Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 07, 2019 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | READING INTERNATIONAL INC | |
Trading Symbol | rdi | |
Entity Central Index Key | 0000716634 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 21,282,169 | |
Class B [Member] | ||
Entity Common Stock, Shares Outstanding | 1,680,590 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 12,648 | $ 13,127 |
Receivables | 7,094 | 8,045 |
Inventory | 1,165 | 1,419 |
Prepaid and other current assets | 9,642 | 7,667 |
Total current assets | 30,549 | 30,258 |
Operating property, net | 257,402 | 257,667 |
Operating lease right-of-use assets | 229,266 | |
Investment and development properties, net | 95,156 | 86,804 |
Investment in unconsolidated joint ventures | 4,958 | 5,121 |
Goodwill | 20,836 | 19,445 |
Intangible assets, net | 3,694 | 7,369 |
Deferred tax asset, net | 26,483 | 26,235 |
Other assets | 6,199 | 6,129 |
Total assets | 674,543 | 439,028 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable and accrued liabilities | 23,492 | 26,154 |
Film rent payable | 6,559 | 8,661 |
Debt – current portion | 40,077 | 30,393 |
Derivative financial instruments - current portion | 52 | 41 |
Taxes payable - current | 571 | 1,710 |
Deferred current revenue | 7,712 | 9,264 |
Operating lease liabilities - current portion | 19,797 | |
Other current liabilities | 9,525 | 9,305 |
Total current liabilities | 107,785 | 85,528 |
Debt – long-term portion | 113,816 | 106,286 |
Derivative financial instruments - non-current portion | 203 | 145 |
Subordinated debt, net | 26,116 | 26,061 |
Noncurrent tax liabilities | 11,737 | 11,530 |
Operating lease liabilities - non-current portion | 222,594 | |
Other liabilities | 12,346 | 28,931 |
Total liabilities | 494,597 | 258,481 |
Commitments and Contingencies (Note 13) | ||
Stockholders' equity: | ||
Nonvoting preferred stock, par value $0.01, 12,000 shares authorized and no issued or outstanding shares at March 31, 2019 and December 31, 2018 | ||
Additional paid-in capital | 147,472 | 147,452 |
Retained earnings | 45,563 | 47,616 |
Treasury shares | (25,231) | (25,222) |
Accumulated other comprehensive income | 7,625 | 6,115 |
Total Reading International, Inc. stockholders' equity | 175,679 | 176,210 |
Noncontrolling interests | 4,267 | 4,337 |
Total stockholders' equity | 179,946 | 180,547 |
Total liabilities and stockholders’ equity | 674,543 | 439,028 |
Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 233 | 232 |
Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 17 | $ 17 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
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 | 33,172,823 | 33,112,337 |
Common stock, shares outstanding | 21,249,935 | 21,194,748 |
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 Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue | ||
Revenue | $ 61,551 | $ 75,872 |
Costs and Expenses | ||
Depreciation and amortization | (5,594) | (5,250) |
General and administrative | (6,484) | (7,597) |
Total costs and expenses | (62,852) | (70,179) |
Operating income (loss) | (1,301) | 5,693 |
Interest expense, net | (1,852) | (1,594) |
Other income (expense) | (20) | (82) |
Income (loss) before income tax expense and equity earnings of unconsolidated joint ventures | (3,173) | 4,017 |
Equity earnings of unconsolidated joint ventures | 34 | 257 |
Income (loss) before income taxes | (3,139) | 4,274 |
Income tax benefit (expense) | 1,042 | (1,170) |
Net income (loss) | (2,097) | 3,104 |
Less: Net income (loss) attributable to noncontrolling interests | (16) | 22 |
Net income (loss) attributable to Reading International, Inc. common shareholders | $ (2,081) | $ 3,082 |
Basic earnings (loss) per share attributable to RDI common stockholders | $ (0.09) | $ 0.13 |
Diluted earnings (loss) per share attributable to RDI common stockholders | $ (0.09) | $ 0.13 |
Weighted average number of shares outstanding-basic | 22,920,486 | 22,967,237 |
Weighted average number of shares outstanding-diluted | 23,124,106 | 23,132,989 |
Cinema [Member] | ||
Revenue | ||
Revenue | $ 57,986 | $ 72,255 |
Costs and Expenses | ||
Total costs and expenses | (48,329) | (54,948) |
Real Estate [Member] | ||
Revenue | ||
Revenue | 3,565 | 3,617 |
Costs and Expenses | ||
Total costs and expenses | $ (2,445) | $ (2,384) |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (2,097) | $ 3,104 |
Foreign currency translation gain (loss) | 1,526 | (803) |
Gain (loss) on cash flow hedges | (69) | |
Others | 53 | 50 |
Comprehensive income (loss) | (587) | 2,351 |
Less: net income (loss) attributable to noncontrolling interests | (16) | 22 |
Less: comprehensive income (loss) attributable to noncontrolling interests | 1 | (3) |
Comprehensive income (loss) attributable to Reading International, Inc. | $ (572) | $ 2,332 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Activities | ||
Net income (loss) | $ (2,097) | $ 3,104 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Equity earnings of unconsolidated joint ventures | (34) | (257) |
Distributions of earnings from unconsolidated joint ventures | 249 | 236 |
Amortization of operating leases | 5,895 | |
Amortization of finance leases | 41 | |
Change in operating lease liabilities | (5,754) | |
Interest on hedged derivatives | (5) | |
Change in net deferred tax assets | (150) | 172 |
Depreciation and amortization | 5,594 | 5,250 |
Other amortization | 341 | 224 |
Stock-based compensation expense | 280 | 379 |
Net changes in operating assets and liabilities: | ||
Receivables | 993 | 3,205 |
Prepaid and other assets | (1,957) | (2,309) |
Payments for accrued pension | (171) | (2,404) |
Accounts payable and accrued expenses | (2,204) | 1,997 |
Film rent payable | (2,132) | (5,790) |
Taxes payable | (1,151) | 150 |
Deferred revenue and other liabilities | (1,579) | (1,505) |
Net cash provided by (used in) operating activities | (3,841) | 2,452 |
Investing Activities | ||
Purchases of and additions to operating and investment properties | (11,476) | (23,231) |
Acquisition of business combinations | (1,380) | |
Change in restricted cash | 243 | (260) |
Net cash provided by (used in) investing activities | (12,613) | (23,491) |
Financing Activities | ||
Repayment of long-term borrowings | (6,113) | (9,707) |
Repayment of finance lease principle | (41) | |
Proceeds from borrowings | 22,349 | 25,998 |
Repurchase of Class A Nonvoting Common Stock | (9) | (317) |
(Cash paid) proceeds from the exercise of stock options | (259) | 203 |
Noncontrolling interest contributions | 18 | 27 |
Noncontrolling interest distributions | (27) | (43) |
Net cash provided by (used in) financing activities | 15,918 | 16,161 |
Effect of exchange rate changes on cash and cash equivalents | 57 | (122) |
Net decrease in cash and cash equivalents | (479) | (5,000) |
Cash and cash equivalents at January 1 | 13,127 | 13,668 |
Cash and cash equivalents at March 31 | 12,648 | 8,668 |
Supplemental Disclosures | ||
Interest paid | 2,304 | 2,121 |
Income taxes paid | 1,883 | 808 |
Non-Cash Transactions | ||
Additions to operating and investing properties through accrued expenses | $ 3,423 | $ 4,530 |
Description Of Business And Seg
Description Of Business And Segment Reporting | 3 Months Ended |
Mar. 31, 2019 | |
Description Of Business And Segment Reporting [Abstract] | |
Description Of Business And Segment Reporting | Note 1 – Description of Business and Segment Reporting The Company 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. Our businesses consist primarily of: · the operation, development and ownership of multiplex cinemas in the United States, Australia, and New Zealand; and, · the development, ownership, operation and/or rental of retail, commercial and live venue real estate assets in Australia, New Zealand, and the United States. Business Segments Reported below are the operating segments of the Company for which separate financial information is available and evaluated regularly by the Chief Executive Officer, the chief operating decision-maker of the Company. As part of our real estate activities, we hold undeveloped land in urban and suburban centers in Australia, New Zealand, and the United States. The table below summarizes the results of operations for each of our business segments for the quarter ended March 31, 2019 and 2018 , 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 March 31, (Dollars in thousands) 2019 2018 Revenue: Cinema exhibition $ 57,986 $ 72,255 Real estate 5,431 6,008 Inter-segment elimination (1,866) (2,391) $ 61,551 $ 75,872 Segment operating income (loss): Cinema exhibition $ 2,642 $ 10,285 Real estate 1,159 1,681 $ 3,801 $ 11,966 A reconciliation of segment operating income to income before income taxes is as follows: Three Months Ended March 31, (Dollars in thousands) 2019 2018 Segment operating income (loss) $ 3,801 $ 11,966 Unallocated corporate expense Depreciation and amortization expense (61) (117) General and administrative expense (5,041) (6,156) Interest expense, net (1,852) (1,594) Equity earnings of unconsolidated joint ventures 34 257 Other income (expense) (20) (82) Income (loss) before income tax expense $ (3,139) $ 4,274 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis 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, 2018 (“ 2018 Form 10-K”). All significant intercompany balances and transactions have been eliminated on consolidation. These consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim reporting with the instructions for 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 and recurring adjustments necessary for a fair presentation of the results for the interim period. Operating results for the quarter ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . Use of Estimates The preparation of consolidated financial statements in conformity with 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 (i) projections we make regarding the recoverability and impairment of our assets (including goodwill and intangibles), (ii) valuations of our derivative instruments, (iii) recoverability of our deferred tax assets, (iv) estimation of breakage and redemption experience rates, which drive how we recognize breakage on our gift card and gift certificates, and revenue from our customer loyalty program, and (v) allocation of insurance proceeds to various recoverable components. Actual results may differ from those estimates. Recently Adopted and Issued Accounting Pronouncements Adopted: Accounting Standards Update (“ASU”) 2016-02 Leases : In February 2016, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard, ASC 842 Leases , to increase transparency and comparability among organizations by requiring the recognition of right-of-use ("ROU") assets and lease liabilities on the balance sheet. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for lessees with 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 . On January 1, 2019, we adopted the new accounting standard Accounting Standards Codification (“ ASC ”) 842 Leases using the modified retrospective method. We recognized the cumulative effect of initially applying the new leasing standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The standard had a material impact on our consolidated balance sheets, but not on our consolidated income statements or statements of cash flow. (Dollars in thousands) Balance at December 31, 2018 Adjustments due to ASC 842 Balance at January 1, 2019 Assets Operating property, net $ 257,667 $ 370 $ 258,037 Operating lease right-of-use assets — 232,319 232,319 Intangible assets, net 7,369 (3,542) 3,827 Deferred tax asset, net 26,235 82 26,317 Liabilities Operating lease liabilities $ — $ 245,280 $ 245,280 Other non-current liabilities 28,931 (16,033) 12,898 Stockholders' Equity Non-controlling interest $ 4,337 $ (46) $ 4,291 Retained earnings 47,616 28 47,644 Period Ended March 31, 2019 (Dollars in thousands) As Reported, March 31, 2019 Balances Without Adoption of ASC 842 Effect of change Higher / (Lower) Cinema costs and expenses $ 48,329 $ 48,334 $ (5) Depreciation and amortization 5,594 5,552 42 General and administrative 6,484 6,528 (44) Interest expense, net 1,852 1,849 3 Income tax (benefit) expense 1,042 1,041 1 Net income (loss) $ (2,097) $ (2,094) $ 3 (Dollars in thousands) As Reported, March 31, 2019 Balances Without Adoption of ASC 842 Effect of change Higher / (Lower) Assets Operating property, net $ 257,402 $ 257,072 $ 330 Intangible assets 3,694 7,151 (3,457) Operating lease right-of-use assets 229,266 — 229,266 Deferred tax asset, net 26,483 26,400 83 Liabilities Other current liabilities $ 9,525 $ 9,363 $ 162 Operating lease liabilities, current 19,797 — 19,797 Other non-current liabilities 12,346 28,643 (16,297) Operating lease liabilities, non-current 222,594 — 222,594 Stockholders' Equity Retained earnings $ 45,563 $ 45,585 $ (22) 1) ASU 2014-09 Revenue from Contracts with Customers: On January 1, 2018, we adopted the new accounting standard ASC 606 Revenue from Contracts with Customers using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information was not restated. Adoption of this standard has no material effect on our consolidated financial statements. 2) On January 1, 2018, the Company adopted ASU 2016-18, Statement of Cash Flows ( Topic 230 ) : Restricted Cash, a consensus of the FASB Emerging Issues Task Force . This standard requires that amounts generally described as restricted cash and cash equivalents should be combined with unrestricted cash and cash equivalents when reconciling the beginning and end of period balances on the statement of cash flows. Adoption of this standard has no material effect on our consolidated statement of cash flows. 3) On January 1, 2018, the Company adopted ASU 2 016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments). The standard applies to eight (8) specific cash flow classification issues, reducing the current and potential future diversity in the presentation of certain cash flows. Adoption of this standard has no material effect on our consolidated statement of cash flows. 4) On January 1, 2018, the Company adopted ASU 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This standard (i) requires that an employer disaggregate the service cost component from the other components of net benefit cost, and (ii) specifies how to present the service cost component and the other components of net benefit cost in the income statement and (iii) allows only the service cost component of net benefit cost to be eligible for capitalization. Adoption of this standard has no material impact on our consolidated financial statements. 5) On January 1, 2018, the Company adopted ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . This ASU provides that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the asset is not a “business”, thus reducing the number of transactions that need further evaluation for business combination. The standard has no material impact on our current consolidated financial statements, and we do not expect it to be applicable to our consolidated financial statements in the near term unless we enter into a definitive business acquisition transaction. Issued: v ASUs Effective 2019 and Beyond · Goodwill Impairment Simplification ( ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment) Issued by FASB in January 2017, this standard removes the second step of the two-step impairment test for measuring goodwill and is to be applied on a prospective basis only. The new standard is effective for the Company on January 1, 2020, including interim periods within the year of adoption. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. It is not anticipated that adoption of this standard will have any material impact on our consolidated financial statements. Prior period financial statement correction of immaterial errors During the third quarter of 2018, we identified immaterial errors related to the accounting for straight line rent receivable from tenants in our real estate operations dating back to 2015. These errors resulted in an understatement of real estate revenue. We assessed the materiality of these errors on our financial statements for prior periods in accordance with the SEC Staff Accounting Bulletin ( “ SAB ” ) No. 99, Materiality, codified in ASC 250, Presentation of Financial Statements, and concluded that they were not material to any prior annual or interim periods. However, the aggregate amount of $440 k related to the prior period immaterial errors through June 30, 2018, would have been material to the quarterly accounts with our current Consolidated Statements of Income. Consequently, in accordance with ASC 250 (specifically SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), we have corrected these errors for all prior periods presented by revising the consolidated financial statements and other financial information included herein. The following is a summary of the previously issued financial statement line items for all periods and statements included in this report. Consolidated Statements of Income: Three Months Ended March 31, 2018 (Dollars in thousands) As Reported Adjustment As Revised Real estate revenue $ 3,567 $ 50 $ 3,617 Total revenue 75,822 50 75,872 Operating income (loss) 5,643 50 5,693 Income before income taxes 4,224 50 4,274 Income tax benefit (expense) (1,155) (15) (1,170) Net income (loss) 3,069 35 3,104 Net income (loss) attributable to Reading International, Inc. common shareholders 3,047 35 3,082 Basic earnings (loss) per share $ 0.13 $ — $ 0.13 Diluted earnings (loss) per share 0.13 — 0.13 Consolidated Balance Sheets: Summary of Equity (Dollars in thousands) As Reported Adjustment As Revised Equity at January 1, 2018 $ 176,910 $ 377 $ 177,287 Net income (loss) 3,047 35 3,082 Equity at March 31, 2018 $ 179,423 $ 412 $ 179,835 Consolidated Statements of Cash Flows: Three Months Ended March 31, 2018 (Dollars in thousands) As Reported Adjustment As Revised Net income (loss) $ 3,069 $ 35 $ 3,104 Change in net deferred tax assets 157 15 172 Prepaid and other assets (2,259) (50) (2,309) Net cash provided by operating activities $ 2,452 $ — $ 2,452 |
Operations In Foreign Currency
Operations In Foreign Currency | 3 Months Ended |
Mar. 31, 2019 | |
Operations In Foreign Currency [Abstract] | |
