Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 08, 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 | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | READING INTERNATIONAL, INC. | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 95-3885184 | |
Entity Address, Address Line One | 189 Second Avenue, Suite 2S | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10003 | |
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 | true | |
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 | 20,128,815 | |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 90,887 | $ 26,826 |
Receivables | 2,565 | 2,438 |
Inventory | 1,123 | 1,059 |
Prepaid and other current assets | 10,910 | 8,414 |
Land and property held for sale | 17,730 | |
Total current assets | 105,485 | 56,467 |
Operating property, net | 306,610 | 353,125 |
Operating lease right-of-use assets | 226,855 | 220,503 |
Investment and development property, net | 9,647 | 11,570 |
Investment in unconsolidated joint ventures | 4,882 | 5,025 |
Goodwill | 26,784 | 28,116 |
Intangible assets, net | 3,470 | 3,971 |
Deferred tax assets, net | 4,709 | 3,362 |
Other assets | 6,719 | 8,030 |
Total assets | 695,161 | 690,169 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 40,513 | 38,877 |
Film rent payable | 1,709 | 2,473 |
Debt – current portion | 2,586 | 41,459 |
Subordinated debt - current portion | 702 | 840 |
Derivative financial instruments - current portion | 220 | 218 |
Taxes payable - current | 19,712 | 82 |
Deferred revenue | 8,602 | 10,133 |
Operating lease liabilities - current portion | 22,976 | 22,699 |
Other current liabilities | 3,650 | 3,826 |
Total current liabilities | 100,670 | 120,607 |
Debt – long-term portion | 212,667 | 213,779 |
Derivative financial instruments - non-current portion | 38 | 212 |
Subordinated debt, net | 26,672 | 26,505 |
Noncurrent tax liabilities | 7,499 | 13,070 |
Operating lease liabilities - non-current portion | 222,918 | 212,806 |
Other liabilities | 21,124 | 22,017 |
Total liabilities | 591,588 | 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 September 30, 2021 and December 31, 2020 | ||
Additional paid-in capital | 151,383 | 149,979 |
Retained earnings/(deficit) | (12,981) | (44,553) |
Treasury shares | (40,407) | (40,407) |
Accumulated other comprehensive income | 4,336 | 12,502 |
Total Reading International, Inc. stockholders' equity | 102,580 | 77,769 |
Noncontrolling Interests | 993 | 3,404 |
Total stockholders' equity | 103,573 | 81,173 |
Total liabilities and stockholders’ equity | 695,161 | 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 | Sep. 30, 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 | 33,064,923 | 33,004,717 |
Common stock, shares outstanding | 20,128,813 | 20,098,607 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues | ||||
Total revenues | $ 31,803 | $ 10,191 | $ 89,142 | $ 62,841 |
Costs and expenses | ||||
Depreciation and amortization | (5,560) | (5,612) | (17,011) | (16,149) |
General and administrative | (5,274) | (4,228) | (19,205) | (15,275) |
Total costs and expenses | (42,754) | (27,566) | (126,603) | (109,451) |
Operating income (loss) | (10,951) | (17,375) | (37,461) | (46,610) |
Interest expense, net | (3,068) | (2,379) | (10,437) | (6,176) |
Gain (loss) on sale of assets | 2,559 | (1) | 92,345 | (1) |
Other income (expense) | 440 | 10 | 2,236 | (186) |
Income (loss) before income tax expense and equity earnings of unconsolidated joint ventures | (11,020) | (19,745) | 46,683 | (52,973) |
Equity earnings of unconsolidated joint ventures | (75) | (97) | 158 | (292) |
Income (loss) before income taxes | (11,095) | (19,842) | 46,841 | (53,265) |
Income tax benefit (expense) | 895 | 490 | (12,380) | 5,070 |
Net income (loss) | (10,200) | (19,352) | 34,461 | (48,195) |
Less: net income (loss) attributable to noncontrolling interests | (105) | (124) | 2,889 | (389) |
Net income (loss) attributable to Reading International, Inc. | $ (10,095) | $ (19,228) | $ 31,572 | $ (47,806) |
Basic earnings (loss) per share | $ (0.46) | $ (0.88) | $ 1.45 | $ (2.20) |
Diluted earnings (loss) per share | $ (0.46) | $ (0.88) | $ 1.41 | $ (2.20) |
Weighted average number of shares outstanding-basic | 21,809,402 | 21,748,531 | 21,792,007 | 21,749,146 |
Weighted average number of shares outstanding-diluted | 21,809,402 | 21,748,531 | 22,462,657 | 21,749,146 |
Cinema [Member] | ||||
Revenues | ||||
Total revenues | $ 28,751 | $ 7,339 | $ 79,580 | $ 54,866 |
Costs and expenses | ||||
Costs and expenses | (29,237) | (15,817) | (82,485) | (71,769) |
Real Estate [Member] | ||||
Revenues | ||||
Total revenues | 3,052 | 2,852 | 9,562 | 7,975 |
Costs and expenses | ||||
Costs and expenses | $ (2,683) | $ (1,909) | $ (7,902) | $ (6,258) |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (10,200) | $ (19,352) | $ 34,461 | $ (48,195) |
Foreign currency translation gain (loss) | (4,138) | 3,478 | (8,494) | (1,574) |
Gain (loss) on cash flow hedges | 57 | 63 | 173 | (142) |
Other | 52 | 47 | 155 | 131 |
Comprehensive income (loss) | (14,229) | (15,764) | 26,295 | (49,780) |
Less: net income (loss) attributable to noncontrolling interests | (105) | (124) | 2,889 | (389) |
Less: comprehensive income (loss) attributable to noncontrolling interests | (2) | (7) | ||
Comprehensive income (loss) | $ (14,124) | $ (15,638) | $ 23,406 | $ (49,384) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Activities | ||
Net income (loss) | $ 34,461 | $ (48,195) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Equity earnings of unconsolidated joint ventures | (158) | 292 |
Distributions of earnings from unconsolidated joint ventures | 235 | |
Gain recognized on foreign currency transactions | (1,915) | |
(Gain) Loss on sale of assets | (92,345) | 1 |
Amortization of operating leases | 17,473 | 15,593 |
Amortization of finance leases | 37 | 79 |
Change in operating lease liabilities | (16,305) | (14,659) |
Interest on hedged derivatives | ||
Change in net deferred tax assets | (1,570) | (1,515) |
Depreciation and amortization | 17,011 | 16,149 |
Other amortization | 965 | 741 |
Stock based compensation expense | 1,521 | 1,063 |
Net changes in operating assets and liabilities: | ||
Receivables | 52 | 3,757 |
Prepaid and other assets | 2,272 | (3,056) |
Payments for accrued pension | (513) | (513) |
Accounts payable and accrued expenses | 8,395 | 4,349 |
Film rent payable | (710) | (6,767) |
Taxes payable | 20,507 | 1,916 |
Deferred revenue and other liabilities | (6,938) | 2,522 |
Net cash provided by (used in) operating activities | (17,760) | (28,008) |
Investing Activities | ||
Purchases of and additions to operating and investment properties | (11,511) | (16,310) |
Change in restricted cash | (6,148) | |
Contributions to unconsolidated joint ventures | (240) | |
Proceeds from sale of assets | 145,165 | |
Net cash provided by (used in) investing activities | 127,506 | (16,550) |
Financing Activities | ||
Repayment of borrowings | (79,357) | (28,910) |
Repayment of finance lease principal | (37) | (77) |
Proceeds from borrowings | 45,337 | 87,764 |
Capitalized borrowing costs | (1,481) | (275) |
Repurchase of Class A Nonvoting Common Stock | (1,150) | |
(Cash paid) proceeds from the settlement of employee share transactions | (116) | (43) |
Noncontrolling interest contributions | 30 | |
Noncontrolling interest distributions | (5,300) | |
Net cash provided by (used in) financing activities | (40,954) | 57,339 |
Effect of exchange rate changes on cash and cash equivalents | (4,731) | 2,859 |
Net increase (decrease) in cash and cash equivalents | 64,061 | 15,640 |
Cash and cash equivalents at January 1 | 26,826 | 12,135 |
Cash and cash equivalents at September 30 | 90,887 | 27,775 |
Supplemental Disclosures | ||
Interest paid | 9,677 | 7,618 |
Income taxes (refunded) paid | (6,265) | (712) |
Non-Cash Transactions | ||
Additions to operating and investing properties through accrued expenses | $ 1,889 | $ 2,595 |
Description Of Business And Seg
Description Of Business And Segment Reporting | 9 Months Ended |
Sep. 30, 2021 | |
Description Of Business And Segment Reporting [Abstract] | |
Description Of Business And Segment Reporting | Note 1 – Description of Business and Segment Reporting Our CompanyReading 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, owned and operated through our various subsidiaries, 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 SegmentsReported 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 have historically held undeveloped land in urban and suburban centers in the United States, Australia, and New Zealand. However, in the first quarter of 2021, we monetized our undeveloped land in Coachella, California, and Manukau, New Zealand. In the second quarter of 2021, we monetized our retail center Auburn/Redyard, Australia, which included approximately 2.6 acres of undeveloped land. In the second quarter of 2021, we monetized our Royal George theatre in Chicago. In the third quarter of 2021, we also monetized our Invercargill property in New Zealand. The table below summarizes the results of operations for each of our business segments for the quarter and nine months ended September 30, 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. Quarter Ended Nine Months Ended September 30, September 30,(Dollars in thousands) 2021 2020 2021 2020Revenue: Cinema exhibition $ 28,751 $ 7,339 $ 79,580 $ 54,866 Real estate 3,177 3,023 9,948 9,928 Inter-segment elimination (125) (171) (386) (1,953) $ 31,803 $ 10,191 $ 89,142 $ 62,841Segment operating income (loss): Cinema exhibition $ (5,057) $ (13,410) $ (20,680) $ (33,318) Real estate (1,485) (844) (3,907) (1,464) $ (6,542) $ (14,254) $ (24,587) $ (34,782) A reconciliation of segment operating income to income before income taxes is as follows: Quarter Ended Nine Months Ended September 30, September 30,(Dollars in thousands) 2021 2020 2021 2020Segment operating income (loss) $ (6,542) $ (14,254) $ (24,587) $ (34,782)Unallocated corporate expense Depreciation and amortization expense (300) (215) (917) (634) General and administrative expense (4,109) (2,906) (11,957) (11,194) Interest expense, net (3,068) (2,379) (10,437) (6,176)Equity earnings of unconsolidated joint ventures (75) (97) 158 (292)Gain (loss) on sale of assets 2,559 (1) 92,345 (1)Other income (expense) 440 10 2,236 (186)Income (loss) before income tax expense $ (11,095) $ (19,842) $ 46,841 $ (53,265) |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of ConsolidationThe 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 and nine months ended September 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Use of EstimatesThe 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. 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 quarter and nine months ended September 30, 2021, our Australian operations received subsidies totaling AU$nil and AU$3.5 million (U.S.$2.3 million) respectively. For the quarter and nine months ended September 30, 2021, our New Zealand operations received subsidies of NZ$288,000 (U.S.$200,000) in this same period. There were no unfulfilled conditions or contingencies relating to these subsidies at September 30, 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 | 9 Months Ended |
Sep. 30, 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 GeneralOn March 11, 2020, the World Health Organization (“WHO”) declared the novel coronavirus, COVID-19, a global pandemic. 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. These closures materially negatively impacted our revenues and profitability. However, as a result of the successful implementation of our management’s plans developed in the third quarter of 2020 to meet the challenges of COVID-19, as executed over the following three quarters, and the increasing health of the cinema segment, we have concluded that our Company has sufficient resources to meet its obligations as they become due within one year after the issuance of this report on Form 10-Q. Vaccination programs are advancing 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. 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. Cinema Segment Ongoing ImpactAs of September 30, 2021, substantially all of our U.S. cinemas are trading. Our Consolidated Theatre at Kapolei is temporarily closed due to renovations. Our Consolidated Theatre at Kahala was temporarily closed due to renovations but reopened on November 5, 2021. Our New Zealand circuit is fully open except for our Reading Cinemas at New Lynn which is temporarily closed due to an outbreak of the Delta variant of COVID-19 in Auckland, and Courtenay Central, which continues to be closed due to seismic concerns which predated the pandemic. A return to operation of this center has been delayed by our efforts to respond to COVID-19. We have been able to fully open our Australian circuit in 2021, and despite a resurgence of the COVID-19 virus in Q3 of 2021, all our Australian cinemas are open as of the date of this Report. The global performance of certain movies released in the first nine months of 2021 is encouraging. While not at 2019 pre-COVID levels, we see strong evidence that the general public wants to enjoy movies in a cinema environment. Relative to 2020, fewer tentpole movies are being rescheduled to later dates, an indication that Hollywood studios and other film distributors are growing in confidence that audiences are available, and are willing to go to the cinema again. Despite this, our results have not returned to pre-COVID levels, and continue to be adversely impacted in Australia and New Zealand, where outbreaks continue to result in lockdowns and consequential temporary closures of our cinemas. We continue to have confidence in the movies anticipated for release in the remainder of 2021 and in 2022, but there can be no assurances regarding their (i) box office potential, (ii) release dates, or (iii) portion of revenues generated by the theatrical window. Real Estate Segment Ongoing ImpactSubstantially all of our tenants in our Australian and New Zealand real estate businesses (excluding Courtenay Central) are currently open for trading. In the U.S., much of our real estate income has traditionally been generated by rental revenue from our live theatres. As of the date of this report, our Minetta and Orpheum theatres are conducting public performances. Liquidity ImpactThe continued disruption of our global cinemas caused by COVID-19 led to a significant decrease in our Company’s revenues and earnings for the three and nine month periods ended September 30, 2021, as compared to pre-COVID-19 operations. Such effects will likely continue, to varying degrees, until the virus is materially contained. As compared to the nine months ended September 30, 2020, our revenues and earnings have increased as we have been able to reopen many of our cinemas. Even though we are encouraged by the return of patrons to our cinemas and theatres 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. Going ConcernManagement continues to evaluate the going concern assertion required by ASC 205-40 Going Concern as it relates to our Company. 