of property | (393) | (2,822) | |
Change in net deferred tax assets | (631) | 2,094 | |
Depreciation and amortization | 3,808 | 3,742 | |
Amortization of actuarial loss | 32 | 52 | |
Amortization of beneficial leases | 150 | 94 | |
Amortization of deferred financing costs | 229 | 14 | |
Amortization of straight-line rent | (6) | 16 | |
Stock based compensation expense | 143 | 57 | |
Net change in: | |||
Receivables | (1,157) | 1,986 | |
Prepaid and other assets | 1,420 | (33) | |
Accounts payable and accrued expenses | (29) | (887) | |
Film rent payable | (220) | (3,744) | |
Taxes payable | 1,489 | (111) | |
Deferred revenue and other liabilities | (2,592) | (2,867) | |
Net cash provided by operating activities | 4,418 | 732 | |
Cash flows from Investing Activities | |||
Purchases of and additions to property and equipment | (4,184) | (2,614) | |
Change in restricted cash | 147 | 301 | |
Proceeds from sale of property | 831 | 3,000 | |
Net cash (used in)/provided by investing activities | (3,206) | 687 | |
Cash flows from Financing Activities | |||
Repayment of long-term borrowings | (6,847) | (7,825) | |
Proceeds from borrowings | 2,250 | ||
Capitalized borrowing costs | (12) | ||
Repurchase of Class A Nonvoting Common Stock | (1,828) | ||
Proceeds from the exercise of stock options | 326 | ||
Noncontrolling interest contributions | 17 | ||
Noncontrolling interest distributions | (55) | (90) | |
Net cash used in financing activities | (4,664) | (9,400) | |
Effect of exchange rate changes on cash and cash equivalents | 80 | (2,515) | |
Net decrease in cash and cash equivalents | (3,372) | (10,496) | |
Cash and cash equivalents at the beginning of the period | 19,702 | [1] | 50,248 |
Cash and cash equivalents at the end of the period | 16,330 | 39,752 | |
Supplemental Disclosures | |||
Interest paid | 1,453 | 2,003 | |
Income taxes paid, net | $ 188 | $ 2,988 | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications) |
The Company And Basis Of Presen
The Company And Basis Of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
The Company And Basis Of Presentation [Abstract] | |
The Company And Basis Of Presentation | Note 1 – The Company and 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 incorporated in 1999, and, following the consummation of a consolidation transaction on December 31, 2001, is now the owner of the consolidated businesses and assets of Reading Entertainment, Inc. (“RDGE”), Craig Corporation (“CRG”) and Citadel Holding Corporation (“CDL”) . 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. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“ U . S . GAAP ”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Significant estimates include projections we make regarding the recoverability of our assets, valuations of our interest swaps and the recoverability of our deferred tax assets. Actual results may differ from those estimates. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries as well as majority-owned subsidiaries that the Company controls, and should be read in conjunction with the Company’s Annual Report on Form 10-K as of and for the year-ended December 31, 2015. All significant intercompany balances and transactions have been eliminated in consolidation. These were prepared in accordance with the U . S . 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”). As such, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. We believe that we have included all normal recurring adjustments necessary for a fair presentation of the results for the interim period. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. Reclassifications Certain reclassifications have been made in the 2015 comparative information in the consolidated balance sheets and notes to conform to the 2016 presentation. These changes relate to the adoption of Accounting Standards Update (“ASU”) 2015-03 as discussed more fully below. These reclassifications had no significant impact on our 2015 financial position, results of operations and cash flows as previously reported. Recently Adopted and Issued Accounting Pronouncements Adopted: On January 1, 2016, the Company adopted ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , issued by the Financial Accounting Standards Board (“FASB”). This new standard, which became effective for fiscal years beginning after December 15, 2015, required that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums . The impact of this adoption includes reclassification of the deferred financing costs (net of amortization) from “Other Assets” to a reduction in the associated Debt account. Also, on January 1, 2016, the Company adopted ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . Under this new standard, an acquirer in a business combination transaction must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation or amortization, or other income effects, if any, because of the change to the provisional amounts, calculated as if the accounting had been completed as of the acquisition date, must be recorded in the reporting period in which the adjustment amounts are determined rather than retrospectively. The ASU also requires that the acquirer present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The adoption of this standard will impact the finalization of the purchase price allocation of the Cannon Park acquisition, which we expect to complete during the second or third quarter of 2016. Please refer to Note 5 – Property & Equipment for the Cannon Park acquisition discussion. Issued: In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This new guidance provides simplifications involving several aspects of the accounting for share-based payment transactions, including the income tax consequences (such as excess tax benefits recorded in income tax expense/benefit, rather than additional paid-in capital), classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new standard is effective for the Company on January 1, 2017. Early adoption is permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is currently assessing the impact of this new guidance on the consolidated financial statements and related disclosures. In addition, in March 2016, the FASB issued ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting . This new guidance effectively removes the retroactive application imposed in current guidance when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The new standard becomes effective for the Company on January 1, 2017. Early adoption is permissible. The Company does not anticipate the adoption of ASU 2015-11 to have a material impact on the consolidated financial statements and related disclosures In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . This new guidance establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The new standard becomes effective for the Company on January 1, 2019. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently assessing the impact of this new guidance on the consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. GAAP. Under the new model, recognition of revenues occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Subsequently, in March 2016, FASB issued ASU 2016-08 to provide guidance on principal versus agent considerations. The new standard becomes effective for the Company on January 1, 2018. Early adoption is permitted but cannot be earlier than January 1, 2017. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We have not yet selected a transition method nor have we determined the impact of the new standard on our consolidated condensed financial statements. While we believe the proposed guidance will not have a material impact on our business because our revenue predominantly comes from movie ticket sales and concession purchases, we plan to complete the analysis to ensure that we are in compliance prior to the effective date. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2016 | |
Business Segments [Abstract] | |
Business Segments | Note 2 – Business Segments Reported below are the operating segments of the Company for which separate financial information is available and for which segment results are evaluated regularly by the Chief Executive Officer, the chief operating decision-maker of the Company. In addition to the cinema exhibition and real estate activities, w e have acquired, and continue to hold raw land in urban and suburban centers in Australia, New Zealand, and the United States , as part of our real estate activities . The tables below summarize the results of operations for each of our business segments for the three months ended March 31, 2016 and 2015 , 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. Three Months Ended (Dollars in thousands) March 31, 2016 March 31, 2015 Revenue: Cinema exhibition $ 61,315 $ 56,899 Real estate 5,250 5,404 Inter-segment elimination (1,776) (1,718) $ 64,789 $ 60,585 Segment operating income: Cinema exhibition $ 7,690 $ 6,339 Real estate 2,089 2,291 $ 9,779 $ 8,630 A reconciliation of segment operating income to income before income taxes is as follows: Three Months Ended (Dollars in thousands) March 31, 2016 March 31, 2015 Segment operating income $ 9,779 $ 8,630 Unallocated corporate expense Depreciation and amortization expense (96) (70) General and administrative expense (4,991) (3,327) Interest expense, net (1,875) (2,575) Equity earnings of unconsolidated joint ventures and entities 302 236 Gain on sale of assets 393 2,822 Other expense (57) (91) Income before income tax expense, net of non-controlling interests $ 3,455 $ 5,625 |
Operations In Foreign Currency
Operations In Foreign Currency | 3 Months Ended |
Mar. 31, 2016 | |
Operations In Foreign Currency [Abstract] | |
Operations In Foreign Currency | Note 3 – 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 (collectively “ f oreign o perations”) on a self-funding basis where we use cash flows generated by our foreign operations to pay for the expense of foreign operations. Our Australian and New Zealand assets and liabilities are translated from their functional currencies of Australian dollar (A U $) and New Zealand dollar (NZ$), respectively , to U.S. dollar based on the excha nge rate as of March 31, 2016 . The carrying value of the assets and liabilities of our foreign operations fluctuates as result of changes in the exchange rates between the functional currencies of the foreign operations and the U.S. dollar. The translation adjustments are accumulated in the Accumulated Other Comprehensive Income in the Consolidated Balance Sheets. Because we intend to conduct business on a self-funding basis ( except for funds used to pay a n appropriate share of our domestic corporate overhead), we do not believe the currency fluctuations present a material risk to the Company. As such, we do not use 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 and for the period-end March 31, 2016 , December 31, 2015 and March 31, 2015 Foreign Currency / USD As of and for the Three Months Ended As of and for the Twelve Months Ended As of and for the Three Months Ended March 31, 2016 December 31, 2015 March 31, 2015 Spot Rate Australian Dollar 0.7677 0.7286 0.7625 New Zealand Dollar 0.6926 0.6842 0.7485 Average Rate Australian Dollar 0.7216 0.7524 0.7862 New Zealand Dollar 0.6637 0.7004 0.7514 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 4 – Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing the net income attributable to the Company’s common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated by dividing the net income attributable to the Company’s common stockholders by the weighted average number of common and common equivalent shares outstanding during the period and are calculated using the treasury stock method for equity-based compensation awards . The following table sets forth the computation of basic and diluted EPS and a reconciliation of the weighted average number of common and common equivalent shares outstanding : Three Months Ended (Dollars in thousands, except share data) March 31, 2016 March 31, 2015 Numerator: Net income attributable to RDI common stockholders $ 2,226 $ 3,118 Denominator: Weighted average number of common stock – basic 23,334,892 23,242,467 Weighted average dilutive impact of awards 197,966 281,188 Weighted average number of common stock – diluted 23,532,858 23,523,655 Basic EPS attributable to RDI common stockholders $ 0.10 $ 0.13 Diluted EPS attributable to RDI common stockholders $ 0.09 $ 0.13 Awards excluded from diluted EPS 238,370 - |