Operations In Foreign Currency | Note 3 – Operations in Foreign Currency We have significant assets in Australia and New Zealand. Historically, we have conducted our Australian and New Zealand operations (collectively “foreign operations”) 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 (“AU$”) and New Zealand dollar (“NZ$”), respectively, to the U.S. dollar based on the exchange rate as of March 31, 2019 . The carrying value of the assets and liabilities of our foreign operations fluctuates as a 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. Due to the natural-hedge nature of our funding policy, we have not historically used derivative financial instruments to hedge against the risk of foreign currency exposure. However, in certain circumstances, we move funds between jurisdictions where circumstances encouraged us to do so from an overall economic standpoint. Going forward, particularly in light of recent tax law changes, we intend to take a more global view of our financial resources, and to be more flexible in making use of resources from one jurisdiction in other jurisdictions. Presented in the table below are the currency exchange rates for Australia and New Zealand: Foreign Currency / USD As of and for the quarter ended As of and for the twelve months ended As of and for the quarter ended March 31, 2019 December 31, 2018 March 31, 2018 Spot Rate Australian Dollar 0.7104 0.7046 0.7690 New Zealand Dollar 0.6820 0.6711 0.7239 Average Rate Australian Dollar 0.7123 0.7479 0.7861 New Zealand Dollar 0.6816 0.6930 0.7275 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
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 is 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 March 31, (Dollars in thousands, except share data) 2019 2018 Numerator: Net income (loss) attributable to RDI common stockholders $ (2,081) $ 3,082 Denominator: Weighted average number of common stock – basic 22,920,486 22,967,237 Weighted average dilutive impact of awards 203,620 165,752 Weighted average number of common stock – diluted 23,124,106 23,132,989 Basic earnings (loss) per share attributable to RDI common stockholders $ (0.09) $ 0.13 Diluted earnings (loss) per share attributable to RDI common stockholders $ (0.09) $ 0.13 Awards excluded from diluted earnings (loss) per share 496,089 — Our weighted average number of common stock - basic decreased , primarily as a result of the repurchase of shares of Class A Non-Voting Common Stock pursuant to our current stock repurchase program offset by the issuance of shares due to the exercise of share options and vesting of restricted stock units. |
Property And Equipment
Property And Equipment | 3 Months Ended |
Mar. 31, 2019 | |
Property And Equipment [Abstract] | |
Property And Equipment | Note 5 – Property and Equipment Operating Property, net As of March 31, 2019 and December 31, 2018 , property associated with our operating activities is summarized as follows: March 31, December 31, (Dollars in thousands) 2019 2018 Land $ 76,110 $ 75,689 Building and improvements 151,525 149,734 Leasehold improvements 56,160 55,299 Fixtures and equipment 171,674 167,943 Construction-in-progress 3,185 3,478 Total cost 458,654 452,143 Less: accumulated depreciation (201,252) (194,476) Operating property, net $ 257,402 $ 257,667 Depreciation expense for operating property was $5.4 million for the quarter ended March 31, 2019 and $4.7 million for the quarter ended March 31, 2018 . Investment and Development Property, net As of March 31, 2019 and December 31, 2018 , our investment and development property is summarized below: March 31, December 31, (Dollars in thousands) 2019 2018 Land $ 24,310 $ 24,371 Building 1,900 1,900 Construction-in-progress (including capitalized interest) 68,946 60,533 Investment and development property $ 95,156 $ 86,804 Construction-in-Progress – Operating and Investing Properties Construction-in-Progress balances are included in both our operating and development properties. The balances of our major projects along with the movements for the three months ended March 31, 2019 are shown below: (Dollars in thousands) Balance, December 31, 2018 Additions during the period (1) Completed during the period Foreign currency translation Balance, March 31, 2019 Union Square development $ 55,634 $ 7,724 $ — $ (1) $ 63,357 Newmarket Property development 9 4 — — 13 Courtenay Central development 5,571 234 — 94 5,899 Cinema developments and improvements 1,664 3,551 (3,997) 4 1,222 Other real estate projects 1,133 528 (27) 6 1,640 Total $ 64,011 $ 12,041 $ (4,024) $ 103 $ 72,131 (1) Includes capitalized interest of $1.3 million for the quarter ended March 31, 2019 . Real Estate Transactions Purchase of Income Producing Property at Auburn/Redyard, Australia – On June 29, 2018, we added 20,870 square feet of land, improved with a 16,830 square foot office building, to our Auburn/Redyard ETC. The property was acquired at auction for $3.5 million ( AU$4.5 million) and is bordered by our existing ETC on three sides. The property is leased to Telstra through July 2022. This will allow us time to plan for the efficient integration of the property into our ETC. With this acquisition, Auburn/Redyard now represents approximately 519,992 square feet ( 48,309 square meters) of land, with approximately 1,620 feet ( 498 meters) of uninterrupted frontage to Parramatta Road, a major Sydney arterial motorway . Purchase of Land at Cannon Park in Townsville, Australia – On June 13, 2018, we acquired a 163,000 square foot ( 15,150 square meter) parcel of land at our Cannon Park ETC, in connection with the restructuring of our relationship with the adjacent land owner. Prior to the restructuring, this parcel was commonly owned by us and the adjoining land owner. In the restructuring, the adjoining land owner conveyed to us its interest in the parcel for AU$1 . We granted the adjoining land owner certain access rights with respect to that parcel. |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures | 3 Months Ended |
Mar. 31, 2019 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Investments In Unconsolidated Joint Ventures | Note 6 – Investments in Unconsolidated Joint Ventures Our investments in unconsolidated joint ventures are accounted for under the equity method of accounting. The table below summarizes our active investment holdings in two (2) unconsolidated joint ventures as of March 31, 2019 and December 31, 2018 : March 31, December 31, (Dollars in thousands) Interest 2019 2018 Rialto Cinemas 50.0% $ 1,224 $ 1,260 Mt. Gravatt 33.3% 3,734 3,861 Total investments $ 4,958 $ 5,121 For the quarter ended March 31, 2019 and 2018 , the recognized share of equity earnings from our investments in unconsolidated joint ventures are as follows: Three Months Ended March 31, (Dollars in thousands) 2019 2018 Rialto Cinemas $ (56) $ 70 Mt. Gravatt 90 187 Total equity earnings $ 34 $ 257 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 and December 31, 2018 . (Dollars in thousands) Cinema Real Estate Total Balance at, December 31, 2018 $ 14,221 $ 5,224 $ 19,445 Change in goodwill due to a purchase of business combination 1,248 — 1,248 Foreign currency translation adjustment 143 — 143 Balance at, March 31, 2019 $ 15,612 $ 5,224 $ 20,836 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 during the fourth quarter of 2019 . 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, 2019 , we were not aware that any events indicating potential impairment of goodwill had occurred. The tables below summarize intangible assets other than goodwill as of March 31, 2019 and December 31, 2018 , respectively. As of March 31, 2019 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 15,069 $ 7,255 $ 1,999 $ 24,323 Less: Accumulated amortization (14,260) (5,269) (1,100) (20,629) Net intangible assets other than goodwill $ 809 $ 1,986 $ 899 $ 3,694 As of December 31, 2018 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 28,592 $ 7,254 $ 1,951 $ 37,797 Less: Accumulated amortization (24,145) (5,207) (1,076) (30,428) Net intangible assets other than goodwill $ 4,447 $ 2,047 $ 875 $ 7,369 Beneficial leases were amortized ove r the life of the lease up to 30 years up until January 1, 2019, when under ASC 842 they were incorporated into the relevant right-of-use asset. Trade names are amortized based on the accelerated amortization method over their estimated useful life of 30 years, and other intangible assets are amortized over their estimated useful lives of up to 30 years (except for transferrable liquor licenses, which are indefinite-lived assets). The table below summarizes the amortization expense of intangible assets for the quarter ended March 31, 2019 . Three Months Ended March 31, (Dollars in thousands) 2019 2018 Beneficial lease amortization $ 79 $ 207 Other amortization 22 93 Total intangible assets amortization $ 101 $ 300 |
Prepaid And Other Assets
Prepaid And Other Assets | 3 Months Ended |
Mar. 31, 2019 | |
Prepaid And Other Assets [Abstract] | |
Prepaid And Other Assets | Note 8 – Prepaid and Other Assets Prepaid and other assets are summarized as follows: March 31, December 31, (Dollars in thousands) 2019 2018 Prepaid and other current assets Prepaid expenses $ 2,105 $ 1,761 Prepaid rent 1,020 930 Prepaid taxes 1,026 646 Income taxes receivable 4,106 2,704 Deposits 242 242 Investment in marketable securities 44 42 Restricted cash 1,099 1,342 Total prepaid and other current assets $ 9,642 $ 7,667 Other non-current assets Straight-line rent 4,219 4,150 Other non-cinema and non-rental real estate assets 1,134 1,134 Investment in Reading International Trust I 838 838 Long-term deposits 8 7 Long-term restricted cash — — Total other non-current assets $ 6,199 $ 6,129 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | Note 9 – Income Taxes The interim provision for income taxes is different from the amount determined by applying the U.S. federal statutory rate to consolidated income before taxes. The differences are attributable to foreign tax rate differential, unrecognized tax benefits, and foreign tax credits. Our effective tax rate was 33.2% and 27.3% for the three months ended March 31, 2019 and 2018, respectively. The change between 2019 and 2018 is primarily related to decrease in benefits from foreign tax credits and increase in valuation allowance related to our foreign operation. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt [Abstract] | |
Debt | Note 10 – Debt The Company’s borrowings at March 31, 2019 and December 31, 2018 , net of deferred financing costs and including the impact of interest rate derivatives on effective interest rates, are summarized below: As of March 31, 2019 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (1) Stated Interest Rate Effective Interest Rate (2) Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 $ 26,116 6.75% 6.75% Bank of America Credit Facility (USA) May 1, 2020 55,000 30,000 30,000 5.02% 5.02% Bank of America Line of Credit (USA) October 31, 2019 5,000 3,500 3,500 5.52% 5.52% Banc of America digital projector loan (USA) December 28, 2019 1,979 1,979 1,979 5.00% 5.00% Cinema 1, 2, 3 Term Loan (USA) September 1, 2019 18,978 18,978 18,768 3.25% 3.25% Minetta & Orpheum Theatres Loan (USA) November 1, 2023 8,000 8,000 7,864 4.54% 4.54% U.S. Corporate Office Term Loan (USA) January 1, 2027 9,437 9,437 9,319 4.64% / 4.44% 4.61% Union Square Construction Financing (USA) December 29, 2019 57,500 33,934 32,463 6.76% / 12.51% 8.02% Denominated in foreign currency ("FC") (3) NAB Corporate Term Loan (AU) December 31, 2023 85,248 40,138 40,111 2.70% 2.70% Westpac Bank Corporate (NZ) December 31, 2023 21,824 9,889 9,889 3.80% 3.80% $ 290,879 $ 183,768 $ 180,009 (1) Net of deferred financing costs amounting to $3.8 million. (2) Both interest rate derivatives associated with the Trust Preferred Securities and Bank of America Credit Facility expired in October 2017 so the effective interest rate no longer applies as of March 31, 2019 . (3) The contractual facilities a nd outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of March 31, 2019 . As of December 31, 2018 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (1) Stated Interest Rate Effective Interest Rate (2) Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 $ 26,061 6.52% 6.52% Bank of America Credit Facility (USA) May 1, 2020 55,000 25,000 25,000 5.02% 5.02% Bank of America Line of Credit (USA) October 31, 2019 5,000 — — 5.48% 5.48% Banc of America digital projector loan (USA) December 28, 2019 2,604 2,604 2,604 5.00% 5.00% Cinema 1, 2, 3 Term Loan (USA) September 1, 2019 19,086 19,086 18,838 3.25% 3.25% Minetta & Orpheum Theatres Loan (USA) November 1, 2023 8,000 8,000 7,857 4.88% 4.88% U.S. Corporate Office Term Loan (USA) January 1, 2027 9,495 9,495 9,373 4.64% / 4.44% 4.61% Union Square Construction Financing (USA) December 29, 2019 57,500 27,182 25,280 6.76% / 12.51% 8.35% Denominated in foreign currency ("FC") (3) NAB Corporate Loan Facility (AU) December 31, 2023 46,856 37,696 37,660 3.05% 3.05% Westpac Corporate Credit Facility (NZ) December 31, 2023 21,475 10,067 10,067 3.80% 3.80% $ 252,929 $ 167,043 $ 162,740 (1) Net of deferred financing costs amounting to $4.3 million. (2) Both interest rate derivatives associated with the Trust Preferred Securities and Bank of America Credit Facility expired in October 2017 so the effective interest rate no longer applies as of December 31, 2018. (3) The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of December 31, 2018 . Our loan arrangements are presented, net of the deferred financing costs, on the face of our consolidated balance sheet as follows: March 31, December 31, Balance Sheet Caption 2019 2018 Debt - current portion $ 40,077 $ 30,393 Debt - long-term portion 113,816 106,286 Subordinated debt 26,116 26,061 Total borrowings $ 180,009 $ 162,740 Minetta and Orpheum Theatres Loan On October 12, 2018, we refinanced our $7.5 million loan with Santander Bank, which is secured by our Minetta and Orpheum Theatres, with a loan for a five year term of $8.0 million. Such modification was not considered to be substantial under US GAAP. Banc of America Digital Projector Loan On February 5, 2018, we purchased our U.S. digital cinema projectors, which had previously been held on operating leases, using a $4.6 million loan from Banc of America. We made further U.S. digital projector purchases, of projectors similarly held on other operating leases, in March and April 2018, increasing this loan to $4.9 million. This loan carries an interest rate of 5% and is due and payable December 28, 2019. 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 reduces the applicable consolidated leverage ratio covenant by 0.25% and modifies the term of the facility based 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 U.S. GAAP. On March 5, 2019, this Credit Facility was extended for six (6) months to May 1, 2020 . 44 Union Square Construction Financing On December 29, 2016, we closed on our new construction finance facilities totaling $57.5 million to fund the non-equity portion of the anticipated construction costs of the redevelopment of our property at 44 Union Square in New York City. The combined facilities consist of $50.0 million in aggregate loans (comprised of three loan tranches) from Bank of the Ozarks (“BOTO”), and a $7.5 million mezzanine loan from Tammany Mezz Investor, LLC, an affiliate of Fisher Brothers. At December 31, 2016, Bank of the Ozarks advanced $8.0 million to repay the then existing $8.0 million loan with East West Bank. As of March 31, 2019 , an additional $26.4 million had been advanced under the senior loan facility, along with the full $7.5 million available under the mezzanine loan facility. U.S. Corporate Office Term Loan On December 13, 2016, we obtained a ten -year $8.4 million mortgage loan on our new Los Angeles Corporate Headquarters at a fixed annual interest rate of 4.64% . This loan provided for a second loan upon completion of certain improvements. On June 26, 2017, we obtained a further $1.5 million under this provision at a fixed annual interest rate of 4.44% . Bank of America Line of Credit In October 2016, the term of this $5.0 million line of credit was extended to October 31, 2019 . Such modification was not considered to be substantial under US GAAP. Cinema 1,2,3 Term Loan On August 31, 2016, Sutton Hill Properties LLC (“SHP”), a 75% subsidiary of RDI, refinanced its $15.0 million Santander Bank term loan with a new lender, Valley National Bank. This new $20.0 million loan is collateralized by our Cinema 1,2,3 property and bears an interest rate of 3.25% per annum, with principal installments and accruing interest paid monthly. The new loan matures on September 1, 2019 , with a one -time option to extend maturity date for another year. The Company presently intends to exercise that option and to extend the maturity date until September 1, 2020. Westpac Bank Corporate Credit Facility (NZ) On December 20, 2018, we restructured our Westpac Corporate Credit Facilities. The maturity of the 1 st tranche (general/non-construction credit line) was extended to December 31, 2023 , with the available facility being reduced from NZ$35.0 million to NZ$32.0 million. The facility bears an interest rate of 1.75% above the Bank Bill Bid Rate on the drawn down balance and a 1.1% line of credit charge on the entire facility. The 2 nd tranche (construction line) with a facility of NZ$18.0 million was not renewed. Australian NAB Corporate Term Loan (AU) On March 15, 2019, we amended our Revolving Corporate Markets Loan Facility with National Australia Bank (“NAB”) from a facility comprised of (i) a AU$66.5 million loan facility with an interest rate of 0.95% above the Bank Bill Swap Bid Rate (“BBSY”) and a maturity date of June 30, 2019 and (ii) a bank guarantee of AU$5.0 million at a rate of 1.90% per annum into a (i) AU$120.0 million Corporate Loan facility at rates of 0.85% - 1.30% above BBSY depending on certain ratios with a due date of December 31, 2023 , of which AU$80.0 million is revolving and AU$40.0 million is core and (ii) a Bank Guarantee Facility of AU$5.0 million at a rate of 1.85% per annum. Prior to this, on June 12, 2018, we had extended the maturity of these facilities from June 30, 2019, to December 31, 2019. Such modifications of this particular term loan were not considered to be substantial under US GAAP. |
Other Liabilities
Other Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Other Liabilities [Abstract] | |
Other Liabilities | Note 11 – Other Liabilities Other liabilities are summarized as follows: March 31, December 31, (Dollars in thousands) 2019 2018 Current liabilities Lease liability $ 5,900 $ 5,900 Liability for demolition costs 2,664 2,630 Accrued pension 684 684 Security deposit payable 88 84 Finance lease liabilities 162 — Other 27 7 Other current liabilities $ 9,525 $ 9,305 Other liabilities Straight-line rent $ — $ 16,362 Lease make-good provision 5,722 5,614 Accrued pension 4,544 4,670 Environmental reserve 1,656 1,656 Deferred revenue - real estate 9 32 Acquired leases 47 91 Finance lease liabilities 169 — Other 199 506 Other liabilities $ 12,346 $ 28,931 On August 29, 2014, the Supplemental Executive Retirement Plan (“SERP”) that has been effective since March 1, 2007, was ended and replaced in accordance with the terms of a 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 this 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 . 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. In February 2018 we made a payment of $2.4 million relating to the annuity representing payments for the 42 months outstanding at the time. Monthly ongoing payments of $57,000 are now being made. As a result of the above, included in our current and non-current liabilities are accrued pension costs of $5.2 million at March 31, 2019 . The benefits of our pension plan are fully vested and therefore no service costs were recognized for the quarter ended March 31, 2019 and 2018 . Our pension plan is unfunded. During the quarter ended March 31, 2019 , the interest cost was $51,000 and actuarial loss was $51,000 . During the quarter ended March 31, 2018 , the interest cost was $45,000 and actuarial loss was $52,000 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