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 cumulative impact of COVID-19 on our cinema business led to the conclusion in the third quarter of 2020 that there was substantial doubt regarding our Company’s ability to continue as a going concern. Management’s plans to alleviate such substantial doubt included the adoption of plans to refinance our 44 Union Square property and the monetization of certain real estate assets. By June 2021, management had successfully executed these plans, as detailed at Note 11 – Borrowings regarding our refinancing plans, and Note 6 – Real Estate Transactions regarding our asset monetization plans. The execution of these plans generated cash inflows of $179.1 million. We have no material debt maturing until 2023. Using the funds generated, we have reduced our debt from $282.6 million at December 31, 2020 to $242.6 million at September 30, 2021. There have been no material business developments in the quarter ended September 30, 2021, that have negatively impacted our assessment of our going concern position. The Company’s financial position following the successful execution of these plans, and our forecasts and cash flow estimates based on our current expectations of industry performance and recovery, mean that our Company has sufficient resources to meet its obligations as they become due within one year after the issuance of this report on Form 10-Q. Management’s forecasts and cash flow estimates are based on the current expectation that the global cinema industry will continue to recover in 2021 and into 2022. Forecasts are by their nature inherently uncertain, but the effects of COVID-19 continue to cause greater forecasting difficulties than would otherwise exist in more stable economic times. While we are seeing substantial evidence of recovery, and at various times during the first nine months of 2021, 58 of our 62 cinemas worldwide have been open for business, our forecasts rely upon the ability and desire of moviegoers to return to the movie theatres. Many factors influencing this are outside of 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. Impairment Considerations Our Company considers that the events and factors described above constitute impairment indicators under ASC 360 Property, Plant and Equipment. 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 that which was expected during the December 31, 2020, impairment analysis process. This improved performance at an asset group level, and the impacts of this performance on our impairment modelling, resulted in no impairment charges being recognized for the quarter and nine months ended September 30, 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 the first and second quarters of 2021, no impairment of goodwill has been recognized for the quarter and nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 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 September 30, 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 take a global view of our financial resources and are 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 andfor thequarterended As of andfor thenine months ended As of andfor thetwelve monthsended As of andfor thequarterended As of andfor thenine months ended September 30, 2021 December 31, 2020 September 30, 2020Spot Rate Australian Dollar0.7228 0.7709 0.7160New Zealand Dollar0.6899 0.7194 0.6608Average Rate Australian Dollar0.7344 0.7592 0.6904 0.7156 0.6770New Zealand Dollar0.7004 0.7117 0.6504 0.6619 0.6384 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 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 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 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: Quarter Ended Nine Months Ended September 30, September 30,(Dollars in thousands, except share data) 2021 2020 2021 2020Numerator: Net income (loss) attributable to Reading International, Inc $ (10,095) (19,228) $ 31,572 $ (47,806)Denominator: Weighted average number of common stock – basic 21,809,402 21,748,531 21,792,007 21,749,146Weighted average dilutive impact of awards — — 670,650 —Weighted average number of common stock – diluted 21,809,402 21,748,531 22,462,657 21,749,146Basic earnings (loss) per share $ (0.46) (0.88) $ 1.45 $ (2.20)Diluted earnings (loss) per share $ (0.46) (0.88) $ 1.41 $ (2.20)Awards excluded from diluted earnings (loss) per share 492,344 674,676 517,344 674,676 Our weighted average number of common stock - basic increased, primarily as a result of the vesting of restricted stock units. During the first nine months of 2021, we did not 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 | 9 Months Ended |
Sep. 30, 2021 | |
Property And Equipment [Abstract] | |
Property And Equipment | Note 6 – Property and Equipment Operating Property, net As of September 30, 2021, and December 31, 2020, property associated with our operating activities is summarized as follows: September 30, December 31,(Dollars in thousands) 2021 2020Land $ 69,416 $ 82,286Building and improvements 219,238 253,419Leasehold improvements 58,305 59,054Fixtures and equipment 193,664 201,518Construction-in-progress 9,405 9,285Total cost 550,028 605,562Less: accumulated depreciation (243,418) (252,437)Operating property, net $ 306,610 $ 353,125 Depreciation expense for operating property was $5.1 million and $16.4 million for the quarter and nine months ended September 30, 2021, respectively, and $5.4 million and $15.6 million for the quarter and nine months ended September 30, 2020, respectively. Investment and Development Property, net As of September 30, 2021, and December 31, 2020, our investment and development property is summarized below: September 30, December 31,(Dollars in thousands) 2021 2020Land $ 4,196 $ 5,936Construction-in-progress (including capitalized interest) 5,451 5,634Investment and development property $ 9,647 $ 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 nine months ended September 30, 2021, are shown below: (Dollars in thousands) Balance,December 31,2020 Additions during the period Completedduring theperiod Transferred to Held for Sale Foreigncurrencytranslation Balance,September 30,2021Courtenay Central development 7,255 66 — — (299) 7,022Cinema developments and improvements 6,357 5,115 (4,662) — (19) 6,791Other real estate projects 1,307 1,024 (1,135) (121) (32) 1,043Total $ 14,919 $ 6,205 $ (5,797) $ (121) $ (350) $ 14,856 Real Estate Transactions - Sales Beginning in 2020, we reviewed our various real estate holdings in light of the fact that our cash flow from cinema operations had been materially adversely affected by the governmentally mandated cinema closings ordered in response to the COVID-19 pandemic and that, for the foreseeable future, other sources of cash would be needed to support our operations and that only very limited funds would be available for capital investment in our properties. Between the fourth quarter of 2020 and the second quarter of 2021, we classified as assets held for sale disposal groups and thereafter monetized the following real estate assets: The Auburn/Redyard Entertainment Themed Center (“ETC”), the Royal George Theatre, Coachella (land), and Manukau (land). In addition, in the third quarter of 2021, we monetized our Invercargill, New Zealand, property, comprised of a cinema and ancillary land. A ‘disposal group’ represents assets to be disposed of in a single transaction. A disposal group may represent a single asset, or multiple assets. Each of these transactions is discussed separately below. Invercargill, New Zealand On August 30, 2021, we sold our cinema building and land in Invercargill for $3.8 million (NZ$5.4 million) to the owner of the adjacent property, which is currently undergoing a major redevelopment. This property, not then classified as held for sale, was monetized in a transaction whereby the purchaser leased back the Reading Cinema to our company. The gain on sale on this property is calculated as follows: September 30(Dollars in thousands) 2021Sales price $ 3,803Net book value (1,425)Gain on sale, gross of direct costs 2,378Direct sale costs incurred (6)Gain on sale, net of direct costs $ 2,372 Auburn/Redyard, New South Wales In January 2021, we classified our Auburn / Redyard ETC as held for sale, reflecting the fact that approximately 2.6 acres of this property was non-income producing land. 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 $30.2 million (AU$39.1 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. The sale of Auburn/Redyard was completed on June 9, 2021, for $69.6 million (AU$90.0 million). As part of the transaction, we entered into a lease with the purchaser for the cinema portion of the Auburn/Redyard site. The gain on sale of this property is calculated as follows: June 30(Dollars in thousands) 2021Sales price $ 69,579Net book value (30,231)Gain on sale, gross of direct costs 39,348Direct sale costs incurred (622)Gain on sale, net of direct costs $ 38,726 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. 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 June 30, 2021, we received net sale proceeds of $6.8 million (net of closing costs). The gain on sale of this property is calculated as follows: June 30(Dollars in thousands) 2021Sales price $ 7,075Net book value (1,824)Gain on sale, gross of direct costs 5,251Direct sale costs incurred (295)Gain on sale, net of direct costs $ 4,956 Coachella, California In December 2020, we classified the non-income producing land at Coachella (held through Shadow View Land and Farming LLC) as held for sale. 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, being $5.3 million. As the other 50% member was related to our controlling stockholder, these actions were approved by our Audit and Conflicts Committee. The gain on sale of this property, including both our interests and those of the other 50% owner of Shadow View Land and Farming, LLC, is calculated as follows: March 31,(Dollars in thousands) 2021Sales price $ 11,000Net book value (4,351)Gain on sale, gross of direct costs 6,649Direct sale 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. 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 $13.6 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) 2021Sales price $ 56,058Net book value (13,618)Gain on sale, gross of direct costs 42,440Direct sale costs incurred (1,514)Gain on sale, net of direct costs $ 40,926 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 then 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 to January 1, 2023. |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures | 9 Months Ended |
Sep. 30, 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 September 30, 2021 and December 31, 2020: September 30, December 31,(Dollars in thousands) Interest 2021 2020Rialto Cinemas 50.0% $ 1,023 $ 1,065Mt. Gravatt 33.3% 3,859 3,960Total investments $ 4,882 $ 5,025 For the quarter and nine months ended September 30, 2021 and 2020, the recognized share of equity earnings from our investments in unconsolidated joint ventures are as follows: Quarter Ended Nine Months Ended September 30, September 30,(Dollars in thousands) 2021 2020 2021 2020Rialto Cinemas $ (49) $ (24) $ 2 $ (132)Mt. Gravatt (26) (73) 156 (160)Total equity earnings $ (75) $ (97) $ 158 $ (292) |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 9 Months Ended |
Sep. 30, 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 September 30, 2021 and December 31, 2020. (Dollars in thousands) Cinema Real Estate TotalBalance at December 31, 2020 $ 22,892 $ 5,224 $ 28,116Foreign currency translation adjustment (1,332) — (1,332)Balance at September 30, 2021 $ 21,560 $ 5,224 $ 26,784 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 September 30, 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 September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021(Dollars in thousands) BeneficialLeases TradeName OtherIntangibleAssets TotalGross carrying amount $ 12,326 $ 9,058 $ 4,967 $ 26,351Less: Accumulated amortization (11,990) (7,589) (3,285) (22,864)Less: Impairments — — (17) (17)Net intangible assets other than goodwill $ 336 $ 1,469 $ 1,665 $ 3,470 As of December 31, 2020(Dollars in thousands) BeneficialLeases TradeName OtherIntangibleAssets TotalGross carrying amount $ 12,451 $ 9,058 $ 4,764 $ 26,273Less: 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 and nine months ended September 30, 2021 Quarter Ended Nine Months Ended September 30, September 30,(Dollars in thousands) 2021 2020 2021 2020Beneficial lease amortization $ 28 $ 27 $ 87 $ 77Other amortization 262 279 518 483Total intangible assets amortization $ 290 $ 306 $ 605 $ 560 |
Prepaid And Other Assets
Prepaid And Other Assets | 9 Months Ended |
Sep. 30, 2021 | |
Prepaid And Other Assets [Abstract] | |
Prepaid And Other Assets | Note 9 – Prepaid and Other Assets Prepaid and other assets are summarized as follows: September 30, December 31,(Dollars in thousands) 2021 2020Prepaid and other current assets Prepaid expenses $ 1,913 $ 1,946Prepaid rent 563 162Prepaid taxes 1,792 455Income taxes receivable 217 5,572Deposits 244 245Investment in marketable securities 25 26Restricted cash 6,156 8Total prepaid and other current assets $ 10,910 $ 8,414Other non-current assets Straight-line rent asset 4,737 6,050Other non-cinema and non-rental real estate assets 1,134 1,134Investment in Reading International Trust I 838 838Long-term deposits 10 8Total other non-current assets $ 6,719 $ 8,030 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 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 differential, unrecognized tax benefits, and change in valuation allowance. Our effective tax rate was 26.4% and 9.5% for the nine months ended September 30, 2021, and 2020, respectively. The difference between 2021 and 2020 is primarily related to the increase in pretax income in 2021, partially offset by an income tax benefit of approximately $5.6 million recorded during the second quarter of 2021 due to the recognition of previously unrecognized tax benefits. The forecasted effective tax rate is updated each quarter as new information becomes available. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2021 | |
Borrowings [Abstract] | |