Property And Equipment
Property And Equipment | 3 Months Ended |
Mar. 31, 2016 | |
Property And Equipment [Abstract] | |
Property And Equipment | Note 5 – Property and Equipment Operating Property, net As of March 31, 2016 and December 31, 2015 , property associated with our operating acti vities is summarized as follows: March 31, December 31, (Dollars in thousands) 2016 2015 Land $ 71,775 $ 70,063 Building and improvements 131,006 126,622 Leasehold improvements 47,137 46,874 Fixtures and equipment 114,870 112,423 Construction-in-progress 11,498 7,825 Total cost 376,286 363,807 Less: accumulated depreciation (159,211) (153,509) Operating property, net $ 217,075 $ 210,298 Depreciation expense for operating property was $3.5 million for both three months ended March 31, 2016 and March 31, 2015 . Depreciation is unchanged over the period due to the increase in depreciation caused by the upgrade of our Carmel Mountain site and the opening of our LynnMall site being offset by foreign currency movements in Australia and New Zealand. Burwood, Australia On May 12, 2014, we entered into a contract to sell our undeveloped 50.6 acre parcel in Burwood, Victoria, Australia, to Australand Holdings Limited (now known as Frasers Property Australia) for a purchase price of $50.8 million ( AU$65.0 million). We received $5.9 million ( AU$6.5 million) on May 23, 2014. The remaining purchase price of $44.9 million ( AU$58.5 million) is due on December 31, 2017. Our book value in the property is $40.0 million ( AU$52.1 million) and $38.0 ( AU$52.1 million) as of March 31, 2016 and December 31, 2015, respectively. While the transaction was treated as a sale for tax purposes in 2014, it does not qualify as a sale under US GAAP until the receipt of the payment of the balance of the purchase price due on December 31, 2017 (or earlier depending upon whether any prepay ment obligation is triggered). The asset is classified as long-term land held for sale on the consolidated balance sheets as of March 31, 2016 and December 31, 2015. Doheny Condo, Los Angeles On February 25, 2015, we sold our Los Angeles Condo for $3.0 million resulting in a $2.8 million gain on sale. Taupo, New Zealand On April 1, 2015, we entered into two definitive purchase and sale agreements to sell our properties at Taupo, New Zealand for a combined sales price of $2.3 million (NZ $3.4 million). The first agreement related to a property with a sales price of $1.6 million (NZ $2.2 million) and a book value of $1.3 million (NZ $1.8 million), which closed on April 30, 2015 when we received the sales price in full. The other agreement related to a property with a sales price of $831,000 ( NZ$1.2 million) and a book value of $426,000 (NZ $615,000 ) which was completed and for which we received cash settlement representing full sales price on March 31, 2016. The first transaction qualified as a sale under both U.S. GAAP and tax purposes during the year-ended December 31, 2015. The second transaction was recorded as a sale during the three months ended March 31, 2016. Cannon Park, Queensland , Australia On December 23, 2015, we completed a 100% acquisition of two adjoining ETCs in Townsville, Queensland, Australia for a total of $24.3 million ( AU$33.6 million) in cash. The total gross leasable area of the two adjoining properties, the Cannon Park City Centre and the Cannon Park Discount Centre, is 133,000 square feet. The Cannon Park City Centre is anchored by Reading Cinemas, which is operated by Reading International’s 75% owned subsidiary, Australia Country Cinemas, and has three mini-major tenants and ten specialty family oriented restaurant tenants. The Cannon Park Discount Centre is anchored by Kingpin Bowling and supported by four other retailers. The properties are located approximately 6 miles from downtown Townsville, the second largest city in Queensland, Australia. This acquisition is consistent with our business plan to own, where practical, the land underlying our entertainment assets. The acquired assets consist primarily of the land and buildings, which is approximately 98% leased to existing tenants. Tenancies range from having 9 months to 8 years left to run on their leases. The total purchase price was allocated to the identifiable assets acquired based on our preliminary estimates of their fair values on the acquisition date. There were no liabilities assumed. As of March 31, 2016, the Company is still finalizing its allocation and this may result in potential adjustments within the 1 -year measurement period from acquisition date. The determination of the fair values of the acquired assets (and the related determination of their estimated lives) requires significant judgment. We did not identify any intangible assets or liabilities (above and below-market leases) at the date of acquisition. There was no goodwill recorded , as the purchase price did not exceed the fair value estimates of the net acquired assets. Our preliminary purchase price allocation is as follows: (Dollars in thousands) US Dollars AU dollars Prepaid assets $ 28 $ 38 Operating property: Land 7,609 10,500 Building 16,712 23,060 Total purchase price $ 24,349 $ 33,598 Investment and Development Property As of March 31, 2016 and December 31, 2015 , our investment and devel opment property is summarized below : March 31, December 31, (Dollars in thousands) 2016 2015 Land $ 21,709 $ 21,434 Construction-in-progress 1,617 1,568 Investment and development property $ 23,326 $ 23,002 |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures And Entities | 3 Months Ended |
Mar. 31, 2016 | |
Investments In And Advances To Unconsolidated Joint Ventures And Entities [Abstract] | |
Investments In And Advances To Unconsolidated Joint Ventures And Entities | Note 6 – 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 . The table below summarizes our investments in unconsolidated joint ventures and entities a s of March 31, 2016 and December 31, 2015 : March 31, December 31, (Dollars in thousands) Interest 2016 2015 Rialto Distribution 33.3% $ -- $ -- Rialto Cinemas 50.0% 1,370 1,276 Mt. Gravatt 33.3% 4,286 4,094 Total investments $ 5,656 $ 5,370 For the three months ended March 31, 2016 and 2015 , we recorded our share of equity earnings from our investments in unconsolidated joint ventures and entities a s follows : Three Months Ended March 31, March 31, (Dollars in thousands) 2016 2015 Rialto Distribution $ -- $ -- Rialto Cinemas 76 72 Mt. Gravatt 226 164 Total equity earnings $ 302 $ 236 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | Note 7 – Goodwill and Intangible Assets The table below summarizes goodwill by business segment as of March 31, 2016 and December 31, 2015 . (Dollars in thousands) Cinema Real Estate Total Goodwill as of December 31, 2015 $ 14,491 $ 5,224 $ 19,715 Foreign currency translation adjustment 287 -- 287 Goodwill at March 31, 2016 $ 14,778 $ 5,224 $ 20,002 The Company is required to test goodwill and other intangible assets for impairment on an annual basis and, if current events or circumstances require, on an interim basis. Our next annual evaluation of goodwill and other intangible assets is scheduled for the fourth quarter of 2016. To test the impairment of goodwill, the Company compares the fair value of each reporting unit to its carrying amount, including the goodwill, to determine if there is potential goodwill impairment. A reporting unit is generally one level below the operating segment. As of March 31, 2016 , we were not aware of any events that made us believe potential impairment of goodwill had occurred. The tables below summarize intangible assets other than goodwill as of March 31, 2016 and December 31, 2015 , respectively. As of March 31, 2016 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross intangible assets $ 26,817 $ 7,254 $ 697 $ 34,768 Less: Accumulated amortization (20,498) (4,393) (447) (25,338) Net intangible assets $ 6,319 $ 2,861 $ 250 $ 9,430 As of December 31, 2015 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross intangible assets $ 26,793 $ 7,254 $ 696 $ 34,743 Less: Accumulated amortization (20,108) (4,300) (446) (24,854) Net intangible assets $ 6,685 $ 2,954 $ 250 $ 9,889 Beneficial leases are amortized ove r the life of the lease up to 30 years , trade names are amortized based on the accelerated amortization method over its estimated useful life of 45 years , and other intangible assets are amortized over 10 ye ars. The table below summarizes the amortization expense of intangible assets for the three months as of March 31, 201 6 and March 31, 201 5 , respectively. Quarter Ended March 31, March 31, (Dollars in thousands) 2016 2015 Beneficial lease amortization $ 365 $ 361 Other amortization 96 74 Total intangible assets amortization $ 461 $ 435 |
Prepaid And Other Assets
Prepaid And Other Assets | 3 Months Ended |
Mar. 31, 2016 | |
Prepaid And Other Assets [Abstract] | |
Prepaid And Other Assets | Note 8 – Prepaid and Other Assets Prepaid and other assets are summarized a s follows : March 31, December 31, (Dollars in thousands) 2016 2015 Prepaid and other current assets Prepaid expenses $ 1,496 $ 879 Prepaid taxes 3,204 3,160 Prepaid rent 829 1,021 Deposits 369 369 Total prepaid and other current assets $ 5,898 $ 5,429 Other non-current assets Other non-cinema and non-rental real estate assets $ 1,134 $ 1,134 Long-term deposits 58 63 Straight-line rent 2,552 2,417 Other -- 1 Total other non-current assets $ 3,744 $ 3,615 |
Income Tax
Income Tax | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax [Abstract] | |
Income Tax | Note 9 – Income Tax The provision for income taxes is different from the amount determined by applying the U.S. federal statutory rate to consolidated income before taxes. The significant differences arise from the difference in foreign tax rates from U.S. tax rates, earnings considered indefinitely reinvested in foreign operations, state taxes, unrecognized tax benefits, and foreign withholding tax on interest. Our effective tax rate was 33.9 % and 44.9 % for the three months ended March 31, 2016 and 2015, respectively. The decrease was substantially caused by the reversal in the second quarter of 2015 of our assertion that earnings of Australia subsidiaries are not indefinitely invested in foreign operations. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt [Abstract] | |