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 Hedge Accounting Reserve Total Balance at January 1, 2019 $ 8,687 $ 3 $ (2,438) $ (137) $ 6,115 Change related to derivatives Total change in hedge fair value recorded in Other Comprehensive Income — — — (81) (81) Amounts reclassified from accumulated other comprehensive income — — — 12 12 Net change related to derivatives — — — (69) (69) Net current-period other comprehensive income (loss) 1,526 2 51 (69) 1,510 Balance at March 31, 2019 $ 10,213 $ 5 $ (2,387) $ (206) $ 7,625 |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note 13 – Commitments and Contingencies Litigation General We are currently involved in certain legal proceedings and, as required, have accrued estimates of probable and estimable losses for the resolution of these claims, including legal costs. · Where we are a plaintiff , we accrue legal fees as incurred on an on-going basis and make no provision for any potential settlement amounts until received. In Australia, the prevailing party is usually entitled to recover its attorneys’ fees, which recoveries typically work out to be approximately 60% of the amounts actually spent where first-class legal counsel is engaged at customary rates. Where we are a plaintiff, we have likewise made no provision for the liability for the defendant’s attorneys' fees in the event we are determined not to be the prevailing party. · Where we are a defendant , we accrue for probable damages that insurance may not cover as they become known and can be reasonably estimated. In our opinion, any claims and litigation in which we are currently involved are not reasonably likely to have a material adverse effect on our business, results of operations, financial position, or liquidity. I t is possible, however, that future results of the operations for any particular quarterly or annual period could be materially affected by the ultimate outcome of the legal proceedings. From time-to-time, we are involved with claims and lawsuits arising in the ordinary course of our business that may include contractual obligations, insurance claims, tax claims, employment matters, and anti-trust issues, among other matters. All of these matters require significant judgments based on the facts known to us. These judgments are inherently uncertain and can change significantly when additional facts become known. We provide accruals for matters that have probable likelihood of occurrence and can be properly estimated as to their expected negative outcome. We do not record expected gains until the proceeds are received by us. However, we typically make no accruals for potential costs of defense, as such amounts are inherently uncertain and dependent upon the scope, extent and aggressiveness of the activities of the applicable plaintiff. Environmental and Asbestos Claims on Reading Legacy Operations Certain of our subsidiaries were historically involved in railroad operations, coal mining, and manufacturing. Also, certain of these subsidiaries appear in the chain-of-title of properties that may suffer from pollution. Accordingly, certain of these subsidiaries have, from time-to-time, been named in and may in the future be named in various actions brought under applicable environmental laws. Also, we are in the real estate development business and may encounter from time-to-time unanticipated environmental conditions at properties that we have acquired for development. These environmental conditions can increase the cost of such projects and adversely affect the value and potential for profit of such projects. We do not currently believe that our exposure under applicable environmental laws is material in amount. From time to time, there are claims brought against us relating to the exposure of former employees of our railroad operations to asbestos and coal dust. These are generally covered by an insurance settlement reached in September 1990 with our insurance providers. However, this insurance settlement does not cover litigation by people who were not our employees and who may claim second-hand exposure to asbestos, coal dust and/or other chemicals or elements now recognized as potentially causing cancer in humans. Our known exposure to these types of claims, asserted or probable of being asserted, is not material. Cotter Jr. Derivative Litigation This action was originally brought by James J. Cotter, Jr. (“Cotter Jr.”) in June, 2015 in the Nevada District Court against all of the Directors of the Company and against the Company as a nominal defendant: James J. Cotter, Jr., individually and derivatively on behalf of Reading International, Inc. vs. Margaret Cotter, et al.” Case No,: A-15-719860-V. Summary judgment has been entered against Cotter, Jr., and in favor of all defendants and a $1.55 million cost judgment has been entered against Cotter, Jr., and in favor of our Company. Cotter, Jr. has appealed both judgements. Our application for $5.9 million in attorney’s fees was denied, and we have appealed that determination. The issues on appeal are currently being briefed. No date for oral argument has been set. It is unlikely that any hearing will be held this year. As the Directors and Officers Liability Insurance Policy covering Cotter, Jr.’s claims in the Derivative Case ( $10.0 million) has been exhausted, the financial burden of defending our Directors against these claims, as required by applicable Nevada Law, has fallen upon our Company. During 2018, out-of-pocket third party costs in the amount of approximately $3.5 million were incurred by our Company in defending against these claims. In the quarter ended March 31, 2019, an additional $387,000 had been accrued, relating principally to the preparation of appellate briefs with respect to the Derivative Litigation. |
Non-controlling Interests
Non-controlling Interests | 3 Months Ended |
Mar. 31, 2019 | |
Non-controlling Interests [Abstract] | |
Non-controlling Interests | Note 14 – Non-controlling Interests These are composed of the following enterprises: · Australia Country Cinemas Pty Ltd. - 25% noncontrolling interest owned by Panorama Cinemas for 21st Century Pty Ltd.; · Shadow View Land and Farming, LLC - 50% noncontrolling membership interest owned by either the estate of Mr. James J. Cotter, Sr. (the “Cotter Estate”) and/or the James J. Cotter, Sr. Living Trust (the “Cotter Trust”); and, · Sutton Hill Properties, LLC - 25% noncontrolling interest owned by Sutton Hill Capital, LLC (which in turn is 50% owned by the Cotter Estate and/or the Cotter Trust). The components of noncontrolling interests are as follows: March 31, December 31, (Dollars in thousands) 2019 2018 Australian Country Cinemas, Pty Ltd $ 27 $ 89 Shadow View Land and Farming, LLC 2,156 2,153 Sutton Hill Properties, LLC 2,084 2,095 Noncontrolling interests in consolidated subsidiaries $ 4,267 $ 4,337 The components of income attributable to noncontrolling interests are as follows: Three Months Ended March 31, (Dollars in thousands) 2019 2018 Australian Country Cinemas, Pty Ltd $ 9 $ 41 Shadow View Land and Farming, LLC (14) (13) Sutton Hill Properties, LLC (11) (6) Net income (loss) attributable to noncontrolling interests $ (16) $ 22 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, 2019 $ 176,210 $ 4,337 $ 180,547 Adjustments to opening retained earnings on adoption of ASC 842 28 (46) (18) Net income (loss) (2,081) (16) (2,097) Increase in additional paid in capital 21 — 21 Treasury stock purchased (9) — (9) Contributions from noncontrolling stockholders — 18 18 Distributions to noncontrolling stockholders — (27) (27) Accumulated other comprehensive income 1,510 1 1,511 Equity at March 31, 2019 $ 175,679 $ 4,267 $ 179,946 (Dollars in thousands) Controlling Stockholders’ Equity Noncontrolling Stockholders’ Equity Total Stockholders’ Equity Equity at January 1, 2018 $ 177,287 $ 4,331 $ 181,618 Adjustments to opening retained earnings on adoption of ASC 606 194 (2) 192 Net income (loss) 3,082 22 3,104 Increase in additional paid in capital 339 — 339 Treasury stock purchased (317) — (317) Contributions from noncontrolling stockholders — 27 27 Distributions to noncontrolling stockholders — (43) (43) Accumulated other comprehensive loss (750) (3) (753) Equity at March 31, 2018 $ 179,835 $ 4,332 $ 184,167 |
Stock-Based Compensation And St
Stock-Based Compensation And Stock Repurchases | 3 Months Ended |
Mar. 31, 2019 | |
Stock-Based Compensation And Stock Repurchases [Abstract] | |
Stock-Based Compensation And Stock Repurchases | Note 15 – Stock-Based Compensation and Stock Repurchases Employee and Director Stock Option Plan The Company may grant stock options and other share-based payment awards of our Common Stock to eligible employees, directors, and consultants under the 2010 Stock Incentive Plan (the “Plan”). The aggregate total number of shares of the Common Stock authorized for issuance under the Plan is 2,197,460 . During the Company’s 2017 Annual Stockholders’ Meeting held on November 7, 2017, the Company's stockholders, upon recommendation of the Board of Directors, approved an amendment to the Plan to increase the number of shares of common stock issuable under the Plan by an additional 947,460 shares. The effect of the increase is to restore the amount of shares of Common Stock available under the Plan from the 302,540 shares available as of September 30, 2017, back up to its original reserve of 1,250,000 shares. As of March 31, 2019 , we had 789,869 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 members of management. 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 period of stock options and RSUs granted to employees ranges from zero to four years. Grants to directors and certain executive officers are subject to Board approval. At the time the options are exercised or RSUs vest and are settled, 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 We estimate the grant-date fair value of our stock options 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, the “deemed exercise” of expiring in-the-money options and the relative market price to strike price of the options, we have not hereto estimated any forfeitures of vested or unvested options. There were 219,408 stock options issued in the quarter ended March 31, 2019 . The weighted average assumptions used in the option-valuation model were as follows: Three Months Ended March 31, 2019 2018 Stock option exercise price $ 16.12 $ — Risk-free interest rate 2.42% 0.00% Expected dividend yield — — Expected option life in years 3.75 — Expected volatility 23.32% 0.00% Weighted average fair value $ 3.50 $ — For the quarters ended March 31, 2019 and 2018 , we recorded compensation expense of $70,000 and $85,000 , respectively. At March 31, 2019 , the total unrecognized estimated compensation expense related to non-vested stock options was $1.5 million, which we expect to recognize over a weighted average vesting period of 2.11 years. The intrinsic, unrealized value of all options outstanding, vested and expected to vest, at March 31, 2019 was $2.0 million, of which 91% are currently exercisable. The following table summarizes the number of options outstanding and exercisable as of March 31, 2019 and December 31, 2018 : Outstanding Stock Options - Class A Shares Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life Aggregate Intrinsic Value Class A Class A Class A Class A Balance - December 31, 2017 524,589 $ 12.50 3.15 $ 3,054,325 Granted 126,840 16.40 — — Exercised (60,000) 6.02 — 610,249 Forfeited (4,960) 12.08 — — Balance - December 31, 2018 586,469 $ 14.01 2.88 $ 1,530,528 Granted 219,408 16.12 — — Exercised (67,500) 13.42 — 185,175 Forfeited (25,000) 13.42 — — Balance - March 31, 2019 713,377 $ 14.74 3.53 $ 1,993,628 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. The following table summarizes the status of the RSUs granted to-date as of March 31, 2019 : Outstanding Restricted Stock Units RSU Grants (in units) Vested, Unvested, Forfeited, Grant Date Directors Management Total Grants March 31, 2019 March 31, 2019 March 31, 2019 March 10, 2016 35,147 27,381 62,528 55,684 6,844 April 11, 2016 — 5,625 5,625 2,815 2,293 517 March 23, 2017 30,681 32,463 63,144 46,919 16,225 August 29, 2017 — 7,394 7,394 3,698 3,696 January 2, 2018 29,393 — 29,393 29,393 — April 12, 2018 — 29,596 29,596 — 29,596 April 13, 2018 — 14,669 14,669 — 14,669 July 6, 2018 — 932 932 — — 932 November 7, 2018 23,010 — 23,010 — 23,010 March 13, 2019 — 24,366 24,366 — 24,366 March 14, 2019 — 23,327 23,327 — 23,327 Total 118,231 165,753 283,984 138,509 144,026 1,449 RSU awards to management vest 25% at the end of each year for 4 years. Prior to November 7, 2018, RSU awards to directors vested 100% in January of the following year in which such RSUs were granted. At the November 7, 2018 Board meeting, it was determined that it would be more appropriate for the vesting of RSUs to align with the directors’ term of office. Accordingly, the RSUs granted on November 7, 2018, will vest upon the earlier of (i) the first anniversary of grant and (ii) the date of the next annual meeting of stockholders. This means that on the date of the annual meeting of stockholders on May 7, 2019, the RSUs granted to directors on November 7, 2018 vested. Due to the fact that the Company has moved up its annual meeting of stockholders from November to May this year, this c reate d a shorter than normal vesting period for the RSUs issued on November 7, 2018. In order to adjust for this factor, the directors have determined that the award of RSUs to be made immediately following the 2019 Annual Meeting of Stockholders will be $35,000 or one half of last year's annual grant. For the quarter ended March 31, 2019 and 2018 , we recorded compensation expense of $209,000 and $294,000 , respectively. The total unrecognized compensation expense related to the non-vested RSUs was $1.9 million as of March 31, 2019 , which we expect to recognize over a weighted average vesting period of 1.1 years. Stock Repurchase Program On March 2, 2017, the Company's Board of Directors authorized management, at its discretion, to spend up to an aggregate of $25.0 million to acquire shares of Reading’s Class A Common Stock. The previously approved stock repurchase program, which allowed management to spend up to an aggregate of $10.0 million to acquire shares of Reading’s Class A Common Stock, was completed as of December 31, 2016. On March 14, 2019, the Board of Directors extended this stock buy-back program for two years, through March 2, 2021. The Board of Directors did not increase the authorized amount which was $16.2 million at March 31, 2019. 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 the stock repurchase program, as of March 31, 2019 , the Company has reacquired 559,627 shares of Class A Common Stock for $8.8 million at an average price of $15.81 per share (excluding transaction costs) to-date. 566 shares of Class A Common Stock were purchased during the quarter ended March 31, 2019 at an average price of $16.08 per share. This leaves $16.2 million available under the March 2, 2017 program, as extended, for repurchase as of March 31, 2019 . |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 16 - Leases In all leases, whether we are the lessor or lessee, we define lease term as the non-cancellable term of the lease plus any renewals covered by renewal options that are reasonably certain of exercise based on our assessment of economic factors relevant to the lessee. The non-cancellable term of the lease commences on the date the lessor makes the underlying property in the lease available to the lessee, irrespective of when lease payments begin under the contract. As Lessee We have operating leases for certain cinemas and corporate offices, and finance leases for certain equipment assets. Our leases have remaining lease terms of 1 to 20 years, with certain leases having options to extend to up to a further 20 years. Contracts are analyzed in accordance with the criteria set out in ASC 842 to determine if there is a lease present. For contracts that contain an operating lease, we account for the lease component and the non-lease component together as a single component. For contracts that contain a finance lease we account for the lease component and the non-lease component separately in accordance with ASC 842. In leases where we are the lessee, we recognize a right of use asset and lease liability at lease commencement, which is measured by discounting lease payments using our incremental borrowing rate applicable to the lease term and currency of the lease as the discount rate. Subsequent amortization of the right of use asset and accretion of the lease liability for an operating lease is recognized as a single lease cost, on a straight line basis, over the term of the lease. A finance lease right-of-use asset is depreciated on a straight line basis over the lesser of the useful life of the leased asset or the lease term. Interest on each finance lease liability is determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability. Property taxes and other non-lease costs are accounted for on an accrual basis. Lease payments for our cinema operating leases consist of fixed base rent, and for certain leases, variable lease payments consisting of contracted percentages of revenue, changes in the relevant CPI, and/or other contracted financial metrics. The components of lease expense were as follows: Three Months Ended March 31, (Dollars in thousands) 2019 2018 Lease cost Finance lease cost: — Amortization of right-of-use assets $ 41 $ — Interest on lease liabilities 3 — Operating lease cost 7,921 — Variable lease cost 105 — Total lease cost $ 8,070 $ — Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, (Dollars in thousands) 2019 2018 Cash flows relating to lease cost Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 44 $ — Operating cash flows from operating leases 7,780 — Right-of-use assets obtained in exchange for new finance lease liabilities — — Right-of-use assets obtained in exchange for new operating lease liabilities 2,181 — Supplemental balance sheet information related to leases was as follows: March 31, December 31, (Dollars in thousands) 2019 2018 Operating leases Operating lease right-of-use assets $ 229,266 $ — Operating lease liabilities - current portion 19,797 — Operating lease liabilities - non-current portion 222,594 — Total operating lease liabilities $ 242,391 $ — Finance leases Property plant and equipment, gross 372 — Accumulated depreciation (41) — Property plant and equipment, net $ 331 $ — Other current liabilities 162 — Other long-term liabilities 169 — Total finance lease liabilities $ 331 $ — Other information Weighted-average remaining lease term - finance leases 3 — Weighted-average remaining lease term - operating leases 11 — Weighted-average discount rate - finance leases 5.05% — Weighted-average discount rate - operating leases 4.97% — Maturity of leases were as follows: (Dollars in thousands) Operating leases Finance leases 2019 $ 23,566 $ 133 2020 31,434 101 2021 31,717 53 2022 31,901 43 2023 31,018 28 Thereafter 169,221 — Total lease payments $ 318,857 $ 358 Less imputed interest (76,466) (27) Total $ 242,391 $ 331 As of March 31, 2019 , we have additional operating leases, primarily for cinemas, that have not yet commenced of approximately $26.0 million. These operating leases will commence between fiscal year 2019 and fiscal year 2021 with lease terms of 15 to 20 years. As Lessor The Company has entered into various leases as a lessor for our owned real estate properties. These leases vary in length between 1 and 20 years, with certain leases containing options to extend at the behest of the applicable tenants. Lease components consist of fixed base rent, and for certain leases, variable lease payments consisting of contracted percentages of revenue, changes in the relevant CPI, and/or other contracted financial metrics. No terms exist by which a lessee is able to purchase the underlying asset. We recognize lease payments for operating leases as property revenue on a straight-line basis over the lease term. Lease incentive payments we make to lessees are amortized as a reduction in property revenue over the lease term. Lease income relating to operating lease payments was as follows: Three Months Ended March 31, (Dollars in thousands) 2019 2018 Components of lease income Lease payments $ 2,229 $ 2,423 Variable lease payments 265 80 Total lease income $ 2,494 $ 2,503 The book value of underlying assets under operating leases from owned assets was as follows: March 31, December 31, (Dollars in thousands) 2019 2018 Building and improvements Gross balance $ 68,483 $ 67,887 Accumulated depreciation (18,375) (17,709) Net Book Value $ 50,108 $ 50,178 Maturity of leases were as follows: (Dollars in thousands) Operating leases 2019 $ 6,470 2020 7,439 2021 6,830 2022 5,961 2023 5,187 Thereafter 10,295 Total $ 42,182 |