Borrowings | Note 11 – Borrowings Our Company’s borrowings at September 30, 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 September 30, 2021(Dollars in thousands) Maturity Date ContractualFacility Balance,Gross Balance,Net(1) StatedInterest Rate EffectiveInterestRateDenominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 $ 26,672 4.13% 4.13%Bank of America Credit Facility (USA) March 6, 2023 55,000 42,800 42,645 4.00% 4.00%Bank of America Line of Credit (USA) March 6, 2023 5,000 5,000 5,000 3.08% 3.08%Cinemas 1, 2, 3 Term Loan (USA) April 1, 2022 24,189 24,189 23,826 4.25% 4.25%Minetta & Orpheum Theatres Loan (USA)(2) November 1, 2023 8,000 8,000 7,936 2.14% 5.15%U.S. Corporate Office Term Loan (USA) January 1, 2027 9,000 9,000 8,920 4.64% / 4.44% 4.61%Purchase Money Promissory Note (USA) September 18, 2024 2,216 2,216 2,216 5.00% 5.00%Union Square Financing (USA) May 6, 2024 55,000 43,000 41,920 7.00% 7.00%Denominated in foreign currency ("FC") (3) NAB Corporate Term Loan (AU) December 31, 2023 74,087 74,087 73,944 1.81% 1.81%Westpac Bank Corporate (NZ) December 31, 2023 9,548 9,548 9,548 2.95% 2.95% $ 269,953 $ 245,753 $ 242,627 (1)Net of deferred financing costs amounting to $3.1 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 September 30, 2021. As of December 31, 2020(Dollars in thousands) Maturity Date ContractualFacility Balance,Gross Balance,Net(1) StatedInterestRate EffectiveInterestRateDenominated 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 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: September 30, December 31,Balance Sheet Caption 2021 2020Debt - current portion $ 2,586 $ 41,459Debt - long-term portion 212,667 213,779Subordinated debt - current portion 702 840Subordinated debt - long-term portion 26,672 26,505Total borrowings $ 242,627 $ 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. On November 8, 2021, and effective in Q4 of 2021, Bank of America replaced all of our covenants with a single liquidity test and converted the line of credit into a term loan with scheduled repayments, maturing on March 6, 2023. We also repaid $2.8 million of the facility on this date. 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%. On November 8, 2021, we repaid in full and retired this line of credit. 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 building 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. With the availability of these loan extensions, we continue to keep the loan long-term. Union Square Financing On December 29, 2016, we closed 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 acquired this first mortgage loan through a subsidiary using internally generated funds. On May 7, 2021, we closed on a new three year $55.0 million loan facility with Emerald Creek Capital secured by our 44 Union Square property and certain limited guarantees. The facility bears a variable interest rate of one month LIBOR plus 6.9% with a floor of 7.0% and includes provisions for a prepaid interest and property tax reserve fund. The loan contains a reserve for existing mechanic’s liens. The loan 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 May 7, 2022 without the payment of any premium. Purchase Money Promissory Note On September 18, 2019, we purchased for $5.5 million 407,000 shares of our 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 1st 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 2nd 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 NZ$16.0 million of this debt, in a permanent reduction of this facility to NZ$16.0 million. On June 8, 2021, Westpac waived the requirement to test certain covenants as of June 30, 2021. On August 30, 2021, we repaid a further NZ$2.2 million of this debt, in a permanent reduction of this facility to NZ$13.8 million. On this same date, Westpac waived the requirement to test certain covenants as of September 30, 2021. Australian NAB Corporate Term Loan (AU) On March 15, 2019, we amended our Revolving Corporate Markets Loan Facility with National Australia Bank (“NAB”) converting it from a facility comprised of (i) an 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 applied until the quarter ended June 30, 2021. In addition, for the period in which these covenant modifications applied, the interest rate on amounts borrowed under the facility was 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 semi-annual installments of AU$500,000, the first installment being April 30, 2021, until fully repaid on 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. We further modified certain covenants within this Revolving Corporate Markets Loan Facility with NAB. The Fixed Charge Cover Ratio testing periods were further modified through the quarter ended September 30, 2021. The Leverage Ratio was also modified through the quarter ended June 30, 2022. On June 9, 2021, incident to our sale of our Auburn ETC, we repaid AU$20.0 million of the revolving portion of this debt, in a permanent reduction of this facility. On November 2, 2021, NAB modified our Fixed Charge Cover Ratio and Leverage Ratio covenants, reducing the measurement requirements and in some instances removing the requirement to test. |
Other Liabilities
Other Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities [Abstract] | |
Other Liabilities | Note 12 – Other Liabilities Other liabilities are summarized as follows: September 30, December 31,(Dollars in thousands) 2021 2020Current liabilities Liability for demolition costs 2,808 2,928Accrued pension 684 684Security deposit payable 72 132Finance lease liabilities 45 49Other 41 33 Other current liabilities $ 3,650 $ 3,826Other liabilities Lease make-good provision 7,611 7,408Accrued pension 3,718 4,048Deferred rent liability 2,180 2,897Environmental reserve 1,656 1,656Lease liability 5,900 5,900Acquired leases 23 31Finance lease liabilities 36 69Other — 8 Other non-current liabilities $ 21,124 $ 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 $4.4 million at September 30, 2021. The benefits of our pension plan are fully vested and therefore no service costs were recognized for the nine months ended September 30, 2021 and 2020. Our pension plan is unfunded. During the quarter and nine months ended September 30, 2021, the interest cost was $59,000 and $182,000, respectively, and the actuarial loss was $52,000 and $156,000, respectively. During the quarter and nine months ended September 30, 2020, the interest cost was $65,000 and $199,000, respectively, and the actuarial loss was $52,000 and $155,000, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | Note 13 – Accumulated Other Comprehensive Income The following table summarizes the changes in each component of accumulated other comprehensive income attributable to RDI: (Dollars in thousands)ForeignCurrencyItems UnrealizedGain (Losses)on Available-for-SaleInvestments AccruedPensionService Costs HedgeAccountingReserve TotalBalance at January 1, 2021$ 14,966 $ (12) $ (2,135) $ (317) $ 12,502 Change related to derivatives Total change in hedge fair value recorded in Other Comprehensive Income — — — (8) (8)Amounts reclassified from accumulated other comprehensive income — — — 181 181Net change related to derivatives — — — 173 173 Net current-period other comprehensive income (loss) (8,494) (1) 156 173 (8,166)Balance at September 30, 2021$ 6,472 $ (13) $ (1,979) $ (144) $ 4,336 |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 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 or may be 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. It 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 a defendant in certain California employment matters which include substantially overlapping wage and hour claims relating to our California cinema operations as described below. 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”) 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. 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”) 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” and the “Wagner Class Action Complaint”). Following mediation, the Wagner Individual Complaint was settled, and final judgment entered on February 10, 2021, at what we believe to have been its nuisance value. The remaining 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. On July 13, 2021, following a mediation, the parties agreed to settle the claims set forth in the remaining lawsuits (specifically, the Brown Class Action Complaint, the Wagner PAGA Claim and the Wagner Class Action Complaint) for the Company’s payment of $4.0 million (the “Settlement Amount”). The settlement is contingent upon the execution and delivery of a final settlement agreement (which is currently being negotiated) and final court approval. The Settlement Amount is to be paid in two installments, one-half within 30 days of final court approval and the balance nine-months thereafter. A court hearing on the settlement is not expected until the first quarter of 2022. We have accrued the Settlement Amount as a second quarter cinema segment administrative expense. General Diversified Limited v. Reading Wellington Properties Arbitration On June 18, 2021, General Diversified Limited (“GDL”), an owner and operator of supermarkets in New Zealand, filed an arbitration statement of claim (the “Statement of Claim”) in Auckland, New Zealand, against our wholly owned subsidiary, Reading Wellington Properties, Limited (“RWPL”), relating to the enforceability of an Agreement to Lease (the “ATL”) entered into between the parties in February 2013, contemplating the construction by RWPL and the lease by GDL of a supermarket in Wellington, New Zealand on property owned by RWPL. The ATL contemplated that GDL would also obtain certain rights to use parking spaces in an adjacent 9 story parking structure owned by another of our wholly owned subsidiaries, Courtenay Carpark Limited (the “Parking Garage”). However, as a result of the Kaikōura earthquake on November 14, 2016, it was necessary to demolish the Parking Garage. It has not been rebuilt and there is currently no plan to rebuild it and neither RWPL nor Courtenay Carpark Limited have any legal right to rebuild it under presently existing laws controlling land use in Wellington. Accordingly, we believe that it became impossible to deliver the specific parking rights contemplated by the ATL and, given the materiality of these parking rights to the transaction contemplated by the ATL, that the ATL has been frustrated and is of no ongoing force and effect. GDL asserts a different view and is seeking a declaration that the ATL remains binding upon the parties and for specific performance by RWPL of the ATL. RWPL has filed a response contesting GDL’s claims, and raising various affirmative defenses, including frustration and a failure of the parties to reach any specifically enforceable agreement as to certain fundament construction and construction cost issues. No damages are being sought by GDL, other than costs, and no reserves for this matter have been established. RWPL is a limited liability company, its only asset being the parcel of unimproved land on which the supermarket was to be built. In the interim, the parties have been having, and are continuing to have, “without prejudice” discussions as to possible alternatives pursuant to which a grocery store of the type contemplated by the parties could be developed and leased to GDL. |
Non-controlling Interests
Non-controlling Interests | 9 Months Ended |
Sep. 30, 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: September 30, December 31,(Dollars in thousands) 2021 2020Australian Country Cinemas, Pty Ltd $ (3) $ (51)Shadow View Land and Farming, LLC (3) 2,131Sutton Hill Properties, LLC 999 1,324Noncontrolling interests in consolidated subsidiaries $ 993 $ 3,404 The components of income attributable to noncontrolling interests are as follows: Quarter Ended Nine Months Ended September 30, September 30,(Dollars in thousands) 2021 2020 2021 2020Australian Country Cinemas, Pty Ltd $ 6 $ (35) $ 48 $ (80)Shadow View Land and Farming, LLC — (5) 3,166 (48)Sutton Hill Properties, LLC (111) (84) (325) (261)Net income (loss) attributable to noncontrolling interests $ (105) $ (124) $ 2,889 $ (389) On March 5, 2021, Shadow View Land and Farming, LLC, sold its only asset, being certain land holdings in Coachella, California, for $11.0 million and is currently in the process of winding up and liquidating. See Note 6 Summary of Controlling and Noncontrolling Stockholders’ Equity A summary of the changes in controlling and noncontrolling stockholders’ equity is as follows: Common Stock Retained Accumulated Reading Class A Class AClass BClass B AdditionalEarnings Other International Inc. Total Non-Voting Par VotingParPaid-In(Accumulated TreasuryComprehensive Stockholders’ Noncontrolling Stockholders’(Dollars in thousands, except shares)SharesValue Shares Value CapitalDeficit) SharesIncome (Loss)EquityInterests EquityAt January 1, 2021 20,069$ 231 1,680$ 17$ 149,979$ (44,553)$ (40,407)$ 12,502$ 77,769$ 3,404$ 81,173Net income (loss) — — — — — 18,965 — — 18,965 3,102 22,067Other comprehensive income, net — — — — — — — (2,545) (2,545) — (2,545)Share-based compensation expense — — — — 464 — — — 464 — 464Restricted 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$ 1,206$ 95,749Net income — — — — — 22,702 — — 22,702 (108) 22,594Other comprehensive income, net — — — — — — — (1,592) (1,592) — (1,592)Share-based compensation expense — — — — 450 — — — 450 — 450Restricted Stock Units 4 — — — (2) — — — (2) — (2)At June 30, 2021 20,125$ 232 1,680$ 17$ 150,780$ (2,886)$ (40,407)$ 8,365$ 116,101$ 1,098$ 117,199Net income — — — — — (10,095) — — (10,095) (105) (10,200)Other comprehensive income, net — — — — — — — (4,029) (4,029) -- (4,029)Share-based compensation expense — — — — 606 — — — 606 -- 606Restricted Stock Units 2 — — — (3) — — — (3) -- (3)At September 30, 2021 20,127$ 232 1,680$ 17$ 151,383$ (12,981)$ (40,407)$ 4,336$ 102,580$ 993$ 103,573 Common Stock Retained Accumulated Reading Class A Class AClass BClass B AdditionalEarnings Other International Inc. Total Non-Voting Par VotingParPaid-In(Accumulated TreasuryComprehensive Stockholders’ Noncontrolling Stockholders’(Dollars in thousands, except shares)SharesValue Shares Value CapitalDeficit) SharesIncome (Loss)EquityInterests EquityAt January 1, 2020 20,103$ 231 1,680$ 17$ 148,602$ 20,647$ (39,737)$ 5,589$ 135,349$ 4,267$ 139,616Net income (loss) — — — — — (5,875) — — (5,875) (81) (5,956)Other comprehensive income, net — — — — — — — (15,879) (15,879) (18) (15,897)Share-based compensation expense — — — — 336 — — — 336 — 336Share repurchase plan (75) — — — — — (670) — (670) — (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$ 4,168$ 117,399Net income — — — — — (22,703) — — (22,703) (185) (22,888)Other comprehensive income, net — — — — — — — 10,707 10,707 9 10,716Share-based compensation expense — — — — 369 — — — 369 — 369Restricted Stock Units 21 — — (11) — — — (11) — (11)At June 30, 2020 20,068 231 1,680 17 149,266 (7,931) (40,407) 417 101,593 3,992 105,585Net income — — — — — (19,228) — — (19,228) (124) (19,352)Other comprehensive income, net — — — — — — — 3,587 3,587 3 3,590Share-based compensation expense — — — — 358 — — — 358 — 358Restricted Stock Units 1 — — (4) — — — (4) — (4)Contributions from noncontrolling stockholders — — — — — — — — — 30 30At September 30, 2020 20,069$ 231 1,680$ 17$ 149,620$ (27,159)$ (40,407)$ 4,004$ 86,306$ 3,901$ 90,207 |
Stock-Based Compensation And St
Stock-Based Compensation And Stock Repurchases | 9 Months Ended |
