Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 14, 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 1-8625 | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | READING INTERNATIONAL, INC. | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 95-3885184 | |
Entity Address, Address Line One | 5995 Sepulveda Boulevard | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Culver City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90230 | |
City Area Code | 213 | |
Local Phone Number | 235-2240 | |
Entity Central Index Key | 0000716634 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Class A [Member] | ||
Title of 12(b) Security | Class A Nonvoting Common Stock, $0.01 par value | |
Trading Symbol | RDI | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 20,128,813 | |
Class B [Member] | ||
Title of 12(b) Security | Class B Voting Common Stock, $0.01 par value | |
Trading Symbol | RDIB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 1,680,590 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 40,920 | $ 26,826 |
Receivables | 2,492 | 2,438 |
Inventory | 896 | 1,059 |
Prepaid and other current assets | 5,142 | 8,414 |
Land and property held for sale | 30,510 | 17,730 |
Total current assets | 79,960 | 56,467 |
Operating property, net | 317,153 | 353,125 |
Operating lease right-of-use assets | 213,625 | 220,503 |
Investment and development property, net | 9,728 | 11,570 |
Investment in unconsolidated joint ventures | 4,896 | 5,025 |
Goodwill | 27,449 | 28,116 |
Intangible assets, net | 3,997 | 3,971 |
Deferred tax assets, net | 3,318 | 3,362 |
Other assets | 7,904 | 8,030 |
Total assets | 668,030 | 690,169 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 44,520 | 38,877 |
Film rent payable | 2,342 | 2,473 |
Debt – current portion | 1,606 | 41,459 |
Subordinated debt - current portion | 685 | 840 |
Derivative financial instruments - current portion | 218 | 218 |
Taxes payable - current | 7,386 | 82 |
Deferred revenue | 9,473 | 10,133 |
Operating lease liabilities - current portion | 22,983 | 22,699 |
Other current liabilities | 3,742 | 3,826 |
Total current liabilities | 92,955 | 120,607 |
Debt – long-term portion | 211,836 | 213,779 |
Derivative financial instruments - non-current portion | 152 | 212 |
Subordinated debt, net | 26,561 | 26,505 |
Noncurrent tax liabilities | 13,229 | 13,070 |
Operating lease liabilities - non-current portion | 205,723 | 212,806 |
Other liabilities | 21,824 | 22,017 |
Total liabilities | 572,280 | 608,996 |
Commitments and contingencies (Note 14) | ||
Stockholders' equity: | ||
Nonvoting preferred stock, par value $0.01, 12,000 shares authorized and no issued or outstanding shares at March 31, 2021 and December 31, 2020 | ||
Additional paid-in capital | 150,332 | 149,979 |
Retained earnings/(deficit) | (25,588) | (44,553) |
Treasury shares | (40,407) | (40,407) |
Accumulated other comprehensive income | 9,957 | 12,502 |
Total Reading International, Inc. stockholders' equity | 94,543 | 77,769 |
Noncontrolling Interests | 1,207 | 3,404 |
Total stockholders' equity | 95,750 | 81,173 |
Total liabilities and stockholders’ equity | 668,030 | 690,169 |
Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 232 | 231 |
Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 17 | $ 17 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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 | 33,056,735 | 33,004,717 |
Common stock, shares outstanding | 20,120,625 | 20,068,607 |
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, 2021 | Mar. 31, 2020 | |
Revenues | ||
Total revenues | $ 21,307 | $ 49,228 |
Costs and expenses | ||
Depreciation and amortization | (5,650) | (5,270) |
General and administrative | (5,097) | (5,945) |
Total costs and expenses | (35,284) | (56,267) |
Operating income (loss) | (13,977) | (7,039) |
Interest expense, net | (4,363) | (1,789) |
Gain (loss) on sale of assets | 46,545 | |
Other income (expense) | 1,641 | (218) |
Income (loss) before income tax expense and equity earnings of unconsolidated joint ventures | 29,846 | (9,046) |
Equity earnings of unconsolidated joint ventures | (50) | 78 |
Income (loss) before income taxes | 29,796 | (8,968) |
Income tax benefit (expense) | (7,728) | 3,013 |
Net income (loss) | 22,068 | (5,955) |
Less: net income (loss) attributable to noncontrolling interests | 3,103 | (80) |
Net income (loss) attributable to Reading International, Inc. common shareholders | $ 18,965 | $ (5,875) |
Basic earnings (loss) per share attributable to Reading International, Inc. shareholders | $ 0.87 | $ (0.27) |
Diluted earnings (loss) per share attributable to Reading International, Inc. shareholders | $ 0.86 | $ (0.27) |
Weighted average number of shares outstanding-basic | 21,761,307 | 21,752,371 |
Weighted average number of shares outstanding-diluted | 22,170,268 | 22,119,621 |
Cinema [Member] | ||
Revenues | ||
Total revenues | $ 18,115 | $ 46,310 |
Costs and expenses | ||
Total costs and expenses | (21,882) | (42,292) |
Real Estate [Member] | ||
Revenues | ||
Total revenues | 3,192 | 2,918 |
Costs and expenses | ||
Total costs and expenses | $ (2,655) | $ (2,760) |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 22,068 | $ (5,955) |
Foreign currency translation gain (loss) | (2,657) | (15,698) |
Gain (loss) on cash flow hedges | 61 | (214) |
Other | 51 | 33 |
Comprehensive income (loss) | 19,523 | (21,834) |
Less: net income (loss) attributable to noncontrolling interests | 3,103 | (80) |
Less: comprehensive income (loss) attributable to noncontrolling interests | (18) | |
Comprehensive income (loss) attributable to Reading International, Inc. | $ 16,420 | $ (21,736) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities | ||
Net income (loss) | $ 22,068 | $ (5,955) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Equity earnings of unconsolidated joint ventures | 50 | (78) |
Distributions of earnings from unconsolidated joint ventures | 229 | |
Gain recognized on foreign currency transactions | (2,370) | |
(Gain) Loss on sale of assets | (46,545) | |
Amortization of operating leases | 5,607 | 5,028 |
Amortization of finance leases | 12 | 39 |
Change in operating lease liabilities | (5,486) | (4,833) |
Interest on hedged derivatives | ||
Change in net deferred tax assets | 471 | |
Depreciation and amortization | 5,650 | 5,270 |
Other amortization | 334 | 217 |
Stock based compensation expense | 464 | 335 |
Net changes in operating assets and liabilities: | ||
Receivables | 167 | 3,867 |
Prepaid and other assets | 2,544 | (4,027) |
Payments for accrued pension | (171) | (171) |
Accounts payable and accrued expenses | 6,748 | (3,552) |
Film rent payable | (107) | (4,821) |
Taxes payable | 7,627 | (49) |
Deferred revenue and other liabilities | (366) | (642) |
Net cash provided by (used in) operating activities | (3,774) | (8,672) |
Investing Activities | ||
Purchases of and additions to operating and investment properties | (1,663) | (9,804) |
Proceeds from sale of assets | 65,569 | |
Net cash provided by (used in) investing activities | 63,906 | (9,804) |
Financing Activities | ||
Repayment of borrowings | (42,552) | (22,733) |
Repayment of finance lease principal | (12) | (40) |
Proceeds from borrowings | 2,337 | 84,648 |
Capitalized borrowing costs | (75) | (270) |
Repurchase of Class A Nonvoting Common Stock | (671) | |
(Cash paid) proceeds from the settlement of employee share transactions | (111) | (29) |
Noncontrolling interest distributions | (5,300) | |
Net cash provided by (used in) financing activities | (45,713) | 60,905 |
Effect of exchange rate changes on cash and cash equivalents | (325) | 329 |
Net increase (decrease) in cash and cash equivalents | 14,094 | 42,758 |
Cash and cash equivalents at January 1 | 26,826 | 12,135 |
Cash and cash equivalents at March 31 | 40,920 | 54,893 |
Supplemental Disclosures | ||
Interest paid | 4,306 | 2,381 |
Income taxes (refunded) paid | (3,500) | 1,426 |
Non-Cash Transactions | ||
Additions to operating and investing properties through accrued expenses | $ 3,883 | $ 5,671 |
Description Of Business And Seg
Description Of Business And Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Description Of Business And Segment Reporting [Abstract] | |
Description Of Business And Segment Reporting | Note 1 – Description of Business and Segment Reporting Our 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 development, ownership, and operation of 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 our Company for which separate financial information is available and evaluated regularly by the Chief Executive Officer, the chief operating decision-maker of our Company. As part of our real estate activities, we hold undeveloped land in urban and suburban centers in the United States, Australia, and New Zealand. In the first quarter of 2021, we sold our undeveloped land in Coachella, California, and Manukau, New Zealand. The table below summarizes the results of operations for each of our business segments for the quarter ended March 31, 2021 and 2020, respectively. Operating expense includes costs associated with the day-to-day operations of the cinemas and the management of rental properties, including our live theatre assets. Three Months Ended March 31, (Dollars in thousands) 2021 2020 Revenue: Cinema exhibition $ 18,115 $ 46,310 Real estate 3,323 4,602 Inter-segment elimination ( 131 ) ( 1,684 ) $ 21,307 $ 49,228 Segment operating income (loss): Cinema exhibition $ ( 8,275 ) $ ( 2,654 ) Real estate ( 1,368 ) 187 $ ( 9,643 ) $ ( 2,467 ) A reconciliation of segment operating income to income before income taxes is as follows: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Segment operating income (loss) $ ( 9,643 ) $ ( 2,467 ) Unallocated corporate expense Depreciation and amortization expense ( 231 ) ( 192 ) General and administrative expense ( 4,103 ) ( 4,380 ) Interest expense, net ( 4,363 ) ( 1,789 ) Equity earnings of unconsolidated joint ventures ( 50 ) 78 Gain (loss) on sale of assets 46,545 — Other income (expense) 1,641 ( 218 ) Income (loss) before income tax expense $ 29,796 $ ( 8,968 ) |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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 our Company’s wholly-owned subsidiaries as well as majority-owned subsidiaries that our Company controls, and should be read in conjunction with our Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2020 (“2020 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, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. 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, (v) allocation of insurance proceeds to various recoverable components, and (vi) estimation of our Incremental Borrowing Rate (“IBR”) as relates to the valuation of our right-of-use assets and lease liabilities. Actual results may differ from those estimates. New Accounting Standards and Accounting Changes 1) In the fourth quarter of 2020, we adopted certain practical expedients provided by ASU 2020-04 Reference Rate Reform (Topic 848) . This new guidance contains optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. We have elected certain expedients which permit us to i) continue the method of assessing hedge effectiveness such that the reference rate on the hypothetical derivative matches the reference rate on the hedging instrument and ii) to continue to assert probability of the relevant hedged interest payments regardless of any expected modification in terms related to reference rate reform. The guidance allows for different expedient elections to be made at different points in time, and to this end the Company intends to reassess its elections of such expedients as and when alternations become necessary 2) On April 8, 2020, the FASB released FASB Staff Q&A Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic . This provides optional relief when accounting for modifications to leases obtained as a result of COVID-19 which otherwise would have required full modification assessment under ASC 842. Where we have obtained rent concessions from our landlords, or provided concessions to our tenants, we have elected not to perform the standard Topic 842 modification evaluation where the concession does not result in the total consideration required by the contract being substantially less than the total consideration originally required by the contract. Under the guidance, where we have received or provided deferrals of rent, we have recorded the deferrals as receivables or payables, and where we have received or provided abatements, we have recorded these as variable rents in the consolidated statements of income. 3) In the second quarter of 2020, in order to account for certain wage subsidies received from the Australian and New Zealand governments, we adopted International Accounting Standard 20 - Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”). The aim of these Australian and New Zealand government subsidies is to protect as many jobs as possible during the COVID-19 Pandemic by subsidizing the wages of employees, using the administrative capabilities of employers to forward such subsidies to their employees. The subsidies are not loans to employees or employers. U.S. GAAP has no codified accounting guidance concerning the measurement and presentation of such government grants, and in lieu of such guidance, common practice is to refer to IAS 20. IAS 20 permits entities to account for government grants on a gross basis, showing grants receivable as income and the associated expense as costs, or on a net basis, by deducting the grant from the related expense. The nature of the wage subsidies is such that, without them, our Company would likely have reduced its wages and salaries expense through the termination of certain employees. In order to faithfully present the transaction, our Company has therefore elected to present wages and salaries expense net of government grants. The impacted wages and salaries costs are contained within ‘other operating expenses’ and ‘general and administrative expenses’ in our cinema and real estate segments. For the three months to March 31, 2021, we have received subsidies totaling AU$ 2.8 million ($US 2.2 million). For the three months to March 31, 2021, no subsidies were received in New Zealand as that subsidy program finished in 2020. No subsidies were received in the first three months of 2020. There are no unfulfilled conditions or contingencies relating to these subsidies as at March 31, 2021. 4) On January 1, 2020, we adopted ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) : Simplifying the Test for Goodwill Impairment. This new guidance removes the second step of the two-step impairment test for measuring goodwill and is to be applied on a prospective basis only. Adoption of this standard has no material effect on our consolidated financial statements. 5) On January 1, 2020, we adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) . This new guidance replaces the incurred loss impairment methodology under prior GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. We have no history of significant bad debt losses and as such adoption of this standard has no material effect on our consolidated financial statements. |
Impact Of COVID-19 Pandemic And
Impact Of COVID-19 Pandemic And Liquidity | 3 Months Ended |
Mar. 31, 2021 | |
Impact Of COVID-19 Pandemic And Liquidity [Abstract] | |
Impact Of COVID-19 Pandemic And Liquidity | Note 3 – Impact of COVID-19 Pandemic and Liquidity General On March 11, 2020, the World Health Organization (“WHO”) declared the novel coronavirus, COVID-19, a global pandemic. Following the date of this declaration, many jurisdictions imposed various restrictions on “non-essential” activities. In the jurisdictions in which we operate, these restrictions typically included closure of all business deemed “non-essential” (including movie-theaters and most other indoor forms of entertainment), and that all “non-essential” workers, and all members of the public, remain in their homes. As a result, in March 2020 we temporarily closed all of our live theatres and cinema operations in the U.S., Australia and New Zealand. Operating restrictions adopted in Australia and New Zealand also affected many of our tenants at our retail shopping centers. In the second to fourth quarters of 2020, and continuing into 2021, some jurisdictions have relaxed their COVID-19 restrictions. However, some of these same jurisdictions are, to varying degrees reinstating their lockdowns due to the resurgence of COVID-19. Accordingly, the situation has been, and continues to be, uncertain. Even where businesses have been allowed to reopen, operational limitations on density, hours of operation, and other operating factors, and varying degrees of public concern about interacting with third parties, are impacting the return to normal operations. Vaccination programs are now rolling out in the jurisdictions in which we operate, but periodic closures and limitations on operating activities are expected to continue until the COVID-19 spread is considered materially contained. No assurances can be given as to when material containment within each of the jurisdictions that affect our business will be achieved. Cinema Segment Ongoing Impact As of March 31, 2021, we had reopened 19 of our 24 cinemas in the U.S. Our Consolidated Theatre at the Kahala Mall in Honolulu, which was closed for a complete renovation prior to the start of the pandemic closures, remains closed as those renovations have been delayed due to COVID-19. We will open the remaining four cinemas when Management determines it is operationally expedient to do so. In the second quarter of 2020, we reopened all the cinemas in our New Zealand circuit except for our Reading Cinemas at Courtenay Central (which continues to be closed due to seismic concerns which predated the pandemic), with social distancing measures in place. Government imposed social distancing requirements were discontinued in New Zealand on June 8, 2020. In June and July 2020, we reopened all our Australia circuit with social distancing measures in place. While most Australian states have removed social distancing measures, some states are maintaining capacity restrictions. Certain locations in Australia and New Zealand have been, and may in the future be, subject to short local lockdowns in instances where community transition of the virus has spread, but these have been isolated to individual areas. The need to address COVID-19 by reducing our operating costs and capital expenditures additionally delays the timing of the return to full operation of our Courtenay Central cinema anchored shopping center. We are encouraged by the global performance of certain movies released in March and April 2021, which produced attendances and revenues that, while less than 2019 pre-COVID-19 levels, in our view show signs that the general public wants to enjoy movies in a movie theater environment. Despite this, COVID-19 continues to adversely impact our business by reducing our seating capacities, increasing our costs of operation due to the need for the implementation of enhanced cleaning protocols, deterring some potential