Hedge Accounting
Hedge Accounting | 3 Months Ended |
Mar. 31, 2019 | |
Hedge Accounting [Abstract] | |
Hedge Accounting | Note 17 – Hedge Accounting As of March 31, 2019 and March 31, 2018 , the Company held interest rate derivatives in the total notional amount of $8.0 million and $nil , respectively. The derivatives are recorded on the balance sheet at fair value and are included in the following line items: Liability Derivatives March 31, December 31, 2019 2018 (Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair value Interest rate contracts Derivative financial instruments - current portion $ 52 Derivative financial instruments - current portion $ 41 Derivative financial instruments - non-current portion 203 Derivative financial instruments - non-current portion 145 Total derivatives designated as hedging instruments $ 255 $ 186 Total derivatives $ 255 $ 186 We have no derivatives designated as hedging instruments which are in asset positions. The changes in fair value are recorded in Other Comprehensive Income and released into interest expense in the same period(s) in which the hedged transactions affect earnings. In the quarter to March 31, 2019 and March 31, 2018 , respectively, the derivative instruments affected Comprehensive Income as follows: (Dollars in thousands) Location of Loss Recognized in Income on Derivatives Amount of Loss Recognized in Income on Derivatives 2019 2018 Interest rate contracts Interest expense, net $ 12 $ — Total $ 12 $ — Loss Recognized in OCI on Derivatives (Effective Portion) Loss Reclassified from OCI into Income (Effective Portion) Loss Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (Dollars in thousands) Amount Line Item Amount Line Item Amount 2019 2018 2019 2018 2019 2018 Interest rate contracts $ 81 $ — Interest expense, net $ 12 $ — Interest expense, net $ — $ — Total $ 81 $ — $ 12 $ — $ — $ — |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 18 – Fair 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; and, · Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. As of March 31, 2019 and December 31, 2018 material financial assets and financial liabilities were carried and measured at fair value on a recurring basis. 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, 2019 and December 31, 2018 , by level within the fair value hierarchy. Fair Value Measurement at March 31, 2019 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 155,855 $ — $ — $ 159,871 $ 159,871 Subordinated debt 27,913 — — 19,162 19,162 $ 183,768 $ — $ — $ 179,033 $ 179,033 Fair Value Measurement at December 31, 2018 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 139,130 $ — $ — $ 143,564 $ 143,564 Subordinated debt 27,913 — — 18,895 18,895 $ 167,043 $ — $ — $ 162,459 $ 162,459 (1) These balances are presented before any deduction for deferred financing costs. Following is a description of the valuation methodologies used to estimate the fair value of our financial assets and liabilities. There have been no changes in the methodologies used at March 31, 2019 and December 31, 2018 . · 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 quotes 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, 2019 and December 31, 2018 , 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 accounts payable. The carrying values of these financial instruments approximate the fair values due to their short maturities. Additionally, there were no transfers of assets and liabilities between levels 1, 2, or 3 during the quarter ended March 31, 2019 and March 31, 2018 . |
Business Combination
Business Combination | 3 Months Ended |
Mar. 31, 2019 | |
Business Combination [Abstract] | |
Business Combination | Note 19 – Business Combination On January 30, 2019, we purchased the tenant’s interest and other operating assets of an established four-screen cinema in Devonport, Tasmania, Australia, for $1.4 million (AU$1.95 million). We commenced trading from this new cinema site on January 30, 2019. 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, 2019, the Company is still finalizing its allocation and this may result in potential adjustments within the one-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. Our preliminary purchase price allocation is as follows: Preliminary Purchase Price Allocation (Dollars in thousands) US Dollars (1) AU dollars Tangible Assets Operating property: Fixtures and equipment $ 153 $ 213 Intangible Assets Goodwill 1,248 1,734 Total assets acquired 1,401 1,947 Net assets acquired $ 1,401 $ 1,947 (1) The balances were translated into U.S. Dollars based on the applicable exchange rate as of the date of acquisition, January 30, 2019. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Consolidation | Basis 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, 2018 (“ 2018 Form 10-K”). All significant intercompany balances and transactions have been eliminated on consolidation. These consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim reporting with the instructions for 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 and recurring adjustments necessary for a fair presentation of the results for the interim period. Operating results for the quarter ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . |
Use Of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with 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 (i) projections we make regarding the recoverability and impairment of our assets (including goodwill and intangibles), (ii) valuations of our derivative instruments, (iii) recoverability of our deferred tax assets, (iv) estimation of breakage and redemption experience rates, which drive how we recognize breakage on our gift card and gift certificates, and revenue from our customer loyalty program, and (v) allocation of insurance proceeds to various recoverable components. Actual results may differ from those estimates. |
Recently Adopted And Issued Accounting Pronouncements | Recently Adopted and Issued Accounting Pronouncements Adopted: Accounting Standards Update (“ASU”) 2016-02 Leases : In February 2016, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard, ASC 842 Leases , to increase transparency and comparability among organizations by requiring the recognition of right-of-use ("ROU") assets and lease liabilities on the balance sheet. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for lessees with 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 . On January 1, 2019, we adopted the new accounting standard Accounting Standards Codification (“ ASC ”) 842 Leases using the modified retrospective method. We recognized the cumulative effect of initially applying the new leasing standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The standard had a material impact on our consolidated balance sheets, but not on our consolidated income statements or statements of cash flow. (Dollars in thousands) Balance at December 31, 2018 Adjustments due to ASC 842 Balance at January 1, 2019 Assets Operating property, net $ 257,667 $ 370 $ 258,037 Operating lease right-of-use assets — 232,319 232,319 Intangible assets, net 7,369 (3,542) 3,827 Deferred tax asset, net 26,235 82 26,317 Liabilities Operating lease liabilities $ — $ 245,280 $ 245,280 Other non-current liabilities 28,931 (16,033) 12,898 Stockholders' Equity Non-controlling interest $ 4,337 $ (46) $ 4,291 Retained earnings 47,616 28 47,644 Period Ended March 31, 2019 (Dollars in thousands) As Reported, March 31, 2019 Balances Without Adoption of ASC 842 Effect of change Higher / (Lower) Cinema costs and expenses $ 48,329 $ 48,334 $ (5) Depreciation and amortization 5,594 5,552 42 General and administrative 6,484 6,528 (44) Interest expense, net 1,852 1,849 3 Income tax (benefit) expense 1,042 1,041 1 Net income (loss) $ (2,097) $ (2,094) $ 3 (Dollars in thousands) As Reported, March 31, 2019 Balances Without Adoption of ASC 842 Effect of change Higher / (Lower) Assets Operating property, net $ 257,402 $ 257,072 $ 330 Intangible assets 3,694 7,151 (3,457) Operating lease right-of-use assets 229,266 — 229,266 Deferred tax asset, net 26,483 26,400 83 Liabilities Other current liabilities $ 9,525 $ 9,363 $ 162 Operating lease liabilities, current 19,797 — 19,797 Other non-current liabilities 12,346 28,643 (16,297) Operating lease liabilities, non-current 222,594 — 222,594 Stockholders' Equity Retained earnings $ 45,563 $ 45,585 $ (22) 1) ASU 2014-09 Revenue from Contracts with Customers: On January 1, 2018, we adopted the new accounting standard ASC 606 Revenue from Contracts with Customers using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information was not restated. Adoption of this standard has no material effect on our consolidated financial statements. 2) On January 1, 2018, the Company adopted ASU 2016-18, Statement of Cash Flows ( Topic 230 ) : Restricted Cash, a consensus of the FASB Emerging Issues Task Force . This standard requires that amounts generally described as restricted cash and cash equivalents should be combined with unrestricted cash and cash equivalents when reconciling the beginning and end of period balances on the statement of cash flows. Adoption of this standard has no material effect on our consolidated statement of cash flows. 3) On January 1, 2018, the Company adopted ASU 2 016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments). The standard applies to eight (8) specific cash flow classification issues, reducing the current and potential future diversity in the presentation of certain cash flows. Adoption of this standard has no material effect on our consolidated statement of cash flows. 4) On January 1, 2018, the Company adopted ASU 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This standard (i) requires that an employer disaggregate the service cost component from the other components of net benefit cost, and (ii) specifies how to present the service cost component and the other components of net benefit cost in the income statement and (iii) allows only the service cost component of net benefit cost to be eligible for capitalization. Adoption of this standard has no material impact on our consolidated financial statements. 5) On January 1, 2018, the Company adopted ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . This ASU provides that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the asset is not a “business”, thus reducing the number of transactions that need further evaluation for business combination. The standard has no material impact on our current consolidated financial statements, and we do not expect it to be applicable to our consolidated financial statements in the near term unless we enter into a definitive business acquisition transaction. Issued: v ASUs Effective 2019 and Beyond · Goodwill Impairment Simplification ( ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment) Issued by FASB in January 2017, this standard removes the second step of the two-step impairment test for measuring goodwill and is to be applied on a prospective basis only. The new standard is effective for the Company on January 1, 2020, including interim periods within the year of adoption. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. It is not anticipated that adoption of this standard will have any material impact on our consolidated financial statements. |
Prior Period Financial Statement Correction Of Immaterial Errors | Prior period financial statement correction of immaterial errors During the third quarter of 2018, we identified immaterial errors related to the accounting for straight line rent receivable from tenants in our real estate operations dating back to 2015. These errors resulted in an understatement of real estate revenue. We assessed the materiality of these errors on our financial statements for prior periods in accordance with the SEC Staff Accounting Bulletin ( “ SAB ” ) No. 99, Materiality, codified in ASC 250, Presentation of Financial Statements, and concluded that they were not material to any prior annual or interim periods. However, the aggregate amount of $440 k related to the prior period immaterial errors through June 30, 2018, would have been material to the quarterly accounts with our current Consolidated Statements of Income. Consequently, in accordance with ASC 250 (specifically SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), we have corrected these errors for all prior periods presented by revising the consolidated financial statements and other financial information included herein. The following is a summary of the previously issued financial statement line items for all periods and statements included in this report. Consolidated Statements of Income: Three Months Ended March 31, 2018 (Dollars in thousands) As Reported Adjustment As Revised Real estate revenue $ 3,567 $ 50 $ 3,617 Total revenue 75,822 50 75,872 Operating income (loss) 5,643 50 5,693 Income before income taxes 4,224 50 4,274 Income tax benefit (expense) (1,155) (15) (1,170) Net income (loss) 3,069 35 3,104 Net income (loss) attributable to Reading International, Inc. common shareholders 3,047 35 3,082 Basic earnings (loss) per share $ 0.13 $ — $ 0.13 Diluted earnings (loss) per share 0.13 — 0.13 Consolidated Balance Sheets: Summary of Equity (Dollars in thousands) As Reported Adjustment As Revised Equity at January 1, 2018 $ 176,910 $ 377 $ 177,287 Net income (loss) 3,047 35 3,082 Equity at March 31, 2018 $ 179,423 $ 412 $ 179,835 Consolidated Statements of Cash Flows: Three Months Ended March 31, 2018 (Dollars in thousands) As Reported Adjustment As Revised Net income (loss) $ 3,069 $ 35 $ 3,104 Change in net deferred tax assets 157 15 172 Prepaid and other assets (2,259) (50) (2,309) Net cash provided by operating activities $ 2,452 $ — $ 2,452 |
Description Of Business And S_2
Description Of Business And Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Description Of Business And Segment Reporting [Abstract] | |
Summary Of Results Of Operations For Principal Business Segments | Three Months Ended March 31, (Dollars in thousands) 2019 2018 Revenue: Cinema exhibition $ 57,986 $ 72,255 Real estate 5,431 6,008 Inter-segment elimination (1,866) (2,391) $ 61,551 $ 75,872 Segment operating income (loss): Cinema exhibition $ 2,642 $ 10,285 Real estate 1,159 1,681 $ 3,801 $ 11,966 |
Reconciliation To Net Income Attributable To Common Shareholders | Three Months Ended March 31, (Dollars in thousands) 2019 2018 Segment operating income (loss) $ 3,801 $ 11,966 Unallocated corporate expense Depreciation and amortization expense (61) (117) General and administrative expense (5,041) (6,156) Interest expense, net (1,852) (1,594) Equity earnings of unconsolidated joint ventures 34 257 Other income (expense) (20) (82) Income (loss) before income tax expense $ (3,139) $ 4,274 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Balance With And Without The Adoption Of ASC 842 On Financial Statements | (Dollars in thousands) Balance at December 31, 2018 Adjustments due to ASC 842 Balance at January 1, 2019 Assets Operating property, net $ 257,667 $ 370 $ 258,037 Operating lease right-of-use assets — 232,319 232,319 Intangible assets, net 7,369 (3,542) 3,827 Deferred tax asset, net 26,235 82 26,317 Liabilities Operating lease liabilities $ — $ 245,280 $ 245,280 Other non-current liabilities 28,931 (16,033) 12,898 Stockholders' Equity Non-controlling interest $ 4,337 $ (46) $ 4,291 Retained earnings 47,616 28 47,644 Period Ended March 31, 2019 (Dollars in thousands) As Reported, March 31, 2019 Balances Without Adoption of ASC 842 Effect of change Higher / (Lower) Cinema costs and expenses $ 48,329 $ 48,334 $ (5) Depreciation and amortization 5,594 5,552 42 General and administrative 6,484 6,528 (44) Interest expense, net 1,852 1,849 3 Income tax (benefit) expense 1,042 1,041 1 Net income (loss) $ (2,097) $ (2,094) $ 3 (Dollars in thousands) As Reported, March 31, 2019 Balances Without Adoption of ASC 842 Effect of change Higher / (Lower) Assets Operating property, net $ 257,402 $ 257,072 $ 330 Intangible assets 3,694 7,151 (3,457) Operating lease right-of-use assets 229,266 — 229,266 Deferred tax asset, net 26,483 26,400 83 Liabilities Other current liabilities $ 9,525 $ 9,363 $ 162 Operating lease liabilities, current 19,797 — 19,797 Other non-current liabilities 12,346 28,643 (16,297) Operating lease liabilities, non-current 222,594 — 222,594 Stockholders' Equity Retained earnings $ 45,563 $ 45,585 $ (22) |