Debt | Note 1 0 – Debt The Company’s borrowings at March 31, 2016 and December 31, 2015 , net of deferred financing costs and including the impact of interest rate swaps on effective interest rates, are summarized below : As of March 31, 2016 (Dollars in thousands) Maturity Date Contractual Facility Balance Stated Interest Rate Effective Interest Rate (1) Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 4.62% 5.20% Bank of America Credit Facility (USA) November 28, 2019 55,000 29,750 2.93% 3.65% Bank of America Line of Credit (USA) October 31, 2017 5,000 4,750 3.42% 3.42% Cinema 1, 2, 3 Term Loan (USA) July 1, 2016 15,000 15,000 4.00% 4.00% Cinema 1, 2, 3 Line of Credit (USA) July 1, 2016 6,000 -- 4.00% 4.00% Minetta & Orpheum Theatres Loan (USA) June 1, 2018 7,500 7,500 3.25% 3.25% Union Square Line of Credit (USA) June 2, 2017 8,000 8,000 3.58% 3.58% Denominated in foreign currency ("FC") (2) NAB Corporate Term Loan (AU) June 30, 2019 51,052 24,183 3.10% 3.10% Westpac Corporate Credit Facility (NZ) March 31, 2018 34,630 12,121 4.15% 4.15% $ 210,095 Debt, gross amount $ 129,217 Less: deferred financing costs, net of amortization 1,622 Debt, net of deferred financing costs $ 127,595 (1) Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities and Bank of America Credit Facility that were outstanding as of March 31, 2016 (2) The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of March 31, 2016 . As of December 31, 2015 (3) (Dollars in thousands) Maturity Date Contractual Facility Balance Stated Interest Rate Effective Interest Rate (1) Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 4.32% 5.20% Bank of America Credit Facility (USA) November 28, 2019 55,000 29,750 2.92% 3.65% Bank of America Line of Credit (USA) October 31, 2017 5,000 2,500 3.42% 3.42% Cinema 1, 2, 3 Term Loan (USA) July 1, 2016 15,000 15,000 3.75% 3.75% Cinema 1, 2, 3 Line of Credit (USA) July 1, 2016 6,000 -- 3.75% 3.75% Minetta & Orpheum Theatres Loan (USA) June 1, 2018 7,500 7,500 3.00% 3.00% Union Square Line of Credit (USA) June 2, 2017 8,000 8,000 3.65% 3.65% Denominated in FC (2) NAB Corporate Term Loan (AU) June 30, 2019 48,452 26,594 3.06% 3.06% Westpac Corporate Credit Facility (NZ) March 31, 2018 34,210 13,684 4.45% 4.45% $ 207,075 Debt, gross amount $ 130,941 Less: deferred financing costs, net of amortization 1,828 Debt, net of deferred financing costs $ 129,113 (1) Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities and Bank of America Credit Facility that were outstanding as of December 31, 2015. (2) The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollar based on the applicable exchange rates as of December 31, 2015 . (3) The balance as of December 31, 2015 included the reclassification adjustment relating to netting of deferred financing costs, as discussed in Note 1 – Recently Adopted and Issued Accounting Pronouncements . Bank of America Credit Facility On March 3, 2016, we amended our $55.0 million credit facility with Bank of America to permit real property acquisition loans. This amendment was subject to the provision that the consolidated leverage ratio would be reduced by 0.25% from the established levels in the credit facility during the period of such borrowing subject further to a repayment of such borrowings on the earlier of the eighteen months from the date of such borrowing or the maturity date of the credit agreement. Such modification was not considered substantial in accordance with US GAAP. |
Other Liabilities
Other Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Other Liabilities [Abstract] | |
Other Liabilities | Note 11 – Other Liabilities Other liabilities are summarized as follows: (Dollars in thousands) March 31, 2016 December 31, 2015 Current liabilities Lease liability $ 5,900 $ 5,900 Security deposit payable 180 180 Accrued pension 1,710 1,539 Other 60 21 Other current liabilities $ 7,850 $ 7,640 Other liabilities Straight-line rent liability $ 10,644 $ 10,823 Accrued pension 6,110 6,236 Lease make-good provision 5,122 5,228 Deferred revenue - real estate 4,656 4,596 Environmental reserve 1,656 1,656 Interest rate swap 375 156 Acquired leases 224 866 Other 478 501 Other liabilities $ 29,265 $ 30,062 On August 29, 2014 the Supplemental Executive Retirement Plan (“SERP”) that was effective since March 1, 2007, was ended and replaced with a new pension annuity. As a result of the termination of the SERP program, the accrued pension liability of $7.6 million was reversed and replaced with a new pension annuity liability of $7.5 million. The valuation of the liability is based on the present value of $10.2 million discounted at a rate of 4.25% over a 15 - year term, resulting in a monthly payment of $57,000 payable to the estate of Jim Cotter Sr. The discount rate of 4.25% has been applied since 2014 to determine the net periodic benefit cost and plan benefit obligation and is expected to be used in future years. The discounted value of $2.7 million (which is the difference between the estimated payout of $10.2 million and the present value of $7.5 million) as of August 29, 2014 will be amortized and expensed based on the 15-year term. In addition, the accumulated actuarial loss of $3.1 million recorded, as part of other comprehensive income will also be amortized based on the 15 - year term. As a result of the above, included in our current and non-current liabilities are accrued pension costs of $7.8 million at March 31, 2016 . The benefits of our pension plans are fully vested and therefore no service costs were recognized for the three months ended March 31, 2016 and 2015 . Our pension plans are unfunded. During the three m onth ended March 31, 2016 , the interest cost was $45,000 and actuarial loss was $32,000 . During the three -month ended March 31, 2015 , the interest cost was $45,000 and actuarial loss was $52,000 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | Note 12 – Accumulated Other Comprehensive Income The following table summarizes the changes in each component of accumulated other comprehensive income attributable to RDI: (Dollars in thousands) Foreign Currency Items Unrealized Gain (Losses) on Available-for-Sale Investments Accrued Pension Service Costs Total Balance at January 1, 2016 $ 14,642 $ 12 $ (2,848) $ 11,806 Net current-period other comprehensive income 6,309 -- 32 6,341 Balance at March 31, 2016 $ 20,951 $ 12 $ (2,816) $ 18,147 |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note 1 3 – Commitments and Contingencies The t otal estimated debt of unconsolidated joint ventures and entities , consisting solely of Rialto Distribution (see Note 6 – Investments in Unconsolidated Joint Ventures and Entities ), was $1.0 million (NZ $1.5 million ) as of March 31, 2016 and December 31, 2015 . Our share of the unconsolidated debt, based on our ownership percentage, was NZ$500,000 as of March 31, 2016 and December 31, 2015 , respectively. This debt is guaranteed by one of our subsidiaries to the extent of our ownership percentage. In consideration of this debt guarantee, we accrued $346,000 ( NZ$500,000 ) and $342,000 ( NZ$500,000 ) as of March 31, 2016 and December 31, 2015, recorded as part of Accounts payable and accrued liabilities. |
Noncontrolling Interests
Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interests [Abstract] | |
Noncontrolling Interests | Note 1 4 – Non - controlling I nterests These are composed of the following enterprises: · Australia Country Cinemas Pty Ltd. -- 25% noncontrolling interest owned by Panorama Cinemas for the 21st Century Pty Ltd.; · Shadow View Land and Farming, LLC -- 50% noncontrolling membership interest owned by the estate of Mr. James J. Cotter, Sr.; and , · Sutton Hill Properties, LLC -- 25% noncontrolling interest owned by Sutton Hill Capital, LLC. The components of noncontrolling interests are a s follows : March 31, December 31, (Dollars in thousands) 2016 2015 Australian Country Cinemas, Pty Ltd $ 313 $ 318 Shadow View Land and Farming, LLC 1,929 1,940 Sutton Hill Properties, LLC 2,048 2,073 Noncontrolling interests in consolidated subsidiaries $ 4,290 $ 4,331 The components of gain/(loss) attributable to noncontrolling interests are a s follows : Three Months Ended March 31, March 31, (Dollars in thousands) 2016 2015 Australian Country Cinemas, Pty Ltd $ 34 $ 18 Shadow View Land and Farming, LLC (10) (13) Sutton Hill Properties, LLC (26) (21) Net loss attributable to noncontrolling interests $ (2) $ (16) 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, 2016 $ 132,865 $ 4,331 $ 137,196 Net income (loss) 2,226 (2) 2,224 Increase in additional paid in capital 143 -- 143 Distributions to noncontrolling stockholders -- (55) (55) Accumulated other comprehensive income 6,340 16 6,356 Equity at March 31, 2016 $ 141,574 $ 4,290 $ 145,864 (Dollars in thousands) Controlling Stockholders’ Equity Noncontrolling Stockholders’ Equity Total Stockholders’ Equity Equity at January 1, 2015 $ 127,686 $ 4,612 $ 132,298 Net income (loss) 3,118 (16) 3,102 Increase in additional paid in capital 383 -- 383 Treasury stock purchased (1,828) -- (1,828) Contributions from noncontrolling stockholders - SHP -- 17 17 Distributions to noncontrolling stockholders -- (90) (90) Accumulated other comprehensive loss (9,837) (25) (9,862) Equity at March 31, 2015 $ 119,523 $ 4,497 $ 124,020 |
Equity And Stock-Based Compensa
Equity And Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Equity And Stock-Based Compensation [Abstract] | |
Equity And Stock-Based Compensation | Note 15 – Equity and Stock-Based Compensation Former Executive Stock-Based Compensation As part of his compensation package, Mr. James J. Cotter, Sr., our now deceased former Chairman of the Board and Chief Executive Officer, was granted restricted Class A Non-voting Common Stock (“C lass A Stock”) for 2014 . Mr. Cotter, Sr.’s stock compensation was granted fully vested with a five -year restriction on sale and the applicable compensation expense was recorded in the year of grant. The 2014 stock grants were issued in the first quarter of 2015. Employee and Director Stock Option Plan The Company may grant stock options and other share-based payment awards of our Class A Stock to eligible employees, directors, and consultants under the 2010 Stock Incentive Plan (the “Plan”). The aggregate total number of shares of the Class A Nonvoting Common Stock au thorized for issuance under the Plan is 1,250,000 . As of March 31, 2016, we had 663,800 shares remaining for future issuances. Since the adoption of the Plan in 2010, the Company has granted awards primarily in the form of stock options. In the 1 st quarter of 2016, the Company started to award restricted stock units (“RSUs”) to directors and certain officers. Stock options are generally granted at exercise prices equal to the grant-date market prices and typically expire no later than five years from the grant date. In contrast to a stock option where the grantee buys the Company’s share at an exercise price determined on grant date, an RSU entitles the grantee to receive one share for every RSU based on a vesting plan. At the discretion of our Compensation and Stock Options Committee, the vesting per iod of stock options and RSUs ranges from zero to four years. At the time the options are exercised or RSUs vest, at the discretion of management, we will issue treasury shares or make a new issuance of shares to the option or RSU holder. Stock Options W e estimate the grant-date fair value of our stock o ptions using the Black-Scholes option- valuation 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. We expense the estimated grant-date fair values of options over the vesting period on a straight-line basis . Based on our historical experience and the relative market price to strike price of the options, we have not hereto estimated any forfeitures of vested or unvested options. For the three months ended March 31, 2016 and 2015 , respectively, the weighted average assumptions used in the option-valuation model were as follows: Three Months Ended March 31 2016 2015 Stock option exercise price $ 11.83 $ 12.34 Risk-free interest rate 1.24% 1.77% Expected dividend yield -- -- Expected option life in years 3.75 5.00 Expected volatility 24.94% 31.80% Weighted average fair value $ 2.48 $ 3.83 We recorded compensation expense of $98,000 and $57,000 for the three months ended March 31, 2016 and 2015 respectively. At March 31, 2016 , the total unrecognized estimated compensation cost related to non-vested stock options was $830,000 , which we expect to recognize over a weighted average vesting period of 2.19 years. No stock options were exercised during the three months ended March 31, 2016 . The intrinsic, unrealized value of all options outstanding, vested and expected to vest, at March 31, 2016 was $1.8 million, of which 63.6% are currently exercisable. The following table summarizes the information of options outstanding and exercisable as of March 31, 2016 and December 31, 2015 : Options Outstanding Exercisable Options Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life (Shares in thousands) Class A Class B Class A Class B Class A & B Class A Class B Class A Class B Class A & B Balance - December 31, 2014 568 185 $ 6.88 $ 9.90 2.40 348 185 $ 6.82 $ 9.90 3.63 Granted 112 -- 13.30 -- 101 -- -- -- Exercised (185) (185) 6.09 9.90 (185) (185) -- -- Forfeited (8) -- 6.23 -- (8) -- -- -- Balance - December 31, 2015 487 -- $ 7.64 $ -- 2.89 256 -- $ 7.64 $ -- 2.14 Granted 142 - 11.83 - 10 - - - Exercised - - - - - - - - Forfeited (2) - $6.23 - - - - - Balance - March 31, 2016 627 -- $ 9.40 - 3.17 266 -- $ 7.78 $ -- 2.04 Restricted Stock Units We estimate the grant-date fair values of our RSUs using the Company’s stock price at grant-date and record such fair values as compensation expense over the vesting period on a straight-line basis. In March 2016, RSU awards of 62,528 units were granted to directors and certain members of management, which remained unvested as of March 31, 2016. These RSU awards vest 25% at the end of each year for 4 years (in the case of executives) and vest 100% at the end of one year (in the case of directors). We recognized compensation expense of $31,000 during the three months ended March 31, 2016. The total unrecognized compensation cost related to these unvested RSUs was $717,000 as of March 31, 2016. Common Stock Buyback On May 16, 2014, the Company's board of directors authorized management, at its discretion, to spend up to an aggregate of $10.0 million to acquire shares of Reading’s Common Stock. This approved stock repurchase plan supersedes and effectively cancel led the program that was approved by the board on May 14, 2004, which allowed management to purchase up to 350,000 shares of Reading’s Common Stock. The repurchase program allows Reading to repurchase its shares in accordance with the requirements of the SEC on the open market, in block trades and in privately negotiated transactions, depending on market conditions and other factors. All purchases are subject to the availability of shares at prices that are acceptable to Reading, and accordingly, no assurances can be given as to the timing or number of shares that may ultimately be acquired pursuant to this authorization. Under this approved buyback program, the Company has repurchased $7.2 million worth of common stock at an average price of $12.92 per share. This leaves $2.8 million available for repurchase as of March 31, 2016 . |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments [Abstract] | |