Sep. 30, 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 PlanOur 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, 1,505,598 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 PlanOn 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 September 30, 2021 was 1,250,000, of which 784,296 remain available for future issuance. 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 September 30, 2021, this potential increase in the number of shares eligible for issuance under the 2020 Plan was 176,086 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 the 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 year 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 OptionsWe 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 nine months ended September 30, 2021. For the quarters ended September 30, 2021 and 2020, we recorded compensation expense of $101,000 and $103,000, respectively, with respect to our prior stock option grants. For the nine months ended September 30, 2021 and September 30, 2020, we recorded compensation expense of $302,000 and $343,000, respectively. At September 30, 2021, the total unrecognized estimated compensation expense related to non-vested stock options was $0.3 million, which we expect to recognize over a weighted average vesting period of 1.06 years. The intrinsic, unrealized value of all options outstanding vested and expected to vest, at September 30, 2021 was $nil, as the closing price of our Common Stock on that date was $5.06. The following table summarizes the number of options outstanding and exercisable as of September 30, 2021 and December 31, 2020: Outstanding Stock Options - Class A Shares Numberof Options WeightedAverageExercise Price WeightedAverageRemainingYears ofContractualLife AggregateIntrinsicValue Class A Class A Class A Class ABalance - December 31, 2019 711,377 $ 14.74 2.79 $ 136,350Granted 38,803 4.66 — —Exercised — — — —Forfeited (36,701) 14.74 — —Balance - December 31, 2020 713,479 $ 14.64 2.18 $ 13,969Granted — — — —Exercised (38,803) — — —Forfeited (157,332) 11.87 — —Balance - September 30, 2021 517,344 $ 15.35 1.77 $ — Restricted Stock UnitsWe 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 September 30, 2021: Outstanding Restricted Stock Units RSU Grants (in units) Vested, Unvested, Forfeited,Grant Date Directors Management TotalGrants September 30,2021 September 30,2021 September 30,2021March 10, 2016 35,147 27,381 62,528 62,264 — 264April 11, 2016 — 5,625 5,625 5,108 — 517March 23, 2017 30,681 32,463 63,144 62,612 — 532August 29, 2017 — 7,394 7,394 7,394 — —January 2, 2018 29,393 — 29,393 29,393 — —April 12, 2018 — 29,596 29,596 21,085 6,540 1,971April 13, 2018 — 14,669 14,669 11,003 3,666 —July 6, 2018 — 932 932 — — 932November 7, 2018 23,010 — 23,010 23,010 — —March 13, 2019 — 24,366 24,366 10,632 10,630 3,104March 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 818December 14, 2020 — 43,260 43,260 — 42,716 544December 16, 2020 60,084 11,459 71,543 — 71,543 —April 5, 2021 — 262,830 262,830 — 262,830 —April 19, 2021 — 22,888 22,888 — 22,888 —August 11, 2021 26,924 — 26,924 — 26,924 — Total 216,804 793,353 1,010,157 304,146 697,329 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, we granted non-employee directors 60,084 RSUs (as well as 38,803 options) on December 16, 2020. In April 2021, RSUs covering 262,830 shares were issued to members of executive management. 50% of these RSUs vest evenly over a period of four years. The remaining 50% vest in full on the third anniversary of the grant date contingent upon the achievement of certain performance metrics. RSUs covering 22,888 shares were also issued to other employees of our Company. These awards vest 25% on the anniversary of the grant date over a period of four years. On August 11, 2021, RSUs covering 26,924 shares were issued to non-employee directors. 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. The RSUs issued to non-employee directors on August 11, 2021 will vest 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 has served such Recipient’s full term as a Director (December 8, 2021). For the quarters ended September 30, 2021, and 2020, we recorded compensation expense of $505,000 and $237,000, respectively. For the nine months ended September 30, 2021, and 2020, we recorded compensation expense of $1.29 million and $708,000 respectively. The total unrecognized compensation expense related to the non-vested RSUs was $3.3 million as of September 30, 2021, which we expect to recognize over a weighted average vesting period of 1.81 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 September 30, 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 nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 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 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: Quarter Ended Nine Months Ended September 30, September 30,(Dollars in thousands) 2021 2020 2021 2020Lease cost Finance lease cost: Amortization of right-of-use assets $ 12 15 $ 37 $ 79Interest on lease liabilities 1 2 4 6Operating lease cost 8,591 8,136 25,151 24,447Variable lease cost (2,064) (1,747) (4,751) (2,427)Total lease cost $ 6,540 $ 6,406 $ 20,441 $ 22,105 Supplemental cash flow information related to leases is as follows: Nine Months Ended September 30,(Dollars in thousands) 2021 2020Cash flows relating to lease cost Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 40 $ 86Operating cash flows for operating leases 16,666 10,190Right-of-use assets obtained in exchange for new operating lease liabilities 32,956 179 Supplemental balance sheet information related to leases is as follows: September 30, December 31,(Dollars in thousands) 2021 2020Operating leases Operating lease right-of-use assets $ 226,855 $ 220,503Operating lease liabilities - current portion 22,976 22,699Operating lease liabilities - non-current portion 222,918 212,806Total operating lease liabilities $ 245,894 $ 235,505Finance leases Property plant and equipment, gross 374 383Accumulated depreciation (299) (271)Property plant and equipment, net $ 75 $ 112Other current liabilities 45 49Other long-term liabilities 36 69Total finance lease liabilities $ 81 $ 118 Other information Weighted-average remaining lease term - finance leases 2 3Weighted-average remaining lease term - operating leases 11 11Weighted-average discount rate - finance leases 5.25% 5.27%Weighted-average discount rate - operating leases 4.48% 4.71% The maturities of our leases were as follows: (Dollars in thousands) Operating leases Finance leases2021 $ 8,015 $ 132022 34,005 432023 33,830 282024 32,054 —2025 29,891 —Thereafter 181,475 —Total lease payments $ 319,270 $ 84Less imputed interest (73,376) (3)Total $ 245,894 $ 81 As of September 30, 2021, we have additional operating leases, primarily for cinemas, that have not yet commenced operations of approximately $12.0 million. It is anticipated that these operating leases will commence in 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: Quarter Ended Nine Months Ended September 30, September 30,(Dollars in thousands) 2021 2020 2021 2020Components of lease income Lease payments $ 2,230 2,400 $ 7,601 $ 6,972Variable lease payments 273 97 642 (114)Total lease income $ 2,503 $ 2,497 $ 8,243 $ 6,858 The book value of underlying assets under operating leases from owned assets was as follows: September 30, December 31,(Dollars in thousands) 2021 2020Building and improvements Gross balance $ 139,493 $ 153,643Accumulated depreciation (22,815) (26,107)Net Book Value $ 116,678 $ 127,536 The Maturity of our leases were as follows: jj(Dollars in thousands) Operating leases2021 $ 1,8632022 7,0882023 6,5272024 5,7792025 4,774Thereafter 5,093Total $ 31,124 |
Hedge Accounting
Hedge Accounting | 9 Months Ended |
Sep. 30, 2021 | |
Hedge Accounting [Abstract] | |
Hedge Accounting | Note 18 – Hedge Accounting As of September 30, 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 September 30, December 31, 2021 2020(Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair valueInterest rate contracts Derivative financial instruments - current portion $ 220 Derivative financial instruments - current portion $ 218 Derivative financial instruments - non-current portion 38 Derivative financial instruments - non-current portion 212 Total derivatives designated as hedging instruments $ 258 $ 430 Total derivatives $ 258 $ 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 and nine months ended September 30, 2021 and September 30, 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 Quarter Ended September 30, 2021 Nine Months Ended September 30 2021 2020 2021 2020Interest rate contractsInterest expense $61 60 $181 $ 140Total $61 $ 60 $181 $ 140 Loss Recognized in OCI on Derivatives (Effective Portion)(Dollars in thousands) Amount Amount Quarter Ended September 30 Nine Months Ended September 30 2021 2020 2021 2020Interest rate contracts $ 4 $ 60 $ 9 $ 282Total $4 $ 60 $ 9 $ 282 Loss Reclassified from OCI into Income (Effective Portion)Line Item Amount Amount Quarter Ended September 30 Nine Months Ended September 30 2021 2020 2021 2020Interest expense $61 $ 60 $181 $ 141Total $61 $ 60 $181 $ 141 The derivative has no ineffective portion, and consequently no losses have been recognized directly in income. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 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 September 30, 2021, and December 31, 2020 we had derivative financial liabilities carried and measured at fair value on a recurring basis of $258,000 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 September 30, 2021 and December 31, 2020, by level within the fair value hierarchy. Fair Value Measurement at September 30, 2021(Dollars in thousands) CarryingValue(1) Level 1 Level 2 Level 3 TotalNotes payable $ 215,624 $ — $ — $ 220,168 $ 220,168Subordinated debt 30,129 — — 20,440 20,440 $ 245,753 $ — $ — $ 240,608 $ 240,608 Fair Value Measurement at December 31, 2020(Dollars in thousands) CarryingValue(1) Level 1 Level 2 Level 3 TotalNotes payable $ 254,163 $ — $ — $ 258,525 $ 258,525Subordinated 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 as of September 30, 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 September 30, 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 and nine months ended September 30, 2021 and September 30, 2020. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20 – Subsequent Events On November 2, 2021, we amended our credit agreement with NAB. On November 8, 2021, we amended our credit agreement with the Bank of America. On November 8, 2021, we repaid in full and retired our Bank of America Line of credit. See Note 11 – Borrowings. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Consolidation | Basis of ConsolidationThe 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 and nine months ended September 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. |
Use Of Estimates | Use of EstimatesThe 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. 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 quarter and nine months ended September 30, 2021, our Australian operations received subsidies totaling AU$nil and AU$3.5 million (U.S.$2.3 million) respectively. For the quarter and nine months ended September 30, 2021, our New Zealand operations received subsidies of NZ$288,000 (U.S.$200,000) in this same period. There were no unfulfilled conditions or contingencies relating to these subsidies at September 30, 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) | 9 Months Ended |
Sep. 30, 2021 | |
Description Of Business And Segment Reporting [Abstract] | |
Summary Of Results Of Operations For Principal Business Segments | Quarter Ended Nine Months Ended September 30, September 30,(Dollars in thousands) 2021 2020 2021 2020Revenue: Cinema exhibition $ 28,751 $ 7,339 $ 79,580 $ 54,866 Real estate 3,177 3,023 9,948 9,928 Inter-segment elimination (125) (171) (386) (1,953) $ 31,803 $ 10,191 $ 89,142 $ 62,841Segment operating income (loss): Cinema exhibition $ (5,057) $ (13,410) $ (20,680) $ (33,318) Real estate (1,485) (844) (3,907) (1,464) $ (6,542) $ (14,254) $ (24,587) $ (34,782) |
Reconciliation To Net Income Attributable To Common Shareholders | Quarter Ended Nine Months Ended September 30, September 30,(Dollars in thousands) 2021 2020 2021 2020Segment operating income (loss) $ (6,542) $ (14,254) $ (24,587) $ (34,782)Unallocated corporate expense Depreciation and amortization expense (300) (215) (917) (634) General and administrative expense (4,109) (2,906) (11,957) (11,194) Interest expense, net (3,068) (2,379) (10,437) (6,176)Equity earnings of unconsolidated joint ventures (75) (97) 158 (292)Gain (loss) on sale of assets 2,559 (1) 92,345 (1)Other income (expense) 440 10 2,236 (186)Income (loss) before income tax expense $ (11,095) $ (19,842) $ 46,841 $ (53,265) |
Operations In Foreign Currency
Operations In Foreign Currency (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Operations In Foreign Currency [Abstract] | |
Summary Of Currency Exchange Rates | Foreign Currency / USD As of andfor thequarterended As of andfor thenine months ended As of andfor thetwelve monthsended As of andfor thequarterended As of andfor thenine months ended September 30, 2021 December 31, 2020 September 30, 2020Spot Rate Australian Dollar0.7228 0.7709 0.7160New Zealand Dollar0.6899 0.7194 0.6608Average Rate Australian Dollar0.7344 0.7592 0.6904 0.7156 0.6770New Zealand Dollar0.7004 0.7117 0.6504 0.6619 0.6384 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings (Loss) Per Share | Quarter Ended Nine Months Ended September 30, September 30,(Dollars in thousands, except share data) 2021 2020 2021 2020Numerator: Net income (loss) attributable to Reading International, Inc $ (10,095) (19,228) $ 31,572 $ (47,806)Denominator: Weighted average number of common stock – basic 21,809,402 21,748,531 21,792,007 21,749,146Weighted average dilutive impact of awards — — 670,650 —Weighted average number of common stock – diluted 21,809,402 21,748,531 22,462,657 21,749,146Basic earnings (loss) per share $ (0.46) (0.88) $ 1.45 $ (2.20)Diluted earnings (loss) per share $ (0.46) (0.88) $ 1.41 $ (2.20)Awards excluded from diluted earnings (loss) per share 492,344 674,676 517,344 674,676 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate Properties [Line Items] | |
Schedule Of Property And Equipment | September 30, December 31,(Dollars in thousands) 2021 2020Land $ 69,416 $ 82,286Building and improvements 219,238 253,419Leasehold improvements 58,305 59,054Fixtures and equipment 193,664 201,518Construction-in-progress 9,405 9,285Total cost 550,028 605,562Less: accumulated depreciation (243,418) (252,437)Operating property, net $ 306,610 $ 353,125 |
Summary Of Investment And Development Property | September 30, December 31,(Dollars in thousands) 2021 2020Land $ 4,196 $ 5,936Construction-in-progress (including capitalized interest) 5,451 5,634Investment and development property $ 9,647 $ 11,570 |
Construction-In-Progress Balance | (Dollars in thousands) Balance,December 31,2020 Additions during the period Completedduring theperiod Transferred to Held for Sale Foreigncurrencytranslation Balance,September 30,2021Courtenay Central development 7,255 66 — — (299) 7,022Cinema developments and improvements 6,357 5,115 (4,662) — (19) 6,791Other real estate projects 1,307 1,024 (1,135) (121) (32) 1,043Total $ 14,919 $ 6,205 $ (5,797) $ (121) $ (350) $ 14,856 |
Coachella, CA [Member] | |
Real Estate Properties [Line Items] | |
Gain On Sale Of Property | March 31,(Dollars in thousands) 2021Sales price $ 11,000Net book value (4,351)Gain on sale, gross of direct costs 6,649Direct sale costs incurred (301)Gain on sale, net of direct costs $ 6,348 |
Manukau, NZ [Member] | |
Real Estate Properties [Line Items] | |
Gain On Sale Of Property | March 31,(Dollars in thousands) 2021Sales price $ 56,058Net book value (13,618)Gain on sale, gross of direct costs 42,440Direct sale costs incurred (1,514)Gain on sale, net of direct costs $ 40,926 |
New South Wales [Member] | |
Real Estate Properties [Line Items] | |
Gain On Sale Of Property | June 30(Dollars in thousands) 2021Sales price $ 69,579Net book value (30,231)Gain on sale, gross of direct costs 39,348Direct sale costs incurred (622)Gain on sale, net of direct costs $ 38,726 |
Chicago [Member] | |
Real Estate Properties [Line Items] | |
Gain On Sale Of Property | June 30(Dollars in thousands) 2021Sales price $ 7,075Net book value (1,824)Gain on sale, gross of direct costs 5,251Direct sale costs incurred (295)Gain on sale, net of direct costs $ 4,956 |
Invercargill, New Zealand [Member] | |
Real Estate Properties [Line Items] | |
Gain On Sale Of Property | September 30(Dollars in thousands) 2021Sales price $ 3,803Net book value (1,425)Gain on sale, gross of direct costs 2,378Direct sale costs incurred (6)Gain on sale, net of direct costs $ 2,372 |
Investments In Unconsolidated_2
Investments In Unconsolidated Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Summary Of The Investments In Unconsolidated Joint Ventures And Entities | September 30, December 31,(Dollars in thousands) Interest 2021 2020Rialto Cinemas 50.0% $ 1,023 $ 1,065Mt. Gravatt 33.3% 3,859 3,960Total investments $ 4,882 $ 5,025 |