Accounting Changes To Financial Statements | Consolidated Statements of Income: Three Months Ended March 31, 2018 (Dollars in thousands) As Reported Adjustment As Revised Real estate revenue $ 3,567 $ 50 $ 3,617 Total revenue 75,822 50 75,872 Operating income (loss) 5,643 50 5,693 Income before income taxes 4,224 50 4,274 Income tax benefit (expense) (1,155) (15) (1,170) Net income (loss) 3,069 35 3,104 Net income (loss) attributable to Reading International, Inc. common shareholders 3,047 35 3,082 Basic earnings (loss) per share $ 0.13 $ — $ 0.13 Diluted earnings (loss) per share 0.13 — 0.13 Consolidated Balance Sheets: Summary of Equity (Dollars in thousands) As Reported Adjustment As Revised Equity at January 1, 2018 $ 176,910 $ 377 $ 177,287 Net income (loss) 3,047 35 3,082 Equity at March 31, 2018 $ 179,423 $ 412 $ 179,835 Consolidated Statements of Cash Flows: Three Months Ended March 31, 2018 (Dollars in thousands) As Reported Adjustment As Revised Net income (loss) $ 3,069 $ 35 $ 3,104 Change in net deferred tax assets 157 15 172 Prepaid and other assets (2,259) (50) (2,309) Net cash provided by operating activities $ 2,452 $ — $ 2,452 |
Operations In Foreign Currency
Operations In Foreign Currency (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Operations In Foreign Currency [Abstract] | |
Summary Of Currency Exchange Rates | Foreign Currency / USD As of and for the quarter ended As of and for the twelve months ended As of and for the quarter ended March 31, 2019 December 31, 2018 March 31, 2018 Spot Rate Australian Dollar 0.7104 0.7046 0.7690 New Zealand Dollar 0.6820 0.6711 0.7239 Average Rate Australian Dollar 0.7123 0.7479 0.7861 New Zealand Dollar 0.6816 0.6930 0.7275 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings Per Share | Three Months Ended March 31, (Dollars in thousands, except share data) 2019 2018 Numerator: Net income (loss) attributable to RDI common stockholders $ (2,081) $ 3,082 Denominator: Weighted average number of common stock – basic 22,920,486 22,967,237 Weighted average dilutive impact of awards 203,620 165,752 Weighted average number of common stock – diluted 23,124,106 23,132,989 Basic earnings (loss) per share attributable to RDI common stockholders $ (0.09) $ 0.13 Diluted earnings (loss) per share attributable to RDI common stockholders $ (0.09) $ 0.13 Awards excluded from diluted earnings (loss) per share 496,089 — |
Property And Equipment (Tables)
Property And Equipment (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | March 31, December 31, (Dollars in thousands) 2019 2018 Land $ 76,110 $ 75,689 Building and improvements 151,525 149,734 Leasehold improvements 56,160 55,299 Fixtures and equipment 171,674 167,943 Construction-in-progress 3,185 3,478 Total cost 458,654 452,143 Less: accumulated depreciation (201,252) (194,476) Operating property, net $ 257,402 $ 257,667 |
Summary Of Investment And Development Property | March 31, December 31, (Dollars in thousands) 2019 2018 Land $ 24,310 $ 24,371 Building 1,900 1,900 Construction-in-progress (including capitalized interest) 68,946 60,533 Investment and development property $ 95,156 $ 86,804 |
Construction-In-Progress Balance | (Dollars in thousands) Balance, December 31, 2018 Additions during the period (1) Completed during the period Foreign currency translation Balance, March 31, 2019 Union Square development $ 55,634 $ 7,724 $ — $ (1) $ 63,357 Newmarket Property development 9 4 — — 13 Courtenay Central development 5,571 234 — 94 5,899 Cinema developments and improvements 1,664 3,551 (3,997) 4 1,222 Other real estate projects 1,133 528 (27) 6 1,640 Total $ 64,011 $ 12,041 $ (4,024) $ 103 $ 72,131 (1) Includes capitalized interest of $1.3 million for the quarter ended March 31, 2019 . |
Investments In Unconsolidated_2
Investments In Unconsolidated Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Summary Of The Investments In Unconsolidated Joint Ventures And Entities | March 31, December 31, (Dollars in thousands) Interest 2019 2018 Rialto Cinemas 50.0% $ 1,224 $ 1,260 Mt. Gravatt 33.3% 3,734 3,861 Total investments $ 4,958 $ 5,121 |
Summary Of Equity Earnings From Investments In Unconsolidated Joint Ventures And Entities | Three Months Ended March 31, (Dollars in thousands) 2019 2018 Rialto Cinemas $ (56) $ 70 Mt. Gravatt 90 187 Total equity earnings $ 34 $ 257 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill And Intangible Assets [Abstract] | |
Summary Of Goodwill | (Dollars in thousands) Cinema Real Estate Total Balance at, December 31, 2018 $ 14,221 $ 5,224 $ 19,445 Change in goodwill due to a purchase of business combination 1,248 — 1,248 Foreign currency translation adjustment 143 — 143 Balance at, March 31, 2019 $ 15,612 $ 5,224 $ 20,836 |
Summary Of Intangible Assets Other Than Goodwill | As of March 31, 2019 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 15,069 $ 7,255 $ 1,999 $ 24,323 Less: Accumulated amortization (14,260) (5,269) (1,100) (20,629) Net intangible assets other than goodwill $ 809 $ 1,986 $ 899 $ 3,694 As of December 31, 2018 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 28,592 $ 7,254 $ 1,951 $ 37,797 Less: Accumulated amortization (24,145) (5,207) (1,076) (30,428) Net intangible assets other than goodwill $ 4,447 $ 2,047 $ 875 $ 7,369 |
Summary Of Amortization Expense | Three Months Ended March 31, (Dollars in thousands) 2019 2018 Beneficial lease amortization $ 79 $ 207 Other amortization 22 93 Total intangible assets amortization $ 101 $ 300 |
Prepaid And Other Assets (Table
Prepaid And Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Prepaid And Other Assets [Abstract] | |
Summary Of Prepaid And Other Assets | March 31, December 31, (Dollars in thousands) 2019 2018 Prepaid and other current assets Prepaid expenses $ 2,105 $ 1,761 Prepaid rent 1,020 930 Prepaid taxes 1,026 646 Income taxes receivable 4,106 2,704 Deposits 242 242 Investment in marketable securities 44 42 Restricted cash 1,099 1,342 Total prepaid and other current assets $ 9,642 $ 7,667 Other non-current assets Straight-line rent 4,219 4,150 Other non-cinema and non-rental real estate assets 1,134 1,134 Investment in Reading International Trust I 838 838 Long-term deposits 8 7 Long-term restricted cash — — Total other non-current assets $ 6,199 $ 6,129 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt [Abstract] | |
Summary Of Notes Payable | As of March 31, 2019 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (1) Stated Interest Rate Effective Interest Rate (2) Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 $ 26,116 6.75% 6.75% Bank of America Credit Facility (USA) May 1, 2020 55,000 30,000 30,000 5.02% 5.02% Bank of America Line of Credit (USA) October 31, 2019 5,000 3,500 3,500 5.52% 5.52% Banc of America digital projector loan (USA) December 28, 2019 1,979 1,979 1,979 5.00% 5.00% Cinema 1, 2, 3 Term Loan (USA) September 1, 2019 18,978 18,978 18,768 3.25% 3.25% Minetta & Orpheum Theatres Loan (USA) November 1, 2023 8,000 8,000 7,864 4.54% 4.54% U.S. Corporate Office Term Loan (USA) January 1, 2027 9,437 9,437 9,319 4.64% / 4.44% 4.61% Union Square Construction Financing (USA) December 29, 2019 57,500 33,934 32,463 6.76% / 12.51% 8.02% Denominated in foreign currency ("FC") (3) NAB Corporate Term Loan (AU) December 31, 2023 85,248 40,138 40,111 2.70% 2.70% Westpac Bank Corporate (NZ) December 31, 2023 21,824 9,889 9,889 3.80% 3.80% $ 290,879 $ 183,768 $ 180,009 (1) Net of deferred financing costs amounting to $3.8 million. (2) Both interest rate derivatives associated with the Trust Preferred Securities and Bank of America Credit Facility expired in October 2017 so the effective interest rate no longer applies as of March 31, 2019 . (3) The contractual facilities a nd outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of March 31, 2019 . As of December 31, 2018 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (1) Stated Interest Rate Effective Interest Rate (2) Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 $ 26,061 6.52% 6.52% Bank of America Credit Facility (USA) May 1, 2020 55,000 25,000 25,000 5.02% 5.02% Bank of America Line of Credit (USA) October 31, 2019 5,000 — — 5.48% 5.48% Banc of America digital projector loan (USA) December 28, 2019 2,604 2,604 2,604 5.00% 5.00% Cinema 1, 2, 3 Term Loan (USA) September 1, 2019 19,086 19,086 18,838 3.25% 3.25% Minetta & Orpheum Theatres Loan (USA) November 1, 2023 8,000 8,000 7,857 4.88% 4.88% U.S. Corporate Office Term Loan (USA) January 1, 2027 9,495 9,495 9,373 4.64% / 4.44% 4.61% Union Square Construction Financing (USA) December 29, 2019 57,500 27,182 25,280 6.76% / 12.51% 8.35% Denominated in foreign currency ("FC") (3) NAB Corporate Loan Facility (AU) December 31, 2023 46,856 37,696 37,660 3.05% 3.05% Westpac Corporate Credit Facility (NZ) December 31, 2023 21,475 10,067 10,067 3.80% 3.80% $ 252,929 $ 167,043 $ 162,740 (1) Net of deferred financing costs amounting to $4.3 million. (2) Both interest rate derivatives associated with the Trust Preferred Securities and Bank of America Credit Facility expired in October 2017 so the effective interest rate no longer applies as of December 31, 2018. (3) The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of December 31, 2018 . |
Schedule Of Long-term Debt Instruments, Net Of The Deferred Financing Costs | March 31, December 31, Balance Sheet Caption 2019 2018 Debt - current portion $ 40,077 $ 30,393 Debt - long-term portion 113,816 106,286 Subordinated debt 26,116 26,061 Total borrowings $ 180,009 $ 162,740 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other Liabilities [Abstract] | |
Summary Of Other Liabilities Including Pension | March 31, December 31, (Dollars in thousands) 2019 2018 Current liabilities Lease liability $ 5,900 $ 5,900 Liability for demolition costs 2,664 2,630 Accrued pension 684 684 Security deposit payable 88 84 Finance lease liabilities 162 — Other 27 7 Other current liabilities $ 9,525 $ 9,305 Other liabilities Straight-line rent $ — $ 16,362 Lease make-good provision 5,722 5,614 Accrued pension 4,544 4,670 Environmental reserve 1,656 1,656 Deferred revenue - real estate 9 32 Acquired leases 47 91 Finance lease liabilities 169 — Other 199 506 Other liabilities $ 12,346 $ 28,931 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 Hedge Accounting Reserve Total Balance at January 1, 2019 $ 8,687 $ 3 $ (2,438) $ (137) $ 6,115 Change related to derivatives Total change in hedge fair value recorded in Other Comprehensive Income — — — (81) (81) Amounts reclassified from accumulated other comprehensive income — — — 12 12 Net change related to derivatives — — — (69) (69) Net current-period other comprehensive income (loss) 1,526 2 51 (69) 1,510 Balance at March 31, 2019 $ 10,213 $ 5 $ (2,387) $ (206) $ 7,625 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Non-controlling Interests [Abstract] | |
Components Of Non-controlling Interests | March 31, December 31, (Dollars in thousands) 2019 2018 Australian Country Cinemas, Pty Ltd $ 27 $ 89 Shadow View Land and Farming, LLC 2,156 2,153 Sutton Hill Properties, LLC 2,084 2,095 Noncontrolling interests in consolidated subsidiaries $ 4,267 $ 4,337 |
Components Of Income Attributable To Non-controlling Interest | Three Months Ended March 31, (Dollars in thousands) 2019 2018 Australian Country Cinemas, Pty Ltd $ 9 $ 41 Shadow View Land and Farming, LLC (14) (13) Sutton Hill Properties, LLC (11) (6) Net income (loss) attributable to noncontrolling interests $ (16) $ 22 |
Summary Of Changes In Controlling And Non-controlling Stockholders’ Equity | (Dollars in thousands) Controlling Stockholders’ Equity Noncontrolling Stockholders’ Equity Total Stockholders’ Equity Equity at January 1, 2019 $ 176,210 $ 4,337 $ 180,547 Adjustments to opening retained earnings on adoption of ASC 842 28 (46) (18) Net income (loss) (2,081) (16) (2,097) Increase in additional paid in capital 21 — 21 Treasury stock purchased (9) — (9) Contributions from noncontrolling stockholders — 18 18 Distributions to noncontrolling stockholders — (27) (27) Accumulated other comprehensive income 1,510 1 1,511 Equity at March 31, 2019 $ 175,679 $ 4,267 $ 179,946 (Dollars in thousands) Controlling Stockholders’ Equity Noncontrolling Stockholders’ Equity Total Stockholders’ Equity Equity at January 1, 2018 $ 177,287 $ 4,331 $ 181,618 Adjustments to opening retained earnings on adoption of ASC 606 194 (2) 192 Net income (loss) 3,082 22 3,104 Increase in additional paid in capital 339 — 339 Treasury stock purchased (317) — (317) Contributions from noncontrolling stockholders — 27 27 Distributions to noncontrolling stockholders — (43) (43) Accumulated other comprehensive loss (750) (3) (753) Equity at March 31, 2018 $ 179,835 $ 4,332 $ 184,167 |
Stock-Based Compensation And _2
Stock-Based Compensation And Stock Repurchases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stock-Based Compensation And Stock Repurchases [Abstract] | |
Schedule Of Fair Value Of Options, Weighted Average Assumptions | Three Months Ended March 31, 2019 2018 Stock option exercise price $ 16.12 $ — Risk-free interest rate 2.42% 0.00% Expected dividend yield — — Expected option life in years 3.75 — Expected volatility 23.32% 0.00% Weighted average fair value $ 3.50 $ — |
Schedule Of Vested And Unvested Stock Options | Outstanding Stock Options - Class A Shares Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life Aggregate Intrinsic Value Class A Class A Class A Class A Balance - December 31, 2017 524,589 $ 12.50 3.15 $ 3,054,325 Granted 126,840 16.40 — — Exercised (60,000) 6.02 — 610,249 Forfeited (4,960) 12.08 — — Balance - December 31, 2018 586,469 $ 14.01 2.88 $ 1,530,528 Granted 219,408 16.12 — — Exercised (67,500) 13.42 — 185,175 Forfeited (25,000) 13.42 — — Balance - March 31, 2019 713,377 $ 14.74 3.53 $ 1,993,628 |
Schedule Of Restricted Stock Units Issued And Vested | Outstanding Restricted Stock Units RSU Grants (in units) Vested, Unvested, Forfeited, Grant Date Directors Management Total Grants March 31, 2019 March 31, 2019 March 31, 2019 March 10, 2016 35,147 27,381 62,528 55,684 6,844 April 11, 2016 — 5,625 5,625 2,815 2,293 517 March 23, 2017 30,681 32,463 63,144 46,919 16,225 August 29, 2017 — 7,394 7,394 3,698 3,696 January 2, 2018 29,393 — 29,393 29,393 — April 12, 2018 — 29,596 29,596 — 29,596 April 13, 2018 — 14,669 14,669 — 14,669 July 6, 2018 — 932 932 — — 932 November 7, 2018 23,010 — 23,010 — 23,010 March 13, 2019 — 24,366 24,366 — 24,366 March 14, 2019 — 23,327 23,327 — 23,327 Total 118,231 165,753 283,984 138,509 144,026 1,449 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Components Of Lease Expense | Three Months Ended March 31, (Dollars in thousands) 2019 2018 Lease cost Finance lease cost: — Amortization of right-of-use assets $ 41 $ — Interest on lease liabilities 3 — Operating lease cost 7,921 — Variable lease cost 105 — Total lease cost $ 8,070 $ — |
Supplemental Cash Flow Information Related To Leases | Three Months Ended March 31, (Dollars in thousands) 2019 2018 Cash flows relating to lease cost Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 44 $ — Operating cash flows from operating leases 7,780 — Right-of-use assets obtained in exchange for new finance lease liabilities — — Right-of-use assets obtained in exchange for new operating lease liabilities 2,181 — |
Supplemental Balance Sheet Information Related To Leases | March 31, December 31, (Dollars in thousands) 2019 2018 Operating leases Operating lease right-of-use assets $ 229,266 $ — Operating lease liabilities - current portion 19,797 — Operating lease liabilities - non-current portion 222,594 — Total operating lease liabilities $ 242,391 $ — Finance leases Property plant and equipment, gross 372 — Accumulated depreciation (41) — Property plant and equipment, net $ 331 $ — Other current liabilities 162 — Other long-term liabilities 169 — Total finance lease liabilities $ 331 $ — Other information Weighted-average remaining lease term - finance leases 3 — Weighted-average remaining lease term - operating leases 11 — Weighted-average discount rate - finance leases 5.05% — Weighted-average discount rate - operating leases 4.97% — |
Maturity Of Leases As Lessee | (Dollars in thousands) Operating leases Finance leases 2019 $ 23,566 $ 133 2020 31,434 101 2021 31,717 53 2022 31,901 43 2023 31,018 28 Thereafter 169,221 — Total lease payments $ 318,857 $ 358 Less imputed interest (76,466) (27) Total $ 242,391 $ 331 |
Components Of Lease Income | Three Months Ended March 31, (Dollars in thousands) 2019 2018 Components of lease income Lease payments $ 2,229 $ 2,423 Variable lease payments 265 80 Total lease income $ 2,494 $ 2,503 |
Book Value Of Assets Under Operating Leases From Owned Assets | March 31, December 31, (Dollars in thousands) 2019 2018 Building and improvements Gross balance $ 68,483 $ 67,887 Accumulated depreciation (18,375) (17,709) Net Book Value $ 50,108 $ 50,178 |
Maturity Of Leases As Lessor | (Dollars in thousands) Operating leases 2019 $ 6,470 2020 7,439 2021 6,830 2022 5,961 2023 5,187 Thereafter 10,295 Total $ 42,182 |
Hedge Accounting (Tables)
Hedge Accounting (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Hedge Accounting [Abstract] | |
Schedule Of Derivative Instruments On The Balance Sheet At Fair Value | Liability Derivatives March 31, December 31, 2019 2018 (Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair value Interest rate contracts Derivative financial instruments - current portion $ 52 Derivative financial instruments - current portion $ 41 Derivative financial instruments - non-current portion 203 Derivative financial instruments - non-current portion 145 Total derivatives designated as hedging instruments $ 255 $ 186 Total derivatives $ 255 $ 186 |
Schedule Of Changes in Fair value | (Dollars in thousands) Location of Loss Recognized in Income on Derivatives Amount of Loss Recognized in Income on Derivatives 2019 2018 Interest rate contracts Interest expense, net $ 12 $ — Total $ 12 $ — |
Summary Of Hedged Transactions That Affect Earnings | Loss Recognized in OCI on Derivatives (Effective Portion) Loss Reclassified from OCI into Income (Effective Portion) Loss Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (Dollars in thousands) Amount Line Item Amount Line Item Amount 2019 2018 2019 2018 2019 2018 Interest rate contracts $ 81 $ — Interest expense, net $ 12 $ — Interest expense, net $ — $ — Total $ 81 $ — $ 12 $ — $ — $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Measurements [Abstract] | |
Schedule Of Fair Value Carried At Cost And Measured On A Nonrecurring Basis | Fair Value Measurement at March 31, 2019 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 155,855 $ — $ — $ 159,871 $ 159,871 Subordinated debt 27,913 — — 19,162 19,162 $ 183,768 $ — $ — $ 179,033 $ 179,033 Fair Value Measurement at December 31, 2018 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 139,130 $ — $ — $ 143,564 $ 143,564 Subordinated debt 27,913 — — 18,895 18,895 $ 167,043 $ — $ — $ 162,459 $ 162,459 (1) These balances are presented before any deduction for deferred financing costs. |