customers from sharing entertainment spaces with third parties, and deterring film distributors from releasing their films to exhibitors. While we have confidence in the movies anticipated for release in 2021 and 2022, there can be no assurances that the timing of these releases will not be materially rescheduled by movie studios. Such rescheduling may push the related revenues into later quarters, and in circumstances where a movie is released to streaming on the same day as the theaters, also have the effect of reducing our potential patronage. Real Estate Segment Ongoing Impact Substantially all our tenants in our Australian real estate business are currently open for trading. All our tenants in our New Zealand real estate business are currently open for trading. However, most of the rentable retail portions of our Courtenay Central location continue to be closed since January 2019 due to seismic concerns. In the U.S., much of our real estate income is generated by rental revenue from our live theatres which, as of the date of this Report, are closed to the public due to COVID-19. Liquidity Impact The closure of our global cinemas led to a significant decrease in our Company’s revenues and earnings for the year ended December 31, 2020. Even though all but six of our global cinemas are open as of March 31, 2021, the effects of COVID-19 continue to cause reduced and/or delayed revenues and earnings due to (i) the major studios postponing or removing their “tentpole” movies from the release schedule, (ii) reduced attendance due to social distancing requirements, potential audience hesitance to engage socially with third parties and/or a lack of compelling movies scheduled at reopened theaters, and (iii) increased operating costs due to COVID-19 safety protocols. There remains a continuing risk that new closures may occur due to future local outbreaks of COVID-19. Due to these factors, even though we are encouraged by the return of patrons to our theaters and the movie releases expected in the coming months, we cannot provide any assurances as to the nature or pace of a return to prior operating levels. With regards to our real estate operations, while all our New Zealand and Australian real estate tenants are currently trading (other than certain tenants who have closed for reasons unrelated to COVID-19), our real estate revenue and earnings may continue to be affected by any rent relief that we may deem necessary to provide to certain tenants experiencing continuing impacts from COVID-19. Cost reduction activities As of March 31, 2021, our Company had reduced our negative working capital to $ 13.0 million from a negative working capital of $ 64.1 million at December 31, 2020. Our Company continues to follow the proactive steps first enacted during 2020 to conserve cash, while continuing to negotiate with our third-party landlords and other vendors for further abatements and/or deferrals of occupancy costs and other expenses. Cash generation activities and debt management During the first quarter of 2021, and extending into the second quarter, we have taken significant steps to generate additional cash. As detailed at Note 6 – Real Estate Transactions , we monetized our non-income generating land at Manukau, New Zealand and Coachella, California, in the first quarter of 2021. These sales produced net cash inflows of $ 60.0 million, net of transfers to our 50 % partner with respect to the sale of Coachella. As detailed at Note 11 – Borrowings , on March 26, 2021 we used a portion of the proceeds from the monetization of our Manukau property to retire the $ 40.6 million construction loan secured by our 44 Union Square property, and on May 7, 2021 refinanced this property resulting in a $ 43.0 million cash inflow before fees. At the present time, we have no secured debt maturing prior to the end of the first quarter of 2022. Also o n May 7, 2021, we repaid $ 11.2 million (NZ$ 16.0 million) of our $ 22.4 million (NZ$ 32.0 million) Westpac debt, which permanently reduced this facility by the same amount. We are currently in exclusive negotiations with a qualified buyer to sell our Auburn / Redyard property. On May 14, 2021, we entered into a definitive purchase and sale agreement with respect to our Royal George Theatre property. While no assurances can be given, we anticipate that both transactions will close during the second quarter of 2021. Going Concern Management continues to evaluate the assertion required by ASC 205-40 Going Concern as it relates to our Company, including its operations in its various individual operating jurisdictions: U.S., Australia and New Zealand. Management’s evaluation is informed by current liquidity positions, cash flow estimates, known capital and other expenditure requirements and commitments and Management’s current business plan and strategies. Our Company’s business plan - two businesses (real estate and cinema) in three countries (Australia, New Zealand and the U.S.) - has served us well since the onset of COVID-19 and is key to Management’s overall evaluation of ASC 205-40 Going Concern . The above discussed factors, including principally, but not limited to, the temporary closure of our cinemas, materially reduced cinema attendances and as a result materially reduced cinema revenues and cash flows mean that, absent Management plans, the Company’s liquidity is insufficient to meet its obligations as they fall due, without the monetization of additional real estate assets in accordance with Management’s plan for the second and third quarters of this year. As a result, there is substantial doubt that the Company will be able to continue as a going concern for at least twelve months following the issuance of our financial statements; however, it is probable that Management’s plans described herein will alleviate that substantial doubt. Management’s forecasts and cash flow estimates are based on the current expectation that the global cinema industry will continue to recover in 2021. We are seeing substantial evidence of recovery, and at the current time 56 of our 61 cinemas worldwide are open for business. However, this forecast relies upon, among other things, the resumption of release of “tentpole” movies, and confidence of moviegoers in the safety protocols established in the jurisdictions in which we operate. Neither of these factors is within Management’s control, but are, nevertheless, material, individually and in the aggregate, to the realization of Management’s forecasts and expectations throughout the period of COVID-19. Management recognizes that in times of domestic or global economic turmoil, including COVID-19, our estimates and judgments with respect to these cash flow estimates are subject to greater uncertainty than in more stable periods. The forecasts are inherently uncertain and have required us to make estimates and judgements regarding the extent to which COVID-19 will continue to affect the cinema industry. In order to alleviate any substantial doubt that our Company will be able to generate sufficient cash flows within the twelve month period after the issuance of these financial statements to meet its obligations as they become due, we continue to work to monetize certain assets within our real estate portfolio. We are currently in exclusive negotiations with a qualified buyer to sell our Auburn / Redyard property in the second quarter of 2021. On May 14, 2021, we entered into a definitive purchase and sale agreement with a qualified buyer for our Royal George Theatre property likewise looking to close in the second quarter of 2021. Real Estate development and monetization is a core component of our Company’s real estate business. We note the significant progress made regarding this objective since the properties went to market and, although no assurances can be given, based on current facts and circumstances and the interest received in these properties to date, Management is confident that these real estate sales will be completed during the second quarter of 2021, on satisfactory terms. The sale of these assets in conjunction with the re-leveraging of our 44 Union Square asset, as discussed above, is expected to generate the cash flow required to alleviate the substantial doubt around going concern. In conclusion, as of the date of issuance of these financial statements, based on Management’s evaluation of ASC 205-40 Going Concern and the current conditions and events, considered in the aggregate, and Management’s various plans for enhancing its liquidity and the extent to which those plans are progressing, Management concludes that the plans are probable of being implemented and probable that they alleviate the substantial doubt about the Company’s ability to continue as a going concern. Impairment Considerations Our Company considers that the events and factors described above constitute impairment indicators under ASC 360 Property, Plant and Equipment . As at December 31, 2020, our Company performed a quantitative recoverability test of the carrying values of all its asset groups. Our Company estimated the undiscounted future cash flows expected to result from the use of these asset groups and recorded an impairment charge of $ 217,000 . As noted above, the financial performance of our cinemas has been improving at a rate better than which was expected during the December 31, 2020 impairment process. This improved performance at asset group level, and the impacts of this performance on our impairment modelling, mean that no impairment charges were recognized for the three months to March 31, 2021. Actual performance against our forecasts is dependent on several variables and conditions, many of which are subject to the uncertainties associated with COVID-19 and as a result, actual results may materially differ from Management’s estimates. Our Company also considers that the events and factors described above constitute impairment indicators under ASC 350 Intangibles – Goodwill and Other . Our Company performed a quantitative goodwill impairment test and determined that its goodwill was not impaired as of December 31, 2020. The test was performed at a reporting unit level by comparing each reporting unit’s carrying value, including goodwill, to its fair value. The fair value of each reporting unit was assessed using a discounted cash flow model based on the budgetary revisions performed by Management in response to COVID-19 and the developing market conditions. Given the improvements in trading conditions in Q1 2021, no impairment of goodwill has been recognized for the three months ended March 31, 2021. Actual performance against our forecasts is dependent on several variables and conditions, many of which are subject to the uncertainties associated with COVID-19 and as a result, actual results may materially differ from Management’s estimates. |
Operations In Foreign Currency
Operations In Foreign Currency | 3 Months Ended |
Mar. 31, 2021 | |
Operations In Foreign Currency [Abstract] | |
Operations In Foreign Currency | Note 4 – 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 expenses of those 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, 2021. 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. 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, 2021 December 31, 2020 March 31, 2020 Spot Rate Australian Dollar 0.7613 0.7709 0.6139 New Zealand Dollar 0.6989 0.7194 0.5959 Average Rate Australian Dollar 0.7730 0.6904 0.6578 New Zealand Dollar 0.7194 0.6504 0.6349 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 5 – Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing the net income attributable to our 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 our 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) 2021 2020 Numerator: Net income (loss) attributable to RDI common stockholders $ 18,965 $ ( 5,875 ) Denominator: Weighted average number of common stock – basic 21,761,307 21,752,371 Weighted average dilutive impact of awards 408,961 367,250 Weighted average number of common stock – diluted 22,170,268 22,119,621 Basic earnings (loss) per share attributable to RDI common stockholders $ 0.87 $ ( 0.27 ) Diluted earnings (loss) per share attributable to RDI common stockholders $ 0.86 $ ( 0.27 ) Awards excluded from diluted earnings (loss) per share 514,341 678,377 Our weighted average number of common stock - basic increased, primarily as a result of the vesting of restricted stock units. During the first three months of 2021, we did no t repurchase any shares of Class A Common Stock. Certain shares issuable under stock options and restricted stock units were excluded from the computation of diluted net income (loss) per share in periods when their effect was anti-dilutive; either because our Company incurred a net loss for the period, or the exercise price of the options was greater than the average market price of the common stock during the period, or the effect was anti-dilutive as a result of applying the treasury stock method. |
Property And Equipment
Property And Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property And Equipment [Abstract] | |
Property And Equipment | Note 6 – Property and Equipment Operating Property, net As of March 31, 2021, and December 31, 2020, property associated with our operating activities is summarized as follows: March 31, December 31, (Dollars in thousands) 2021 2020 Land $ 71,008 $ 82,286 Building and improvements 222,998 253,419 Leasehold improvements 58,741 59,054 Fixtures and equipment 194,405 201,518 Construction-in-progress 9,116 9,285 Total cost 556,268 605,562 Less: accumulated depreciation ( 239,115 ) ( 252,437 ) Operating property, net $ 317,153 $ 353,125 Depreciation expense for operating property was $ 5.5 million for the quarter ended March 31, 2021 and $ 5.2 million for the quarter ended March 31, 2020. Investment and Development Property, net As of March 31, 2021, and December 31, 2020, our investment and development property is summarized below: March 31, December 31, (Dollars in thousands) 2021 2020 Land $ 4,249 $ 5,936 Construction-in-progress (including capitalized interest) 5,479 5,634 Investment and development property $ 9,728 $ 11,570 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, 2021 are shown below: (Dollars in thousands) Balance, December 31, 2020 Additions during the period (1) Completed during the period Transferred to Held for Sale Foreign currency translation Balance, March 31, 2021 Courtenay Central development 7,255 4 — — ( 207 ) 7,052 Cinema developments and improvements 6,357 1,471 ( 892 ) — ( 22 ) 6,914 Other real estate projects 1,307 432 ( 988 ) ( 121 ) ( 1 ) 629 Total $ 14,919 $ 1,907 $ ( 1,880 ) $ ( 121 ) $ ( 230 ) $ 14,595 (1) No interest was capitalized for the quarter ended March 31, 2021 Real Estate Transactions - Sales Across the fourth quarter of 2020 and the first quarter of 2021, we have classified, and in some instances sold, certain assets as held for sale disposal groups. A ‘disposal group’ represents assets to be disposed of in a single transaction. A disposal group may represent a single asset, or multiple assets. Coachella, California At March 31, 2021, we were the managing member and 50 % owner of Shadow View Land and Farming LLC, which up until March 5, 2021 was the owner of approximately 202 acres of undeveloped land in Coachella, California. The land has now been sold. In December 2020, we classified the non-income producing land at Coachella as held for sale as part of our strategy to monetize certain real estate assets in order to provide the necessary cash to support our Company during the period affected by COVID-19. This disposal group, which consists of land and certain improvements to that land, was transferred to Land and Property Held for Sale at its book value of $ 4.4 million, being the lower of cost and fair value less costs to sell. No adjustments to the book value of this asset were required. The sale of this land was completed on March 5, 2021 for $ 11.0 million. As a 50 % member in Shadow View Land and Farming LLC, our Company received the benefit of 50 % of the sale proceeds, which have been distributed. These actions were approved by our Audit and Conflicts Committee. The gain on sale of this property is calculated as follows: March 31, (Dollars in thousands) 2021 Sales price $ 11,000 Net book value ( 4,351 ) Gain on sale, gross of direct costs 6,649 Direct costs incurred ( 301 ) Gain on sale, net of direct costs $ 6,348 Manukau, New Zealand In December 2020, we classified our non-income producing land at Manukau, New Zealand, as held for sale as part of our strategy to monetize real estate certain assets in order provide the necessary cash to support our Company during the period affected by COVID-19. This disposal group, which consists of land and certain improvements to that land, was transferred to Land Held for Sale at its book value of $ 13.5 million, being the lower of cost and fair value less costs to sell. No adjustments to the book value of this asset were required. The sale of this land was completed on March 4, 2021, for $ 56.1 million (NZ$ 77.2 million), of which NZ$ 1.0 million was received on February 23, 2021 and the balance of funds was received on March 4, 2021. The gain on sale of this property is calculated as follows: March 31, (Dollars in thousands) 2021 Sales price $ 56,058 Net book value ( 13,483 ) Gain on sale, gross of direct costs 42,575 Direct costs incurred ( 1,513 ) Gain on sale, net of direct costs $ 41,062 Real Estate Asset Groups Held for Sale Auburn / Redyard, New South Wales In January 2021, we classified our Auburn / Redyard Entertainment Themed Center (“ETC”) as held for sale as part of our strategy to monetize certain real estate assets in order to provide the necessary cash to support our Company during the period affected by COVID-19. This disposal group, which consists of land, the ETC building and related property, plant and equipment, was transferred to Land and Property Held for Sale at its book value of AU$ 37.7 million (US$ 28.7 million), being the lower of cost and fair value less costs to sell. No adjustments to the book value of the assets contained within this disposal group were required. We are currently in exclusive negotiations with a qualified buyer to sell this property and we anticipate closing during the second quarter of 2021. Royal George Theatre, Chicago In February 2021, we classified our Royal George Theatre as held for sale as part of our strategy to monetize certain real estate assets in order to provide the necessary cash to support our Company during the period affected by COVID-19. This disposal group, which consists of the Royal George Theatre building and the associated property, plant and equipment, was transferred to Land and Property Held for Sale at its book value of $ 1.8 million, being the lower of cost and fair value less costs to sell. No adjustments to the book value of the assets contained within this disposal group were required. On May 14, 2021, we entered into a definitive purchase and sale agreement with a qualified buyer. The sale of the Royal George Theatre is expected to be completed during the second quarter of 2021. Real Estate Transactions - Acquisitions Exercise of Option to Acquire Ground Lessee’s Interest in Ground Lease and Improvements Constituting the Village East Cinema On August 28, 2019, we exercised our option to acquire the ground lessee’s interest in the 13 -year ground lease underlying and the real property assets constituting our Village East Cinema in Manhattan. The purchase price under the option was $ 5.9 million. It was initially agreed that the transaction would close on or about May 31, 2021. On March 29, 2021, we extended the closing date which has now been deferred to January 1, 2023. |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures | 3 Months Ended |