Summary Of Equity Earnings (Losses) From Investments In Unconsolidated Joint Ventures | Quarter Ended Nine Months Ended September 30, September 30,(Dollars in thousands) 2021 2020 2021 2020Rialto Cinemas $ (49) $ (24) $ 2 $ (132)Mt. Gravatt (26) (73) 156 (160)Total equity earnings $ (75) $ (97) $ 158 $ (292) |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets [Abstract] | |
Summary Of Goodwill | (Dollars in thousands) Cinema Real Estate TotalBalance at December 31, 2020 $ 22,892 $ 5,224 $ 28,116Foreign currency translation adjustment (1,332) — (1,332)Balance at September 30, 2021 $ 21,560 $ 5,224 $ 26,784 |
Summary Of Intangible Assets Other Than Goodwill | As of September 30, 2021(Dollars in thousands) BeneficialLeases TradeName OtherIntangibleAssets TotalGross carrying amount $ 12,326 $ 9,058 $ 4,967 $ 26,351Less: Accumulated amortization (11,990) (7,589) (3,285) (22,864)Less: Impairments — — (17) (17)Net intangible assets other than goodwill $ 336 $ 1,469 $ 1,665 $ 3,470 As of December 31, 2020(Dollars in thousands) BeneficialLeases TradeName OtherIntangibleAssets TotalGross carrying amount $ 12,451 $ 9,058 $ 4,764 $ 26,273Less: 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 | Quarter Ended Nine Months Ended September 30, September 30,(Dollars in thousands) 2021 2020 2021 2020Beneficial lease amortization $ 28 $ 27 $ 87 $ 77Other amortization 262 279 518 483Total intangible assets amortization $ 290 $ 306 $ 605 $ 560 |
Prepaid And Other Assets (Table
Prepaid And Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Prepaid And Other Assets [Abstract] | |
Summary Of Prepaid And Other Assets | September 30, December 31,(Dollars in thousands) 2021 2020Prepaid and other current assets Prepaid expenses $ 1,913 $ 1,946Prepaid rent 563 162Prepaid taxes 1,792 455Income taxes receivable 217 5,572Deposits 244 245Investment in marketable securities 25 26Restricted cash 6,156 8Total prepaid and other current assets $ 10,910 $ 8,414Other non-current assets Straight-line rent asset 4,737 6,050Other non-cinema and non-rental real estate assets 1,134 1,134Investment in Reading International Trust I 838 838Long-term deposits 10 8Total other non-current assets $ 6,719 $ 8,030 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Borrowings [Abstract] | |
Summary Of Borrowings | As of September 30, 2021(Dollars in thousands) Maturity Date ContractualFacility Balance,Gross Balance,Net(1) StatedInterest Rate EffectiveInterestRateDenominated in USD Trust Preferred Securities (USA) April 30, 2027 $ 27,913 $ 27,913 $ 26,672 4.13% 4.13%Bank of America Credit Facility (USA) March 6, 2023 55,000 42,800 42,645 4.00% 4.00%Bank of America Line of Credit (USA) March 6, 2023 5,000 5,000 5,000 3.08% 3.08%Cinemas 1, 2, 3 Term Loan (USA) April 1, 2022 24,189 24,189 23,826 4.25% 4.25%Minetta & Orpheum Theatres Loan (USA)(2) November 1, 2023 8,000 8,000 7,936 2.14% 5.15%U.S. Corporate Office Term Loan (USA) January 1, 2027 9,000 9,000 8,920 4.64% / 4.44% 4.61%Purchase Money Promissory Note (USA) September 18, 2024 2,216 2,216 2,216 5.00% 5.00%Union Square Financing (USA) May 6, 2024 55,000 43,000 41,920 7.00% 7.00%Denominated in foreign currency ("FC") (3) NAB Corporate Term Loan (AU) December 31, 2023 74,087 74,087 73,944 1.81% 1.81%Westpac Bank Corporate (NZ) December 31, 2023 9,548 9,548 9,548 2.95% 2.95% $ 269,953 $ 245,753 $ 242,627 (1)Net of deferred financing costs amounting to $3.1 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 September 30, 2021. As of December 31, 2020(Dollars in thousands) Maturity Date ContractualFacility Balance,Gross Balance,Net(1) StatedInterestRate EffectiveInterestRateDenominated 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 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 | September 30, December 31,Balance Sheet Caption 2021 2020Debt - current portion $ 2,586 $ 41,459Debt - long-term portion 212,667 213,779Subordinated debt - current portion 702 840Subordinated debt - long-term portion 26,672 26,505Total borrowings $ 242,627 $ 282,583 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities [Abstract] | |
Summary Of Other Liabilities Including Pension | September 30, December 31,(Dollars in thousands) 2021 2020Current liabilities Liability for demolition costs 2,808 2,928Accrued pension 684 684Security deposit payable 72 132Finance lease liabilities 45 49Other 41 33 Other current liabilities $ 3,650 $ 3,826Other liabilities Lease make-good provision 7,611 7,408Accrued pension 3,718 4,048Deferred rent liability 2,180 2,897Environmental reserve 1,656 1,656Lease liability 5,900 5,900Acquired leases 23 31Finance lease liabilities 36 69Other — 8 Other non-current liabilities $ 21,124 $ 22,017 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Income [Abstract] | |
Summary Of Accumulated Other Comprehensive Income | (Dollars in thousands)ForeignCurrencyItems UnrealizedGain (Losses)on Available-for-SaleInvestments AccruedPensionService Costs HedgeAccountingReserve TotalBalance 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 — — — (8) (8)Amounts reclassified from accumulated other comprehensive income — — — 181 181Net change related to derivatives — — — 173 173 Net current-period other comprehensive income (loss) (8,494) (1) 156 173 (8,166)Balance at September 30, 2021$ 6,472 $ (13) $ (1,979) $ (144) $ 4,336 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Non-controlling Interests [Abstract] | |
Components Of Non-controlling Interests | September 30, December 31,(Dollars in thousands) 2021 2020Australian Country Cinemas, Pty Ltd $ (3) $ (51)Shadow View Land and Farming, LLC (3) 2,131Sutton Hill Properties, LLC 999 1,324Noncontrolling interests in consolidated subsidiaries $ 993 $ 3,404 |
Components Of Income Attributable To Non-controlling Interest | Quarter Ended Nine Months Ended September 30, September 30,(Dollars in thousands) 2021 2020 2021 2020Australian Country Cinemas, Pty Ltd $ 6 $ (35) $ 48 $ (80)Shadow View Land and Farming, LLC — (5) 3,166 (48)Sutton Hill Properties, LLC (111) (84) (325) (261)Net income (loss) attributable to noncontrolling interests $ (105) $ (124) $ 2,889 $ (389) |
Summary Of Changes In Controlling And Non-controlling Stockholders’ Equity | Common Stock Retained Accumulated Reading Class A Class AClass BClass B AdditionalEarnings Other International Inc. Total Non-Voting Par VotingParPaid-In(Accumulated TreasuryComprehensive Stockholders’ Noncontrolling Stockholders’(Dollars in thousands, except shares)SharesValue Shares Value CapitalDeficit) SharesIncome (Loss)EquityInterests EquityAt January 1, 2021 20,069$ 231 1,680$ 17$ 149,979$ (44,553)$ (40,407)$ 12,502$ 77,769$ 3,404$ 81,173Net income (loss) — — — — — 18,965 — — 18,965 3,102 22,067Other comprehensive income, net — — — — — — — (2,545) (2,545) — (2,545)Share-based compensation expense — — — — 464 — — — 464 — 464Restricted 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$ 1,206$ 95,749Net income — — — — — 22,702 — — 22,702 (108) 22,594Other comprehensive income, net — — — — — — — (1,592) (1,592) — (1,592)Share-based compensation expense — — — — 450 — — — 450 — 450Restricted Stock Units 4 — — — (2) — — — (2) — (2)At June 30, 2021 20,125$ 232 1,680$ 17$ 150,780$ (2,886)$ (40,407)$ 8,365$ 116,101$ 1,098$ 117,199Net income — — — — — (10,095) — — (10,095) (105) (10,200)Other comprehensive income, net — — — — — — — (4,029) (4,029) -- (4,029)Share-based compensation expense — — — — 606 — — — 606 -- 606Restricted Stock Units 2 — — — (3) — — — (3) -- (3)At September 30, 2021 20,127$ 232 1,680$ 17$ 151,383$ (12,981)$ (40,407)$ 4,336$ 102,580$ 993$ 103,573 Common Stock Retained Accumulated Reading Class A Class AClass BClass B AdditionalEarnings Other International Inc. Total Non-Voting Par VotingParPaid-In(Accumulated TreasuryComprehensive Stockholders’ Noncontrolling Stockholders’(Dollars in thousands, except shares)SharesValue Shares Value CapitalDeficit) SharesIncome (Loss)EquityInterests EquityAt January 1, 2020 20,103$ 231 1,680$ 17$ 148,602$ 20,647$ (39,737)$ 5,589$ 135,349$ 4,267$ 139,616Net income (loss) — — — — — (5,875) — — (5,875) (81) (5,956)Other comprehensive income, net — — — — — — — (15,879) (15,879) (18) (15,897)Share-based compensation expense — — — — 336 — — — 336 — 336Share repurchase plan (75) — — — — — (670) — (670) — (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$ 4,168$ 117,399Net income — — — — — (22,703) — — (22,703) (185) (22,888)Other comprehensive income, net — — — — — — — 10,707 10,707 9 10,716Share-based compensation expense — — — — 369 — — — 369 — 369Restricted Stock Units 21 — — (11) — — — (11) — (11)At June 30, 2020 20,068 231 1,680 17 149,266 (7,931) (40,407) 417 101,593 3,992 105,585Net income — — — — — (19,228) — — (19,228) (124) (19,352)Other comprehensive income, net — — — — — — — 3,587 3,587 3 3,590Share-based compensation expense — — — — 358 — — — 358 — 358Restricted Stock Units 1 — — (4) — — — (4) — (4)Contributions from noncontrolling stockholders — — — — — — — — — 30 30At September 30, 2020 20,069$ 231 1,680$ 17$ 149,620$ (27,159)$ (40,407)$ 4,004$ 86,306$ 3,901$ 90,207 |
Stock-Based Compensation And _2
Stock-Based Compensation And Stock Repurchases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stock-Based Compensation And Stock Repurchases [Abstract] | |
Summary Of Stock Options Outstanding And Exercisable | Outstanding Stock Options - Class A Shares Numberof Options WeightedAverageExercise Price WeightedAverageRemainingYears ofContractualLife AggregateIntrinsicValue Class A Class A Class A Class ABalance - December 31, 2019 711,377 $ 14.74 2.79 $ 136,350Granted 38,803 4.66 — —Exercised — — — —Forfeited (36,701) 14.74 — —Balance - December 31, 2020 713,479 $ 14.64 2.18 $ 13,969Granted — — — —Exercised (38,803) — — —Forfeited (157,332) 11.87 — —Balance - September 30, 2021 517,344 $ 15.35 1.77 $ — |
Schedule Of Restricted Stock Units Issued And Vested | Outstanding Restricted Stock Units RSU Grants (in units) Vested, Unvested, Forfeited,Grant Date Directors Management TotalGrants September 30,2021 September 30,2021 September 30,2021March 10, 2016 35,147 27,381 62,528 62,264 — 264April 11, 2016 — 5,625 5,625 5,108 — 517March 23, 2017 30,681 32,463 63,144 62,612 — 532August 29, 2017 — 7,394 7,394 7,394 — —January 2, 2018 29,393 — 29,393 29,393 — —April 12, 2018 — 29,596 29,596 21,085 6,540 1,971April 13, 2018 — 14,669 14,669 11,003 3,666 —July 6, 2018 — 932 932 — — 932November 7, 2018 23,010 — 23,010 23,010 — —March 13, 2019 — 24,366 24,366 10,632 10,630 3,104March 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 818December 14, 2020 — 43,260 43,260 — 42,716 544December 16, 2020 60,084 11,459 71,543 — 71,543 —April 5, 2021 — 262,830 262,830 — 262,830 —April 19, 2021 — 22,888 22,888 — 22,888 —August 11, 2021 26,924 — 26,924 — 26,924 — Total 216,804 793,353 1,010,157 304,146 697,329 8,682 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Components Of Lease Expense | Quarter Ended Nine Months Ended September 30, September 30,(Dollars in thousands) 2021 2020 2021 2020Lease cost Finance lease cost: Amortization of right-of-use assets $ 12 15 $ 37 $ 79Interest on lease liabilities 1 2 4 6Operating lease cost 8,591 8,136 25,151 24,447Variable lease cost (2,064) (1,747) (4,751) (2,427)Total lease cost $ 6,540 $ 6,406 $ 20,441 $ 22,105 |
Supplemental Cash Flow Information Related To Leases | Nine Months Ended September 30,(Dollars in thousands) 2021 2020Cash flows relating to lease cost Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 40 $ 86Operating cash flows for operating leases 16,666 10,190Right-of-use assets obtained in exchange for new operating lease liabilities 32,956 179 |
Supplemental Balance Sheet Information Related To Leases | September 30, December 31,(Dollars in thousands) 2021 2020Operating leases Operating lease right-of-use assets $ 226,855 $ 220,503Operating lease liabilities - current portion 22,976 22,699Operating lease liabilities - non-current portion 222,918 212,806Total operating lease liabilities $ 245,894 $ 235,505Finance leases Property plant and equipment, gross 374 383Accumulated depreciation (299) (271)Property plant and equipment, net $ 75 $ 112Other current liabilities 45 49Other long-term liabilities 36 69Total finance lease liabilities $ 81 $ 118 Other information Weighted-average remaining lease term - finance leases 2 3Weighted-average remaining lease term - operating leases 11 11Weighted-average discount rate - finance leases 5.25% 5.27%Weighted-average discount rate - operating leases 4.48% 4.71% |
Maturity Of Leases As Lessee | (Dollars in thousands) Operating leases Finance leases2021 $ 8,015 $ 132022 34,005 432023 33,830 282024 32,054 —2025 29,891 —Thereafter 181,475 —Total lease payments $ 319,270 $ 84Less imputed interest (73,376) (3)Total $ 245,894 $ 81 |
Components Of Lease Income | Quarter Ended Nine Months Ended September 30, September 30,(Dollars in thousands) 2021 2020 2021 2020Components of lease income Lease payments $ 2,230 2,400 $ 7,601 $ 6,972Variable lease payments 273 97 642 (114)Total lease income $ 2,503 $ 2,497 $ 8,243 $ 6,858 |
Book Value Of Assets Under Operating Leases From Owned Assets | September 30, December 31,(Dollars in thousands) 2021 2020Building and improvements Gross balance $ 139,493 $ 153,643Accumulated depreciation (22,815) (26,107)Net Book Value $ 116,678 $ 127,536 |
Maturity Of Leases As Lessor | jj(Dollars in thousands) Operating leases2021 $ 1,8632022 7,0882023 6,5272024 5,7792025 4,774Thereafter 5,093Total $ 31,124 |
Hedge Accounting (Tables)
Hedge Accounting (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Hedge Accounting [Abstract] | |
Schedule Of Derivative Instruments On The Balance Sheet At Fair Value | Liability Derivatives September 30, December 31, 2021 2020(Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair valueInterest rate contracts Derivative financial instruments - current portion $ 220 Derivative financial instruments - current portion $ 218 Derivative financial instruments - non-current portion 38 Derivative financial instruments - non-current portion 212 Total derivatives designated as hedging instruments $ 258 $ 430 Total derivatives $ 258 $ 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 Quarter Ended September 30, 2021 Nine Months Ended September 30 2021 2020 2021 2020Interest rate contractsInterest expense $61 60 $181 $ 140Total $61 $ 60 $181 $ 140 |
Summary Of Hedged Transactions That Affect Earnings | Loss Recognized in OCI on Derivatives (Effective Portion)(Dollars in thousands) Amount Amount Quarter Ended September 30 Nine Months Ended September 30 2021 2020 2021 2020Interest rate contracts $ 4 $ 60 $ 9 $ 282Total $4 $ 60 $ 9 $ 282 Loss Reclassified from OCI into Income (Effective Portion)Line Item Amount Amount Quarter Ended September 30 Nine Months Ended September 30 2021 2020 2021 2020Interest expense $61 $ 60 $181 $ 141Total $61 $ 60 $181 $ 141 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements [Abstract] | |
Schedule Of Fair Value Carried At Cost And Measured On A Nonrecurring Basis | Fair Value Measurement at September 30, 2021(Dollars in thousands) CarryingValue(1) Level 1 Level 2 Level 3 TotalNotes payable $ 215,624 $ — $ — $ 220,168 $ 220,168Subordinated debt 30,129 — — 20,440 20,440 $ 245,753 $ — $ — $ 240,608 $ 240,608 Fair Value Measurement at December 31, 2020(Dollars in thousands) CarryingValue(1) Level 1 Level 2 Level 3 TotalNotes payable $ 254,163 $ — $ — $ 258,525 $ 258,525Subordinated 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 (Narrative) (Details) | Jun. 30, 2021a |