Business Combination (Tables)
Business Combination (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combination [Abstract] | |
Schedule Of Purchase Price Allocation | Preliminary Purchase Price Allocation (Dollars in thousands) US Dollars (1) AU dollars Tangible Assets Operating property: Fixtures and equipment $ 153 $ 213 Intangible Assets Goodwill 1,248 1,734 Total assets acquired 1,401 1,947 Net assets acquired $ 1,401 $ 1,947 (1) The balances were translated into U.S. Dollars based on the applicable exchange rate as of the date of acquisition, January 30, 2019. |
Description Of Business And S_3
Description Of Business And Segment Reporting (Summary Of Results Of Operations For Principal Business Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | $ 61,551 | $ 75,872 |
Segment operating income | (1,301) | 5,693 |
Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 61,551 | 75,872 |
Segment operating income | 3,801 | 11,966 |
Inter-segment Elimination [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | (1,866) | (2,391) |
Cinema Exhibition [Member] | Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 57,986 | 72,255 |
Segment operating income | 2,642 | 10,285 |
Real Estate [Member] | Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 5,431 | 6,008 |
Segment operating income | $ 1,159 | $ 1,681 |
Description Of Business And S_4
Description Of Business And Segment Reporting (Reconciliation To Net Income Attributable To Common Shareholders) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Operating income (loss) | $ (1,301) | $ 5,693 |
Depreciation and amortization expense | (5,594) | (5,250) |
General and administrative expense | (6,484) | (7,597) |
Equity earnings of unconsolidated joint ventures | 34 | 257 |
Other income (expense) | (20) | (82) |
Income (loss) before income taxes | (3,139) | 4,274 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | 3,801 | 11,966 |
Unallocated Corporate Expense [Member] | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization expense | (61) | (117) |
General and administrative expense | (5,041) | (6,156) |
Interest expense, net | $ (1,852) | $ (1,594) |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Description Of Business And Segment Reporting [Abstract] | |
Prior period immaterial error amount | $ 440 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Balance With And Without The Adoption Of ASC 842 On The Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating property, net | $ 257,402 | $ 258,037 | $ 257,667 |
Operating lease right-of-use assets | 229,266 | 232,319 | |
Intangible assets, net | 3,694 | 3,827 | 7,369 |
Deferred tax asset, net | 26,483 | 26,317 | 26,235 |
Operating lease liabilities - current | 19,797 | 245,280 | |
Other non-current liabilities | 12,346 | 12,898 | 28,931 |
Noncontrolling interests | 4,267 | 4,291 | 4,337 |
Retained earnings | $ 45,563 | $ 47,644 | 47,616 |
As Reported [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating property, net | 257,667 | ||
Intangible assets, net | 7,369 | ||
Deferred tax asset, net | 26,235 | ||
Other non-current liabilities | 28,931 | ||
Noncontrolling interests | 4,337 | ||
Retained earnings | 47,616 | ||
Adjustments [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating property, net | 370 | ||
Operating lease right-of-use assets | 232,319 | ||
Intangible assets, net | (3,542) | ||
Deferred tax asset, net | 82 | ||
Operating lease liabilities - current | 245,280 | ||
Other non-current liabilities | (16,033) | ||
Noncontrolling interests | (46) | ||
Retained earnings | $ 28 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Balance With And Without The Adoption Of ASC 842 On The Statements Of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Costs and expenses | $ 62,852 | $ 70,179 | ||
Depreciation and amortization | 5,594 | 5,250 | ||
General and administrative | 6,484 | 7,597 | ||
Interest expense, net | 1,852 | 1,594 | ||
Income tax (benefit) expense | 1,042 | (1,170) | ||
Net income (loss) | (2,097) | 3,104 | ||
Operating property, net | 257,402 | $ 258,037 | $ 257,667 | |
Intangible assets, net | 3,694 | 3,827 | 7,369 | |
Operating lease right-of-use assets | 229,266 | 232,319 | ||
Deferred tax asset, net | 26,483 | 26,317 | 26,235 | |
Other current liabilities | 9,525 | 9,305 | ||
Operating lease liabilities - current | 19,797 | 245,280 | ||
Other non-current liabilities | 12,346 | 12,898 | 28,931 | |
Operating lease liabilities - non-current portion | 222,594 | |||
Retained earnings | 45,563 | $ 47,644 | $ 47,616 | |
Balance Without Adoption Of ASC 842 [[Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Depreciation and amortization | 5,552 | |||
General and administrative | 6,528 | |||
Interest expense, net | 1,849 | |||
Income tax (benefit) expense | 1,041 | |||
Net income (loss) | (2,094) | |||
Operating property, net | 257,072 | |||
Intangible assets, net | 7,151 | |||
Deferred tax asset, net | 26,400 | |||
Other current liabilities | 9,363 | |||
Other non-current liabilities | 28,643 | |||
Retained earnings | 45,585 | |||
Effect Of Change Higher/(Lower) [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Depreciation and amortization | 42 | |||
General and administrative | (44) | |||
Interest expense, net | 3 | |||
Income tax (benefit) expense | 1 | |||
Net income (loss) | 3 | |||
Operating property, net | 330 | |||
Intangible assets, net | (3,457) | |||
Operating lease right-of-use assets | 229,266 | |||
Deferred tax asset, net | 83 | |||
Other current liabilities | 162 | |||
Operating lease liabilities - current | 19,797 | |||
Other non-current liabilities | (16,297) | |||
Operating lease liabilities - non-current portion | 222,594 | |||
Retained earnings | (22) | |||
Cinema [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Costs and expenses | 48,329 | $ 54,948 | ||
Cinema [Member] | Balance Without Adoption Of ASC 842 [[Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Costs and expenses | 48,334 | |||
Cinema [Member] | Effect Of Change Higher/(Lower) [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Costs and expenses | $ (5) |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Accounting Changes To Consolidated Statements Of Income) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | $ 61,551 | $ 75,872 |
Operating income (loss) | (1,301) | 5,693 |
Income before income taxes | (3,139) | 4,274 |
Income tax benefit (expense) | 1,042 | (1,170) |
Net income (loss) | (2,097) | 3,104 |
Net income (loss) attributable to Reading International, Inc. common stockholders | $ (2,081) | $ 3,082 |
Basic earnings (loss) per share | $ (0.09) | $ 0.13 |
Diluted earnings (loss) per share | $ (0.09) | $ 0.13 |
Real Estate [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | $ 3,565 | $ 3,617 |
As Reported [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 75,822 | |
Operating income (loss) | 5,643 | |
Income before income taxes | 4,224 | |
Income tax benefit (expense) | (1,155) | |
Net income (loss) | 3,069 | |
Net income (loss) attributable to Reading International, Inc. common stockholders | $ 3,047 | |
Basic earnings (loss) per share | $ 0.13 | |
Diluted earnings (loss) per share | $ 0.13 | |
As Reported [Member] | Real Estate [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | $ 3,567 | |
Adjustments [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | 50 | |
Operating income (loss) | 50 | |
Income before income taxes | 50 | |
Income tax benefit (expense) | (15) | |
Net income (loss) | 35 | |
Net income (loss) attributable to Reading International, Inc. common stockholders | 35 | |
Adjustments [Member] | Real Estate [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Revenue | $ 50 |
Summary Of Significant Accoun_8
Summary Of Significant Accounting Policies (Accounting Changes To Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Balance | $ 180,547 | $ 177,287 |
Net income | (2,081) | 3,082 |
Balance | $ 179,946 | 179,835 |
As Reported [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Balance | 176,910 | |
Net income | 3,047 | |
Balance | 179,423 | |
Adjustments [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Balance | 377 | |
Net income | 35 | |
Balance | $ 412 |
Summary Of Significant Accoun_9
Summary Of Significant Accounting Policies (Accounting Changes To Consolidated Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net income (loss) | $ (2,097) | $ 3,104 |
Change in net deferred tax assets | (150) | 172 |
Prepaid and other assets | (1,957) | (2,309) |
Net cash provided by operating activities | $ (3,841) | 2,452 |
As Reported [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net income (loss) | 3,069 | |
Change in net deferred tax assets | 157 | |
Prepaid and other assets | (2,259) | |
Net cash provided by operating activities | 2,452 | |
Adjustments [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Net income (loss) | 35 | |
Change in net deferred tax assets | 15 | |
Prepaid and other assets | $ (50) |
Operations In Foreign Currenc_2
Operations In Foreign Currency (Summary Of Currency Exchange Rates) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Australian Dollar [Member] | Spot Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.7104 | 0.7690 | 0.7046 |
Australian Dollar [Member] | Average Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.7123 | 0.7861 | 0.7479 |
New Zealand Dollar [Member] | Spot Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.6820 | 0.7239 | 0.6711 |
New Zealand Dollar [Member] | Average Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.6816 | 0.7275 | 0.6930 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to Reading International, Inc. common stockholders | $ (2,081) | $ 3,082 |
Weighted average number of common stock – basic | 22,920,486 | 22,967,237 |
Weighted average dilutive impact of awards | 203,620 | 165,752 |
Weighted average number of common stock – diluted | 23,124,106 | 23,132,989 |
Basic earnings (loss) per share attributable to RDI common stockholders | $ (0.09) | $ 0.13 |
Diluted earnings (loss) per share attributable to RDI common stockholders | $ (0.09) | $ 0.13 |
Awards excluded from diluted earnings (loss) per share | 496,089 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) $ in Millions | Jun. 13, 2018AUD ($)m² | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Jun. 29, 2018m² | Jun. 29, 2018ft² | Jun. 29, 2018AUD ($) | Jun. 29, 2018m | Jun. 29, 2018ft | Jun. 29, 2018USD ($) | Jun. 13, 2018ft² |
Property, Plant and Equipment [Line Items] | ||||||||||
Depreciation expense for operating property | $ | $ 5.4 | $ 4.7 | ||||||||
Land At Cannon Park, Australia [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Area of property | 15,150 | 163,000 | ||||||||
Payment to acquire property | $ | $ 1 | |||||||||
Property In Auburn, Australia [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Sale price | $ 4,500,000 | $ 3.5 | ||||||||
Building [Member] | Property In Auburn, Australia [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Area of property | ft² | 16,830 | |||||||||
Land [Member] | Property In Auburn, Australia [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Area of property | ft² | 20,870 | |||||||||
Redyard ETC [Member] | Land [Member] | Property In Auburn, Australia [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Area of property | 48,309 | 519,992 | ||||||||
Length of frontage | 498 | 1,620 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Property And Equipment [Abstract] | |||
Land | $ 76,110 | $ 75,689 | |
Building and improvements | 151,525 | 149,734 | |
Leasehold improvements | 56,160 | 55,299 | |
Fixtures and equipment | 171,674 | 167,943 | |
Construction-in-progress | 3,185 | 3,478 | |
Total cost | 458,654 | 452,143 | |
Less: accumulated depreciation | (201,252) | (194,476) | |
Operating properties, net | $ 257,402 | $ 258,037 | $ 257,667 |
Property And Equipment (Summary
Property And Equipment (Summary Of Investment And Development Property) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Investment and development properties, net | $ 95,156 | $ 86,804 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development properties, net | 24,310 | 24,371 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development properties, net | 1,900 | 1,900 |
Construction-In-Progress (including capitalized interest) [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development properties, net | $ 68,946 | $ 60,533 |
Property And Equipment (Constru
Property And Equipment (Construction-In-Progress Balance) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($) | ||
Property, Plant and Equipment [Line Items] | ||
Balance | $ 3,478 | |
Balance | 3,185 | |
Capitalized interest | 1,300 | |
Operating And Investing Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 64,011 | |
Additions during the period | 12,041 | [1] |
Completed during the period | (4,024) | |
Foreign currency translation | 103 | |
Balance | 72,131 | |
Operating And Investing Properties [Member] | Union Square Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 55,634 | |
Additions during the period | 7,724 | [1] |
Completed during the period | ||
Foreign currency translation | (1) | |
Balance | 63,357 | |
Operating And Investing Properties [Member] | Newmarket Property Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 9 | |
Additions during the period | 4 | [1] |
Completed during the period | ||
Foreign currency translation | ||
Balance | 13 | |
Operating And Investing Properties [Member] | Courtenay Central Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 5,571 | |
Additions during the period | 234 | [1] |
Completed during the period | ||
Foreign currency translation | 94 | |
Balance | 5,899 | |
Operating And Investing Properties [Member] | Cinema Developments And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 1,664 | |
Additions during the period | 3,551 | [1] |
Completed during the period | (3,997) | |
Foreign currency translation | 4 | |
Balance | 1,222 | |
Operating And Investing Properties [Member] | Other Real Estate Projects [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 1,133 | |
Additions during the period | 528 | [1] |
Completed during the period | (27) | |
Foreign currency translation | 6 | |
Balance | $ 1,640 | |
[1] | Includes capitalized interest of $1.3 million for the quarter ended March 31, 2019. |
Investments In Unconsolidated_3
Investments In Unconsolidated Joint Ventures (Summary Of The Investments In Unconsolidated Joint Ventures And Entities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Total investments | $ 4,958 | $ 5,121 |
Rialto Cinemas [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 50.00% | |
Total investments | $ 1,224 | 1,260 |
Mt. Gravatt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 33.30% | |
Total investments | $ 3,734 | $ 3,861 |
Investments In Unconsolidated_4
Investments In Unconsolidated Joint Ventures (Summary Of Equity Earnings From Investments In Unconsolidated Joint Ventures And Entities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||
Total equity earnings | $ 34 | $ 257 |
Rialto Cinemas [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total equity earnings | (56) | 70 |
Mt. Gravatt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total equity earnings | $ 90 | $ 187 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2019 | |
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 | 30 years |
Other Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful life | 30 years |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Summary Of Goodwill) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 19,445 |
Change in goodwill due to a purchase of business combination | 1,248 |
Foreign currency translation adjustment | 143 |
Ending balance | 20,836 |
Cinema [Member] | |
Goodwill [Line Items] | |
Beginning balance | 14,221 |
Change in goodwill due to a purchase of business combination | 1,248 |
Foreign currency translation adjustment | 143 |
Ending balance | 15,612 |
Real Estate [Member] | |
Goodwill [Line Items] | |
Beginning balance | 5,224 |
Change in goodwill due to a purchase of business combination | |
Foreign currency translation adjustment | |
Ending balance | $ 5,224 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Summary Of Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 24,323 | $ 37,797 | |
Less: Accumulated amortization | (20,629) | (30,428) | |
Net intangible assets other than goodwill | 3,694 | $ 3,827 | 7,369 |
Beneficial Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 15,069 | 28,592 | |
Less: Accumulated amortization | (14,260) | (24,145) | |
Net intangible assets other than goodwill | 809 | 4,447 | |
Trade Name [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 7,255 | 7,254 | |
Less: Accumulated amortization | (5,269) | (5,207) | |
Net intangible assets other than goodwill | 1,986 | 2,047 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 1,999 | 1,951 | |
Less: Accumulated amortization | (1,100) | (1,076) | |
Net intangible assets other than goodwill | $ 899 | $ 875 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Summary Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization | $ 101 | $ 300 |
Beneficial Lease Amortization [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization | 79 | 207 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization | $ 22 | $ 93 |
Prepaid And Other Assets (Summa
Prepaid And Other Assets (Summary Of Prepaid And Other Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Prepaid And Other Assets [Abstract] | ||
Prepaid expenses | $ 2,105 | $ 1,761 |
Prepaid rent | 1,020 | 930 |
Prepaid taxes | 1,026 | 646 |
Income taxes receivable | 4,106 | 2,704 |
Deposits | 242 | 242 |
Investment in marketable securities | 44 | 42 |
Restricted cash | 1,099 | 1,342 |
Total prepaid and other current assets | 9,642 | 7,667 |
Straight-line rent | 4,219 | 4,150 |
Other non-cinema and non-rental real estate assets | 1,134 | 1,134 |
Investment in Reading International Trust I | 838 | 838 |
Long-term deposits | 8 | 7 |
Long-term restricted cash | ||
Total other non-current assets | $ 6,199 | $ 6,129 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Taxes [Abstract] | ||
Effective tax rate | 33.20% | 27.30% |
Debt (Minetta And Orpheum Theat
Debt (Minetta And Orpheum Theatres Loan) (Narrative) (Details) - USD ($) $ in Thousands | Oct. 12, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||||
Loan amount | $ 290,879 | $ 252,929 | ||
Minetta And Orpheum Theatres Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Loan amount | $ 8,000 | $ 8,000 | $ 7,500 | |
Minetta And Orpheum Theatres Loan [Member] | Santander Bank [Member] | ||||
Debt Instrument [Line Items] | ||||