Derivative Instruments | Note 16 – Derivative Instruments We enter into interest rate derivative instruments to hedge the interest rate risk that results from the characteristics of our floating-rate borrowings. Our use of derivative transactions is intended to reduce long-term fluctuations in cash flows caused by market movements. All derivative instruments are recorded on the balance sheet at fair value with changes in fair value through interest expense in the Consolidated Statement of Operations. As of March 31, 2016 , we have not designated any of our derivatives as accounting hed ges . The Company’s derivative positions measured at fair value are summarized in the following tables: As of March 31, 2016 (Dollars in thousands) Notional Other Assets Other Current Liabilities Interest rate swap $ 52,413 $ - $ 375 Interest rate cap 7,500 1 - Total $ 59,913 $ 1 $ 375 As of December 31, 2015 (Dollars in thousands) Notional Other Assets Other Current Liabilities Interest rate swap $ 52,413 $ - $ 156 Interest rate cap 7,500 1 - Total $ 59,913 $ 1 $ 156 The following table summarizes the unrealized gains or losses due to changes in fair value of the derivatives that are recorded in interest expense in the Consolidated Statement of Operations, for the three months ended March 31, 2016 and March 31, 2015 . Three Months Ended (Dollars in thousands) March 31, 2016 March 31, 2015 Net unrealized losses on interest rate derivatives $ 219 $ - |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | Note 1 7 – Fai r Value Measurements ASC 820 , Fair Value Measurement 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: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets · Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable The following tables summarize our financial assets and financial liabilities carried and measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 , by level within the fair value hierarchy. Fair Value Measurement at March 31, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Investments $ 51 $ - $ - $ 51 Derivatives - 1 - 1 Liabilities Derivatives - (375) - (375) Total recorded at fair value $ 51 $ (374) $ - $ (323) Fair Value Measurement at December 31, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Investments $ 51 $ - $ - $ 51 Derivatives - 1 - 1 Liabilities Derivatives - (156) (156) Total recorded at fair value $ 51 $ (155) $ - $ (104) The following tables summarize our financial liabilities that are carried at cost and measured at fair value on a non-recurring basis as of March 31, 2016 and December 31, 2015 , by level within the fair value hierarchy. Fair Value Measurement at March 31, 2016 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 101,303 $ - $ - $ 92,978 $ 92,978 Subordinated debt 27,913 - - 13,446 13,446 $ 129,216 $ - $ - $ 106,424 $ 106,424 Fair Value Measurement at December 31, 2015 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 103,028 $ - $ - $ 99,554 $ 99,554 Subordinated debt 27,913 - - 13,338 13,338 $ 130,941 $ - $ - $ 112,892 $ 112,892 (1) These balances are presented before any deduction for deferred financing costs. Following is a description of the valuatio n methodologies used to estimate the fair value of our financial assets and liabilities. There have been no changes in the me thodologies used at March 31, 2016 and December 31, 2015 . Level 1 investments in marketable securities primarily consist of investments associated with the ownership of marketable securities in U.S. and New Zealand. These investments are valued based on observable market quot es on the last trading date of the reporting period. Level 2 derivative financial instruments are valued based on discounted cash flow models that incorporate observable inputs such as interest rates and yield curves from the derivative counterparties. The credit valuation adjustments associated with our non-performance risk and counterparty credit risk are incorporated in the fair value estimates of our derivatives. As of March 31, 2016 and December 31, 2015 , we concluded that the credit valuation adjustments were not significant to the overall valuation of our derivatives. Level 3 borrowings include our secured and unsecured notes payable, trust preferred securities and other debt instruments. The borrowings are valued based on discounted cash flow models that incorporate appropriate market discount rates. We calculated the market discount rate by obtaining period-end treasury rates for fixed-rate debt, or LIBOR 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 rate , debt maturity , types of borrowings, and the loan-to-value ratios of the debt . The Company’s financial instruments also include cash, cash equivalents, receivables and account payable. The carrying values of these financial instruments approximate the fair values. Additionally, there were no transfers of assets and liabilities between levels 1, 2, or 3 during the three months ended March 31, 2016 and March 31, 2015 . |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 18 – Subsequent Events Acquisition of New Corporate Headquarters in Los Angeles On April 11, 2016, we purchased for $11.2 million a 24,000 square foot Class B office building with 72 parking spaces located at 5995 Sepulveda Boulevard in Culver City, California. We intend to use approximately 50% of the leasable area for our headquarters offices and to lease the remainder to unaffiliated third parties. We anticipate, when the move is complete and the excess space is leased, that we will be able to reduce our headquarters occupancy cost by approximately $350,000 per annum. We are in the process of obtaining a mortgage on this building. Refinancing of Cinema 1 , 2 , 3 loan On April 25 , 2016, Sutton Hill Properties LLC, a 75% subsidiary of Readi ng International Inc., signed a non-binding agreement with a lender to refinance the $15 million mortgage loan on Cinema 1 , 2 , 3 which matures on July 1, 2016. The C ompany expects to have the replacement financing in place by the end of the second quarter 2016. Updates to The STOMP Arbitration In April 2016, we have received a Final Award in our arbitration with The STOMP Company Limited Partnership, the producer of the show STOMP, currently playing at our Orpheum Theater in New York City. The Final Award awards us $2,268,009 in attorney’s fees and costs. We are pursuing the collection of this Final Award in New York Supreme Court . Updates to the Derivative Litigation On May 2, 2016, the T2 Plaintiffs filed a petition on order shortening time seeking a preliminary injunction (1) enjoining the Inspector of Elections from counting any proxies purporting to vote either the 327,808 Class B shares represented by stock certificate B0005 (held of record by the Cotter Estate) or the 696,080 Class B shares represented by stock certificate RDIB 0028 (held of record by the Cotter Trust) at the upcoming June 2, 2016 Annual Meeting of Stockholders, and (2) enjoining Ellen Cotter, Margaret Cotter and James J. Cotter, Jr. from voting the above referenced shares at the 2016 Annual Meeting of Stockholders. We believe that the above referenced shares are currently held of record by the Cotter Estate and the Cotter Trust, and such shares can be voted by the Co-Executors of the Cotter Estate and the Trustees of the Cotter Trust, as applicable. |
The Company And Basis Of Pres25
The Company And Basis Of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2016 | |
The Company And Basis Of Presentation [Abstract] | |
Use Of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“ U . S . GAAP ”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Significant estimates include projections we make regarding the recoverability of our assets, valuations of our interest swaps and the recoverability of our deferred tax assets. Actual results may differ from those estimates. |
Principles Of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries as well as majority-owned subsidiaries that the Company controls, and should be read in conjunction with the Company’s Annual Report on Form 10-K as of and for the year-ended December 31, 2015. All significant intercompany balances and transactions have been eliminated in consolidation. These were prepared in accordance with the U . S . 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”). As such, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. We believe that we have included all normal recurring adjustments necessary for a fair presentation of the results for the interim period. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. |
Reclassification | Reclassifications Certain reclassifications have been made in the 2015 comparative information in the consolidated balance sheets and notes to conform to the 2016 presentation. These changes relate to the adoption of Accounting Standards Update (“ASU”) 2015-03 as discussed more fully below. These reclassifications had no significant impact on our 2015 financial position, results of operations and cash flows as previously reported. |