Mar. 31, 2021 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Investments In Unconsolidated Joint Ventures | Note 7 – 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, 2021 and December 31, 2020: March 31, December 31, (Dollars in thousands) Interest 2021 2020 Rialto Cinemas 50.0 % $ 984 $ 1,065 Mt. Gravatt 33.3 % 3,912 3,960 Total investments $ 4,896 $ 5,025 For the quarter ended March 31, 2021 and 2020, the recognized share of equity earnings from our investments in unconsolidated joint ventures are as follows: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Rialto Cinemas $ ( 51 ) $ ( 14 ) Mt. Gravatt 1 92 Total equity earnings $ ( 50 ) $ 78 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | Note 8 – Goodwill and Intangible Assets The table below summarizes goodwill by business segment as of March 31, 2021 and December 31, 2020. (Dollars in thousands) Cinema Real Estate Total Balance at December 31, 2020 $ 22,892 $ 5,224 $ 28,116 Foreign currency translation adjustment ( 667 ) — ( 667 ) Balance at March 31, 2021 $ 22,225 $ 5,224 $ 27,449 Our 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 2021. To test the impairment of goodwill, our 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, 2021, we were not aware that any events indicating potential impairment of goodwill had occurred outside of those described at Note 3 – Impact of COVID-19 Pandemic and Liquidity . The tables below summarize intangible assets other than goodwill, as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 12,426 $ 9,058 $ 5,027 $ 26,511 Less: Accumulated amortization ( 10,393 ) ( 7,448 ) ( 4,656 ) ( 22,497 ) Less: Impairments — — ( 17 ) ( 17 ) Net intangible assets other than goodwill $ 2,033 $ 1,610 $ 354 $ 3,997 As of December 31, 2020 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 12,451 $ 9,058 $ 4,764 $ 26,273 Less: Accumulated amortization ( 10,375 ) ( 7,377 ) ( 4,533 ) ( 22,285 ) Less: Impairments — — ( 17 ) ( 17 ) Net intangible assets other than goodwill $ 2,076 $ 1,681 $ 214 $ 3,971 Beneficial leases obtained in business combinations where we are the landlord are amortized over the life of the relevant leases. 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, 2021 Three Months Ended March 31, (Dollars in thousands) 2021 2020 Beneficial lease amortization $ 29 $ 25 Other amortization 166 76 Total intangible assets amortization $ 195 $ 101 |
Prepaid And Other Assets
Prepaid And Other Assets | 3 Months Ended |
Mar. 31, 2021 | |
Prepaid And Other Assets [Abstract] | |
Prepaid And Other Assets | Note 9 – Prepaid and Other Assets Prepaid and other assets are summarized as follows: March 31, December 31, (Dollars in thousands) 2021 2020 Prepaid and other current assets Prepaid expenses $ 1,945 $ 1,946 Prepaid rent 88 162 Prepaid taxes 816 455 Income taxes receivable 2,016 5,572 Deposits 245 245 Investment in marketable securities 25 26 Restricted cash 7 8 Total prepaid and other current assets $ 5,142 $ 8,414 Other non-current assets Straight-line rent asset 5,920 6,050 Other non-cinema and non-rental real estate assets 1,134 1,134 Investment in Reading International Trust I 838 838 Long-term deposits 12 8 Total other non-current assets $ 7,904 $ 8,030 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | Note 10 – Income Taxes The U.S. Coronavirus Aid, Relief, and Economic Security Act (“The CARES Act”) was enacted on March 27, 2020 to provide, among other things, tax relief to companies impacted by the COVID-19 pandemic. The CARES Act includes, among other items, provisions for net operating loss carryback, modifications to the business interest expense deduction, a technical correction to tax depreciation methods for qualified improvement property, and alternative minimum tax credit refunds. During the quarter ended March 31, 2020, we recorded a tax benefit arising from the carryback of the net operating loss generated in the taxable year ended December 31, 2019. The interim provision for income taxes is different from the amount determined by applying the U.S. federal statutory rate to consolidated income or loss before taxes. The differences are attributable to foreign tax rate differentials, unrecognized tax benefits, and foreign tax credits. Our effective tax rate was 25.9 % and 33.6 % for the three months ended March 31, 2021 and 2020, respectively. The change between 2021 and 2020 is primarily related to a decrease in valuation allowance in 2021. The forecasted effective tax rate is updated each quarter as new information becomes available. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2021 | |
Borrowings [Abstract] | |
Borrowings | Note 11 – Borrowings Our Company’s borrowings at March 31, 2021 and December 31, 2020, net of deferred financing costs and including the impact of interest rate derivatives on effective interest rates, are summarized below: As of March 31, 2021 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (1) Stated Interest Rate Effective Interest Rate Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 $ 26,561 4.21 % 4.21 % Bank of America Credit Facility (USA) March 6, 2023 55,000 49,900 49,690 4.00 % 4.00 % Bank of America Line of Credit (USA) March 6, 2023 5,000 5,000 5,000 3.11 % 3.11 % Cinemas 1, 2, 3 Term Loan (USA) April 1, 2022 24,477 24,477 24,106 4.25 % 4.25 % Minetta & Orpheum Theatres Loan (USA) (2) November 1, 2023 8,000 8,000 7,922 2.17 % 5.15 % U.S. Corporate Office Term Loan (USA) January 1, 2027 9,124 9,124 9,037 4.64 % / 4.44 % 4.61 % Purchase Money Promissory Note (USA) September 18, 2024 2,553 2,553 2,553 5.00 % 5.00 % Denominated in foreign currency ("FC") (3) NAB Corporate Term Loan (AU) December 31, 2023 93,640 93,640 93,454 1.81 % 1.81 % Westpac Bank Corporate (NZ) December 31, 2023 22,365 22,365 22,365 2.95 % 2.95 % $ 248,072 $ 242,972 $ 240,688 (1) Net of deferred financing costs amounting to $ 2.3 million. (2) The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 5.15 %. (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 March 31, 2021. As of December 31, 2020 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (1) Stated Interest Rate Effective Interest Rate Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 $ 26,505 4.27 % 4.27 % Bank of America Credit Facility (USA) March 6, 2023 55,000 51,200 50,990 4.00 % 4.00 % Bank of America Line of Credit (USA) March 6, 2023 5,000 5,000 5,000 3.15 % 3.15 % Cinemas 1, 2, 3 Term Loan (USA) April 1, 2022 24,625 24,625 24,248 4.25 % 4.25 % Minetta & Orpheum Theatres Loan (USA) (2) November 1, 2023 8,000 8,000 7,914 2.20 % 5.15 % U.S. Corporate Office Term Loan (USA) January 1, 2027 9,186 9,186 9,095 4.64 % / 4.44 % 4.64 % Union Square Construction Financing (USA) March 31, 2021 50,000 40,623 40,620 17.50 % 17.50 % Purchase Money Promissory Note September 18, 2024 2,883 2,883 2,883 5.00 % 5.00 % Denominated in foreign currency ("FC") (3) NAB Corporate Term Loan (AU) December 31, 2023 94,821 92,508 92,307 1.81 % 1.81 % Westpac Bank Corporate (NZ) December 31, 2023 23,021 23,021 23,021 2.95 % 2.95 % Total $ 300,449 $ 284,959 $ 282,583 (1) Net of deferred financing costs amounting to $ 2.4 million. (2) The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 5.15 %. (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, 2020. 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 2021 2020 Debt - current portion $ 1,606 $ 41,459 Debt - long-term portion 211,836 213,779 Subordinated debt - current portion 685 840 Subordinated debt - long-term portion 26,561 26,505 Total borrowings $ 240,688 $ 282,583 Impact of COVID-19 To address the impact of COVID-19 on our business, we sought and obtained certain modifications to our loan agreements with the Bank of America, National Australia Bank, and Westpac. These loan modifications included changes to some of the covenant compliance terms and waivers of certain covenant testing periods. We are currently in compliance with our loan covenants as so modified. To date it has not been necessary for us to seek modifications or waivers with respect to our other loan agreements, as we continue to be in compliance with the terms of such loan agreements without the need for any such modifications or waivers. Bank of America Credit Facility On March 6, 2020, we amended our $ 55.0 million credit facility with Bank of America extending the maturity date to March 6, 2023 . The refinanced facility carries an interest rate of 2.5 % - 3.0 %, depending on certain financial ratios plus a variable rate based on the loan defined “Eurodollar” interest rate. On August 7, 2020, we modified certain financial covenants within this credit facility and temporarily suspended the testing of certain other covenant tests through the measurement period ending September 30, 2021. The testing of the financial covenant resumes for the measurement period ending December 31, 2021. In addition to the covenant modifications, the interest rate on borrowings under this facility was fixed at 3.0 % above the “Eurodollar” rate, which itself now has a floor of 1.0 %. Such a modification was not considered to be substantial under U.S. GAAP. Bank of America Line of Credit On March 6, 2020, the term of our $ 5.0 million line of credit was extended to March 6, 2023 . On August 7, 2020 we modified the interest rate on this line of credit, wherein the LIBOR portion of the rate now has a floor of 1.0 %. 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 U.S. GAAP. U.S. Corporate Office Term Loan On December 13, 2016, we obtained a ten year $ 8.4 million mortgage loan on our Culver City 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 %. Cinemas 1,2,3 Term Loan On March 13, 2020, Sutton Hill Properties LLC (“SHP”), a 75 % subsidiary of RDI, refinanced its $ 20.0 million term loan with Valley National Bank with a new term loan of $ 25.0 million, an interest rate of 4.25 %, and maturity date of April 1, 2022 with two six month options to extend. Union Square Construction Financing On December 29, 2016, we closed our 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 facilities consisted of a first mortgage component of $ 50.0 million and a mezzanine component of $ 7.5 million. On August 8, 2019, we repaid the $ 7.5 million mezzanine loan. On January 24, 2020, we exercised the first of our two one year extension options on the first mortgage loan, taking the maturity to December 29, 2020 . On December 29, 2020, we further extended the maturity of this loan to March 31, 2021 , at an interest rate of 17.5 %. On March 26, 2021, we repaid this first mortgage loan using internally generated funds. As of March 31, 2021, 44 Union Square is unencumbered by debt financing. On May 7, 2021, we closed on a new three year $ 55.0 million loan facility with Emerald Creek Capital. The facility bears a variable interest rate of one month LIBOR plus 6.9 % with a floor of 7.0 %, and has two 12 -month options to extend, but may be repaid at any time, subject to notice and a minimum interest payment equal to the positive difference between interest paid on the loan through the pre-payment date and one year’s interest. In effect, the loan may be repaid after 12 months without the payment of any premium. Purchase Money Promissory Note On September 18, 2019, we purchased for $ 5.5 million 407,000 Company Class A Common Stock in a privately negotiated transaction under our Share Repurchase Program. Of this amount, $ 3.5 million was paid by the issuance of a Purchase Money Promissory Note, which bears an interest rate of 5.0 % per annum, payable in equal quarterly payments of principal plus accrued interest. The Purchase Money Promissory Note matures on September 18, 2024 . 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 removed. On June 29, 2020, Westpac pushed out the June 30, 2020 covenant testing date to July 31, 2020. On July 27, 2020, Westpac waived the requirement to test certain covenants as of July 31, 2020. This agreement also increased the interest rate and line of credit charge to 2.40 % above the Bank Bill Bid Rate and 1.65 % respectively. The maturity date was extended to January 1, 2024. Such modifications of this facility were not considered to be substantial under U.S. GAAP. On September 15, 2020, Westpac waived the requirement to test certain covenants as of September 30, 2020. On December 8, 2020, Westpac waived the requirement to test certain covenants as of December 31, 2020. On April 29, 2021, Westpac waived the requirement to test certain covenants as of March 31, 2021. On May 7, 2021, we repaid $ 11.2 million (NZ$ 16.0 million) of this debt, in a permanent reduction of this facility. 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. Such modifications of this particular term loan were not considered to be substantial under U.S. GAAP. On August 6, 2020, we modified certain covenants within this Revolving Corporate Markets Loan Facility. These modifications apply until the quarter ended September 30, 2021. In addition, for the period in which these covenant modifications apply, the interest rate on amounts borrowed under the facility is 1.75 %. Such a modification was not considered to be substantial under U.S. GAAP. On December 29, 2020, we modified the core portion of our Revolving Corporate Markets Loan Facility, increasing it to AU$ 43.0 million. The AU$ 3.0 million increase was provided to fund the completion of our recently opened cinema at Jindalee, Queensland, and is repayable in installments by October 31, 2023. This amendment increases the Facility Limit to AU$ 123.0 million, which will be reduced back to AU $ 120.0 million as the Jindalee funding is repaid. |
Other Liabilities
Other Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Other Liabilities [Abstract] | |
Other Liabilities | Note 12 – Other Liabilities Other liabilities are summarized as follows: March 31, December 31, (Dollars in thousands) 2021 2020 Current liabilities Liability for demolition costs 2,844 2,928 Accrued pension 684 684 Security deposit payable 132 132 Finance lease liabilities 49 49 Other 33 33 Other current liabilities $ 3,742 $ 3,826 Other liabilities Lease make-good provision 7,416 7,408 Accrued pension 3,940 4,048 Deferred rent liability 2,827 2,897 Environmental reserve 1,656 1,656 Lease liability 5,900 5,900 Acquired leases 29 31 Finance lease liabilities 56 69 Other — 8 Other non-current liabilities $ 21,824 $ 22,017 Pension Liability – Supplemental Executive Retirement Plan 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 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 $ 4.6 million at March 31, 2021. The benefits of our pension plan are fully vested and therefore no service costs were recognized for the three months ended March 31, 2021 and 2020. Our pension plan is unfunded. During the three months ended March 31, 2021, the interest cost was $ 62,000 and the actuarial loss was $ 52,000 . During the three months ended March 31, 2020, the interest cost was $ 68,000 and the actuarial loss was $ 52,000 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | Note 13 – 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, 2021 $ 14,966 $ ( 12 ) $ ( 2,135 ) $ ( 317 ) $ 12,502 Change related to derivatives Total change in hedge fair value recorded in Other Comprehensive Income — — — 1 1 Amounts reclassified from accumulated other comprehensive income — — — 60 60 Net change related to derivatives — — — 61 61 Net current-period other comprehensive income (loss) ( 2,657 ) ( 1 ) 52 61 ( 2,545 ) Balance at March 31, 2021 $ 12,309 $ ( 13 ) $ ( 2,083 ) $ ( 256 ) $ 9,957 |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note 14 – Commitments and Contingencies Litigation General Insofar as our Company is aware, there are no claims, arbitration proceedings, or litigation proceedings that constitute material contingent liabilities of our Company. Such 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. Discussed below are certain litigation matters which, however, have been significant to our Company. Litigation Matters 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 the plaintiffs , 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 the defendants , we accrue for probable damages that insurance may not cover as they become known and can be reasonably estimated, as permitted under ASC 450-20 Loss Contingencies . 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. 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 environmental conditions at properties that we have acquired for development and which will need to be addressed in the future as part of the development process. 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 to asbestos and/or 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 employees of our historic railroad operations and who may claim direct or 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 our Company and against our 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. On October 1, 2020, the Nevada Supreme Court determined that the District Court had erred when it denied the defendants’ motions to dismiss the case for lack of standing on the part of Cotter, Jr., to bring such an action, vacated the District Court’s orders denying the motions to dismiss and remanded for entry of judgment. The Supreme Court sustained the District Court’s award to our Company of costs in the amount of $ 809,000 . Final judgment was entered on October 1, 2020 and the costs award has been paid. This matter is now at an end. California Employment Litigation Our Company is currently involved in two California employment matters which include substantially overlapping wage and hour claims: Taylor Brown, individually, and on behalf of other members of the general public similarly situated vs. Reading Cinemas et al. Superior Court of the State of California for the County of Kern, Case No. BCV-19-1000390 (“Brown v. RC,” and the “Brown Class Action Complaint” respectively) and Peter M. Wagner, Jr., an individual, vs. Consolidated Entertainment, Inc. et al., Superior Court of the State of California for the County of San Diego, Case NO. 37-2019-00030695-CU-WT-CTL (“Wagner v. CEI,” and the “Wagner Individual Complaint” respectively). Brown v. RC was initially filed in December 2018, as an individual action and refiled as a putative class action in February 2019, but not served until June 24, 2019. These lawsuits seek damages, and attorneys’ fees, relating to alleged violations of California labor laws relating to meal periods, rest periods, reporting time pay, unpaid wages, timely pay upon termination and wage statements violations. Wagner v. CEI was filed as a discrimination and retaliation lawsuit in June 2019. The following month, in July 2019, a notice was served on us by separate counsel for Mr. Wagner under the California Private Attorney General Act of 2004 (Cal. Labor Code Section 2698, et seq) (the “Wagner PAGA Claim”) purportedly asserting in a representational capacity claims under the PAGA statute, overlapping, in substantial part, the allegations set forth in the Brown Class Action Complaint. On March 6, 2020, Wagner filed a purported class action in the Superior Court of California, County of San Diego, again covering basically the same allegations as set forth in the Brown Class Action Complaint, and titled Peter M. Wagner, an individual, on behalf of himself and all others similarly situated vs. Reading International, Inc., Consolidated Entertainment, Inc. and Does 1 through 25, Case No. 37-2020-000127-CU-OE-CTL (the “Wagner Class Action”). Neither plaintiff has specified the amount of damages sought. Our Company is investigating and intends to vigorously defend the allegations of the Brown Class Action Complaint, the Wagner PAGA Claim and the Wagner Class Action Complaint. In addition, we have denied that a PAGA representative action is appropriate. These matters are in their early stages, and the putative class actions have not been certified. As these cases are in early stages, our Company is unable to predict the outcome of the litigation or the range of potential loss, if any; however, our Company believes that its potential liability with respect to such matters is not material to its overall financial position, results of operations and cash flows. Accordingly, our Company has not established a reserve for loss in connection with these matters. The Wagner Individual Complaint has been settled. |