Loan amount | $ 8,000 | |||
Debt instrument term | 5 years |
Debt (Banc of America Digital P
Debt (Banc of America Digital Projector Loan) (Narrative) (Details) - USD ($) $ in Thousands | Feb. 05, 2018 | Apr. 30, 2018 | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 290,879 | $ 252,929 | ||
US Banc Of America Digital Projector Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual facility | $ 4,600 | $ 4,900 | $ 1,979 | $ 2,604 |
Interest rate | 5.00% |
Debt (Bank Of America Credit Fa
Debt (Bank Of America Credit Facility) (Narrative) (Details) - USD ($) $ in Thousands | Mar. 05, 2019 | Mar. 03, 2016 | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 290,879 | $ 252,929 | ||
Bank Of America Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual facility | $ 55,000 | $ 55,000 | $ 55,000 | |
Reduced leverage ratio | 0.25% | |||
Earliest period subjected to repayment of borrowings | 18 months | |||
Extension period | 6 months |
Debt (Union Square Construction
Debt (Union Square Construction Financing) (Narrative) (Details) $ in Thousands | Dec. 29, 2016USD ($)loan | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 290,879 | $ 252,929 | ||
Union Square Construction Financing [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual facility | $ 57,500 | 57,500 | $ 57,500 | [1] |
Union Square Construction Financing [Member] | Non-Mezzanine Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Advanced-to-Date | 26,400 | |||
Union Square Construction Financing [Member] | Senior Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Advanced-to-Date | $ 7,500 | |||
Union Square Construction Financing [Member] | Bank Of The Ozarks [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual facility | $ 50,000 | |||
Number of loan tranches | loan | 3 | |||
Advanced-to-Date | $ 8,000 | |||
Facility Limit | 8,000 | |||
Union Square Construction Financing [Member] | Tammany Mezz Investor, LLC [Member] | Mezzanine Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual facility | $ 7,500 | |||
[1] | The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of December 31, 2018. |
Debt (U.S. Corporate Office Ter
Debt (U.S. Corporate Office Term Loan) (Narrative) (Details) - USD ($) $ in Thousands | Jun. 26, 2017 | Dec. 13, 2016 | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 290,879 | $ 252,929 | ||
U.S. Corporate Office Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument term | 10 years | |||
Contractual facility | $ 8,400 | $ 9,437 | $ 9,495 | |
Interest rate | 4.44% | 4.64% | ||
Debt increase | $ 1,500 |
Debt (Bank Of America Line Of C
Debt (Bank Of America Line Of Credit) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Contractual facility | $ 290,879 | $ 252,929 |
US Bank Of America Line Of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Oct. 31, 2019 | Oct. 31, 2019 |
Contractual facility | $ 5,000 | $ 5,000 |
Debt (Cinemas 1, 2, 3 Term Loan
Debt (Cinemas 1, 2, 3 Term Loan And Line Of Credit) (Narrative) (Details) $ in Thousands | Aug. 31, 2016USD ($) | Mar. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 290,879 | $ 252,929 | ||
US Cinema 1, 2, 3 Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual facility | $ 15,000 | $ 18,978 | $ 19,086 | |
Maturity date | Sep. 1, 2019 | Sep. 1, 2019 | ||
Interest rate | 3.25% | |||
Line of credit facility, maximum borrowing capacity | $ 20,000 | |||
Number of extension options | item | 1 | |||
US Cinema 1, 2, 3 Term Loan [Member] | Sutton Hill Properties, LLC [Member] | ||||
Debt Instrument [Line Items] | ||||
Ownership percentage by parent | 75.00% |
Debt (Westpac Bank Corporate Cr
Debt (Westpac Bank Corporate Credit Facility (NZ)) (Narrative) (Details) $ in Thousands, $ in Millions | Dec. 20, 2018NZD ($) | Dec. 20, 2018USD ($) | Dec. 19, 2018NZD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |||||
Contractual facility | $ 290,879 | $ 252,929 | |||
Westpac Bank Corporate Credit Facility, Tranch 1 [Member] | |||||
Debt Instrument [Line Items] | |||||
Contractual facility | $ 32 | $ 35 | |||
Maturity date | Dec. 31, 2023 | ||||
Interest rate | 1.10% | 1.10% | |||
Westpac Bank Corporate Credit Facility, Tranch 1 [Member] | Bank Bill Swap Bid Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 1.75% | 1.75% | |||
Westpac Bank Corporate Credit Facility, Tranch 2 [Member] | |||||
Debt Instrument [Line Items] | |||||
Contractual facility | $ 18,000 |
Debt (Australian NAB Corporate
Debt (Australian NAB Corporate Loan Facility) (Narrative) (Details) - AUD ($) $ in Millions | Mar. 15, 2019 | Dec. 17, 2018 | Mar. 31, 2019 | Dec. 31, 2018 |
Australian NAB Corporate Loan Facility Tier 1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 66.5 | |||
Spread on variable interest rate | 0.95% | |||
Maturity date | Jun. 30, 2019 | |||
Australian NAB Corporate Loan Facility Tier 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 5 | |||
Spread on variable interest rate | 1.90% | |||
Australian NAB Corporate Loan Facility Tier 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 120 | |||
Maturity date | Dec. 31, 2023 | |||
Australian NAB Corporate Loan Facility Tier 3 [Member] | Bank Guarantee Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 5 | |||
Spread on variable interest rate | 1.85% | |||
Australian NAB Corporate Loan Facility Tier 3 [Member] | Core Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 40 | |||
Australian NAB Corporate Loan Facility Tier 3 [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 80 | |||
Minimum [Member] | Australian NAB Corporate Loan Facility Tier 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread on variable interest rate | 0.85% | |||
Maximum [Member] | Australian NAB Corporate Loan Facility Tier 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread on variable interest rate | 1.30% |
Debt (Summary Of Notes Payable)
Debt (Summary Of Notes Payable) (Details) - USD ($) | Mar. 05, 2019 | Feb. 05, 2018 | Dec. 29, 2016 | Dec. 13, 2016 | Aug. 31, 2016 | Mar. 03, 2016 | Apr. 30, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Debt Instrument [Line Items] | |||||||||||||
Contractual Facility | $ 290,879,000 | $ 252,929,000 | |||||||||||
Balance Gross | 183,768,000 | 167,043,000 | |||||||||||
Balance Net | 180,009,000 | [1] | 162,740,000 | [2] | |||||||||
Deferred financing costs, net | $ 3,800,000 | $ 4,300,000 | |||||||||||
Trust Preferred Securities [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | Apr. 30, 2027 | Apr. 30, 2027 | |||||||||||
Contractual Facility | $ 27,913,000 | $ 27,913,000 | |||||||||||
Balance Gross | 27,913,000 | 27,913,000 | |||||||||||
Balance Net | $ 26,116,000 | [1] | $ 26,061,000 | [2] | |||||||||
Stated Interest Rate | 6.75% | 6.52% | |||||||||||
Effective interest rate | 6.75% | [3] | 6.52% | [4] | |||||||||
Bank Of America Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | May 1, 2020 | May 1, 2020 | May 1, 2020 | ||||||||||
Contractual Facility | $ 55,000,000 | $ 55,000,000 | $ 55,000,000 | ||||||||||
Balance Gross | 30,000,000 | 25,000,000 | |||||||||||
Balance Net | $ 30,000,000 | [1] | $ 25,000,000 | [2] | |||||||||
Stated Interest Rate | 5.02% | 5.02% | |||||||||||
Effective interest rate | 5.02% | [3] | 5.02% | [4] | |||||||||
US Bank Of America Line Of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | Oct. 31, 2019 | Oct. 31, 2019 | |||||||||||
Contractual Facility | $ 5,000,000 | $ 5,000,000 | |||||||||||
Balance Gross | 3,500,000 | ||||||||||||
Balance Net | [1] | $ 3,500,000 | |||||||||||
Stated Interest Rate | 5.52% | 5.48% | |||||||||||
Effective interest rate | 5.52% | [3] | 5.48% | [4] | |||||||||
US Banc Of America Digital Projector Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | Dec. 28, 2019 | Dec. 28, 2019 | |||||||||||
Contractual Facility | $ 4,600,000 | $ 4,900,000 | $ 1,979,000 | $ 2,604,000 | |||||||||
Balance Gross | 1,979,000 | 2,604,000 | |||||||||||
Balance Net | $ 1,979,000 | [1] | $ 2,604,000 | [2] | |||||||||
Stated Interest Rate | 5.00% | 5.00% | |||||||||||
Effective interest rate | 5.00% | [3] | 5.00% | [4] | |||||||||
US Cinema 1, 2, 3 Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | Sep. 1, 2019 | Sep. 1, 2019 | |||||||||||
Contractual Facility | $ 15,000,000 | $ 18,978,000 | $ 19,086,000 | ||||||||||
Balance Gross | 18,978,000 | 19,086,000 | |||||||||||
Balance Net | $ 18,768,000 | [1] | $ 18,838,000 | [2] | |||||||||
Stated Interest Rate | 3.25% | 3.25% | |||||||||||
Effective interest rate | 3.25% | [3] | 3.25% | [4] | |||||||||
Minetta And Orpheum Theatres Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | Nov. 1, 2023 | Nov. 1, 2023 | |||||||||||
Contractual Facility | $ 8,000,000 | $ 8,000,000 | $ 7,500,000 | ||||||||||
Balance Gross | 8,000,000 | 8,000,000 | |||||||||||
Balance Net | $ 7,864,000 | [1] | $ 7,857,000 | [2] | |||||||||
Stated Interest Rate | 4.54% | 4.88% | |||||||||||
Effective interest rate | 4.54% | [3] | 4.88% | [4] | |||||||||
U.S. Corporate Office Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | Jan. 1, 2027 | Jan. 1, 2027 | |||||||||||
Contractual Facility | $ 8,400,000 | $ 9,437,000 | $ 9,495,000 | ||||||||||
Balance Gross | 9,437,000 | 9,495,000 | |||||||||||
Balance Net | $ 9,319,000 | [1] | $ 9,373,000 | [2] | |||||||||
Effective interest rate | 4.61% | [3] | 4.61% | [4] | |||||||||
Union Square Construction Financing [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | Dec. 29, 2019 | Dec. 29, 2019 | [5] | ||||||||||
Contractual Facility | $ 57,500,000 | $ 57,500,000 | $ 57,500,000 | [5] | |||||||||
Balance Gross | 33,934,000 | 27,182,000 | [5] | ||||||||||
Balance Net | $ 32,463,000 | [1] | $ 25,280,000 | [2],[5] | |||||||||
Effective interest rate | 8.02% | [3] | 8.35% | [4],[5] | |||||||||
NAB Corporate Loan Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | Dec. 31, 2023 | [6] | Dec. 31, 2023 | [5] | |||||||||
Contractual Facility | $ 85,248,000 | [6] | $ 46,856,000 | [5] | |||||||||
Balance Gross | 40,138,000 | [6] | 37,696,000 | [5] | |||||||||
Balance Net | $ 40,111,000 | [1],[6] | $ 37,660,000 | [2],[5] | |||||||||
Stated Interest Rate | 2.70% | [6] | 3.05% | [5] | |||||||||
Effective interest rate | 2.70% | [3],[6] | 3.05% | [4],[5] | |||||||||
Westpac Bank Corporate Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity date | Dec. 31, 2023 | [6] | Dec. 31, 2023 | [5] | |||||||||
Contractual Facility | $ 21,824,000 | [6] | $ 21,475,000 | [5] | |||||||||
Balance Gross | 9,889,000 | [6] | 10,067,000 | [5] | |||||||||
Balance Net | $ 9,889,000 | [1],[6] | $ 10,067,000 | [2],[5] | |||||||||
Stated Interest Rate | 3.80% | [6] | 3.80% | [5] | |||||||||
Effective interest rate | 3.80% | [3],[6] | 3.80% | [4],[5] | |||||||||
Minimum [Member] | U.S. Corporate Office Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated Interest Rate | 4.44% | 4.44% | |||||||||||
Minimum [Member] | Union Square Construction Financing [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated Interest Rate | 6.76% | 6.76% | |||||||||||
Maximum [Member] | U.S. Corporate Office Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated Interest Rate | 4.64% | 4.64% | |||||||||||
Maximum [Member] | Union Square Construction Financing [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated Interest Rate | 12.51% | 12.51% | |||||||||||
[1] | Net of deferred financing costs amounting to $3.8 million. | ||||||||||||
[2] | Net of deferred financing costs amounting to $4.3 million. | ||||||||||||
[3] | Both interest rate derivatives associated with the Trust Preferred Securities and Bank of America Credit Facility expired in October 2017 so the effective interest rate no longer applies as of March 31, 2019. | ||||||||||||
[4] | Both interest rate derivatives associated with the Trust Preferred Securities and Bank of America Credit Facility expired in October 2017 so the effective interest rate no longer applies as of December 31, 2018. | ||||||||||||
[5] | The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of December 31, 2018. | ||||||||||||
[6] | The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of March 31, 2019. |
Debt (Schedule Of Long-term Deb
Debt (Schedule Of Long-term Debt Instruments, Net Of The Deferred Financing Costs) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | ||
Debt [Abstract] | ||||
Debt – current portion | $ 40,077 | $ 30,393 | ||
Debt – long-term portion | 113,816 | 106,286 | ||
Subordinated debt | 26,116 | 26,061 | ||
Total borrowings | $ 180,009 | [1] | $ 162,740 | [2] |
[1] | Net of deferred financing costs amounting to $3.8 million. | |||
[2] | Net of deferred financing costs amounting to $4.3 million. |
Debt (Schedule Of Construction
Debt (Schedule Of Construction Financing) (Details) - Union Square Construction Financing [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 29, 2016 | |
Debt Instrument [Line Items] | ||||
Maturity date | Dec. 29, 2019 | Dec. 29, 2019 | ||
Senior Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Advanced-to-Date | $ 7.5 | |||
Bank Of The Ozarks [Member] | ||||
Debt Instrument [Line Items] | ||||
Facility Limit | $ 8 | |||
Advanced-to-Date | $ 8 | |||
[1] | The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of December 31, 2018. |
Other Liabilities (Narrative) (
Other Liabilities (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Feb. 28, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Aug. 29, 2014 | |
Other Liabilities [Line Items] | |||||
Accrued pension liability | $ 4,544,000 | $ 4,670,000 | $ 7,500,000 | ||
Service cost | 0 | $ 0 | |||
Interest cost | 51,000 | 45,000 | |||
Actuarial loss (gain) | 51,000 | $ 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 | $ 5,200,000 | ||||
Payment related to annuity | $ 2,400,000 | ||||
Payment period | 42 months | ||||
Supplemental Executive Retirement Plans [Member] | |||||
Other Liabilities [Line Items] | |||||
Accrued pension liability | $ 7,600,000 |
Other Liabilities (Summary Of O
Other Liabilities (Summary Of Other Liabilities Including Pension) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Aug. 29, 2014 |
Other Liabilities [Abstract] | ||||
Lease liability | $ 5,900 | $ 5,900 | ||
Liability for demolition costs | 2,664 | 2,630 | ||
Accrued pension | 684 | 684 | ||
Security deposit payable | 88 | 84 | ||
Finance lease liability | 162 | |||
Other | 27 | 7 | ||
Other current liabilities | 9,525 | 9,305 | ||
Straight-line rent | 16,362 | |||
Lease make-good provision | 5,722 | 5,614 | ||
Accrued pension | 4,544 | 4,670 | $ 7,500 | |
Environmental reserve | 1,656 | 1,656 | ||
Deferred revenue - real estate | 9 | 32 | ||
Acquired leases | 47 | 91 | ||
Finance lease liabilities | 169 | |||
Other | 199 | 506 | ||
Other liabilities | $ 12,346 | $ 12,898 | $ 28,931 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Summary Of Accumulated Other Comprehensive Income) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance | $ 6,115 |
Total change in hedge fair value recorded in Other Comprehensive Income | (81) |
Amounts reclassified from accumulated other comprehensive income | 12 |
Net change related to derivatives | (69) |
Net current-period other comprehensive income (loss) | 1,510 |
Balance | 7,625 |
Foreign Currency Items [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance | 8,687 |
Net current-period other comprehensive income (loss) | 1,526 |
Balance | 10,213 |
Unrealized Gain (Losses) On Available-For-Sale Investments [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance | 3 |
Net current-period other comprehensive income (loss) | 2 |
Balance | 5 |
Accrued Pension Service Costs [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance | (2,438) |
Total change in hedge fair value recorded in Other Comprehensive Income | |
Amounts reclassified from accumulated other comprehensive income | |
Net change related to derivatives | |
Net current-period other comprehensive income (loss) | 51 |
Balance | (2,387) |
Hedge Accounting Reserve [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance | (137) |
Total change in hedge fair value recorded in Other Comprehensive Income | (81) |
Amounts reclassified from accumulated other comprehensive income | 12 |
Net change related to derivatives | (69) |
Net current-period other comprehensive income (loss) | (69) |
Balance | $ (206) |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - James J. Cotter, Jr., Derivative Litigation [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Commitments And Contingencies [Line Items] | ||
Settlement awarded | $ 1,550,000 | |
Legal fees | 5,900,000 | |
Litigation expense | 387,000 | $ 3,500,000 |
Coverage limit | $ 10,000,000 |
Non-controlling Interests (Narr
Non-controlling Interests (Narrative) (Details) | Mar. 31, 2019 |
Australian Country Cinemas Pty Ltd. [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling interest | 25.00% |
Sutton Hill Properties, LLC [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling interest | 25.00% |
Shadow View Land And Farming, LLC [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling interest | 50.00% |
Sutton Hill Capital, LLC [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling interest | 50.00% |
Non-controlling Interests (Comp
Non-controlling Interests (Components Of Non-controlling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Noncontrolling Interest [Line Items] | ||
Non-controlling interests in consolidated subsidiaries | $ 4,267 | $ 4,337 |
Australian Country Cinemas Pty Ltd. [Member] | ||
Noncontrolling Interest [Line Items] | ||
Non-controlling interests in consolidated subsidiaries | 27 | 89 |
Shadow View Land And Farming, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Non-controlling interests in consolidated subsidiaries | 2,156 | 2,153 |
Sutton Hill Properties, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Non-controlling interests in consolidated subsidiaries | $ 2,084 | $ 2,095 |
Non-controlling Interests (Co_2
Non-controlling Interests (Components Of Income Attributable To Non-controlling Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Noncontrolling Interest [Line Items] | ||
Net income attributable to noncontrolling interests in consolidated subsidiaries | $ (16) | $ 22 |
Australian Country Cinemas Pty Ltd. [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income attributable to noncontrolling interests in consolidated subsidiaries | 9 | 41 |
Shadow View Land And Farming, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income attributable to noncontrolling interests in consolidated subsidiaries | (14) | (13) |
Sutton Hill Properties, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income attributable to noncontrolling interests in consolidated subsidiaries | $ (11) | $ (6) |
Noncontrolling Interests (Summa
Noncontrolling Interests (Summary Of Changes In Controlling And Non-controlling Stockholders’ Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Noncontrolling Interest [Line Items] | ||||
Balance | $ 180,547 | $ 177,287 | ||
Net income (loss) | (2,097) | 3,104 | ||
Distributions to noncontrolling stockholders | (27) | (43) | ||