Recently Adopted And Issued Accounting Pronouncements | Recently Adopted and Issued Accounting Pronouncements Adopted: On January 1, 2016, the Company adopted ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , issued by the Financial Accounting Standards Board (“FASB”). This new standard, which became effective for fiscal years beginning after December 15, 2015, required that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums . The impact of this adoption includes reclassification of the deferred financing costs (net of amortization) from “Other Assets” to a reduction in the associated Debt account. Also, on January 1, 2016, the Company adopted ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . Under this new standard, an acquirer in a business combination transaction must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation or amortization, or other income effects, if any, because of the change to the provisional amounts, calculated as if the accounting had been completed as of the acquisition date, must be recorded in the reporting period in which the adjustment amounts are determined rather than retrospectively. The ASU also requires that the acquirer present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The adoption of this standard will impact the finalization of the purchase price allocation of the Cannon Park acquisition, which we expect to complete during the second or third quarter of 2016. Please refer to Note 5 – Property & Equipment for the Cannon Park acquisition discussion. Issued: In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This new guidance provides simplifications involving several aspects of the accounting for share-based payment transactions, including the income tax consequences (such as excess tax benefits recorded in income tax expense/benefit, rather than additional paid-in capital), classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new standard is effective for the Company on January 1, 2017. Early adoption is permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is currently assessing the impact of this new guidance on the consolidated financial statements and related disclosures. In addition, in March 2016, the FASB issued ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting . This new guidance effectively removes the retroactive application imposed in current guidance when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The new standard becomes effective for the Company on January 1, 2017. Early adoption is permissible. The Company does not anticipate the adoption of ASU 2015-11 to have a material impact on the consolidated financial statements and related disclosures In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . This new guidance establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The new standard becomes effective for the Company on January 1, 2019. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently assessing the impact of this new guidance on the consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. GAAP. Under the new model, recognition of revenues occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Subsequently, in March 2016, FASB issued ASU 2016-08 to provide guidance on principal versus agent considerations. The new standard becomes effective for the Company on January 1, 2018. Early adoption is permitted but cannot be earlier than January 1, 2017. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We have not yet selected a transition method nor have we determined the impact of the new standard on our consolidated condensed financial statements. While we believe the proposed guidance will not have a material impact on our business because our revenue predominantly comes from movie ticket sales and concession purchases, we plan to complete the analysis to ensure that we are in compliance prior to the effective date. |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Segments [Abstract] | |
Summary Of Results Of Operations For Principal Business Segments | Three Months Ended (Dollars in thousands) March 31, 2016 March 31, 2015 Revenue: Cinema exhibition $ 61,315 $ 56,899 Real estate 5,250 5,404 Inter-segment elimination (1,776) (1,718) $ 64,789 $ 60,585 Segment operating income: Cinema exhibition $ 7,690 $ 6,339 Real estate 2,089 2,291 $ 9,779 $ 8,630 |
Reconciliation Of Segment Operating Income Before Taxes | Three Months Ended (Dollars in thousands) March 31, 2016 March 31, 2015 Segment operating income $ 9,779 $ 8,630 Unallocated corporate expense Depreciation and amortization expense (96) (70) General and administrative expense (4,991) (3,327) Interest expense, net (1,875) (2,575) Equity earnings of unconsolidated joint ventures and entities 302 236 Gain on sale of assets 393 2,822 Other expense (57) (91) Income before income tax expense, net of non-controlling interests $ 3,455 $ 5,625 |
Operations In Foreign Currency
Operations In Foreign Currency (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Operations In Foreign Currency [Abstract] | |
Summary Of Currency Exchange Rates | Foreign Currency / USD As of and for the Three Months Ended As of and for the Twelve Months Ended As of and for the Three Months Ended March 31, 2016 December 31, 2015 March 31, 2015 Spot Rate Australian Dollar 0.7677 0.7286 0.7625 New Zealand Dollar 0.6926 0.6842 0.7485 Average Rate Australian Dollar 0.7216 0.7524 0.7862 New Zealand Dollar 0.6637 0.7004 0.7514 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Dilutes Earnings Per Share | Three Months Ended (Dollars in thousands, except share data) March 31, 2016 March 31, 2015 Numerator: Net income attributable to RDI common stockholders $ 2,226 $ 3,118 Denominator: Weighted average number of common stock – basic 23,334,892 23,242,467 Weighted average dilutive impact of awards 197,966 281,188 Weighted average number of common stock – diluted 23,532,858 23,523,655 Basic EPS attributable to RDI common stockholders $ 0.10 $ 0.13 Diluted EPS attributable to RDI common stockholders $ 0.09 $ 0.13 Awards excluded from diluted EPS 238,370 - |
Property And Equipment (Tables)
Property And Equipment (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | March 31, December 31, (Dollars in thousands) 2016 2015 Land $ 71,775 $ 70,063 Building and improvements 131,006 126,622 Leasehold improvements 47,137 46,874 Fixtures and equipment 114,870 112,423 Construction-in-progress 11,498 7,825 Total cost 376,286 363,807 Less: accumulated depreciation (159,211) (153,509) Operating property, net $ 217,075 $ 210,298 |
Schedule Of Purchase Price Allocation | (Dollars in thousands) US Dollars AU dollars Prepaid assets $ 28 $ 38 Operating property: Land 7,609 10,500 Building 16,712 23,060 Total purchase price $ 24,349 $ 33,598 |
Summary Of Investment And Development Property | March 31, December 31, (Dollars in thousands) 2016 2015 Land $ 21,709 $ 21,434 Construction-in-progress 1,617 1,568 Investment and development property $ 23,326 $ 23,002 |
Investments In Unconsolidated30
Investments In Unconsolidated Joint Ventures And Entities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments In And Advances To Unconsolidated Joint Ventures And Entities [Abstract] | |
Summary Of The Investments In Unconsolidated Joint Ventures And Entities | March 31, December 31, (Dollars in thousands) Interest 2016 2015 Rialto Distribution 33.3% $ -- $ -- Rialto Cinemas 50.0% 1,370 1,276 Mt. Gravatt 33.3% 4,286 4,094 Total investments $ 5,656 $ 5,370 |
Summary Of Equity Earnings (Loss) From Investments In Unconsolidated Joint Ventures And Entities | Three Months Ended March 31, March 31, (Dollars in thousands) 2016 2015 Rialto Distribution $ -- $ -- Rialto Cinemas 76 72 Mt. Gravatt 226 164 Total equity earnings $ 302 $ 236 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets [Abstract] | |
Summary Of Goodwill | (Dollars in thousands) Cinema Real Estate Total Goodwill as of December 31, 2015 $ 14,491 $ 5,224 $ 19,715 Foreign currency translation adjustment 287 -- 287 Goodwill at March 31, 2016 $ 14,778 $ 5,224 $ 20,002 |
Summary Of Intangible Assets Other Than Goodwill | As of March 31, 2016 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross intangible assets $ 26,817 $ 7,254 $ 697 $ 34,768 Less: Accumulated amortization (20,498) (4,393) (447) (25,338) Net intangible assets $ 6,319 $ 2,861 $ 250 $ 9,430 As of December 31, 2015 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross intangible assets $ 26,793 $ 7,254 $ 696 $ 34,743 Less: Accumulated amortization (20,108) (4,300) (446) (24,854) Net intangible assets $ 6,685 $ 2,954 $ 250 $ 9,889 |
Summary Of Amortization Expense | Quarter Ended March 31, March 31, (Dollars in thousands) 2016 2015 Beneficial lease amortization $ 365 $ 361 Other amortization 96 74 Total intangible assets amortization $ 461 $ 435 |
Prepaid And Other Assets (Table
Prepaid And Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Prepaid And Other Assets [Abstract] | |
Summary Of Prepaid And Other Assets | March 31, December 31, (Dollars in thousands) 2016 2015 Prepaid and other current assets Prepaid expenses $ 1,496 $ 879 Prepaid taxes 3,204 3,160 Prepaid rent 829 1,021 Deposits 369 369 Total prepaid and other current assets $ 5,898 $ 5,429 Other non-current assets Other non-cinema and non-rental real estate assets $ 1,134 $ 1,134 Long-term deposits 58 63 Straight-line rent 2,552 2,417 Other -- 1 Total other non-current assets $ 3,744 $ 3,615 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt [Abstract] | |
Summary Of Notes Payable | As of March 31, 2016 (Dollars in thousands) Maturity Date Contractual Facility Balance Stated Interest Rate Effective Interest Rate (1) Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 4.62% 5.20% Bank of America Credit Facility (USA) November 28, 2019 55,000 29,750 2.93% 3.65% Bank of America Line of Credit (USA) October 31, 2017 5,000 4,750 3.42% 3.42% Cinema 1, 2, 3 Term Loan (USA) July 1, 2016 15,000 15,000 4.00% 4.00% Cinema 1, 2, 3 Line of Credit (USA) July 1, 2016 6,000 -- 4.00% 4.00% Minetta & Orpheum Theatres Loan (USA) June 1, 2018 7,500 7,500 3.25% 3.25% Union Square Line of Credit (USA) June 2, 2017 8,000 8,000 3.58% 3.58% Denominated in foreign currency ("FC") (2) NAB Corporate Term Loan (AU) June 30, 2019 51,052 24,183 3.10% 3.10% Westpac Corporate Credit Facility (NZ) March 31, 2018 34,630 12,121 4.15% 4.15% $ 210,095 Debt, gross amount $ 129,217 Less: deferred financing costs, net of amortization 1,622 Debt, net of deferred financing costs $ 127,595 (1) Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities and Bank of America Credit Facility that were outstanding as of March 31, 2016 (2) The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of March 31, 2016 . As of December 31, 2015 (3) (Dollars in thousands) Maturity Date Contractual Facility Balance Stated Interest Rate Effective Interest Rate (1) Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 4.32% 5.20% Bank of America Credit Facility (USA) November 28, 2019 55,000 29,750 2.92% 3.65% Bank of America Line of Credit (USA) October 31, 2017 5,000 2,500 3.42% 3.42% Cinema 1, 2, 3 Term Loan (USA) July 1, 2016 15,000 15,000 3.75% 3.75% Cinema 1, 2, 3 Line of Credit (USA) July 1, 2016 6,000 -- 3.75% 3.75% Minetta & Orpheum Theatres Loan (USA) June 1, 2018 7,500 7,500 3.00% 3.00% Union Square Line of Credit (USA) June 2, 2017 8,000 8,000 3.65% 3.65% Denominated in FC (2) NAB Corporate Term Loan (AU) June 30, 2019 48,452 26,594 3.06% 3.06% Westpac Corporate Credit Facility (NZ) March 31, 2018 34,210 13,684 4.45% 4.45% $ 207,075 Debt, gross amount $ 130,941 Less: deferred financing costs, net of amortization 1,828 Debt, net of deferred financing costs $ 129,113 (1) Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities and Bank of America Credit Facility that were outstanding as of December 31, 2015. (2) The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollar based on the applicable exchange rates as of December 31, 2015 . (3) The balance as of December 31, 2015 included the reclassification adjustment relating to netting of deferred financing costs, as discussed in Note 1 – Recently Adopted and Issued Accounting Pronouncements . |
Other Liabilities (Tables)
Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other Liabilities [Abstract] | |
Summary Of Other Liabilities Including Pension | (Dollars in thousands) March 31, 2016 December 31, 2015 Current liabilities Lease liability $ 5,900 $ 5,900 Security deposit payable 180 180 Accrued pension 1,710 1,539 Other 60 21 Other current liabilities $ 7,850 $ 7,640 Other liabilities Straight-line rent liability $ 10,644 $ 10,823 Accrued pension 6,110 6,236 Lease make-good provision 5,122 5,228 Deferred revenue - real estate 4,656 4,596 Environmental reserve 1,656 1,656 Interest rate swap 375 156 Acquired leases 224 866 Other 478 501 Other liabilities $ 29,265 $ 30,062 |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Summary Of Accumulated Other Comprehensive Income | (Dollars in thousands) Foreign Currency Items Unrealized Gain (Losses) on Available-for-Sale Investments Accrued Pension Service Costs Total Balance at January 1, 2016 $ 14,642 $ 12 $ (2,848) $ 11,806 Net current-period other comprehensive income 6,309 -- 32 6,341 Balance at March 31, 2016 $ 20,951 $ 12 $ (2,816) $ 18,147 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interests [Abstract] | |
Components Of Noncontrolling Interests | March 31, December 31, (Dollars in thousands) 2016 2015 Australian Country Cinemas, Pty Ltd $ 313 $ 318 Shadow View Land and Farming, LLC 1,929 1,940 Sutton Hill Properties, LLC 2,048 2,073 Noncontrolling interests in consolidated subsidiaries $ 4,290 $ 4,331 |
Components Of Gain/(Loss) Attributable To Noncontrolling Interest | Three Months Ended March 31, March 31, (Dollars in thousands) 2016 2015 Australian Country Cinemas, Pty Ltd $ 34 $ 18 Shadow View Land and Farming, LLC (10) (13) Sutton Hill Properties, LLC (26) (21) Net loss attributable to noncontrolling interests $ (2) $ (16) |