Description Of Business And Segment Reporting [Abstract] | |
Area of Land | 2.6 |
Description Of Business And S_4
Description Of Business And Segment Reporting (Summary Of Results Of Operations For Principal Business Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | $ 31,803 | $ 10,191 | $ 89,142 | $ 62,841 |
Segment operating income (loss) | (10,951) | (17,375) | (37,461) | (46,610) |
Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 31,803 | 10,191 | 89,142 | 62,841 |
Segment operating income (loss) | (6,542) | (14,254) | (24,587) | (34,782) |
Intersegment Eliminations [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | (125) | (171) | (386) | (1,953) |
Cinema Exhibition [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 28,751 | 7,339 | 79,580 | 54,866 |
Segment operating income (loss) | (5,057) | (13,410) | (20,680) | (33,318) |
Real Estate [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 3,177 | 3,023 | 9,948 | 9,928 |
Segment operating income (loss) | $ (1,485) | $ (844) | $ (3,907) | $ (1,464) |
Description Of Business And S_5
Description Of Business And Segment Reporting (Reconciliation To Net Income Attributable To Common Shareholders) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Segment operating income (loss) | $ (10,951) | $ (17,375) | $ (37,461) | $ (46,610) |
Depreciation and amortization expense | (5,560) | (5,612) | (17,011) | (16,149) |
General and administrative expense | (5,274) | (4,228) | (19,205) | (15,275) |
Equity earnings of unconsolidated joint ventures | (75) | (97) | 158 | (292) |
Gain (loss) on sale of assets | 2,559 | (1) | 92,345 | (1) |
Other income (expense) | 440 | 10 | 2,236 | (186) |
Income (loss) before income taxes | (11,095) | (19,842) | 46,841 | (53,265) |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment operating income (loss) | (6,542) | (14,254) | (24,587) | (34,782) |
Unallocated Corporate Expense [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization expense | (300) | (215) | (917) | (634) |
General and administrative expense | (4,109) | (2,906) | (11,957) | (11,194) |
Interest expense, net | $ (3,068) | $ (2,379) | $ (10,437) | $ (6,176) |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021AUD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2021NZD ($) | Sep. 30, 2021AUD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2021NZD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Amount Of Government Grants And Assistance Receivable | $ 0 | $ 0 | ||||
Australia [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Subsidies received | 2,300,000 | $ 3.5 | 2,300,000 | |||
New Zealand [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Subsidies received | $ 200,000 | $ 288 | $ 200,000 | $ 288 |
Impact of COVID-19 Pandemic A_2
Impact of COVID-19 Pandemic And Liquidity (Narrative) (Details) $ in Millions | Aug. 30, 2021NZD ($) | May 07, 2021NZD ($) | Mar. 06, 2020USD ($) | Sep. 30, 2021USD ($)item | Jun. 30, 2021USD ($) | Sep. 30, 2021USD ($)item | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Impact Of Covid [Line Items] | ||||||||
Net increase (decrease) in cash and cash equivalents | $ 179,100,000 | $ 64,061,000 | $ 15,640,000 | |||||
Debt and Capital Lease Obligations | $ 282,600,000 | $ 282,600,000 | $ 242,600,000 | |||||
Number of cinemas re-opened | item | 58 | |||||||
Number of cinemas | item | 62 | 62 | ||||||
Contractual Facility | $ 269,953,000 | 300,449,000 | ||||||
Impairment of long-lived assets | 217,000 | |||||||
Goodwill, Impairment Loss | $ 0 | 0 | ||||||
Proceeds from sale of assets | 145,165,000 | |||||||
Repayment of long-term borrowings | $ 79,357,000 | $ 28,910,000 | ||||||
Shadow View Land And Farming, LLC [Member] | ||||||||
Impact Of Covid [Line Items] | ||||||||
Ownership percentage by noncontrolling interest | 50.00% | 50.00% | ||||||
Bank Of America Credit Facility [Member] | ||||||||
Impact Of Covid [Line Items] | ||||||||
Contractual Facility | $ 55,000,000 | $ 55,000,000 | 55,000,000 | |||||
Westpac Bank Corporate Credit Facility [Member] | ||||||||
Impact Of Covid [Line Items] | ||||||||
Contractual Facility | $ 13.8 | $ 16 | $ 9,548,000 | $ 23,021,000 | ||||
Repayment of long-term borrowings | $ 2.2 | $ 16 |
Operations In Foreign Currenc_2
Operations In Foreign Currency (Summary Of Currency Exchange Rates) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Australian Dollar [Member] | Spot Rate [Member] | |||||
Currency Exchange Rates [Line Items] | |||||
Foreign currency exchange rate | 0.7228 | 0.7160 | 0.7709 | ||
Australian Dollar [Member] | Average Rate [Member] | |||||
Currency Exchange Rates [Line Items] | |||||
Foreign currency exchange rate | 0.7344 | 0.7156 | 0.7592 | 0.6770 | 0.6904 |
New Zealand Dollar [Member] | Spot Rate [Member] | |||||
Currency Exchange Rates [Line Items] | |||||
Foreign currency exchange rate | 0.6899 | 0.6608 | 0.7194 | ||
New Zealand Dollar [Member] | Average Rate [Member] | |||||
Currency Exchange Rates [Line Items] | |||||
Foreign currency exchange rate | 0.7004 | 0.6619 | 0.7117 | 0.6384 | 0.6504 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to RDI common stockholders | $ (10,095) | $ (19,228) | $ 31,572 | $ (47,806) |
Weighted average number of common stock – basic | 21,809,402 | 21,748,531 | 21,792,007 | 21,749,146 |
Weighted average dilutive impact of awards | 670,650 | |||
Weighted average number of common stock – diluted | 21,809,402 | 21,748,531 | 22,462,657 | 21,749,146 |
Basic earnings (loss) per share attributable to RDI common stockholders | $ (0.46) | $ (0.88) | $ 1.45 | $ (2.20) |
Diluted earnings (loss) per share attributable to RDI common stockholders | $ (0.46) | $ (0.88) | $ 1.41 | $ (2.20) |
Awards excluded from diluted earnings (loss) per share | 492,344 | 674,676 | 517,344 | 674,676 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) $ in Millions, $ in Millions | Aug. 30, 2021USD ($) | Aug. 30, 2021NZD ($) | Jun. 30, 2021USD ($) | Jun. 09, 2021USD ($) | Jun. 09, 2021AUD ($) | Mar. 05, 2021USD ($) | Mar. 04, 2021USD ($) | Mar. 04, 2021NZD ($) | Feb. 28, 2021USD ($) | Jan. 31, 2021USD ($)a | Dec. 31, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jan. 31, 2021AUD ($)a | Aug. 28, 2019USD ($) |
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Depreciation expense for operating property | $ 5,100,000 | $ 5,400,000 | $ 16,400,000 | $ 15,600,000 | |||||||||||||
Proceeds from sale of assets | 145,165,000 | ||||||||||||||||
Village East Cinema, Manhattan [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Sale price | $ 5,900,000 | ||||||||||||||||
Lease term | 13 years | ||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Book value | 1,425,000 | 1,425,000 | |||||||||||||||
Sale price | 3,803,000 | 3,803,000 | |||||||||||||||
Coachella, CA [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Total consideration | $ 11,000,000 | ||||||||||||||||
Book value | $ 4,400,000 | 4,351,000 | 4,351,000 | ||||||||||||||
Sale price | 11,000,000 | 11,000,000 | |||||||||||||||
Impairment expense | 0 | ||||||||||||||||
Coachella, CA [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Shadow View Land And Farming, LLC [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Ownership percentage by parent | 50.00% | ||||||||||||||||
Percent of sale proceeds | 50.00% | ||||||||||||||||
Manukau, NZ [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Total consideration | $ 56,100,000 | $ 77.2 | |||||||||||||||
Book value | 13,600,000 | 13,618,000 | 13,618,000 | ||||||||||||||
Sale price | 56,058,000 | 56,058,000 | |||||||||||||||
Impairment expense | $ 0 | ||||||||||||||||
Proceeds from sale of assets | $ 1 | ||||||||||||||||
New South Wales [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Total consideration | $ 69,600,000 | $ 90 | |||||||||||||||
Book value | 30,231,000 | 30,231,000 | |||||||||||||||
Sale price | 69,579,000 | 69,579,000 | |||||||||||||||
Chicago [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Area of property | a | 2.6 | 2.6 | |||||||||||||||
Book value | $ 1,800,000 | $ 30,200,000 | 1,824,000 | 1,824,000 | $ 39.1 | ||||||||||||
Sale price | $ 7,075,000 | $ 7,075,000 | |||||||||||||||
Impairment expense | $ 0 | $ 0 | |||||||||||||||
Proceeds from sale of assets | $ 6,800,000 | ||||||||||||||||
Invercargill, New Zealand [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Total consideration | $ 3,800,000 | $ 5.4 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property And Equipment [Abstract] | ||
Land | $ 69,416 | $ 82,286 |
Building and improvements | 219,238 | 253,419 |
Leasehold improvements | 58,305 | 59,054 |
Fixtures and equipment | 193,664 | 201,518 |
Construction-in-progress | 9,405 | 9,285 |
Total cost | 550,028 | 605,562 |
Less: accumulated depreciation | (243,418) | (252,437) |
Operating property, net | $ 306,610 | $ 353,125 |
Property And Equipment (Summary
Property And Equipment (Summary Of Investment And Development Property) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Investment and development property | $ 9,647 | $ 11,570 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development property | 4,196 | 5,936 |
Construction-In-Progress (Including Capitalized Interest) [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development property | $ 5,451 | $ 5,634 |
Property And Equipment (Constru
Property And Equipment (Construction-In-Progress Balance) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Property, Plant and Equipment [Line Items] | |
Balance | $ 9,285 |
Balance | 9,405 |
Operating And Investing Properties [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance | 14,919 |
Additions during the period | 6,205 |
Completed during the period | (5,797) |
Transferred to Held for Sale | (121) |
Foreign currency translation | (350) |
Balance | 14,856 |
Operating And Investing Properties [Member] | Courtenay Central Development [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance | 7,255 |
Additions during the period | 66 |
Foreign currency translation | (299) |
Balance | 7,022 |
Operating And Investing Properties [Member] | Cinema Developments And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance | 6,357 |
Additions during the period | 5,115 |
Completed during the period | (4,662) |
Foreign currency translation | (19) |
Balance | 6,791 |
Operating And Investing Properties [Member] | Other Real Estate Projects [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance | 1,307 |
Additions during the period | 1,024 |
Completed during the period | (1,135) |
Transferred to Held for Sale | (121) |
Foreign currency translation | (32) |
Balance | $ 1,043 |
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 | Sep. 30, 2021USD ($) | Feb. 28, 2021USD ($) | Jan. 31, 2021USD ($) | Jan. 31, 2021AUD ($) | Dec. 31, 2020USD ($) |
Real Estate Properties [Line Items] | |||||
Sale price | $ 3,803 | ||||
Net book value | (1,425) | ||||
Gain on sale, gross of direct costs | 2,378 | ||||
Direct costs incurred | (6) | ||||
Gain on sale, net of direct costs | 2,372 | ||||
Coachella, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Sale price | 11,000 | ||||
Net book value | (4,351) | $ (4,400) | |||
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 | ||||
Net book value | (13,618) | $ (13,600) | |||
Gain on sale, gross of direct costs | 42,440 | ||||
Direct costs incurred | (1,514) | ||||
Gain on sale, net of direct costs | 40,926 | ||||
New South Wales [Member] | |||||
Real Estate Properties [Line Items] | |||||
Sale price | 69,579 | ||||
Net book value | (30,231) | ||||
Gain on sale, gross of direct costs | 39,348 | ||||
Direct costs incurred | (622) | ||||
Gain on sale, net of direct costs | 38,726 | ||||
Chicago [Member] | |||||
Real Estate Properties [Line Items] | |||||
Sale price | 7,075 | ||||
Net book value | (1,824) | $ (1,800) | $ (30,200) | $ (39.1) | |
Gain on sale, gross of direct costs | 5,251 | ||||
Direct costs incurred | (295) | ||||
Gain on sale, net of direct costs | $ 4,956 |
Investments In Unconsolidated_3
Investments In Unconsolidated Joint Ventures (Narrative) (Details) - item | Sep. 30, 2021 | Dec. 31, 2020 |
Investments In Unconsolidated Joint Ventures [Abstract] | ||
Number of joint venture investments | 2 | 2 |
Investments In Unconsolidated_4
Investments In Unconsolidated Joint Ventures (Summary Of The Investments In Unconsolidated Joint Ventures And Entities) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Total Joint Ventures | $ 4,882 | $ 5,025 |
Mt. Gravatt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 33.30% | |
Total Joint Ventures | $ 3,859 | 3,960 |
Rialto Cinemas [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 50.00% | |
Total Joint Ventures | $ 1,023 | $ 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Total equity earnings | $ (75) | $ (97) | $ 158 | $ (292) |
Mt. Gravatt [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total equity earnings | (26) | (73) | 156 | (160) |
Rialto Cinemas [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total equity earnings | $ (49) | $ (24) | $ 2 | $ (132) |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill impairment | $ 0 | $ 0 |
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 | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 28,116 |
Foreign currency translation adjustment | (1,332) |
Ending balance | 26,784 |
Cinema [Member] | |
Goodwill [Line Items] | |
Beginning balance | 22,892 |
Foreign currency translation adjustment | (1,332) |
Ending balance | 21,560 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 26,351 | $ 26,273 |
Less: accumulated amortization | (22,864) | (22,285) |
Less: impairment charges | (17) | (17) |
Net intangible assets other than goodwill | 3,470 | 3,971 |
Beneficial Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 12,326 | 12,451 |
Less: accumulated amortization | (11,990) | (10,375) |
Net intangible assets other than goodwill | 336 | 2,076 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 9,058 | 9,058 |
Less: accumulated amortization | (7,589) | (7,377) |
Net intangible assets other than goodwill | 1,469 | 1,681 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 4,967 | 4,764 |
Less: accumulated amortization | (3,285) | (4,533) |
Less: impairment charges | (17) | (17) |
Net intangible assets other than goodwill | $ 1,665 | $ 214 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Summary Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization | $ 290 | $ 306 | $ 605 | $ 560 |
Beneficial Lease Amortization [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization | 28 | 27 | 87 | 77 |
Other Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization | $ 262 | $ 279 | $ 518 | $ 483 |
Prepaid And Other Assets (Summa
Prepaid And Other Assets (Summary Of Prepaid And Other Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Prepaid And Other Assets [Abstract] | ||
Prepaid expenses | $ 1,913 | $ 1,946 |
Prepaid rent | 563 | 162 |
Prepaid taxes | 1,792 | 455 |
Income taxes receivable | 217 | 5,572 |
Deposits | 244 | 245 |
Investment in marketable securities | 25 | 26 |
Restricted cash | 6,156 | 8 |
Total prepaid and other current assets | 10,910 | 8,414 |
Straight-line asset | 4,737 | 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 | 10 | 8 |
Total other non-current assets | $ 6,719 | $ 8,030 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Taxes [Abstract] | |||||
Effective tax rate | 26.40% | 9.50% | |||
Income tax benefit (expense) | $ (895) | $ 5,600 | $ (490) | $ 12,380 | $ (5,070) |
Debt (Union Square Theatre Term
Debt (Union Square Theatre Term Loan) (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2021 | |