Accumulated other comprehensive income (loss) | (1) | 3 | ||
Balance | 179,946 | 179,835 | ||
Reading International Inc. Stockholders' Equity [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Balance | 176,210 | 177,287 | ||
Net income (loss) | (2,081) | 3,082 | ||
Increase in additional paid in capital | 21 | 339 | ||
Treasury stock purchased | (9) | (317) | ||
Contributions from noncontrolling stockholders | ||||
Distributions to noncontrolling stockholders | ||||
Accumulated other comprehensive income (loss) | 1,510 | (750) | ||
Balance | 175,679 | 179,835 | ||
Noncontrolling Stockholders' Equity [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Balance | 4,337 | 4,331 | ||
Net income (loss) | (16) | 22 | ||
Increase in additional paid in capital | ||||
Treasury stock purchased | ||||
Contributions from noncontrolling stockholders | 18 | 27 | ||
Distributions to noncontrolling stockholders | (27) | (43) | ||
Accumulated other comprehensive income (loss) | 1 | (3) | ||
Balance | 4,267 | 4,332 | ||
Total Stockholders' Equity [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Balance | 180,547 | 181,618 | ||
Net income (loss) | (2,097) | 3,104 | ||
Increase in additional paid in capital | 21 | 339 | ||
Treasury stock purchased | (9) | (317) | ||
Contributions from noncontrolling stockholders | 18 | 27 | ||
Distributions to noncontrolling stockholders | (27) | (43) | ||
Accumulated other comprehensive income (loss) | 1,511 | (753) | ||
Balance | $ 179,946 | $ 184,167 | ||
Accounting Standards Update 2014-09 [Member] | Reading International Inc. Stockholders' Equity [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Adjustments to opening retained earnings on adoption of ASC | $ 194 | |||
Accounting Standards Update 2014-09 [Member] | Noncontrolling Stockholders' Equity [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Adjustments to opening retained earnings on adoption of ASC | (2) | |||
Accounting Standards Update 2014-09 [Member] | Total Stockholders' Equity [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Adjustments to opening retained earnings on adoption of ASC | $ 192 | |||
Accounting Standards Update 2016-02 [Member] | Reading International Inc. Stockholders' Equity [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Adjustments to opening retained earnings on adoption of ASC | $ 28 | |||
Accounting Standards Update 2016-02 [Member] | Noncontrolling Stockholders' Equity [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Adjustments to opening retained earnings on adoption of ASC | (46) | |||
Accounting Standards Update 2016-02 [Member] | Total Stockholders' Equity [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Adjustments to opening retained earnings on adoption of ASC | $ (18) |
Stock-Based Compensation And _3
Stock-Based Compensation And Stock Repurchases (Narrative) (Details) - USD ($) | May 07, 2019 | Nov. 07, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Sep. 30, 2017 | Mar. 02, 2017 | Dec. 31, 2016 |
Equity And Stock-Based Compensation [Line Items] | ||||||||
Repurchase program, amount authorized | $ 16,200,000 | |||||||
Shares granted | 219,408 | |||||||
Stock Option [Member] | ||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||
Grant date fair value of options vesting | $ 70,000 | $ 85,000 | ||||||
Unrecognized estimated compensation cost related to non-vested stock options granted | $ 1,500,000 | |||||||
Recognition period of unrecognized compensation cost | 2 years 1 month 10 days | |||||||
Percentage of option currently exercisable | 91.00% | |||||||
Intrinsic unrealized value of all options outstanding, vested and expected to vest | $ 2,000,000 | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||
Compensation expense | 209,000 | $ 294,000 | ||||||
Unrecognized estimated compensation cost related to non-vested stock options granted | $ 1,900,000 | |||||||
Vesting period of stock options and RSU | 1 year 1 month 6 days | |||||||
Restricted Stock Units (RSUs) [Member] | Directors [Member] | ||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||
Percentage of shares vested | 100.00% | |||||||
Restricted Stock Units (RSUs) [Member] | Management [Member] | ||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||
Vesting period of stock options and RSU | 4 years | |||||||
Percentage of shares vested | 25.00% | |||||||
2017 Stock Repurchase Plan [Member] | ||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||
Stock buy-back program period | 2 years | |||||||
2014 Stock Repurchase Plan [Member] | ||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||
Repurchase program, amount authorized | $ 10,000,000 | |||||||
$25 Million Stock Repurchase Program [Member] | ||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||
Share price | $ 16.20 | |||||||
Shares repurchased plan, shares | 566 | |||||||
Class A Nonvoting Common Stock [Member] | ||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||
Common Stock authorized for issuance under 2010 Stock Incentive Plan | 2,197,460 | |||||||
Class A [Member] | ||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||
Shares granted | 219,408 | 126,840 | ||||||
Class A [Member] | 2017 Stock Repurchase Plan [Member] | ||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||
Repurchase program, amount authorized | $ 16,200,000 | |||||||
Class A [Member] | $25 Million Stock Repurchase Program [Member] | ||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||
Repurchase value | $ 8,800,000 | |||||||
Repurchase program, amount authorized | $ 25,000,000 | |||||||
Share price | $ 15.81 | |||||||
Shares repurchased plan, shares | 559,627 | |||||||
Minimum [Member] | ||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||
Vesting period of stock options and RSU | 0 years | |||||||
Maximum [Member] | ||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||
Vesting period of stock options and RSU | 4 years | |||||||
2010 Stock Incentive Plan [Member] | ||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||
Additional shares authorized | 947,460 | |||||||
2010 Stock Incentive Plan [Member] | 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 | 789,869 | |||||||
Repurchase program, shares available | 302,540 | |||||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Equity And Stock-Based Compensation [Line Items] | ||||||||
Compensation expense | $ 35,000 |
Stock-Based Compensation And _4
Stock-Based Compensation And Stock Repurchases (Schedule Of Fair Value Of Options, Weighted Average Assumptions) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Stock-Based Compensation And Stock Repurchases [Abstract] | ||
Stock option exercise price | $ 16.12 | |
Risk-free interest rate | 2.42% | 0.00% |
Expected option life in years | 3 years 9 months | |
Expected volatility | 23.32% | 0.00% |
Weighted average fair value | $ 3.50 |
Stock-Based Compensation And _5
Stock-Based Compensation And Stock Repurchases (Schedule Of Stock Options Outstanding And Exercisable) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity And Stock-Based Compensation [Line Items] | |||
Number of Stock Options, Granted | 219,408 | ||
Weighted Average Exercise Price of Options Outstanding, Granted | $ 16.12 | ||
Class A [Member] | |||
Equity And Stock-Based Compensation [Line Items] | |||
Number of Stock Options, Beginning balance | 586,469 | 524,589 | |
Number of Stock Options, Granted | 219,408 | 126,840 | |
Number of Stock Options, Exercised | (67,500) | (60,000) | |
Number of Stock Options, Forfeited | (25,000) | (4,960) | |
Number of Stock Options Outstanding, Ending balance | 713,377 | 586,469 | 524,589 |
Weighted Average Exercise Price of Options Outstanding, Beginning price | $ 14.01 | $ 12.50 | |
Weighted Average Exercise Price of Options Outstanding, Granted | 16.12 | 16.40 | |
Weighted Average Exercise Price of Options Outstanding, Exercised | 13.42 | 6.02 | |
Weighted Average Exercise Price of Options Outstanding, Forfeited | 13.42 | 12.08 | |
Weighted Average Exercise Price of Options Outstanding, Ending price | $ 14.74 | $ 14.01 | $ 12.50 |
Weighted Average Remaining Years of Contractual Life | 3 years 6 months 11 days | 2 years 10 months 17 days | 3 years 1 month 24 days |
Aggregate Intrinsic Value, Beginning balance | $ 1,530,528 | $ 3,054,325 | |
Aggregate Intrinsic Value, Exercised | 185,175 | 610,249 | |
Aggregate Intrinsic Value, Ending balance | $ 1,993,628 | $ 1,530,528 | $ 3,054,325 |
Stock-Based Compensation And _6
Stock-Based Compensation And Stock Repurchases (Schedule Of Restricted Stock Units Issued And Vested) (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2019shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 283,984 |
Number of options, Vested | 138,509 |
Number of options, Unvested | 144,026 |
Number of options, Forfeited | 1,449 |
March 10, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 62,528 |
Number of options, Vested | 55,684 |
Number of options, Unvested | 6,844 |
April 11, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 5,625 |
Number of options, Vested | 2,815 |
Number of options, Unvested | 2,293 |
Number of options, Forfeited | 517 |
March 23, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 63,144 |
Number of options, Vested | 46,919 |
Number of options, Unvested | 16,225 |
August 29, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 7,394 |
Number of options, Vested | 3,698 |
Number of options, Unvested | 3,696 |
January 2, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 29,393 |
Number of options, Vested | 29,393 |
April 12, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 29,596 |
Number of options, Unvested | 29,596 |
April 13, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 14,669 |
Number of options, Unvested | 14,669 |
July 6, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 932 |
Number of options, Forfeited | 932 |
November 7, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 23,010 |
Number of options, Unvested | 23,010 |
March 13, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 24,366 |
Number of options, Unvested | 24,366 |
March 14, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 23,327 |
Number of options, Unvested | 23,327 |
Directors [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 118,231 |
Directors [Member] | March 10, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 35,147 |
Directors [Member] | March 23, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 30,681 |
Directors [Member] | January 2, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 29,393 |
Directors [Member] | November 7, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 23,010 |
Management [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 165,753 |
Management [Member] | March 10, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 27,381 |
Management [Member] | April 11, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 5,625 |
Management [Member] | March 23, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 32,463 |
Management [Member] | August 29, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 7,394 |
Management [Member] | April 12, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 29,596 |
Management [Member] | April 13, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 14,669 |
Management [Member] | July 6, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 932 |
Management [Member] | March 13, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 24,366 |
Management [Member] | March 14, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 23,327 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Operating Leased Assets [Line Items] | |
Operating leases not yet commenced | $ 26 |
Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Lease term | 1 year |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Lease term | 20 years |
Renewal term | 20 years |
Real Estate [Member] | Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Lease term of contract | 1 year |
Cinema [Member] | Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Lease term | 15 years |
Cinema [Member] | Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Lease term | 20 years |
Lease term of contract | 20 years |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Leases [Abstract] | ||
Amortization of right-of-use assets | $ 41 | |
Interest on lease liabilities | 3 | |
Operating lease cost | 7,921 | |
Variable lease cost | 105 | |
Total lease cost | $ 8,070 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Leases [Abstract] | ||
Operating cash flows from finance leases | $ 44 | |
Operating cash flows from operating leases | 7,780 | |
Right-of-use assets obtained in exchange for new finance lease liabilities | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 2,181 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Operating Lease, Right-of-Use Asset | $ 229,266 | $ 232,319 | |
Operating lease liabilities - current portion | 19,797 | $ 245,280 | |
Operating lease liabilities - non-current portion | 222,594 | ||
Total operating lease liabilities | 242,391 | ||
Property plant and equipment, gross | 372 | ||
Accumulated depreciation | (41) | ||
Property plant and equipment, net | 331 | ||
Other current liabilities | 162 | ||
Other long-term liabilities | 169 | ||
Total finance lease liabilities | $ 331 | ||
Weighted-average remaining lease term - finance leases | 3 years | ||
Weighted-average remaining lease term - operating leases | 11 years | ||
Weighted-average remaining lease term - finance leases | 5.05% | ||
Weighted-average discount rate - operating leases | 4.97% |
Leases (Maturity Of Leases As L
Leases (Maturity Of Leases As Lessee) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Operating leases, 2019 | $ 23,566 | |
Operating leases, 2020 | 31,434 | |
Operating leases, 2021 | 31,717 | |
Operating leases, 2022 | 31,901 | |
Operating leases, 2023 | 31,018 | |
Operating leases, Thereafter | 169,221 | |
Operating leases, Total lease payments | 318,857 | |
Operating lease, Less imputed interest | (76,466) | |
Total operating lease liabilities | 242,391 | |
Finance leases, 2019 | 133 | |
Finance leases, 2020 | 101 | |
Finance leases, 2021 | 53 | |
Finance leases, 2022 | 43 | |
Finance leases, 2023 | 28 | |
Finance leases, Total lease payments | 358 | |
Finance lease, Less imputed interest | (27) | |
Total finance lease liabilities | $ 331 |
Leases (Components Of Lease Inc
Leases (Components Of Lease Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Leases [Abstract] | ||
Lease payments | $ 2,229 | $ 2,423 |
Variable lease payments | 265 | 80 |
Total lease income | $ 2,494 | $ 2,503 |
Leases (Book Value Of Assets Un
Leases (Book Value Of Assets Under Operating Leases From Owned Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Net Book Value | $ 50,108 | $ 50,178 |
Building And Improvements [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Gross balance | 68,483 | 67,887 |
Accumulated depreciation | $ (18,375) | $ (17,709) |
Leases (Maturity Of Leases As_2
Leases (Maturity Of Leases As Lessor) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 6,470 |
2020 | 7,439 |
2021 | 6,830 |
2022 | 5,961 |
2023 | 5,187 |
Thereafter | 10,295 |
Total lease payments | $ 42,182 |
Hedge Accounting (Narrative) (D
Hedge Accounting (Narrative) (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 8,000,000 | |
Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative asset | $ 0 |
Hedge Accounting (Schedule Of D
Hedge Accounting (Schedule Of Derivative Instruments On The Balance Sheet At Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - current portion | $ 52 | $ 41 |
Derivative financial instruments - non-current portion | 203 | 145 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives designated as heding instruments | 255 | 186 |
Total derivatives | 255 | 186 |
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - non-current portion | 203 | 145 |
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - current portion | $ 52 | $ 41 |
Hedge Accounting (Schedule Of C
Hedge Accounting (Schedule Of Changes in Fair value) (Details) - Designated as Hedging Instrument [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Loss Recognized in Income on Derivatives | $ 12 |
Interest Expense [Member] | Interest Rate Contract [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Loss Recognized in Income on Derivatives | $ 12 |
Hedge Accounting (Summary Of He
Hedge Accounting (Summary Of Hedged Transactions That Affect Earnings) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Loss Recognized in OCI on Derivatives (Effective Portion) | $ (81) |
Loss Reclassified from OCI into Income (Effective Portion) | 12 |
Designated as Hedging Instrument [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Loss Recognized in OCI on Derivatives (Effective Portion) | 81 |
Loss Reclassified from OCI into Income (Effective Portion) | 12 |
Designated as Hedging Instrument [Member] | Interest Expense [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Loss Reclassified from OCI into Income (Effective Portion) | 12 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Loss Recognized in OCI on Derivatives (Effective Portion) | $ 81 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value Measurements [Abstract] | ||
Transfers of assets and liabilities between level 1, 2, 3 | $ 0 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Fair Value Carried At Cost And Measured On A Nonrecurring Basis) (Details) - Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | $ 159,871 | $ 143,564 | |
Subordinated debt | 19,162 | 18,895 | |
Financial liabilities total | 179,033 | 162,459 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | 159,871 | 143,564 | |
Subordinated debt | 19,162 | 18,895 | |
Financial liabilities total | 179,033 | 162,459 | |
Carrying Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | [1] | 155,855 | 139,130 |
Subordinated debt | [1] | 27,913 | 27,913 |
Financial liabilities total | [1] | $ 183,768 | $ 167,043 |
[1] | These balances are presented before any deduction for deferred financing costs. |
Business Combination (Narrative
Business Combination (Narrative) (Details) - Mar. 31, 2019 $ in Thousands, $ in Thousands | AUD ($) | USD ($) | |
Business Combination [Abstract] | |||
Assets acquired | $ 1,947 | $ 1,401 | [1] |
[1] | The balances were translated into U.S. Dollars based on the applicable exchange rate as of the date of acquisition, January 30, 2019. |
Business Combination (Schedule
Business Combination (Schedule Of Purchase Price Allocation) (Details) - Mar. 31, 2019 $ in Thousands, $ in Thousands | AUD ($) | USD ($) | [1] |
Business Combination [Abstract] | |||
Fixtures and equipments | $ 213 | $ 153 | |
Goodwill | 1,734 | 1,248 | |
Total assets acquired | 1,947 | 1,401 | |
Net assets acquired | $ 1,947 | $ 1,401 | |
[1] | The balances were translated into U.S. Dollars based on the applicable exchange rate as of the date of acquisition, January 30, 2019. |