Summary Of Changes In Controlling And Noncontrolling Stockholders’ Equity | (Dollars in thousands) Controlling Stockholders’ Equity Noncontrolling Stockholders’ Equity Total Stockholders’ Equity Equity at January 1, 2016 $ 132,865 $ 4,331 $ 137,196 Net income (loss) 2,226 (2) 2,224 Increase in additional paid in capital 143 -- 143 Distributions to noncontrolling stockholders -- (55) (55) Accumulated other comprehensive income 6,340 16 6,356 Equity at March 31, 2016 $ 141,574 $ 4,290 $ 145,864 (Dollars in thousands) Controlling Stockholders’ Equity Noncontrolling Stockholders’ Equity Total Stockholders’ Equity Equity at January 1, 2015 $ 127,686 $ 4,612 $ 132,298 Net income (loss) 3,118 (16) 3,102 Increase in additional paid in capital 383 -- 383 Treasury stock purchased (1,828) -- (1,828) Contributions from noncontrolling stockholders - SHP -- 17 17 Distributions to noncontrolling stockholders -- (90) (90) Accumulated other comprehensive loss (9,837) (25) (9,862) Equity at March 31, 2015 $ 119,523 $ 4,497 $ 124,020 |
Equity And Stock-Based Compen37
Equity And Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity And Stock-Based Compensation [Abstract] | |
Schedule Of Fair Value Of Options, Weighted Average Assumptions | Three Months Ended March 31 2016 2015 Stock option exercise price $ 11.83 $ 12.34 Risk-free interest rate 1.24% 1.77% Expected dividend yield -- -- Expected option life in years 3.75 5.00 Expected volatility 24.94% 31.80% Weighted average fair value $ 2.48 $ 3.83 |
Schedule Of Stock Options Outstanding And Exercisable | Options Outstanding Exercisable Options Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life (Shares in thousands) Class A Class B Class A Class B Class A & B Class A Class B Class A Class B Class A & B Balance - December 31, 2014 568 185 $ 6.88 $ 9.90 2.40 348 185 $ 6.82 $ 9.90 3.63 Granted 112 -- 13.30 -- 101 -- -- -- Exercised (185) (185) 6.09 9.90 (185) (185) -- -- Forfeited (8) -- 6.23 -- (8) -- -- -- Balance - December 31, 2015 487 -- $ 7.64 $ -- 2.89 256 -- $ 7.64 $ -- 2.14 Granted 142 - 11.83 - 10 - - - Exercised - - - - - - - - Forfeited (2) - $6.23 - - - - - Balance - March 31, 2016 627 -- $ 9.40 - 3.17 266 -- $ 7.78 $ -- 2.04 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments [Abstract] | |
Set Forth Terms Of Interest Rate Swap Derivative Instruments | As of March 31, 2016 (Dollars in thousands) Notional Other Assets Other Current Liabilities Interest rate swap $ 52,413 $ - $ 375 Interest rate cap 7,500 1 - Total $ 59,913 $ 1 $ 375 As of December 31, 2015 (Dollars in thousands) Notional Other Assets Other Current Liabilities Interest rate swap $ 52,413 $ - $ 156 Interest rate cap 7,500 1 - Total $ 59,913 $ 1 $ 156 |
Summary Of Unrealized Gains/Losses In The Financial Statement | Three Months Ended (Dollars in thousands) March 31, 2016 March 31, 2015 Net unrealized losses on interest rate derivatives $ 219 $ - |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurement [Abstract] | |
Schedule Of Assets and Liabilities Carried and Measured At Fair Value | Fair Value Measurement at March 31, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Investments $ 51 $ - $ - $ 51 Derivatives - 1 - 1 Liabilities Derivatives - (375) - (375) Total recorded at fair value $ 51 $ (374) $ - $ (323) Fair Value Measurement at December 31, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Investments $ 51 $ - $ - $ 51 Derivatives - 1 - 1 Liabilities Derivatives - (156) (156) Total recorded at fair value $ 51 $ (155) $ - $ (104) |
Schedule Of Fair Value Carried At Cost And Measured On A Nonrecurring Basis | Fair Value Measurement at March 31, 2016 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 101,303 $ - $ - $ 92,978 $ 92,978 Subordinated debt 27,913 - - 13,446 13,446 $ 129,216 $ - $ - $ 106,424 $ 106,424 Fair Value Measurement at December 31, 2015 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 103,028 $ - $ - $ 99,554 $ 99,554 Subordinated debt 27,913 - - 13,338 13,338 $ 130,941 $ - $ - $ 112,892 $ 112,892 |
Business Segments (Summary Of R
Business Segments (Summary Of Results Of Operations For Principal Business Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | $ 64,789 | $ 60,585 |
Segment operating income | 4,692 | 5,233 |
Inter-segment Elimination [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | (1,776) | (1,718) |
Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment operating income | 9,779 | 8,630 |
Cinema [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 61,315 | 56,899 |
Cinema [Member] | Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment operating income | 7,690 | 6,339 |
Real Estate [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 5,250 | 5,404 |
Real Estate [Member] | Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment operating income | $ 2,089 | $ 2,291 |
Business Segments (Reconciliati
Business Segments (Reconciliation Of Segment Operating Income Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment operating income | $ 4,692 | $ 5,233 |
Depreciation and amortization expense | (3,808) | (3,742) |
General and administrative expense | (6,191) | (4,329) |
Equity earnings of unconsolidated joint ventures and entities | 302 | 236 |
Gain on sale of assets | 393 | 2,822 |
Other expense | (57) | (91) |
Income before income taxes | 3,455 | 5,625 |
Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment operating income | 9,779 | 8,630 |
Corporate, Non-segment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Depreciation and amortization expense | (96) | (70) |
General and administrative expense | (4,991) | (3,327) |
Interest expense, net | $ (1,875) | $ (2,575) |
Operations In Foreign Currenc42
Operations In Foreign Currency (Details) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Australian Dollar [Member] | Spot Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Currency exchange rates | 0.7677 | 0.7286 | 0.7625 |
Australian Dollar [Member] | Average Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Currency exchange rates | 0.7216 | 0.7524 | 0.7862 |
New Zealand Dollar [Member] | Spot Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Currency exchange rates | 0.6926 | 0.6842 | 0.7485 |
New Zealand Dollar [Member] | Average Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Currency exchange rates | 0.6637 | 0.7004 | 0.7514 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Dilutes Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net income attributable to RDI common stockholders | $ 2,226 | $ 3,118 |
Weighted average shares of common stock – basic | 23,334,892 | 23,242,467 |
Weighted average dilutive impact of awards | 197,966 | 281,188 |
Weighted average shares of common stock – diluted | 23,532,858 | 23,523,655 |
Basic EPS attributable for RDI common stockholders | $ 0.10 | $ 0.13 |
Diluted EPS attributable to RDI common stockholders | $ 0.09 | $ 0.13 |
Awards excluded from diluted EPS | 238,370 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) AUD in Millions | Dec. 23, 2015AUDft²itemmi | Dec. 23, 2015USD ($)ft²itemmi | Apr. 01, 2015NZDproperty | Feb. 25, 2015USD ($) | May. 23, 2014AUD | May. 23, 2014USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2016AUD | Mar. 31, 2016USD ($) | Dec. 31, 2015AUD | Dec. 31, 2015USD ($) | Apr. 30, 2015NZD | Apr. 30, 2015USD ($) | Apr. 01, 2015USD ($) | May. 12, 2014AUDa | May. 12, 2014USD ($)a | |
Depreciation expense for property and equipment | $ 3,500,000 | $ 3,500,000 | ||||||||||||||||
Carrying value of property | $ 217,075,000 | $ 210,298,000 | [1] | |||||||||||||||
Gain (loss) on sale of assets | $ 393,000 | $ 2,822,000 | ||||||||||||||||
Goodwill | 20,002,000 | 19,715,000 | [1] | |||||||||||||||
Burwood [Member] | ||||||||||||||||||
Sale price | AUD 65 | $ 50,800,000 | ||||||||||||||||
Remaining purchase price | AUD 58.5 | 44,900,000 | ||||||||||||||||
Carrying value of property | AUD 52.1 | $ 40,000,000 | AUD 52.1 | $ 38,000,000 | ||||||||||||||
Area of property | a | 50.6 | 50.6 | ||||||||||||||||
Proceeds from the sale property | AUD 6.5 | $ 5,900,000 | ||||||||||||||||
Doheny Condo, Los Angeles [Member] | ||||||||||||||||||
Sale price | $ 3,000,000 | |||||||||||||||||
Gain (loss) on sale of assets | $ 2,800,000 | |||||||||||||||||
Lake Taupo [Member] | ||||||||||||||||||
Number of land parcels sold | property | 2 | |||||||||||||||||
Sale price | NZD 3,400,000 | $ 2,300,000 | ||||||||||||||||
Lake Taupo Parcel One [Member] | ||||||||||||||||||
Sale price | NZD 2,200,000 | $ 1,600,000 | ||||||||||||||||
Carrying value of property | 1,800,000 | 1,300,000 | ||||||||||||||||
Lake Taupo Parcel Two [Member] | ||||||||||||||||||
Sale price | 1,200,000 | 831,000 | ||||||||||||||||
Carrying value of property | NZD 615,000 | $ 426,000 | ||||||||||||||||
Cannon Park, Queensland [Member] | ||||||||||||||||||
Area of property | ft² | 133,000 | 133,000 | ||||||||||||||||
Percentage of acquisition completed | 100.00% | 100.00% | ||||||||||||||||
Payment to acquire property | AUD 33.6 | $ 24,300,000 | ||||||||||||||||
Ownership percentage in equity method | 75.00% | 75.00% | ||||||||||||||||
Number of major tenants | item | 3 | 3 | ||||||||||||||||
Number of specialty family oriented restaurant tenants | item | 10 | 10 | ||||||||||||||||
Number of retailers | item | 4 | 4 | ||||||||||||||||
Distance between two properties, Miles | mi | 6 | 6 | ||||||||||||||||
Percentage of property leased | 98.00% | |||||||||||||||||
Liabilities assumed | $ 0 | |||||||||||||||||
Measurement period | 1 year | |||||||||||||||||
Goodwill | $ 0 | |||||||||||||||||
Number of land parcels acquired | item | 2 | 2 | ||||||||||||||||
Cannon Park, Queensland [Member] | Minimum [Member] | ||||||||||||||||||
Lease term | 9 months | |||||||||||||||||
Cannon Park, Queensland [Member] | Maximum [Member] | ||||||||||||||||||
Lease term | 8 years | |||||||||||||||||
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications) |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Property And Equipment [Abstract] | |||
Land | $ 71,775 | $ 70,063 | |
Building and improvements | 131,006 | 126,622 | |
Leasehold improvements | 47,137 | 46,874 | |
Fixtures and equipment | 114,870 | 112,423 | |
Construction-in-progress | 11,498 | 7,825 | |
Total cost | 376,286 | 363,807 | |
Less: accumulated depreciation | (159,211) | (153,509) | |
Operating property, net | $ 217,075 | $ 210,298 | [1] |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications) |
Property And Equipment (Sched46
Property And Equipment (Schedule Of Purchase Price Allocation) (Details) - Mar. 31, 2016 AUD in Thousands, $ in Thousands | AUD | USD ($) |
Acquisitions, Disposals, And Assets Held For Sale [Abstract] | ||
Prepaid assets | AUD 38 | $ 28 |
Land | 10,500 | 7,609 |
Building | 23,060 | 16,712 |
Total purchase price | AUD 33,598 | $ 24,349 |
Property And Equipment (Summary
Property And Equipment (Summary Of Investment And Development Property) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Investment and development property, net | $ 23,326 | $ 23,002 | [1] |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Investment and development property, net | 21,709 | 21,434 | |
Construction-In-Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Investment and development property, net | $ 1,617 | $ 1,568 | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications) |
Investments In Unconsolidated48
Investments In Unconsolidated Joint Ventures And Entities (Summary Of The Investments In Unconsolidated Joint Ventures And Entities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Total investments | $ 5,656 | $ 5,370 | [1] |
Rialto Distribution [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment | 33.30% | ||
Rialto Cinemas [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment | 50.00% | ||
Total investments | $ 1,370 | 1,276 | |
Mt. Gravatt Cinema [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment | 33.30% | ||
Total investments | $ 4,286 | $ 4,094 | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications) |
Investments In Unconsolidated49
Investments In Unconsolidated Joint Ventures And Entities (Summary Of Equity Earnings (Loss) From Investments In Unconsolidated Joint Ventures And Entities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Total equity earnings | $ 302 | $ 236 |