Non-controlling Interests
Non-controlling Interests | 3 Months Ended |
Mar. 31, 2021 | |
Non-controlling Interests [Abstract] | |
Non-controlling Interests | Note 15 – Non-controlling Interests These are composed of the following enterprises: Australia Country Cinemas Pty Ltd. - 25 % noncontrolling interest owned by Panorama Group International Pty Ltd.: Shadow View Land and Farming, LLC - 50 % noncontrolling membership interest owned by the estate of Mr. James J. Cotter, Sr. (the “Cotter Estate”); and, Sutton Hill Properties, LLC - 25 % noncontrolling interest owned by Sutton Hill Capital, LLC (which in turn is 50 % owned by the Cotter Estate). The components of noncontrolling interests are as follows: March 31, December 31, (Dollars in thousands) 2021 2020 Australian Country Cinemas, Pty Ltd $ 8 $ ( 51 ) Shadow View Land and Farming, LLC ( 17 ) 2,131 Sutton Hill Properties, LLC 1,215 1,324 Noncontrolling interests in consolidated subsidiaries $ 1,206 $ 3,404 The components of income attributable to noncontrolling interests are as follows: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Australian Country Cinemas, Pty Ltd $ 59 $ ( 1 ) Shadow View Land and Farming, LLC 3,152 ( 21 ) Sutton Hill Properties, LLC ( 108 ) ( 58 ) Net income (loss) attributable to noncontrolling interests $ 3,103 $ ( 80 ) Summary of Controlling and Noncontrolling Stockholders’ Equity A summary of the changes in controlling and noncontrolling stockholders’ equity is as follows: Common Shares Retained Accumulated Reading Class A Class A Class B Class B Additional Earnings Other International Inc. Total Non-Voting Par Voting Par Paid-In (Accumulated Treasury Comprehensive Stockholders’ Noncontrolling Stockholders’ (Dollars in thousands, except shares) Shares Value Shares Value Capital Deficit) Shares Income (Loss) Equity Interests Equity At January 1, 2021 20,069 $ 231 1,680 $ 17 $ 149,979 $ ( 44,553 ) $ ( 40,407 ) $ 12,502 $ 77,769 $ 3,404 $ 81,173 Net income (loss) — — — — — 18,965 — — 18,965 3,103 22,068 Other comprehensive income, net — — — — — — — ( 2,545 ) ( 2,545 ) — ( 2,545 ) Share-based compensation expense — — — — 464 — — — 464 — 464 Restricted Stock Units 52 1 — — ( 111 ) — — — ( 110 ) — ( 110 ) Distributions to noncontrolling stockholders — — — — — — — — — ( 5,300 ) ( 5,300 ) At March 31, 2021 20,121 $ 232 1,680 $ 17 $ 150,332 $ ( 25,588 ) $ ( 40,407 ) $ 9,957 $ 94,543 $ 1,207 $ 95,750 Common Shares Retained Accumulated Reading Class A Class A Class B Class B Additional Earnings Other International Inc. Total Non-Voting Par Voting Par Paid-In (Accumulated Treasury Comprehensive Stockholders’ Noncontrolling Stockholders’ (Dollars in thousands, except shares) Shares Value Shares Value Capital Deficit) Shares Income (Loss) Equity Interests Equity At January 1, 2020 20,103 $ 231 1,680 $ 17 $ 148,602 $ 20,647 $ ( 39,737 ) $ 5,589 $ 135,349 $ 4,267 $ 139,616 Net income (loss) — — — — — ( 5,875 ) — — ( 5,875 ) ( 80 ) ( 5,955 ) Other comprehensive income, net — — — — — — — ( 15,879 ) ( 15,879 ) ( 18 ) ( 15,897 ) Share-based compensation expense — — — — 336 — — — 336 — 336 Share repurchase plan ( 75 ) — — — — — ( 670 ) — ( 671 ) — ( 671 ) Restricted Stock Units 19 — — — ( 30 ) — — — ( 30 ) — ( 30 ) At March 31, 2020 20,047 $ 231 1,680 $ 17 $ 148,908 $ 14,772 $ ( 40,407 ) $ ( 10,290 ) $ 113,231 $ 4,169 $ 117,400 |
Stock-Based Compensation And St
Stock-Based Compensation And Stock Repurchases | 3 Months Ended |
Mar. 31, 2021 | |
Stock-Based Compensation And Stock Repurchases [Abstract] | |
Stock-Based Compensation And Stock Repurchases | Note 16 – Stock-Based Compensation and Stock Repurchases Employee and Director Stock Incentive Plan 2010 Stock Incentive Plan Our 2010 Stock Incentive Plan (as amended, the “2010 Plan”) under which our Company has granted stock options and other share-based payment awards of our Common Stock to eligible employees, directors, and consultants has expired. In total, 1,527,595 shares of Class A Common Stock were issued or reserved for issuance pursuant to the previously granted options or restricted stock units under that plan. 2020 Stock Incentive Plan On November 4, 2020, the Company enacted the 2020 Stock Incentive Plan, which was also approved by the Company’s stockholders on December 8, 2020 (the “2020 Plan”). Under the 2020 Plan, the Company may grant stock options and other share-based payment awards of our Class A Common Stock to eligible employees, directors and consultants. The aggregate total number of shares of Class A Common Stock authorized for issuance under the 2020 Plan at March 31, 2021 was 1,250,000 , of which 1,096,938 remain available for future issuance, and 200,000 shares of Class B stock. In addition, if any awards that were outstanding under the 2010 Plan are subsequently forfeited or if the related shares are repurchased, a corresponding number of shares will automatically become available for issuance under the 2020 Plan, thus resulting in a potential increase in the number of shares available for issuance under the 2020 Plan. At March 31, 2021, this potential increase in the number of shares eligible for issuance under the 2020 Plan was 154,089 Class A Common Stock. Stock options are 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 our Company’s share at an exercise price determined on grant date, a restricted stock unit (“RSU”) entitles the grantee to receive one share for every RSU based on a vesting plan, typically between one and four years from grant. Beginning in 2020, a performance component has been added to certain of the RSUs granted to Management, which vests on the third anniversary of their grant date based on the achievement of certain performance metrics. 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 have estimated 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 expensed 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 estimated any forfeitures of vested or unvested options. No stock options were issued in the three months ended March 31, 2021. For the three months ended March 31, 2021 and March 31, 2020, we recorded compensation expense of $ 101,000 and $ 120,000 , respectively with respect to our prior stock option grants. At March 31, 2021, the total unrecognized estimated compensation expense related to non-vested stock options was $ 0.5 million, which we expect to recognize over a weighted average vesting period of 1.27 years. The intrinsic, unrealized value of all options outstanding vested and expected to vest, at March 31, 2021 was $ 35,000 , as the closing price of our Common Stock on that date was $ 5.55 . The following table summarizes the number of options outstanding and exercisable as of March 31, 2021 and December 31, 2020: 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, 2019 711,377 $ 14.74 2.79 $ 136,350 Granted 38,803 4.66 — — Exercised — — — — Forfeited ( 36,701 ) 14.74 — — Balance - December 31, 2020 713,479 $ 14.64 2.18 $ 13,969 Granted — — — — Exercised — — — — Forfeited ( 135,335 ) 11.84 — — Balance - March 31, 2021 578,144 $ 14.77 1.92 $ 34,535 Restricted Stock Units We estimate the grant-date fair values of our RSUs using our 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, 2021: Outstanding Restricted Stock Units RSU Grants (in units) Vested, Unvested, Forfeited, Grant Date Directors Management Total Grants March 31, 2021 March 31, 2021 March 31, 2021 March 10, 2016 35,147 27,381 62,528 62,264 — 264 April 11, 2016 — 5,625 5,625 5,108 — 517 March 23, 2017 30,681 32,463 63,144 62,612 — 532 August 29, 2017 — 7,394 7,394 7,394 — — January 2, 2018 29,393 — 29,393 29,393 — — April 12, 2018 — 29,596 29,596 14,547 13,078 1,971 April 13, 2018 — 14,669 14,669 7,336 7,333 — July 6, 2018 — 932 932 — — 932 November 7, 2018 23,010 — 23,010 23,010 — — March 13, 2019 — 24,366 24,366 10,632 10,630 3,104 March 14, 2019 — 23,327 23,327 11,664 11,663 — May 7, 2019 11,565 — 11,565 11,565 — — March 10, 2020 — 287,163 287,163 48,416 237,929 818 December 14, 2020 — 43,260 43,260 — 42,716 544 December 16, 2020 60,084 11,459 71,543 — 71,543 — Total 189,880 507,635 697,515 293,941 394,892 8,682 RSU awards to Management vest 25 % on the anniversary of the grant date over a period of four years . Beginning in 2020, a performance component has been added to certain of the RSUs granted to Management, which vest on the third anniversary of their grant date based on the achievement of certain performance metrics . On March 10, 2020, RSUs covering 287,163 shares were issued to members of executive Management and other employees of our Company. Between December 14, 2020 and December 16, 2020, RSUs covering 114,803 shares were issued to members of executive Management and other employees of our Company, all of which vest 100 % on the anniversary of the grant date over a period of one year . Of these, w e granted non-employee directors 60,084 RSUs (as well as 38,803 options) on December 16, 2020. 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. Prior to November 7, 2018, RSU awards to non-employee 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 director’s term of office. Accordingly, the RSUs granted on November 7, 2018, vested on the first to occur of (i) 5:00 pm, Los Angeles, CA time on the last business day prior to the one year anniversary of the grant date, or (ii) the date on which the recipient’s term as a director ended and the recipient or, as the case may be, the recipient’s successor was elected to the board of directors. Accordingly, the RSUs granted to directors on November 7, 2018 vested on May 7, 2019 annual meeting of stockholders. Due to the fact that our Company held our annual meeting of stockholders in May 2019, the vesting period for the RSUs issued on November 7, 2018 was shorter than anticipated. In order to adjust for this factor, the award of RSUs to directors made immediately following the 2019 Annual Meeting of Stockholders was determined using a value of $ 35,000 or one half of the dollar amount of the prior year’s annual grant. The RSUs issued to non-employee directors on May 7, 2019 vested on May 6, 2020. For the three months ended March 31, 2021 and 2020, we recorded compensation expense of $ 363,000 and $ 216,000 , respectively. The total unrecognized compensation expense related to the non-vested RSUs was $ 2.2 million as of March 31, 2021, which we expect to recognize over a weighted average vesting period of 1.56 years. Stock Repurchase Program On March 2, 2017, our 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. On March 14, 2019, the Board of Directors extended this stock buy-back program for two years , through March 2, 2021. On March 10, 2020, the Board increased the authorized amount by $ 25.0 million and extended it to March 2, 2022. At the present time, the amount available under the repurchase program authorization is $ 26.0 million. 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, 2021, our Company had reacquired a total of 1,792,819 shares of Class A Common Stock for $ 24.0 million at an average price of $ 13.39 per share (excluding transaction costs). No shares of Class A Common Stock were purchased in the three months to March 31, 2021. The last share repurchase made by our Company was made on March 5, 2020, at which time 25,000 shares were purchased at an average cost per share of $ 7.30 . This leaves $ 26.0 million available under the March 2, 2017 program, as extended, to March 2, 2022. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Note 17 - 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 an incremental borrowing rate applicable to the relevant country and lease term 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. As a result of the impacts of COVID-19, we have obtained certain concessions from our landlords. We have elected to account for these concessions as if there have been no changes to the underlying contracts, thereby recognizing abatements secured as variable lease expenses, and increasing payables for lease payment deferrals. The components of lease expense were as follows: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Lease cost Finance lease cost: Amortization of right-of-use assets $ 12 $ 39 Interest on lease liabilities 1 2 Operating lease cost 8,308 7,719 Variable lease cost ( 1,165 ) 49 Total lease cost $ 7,156 $ 7,809 Supplemental cash flow information related to leases is as follows: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Cash flows relating to lease cost Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 14 $ 41 Operating cash flows for operating leases 2,507 7,528 Supplemental balance sheet information related to leases is as follows: March 31, December 31, (Dollars in thousands) 2021 2020 Operating leases Operating lease right-of-use assets $ 213,625 $ 220,503 Operating lease liabilities - current portion 22,983 22,699 Operating lease liabilities - non-current portion 205,723 212,806 Total operating lease liabilities $ 228,706 $ 235,505 Finance leases Property plant and equipment, gross 380 383 Accumulated depreciation ( 281 ) ( 271 ) Property plant and equipment, net $ 99 $ 112 Other current liabilities 49 49 Other long-term liabilities 56 69 Total finance lease liabilities $ 105 $ 118 Other information Weighted-average remaining lease term - finance leases 2 3 Weighted-average remaining lease term - operating leases 10 11 Weighted-average discount rate - finance leases 5.27 % 5.27 % Weighted-average discount rate - operating leases 4.71 % 4.71 % The maturities of our leases were as follows: (Dollars in thousands) Operating leases Finance leases 2021 $ 24,947 $ 41 2022 33,202 43 2023 32,406 28 2024 30,531 — 2025 28,368 — Thereafter 143,508 — Total lease payments $ 292,962 $ 112 Less imputed interest ( 64,256 ) ( 7 ) Total $ 228,706 $ 105 As of March 31, 2021, we have additional operating leases, primarily for cinemas, that have not yet commenced operations of approximately $ 36.0 million. It is anticipated that these operating leases will commence between fiscal year 2021 and fiscal year 2022 with lease terms of 15 to 20 years. As Lessor We have 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. None of our leases grant any right to the tenant 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. As a result of the impacts of COVID-19, we have provided certain concessions to specific tenants. We have elected to account for these concessions as if there have been no changes to the underlying contracts, thereby recognizing abatements granted as variable lease payments through revenue and increasing receivables for lease payment deferrals. Lease income relating to operating lease payments was as follows: Three Months Ended March 31, (Dollars in thousands) 2021 2020 Components of lease income Lease payments $ 2,701 $ 2,237 Variable lease payments 169 263 Total lease income $ 2,870 $ 2,500 The book value of underlying assets under operating leases from owned assets was as follows: March 31, December 31, (Dollars in thousands) 2021 2020 Building and improvements Gross balance $ 139,120 $ 153,643 Accumulated depreciation ( 21,734 ) ( 26,107 ) Net Book Value $ 117,386 $ 127,536 The Maturity of our leases were as follows: (Dollars in thousands) Operating leases 2021 $ 6,957 2022 8,580 2023 7,751 2024 6,870 2025 5,616 Thereafter 6,159 Total $ 41,933 |
Hedge Accounting
Hedge Accounting | 3 Months Ended |
Mar. 31, 2021 | |
Hedge Accounting [Abstract] | |
Hedge Accounting | Note 18 – Hedge Accounting As of March 31, 2021, and December 31, 2020, our Company held interest rate derivatives in the total notional amount of $ 8.0 million and $ 8.0 million, 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, 2021 2020 (Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair value Interest rate contracts Derivative financial instruments - current portion $ 218 Derivative financial instruments - current portion $ 218 Derivative financial instruments - non-current portion 152 Derivative financial instruments - non-current portion 212 Total derivatives designated as hedging instruments $ 370 $ 430 Total derivatives $ 370 $ 430 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 ended to March 31, 2021 and March 31, 2020, 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 Three Months Ended March 31 2021 2020 Interest rate contracts Interest expense $ 60 $ 29 Total $ 60 $ 29 Loss Recognized in OCI on Derivatives (Effective Portion) (Dollars in thousands) Amount Three Months Ended March 31 2021 2020 Interest rate contracts $ ( 1 ) $ 243 Total $ ( 1 ) $ 243 Loss Reclassified from OCI into Income (Effective Portion) Line Item Amount Three Months Ended March 31 2021 2020 Interest expense $ 60 $ 29 Total $ 60 $ 29 The derivative has no ineffective portion, and consequently no losses have been recognized directly in income. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 19 – 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, 2021, and December 31, 2020 we had derivative financial liabilities carried and measured at fair value on a recurring basis of $ 483,000 and $ 430,000 respectively. 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, 2021 and December 31, 2020, by level within the fair value hierarchy. Fair Value Measurement at March 31, 2021 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 212,506 $ — $ — $ 215,689 $ 215,689 Subordinated debt 30,466 — — 20,199 20,199 $ 242,972 $ — $ — $ 235,888 $ 235,888 Fair Value Measurement at December 31, 2020 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 254,163 $ — $ — $ 258,525 $ 258,525 Subordinated debt 30,796 — — 20,423 20,423 $ 284,959 $ — $ — $ 278,948 $ 278,948 (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, 2021 and December 31, 2020. 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, 2021, and December 31, 2020, 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. Our 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, 2021 and March 31, 2020. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20 – Subsequent Events On April 29, 2021, as detailed at Note 11 – Borrowings, Westpac waived the requirement to test certain covenants as of March 31, 2021. On May 7, 2021, we repaid $ 11.2 million (NZ$ 16.0 million) of this debt, which also represented a permanent reduction in the facility. On May 7, 2021, as detailed at Note 11 – Borrowings , we closed on our new $ 55.0 million loan facility with an affiliate of Emerald Creek Capital secured by a first mortgage on our 44 Union Square property. On May 14, 2021, as also described in Note 6 - Property and Equipment, we entered into a definitive purchase and sale agreement with a qualified buyer, looking to the sale of our Royal George Theatre property and expecting to close during the second quarter 2021. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Consolidation | Basis of Consolidation The accompanying consolidated financial statements include the accounts of our Company’s wholly-owned subsidiaries as well as majority-owned subsidiaries that our Company controls, and should be read in conjunction with our Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2020 (“2020 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, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. |