US Union Square Term Loan - Sun Life [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate During Period | 7.00% |
Borrowings (Bank Of America Cre
Borrowings (Bank Of America Credit Facility) (Narrative) (Details) - USD ($) $ in Thousands | Nov. 08, 2021 | Aug. 07, 2020 | Mar. 06, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||
Contractual facility | $ 269,953 | $ 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% | ||||
Subsequent Event [Member] | Bank Of America Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayment of debt | $ 2,800 |
Borrowings (Bank Of America Lin
Borrowings (Bank Of America Line Of Credit) (Narrative) (Details) - USD ($) $ in Thousands | Aug. 07, 2020 | Mar. 06, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 269,953 | $ 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 | Sep. 30, 2021 | Dec. 31, 2020 | ||
Debt Instrument [Line Items] | |||||
Loan amount | $ 269,953 | $ 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 269,953 | $ 300,449 | ||
U.S. Corporate Office Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument term | 10 years | |||
Contractual facility | $ 8,400 | $ 9,000 | $ 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 ($) | Mar. 12, 2020USD ($) | Sep. 30, 2021USD ($)item | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 269,953 | $ 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 | $ 24,189 | $ 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) | Aug. 08, 2019USD ($) | Sep. 30, 2021USD ($)item | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 29, 2016USD ($) |
Debt Instrument [Line Items] | |||||
(Increase) decrease in prepaid and other assets | $ (2,272,000) | $ 3,056,000 | |||
Contractual facility | $ 269,953,000 | $ 300,449,000 | |||
Union Square Construction Financing [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 57,500,000 | ||||
Interest rate | 17.50% | ||||
Contractual facility | $ 50,000,000 | ||||
Maturity date | Mar. 31, 2021 | ||||
Union Square Construction Financing [Member] | Mezzanine Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 7,500,000 | ||||
Proceeds from (Repayments of) Long-term Debt and Capital Securities | $ (7,500,000) | ||||
Union Square Construction Financing [Member] | Non-Mezzanine Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 50,000,000 | ||||
Number of extension options exercised | item | 2 | ||||
Extension period | 1 year | ||||
Union Square Construction Financing [Member] | Emerald Creek Capital [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 55,000,000 | ||||
Payment schedule | 1 year | ||||
Number of extension options | item | 2 | ||||
Extension period | 12 months | ||||
Line of credit facility, term | 3 years | ||||
Floor Rate [Member] | Union Square Construction Financing [Member] | Emerald Creek Capital [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 7.00% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Union Square Construction Financing [Member] | Emerald Creek Capital [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.90% |
Borrowings (Purchase Money Prom
Borrowings (Purchase Money Promissory Note) (Narrative) (Details) - USD ($) $ in Millions | Sep. 18, 2019 | Sep. 30, 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 | Aug. 30, 2021NZD ($) | May 07, 2021NZD ($) | Dec. 20, 2018NZD ($) | Dec. 19, 2018NZD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Jul. 27, 2020 |
Debt Instrument [Line Items] | ||||||||
Contractual facility | $ 269,953 | $ 300,449 | ||||||
Repayment of long-term borrowings | 79,357 | $ 28,910 | ||||||
Westpac Bank Corporate Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Contractual facility | $ 13.8 | $ 16 | $ 9,548 | $ 23,021 | ||||
Maturity date | Dec. 31, 2023 | Dec. 31, 2023 | ||||||
Interest rate | 1.10% | 1.65% | ||||||
Repayment of long-term borrowings | $ 2.2 | $ 16 | ||||||
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 |
Borrowings (Australian NAB Corp
Borrowings (Australian NAB Corporate Term Loan (AU)) (Narrative) (Details) - AUD ($) | Jun. 09, 2021 | Dec. 29, 2020 | Aug. 06, 2020 | Mar. 15, 2019 | Sep. 30, 2021 |
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayment of debt | $ 20,000,000 | ||||
NAB Australian Corporate Term Loan And Revolver [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 123,000,000 | ||||
Remaining credit after Jindalee has been repaid | 120,000,000 | ||||
Australian NAB Corporate Loan Facility Tier 1 [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 66,500,000 | ||||
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 | $ 5,000,000 | ||||
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 | $ 120,000,000 | ||||
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 | $ 5,000,000 | ||||
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 | $ 40,000,000 | ||||
Australian NAB Corporate Loan Facility Tier 3 [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 80,000,000 | ||||
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 | 43,000,000 | ||||
Jindalee, Queensland [Member] | NAB Australian Corporate Term Loan And Revolver Tier 1, 2, 3 [Member] | |||||
Debt Instrument [Line Items] | |||||
Semi-Annual principal payment | $ 500,000 | ||||
Increased amount of credit line | $ 3,000,000 | ||||
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 | Aug. 30, 2021NZD ($) | May 07, 2021NZD ($) | Mar. 13, 2020USD ($) | Mar. 12, 2020USD ($) | Mar. 06, 2020USD ($) | Sep. 18, 2019 | Oct. 12, 2018USD ($) | Dec. 13, 2016USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |||
Debt Instrument [Line Items] | |||||||||||||
Contractual Facility | $ 269,953 | $ 300,449 | |||||||||||
Balance Gross | 245,753 | 284,959 | |||||||||||
Balance Net | 242,627 | [1] | 282,583 | [2] | |||||||||
Deferred financing costs, net | $ 3,100 | $ 2,400 | |||||||||||
Trust Preferred Securities [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity Date | Apr. 30, 2027 | Apr. 30, 2027 | |||||||||||
Contractual Facility | $ 27,913 | $ 27,913 | |||||||||||
Balance Gross | 27,913 | 27,913 | |||||||||||
Balance Net | $ 26,672 | [1] | $ 26,505 | [2] | |||||||||
Stated Interest Rate | 4.13% | 4.27% | |||||||||||
Effective Interest Rate | 4.13% | 4.27% | |||||||||||
Bank Of America Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity Date | Mar. 6, 2023 | Mar. 6, 2023 | Mar. 6, 2023 | ||||||||||
Contractual Facility | $ 55,000 | $ 55,000 | $ 55,000 | ||||||||||
Balance Gross | 42,800 | 51,200 | |||||||||||
Balance Net | $ 42,645 | [1] | $ 50,990 | [2] | |||||||||
Stated Interest Rate | 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 | ||||||||||
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 | 3.08% | 3.15% | |||||||||||
Effective Interest Rate | 3.08% | 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 | ||||||||||
Contractual Facility | $ 25,000 | $ 20,000 | $ 24,189 | $ 24,625 | |||||||||
Balance Gross | 24,189 | 24,625 | |||||||||||
Balance Net | $ 23,826 | [1] | $ 24,248 | [2] | |||||||||
Stated Interest Rate | 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 | ||||||||||
Contractual Facility | $ 7,500 | $ 8,000 | [3] | $ 8,000 | [3] | ||||||||
Balance Gross | [3] | 8,000 | 8,000 | ||||||||||
Balance Net | [3] | $ 7,936 | [1] | $ 7,914 | [2] | ||||||||
Stated Interest Rate | [3] | 2.14% | 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 | |||||||||||
Contractual Facility | $ 8,400 | $ 9,000 | $ 9,186 | ||||||||||
Balance Gross | 9,000 | 9,186 | |||||||||||
Balance Net | $ 8,920 | [1] | $ 9,095 | [2] | |||||||||
Effective Interest Rate | 4.61% | 4.64% | |||||||||||
Union Square Construction Financing [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity Date | Mar. 31, 2021 | ||||||||||||
Contractual Facility | $ 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 | ||||||||||
Contractual Facility | $ 2,216 | $ 2,883 | |||||||||||
Balance Gross | 2,216 | 2,883 | |||||||||||
Balance Net | $ 2,216 | [1] | $ 2,883 | [2] | |||||||||
Stated Interest Rate | 5.00% | 5.00% | |||||||||||
Effective Interest Rate | 5.00% | 5.00% | |||||||||||
US Union Square Term Loan - Sun Life [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity Date | May 6, 2024 | ||||||||||||
Contractual Facility | $ 55,000 | ||||||||||||
Balance Gross | 43,000 | ||||||||||||
Balance Net | [1] | $ 41,920 | |||||||||||
Stated Interest Rate | 7.00% | ||||||||||||
Effective Interest Rate | 7.00% | ||||||||||||
NAB Australian Corporate Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity Date | Dec. 31, 2023 | Dec. 31, 2023 | |||||||||||
Contractual Facility | $ 74,087 | $ 94,821 | |||||||||||
Balance Gross | 74,087 | 92,508 | |||||||||||
Balance Net | $ 73,944 | [1] | $ 92,307 | [2] | |||||||||
Stated Interest Rate | 1.81% | 1.81% | |||||||||||
Effective Interest Rate | 1.81% | 1.81% | |||||||||||
Westpac Bank Corporate Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maturity Date | Dec. 31, 2023 | Dec. 31, 2023 | |||||||||||
Contractual Facility | $ 13.8 | $ 16 | $ 9,548 | $ 23,021 | |||||||||
Balance Gross | 9,548 | 23,021 | |||||||||||
Balance Net | $ 9,548 | [1] | $ 23,021 | [2] | |||||||||
Stated Interest Rate | 2.95% | 2.95% | |||||||||||
Effective Interest Rate | 2.95% | 2.95% | |||||||||||
Minimum [Member] | U.S. Corporate Office Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated Interest Rate | 4.44% | 4.44% | |||||||||||
Maximum [Member] | U.S. Corporate Office Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated Interest Rate | 4.64% | 4.64% | |||||||||||
[1] | Net of deferred financing costs amounting to $ 3.1 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 %. |
Borrowings (Schedule Of Long-te
Borrowings (Schedule Of Long-term Debt Instruments, Net Of The Deferred Financing Costs) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | ||
Borrowings [Abstract] | ||||
Debt – current portion | $ 2,586 | $ 41,459 | ||
Debt – long-term portion | 212,667 | 213,779 | ||
Subordinated debt - current portion | 702 | 840 | ||
Subordinated debt - long-term portion | 26,672 | 26,505 | ||
Total borrowings | $ 242,627 | [1] | $ 282,583 | [2] |
[1] | Net of deferred financing costs amounting to $ 3.1 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 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Other Liabilities [Line Items] | ||||||||
Accrued pension liability | $ 7,500,000 | $ 3,718,000 | $ 3,718,000 | $ 3,718,000 | $ 4,048,000 | |||
Service cost | 0 | $ 0 | $ 0 | |||||
Interest cost | 59,000 | $ 65,000 | 182,000 | 199,000 | ||||
Actuarial loss (gain) | $ 52,000 | $ 52,000 | $ 156,000 | $ 155,000 | ||||
Discount rate | 4.25% | 4.25% | 4.25% | |||||
Discount term | 15 years | |||||||
Monthly estate payment amount | $ 57,000 | $ 57,000 | $ 57,000 | |||||
Discounted value | 2,700,000 | 2,700,000 | 2,700,000 | |||||
Accumulated prior service cost | 3,100,000 | $ 3,100,000 | 3,100,000 | |||||
Accumulated prior service cost amortization period | 15 years | |||||||
Accrued pension costs included in other liabilities | $ 4,400,000 | $ 4,400,000 | $ 4,400,000 | |||||
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 | Sep. 30, 2021 | Dec. 31, 2020 | Aug. 29, 2014 |
Other Liabilities [Abstract] | |||
Liability for demolition costs | $ 2,808 | $ 2,928 | |
Accrued pension | 684 | 684 | |
Security deposit payable | 72 | 132 | |
Finance lease liabilities | 45 | 49 | |
Other | 41 | 33 | |
Other current liabilities | 3,650 | 3,826 | |
Lease make-good provision | 7,611 | 7,408 | |
Accrued pension | 3,718 | 4,048 | $ 7,500 |
Deferred rent liability | 2,180 | 2,897 | |
Environmental reserve | 1,656 | 1,656 | |
Lease liability | 5,900 | 5,900 | |
Acquired leases | 23 | 31 | |
Finance lease liabilities | 36 | 69 | |
Other | 8 | ||
Other non-current liabilities | $ 21,124 | $ 22,017 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Summary Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $ 12,502 | |||
Total change in hedge fair value recorded in Other Comprehensive Income | (8) | |||
Amounts reclassified from accumulated other comprehensive income | 181 | |||
Net change related to derivatives | $ 57 | $ 63 | 173 | $ (142) |
Net current-period other comprehensive income (loss) | (8,166) | |||
Balance | 4,336 | 4,336 | ||
Foreign Currency Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 14,966 | |||
Net current-period other comprehensive income (loss) | (8,494) | |||
Balance | 6,472 | 6,472 | ||
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) | (13) | ||
Accrued Pension Service Costs [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (2,135) | |||
Net current-period other comprehensive income (loss) | 156 | |||
Balance | (1,979) | (1,979) | ||
Hedge Accounting Reserve [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (317) | |||
Total change in hedge fair value recorded in Other Comprehensive Income | (8) | |||
Amounts reclassified from accumulated other comprehensive income | 181 | |||
Net change related to derivatives | 173 | |||
Net current-period other comprehensive income (loss) | 173 | |||
Balance | $ (144) | $ (144) |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - USD ($) | Jul. 13, 2021 | Jun. 18, 2021 | Oct. 01, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Commitments And Contingencies [Line Items] | |||||
(Increase) decrease in prepaid and other assets | $ (2,272,000) | $ 3,056,000 | |||
General Diversified Limited Litigation [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Damages sought | $ 0 | ||||
Estimated Litigation Liability | $ 0 | ||||
Cotter, Jr., Derivative Litigation [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Damages sought | $ 809,000 | ||||
California Employment Litigation [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Settlement awarded | $ 4,000,000 |
Non-controlling Interests (Narr
Non-controlling Interests (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Mar. 05, 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] | ||
Proceeds from sale of subsidiary's share to our joint venture partner | $ 11 | |
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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | $ 993 | $ 3,404 |
Australian Country Cinemas, Pty Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | (3) | (51) |
Shadow View Land And Farming, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | (3) | 2,131 |
Sutton Hill Properties, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | $ 999 | $ 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Noncontrolling Interest [Line Items] | ||||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | $ (105) | $ (124) | $ 2,889 | $ (389) |
Australian Country Cinemas, Pty Ltd [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | 6 | (35) | 48 | (80) |
Shadow View Land And Farming, LLC [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | (5) | 3,166 | (48) | |
Sutton Hill Properties, LLC [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | $ (111) | $ (84) | $ (325) | $ (261) |
Non-controlling Interests (Summ
Non-controlling Interests (Summary Of Changes In Controlling And Non-controlling Stockholders’ Equity) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Balance | $ (40,407,000) | $ (40,407,000) | ||||||
Balance | $ 117,199,000 | $ 95,749,000 | 81,173,000 | $ 105,585,000 | $ 117,399,000 | $ 139,616,000 | 81,173,000 | $ 139,616,000 |
Net income (loss) | (10,200,000) | 22,594,000 | 22,067,000 | (19,352,000) | (22,888,000) | (5,956,000) | 34,461,000 | (48,195,000) |
Other comprehensive income, net | (4,029,000) | (1,592,000) | (2,545,000) | 3,590,000 | 10,716,000 | (15,897,000) | ||