Rialto Cinemas [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total equity earnings | 76 | 72 |
Mt. Gravatt Cinema [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total equity earnings | $ 226 | $ 164 |
Goodwill And Intangible Asset50
Goodwill And Intangible Assets (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Beneficial Leases [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful life | 30 years |
Trade Name [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful life | 45 years |
Other Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful life | 10 years |
Goodwill And Intangible Asset51
Goodwill And Intangible Assets (Summary Of Goodwill) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($) | ||
Goodwill [Line Items] | ||
Goodwill, Beginning balance | $ 19,715 | [1] |
Foreign currency translation adjustment | 287 | |
Goodwill, Ending balance | 20,002 | |
Cinema [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning balance | 14,491 | |
Foreign currency translation adjustment | 287 | |
Goodwill, Ending balance | 14,778 | |
Real Estate [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning balance | $ 5,224 | |
Foreign currency translation adjustment | ||
Goodwill, Ending balance | $ 5,224 | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications) |
Goodwill And Intangible Asset52
Goodwill And Intangible Assets (Summary Of Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | $ 34,768 | $ 34,743 | |
Less: Accumulated amortization | (25,338) | (24,854) | |
Net intangible assets | 9,430 | 9,889 | [1] |
Beneficial Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | 26,817 | 26,793 | |
Less: Accumulated amortization | (20,498) | (20,108) | |
Net intangible assets | 6,319 | 6,685 | |
Trade Name [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | 7,254 | 7,254 | |
Less: Accumulated amortization | (4,393) | (4,300) | |
Net intangible assets | 2,861 | 2,954 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | 697 | 696 | |
Less: Accumulated amortization | (447) | (446) | |
Net intangible assets | $ 250 | $ 250 | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications) |
Goodwill And Intangible Asset53
Goodwill And Intangible Assets (Summary Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Intangible assets amortization | $ 461 | $ 435 |
Beneficial Lease [Member] | ||
Intangible assets amortization | 365 | 361 |
Other Intangible Assets [Member] | ||
Intangible assets amortization | $ 96 | $ 74 |
Prepaid And Other Assets (Summa
Prepaid And Other Assets (Summary Of Prepaid And Other Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Prepaid And Other Assets [Abstract] | |||
Prepaid expenses | $ 1,496 | $ 879 | |
Prepaid taxes | 3,204 | 3,160 | |
Prepaid rent | 829 | 1,021 | |
Deposits | 369 | 369 | |
Total prepaid and other current assets | 5,898 | 5,429 | [1] |
Other non-cinema and non-rental real estate assets | 1,134 | 1,134 | |
Straight-line rent | 2,552 | 2,417 | |
Long-term deposits | 58 | 63 | |
Other | 1 | ||
Total other non-current assets | $ 3,744 | $ 3,615 | [1] |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications) |
Income Tax (Narrative) (Details
Income Tax (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax [Abstract] | ||
Effective tax rate | 33.90% | 44.90% |
Debt (Bank Of America Credit Fa
Debt (Bank Of America Credit Facility) (Narrative) (Details) - USD ($) $ in Thousands | Mar. 03, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | [1] |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 210,095 | $ 207,075 | ||
US Bank Of America Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Nov. 28, 2019 | Nov. 28, 2019 | ||
Contractual facility | $ 55,000 | $ 55,000 | $ 55,000 | |
Reduced leverage ratio | 0.25% | |||
[1] | The balance as of December 31, 2015 included the reclassification adjustment relating to netting of deferred financing costs, as discussed in Note 1 - Recently Adopted and Issued Accounting Pronouncements. |
Debt (Summary Of Notes Payable)
Debt (Summary Of Notes Payable) (Details) - USD ($) $ in Thousands | Mar. 03, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | [1] | |
Debt Instrument [Line Items] | |||||
Contractual facility | $ 210,095 | $ 207,075 | |||
Balance | 129,217 | 130,941 | |||
Less: deferred financing costs, net of amortization | 1,622 | 1,828 | |||
Debt, net of deferred financing costs | $ 127,595 | $ 129,113 | |||
Trust Preferred Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Apr. 30, 2027 | Apr. 30, 2027 | |||
Contractual facility | $ 27,913 | $ 27,913 | |||
Balance | $ 27,913 | $ 27,913 | |||
Stated interest rate | 4.62% | 4.32% | |||
Effective interest rate | 5.20% | [2] | 5.20% | [3] | |
US Bank Of America Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Nov. 28, 2019 | Nov. 28, 2019 | |||
Contractual facility | $ 55,000 | $ 55,000 | $ 55,000 | ||
Balance | $ 29,750 | $ 29,750 | |||
Stated interest rate | 2.93% | 2.92% | |||
Effective interest rate | 3.65% | [2] | 3.65% | [3] | |
US Bank Of America Line Of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Oct. 31, 2017 | Oct. 31, 2017 | |||
Contractual facility | $ 5,000 | $ 5,000 | |||
Balance | $ 4,750 | $ 2,500 | |||
Stated interest rate | 3.42% | 3.42% | |||
Effective interest rate | 3.42% | [2] | 3.42% | [3] | |
US Cinema 1, 2, 3 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Jul. 1, 2016 | Jul. 1, 2016 | |||
Contractual facility | $ 15,000 | $ 15,000 | |||
Balance | $ 15,000 | $ 15,000 | |||
Stated interest rate | 4.00% | 3.75% | |||
Effective interest rate | 4.00% | [2] | 3.75% | [3] | |
US Cinemas 1, ,2, 3 Line Of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Jul. 1, 2016 | Jul. 1, 2016 | |||
Contractual facility | $ 6,000 | $ 6,000 | |||
Stated interest rate | 4.00% | 3.75% | |||
Effective interest rate | 4.00% | [2] | 3.75% | [3] | |
Minetta and Orpheum Theatres Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Jun. 1, 2018 | Jun. 1, 2018 | |||
Contractual facility | $ 7,500 | $ 7,500 | |||
Balance | $ 7,500 | $ 7,500 | |||
Stated interest rate | 3.25% | 3.00% | |||
Effective interest rate | 3.25% | [2] | 3.00% | [3] | |
US Union Square Line Of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Jun. 2, 2017 | Jun. 2, 2017 | |||
Contractual facility | $ 8,000 | $ 8,000 | |||
Balance | $ 8,000 | $ 8,000 | |||
Stated interest rate | 3.58% | 3.65% | |||
Effective interest rate | 3.58% | [2] | 3.65% | [3] | |
NAB Australian Corporate Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Jun. 30, 2019 | [4] | Jun. 30, 2019 | [5] | |
Contractual facility | $ 51,052 | [4] | $ 48,452 | [5] | |
Balance | $ 24,183 | [4] | $ 26,594 | [5] | |
Stated interest rate | 3.10% | [4] | 3.06% | [5] | |
Effective interest rate | 3.10% | [2],[4] | 3.06% | [3],[5] | |
New Zealand Westpac Corporate Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Mar. 31, 2018 | [4] | Mar. 31, 2018 | [5] | |
Contractual facility | $ 34,630 | [4] | $ 34,210 | [5] | |
Balance | $ 12,121 | [4] | $ 13,684 | [5] | |
Stated interest rate | 4.15% | [4] | 4.45% | [5] | |
Effective interest rate | 4.15% | [2],[4] | 4.45% | [3],[5] | |
[1] | The balance as of December 31, 2015 included the reclassification adjustment relating to netting of deferred financing costs, as discussed in Note 1 - Recently Adopted and Issued Accounting Pronouncements. | ||||
[2] | Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities and Bank of America Credit Facility that were outstanding as of March 31, 2016 | ||||
[3] | Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities and Bank of America Credit Facility that were outstanding as of December 31, 2015. | ||||
[4] | The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of March 31, 2016. | ||||
[5] | The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollar based on the applicable exchange rates as of December 31, 2015. |
Other Liabilities (Narrative) (
Other Liabilities (Narrative) (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Aug. 29, 2014 | |
Other Liabilities [Line Items] | ||||
Accrued pension costs | $ 6,110,000 | $ 6,236,000 | $ 7,500,000 | |
Service cost | 0 | $ 0 | ||
Interest cost | 45,000 | 45,000 | ||
Actuarial loss (gain) | (32,000) | $ (52,000) | ||
Benefit obligation | $ 10,200,000 | |||
Discount rate | 4.25% | |||
Discount term | 15 years | |||
Monthly estate payment amount | $ 57,000 | |||
Discounted value | 2,700,000 | |||
Accumulated prior service cost | $ 3,100,000 | |||
Accumulated prior service cost amortization period | 15 years | |||
Accrued pension costs included in other liabilities | $ 7,800,000 | |||
Supplemental Executive Retirement Plans [Member] | ||||
Other Liabilities [Line Items] | ||||
Accrued pension costs | $ 7,600,000 |
Other Liabilities (Summary Of O
Other Liabilities (Summary Of Other Liabilities Including Pension) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Aug. 29, 2014 | |
Other Liabilities [Abstract] | ||||
Lease liability | $ 5,900 | $ 5,900 | ||
Security deposit payable | 180 | 180 | ||
Accrued pension | 1,710 | 1,539 | ||
Other | 60 | 21 | ||
Other current liabilities | 7,850 | 7,640 | [1] | |
Straight-line rent liability | 10,644 | 10,823 | ||
Accrued pension | 6,110 | 6,236 | $ 7,500 | |
Lease make-good provision | 5,122 | 5,228 | ||
Environmental reserve | 1,656 | 1,656 | ||
Interest rate swap | 375 | 156 | ||
Deferred revenue - real estate | 4,656 | 4,596 | ||
Acquired leases | 224 | 866 | ||
Other | 478 | 501 | ||
Other liabilities | $ 29,265 | $ 30,062 | [1] | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications) |
Accumulated Other Comprehensi60
Accumulated Other Comprehensive Income (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 11,806 | [1] |
Net current-period other comprehensive income | 6,341 | |
Balance | 18,147 | |
Foreign Currency Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 14,642 | |
Net current-period other comprehensive income | 6,309 | |
Balance | 20,951 | |
Unrealized Gain (Losses) On Available-For-Sale Investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 12 | |
Balance | 12 | |
Accrued Pension Service Costs [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (2,848) | |
Net current-period other comprehensive income | 32 | |
Balance | $ (2,816) | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications) |
Commitments And Contingencies (
Commitments And Contingencies (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016NZD | Mar. 31, 2016USD ($) | Dec. 31, 2015NZD | Dec. 31, 2015USD ($) | |
Commitments And Contingencies [Abstract] | ||||
Total debt of unconsolidated joint ventures and entities | NZD 1,500,000 | $ 1,000,000 | NZD 1,500,000 | $ 1,000,000 |
Share of unconsolidated debt, based on ownership percentage | 500,000 | 500,000 | ||
Accrued debt | NZD 500,000 | $ 346,000 | NZD 500,000 | $ 342,000 |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) | Mar. 31, 2016 |
Australia Country Cinemas, Pty Ltd [Member] | |
Ownership percentage by noncontrolling interest | 25.00% |
Shadow View Land And Farming LLC [Member] | |
Ownership percentage by noncontrolling interest | 50.00% |
Sutton Hill Capital, LLC [Member] | |
Ownership percentage by noncontrolling interest | 25.00% |
Noncontrolling Interests (Compo
Noncontrolling Interests (Components Of Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in consolidated subsidiaries | $ 4,290 | $ 4,331 |
Australia Country Cinemas, Pty Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in consolidated subsidiaries | 313 | 318 |
Shadow View Land And Farming LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in consolidated subsidiaries | 1,929 | 1,940 |
Sutton Hill Capital, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests in consolidated subsidiaries | $ 2,048 | $ 2,073 |
Noncontrolling Interests (Com64
Noncontrolling Interests (Components Of Gain (Loss) Attributable To Noncontrolling Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Noncontrolling Interest [Line Items] | ||
Net loss attributable to noncontrolling interests | $ (2) | $ (16) |
Australia Country Cinemas, Pty Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net loss attributable to noncontrolling interests | 34 | 18 |