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, (v) allocation of insurance proceeds to various recoverable components, and (vi) estimation of our Incremental Borrowing Rate (“IBR”) as relates to the valuation of our right-of-use assets and lease liabilities. Actual results may differ from those estimates. |
New Accounting Standards And Accounting Changes | New Accounting Standards and Accounting Changes 1) In the fourth quarter of 2020, we adopted certain practical expedients provided by ASU 2020-04 Reference Rate Reform (Topic 848) . This new guidance contains optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. We have elected certain expedients which permit us to i) continue the method of assessing hedge effectiveness such that the reference rate on the hypothetical derivative matches the reference rate on the hedging instrument and ii) to continue to assert probability of the relevant hedged interest payments regardless of any expected modification in terms related to reference rate reform. The guidance allows for different expedient elections to be made at different points in time, and to this end the Company intends to reassess its elections of such expedients as and when alternations become necessary 2) On April 8, 2020, the FASB released FASB Staff Q&A Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic . This provides optional relief when accounting for modifications to leases obtained as a result of COVID-19 which otherwise would have required full modification assessment under ASC 842. Where we have obtained rent concessions from our landlords, or provided concessions to our tenants, we have elected not to perform the standard Topic 842 modification evaluation where the concession does not result in the total consideration required by the contract being substantially less than the total consideration originally required by the contract. Under the guidance, where we have received or provided deferrals of rent, we have recorded the deferrals as receivables or payables, and where we have received or provided abatements, we have recorded these as variable rents in the consolidated statements of income. 3) In the second quarter of 2020, in order to account for certain wage subsidies received from the Australian and New Zealand governments, we adopted International Accounting Standard 20 - Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”). The aim of these Australian and New Zealand government subsidies is to protect as many jobs as possible during the COVID-19 Pandemic by subsidizing the wages of employees, using the administrative capabilities of employers to forward such subsidies to their employees. The subsidies are not loans to employees or employers. U.S. GAAP has no codified accounting guidance concerning the measurement and presentation of such government grants, and in lieu of such guidance, common practice is to refer to IAS 20. IAS 20 permits entities to account for government grants on a gross basis, showing grants receivable as income and the associated expense as costs, or on a net basis, by deducting the grant from the related expense. The nature of the wage subsidies is such that, without them, our Company would likely have reduced its wages and salaries expense through the termination of certain employees. In order to faithfully present the transaction, our Company has therefore elected to present wages and salaries expense net of government grants. The impacted wages and salaries costs are contained within ‘other operating expenses’ and ‘general and administrative expenses’ in our cinema and real estate segments. For the three months to March 31, 2021, we have received subsidies totaling AU$ 2.8 million ($US 2.2 million). For the three months to March 31, 2021, no subsidies were received in New Zealand as that subsidy program finished in 2020. No subsidies were received in the first three months of 2020. There are no unfulfilled conditions or contingencies relating to these subsidies as at March 31, 2021. 4) On January 1, 2020, we adopted ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) : Simplifying the Test for Goodwill Impairment. This new guidance removes the second step of the two-step impairment test for measuring goodwill and is to be applied on a prospective basis only. Adoption of this standard has no material effect on our consolidated financial statements. 5) On January 1, 2020, we adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) . This new guidance replaces the incurred loss impairment methodology under prior GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. We have no history of significant bad debt losses and as such adoption of this standard has no material effect on our consolidated financial statements. |
Description Of Business And S_2
Description Of Business And Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Description Of Business And Segment Reporting [Abstract] | |
Summary Of Results Of Operations For Principal Business Segments | Three Months Ended March 31, (Dollars in thousands) 2021 2020 Revenue: Cinema exhibition $ 18,115 $ 46,310 Real estate 3,323 4,602 Inter-segment elimination ( 131 ) ( 1,684 ) $ 21,307 $ 49,228 Segment operating income (loss): Cinema exhibition $ ( 8,275 ) $ ( 2,654 ) Real estate ( 1,368 ) 187 $ ( 9,643 ) $ ( 2,467 ) |
Reconciliation To Net Income Attributable To Common Shareholders | Three Months Ended March 31, (Dollars in thousands) 2021 2020 Segment operating income (loss) $ ( 9,643 ) $ ( 2,467 ) Unallocated corporate expense Depreciation and amortization expense ( 231 ) ( 192 ) General and administrative expense ( 4,103 ) ( 4,380 ) Interest expense, net ( 4,363 ) ( 1,789 ) Equity earnings of unconsolidated joint ventures ( 50 ) 78 Gain (loss) on sale of assets 46,545 — Other income (expense) 1,641 ( 218 ) Income (loss) before income tax expense $ 29,796 $ ( 8,968 ) |
Operations In Foreign Currency
Operations In Foreign Currency (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 December 31, 2020 March 31, 2020 Spot Rate Australian Dollar 0.7613 0.7709 0.6139 New Zealand Dollar 0.6989 0.7194 0.5959 Average Rate Australian Dollar 0.7730 0.6904 0.6578 New Zealand Dollar 0.7194 0.6504 0.6349 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings (Loss) Per Share | Three Months Ended March 31, (Dollars in thousands, except share data) 2021 2020 Numerator: Net income (loss) attributable to RDI common stockholders $ 18,965 $ ( 5,875 ) Denominator: Weighted average number of common stock – basic 21,761,307 21,752,371 Weighted average dilutive impact of awards 408,961 367,250 Weighted average number of common stock – diluted 22,170,268 22,119,621 Basic earnings (loss) per share attributable to RDI common stockholders $ 0.87 $ ( 0.27 ) Diluted earnings (loss) per share attributable to RDI common stockholders $ 0.86 $ ( 0.27 ) Awards excluded from diluted earnings (loss) per share 514,341 678,377 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | March 31, December 31, (Dollars in thousands) 2021 2020 Land $ 71,008 $ 82,286 Building and improvements 222,998 253,419 Leasehold improvements 58,741 59,054 Fixtures and equipment 194,405 201,518 Construction-in-progress 9,116 9,285 Total cost 556,268 605,562 Less: accumulated depreciation ( 239,115 ) ( 252,437 ) Operating property, net $ 317,153 $ 353,125 |
Summary Of Investment And Development Property | March 31, December 31, (Dollars in thousands) 2021 2020 Land $ 4,249 $ 5,936 Construction-in-progress (including capitalized interest) 5,479 5,634 Investment and development property $ 9,728 $ 11,570 |
Construction-In-Progress Balance | (Dollars in thousands) Balance, December 31, 2020 Additions during the period (1) Completed during the period Transferred to Held for Sale Foreign currency translation Balance, March 31, 2021 Courtenay Central development 7,255 4 — — ( 207 ) 7,052 Cinema developments and improvements 6,357 1,471 ( 892 ) — ( 22 ) 6,914 Other real estate projects 1,307 432 ( 988 ) ( 121 ) ( 1 ) 629 Total $ 14,919 $ 1,907 $ ( 1,880 ) $ ( 121 ) $ ( 230 ) $ 14,595 (1) No interest was capitalized for the quarter ended March 31, 2021 |
Gain On Sale Of Property | Coachella, California At March 31, 2021, we were the managing member and 50 % owner of Shadow View Land and Farming LLC, which up until March 5, 2021 was the owner of approximately 202 acres of undeveloped land in Coachella, California. The land has now been sold. In December 2020, we classified the non-income producing land at Coachella as held for sale as part of our strategy to monetize certain real estate assets in order to provide the necessary cash to support our Company during the period affected by COVID-19. This disposal group, which consists of land and certain improvements to that land, was transferred to Land and Property Held for Sale at its book value of $ 4.4 million, being the lower of cost and fair value less costs to sell. No adjustments to the book value of this asset were required. The sale of this land was completed on March 5, 2021 for $ 11.0 million. As a 50 % member in Shadow View Land and Farming LLC, our Company received the benefit of 50 % of the sale proceeds, which have been distributed. These actions were approved by our Audit and Conflicts Committee. The gain on sale of this property is calculated as follows: March 31, (Dollars in thousands) 2021 Sales price $ 11,000 Net book value ( 4,351 ) Gain on sale, gross of direct costs 6,649 Direct costs incurred ( 301 ) Gain on sale, net of direct costs $ 6,348 Manukau, New Zealand In December 2020, we classified our non-income producing land at Manukau, New Zealand, as held for sale as part of our strategy to monetize real estate certain assets in order provide the necessary cash to support our Company during the period affected by COVID-19. This disposal group, which consists of land and certain improvements to that land, was transferred to Land Held for Sale at its book value of $ 13.5 million, being the lower of cost and fair value less costs to sell. No adjustments to the book value of this asset were required. The sale of this land was completed on March 4, 2021, for $ 56.1 million (NZ$ 77.2 million), of which NZ$ 1.0 million was received on February 23, 2021 and the balance of funds was received on March 4, 2021. The gain on sale of this property is calculated as follows: March 31, (Dollars in thousands) 2021 Sales price $ 56,058 Net book value ( 13,483 ) Gain on sale, gross of direct costs 42,575 Direct costs incurred ( 1,513 ) Gain on sale, net of direct costs $ 41,062 |
Investments In Unconsolidated_2
Investments In Unconsolidated Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Summary Of The Investments In Unconsolidated Joint Ventures And Entities | March 31, December 31, (Dollars in thousands) Interest 2021 2020 Rialto Cinemas 50.0 % $ 984 $ 1,065 Mt. Gravatt 33.3 % 3,912 3,960 Total investments $ 4,896 $ 5,025 |
Summary Of Equity Earnings (Losses) From Investments In Unconsolidated Joint Ventures | Three Months Ended March 31, (Dollars in thousands) 2021 2020 Rialto Cinemas $ ( 51 ) $ ( 14 ) Mt. Gravatt 1 92 Total equity earnings $ ( 50 ) $ 78 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets [Abstract] | |
Summary Of Goodwill | (Dollars in thousands) Cinema Real Estate Total Balance at December 31, 2020 $ 22,892 $ 5,224 $ 28,116 Foreign currency translation adjustment ( 667 ) — ( 667 ) Balance at March 31, 2021 $ 22,225 $ 5,224 $ 27,449 |
Summary Of Intangible Assets Other Than Goodwill | As of March 31, 2021 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 12,426 $ 9,058 $ 5,027 $ 26,511 Less: Accumulated amortization ( 10,393 ) ( 7,448 ) ( 4,656 ) ( 22,497 ) Less: Impairments — — ( 17 ) ( 17 ) Net intangible assets other than goodwill $ 2,033 $ 1,610 $ 354 $ 3,997 As of December 31, 2020 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 12,451 $ 9,058 $ 4,764 $ 26,273 Less: Accumulated amortization ( 10,375 ) ( 7,377 ) ( 4,533 ) ( 22,285 ) Less: Impairments — — ( 17 ) ( 17 ) Net intangible assets other than goodwill $ 2,076 $ 1,681 $ 214 $ 3,971 |
Summary Of Amortization Expense | Three Months Ended March 31, (Dollars in thousands) 2021 2020 Beneficial lease amortization $ 29 $ 25 Other amortization 166 76 Total intangible assets amortization $ 195 $ 101 |
Prepaid And Other Assets (Table
Prepaid And Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Prepaid And Other Assets [Abstract] | |
Summary Of Prepaid And Other Assets | March 31, December 31, (Dollars in thousands) 2021 2020 Prepaid and other current assets Prepaid expenses $ 1,945 $ 1,946 Prepaid rent 88 162 Prepaid taxes 816 455 Income taxes receivable 2,016 5,572 Deposits 245 245 Investment in marketable securities 25 26 Restricted cash 7 8 Total prepaid and other current assets $ 5,142 $ 8,414 Other non-current assets Straight-line rent asset 5,920 6,050 Other non-cinema and non-rental real estate assets 1,134 1,134 Investment in Reading International Trust I 838 838 Long-term deposits 12 8 Total other non-current assets $ 7,904 $ 8,030 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Borrowings [Abstract] | |
Summary Of Borrowings | As of March 31, 2021 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (1) Stated Interest Rate Effective Interest Rate Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 $ 26,561 4.21 % 4.21 % Bank of America Credit Facility (USA) March 6, 2023 55,000 49,900 49,690 4.00 % 4.00 % Bank of America Line of Credit (USA) March 6, 2023 5,000 5,000 5,000 3.11 % 3.11 % Cinemas 1, 2, 3 Term Loan (USA) April 1, 2022 24,477 24,477 24,106 4.25 % 4.25 % Minetta & Orpheum Theatres Loan (USA) (2) November 1, 2023 8,000 8,000 7,922 2.17 % 5.15 % U.S. Corporate Office Term Loan (USA) January 1, 2027 9,124 9,124 9,037 4.64 % / 4.44 % 4.61 % Purchase Money Promissory Note (USA) September 18, 2024 2,553 2,553 2,553 5.00 % 5.00 % Denominated in foreign currency ("FC") (3) NAB Corporate Term Loan (AU) December 31, 2023 93,640 93,640 93,454 1.81 % 1.81 % Westpac Bank Corporate (NZ) December 31, 2023 22,365 22,365 22,365 2.95 % 2.95 % $ 248,072 $ 242,972 $ 240,688 (1) Net of deferred financing costs amounting to $ 2.3 million. (2) The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 5.15 %. (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 March 31, 2021. As of December 31, 2020 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (1) Stated Interest Rate Effective Interest Rate Denominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 $ 26,505 4.27 % 4.27 % Bank of America Credit Facility (USA) March 6, 2023 55,000 51,200 50,990 4.00 % 4.00 % Bank of America Line of Credit (USA) March 6, 2023 5,000 5,000 5,000 3.15 % 3.15 % Cinemas 1, 2, 3 Term Loan (USA) April 1, 2022 24,625 24,625 24,248 4.25 % 4.25 % Minetta & Orpheum Theatres Loan (USA) (2) November 1, 2023 8,000 8,000 7,914 2.20 % 5.15 % U.S. Corporate Office Term Loan (USA) January 1, 2027 9,186 9,186 9,095 4.64 % / 4.44 % 4.64 % Union Square Construction Financing (USA) March 31, 2021 50,000 40,623 40,620 17.50 % 17.50 % Purchase Money Promissory Note September 18, 2024 2,883 2,883 2,883 5.00 % 5.00 % Denominated in foreign currency ("FC") (3) NAB Corporate Term Loan (AU) December 31, 2023 94,821 92,508 92,307 1.81 % 1.81 % Westpac Bank Corporate (NZ) December 31, 2023 23,021 23,021 23,021 2.95 % 2.95 % Total $ 300,449 $ 284,959 $ 282,583 (1) Net of deferred financing costs amounting to $ 2.4 million. (2) The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 5.15 %. (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, 2020. |
Schedule Of Long-term Debt Instruments, Net Of The Deferred Financing Costs | March 31, December 31, Balance Sheet Caption 2021 2020 Debt - current portion $ 1,606 $ 41,459 Debt - long-term portion 211,836 213,779 Subordinated debt - current portion 685 840 Subordinated debt - long-term portion 26,561 26,505 Total borrowings $ 240,688 $ 282,583 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Liabilities [Abstract] | |
Summary Of Other Liabilities Including Pension | March 31, December 31, (Dollars in thousands) 2021 2020 Current liabilities Liability for demolition costs 2,844 2,928 Accrued pension 684 684 Security deposit payable 132 132 Finance lease liabilities 49 49 Other 33 33 Other current liabilities $ 3,742 $ 3,826 Other liabilities Lease make-good provision 7,416 7,408 Accrued pension 3,940 4,048 Deferred rent liability 2,827 2,897 Environmental reserve 1,656 1,656 Lease liability 5,900 5,900 Acquired leases 29 31 Finance lease liabilities 56 69 Other — 8 Other non-current liabilities $ 21,824 $ 22,017 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 $ 14,966 $ ( 12 ) $ ( 2,135 ) $ ( 317 ) $ 12,502 Change related to derivatives Total change in hedge fair value recorded in Other Comprehensive Income — — — 1 1 Amounts reclassified from accumulated other comprehensive income — — — 60 60 Net change related to derivatives — — — 61 61 Net current-period other comprehensive income (loss) ( 2,657 ) ( 1 ) 52 61 ( 2,545 ) Balance at March 31, 2021 $ 12,309 $ ( 13 ) $ ( 2,083 ) $ ( 256 ) $ 9,957 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Non-controlling Interests [Abstract] | |
Components Of Non-controlling Interests | March 31, December 31, (Dollars in thousands) 2021 2020 Australian Country Cinemas, Pty Ltd $ 8 $ ( 51 ) Shadow View Land and Farming, LLC ( 17 ) 2,131 Sutton Hill Properties, LLC 1,215 1,324 Noncontrolling interests in consolidated subsidiaries $ 1,206 $ 3,404 |