Share-based compensation expense | 606,000 | 450,000 | 464,000 | 358,000 | 369,000 | 336,000 | ||
Share repurchase plan | (671,000) | |||||||
Restricted Stock Units | (3,000) | (2,000) | (110,000) | (4,000) | (11,000) | (30,000) | ||
Contributions from noncontrolling stockholders | 30,000 | |||||||
Distributions to noncontrolling stockholders | (5,300,000) | |||||||
Balance | 103,573,000 | 117,199,000 | 95,749,000 | 90,207,000 | 105,585,000 | 117,399,000 | 103,573,000 | 90,207,000 |
Balance | (40,407,000) | (40,407,000) | ||||||
Additional Paid-In Capital [Member] | ||||||||
Balance | 150,780,000 | 150,332,000 | 149,979,000 | 149,266,000 | 148,908,000 | 148,602,000 | 149,979,000 | 148,602,000 |
Share-based compensation expense | 606,000 | 450,000 | 464,000 | 358,000 | 369,000 | 336,000 | ||
Restricted Stock Units | (3,000) | (2,000) | (111,000) | (4,000) | (11,000) | (30,000) | ||
Balance | 151,383,000 | 150,780,000 | 150,332,000 | 149,620,000 | 149,266,000 | 148,908,000 | 151,383,000 | 149,620,000 |
Retained Earnings (Accumulated Deficit) [Member] | ||||||||
Balance | (2,886,000) | (25,588,000) | (44,553,000) | (7,931,000) | 14,772,000 | 20,647,000 | (44,553,000) | 20,647,000 |
Net income (loss) | (10,095,000) | 22,702,000 | 18,965,000 | (19,228,000) | (22,703,000) | (5,875,000) | ||
Balance | (12,981,000) | (2,886,000) | (25,588,000) | (27,159,000) | (7,931,000) | 14,772,000 | (12,981,000) | (27,159,000) |
Treasury Shares [Member] | ||||||||
Balance | (40,407,000) | (40,407,000) | (40,407,000) | (40,407) | (40,407) | (39,737) | (40,407,000) | (39,737) |
Share repurchase plan | (670) | |||||||
Balance | (40,407,000) | (40,407,000) | (40,407,000) | (40,407) | (40,407) | (40,407) | (40,407,000) | (40,407) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Balance | 8,365,000 | 9,957,000 | 12,502,000 | 417,000 | (10,290,000) | 5,589,000 | 12,502,000 | 5,589,000 |
Other comprehensive income, net | (4,029,000) | (1,592,000) | (2,545,000) | 3,587,000 | 10,707,000 | (15,879,000) | ||
Balance | 4,336,000 | 8,365,000 | 9,957,000 | 4,004,000 | 417,000 | (10,290,000) | 4,336,000 | 4,004,000 |
Reading International Inc. Stockholders' Equity [Member] | ||||||||
Balance | 116,101,000 | 94,543,000 | 77,769,000 | 101,593,000 | 113,231,000 | 135,349,000 | 77,769,000 | 135,349,000 |
Net income (loss) | (10,095,000) | 22,702,000 | 18,965,000 | (19,228,000) | (22,703,000) | (5,875,000) | ||
Other comprehensive income, net | (4,029,000) | (1,592,000) | (2,545,000) | 3,587,000 | 10,707,000 | (15,879,000) | ||
Share-based compensation expense | 606,000 | 450,000 | 464,000 | 358,000 | 369,000 | 336,000 | ||
Share repurchase plan | (670,000) | |||||||
Restricted Stock Units | (3,000) | (2,000) | (110,000) | (4,000) | (11,000) | (30,000) | ||
Balance | 102,580,000 | 116,101,000 | 94,543,000 | 86,306,000 | 101,593,000 | 113,231,000 | 102,580,000 | 86,306,000 |
Noncontrolling Interests [Member] | ||||||||
Balance | 1,098,000 | 1,206,000 | 3,404,000 | 3,992,000 | 4,168,000 | 4,267,000 | 3,404,000 | 4,267,000 |
Net income (loss) | (105,000) | (108,000) | 3,102,000 | (124,000) | (185,000) | (81,000) | ||
Other comprehensive income, net | 3,000 | 9,000 | (18,000) | |||||
Contributions from noncontrolling stockholders | 30,000 | |||||||
Distributions to noncontrolling stockholders | (5,300,000) | |||||||
Balance | $ 993,000 | 1,098,000 | $ 1,206,000 | 3,901,000 | 3,992,000 | 4,168,000 | $ 993,000 | 3,901,000 |
Class A [Member] | ||||||||
Balance, shares | 20,098,607 | 20,098,607 | ||||||
Balance, shares | 20,128,813 | 20,128,813 | ||||||
Class A [Member] | Common Stock Shares Outstanding [Member] | ||||||||
Balance | $ 232,000 | $ 232,000 | $ 231,000 | $ 231,000 | $ 231,000 | $ 231,000 | $ 231,000 | $ 231,000 |
Balance, shares | 20,125 | 20,121 | 20,069 | 20,068 | 20,047 | 20,103 | 20,069 | 20,103 |
Share repurchase plan, shares | (75) | |||||||
Restricted Stock Units | $ 1,000 | |||||||
Restricted Stock Units, shares | 2 | 4 | 52 | 1 | 21 | 19 | ||
Balance | $ 232,000 | $ 232,000 | $ 232,000 | $ 231,000 | $ 231,000 | $ 231,000 | $ 232,000 | $ 231,000 |
Balance, shares | 20,127 | 20,125 | 20,121 | 20,069 | 20,068 | 20,047 | 20,127 | 20,069 |
Class B [Member] | ||||||||
Balance, shares | 1,680,590 | 1,680,590 | ||||||
Balance, shares | 1,680,590 | 1,680,590 | ||||||
Class B [Member] | Common Stock Shares Outstanding [Member] | ||||||||
Balance | $ 17,000 | $ 17,000 | $ 17,000 | $ 17,000 | $ 17,000 | $ 17,000 | $ 17,000 | $ 17,000 |
Balance, shares | 1,680 | 1,680 | 1,680 | 1,680 | 1,680 | 1,680 | 1,680 | 1,680 |
Balance | $ 17,000 | $ 17,000 | $ 17,000 | $ 17,000 | $ 17,000 | $ 17,000 | $ 17,000 | $ 17,000 |
Balance, shares | 1,680 | 1,680 | 1,680 | 1,680 | 1,680 | 1,680 | 1,680 | 1,680 |
Stock-Based Compensation And _3
Stock-Based Compensation And Stock Repurchases (Narrative) (Details) - USD ($) | Aug. 11, 2021 | Dec. 16, 2020 | Dec. 16, 2020 | Mar. 10, 2020 | Mar. 05, 2020 | May 07, 2019 | Apr. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 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 | $ 103,000 | $ 302,000 | $ 343,000 | |||||||||
Unrecognized estimated compensation cost related to non-vested stock options granted | 300,000 | $ 300,000 | |||||||||||
Recognition period of unrecognized compensation cost | 1 year 21 days | ||||||||||||
Share price | $ 5.06 | ||||||||||||
Intrinsic unrealized value of all options outstanding, vested and expected to vest | |||||||||||||
2020 Stock Incentive Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Terms of award | the grantee to receive one share for every RSU based on a vesting plan | ||||||||||||
Minimum [Member] | 2020 Stock Incentive Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Vesting period of stock options and RSU | 1 year | ||||||||||||
Maximum [Member] | 2020 Stock Incentive Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Vesting period of stock options and RSU | 4 years | ||||||||||||
Stock option expiry period | 5 years | ||||||||||||
Class A [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Common Stock authorized for issuance | 1,505,598 | 1,505,598 | |||||||||||
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 | 1,250,000 | |||||||||||
Common Stock shares remaining for future issuances | 784,296 | 784,296 | |||||||||||
Class A [Member] | Maximum [Member] | 2020 Stock Incentive Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Additional shares authorized | 176,086 | ||||||||||||
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 | $ 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 | $ 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 | 505,000 | $ 237,000 | $ 1,290,000 | $ 708,000 | ||||||||
Unrecognized estimated compensation cost related to non-vested stock options granted | $ 3,300,000 | $ 3,300,000 | |||||||||||
Vesting period of stock options and RSU | 1 year 9 months 21 days | ||||||||||||
Executive Officer [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of options, Granted | 262,830 | ||||||||||||
Executive Officer [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 | 50.00% | ||||||||||||
Percentage of RSUs Vesting Period Contingent On Performance Metrics | 50.00% | ||||||||||||
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 | 26,924 | 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 | |||||||||||
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 | 4 years | ||||||||||||
Percentage of shares vested | 25.00% | ||||||||||||
Number of options, Granted | 22,888 |
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 | 9 Months Ended | 12 Months Ended | |
Sep. 30, 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, Exercised | (38,803) | ||
Number of Stock Options, Forfeited | (157,332) | (36,701) | |
Number of Stock Options Outstanding, Ending balance | 517,344 | 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 | 11.87 | 14.74 | |
Weighted Average Exercise Price of Options Outstanding, Ending price | $ 15.35 | $ 14.64 | $ 14.74 |
Weighted Average Remaining Years of Contractual Life | 1 year 9 months 7 days | 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 | $ 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] | 9 Months Ended |
Sep. 30, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 1,010,157 |
Number of options, Vested | 304,146 |
Number of options, Forfeited | 8,682 |
Number of options, Unvested | 697,329 |
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 | 21,085 |
Number of options, Forfeited | 1,971 |
Number of options, Unvested | 6,540 |
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 | 11,003 |
Number of options, Unvested | 3,666 |
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 |
April 5, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 262,830 |
Number of options, Unvested | 262,830 |
April 19, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 22,888 |
Number of options, Unvested | 22,888 |
August 11, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 26,924 |
Number of options, Unvested | 26,924 |
Directors [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 216,804 |
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 |
Directors [Member] | August 11, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 26,924 |
Management [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 793,353 |
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 |
Management [Member] | April 5, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 262,830 |
Management [Member] | April 19, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Grants | 22,888 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Operating Leased Assets [Line Items] | |
Operating leases not yet commenced | $ 12 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Amortization of right-of-use assets | $ 12 | $ 15 | $ 37 | $ 79 |
Interest on lease liabilities | 1 | 2 | 4 | 6 |
Operating lease cost | 8,591 | 8,136 | 25,151 | 24,447 |
Variable lease cost | (2,064) | (1,747) | (4,751) | (2,427) |
Total lease cost | $ 6,540 | $ 6,406 | $ 20,441 | $ 22,105 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||
Operating cash flows for finance leases | $ 40 | $ 86 |
Operating cash flows for operating leases | 16,666 | 10,190 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 32,956 | $ 179 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 226,855 | $ 220,503 |
Operating lease liabilities - current portion | 22,976 | 22,699 |
Operating lease liabilities - non-current portion | 222,918 | 212,806 |
Total operating lease liabilities | 245,894 | 235,505 |
Property plant and equipment, gross | 374 | 383 |
Accumulated depreciation | (299) | (271) |
Property plant and equipment, net | 75 | 112 |
Other current liabilities | 45 | 49 |
Other long-term liabilities | 36 | 69 |
Total finance lease liabilities | $ 81 | $ 118 |
Weighted-average remaining lease term - finance leases | 2 years | 3 years |
Weighted-average remaining lease term - operating leases | 11 years | 11 years |
Weighted-average discount rate - finance leases | 5.25% | 5.27% |
Weighted-average discount rate - operating leases | 4.48% | 4.71% |
Leases (Maturity Of Leases As L
Leases (Maturity Of Leases As Lessee) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating leases, 2021 | $ 8,015 | |
Operating leases, 2022 | 34,005 | |
Operating leases, 2023 | 33,830 | |
Operating leases, 2024 | 32,054 | |
Operating leases, 2025 | 29,891 | |
Operating leases, Thereafter | 181,475 | |
Operating leases, Total lease payments | 319,270 | |
Operating leases, Less imputed interest | (73,376) | |
Total operating lease liabilities | 245,894 | $ 235,505 |
Finance leases, 2021 | 13 | |
Finance leases, 2022 | 43 | |
Finance leases, 2023 | 28 | |
Finance leases, Total lease payments | 84 | |
Finance leases, Less imputed interest | (3) | |
Total finance lease liabilities | $ 81 | $ 118 |
Leases (Components Of Lease Inc
Leases (Components Of Lease Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Lease payments | $ 2,230 | $ 2,400 | $ 7,601 | $ 6,972 |
Variable lease payments | 273 | 97 | 642 | (114) |
Total lease income | $ 2,503 | $ 2,497 | $ 8,243 | $ 6,858 |
Leases (Book Value Of Assets Un
Leases (Book Value Of Assets Under Operating Leases From Owned Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Gross balance | $ 550,028 | $ 605,562 |
Accumulated depreciation | (243,418) | (252,437) |
Operating property, net | 306,610 | 353,125 |
Building And Improvements [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Gross balance | 139,493 | 153,643 |
Accumulated depreciation | (22,815) | (26,107) |
Operating property, net | $ 116,678 | $ 127,536 |
Leases (Maturity Of Leases As_2
Leases (Maturity Of Leases As Lessor) (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Leases [Abstract] | |
2021 | $ 1,863 |
2022 | 7,088 |
2023 | 6,527 |
2024 | 5,779 |
2025 | 4,774 |
Thereafter | 5,093 |
Total | $ 31,124 |
Hedge Accounting (Narrative) (D
Hedge Accounting (Narrative) (Details) - Designated as Hedging Instrument [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - current portion | $ 220 | $ 218 |
Derivative financial instruments - non-current portion | 38 | 212 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives designated as hedging instruments | 258 | 430 |
Total derivatives | 258 | 430 |
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - non-current portion | 38 | 212 |
Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - current portion | $ 220 | $ 218 |
Hedge Accounting (Schedule Of C
Hedge Accounting (Schedule Of Changes in Fair value) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Recognized in Income on Derivatives | $ 61 | $ 60 | $ 181 | $ 140 |
Interest Expense [Member] | Interest Rate Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Recognized in Income on Derivatives | $ 61 | $ 60 | $ 181 | $ 140 |
Hedge Accounting (Summary Of He
Hedge Accounting (Summary Of Hedged Transactions That Affect Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Recognized in Income on Derivatives (Effective Portion) | $ (8) | |||
Loss Reclassified from OCI into Income (Effective Portion) | 181 | |||
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Recognized in Income on Derivatives (Effective Portion) | $ 4 | $ 60 | 9 | $ 282 |
Loss Reclassified from OCI into Income (Effective Portion) | 61 | 60 | 181 | 141 |
Designated as Hedging Instrument [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss Reclassified from OCI into Income (Effective Portion) | 61 | 60 | 181 | 141 |
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) | $ 4 | $ 60 | $ 9 | $ 282 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 | |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 | |
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 | |
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | $ 0 | |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial liabilities | $ 258,000 | $ 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 | Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | $ 220,168 | $ 258,525 | |
Subordinated debt | 20,440 | 20,423 | |
Financial liabilities total | 240,608 | 278,948 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | 220,168 | 258,525 | |
Subordinated debt | 20,440 | 20,423 | |
Financial liabilities total | 240,608 | 278,948 | |
Carrying Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | [1] | 215,624 | 254,163 |
Subordinated debt | [1] | 30,129 | 30,796 |
Financial liabilities total | [1] | $ 245,753 | $ 284,959 |
[1] | These balances are presented before any deduction for deferred financing costs. |