Shadow View Land And Farming LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net loss attributable to noncontrolling interests | (10) | (13) |
Sutton Hill Capital, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net loss attributable to noncontrolling interests | $ (26) | $ (21) |
Noncontrolling Interests (Summa
Noncontrolling Interests (Summary Of Changes In Controlling And Noncontrolling Stockholders’ Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Noncontrolling Interest [Line Items] | |||
Balance | [1] | $ 137,196 | |
Net income (loss) | 2,224 | $ 3,102 | |
Distributions to noncontrolling stockholders | (55) | (90) | |
Accumulated other comprehensive income (loss) | (16) | (25) | |
Balance | 145,864 | ||
Reading International Inc. Stockholders Equity [Member] | |||
Noncontrolling Interest [Line Items] | |||
Balance | 132,865 | 127,686 | |
Net income (loss) | 2,226 | 3,118 | |
Increase in additional paid in capital | 143 | 383 | |
Treasury stock purchased | (1,828) | ||
Accumulated other comprehensive income (loss) | 6,340 | (9,837) | |
Balance | 141,574 | 119,523 | |
Noncontrolling Stockholders' Equity [Member] | |||
Noncontrolling Interest [Line Items] | |||
Balance | 4,331 | 4,612 | |
Net income (loss) | (2) | (16) | |
Contributions from noncontrolling stockholders - SHP | 17 | ||
Distributions to noncontrolling stockholders | (55) | (90) | |
Accumulated other comprehensive income (loss) | 16 | (25) | |
Balance | 4,290 | 4,497 | |
Total Stockholders' Equity [Member] | |||
Noncontrolling Interest [Line Items] | |||
Balance | 137,196 | 132,298 | |
Net income (loss) | 2,224 | 3,102 | |
Increase in additional paid in capital | 143 | 383 | |
Treasury stock purchased | (1,828) | ||
Contributions from noncontrolling stockholders - SHP | 17 | ||
Distributions to noncontrolling stockholders | (55) | (90) | |
Accumulated other comprehensive income (loss) | 6,356 | (9,862) | |
Balance | $ 145,864 | $ 124,020 | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications) |
Equity And Stock-Based Compen66
Equity And Stock-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | May. 16, 2014 | May. 14, 2004 | |
Equity And Stock-Based Compensation [Line Items] | ||||
Restricted vesting period | 5 years | |||
Stock Option [Member] | ||||
Equity And Stock-Based Compensation [Line Items] | ||||
Grant date fair value of options vesting | $ 98,000 | $ 57,000 | ||
Unrecognized estimated compensation cost related to non-vested stock options granted | $ 830,000 | |||
Recognition period of unrecognized compensation cost | 2 years 2 months 9 days | |||
Intrinsic unrealized value of all options outstanding, vested and expected to vest | $ 1,800,000 | |||
Percentage of option currently exercisable | 63.60% | |||
Restricted Stock Units (RSUs) [Member] | ||||
Equity And Stock-Based Compensation [Line Items] | ||||
Compensation expense | $ 31,000 | |||
Unrecognized estimated compensation cost related to non-vested stock options granted | $ 717,000 | |||
Restricted Stock Units (RSUs) [Member] | Employee/Director [Member] | ||||
Equity And Stock-Based Compensation [Line Items] | ||||
Options granted | 62,528 | |||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | ||||
Equity And Stock-Based Compensation [Line Items] | ||||
Vesting period of stock options | 4 years | |||
Percentage of shares vested | 25.00% | |||
Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||
Equity And Stock-Based Compensation [Line Items] | ||||
Vesting period of stock options | 1 year | |||
Percentage of shares vested | 100.00% | |||
May 2014 Stock Repurchase Plan [Member] | ||||
Equity And Stock-Based Compensation [Line Items] | ||||
Repurchase program, amount authorized | $ 10,000,000 | |||
Repurchase program, shares authorized | 350,000 | |||
Repurchased program, amount repurchased | $ 7,200,000 | |||
Repurchase program, remaining amount authorized | $ 2,800,000 | |||
Share price | $ 12.92 | |||
Class A Nonvoting Common Stock [Member] | ||||
Equity And Stock-Based Compensation [Line Items] | ||||
Common Stock authorized for issuance under 2010 Stock Incentive Plan | 1,250,000 | |||
Common Stock shares remaining for future issuances | 663,800 | |||
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 Stock-Based Compen67
Equity And Stock-Based Compensation (Schedule Of Fair Value Of Options, Weighted Average Assumptions) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Equity And Stock-Based Compensation [Abstract] | ||
Stock option exercise price | $ 11.83 | $ 12.34 |
Risk-free interest rate | 1.24% | 1.77% |
Expected option life in years | 3 years 9 months | 5 years |
Expected volatility | 24.94% | 31.80% |
Weighted average fair value | $ 2.48 | $ 3.83 |
Equity And Stock-Based Compen68
Equity And Stock-Based Compensation (Schedule Of Stock Options Outstanding And Exercisable) (Details) - $ / shares shares in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity And Stock-Based Compensation [Line Items] | ||||
Weighted Average Exercise Price of Options Outstanding, Granted | $ 11.83 | $ 12.34 | ||
Weighted average remaining years of contractual life | 3 years 2 months 1 day | 2 years 10 months 21 days | 2 years 4 months 24 days | |
Weighted average remaining contractual life of the exercisable options outstanding | 2 years 15 days | 2 years 1 month 21 days | 3 years 7 months 17 days | |
Class A [Member] | ||||
Equity And Stock-Based Compensation [Line Items] | ||||
Common Stock Options Outstanding, Beginning balance | 487 | 568 | 568 | |
Common Stock Options Outstanding, Granted | 142 | 112 | ||
Common Stock Options Outstanding, Exercised | (185) | |||
Common Stock Options Outstanding, Forfeited | (2) | (8) | ||
Common Stock Options Outstanding, Ending balance | 627 | 487 | 568 | |
Weighted Average Exercise Price of Options Outstanding, Beginning price | $ 7.64 | $ 6.88 | $ 6.88 | |
Weighted Average Exercise Price of Options Outstanding, Granted | 11.83 | 13.30 | ||
Weighted Average Exercise Price of Options Outstanding, Exercised | 6.09 | |||
Weighted Average Exercise Price of Options Outstanding, Forfeited | 6.23 | 6.23 | ||
Weighted Average Exercise Price of Options Outstanding, Ending price | $ 9.40 | $ 7.64 | $ 6.88 | |
Common Stock Exercisable Options, Outstanding Beginning balance | 256 | 348 | 348 | |
Common Stock Exercisable Options Outstanding, Granted | 10 | 101 | ||
Common Stock Exercisable Options Outstanding, Exercised | (185) | |||
Common Stock Exercisable Options Outstanding, Forfeited | (8) | |||
Common Stock Exercisable Options, Outstanding Ending balance | 266 | 256 | 348 | |
Weighted Average Price of Exercisable Options, Outstanding Beginning balance | $ 7.64 | $ 6.82 | $ 6.82 | |
Weighted Average Price of Exercisable Options, Outstanding Ending balance | $ 7.78 | $ 7.64 | $ 6.82 | |
Class B [Member] | ||||
Equity And Stock-Based Compensation [Line Items] | ||||
Common Stock Options Outstanding, Beginning balance | 185 | 185 | ||
Common Stock Options Outstanding, Exercised | (185) | |||
Common Stock Options Outstanding, Ending balance | 185 | |||
Weighted Average Exercise Price of Options Outstanding, Beginning price | $ 9.90 | $ 9.90 | ||
Weighted Average Exercise Price of Options Outstanding, Exercised | $ 9.90 | |||
Weighted Average Exercise Price of Options Outstanding, Ending price | $ 9.90 | |||
Common Stock Exercisable Options, Outstanding Beginning balance | 185 | 185 | ||
Common Stock Exercisable Options Outstanding, Exercised | (185) | |||
Common Stock Exercisable Options, Outstanding Ending balance | 185 | |||
Weighted Average Price of Exercisable Options, Outstanding Beginning balance | $ 9.90 | $ 9.90 | ||
Weighted Average Price of Exercisable Options, Outstanding Ending balance | $ 9.90 |
Derivative Instruments (Set For
Derivative Instruments (Set Forth Terms Of Interest Rate Swap And Cap Derivative Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Notional amount | $ 59,913 | $ 59,913 |
Other assets | 1 | 1 |
Other current liabilities | 375 | 156 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional amount | 52,413 | 52,413 |
Other current liabilities | 375 | 156 |
Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Notional amount | 7,500 | 7,500 |
Other assets | $ 1 | $ 1 |
Derivative Instruments (Summary
Derivative Instruments (Summary Of Unrealized Gains/Losses In The Financial Statement) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Derivative Instruments [Abstract] | |
Net unrealized losses on interest rate derivatives | $ 219 |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value Measurement [Abstract] | ||
Transfers of assets and liabilities between level 1, 2, 3 | $ 0 | $ 0 |
Fair Value Measurement (Schedul
Fair Value Measurement (Schedule Of Assets and Liabilities Carried and Measured At Fair Value) (Details) - Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Investments | $ 51 | $ 51 |
Assets, Derivatives | 1 | 1 |
Liabilities, Derivatives | (375) | (156) |
Total recorded at fair value | (323) | (104) |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Investments | 51 | 51 |
Total recorded at fair value | 51 | 51 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Derivatives | 1 | 1 |
Liabilities, Derivatives | (375) | (156) |
Total recorded at fair value | $ (374) | $ (155) |
Fair Value Measurement (Sched73
Fair Value Measurement (Schedule Of Fair Value Carried At Cost And Measured On Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restricted cash | $ 17 | $ 160 | [1] | |
Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Notes payable | 92,978 | 99,554 | ||
Subordinated debt | 13,446 | 13,338 | ||
Financial liabilities total | 106,424 | 112,892 | ||
Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Notes payable | 92,978 | 99,554 | ||
Subordinated debt | 13,446 | 13,338 | ||
Financial liabilities total | 106,424 | 112,892 | ||
Carrying Value | Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Notes payable | [2] | 101,303 | 103,028 | |
Subordinated debt | [2] | 27,913 | 27,913 | |
Financial liabilities total | [2] | $ 129,216 | $ 130,941 | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications) | |||
[2] | These balances are presented before any deduction for deferred financing costs. |
Subsequent Events (Details)
Subsequent Events (Details) | Apr. 11, 2016USD ($)ft²item | Mar. 03, 2016USD ($) | Apr. 30, 2016USD ($) | Mar. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | May. 02, 2016shares | Apr. 25, 2016USD ($) | |
Subsequent Event [Line Items] | ||||||||
Contractual facility | $ 210,095,000 | $ 207,075,000 | [1] | |||||
US Bank Of America Credit Facility [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Contractual facility | $ 55,000,000 | $ 55,000,000 | $ 55,000,000 | [1] | ||||
Maturity date | Nov. 28, 2019 | Nov. 28, 2019 | [1] | |||||
US Cinema 1, 2, 3 Term Loan [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Contractual facility | $ 15,000,000 | $ 15,000,000 | [1] | |||||
Maturity date | Jul. 1, 2016 | Jul. 1, 2016 | [1] | |||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Settlement awarded | $ 2,268,009 | |||||||
Subsequent Event [Member] | 5995 Sepulveda Blvd, Culver City [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Sale price | $ 11,200,000 | |||||||
Area of property | ft² | 24,000 | |||||||
Number of parking spaces | item | 72 | |||||||
Percent of leasable area | 50.00% | |||||||
Reduction in headquarters occupancy cost | $ 350,000 | |||||||
Subsequent Event [Member] | US Cinema 1, 2, 3 Term Loan [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Mortgage loan | $ 15,000,000 | |||||||
Class B [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, shares issued | shares | 1,680,590 | 1,680,590 | ||||||
Stock Certificate B0005 [Member] | Class B [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, shares issued | shares | 327,808 | |||||||
Stock Certificate RDIB 0028 [Member] | Class B [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, shares issued | shares | 696,080 | |||||||
Sutton Hill Capital, LLC [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Ownership percentage by parent | 75.00% | |||||||
[1] | The balance as of December 31, 2015 included the reclassification adjustment relating to netting of deferred financing costs, as discussed in Note 1 - Recently Adopted and Issued Accounting Pronouncements. |