Components Of Income Attributable To Non-controlling Interest | Three Months Ended March 31, (Dollars in thousands) 2021 2020 Australian Country Cinemas, Pty Ltd $ 59 $ ( 1 ) Shadow View Land and Farming, LLC 3,152 ( 21 ) Sutton Hill Properties, LLC ( 108 ) ( 58 ) Net income (loss) attributable to noncontrolling interests $ 3,103 $ ( 80 ) |
Summary Of Changes In Controlling And Non-controlling Stockholders’ Equity | Common Shares Retained Accumulated Reading Class A Class A Class B Class B Additional Earnings Other International Inc. Total Non-Voting Par Voting Par Paid-In (Accumulated Treasury Comprehensive Stockholders’ Noncontrolling Stockholders’ (Dollars in thousands, except shares) Shares Value Shares Value Capital Deficit) Shares Income (Loss) Equity Interests Equity At January 1, 2021 20,069 $ 231 1,680 $ 17 $ 149,979 $ ( 44,553 ) $ ( 40,407 ) $ 12,502 $ 77,769 $ 3,404 $ 81,173 Net income (loss) — — — — — 18,965 — — 18,965 3,103 22,068 Other comprehensive income, net — — — — — — — ( 2,545 ) ( 2,545 ) — ( 2,545 ) Share-based compensation expense — — — — 464 — — — 464 — 464 Restricted Stock Units 52 1 — — ( 111 ) — — — ( 110 ) — ( 110 ) Distributions to noncontrolling stockholders — — — — — — — — — ( 5,300 ) ( 5,300 ) At March 31, 2021 20,121 $ 232 1,680 $ 17 $ 150,332 $ ( 25,588 ) $ ( 40,407 ) $ 9,957 $ 94,543 $ 1,207 $ 95,750 Common Shares Retained Accumulated Reading Class A Class A Class B Class B Additional Earnings Other International Inc. Total Non-Voting Par Voting Par Paid-In (Accumulated Treasury Comprehensive Stockholders’ Noncontrolling Stockholders’ (Dollars in thousands, except shares) Shares Value Shares Value Capital Deficit) Shares Income (Loss) Equity Interests Equity At January 1, 2020 20,103 $ 231 1,680 $ 17 $ 148,602 $ 20,647 $ ( 39,737 ) $ 5,589 $ 135,349 $ 4,267 $ 139,616 Net income (loss) — — — — — ( 5,875 ) — — ( 5,875 ) ( 80 ) ( 5,955 ) Other comprehensive income, net — — — — — — — ( 15,879 ) ( 15,879 ) ( 18 ) ( 15,897 ) Share-based compensation expense — — — — 336 — — — 336 — 336 Share repurchase plan ( 75 ) — — — — — ( 670 ) — ( 671 ) — ( 671 ) Restricted Stock Units 19 — — — ( 30 ) — — — ( 30 ) — ( 30 ) At March 31, 2020 20,047 $ 231 1,680 $ 17 $ 148,908 $ 14,772 $ ( 40,407 ) $ ( 10,290 ) $ 113,231 $ 4,169 $ 117,400 |
Stock-Based Compensation And _2
Stock-Based Compensation And Stock Repurchases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Stock-Based Compensation And Stock Repurchases [Abstract] | |
Summary Of Stock Options Outstanding And Exercisable | 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, 2019 711,377 $ 14.74 2.79 $ 136,350 Granted 38,803 4.66 — — Exercised — — — — Forfeited ( 36,701 ) 14.74 — — Balance - December 31, 2020 713,479 $ 14.64 2.18 $ 13,969 Granted — — — — Exercised — — — — Forfeited ( 135,335 ) 11.84 — — Balance - March 31, 2021 578,144 $ 14.77 1.92 $ 34,535 |
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, 2021 March 31, 2021 March 31, 2021 March 10, 2016 35,147 27,381 62,528 62,264 — 264 April 11, 2016 — 5,625 5,625 5,108 — 517 March 23, 2017 30,681 32,463 63,144 62,612 — 532 August 29, 2017 — 7,394 7,394 7,394 — — January 2, 2018 29,393 — 29,393 29,393 — — April 12, 2018 — 29,596 29,596 14,547 13,078 1,971 April 13, 2018 — 14,669 14,669 7,336 7,333 — July 6, 2018 — 932 932 — — 932 November 7, 2018 23,010 — 23,010 23,010 — — March 13, 2019 — 24,366 24,366 10,632 10,630 3,104 March 14, 2019 — 23,327 23,327 11,664 11,663 — May 7, 2019 11,565 — 11,565 11,565 — — March 10, 2020 — 287,163 287,163 48,416 237,929 818 December 14, 2020 — 43,260 43,260 — 42,716 544 December 16, 2020 60,084 11,459 71,543 — 71,543 — Total 189,880 507,635 697,515 293,941 394,892 8,682 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Components Of Lease Expense | Three Months Ended March 31, (Dollars in thousands) 2021 2020 Lease cost Finance lease cost: Amortization of right-of-use assets $ 12 $ 39 Interest on lease liabilities 1 2 Operating lease cost 8,308 7,719 Variable lease cost ( 1,165 ) 49 Total lease cost $ 7,156 $ 7,809 |
Supplemental Cash Flow Information Related To Leases | Three Months Ended March 31, (Dollars in thousands) 2021 2020 Cash flows relating to lease cost Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 14 $ 41 Operating cash flows for operating leases 2,507 7,528 |
Supplemental Balance Sheet Information Related To Leases | March 31, December 31, (Dollars in thousands) 2021 2020 Operating leases Operating lease right-of-use assets $ 213,625 $ 220,503 Operating lease liabilities - current portion 22,983 22,699 Operating lease liabilities - non-current portion 205,723 212,806 Total operating lease liabilities $ 228,706 $ 235,505 Finance leases Property plant and equipment, gross 380 383 Accumulated depreciation ( 281 ) ( 271 ) Property plant and equipment, net $ 99 $ 112 Other current liabilities 49 49 Other long-term liabilities 56 69 Total finance lease liabilities $ 105 $ 118 Other information Weighted-average remaining lease term - finance leases 2 3 Weighted-average remaining lease term - operating leases 10 11 Weighted-average discount rate - finance leases 5.27 % 5.27 % Weighted-average discount rate - operating leases 4.71 % 4.71 % |
Maturity Of Leases As Lessee | (Dollars in thousands) Operating leases Finance leases 2021 $ 24,947 $ 41 2022 33,202 43 2023 32,406 28 2024 30,531 — 2025 28,368 — Thereafter 143,508 — Total lease payments $ 292,962 $ 112 Less imputed interest ( 64,256 ) ( 7 ) Total $ 228,706 $ 105 |
Components Of Lease Income | Three Months Ended March 31, (Dollars in thousands) 2021 2020 Components of lease income Lease payments $ 2,701 $ 2,237 Variable lease payments 169 263 Total lease income $ 2,870 $ 2,500 |
Book Value Of Assets Under Operating Leases From Owned Assets | March 31, December 31, (Dollars in thousands) 2021 2020 Building and improvements Gross balance $ 139,120 $ 153,643 Accumulated depreciation ( 21,734 ) ( 26,107 ) Net Book Value $ 117,386 $ 127,536 |
Maturity Of Leases As Lessor | (Dollars in thousands) Operating leases 2021 $ 6,957 2022 8,580 2023 7,751 2024 6,870 2025 5,616 Thereafter 6,159 Total $ 41,933 |
Hedge Accounting (Tables)
Hedge Accounting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Hedge Accounting [Abstract] | |
Schedule Of Derivative Instruments On The Balance Sheet At Fair Value | Liability Derivatives March 31, December 31, 2021 2020 (Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair value Interest rate contracts Derivative financial instruments - current portion $ 218 Derivative financial instruments - current portion $ 218 Derivative financial instruments - non-current portion 152 Derivative financial instruments - non-current portion 212 Total derivatives designated as hedging instruments $ 370 $ 430 Total derivatives $ 370 $ 430 |
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 Three Months Ended March 31 2021 2020 Interest rate contracts Interest expense $ 60 $ 29 Total $ 60 $ 29 |
Summary Of Hedged Transactions That Affect Earnings | Loss Recognized in OCI on Derivatives (Effective Portion) (Dollars in thousands) Amount Three Months Ended March 31 2021 2020 Interest rate contracts $ ( 1 ) $ 243 Total $ ( 1 ) $ 243 Loss Reclassified from OCI into Income (Effective Portion) Line Item Amount Three Months Ended March 31 2021 2020 Interest expense $ 60 $ 29 Total $ 60 $ 29 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Measurements [Abstract] | |
Schedule Of Fair Value Carried At Cost And Measured On A Nonrecurring Basis | Fair Value Measurement at March 31, 2021 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 212,506 $ — $ — $ 215,689 $ 215,689 Subordinated debt 30,466 — — 20,199 20,199 $ 242,972 $ — $ — $ 235,888 $ 235,888 Fair Value Measurement at December 31, 2020 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 254,163 $ — $ — $ 258,525 $ 258,525 Subordinated debt 30,796 — — 20,423 20,423 $ 284,959 $ — $ — $ 278,948 $ 278,948 (1) These balances are presented before any deduction for deferred financing costs. |
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, 2021 | Mar. 31, 2020 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | $ 21,307 | $ 49,228 |
Segment operating income (loss) | (13,977) | (7,039) |
Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 21,307 | 49,228 |
Segment operating income (loss) | (9,643) | (2,467) |
Intersegment Eliminations [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | (131) | (1,684) |
Cinema Exhibition [Member] | Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 18,115 | 46,310 |
Segment operating income (loss) | (8,275) | (2,654) |
Real Estate [Member] | Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 3,323 | 4,602 |
Segment operating income (loss) | $ (1,368) | $ 187 |
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, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Segment operating income (loss) | $ (13,977) | $ (7,039) |
Depreciation and amortization expense | (5,650) | (5,270) |
General and administrative expense | (5,097) | (5,945) |
Equity earnings of unconsolidated joint ventures | (50) | 78 |
Gain (loss) on sale of assets | 46,545 | |
Other income (expense) | 1,641 | (218) |
Income (loss) before income taxes | 29,796 | (8,968) |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment operating income (loss) | (9,643) | (2,467) |
Unallocated Corporate Expense [Member] | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization expense | (231) | (192) |
General and administrative expense | (4,103) | (4,380) |
Interest expense, net | $ (4,363) | $ (1,789) |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021AUD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Subsidies received | $ 2.8 | $ 2,200,000 | $ 0 |
New Zealand [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Subsidies received | $ 0 |
Impact of COVID-19 Pandemic A_2
Impact of COVID-19 Pandemic And Liquidity (Narrative) (Details) $ in Millions | May 07, 2021USD ($) | May 07, 2021NZD ($) | Mar. 26, 2021USD ($) | Mar. 06, 2020USD ($) | Mar. 31, 2021USD ($)itemcountry | Mar. 31, 2021NZD ($)item | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | ||
Impact Of Covid [Line Items] | ||||||||||
Impairment of property | $ 0 | $ 217,000 | ||||||||
Working capital | $ (13,000,000) | (64,100,000) | ||||||||
Number of cinemas closed | item | 6 | 6 | ||||||||
Number of cinemas opened | item | 56 | 56 | ||||||||
Number of cinemas | item | 61 | |||||||||
Contractual Facility | $ 248,072,000 | 300,449,000 | ||||||||
Number of countries in which entity operates | country | 3 | |||||||||
Number of business plans | item | 2 | |||||||||
Proceeds from sale of assets | $ 65,569,000 | |||||||||
Repayment of long-term borrowings | $ 42,552,000 | $ 22,733,000 | ||||||||
Shadow View Land And Farming, LLC [Member] | ||||||||||
Impact Of Covid [Line Items] | ||||||||||
Ownership percentage by noncontrolling interest | 50.00% | |||||||||
Bank Of America Credit Facility [Member] | ||||||||||
Impact Of Covid [Line Items] | ||||||||||
Contractual Facility | $ 55,000,000 | $ 55,000,000 | 55,000,000 | |||||||
44 Union Square [Member] | ||||||||||
Impact Of Covid [Line Items] | ||||||||||
Repayment of notes payable | $ 40,600,000 | |||||||||
Secured debt | 0 | |||||||||
Westpac Bank Corporate Credit Facility [Member] | ||||||||||
Impact Of Covid [Line Items] | ||||||||||
Contractual Facility | $ 22,365,000 | [1] | $ 32 | $ 23,021,000 | [2] | |||||
United States [Member] | ||||||||||
Impact Of Covid [Line Items] | ||||||||||
Number of cinemas closed | item | 4 | 4 | ||||||||
Number of cinemas opened | item | 19 | 19 | ||||||||
Number of cinemas | item | 24 | |||||||||
Manukau, New Zealand And Coachella, California [Member] | ||||||||||
Impact Of Covid [Line Items] | ||||||||||
Proceeds from sale of assets | $ 60,000,000 | |||||||||
Subsequent Event [Member] | 44 Union Square [Member] | ||||||||||
Impact Of Covid [Line Items] | ||||||||||
Contractual Facility | $ 43,000,000 | |||||||||
Subsequent Event [Member] | Westpac Bank Corporate Credit Facility [Member] | ||||||||||
Impact Of Covid [Line Items] | ||||||||||
Repayment of long-term borrowings | $ 11,200,000 | $ 16 | ||||||||
[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 March 31, 2021. | |||||||||
[2] | 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, 2020. |
Operations In Foreign Currenc_2
Operations In Foreign Currency (Summary Of Currency Exchange Rates) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Australian Dollar [Member] | Spot Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.7613 | 0.6139 | 0.7709 |
Australian Dollar [Member] | Average Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.7730 | 0.6578 | 0.6904 |
New Zealand Dollar [Member] | Spot Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.6989 | 0.5959 | 0.7194 |
New Zealand Dollar [Member] | Average Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.7194 | 0.6349 | 0.6504 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021shares | |
Class A [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Shares repurchased plan, shares | 0 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to RDI common stockholders | $ 18,965 | $ (5,875) |
Weighted average number of common stock – basic | 21,761,307 | 21,752,371 |
Weighted average dilutive impact of awards | 408,961 | 367,250 |
Weighted average number of common stock – diluted | 22,170,268 | 22,119,621 |
Basic earnings (loss) per share attributable to RDI common stockholders | $ 0.87 | $ (0.27) |
Diluted earnings (loss) per share attributable to RDI common stockholders | $ 0.86 | $ (0.27) |
Awards excluded from diluted earnings (loss) per share | 514,341 | 678,377 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) $ in Thousands, $ in Millions, $ in Millions | Mar. 04, 2021NZD ($) | Mar. 31, 2021USD ($)a | Mar. 31, 2020USD ($) | Mar. 05, 2021USD ($) | Mar. 04, 2021USD ($) | Mar. 04, 2021NZD ($) | Feb. 28, 2021USD ($) | Jan. 31, 2021USD ($) | Jan. 31, 2021AUD ($) | Aug. 28, 2019USD ($) |
Property, Plant and Equipment [Line Items] | ||||||||||
Depreciation expense for operating property | $ 5,500 | $ 5,200 | ||||||||
Proceeds from sale of assets | $ 65,569 | |||||||||
Shadow View Land And Farming, LLC [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Area of property | a | 202 | |||||||||
Ownership percentage by parent | 50.00% | |||||||||
Village East Cinema, Manhattan [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Sale price | $ 5,900 | |||||||||
Lease term | 13 years | |||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Shadow View Land And Farming, LLC [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Percent of sale proceeds | 50.00% | |||||||||
Coachella, CA [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Book value | $ 4,351 | |||||||||
Sale price | 11,000 | $ 11,000 | ||||||||
Manukau, NZ [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Book value | 13,483 | |||||||||
Sale price | $ 56,058 | $ 56,100 | $ 77.2 | |||||||
Proceeds from sale of assets | $ 1 | |||||||||
Auburn / Redyard, New South Wales [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Book value | $ 28,700 | $ 37.7 | ||||||||
Royal George Theatre, Chicago [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Book value | $ 1,800 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property And Equipment [Abstract] | ||
Land | $ 71,008 | $ 82,286 |
Building and improvements | 222,998 | 253,419 |
Leasehold improvements | 58,741 | 59,054 |
Fixtures and equipment | 194,405 | 201,518 |
Construction-in-progress | 9,116 | 9,285 |
Total cost | 556,268 | 605,562 |
Less: accumulated depreciation | (239,115) | (252,437) |
Operating property, net | $ 317,153 | $ 353,125 |
Property And Equipment (Summary
Property And Equipment (Summary Of Investment And Development Property) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Investment and development property | $ 9,728 | $ 11,570 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development property | 4,249 | 5,936 |
Construction-In-Progress (Including Capitalized Interest) [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development property | $ 5,479 | $ 5,634 |
Property And Equipment (Constru
Property And Equipment (Construction-In-Progress Balance) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | ||
Property, Plant and Equipment [Line Items] | ||
Balance | $ 9,285 | |
Balance | 9,116 | |
Operating And Investing Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 14,919 | |
Additions during the period | 1,907 | [1] |
Completed during the period | (1,880) | |
Transferred to Held for Sale | (121) | |
Foreign currency translation | (230) | |
Balance | 14,595 | |
Operating And Investing Properties [Member] | Courtenay Central Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 7,255 | |
Additions during the period | 4 | [1] |
Foreign currency translation | (207) | |
Balance | 7,052 | |
Operating And Investing Properties [Member] | Cinema Developments And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 6,357 | |
Additions during the period | 1,471 | [1] |
Completed during the period | (892) | |
Foreign currency translation | (22) | |
Balance | 6,914 | |
Operating And Investing Properties [Member] | Other Real Estate Projects [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance | 1,307 | |
Additions during the period | 432 | [1] |
Completed during the period | (988) | |
Transferred to Held for Sale | (121) | |
Foreign currency translation | (1) | |
Balance | $ 629 | |
[1] | No interest was capitalized for the quarter ended March 31, 2021 |
Property And Equipment (Gain On
Property And Equipment (Gain On Sale Of Property) (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] $ in Thousands, $ in Millions | Mar. 31, 2021USD ($) | Mar. 05, 2021USD ($) | Mar. 04, 2021USD ($) | Mar. 04, 2021NZD ($) |
Coachella, CA [Member] | ||||
Real Estate Properties [Line Items] | ||||
Sale price | $ 11,000 | $ 11,000 | ||
Net book value | (4,351) | |||
Gain on sale, gross of direct costs | 6,649 | |||
Direct costs incurred | (301) | |||
Gain on sale, net of direct costs | 6,348 | |||
Manukau, NZ [Member] | ||||
Real Estate Properties [Line Items] | ||||
Sale price | 56,058 | $ 56,100 | $ 77.2 | |
Net book value | (13,483) | |||
Gain on sale, gross of direct costs | 42,575 | |||
Direct costs incurred | (1,513) | |||
Gain on sale, net of direct costs | $ 41,062 |
Investments In Unconsolidated_3
Investments In Unconsolidated Joint Ventures (Narrative) (Details) | Mar. 31, 2021item |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Number of joint venture investments | 2 |
Investments In Unconsolidated_4
Investments In Unconsolidated Joint Ventures (Summary Of The Investments In Unconsolidated Joint Ventures And Entities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Total Joint Ventures | $ 4,896 | $ 5,025 |
Mt. Gravatt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 33.30% | |
Total Joint Ventures | $ 3,912 | 3,960 |
Rialto Cinemas [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 50.00% | |
Total Joint Ventures | $ 984 | $ 1,065 |
Investments In Unconsolidated_5
Investments In Unconsolidated Joint Ventures (Summary Of Equity Earnings (Losses) From Investments In Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||
Total equity earnings | $ (50) | $ 78 |
Mt. Gravatt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total equity earnings | 1 | 92 |
Rialto Cinemas [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total equity earnings | $ (51) | $ (14) |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 28,116 |
Foreign currency translation adjustment | (667) |
Ending balance | 27,449 |
Cinema [Member] | |
Goodwill [Line Items] | |
Beginning balance | 22,892 |
Foreign currency translation adjustment | (667) |
Ending balance | 22,225 |
Real Estate [Member] | |
Goodwill [Line Items] | |
Beginning balance | 5,224 |
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, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 26,511 | $ 26,273 |
Less: accumulated amortization | (22,497) | (22,285) |
Less: impairment charges | (17) | (17) |
Net intangible assets other than goodwill | 3,997 | 3,971 |
Beneficial Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 12,426 | 12,451 |
Less: accumulated amortization | (10,393) | (10,375) |
Net intangible assets other than goodwill | 2,033 | 2,076 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 9,058 | 9,058 |
Less: accumulated amortization | (7,448) | (7,377) |
Net intangible assets other than goodwill | 1,610 | 1,681 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 5,027 | 4,764 |
Less: accumulated amortization | (4,656) | (4,533) |
Less: impairment charges | (17) | (17) |
Net intangible assets other than goodwill | $ 354 | $ 214 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Summary Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization | $ 195 | $ 101 |
Beneficial Lease Amortization [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization | 29 | 25 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization | $ 166 | $ 76 |
Prepaid And Other Assets (Summa
Prepaid And Other Assets (Summary Of Prepaid And Other Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Prepaid And Other Assets [Abstract] | ||
Prepaid expenses | $ 1,945 | $ 1,946 |
Prepaid rent | 88 | 162 |
Prepaid taxes | 816 | 455 |
Income taxes receivable | 2,016 | 5,572 |
Deposits | 245 | 245 |
Investment in marketable securities | 25 | 26 |
Restricted cash | 7 | 8 |
Total prepaid and other current assets | 5,142 | 8,414 |
Straight-line asset | 5,920 | 6,050 |
Other non-cinema and non-rental real estate assets | 1,134 | 1,134 |
Investment in Reading International Trust I | 838 | 838 |
Long-term deposits | 12 | 8 |
Total other non-current assets | $ 7,904 | $ 8,030 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Taxes [Abstract] | ||
Federal tax rate | 25.90% | 33.60% |
Borrowings (Bank Of America Cre
Borrowings (Bank Of America Credit Facility) (Narrative) (Details) - USD ($) $ in Thousands | Aug. 07, 2020 | Mar. 06, 2020 | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 248,072 | $ 300,449 | ||
Bank Of America Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual facility | $ 55,000 | $ 55,000 | $ 55,000 | |
Maturity date | Mar. 6, 2023 | Mar. 6, 2023 | Mar. 6, 2023 | |
Bank Of America Credit Facility [Member] | Eurodollar [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread over LIBOR | 3.00% | |||
Bank Of America Credit Facility [Member] | Floor Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread over LIBOR | 1.00% | |||
Minimum [Member] | Bank Of America Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.50% | |||
Maximum [Member] | Bank Of America Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.00% |
Borrowings (Bank Of America Lin
Borrowings (Bank Of America Line Of Credit) (Narrative) (Details) - USD ($) $ in Thousands | Aug. 07, 2020 | Mar. 06, 2020 | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 248,072 | $ 300,449 | ||
Bank Of America Line Of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Mar. 6, 2023 | Mar. 6, 2023 | Mar. 6, 2023 | |
Contractual facility | $ 5,000 | $ 5,000 | $ 5,000 | |
Spread over LIBOR | 1.00% |
Borrowings (Minetta And Orpheum
Borrowings (Minetta And Orpheum Theatres Loan) (Narrative) (Details) - USD ($) $ in Thousands | Oct. 12, 2018 | Mar. 31, 2021 | Dec. 31, 2020 | ||
Debt Instrument [Line Items] | |||||
Loan amount | $ 248,072 | $ 300,449 | |||
Minetta And Orpheum Theatres Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan amount | $ 7,500 | $ 8,000 | [1] | $ 8,000 | [1] |
Minetta And Orpheum Theatres Loan [Member] | Santander Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan amount | $ 8,000 | ||||
Debt instrument term | 5 years | ||||
[1] | The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 5.15 %. |
Borrowings (U.S. Corporate Offi
Borrowings (U.S. Corporate Office Term Loan) (Narrative) (Details) - USD ($) $ in Thousands | Jun. 26, 2017 | Dec. 13, 2016 | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 248,072 | $ 300,449 | ||
U.S. Corporate Office Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument term | 10 years | |||
Contractual facility | $ 8,400 | $ 9,124 | $ 9,186 | |
Interest rate | 4.44% | 4.64% | ||
Debt increase | $ 1,500 |
Borrowings (Cinema 1, 2, 3 Term
Borrowings (Cinema 1, 2, 3 Term Loan) (Narrative) (Details) $ in Thousands | Mar. 13, 2020USD ($) | Mar. 12, 2020USD ($) | Mar. 31, 2021USD ($)item | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 248,072 | $ 300,449 | ||
Sutton Hill Properties, LLC [Member] | ||||
Debt Instrument [Line Items] | ||||
Ownership percentage by parent | 75.00% | |||
US Cinema 1, 2, 3 Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual facility | $ 25,000 | $ 20,000 | $ 24,477 | $ 24,625 |
Interest rate | 4.25% | |||
Number of extension options | item | 2 | |||
Extension period | 6 months | |||
Maturity date | Apr. 1, 2022 | Apr. 1, 2022 | Apr. 1, 2022 |
Borrowings (Union Square Constr
Borrowings (Union Square Construction Financing) (Narrative) (Details) $ in Thousands | May 07, 2021USD ($)item | Jan. 24, 2020item | Aug. 08, 2019USD ($) | Dec. 29, 2016USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | ||||||
Contractual facility | $ 248,072 | $ 300,449 | ||||
Union Square Construction Financing [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 17.50% | |||||
Contractual facility | $ 57,500 | $ 50,000 | ||||
Maturity date | Dec. 29, 2020 | Mar. 31, 2021 | Mar. 31, 2021 | |||
Union Square Construction Financing [Member] | BankOZK [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Facility Limit | 50,000 | |||||
Number of extension options | item | 2 | |||||
Extension period | 1 year | |||||
Union Square Construction Financing [Member] | Tammany Mezz Investor, LLC [Member] | Mezzanine Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Contractual facility | $ 7,500 | $ 7,500 | ||||
Subsequent Event [Member] | Union Square Construction Financing [Member] | Emerald Creek Capital [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Contractual facility | $ 55,000 | |||||
Number of extension options | item | 2 | |||||
Extension period | 12 months | |||||
Line of credit facility, term | 3 years | |||||
Floor Rate [Member] | Subsequent Event [Member] | Union Square Construction Financing [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Spread over LIBOR | 7.00% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | Union Square Construction Financing [Member] | Emerald Creek Capital [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Spread over LIBOR | 6.90% |
Borrowings (Purchase Money Prom
Borrowings (Purchase Money Promissory Note) (Narrative) (Details) - USD ($) $ in Millions | Sep. 18, 2019 | Mar. 31, 2021 | Dec. 31, 2020 |
Purchase Money Promissory Note [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Sep. 18, 2024 | Sep. 18, 2024 | Sep. 18, 2024 |
Interest rate | 5.00% | ||
Payment to repurchase shares | $ 3.5 | ||
Class A [Member] | |||
Debt Instrument [Line Items] | |||
Shares repurchased plan, shares | 0 | ||
Class A [Member] | Purchase Money Promissory Note [Member] | |||
Debt Instrument [Line Items] | |||
Shares repurchased plan, shares | 407,000 | ||
Payment to repurchase shares | $ 5.5 |
Borrowings (Westpac Bank Corpor
Borrowings (Westpac Bank Corporate Credit Facility (NZ)) (Narrative) (Details) $ in Thousands, $ in Millions | May 07, 2021USD ($) | May 07, 2021NZD ($) | Dec. 20, 2018NZD ($) | Dec. 19, 2018NZD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2021NZD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Jul. 27, 2020 | |||
Debt Instrument [Line Items] | ||||||||||||
Contractual facility | $ 248,072 | $ 300,449 | ||||||||||
Repayment of long-term borrowings | 42,552 | $ 22,733 | ||||||||||
Westpac Bank Corporate Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Contractual facility | $ 22,365 | [1] | $ 32 | $ 23,021 | [2] | |||||||
Maturity date | Dec. 31, 2023 | [1] | Dec. 31, 2023 | [1] | Dec. 31, 2023 | [2] | ||||||
Interest rate | 1.10% | 1.65% | ||||||||||
Westpac Bank Corporate Credit Facility [Member] | Bank Bill Swap Bid Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 2.40% | |||||||||||
Westpac Bank Corporate Credit Facility, Tranche 1 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Contractual facility | $ 32 | $ 35 | ||||||||||
Westpac Bank Corporate Credit Facility, Tranche 1 [Member] | Bank Bill Swap Bid Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 1.75% | |||||||||||
Westpac Bank Corporate Credit Facility, Tranche 2 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Contractual facility | $ 18 | |||||||||||
Subsequent Event [Member] | Westpac Bank Corporate Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayment of long-term borrowings | $ 11,200 | $ 16 | ||||||||||
[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 March 31, 2021. | |||||||||||
[2] | 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, 2020. |
Borrowings (Australian NAB Corp
Borrowings (Australian NAB Corporate Term Loan (AU)) (Narrative) (Details) - AUD ($) $ in Millions | Dec. 29, 2020 | Aug. 06, 2020 | Mar. 15, 2019 | Mar. 31, 2021 |
NAB Australian Corporate Term Loan And Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 123 | |||
Remaining credit after Jindalee has been repaid | 120 | |||
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 | |||
NAB Australian Corporate Term Loan And Revolver Tier 1, 2, 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread on variable interest rate | 1.75% | |||
Increased amount of credit line | 43 | |||
Jindalee, Queensland [Member] | NAB Australian Corporate Term Loan And Revolver Tier 1, 2, 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Increased amount of credit line | $ 3 | |||
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% |
Borrowings (Summary Of Borrowin
Borrowings (Summary Of Borrowings) (Details) $ in Thousands, $ in Millions | Mar. 13, 2020USD ($) | Mar. 12, 2020USD ($) | Mar. 06, 2020USD ($) | Jan. 24, 2020 | Sep. 18, 2019 | Oct. 12, 2018USD ($) | Dec. 29, 2016USD ($) | Dec. 13, 2016USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2021NZD ($) | Dec. 31, 2020USD ($) | ||||
Debt Instrument [Line Items] | |||||||||||||||
Contractual Facility | $ 248,072 | $ 300,449 | |||||||||||||
Balance Gross | 242,972 | 284,959 | |||||||||||||
Balance Net | 240,688 | [1] | 282,583 | [2] | |||||||||||
Deferred financing costs, net | $ 2,300 | $ 2,400 | |||||||||||||
Trust Preferred Securities [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maturity Date | Apr. 30, 2027 | Apr. 30, 2027 | Apr. 30, 2027 | ||||||||||||
Contractual Facility | $ 27,913 | $ 27,913 | |||||||||||||
Balance Gross | 27,913 | 27,913 | |||||||||||||
Balance Net | $ 26,561 | [1] | $ 26,505 | [2] | |||||||||||
Stated Interest Rate | 4.21% | 4.21% | 4.27% | ||||||||||||
Effective Interest Rate | 4.21% | 4.27% | |||||||||||||
Bank Of America Credit Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maturity Date | Mar. 6, 2023 | Mar. 6, 2023 | Mar. 6, 2023 | Mar. 6, 2023 | |||||||||||
Contractual Facility | $ 55,000 | $ 55,000 | $ 55,000 | ||||||||||||
Balance Gross | 49,900 | 51,200 | |||||||||||||
Balance Net | $ 49,690 | [1] | $ 50,990 | [2] | |||||||||||
Stated Interest Rate | 4.00% | 4.00% | 4.00% | ||||||||||||
Effective Interest Rate | 4.00% | 4.00% | |||||||||||||
Bank Of America Line Of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maturity Date | Mar. 6, 2023 | Mar. 6, 2023 | Mar. 6, 2023 | Mar. 6, 2023 | |||||||||||
Contractual Facility | $ 5,000 | $ 5,000 | $ 5,000 | ||||||||||||
Balance Gross | 5,000 | 5,000 | |||||||||||||
Balance Net | $ 5,000 | [1] | $ 5,000 | [2] | |||||||||||
Stated Interest Rate | 3.11% | 3.11% | 3.15% | ||||||||||||
Effective Interest Rate | 3.11% | 3.15% | |||||||||||||
US Cinema 1, 2, 3 Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maturity Date | Apr. 1, 2022 | Apr. 1, 2022 | Apr. 1, 2022 | Apr. 1, 2022 | |||||||||||
Contractual Facility | $ 25,000 | $ 20,000 | $ 24,477 | $ 24,625 | |||||||||||
Balance Gross | 24,477 | 24,625 | |||||||||||||
Balance Net | $ 24,106 | [1] | $ 24,248 | [2] | |||||||||||
Stated Interest Rate | 4.25% | 4.25% | 4.25% | ||||||||||||
Effective Interest Rate | 4.25% | 4.25% | |||||||||||||
Minetta And Orpheum Theatres Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maturity Date | [3] | Nov. 1, 2023 | Nov. 1, 2023 | Nov. 1, 2023 | |||||||||||
Contractual Facility | $ 7,500 | $ 8,000 | [3] | $ 8,000 | [3] | ||||||||||
Balance Gross | [3] | 8,000 | 8,000 | ||||||||||||
Balance Net | [3] | $ 7,922 | [1] | $ 7,914 | [2] | ||||||||||
Stated Interest Rate | [3] | 2.17% | 2.17% | 2.20% | |||||||||||
Effective Interest Rate | [3] | 5.15% | 5.15% | ||||||||||||
U.S. Corporate Office Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maturity Date | Jan. 1, 2027 | Jan. 1, 2027 | Jan. 1, 2027 | ||||||||||||
Contractual Facility | $ 8,400 | $ 9,124 | $ 9,186 | ||||||||||||
Balance Gross | 9,124 | 9,186 | |||||||||||||
Balance Net | $ 9,037 | [1] | $ 9,095 | [2] | |||||||||||
Effective Interest Rate | 4.61% | 4.64% | |||||||||||||
Union Square Construction Financing [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maturity Date | Dec. 29, 2020 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | |||||||||||
Contractual Facility | $ 57,500 | $ 50,000 | |||||||||||||
Balance Gross | 40,623 | ||||||||||||||
Balance Net | [2] | $ 40,620 | |||||||||||||
Stated Interest Rate | 17.50% | ||||||||||||||
Effective Interest Rate | 17.50% | ||||||||||||||
Purchase Money Promissory Note [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maturity Date | Sep. 18, 2024 | Sep. 18, 2024 | Sep. 18, 2024 | Sep. 18, 2024 | |||||||||||
Contractual Facility | $ 2,553 | $ 2,883 | |||||||||||||
Balance Gross | 2,553 | 2,883 | |||||||||||||
Balance Net | $ 2,553 | [1] | $ 2,883 | [2] | |||||||||||
Stated Interest Rate | 5.00% | 5.00% | 5.00% | ||||||||||||
Effective Interest Rate | 5.00% | 5.00% | |||||||||||||
NAB Australian Corporate Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maturity Date | Dec. 31, 2023 | [4] | Dec. 31, 2023 | [4] | Dec. 31, 2023 | [5] | |||||||||
Contractual Facility | $ 93,640 | [4] | $ 94,821 | [5] | |||||||||||
Balance Gross | 93,640 | [4] | 92,508 | [5] | |||||||||||
Balance Net | $ 93,454 | [1],[4] | $ 92,307 | [2],[5] | |||||||||||
Stated Interest Rate | 1.81% | [4] | 1.81% | [4] | 1.81% | [5] | |||||||||
Effective Interest Rate | 1.81% | [4] | 1.81% | [5] | |||||||||||
Westpac Bank Corporate Credit Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maturity Date | Dec. 31, 2023 | [4] | Dec. 31, 2023 | [4] | Dec. 31, 2023 | [5] | |||||||||
Contractual Facility | $ 22,365 | [4] | $ 32 | $ 23,021 | [5] | ||||||||||
Balance Gross | 22,365 | [4] | 23,021 | [5] | |||||||||||
Balance Net | $ 22,365 | [1],[4] | $ 23,021 | [2],[5] | |||||||||||
Stated Interest Rate | 2.95% | [4] | 2.95% | [4] | 2.95% | [5] | |||||||||
Effective Interest Rate | 2.95% | [4] | 2.95% | [5] | |||||||||||
Minimum [Member] | U.S. Corporate Office Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated Interest Rate | 4.44% | 4.44% | 4.44% | ||||||||||||
Maximum [Member] | U.S. Corporate Office Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated Interest Rate | 4.64% | 4.64% | 4.64% | ||||||||||||
[1] | Net of deferred financing costs amounting to $ 2.3 million. | ||||||||||||||
[2] | Net of deferred financing costs amounting to $ 2.4 million. | ||||||||||||||
[3] | The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 5.15 %. | ||||||||||||||
[4] | 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, 2021. | ||||||||||||||
[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, 2020. |
Borrowings (Schedule Of Long-te
Borrowings (Schedule Of Long-term Debt Instruments, Net Of The Deferred Financing Costs) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | ||
Borrowings [Abstract] | ||||
Debt – current portion | $ 1,606 | $ 41,459 | ||
Debt – long-term portion | 211,836 | 213,779 | ||
Subordinated debt - current portion | 685 | 840 | ||
Subordinated debt - long-term portion | 26,561 | 26,505 | ||
Total borrowings | $ 240,688 | [1] | $ 282,583 | [2] |
[1] | Net of deferred financing costs amounting to $ 2.3 million. | |||
[2] | Net of deferred financing costs amounting to $ 2.4 million. |
Other Liabilities (Narrative) (
Other Liabilities (Narrative) (Details) - USD ($) | Aug. 29, 2014 | Feb. 28, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 |
Other Liabilities [Line Items] | ||||||
Accrued pension liability | $ 7,500,000 | $ 3,940,000 | $ 4,048,000 | |||
Service cost | 0 | $ 0 | $ 0 | |||
Interest cost | 62,000 | 68,000 | ||||
Actuarial loss (gain) | $ (52,000) | $ (52,000) | ||||
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 | $ 4,600,000 | |||||
Payment related to annuity | $ 2,400,000 | |||||
Payment period | 42 months | |||||
Benefit obligation, gross | 10,200,000 | $ 10,200,000 | ||||
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, 2021 | Dec. 31, 2020 | Aug. 29, 2014 |
Other Liabilities [Abstract] | |||
Liability for demolition costs | $ 2,844 | $ 2,928 | |
Accrued pension | 684 | 684 | |
Security deposit payable | 132 | 132 | |
Finance lease liabilities | 49 | 49 | |
Other | 33 | 33 | |
Other current liabilities | 3,742 | 3,826 | |
Lease make-good provision | 7,416 | 7,408 | |
Accrued pension | 3,940 | 4,048 | $ 7,500 |
Deferred rent liability | 2,827 | 2,897 | |
Environmental reserve | 1,656 | 1,656 | |
Lease liability | 5,900 | 5,900 | |
Acquired leases | 29 | 31 | |
Finance lease liabilities | 56 | 69 | |
Other | 8 | ||
Other non-current liabilities | $ 21,824 | $ 22,017 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Summary Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 12,502 | |
Total change in hedge fair value recorded in Other Comprehensive Income | 1 | |
Amounts reclassified from accumulated other comprehensive income | 60 | |
Net change related to derivatives | 61 | $ (214) |
Net current-period other comprehensive income (loss) | (2,545) | |
Balance | 9,957 | |
Foreign Currency Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 14,966 | |
Net current-period other comprehensive income (loss) | (2,657) | |
Balance | 12,309 | |
Unrealized Gain (Losses) On Available-For-Sale Investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (12) | |
Net current-period other comprehensive income (loss) | (1) | |
Balance | (13) | |
Accrued Pension Service Costs [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (2,135) | |
Net current-period other comprehensive income (loss) | 52 | |
Balance | (2,083) | |
Hedge Accounting Reserve [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (317) | |
Total change in hedge fair value recorded in Other Comprehensive Income | 1 | |
Amounts reclassified from accumulated other comprehensive income | 60 | |
Net change related to derivatives | 61 | |
Net current-period other comprehensive income (loss) | 61 | |
Balance | $ (256) |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) | Oct. 01, 2020USD ($) | Mar. 31, 2021item |
Cotter, Jr., Derivative Litigation [Member] | ||
Commitments And Contingencies [Line Items] | ||
Damages sought | $ | $ 809,000 | |
California Employment Litigation [Member] | ||
Commitments And Contingencies [Line Items] | ||
Number of new claims filed | item | 2 |
Non-controlling Interests (Narr
Non-controlling Interests (Narrative) (Details) | Mar. 31, 2021 |
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, 2021 | Dec. 31, 2020 | |
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | $ 1,206 | $ 3,404 |
Australian Country Cinemas, Pty Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | 8 | (51) |
Shadow View Land And Farming, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | (17) | 2,131 |
Sutton Hill Properties, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | $ 1,215 | $ 1,324 |
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, 2021 | Mar. 31, 2020 | |
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | $ 3,103 | $ (80) |
Australian Country Cinemas, Pty Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | 59 | (1) |
Shadow View Land And Farming, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | 3,152 | (21) |
Sutton Hill Properties, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | $ (108) | $ (58) |
Non-controlling Interests (Summ
Non-controlling Interests (Summary Of Changes In Controlling And Non-controlling Stockholders’ Equity) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance | $ (40,407,000) | |
Balance | 81,173,000 | $ 139,616,000 |
Net income (loss) | 22,068,000 | (5,955,000) |
Other comprehensive income, net | (2,545,000) | (15,897,000) |
Share-based compensation expense | 464,000 | 336,000 |
Share repurchase plan | (671,000) | |
Restricted Stock Units | (110,000) | (30,000) |
Distributions to noncontrolling stockholders | (5,300,000) | |
Balance | 95,750,000 | 117,400,000 |
Balance | (40,407,000) | |
Additional Paid-In Capital [Member] | ||
Balance | 149,979,000 | 148,602,000 |
Share-based compensation expense | 464,000 | 336,000 |
Restricted Stock Units | (111,000) | (30,000) |
Balance | 150,332,000 | 148,908,000 |
Retained Earnings (Accumulated Deficit) [Member] | ||
Balance | (44,553,000) | 20,647,000 |
Net income (loss) | 18,965,000 | (5,875,000) |
Balance | (25,588,000) | 14,772,000 |
Treasury Shares [Member] | ||
Balance | (40,407,000) | $ (39,737) |
Share repurchase plan, shares | (670) | |
Balance | (40,407,000) | $ (40,407) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Balance | 12,502,000 | 5,589,000 |
Other comprehensive income, net | (2,545,000) | (15,879,000) |
Balance | 9,957,000 | (10,290,000) |
Reading International Inc. Stockholders' Equity [Member] | ||
Balance | 77,769,000 | 135,349,000 |
Net income (loss) | 18,965,000 | (5,875,000) |
Other comprehensive income, net | (2,545,000) | (15,879,000) |
Share-based compensation expense | 464,000 | 336,000 |
Share repurchase plan | (671,000) | |
Restricted Stock Units | (110,000) | (30,000) |
Balance | 94,543,000 | 113,231,000 |
Noncontrolling Interests [Member] | ||
Balance | 3,404,000 | 4,267,000 |
Net income (loss) | 3,103,000 | (80,000) |
Other comprehensive income, net | (18,000) | |
Distributions to noncontrolling stockholders | (5,300,000) | |
Balance | $ 1,207,000 | 4,169,000 |
Class A [Member] | ||
Balance, shares | 20,068,607 | |
Balance, shares | 20,120,625 | |
Class A [Member] | Common Stock Shares Outstanding [Member] | ||
Balance | $ 231,000 | $ 231,000 |
Balance, shares | 20,069 | 20,103 |
Share repurchase plan, shares | (75) | |
Restricted Stock Units | $ 1,000 | |
Restricted Stock Units, shares | 52 | 19 |
Balance | $ 232,000 | $ 231,000 |
Balance, shares | 20,121 | 20,047 |
Class B [Member] | ||
Balance, shares | 1,680,590 | |
Balance, shares | 1,680,590 | |
Class B [Member] | Common Stock Shares Outstanding [Member] | ||
Balance | $ 17,000 | $ 17,000 |
Balance, shares | 1,680 | 1,680 |
Balance | $ 17,000 | $ 17,000 |
Balance, shares | 1,680 | 1,680 |
Stock-Based Compensation And _3
Stock-Based Compensation And Stock Repurchases (Narrative) (Details) - USD ($) | Dec. 16, 2020 | Dec. 16, 2020 | Mar. 10, 2020 | Mar. 05, 2020 | May 07, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Mar. 02, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of Stock Options, Granted | 0 | ||||||||
Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation expense | $ 101,000 | $ 120,000 | |||||||
Unrecognized estimated compensation cost related to non-vested stock options granted | $ 500,000 | ||||||||
Recognition period of unrecognized compensation cost | 1 year 3 months 7 days | ||||||||
Share price | $ 5.55 | ||||||||
Intrinsic unrealized value of all options outstanding, vested and expected to vest | $ 35,000 | ||||||||
Class A [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common Stock authorized for issuance | 1,527,595 | ||||||||
Shares repurchased plan, shares | 0 | ||||||||
Number of Stock Options, Granted | 38,803 | ||||||||
Class A [Member] | 2020 Stock Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common Stock authorized for issuance | 1,250,000 | ||||||||
Common Stock shares remaining for future issuances | 1,096,938 | ||||||||
Class A [Member] | Maximum [Member] | 2020 Stock Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Additional shares authorized | 154,089 | ||||||||
Class B [Member] | 2020 Stock Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common Stock authorized for issuance | 200,000 | ||||||||
2017 Stock Repurchase Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Repurchase program, amount authorized | $ 25,000,000 | ||||||||
Repurchase program, remaining amount authorized | $ 26,000,000 | ||||||||
Stock buy-back program period | 2 years | ||||||||
2017 Stock Repurchase Plan [Member] | Class A [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Repurchase program, amount authorized | $ 25,000,000 | ||||||||
Repurchase program, remaining amount authorized | $ 26,000,000 | ||||||||
$25 Million Stock Repurchase Program [Member] | Class A Nonvoting Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Repurchase value | $ 24,000,000 | ||||||||
Share price | $ 7.30 | $ 13.39 | |||||||
Shares repurchased plan, shares | 25,000 | 1,792,819 | |||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation expense | $ 35,000 | $ 363,000 | $ 216,000 | ||||||
Unrecognized estimated compensation cost related to non-vested stock options granted | $ 2,200,000 | ||||||||
Vesting period of stock options and RSU | 1 year 6 months 21 days | ||||||||
Management [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period of stock options and RSU | 4 years | ||||||||
Percentage of shares vested | 25.00% | ||||||||
Non-employee Director [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of Stock Options, Granted | 38,803 | ||||||||
Non-employee Director [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of shares vested | 100.00% | ||||||||
Number of options, Granted | 60,084 | ||||||||
Executive Management And Other Employees [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period of stock options and RSU | 1 year | ||||||||
Percentage of shares vested | 100.00% | ||||||||
Number of options, Granted | 114,803 | 287,163 |
Stock-Based Compensation And _4
Stock-Based Compensation And Stock Repurchases (Summary Of Stock Options Outstanding And Exercisable) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Stock Options, Granted | 0 | ||
Class A [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Stock Options, Beginning balance | 713,479 | 711,377 | |
Number of Stock Options, Granted | 38,803 | ||
Number of Stock Options, Forfeited | (135,335) | (36,701) | |
Number of Stock Options Outstanding, Ending balance | 578,144 | 713,479 | 711,377 |
Weighted Average Exercise Price of Options Outstanding, Beginning price | $ 14.64 | $ 14.74 | |
Weighted Average Exercise Price of Options Outstanding, Granted | 4.66 | ||
Weighted Average Exercise Price of Options Outstanding, Forfeited | 11.84 | 14.74 | |
Weighted Average Exercise Price of Options Outstanding, Ending price | $ 14.77 | $ 14.64 | $ 14.74 |
Weighted Average Remaining Years of Contractual Life | 1 year 11 months 1 day | 2 years 2 months 4 days | 2 years 9 months 14 days |
Aggregate Intrinsic Value, Beginning balance | $ 13,969 | $ 136,350 | |
Aggregate Intrinsic Value, Ending balance | $ 34,535 | $ 13,969 | $ 136,350 |
Stock-Based Compensation And _5
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, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 697,515 |
Number of options, Vested | 293,941 |
Number of options, Forfeited | 8,682 |
Number of options, Unvested | 394,892 |
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 | 62,264 |
Number of options, Forfeited | 264 |
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 | 5,108 |
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 | 62,612 |
Number of options, Forfeited | 532 |
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 | 7,394 |
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, Vested | 14,547 |
Number of options, Forfeited | 1,971 |
Number of options, Unvested | 13,078 |
April 13, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 14,669 |
Number of options, Vested | 7,336 |
Number of options, Unvested | 7,333 |
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, Vested | 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, Vested | 10,632 |
Number of options, Forfeited | 3,104 |
Number of options, Unvested | 10,630 |
March 14, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 23,327 |
Number of options, Vested | 11,664 |
Number of options, Unvested | 11,663 |
May 7, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 11,565 |
Number of options, Vested | 11,565 |
March 10, 2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 287,163 |
Number of options, Vested | 48,416 |
Number of options, Forfeited | 818 |
Number of options, Unvested | 237,929 |
December 14, 2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 43,260 |
Number of options, Forfeited | 544 |
Number of options, Unvested | 42,716 |
December 16, 2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 71,543 |
Number of options, Unvested | 71,543 |
Directors [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 189,880 |
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 |
Directors [Member] | May 7, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 11,565 |
Directors [Member] | December 16, 2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 60,084 |
Management [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 507,635 |
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 |
Management [Member] | March 10, 2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 287,163 |
Management [Member] | December 14, 2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 43,260 |
Management [Member] | December 16, 2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 11,459 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Operating Leased Assets [Line Items] | |
Operating leases not yet commenced | $ 36 |
Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Remaining lease term | 1 year |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Remaining lease term | 20 years |
Renewal term | 20 years |
Real Estate [Member] | Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Lease term of contract | 1 year |
Real Estate [Member] | Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Lease term of contract | 20 years |
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 |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Amortization of right-of-use assets | $ 12 | $ 39 |
Interest on lease liabilities | 1 | 2 |
Operating lease cost | 8,308 | 7,719 |
Variable lease cost | (1,165) | 49 |
Total lease cost | $ 7,156 | $ 7,809 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating cash flows for finance leases | $ 14 | $ 41 |
Operating cash flows for operating leases | $ 2,507 | $ 7,528 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 213,625 | $ 220,503 |
Operating lease liabilities - current portion | 22,983 | 22,699 |
Operating lease liabilities - non-current portion | 205,723 | 212,806 |
Total operating lease liabilities | 228,706 | 235,505 |
Property plant and equipment, gross | 380 | 383 |
Accumulated depreciation | (281) | (271) |
Property plant and equipment, net | 99 | 112 |
Other current liabilities | 49 | 49 |
Other long-term liabilities | 56 | 69 |
Total finance lease liabilities | $ 105 | $ 118 |
Weighted-average remaining lease term - finance leases | 2 years | 3 years |
Weighted-average remaining lease term - operating leases | 10 years | 11 years |
Weighted-average discount rate - finance leases | 5.27% | 5.27% |
Weighted-average discount rate - operating leases | 4.71% | 4.71% |
Leases (Maturity Of Leases As L
Leases (Maturity Of Leases As Lessee) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating leases, 2021 | $ 24,947 | |
Operating leases, 2022 | 33,202 | |
Operating leases, 2023 | 32,406 | |
Operating leases, 2024 | 30,531 | |
Operating leases, 2025 | 28,368 | |
Operating leases, Thereafter | 143,508 | |
Operating leases, Total lease payments | 292,962 | |
Operating leases, Less imputed interest | (64,256) | |
Total operating lease liabilities | 228,706 | $ 235,505 |
Finance leases, 2021 | 41 | |
Finance leases, 2022 | 43 | |
Finance leases, 2023 | 28 | |
Finance leases, Total lease payments | 112 | |
Finance leases, Less imputed interest | (7) | |
Total finance lease liabilities | $ 105 | $ 118 |
Leases (Components Of Lease Inc
Leases (Components Of Lease Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Lease payments | $ 2,701 | $ 2,237 |
Variable lease payments | 169 | 263 |
Total lease income | $ 2,870 | $ 2,500 |
Leases (Book Value Of Assets Un
Leases (Book Value Of Assets Under Operating Leases From Owned Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Gross balance | $ 556,268 | $ 605,562 |
Accumulated depreciation | (239,115) | (252,437) |
Operating property, net | 317,153 | 353,125 |
Building And Improvements [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Gross balance | 139,120 | 153,643 |
Accumulated depreciation | (21,734) | (26,107) |
Operating property, net | $ 117,386 | $ 127,536 |
Leases (Maturity Of Leases As_2
Leases (Maturity Of Leases As Lessor) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Leases [Abstract] | |
2021 | $ 6,957 |
2022 | 8,580 |
2023 | 7,751 |
2024 | 6,870 |
2025 | 5,616 |
Thereafter | 6,159 |
Total | $ 41,933 |
Hedge Accounting (Narrative) (D
Hedge Accounting (Narrative) (Details) - Designated as Hedging Instrument [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 8,000,000 | $ 8,000,000 |
Derivative asset | 0 | |
Derivative ineffective portion | 0 | |
Derivative loss | $ 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, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - current portion | $ 218 | $ 218 |
Derivative financial instruments - non-current portion | 152 | 212 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives designated as hedging instruments | 370 | 430 |
Total derivatives | 370 | 430 |
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - non-current portion | 152 | 212 |
Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - current portion | $ 218 | $ 218 |
Hedge Accounting (Schedule Of C
Hedge Accounting (Schedule Of Changes in Fair value) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Income on Derivatives | $ 60 | $ 29 |
Interest Expense [Member] | Interest Rate Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Income on Derivatives | $ 60 | $ 29 |
Hedge Accounting (Summary Of He
Hedge Accounting (Summary Of Hedged Transactions That Affect Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Income on Derivatives (Effective Portion) | $ 1 | |
Loss Reclassified from OCI into Income (Effective Portion) | 60 | |
Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Income on Derivatives (Effective Portion) | (1) | $ 243 |
Loss Reclassified from OCI into Income (Effective Portion) | 60 | 29 |
Designated as Hedging Instrument [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss Reclassified from OCI into Income (Effective Portion) | 60 | 29 |
Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Income on Derivatives (Effective Portion) | $ (1) | $ 243 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers of assets and liabilities between level 1, 2, 3 | $ 0 | $ 0 | |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial liabilities | $ 483,000 | $ 430,000 |
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, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | $ 215,689 | $ 258,525 | |
Subordinated debt | 20,199 | 20,423 | |
Financial liabilities total | 235,888 | 278,948 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | 215,689 | 258,525 | |
Subordinated debt | 20,199 | 20,423 | |
Financial liabilities total | 235,888 | 278,948 | |
Carrying Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | [1] | 212,506 | 254,163 |
Subordinated debt | [1] | 30,466 | 30,796 |
Financial liabilities total | [1] | $ 242,972 | $ 284,959 |
[1] | These balances are presented before any deduction for deferred financing costs. |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) $ in Thousands, $ in Millions | May 07, 2021USD ($) | May 07, 2021NZD ($) | Dec. 29, 2016USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2021NZD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | ||
Subsequent Event [Line Items] | |||||||||
Repayment of long-term borrowings | $ 42,552 | $ 22,733 | |||||||
Contractual facility | 248,072 | $ 300,449 | |||||||
Westpac Bank Corporate Credit Facility [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Contractual facility | $ 22,365 | [1] | $ 32 | 23,021 | [2] | ||||
Westpac Bank Corporate Credit Facility [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Repayment of long-term borrowings | $ 11,200 | $ 16 | |||||||
Union Square Construction Financing [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Contractual facility | $ 57,500 | $ 50,000 | |||||||
Union Square Construction Financing [Member] | Subsequent Event [Member] | Emerald Creek Capital [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Contractual facility | $ 55,000 | ||||||||
[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 March 31, 2021. | ||||||||
[2] | 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, 2020. |