Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 08, 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 1-8625 | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
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 | |
Entity Filer Category | Non-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 | 20,363,234 | |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 49,905 | $ 83,251 |
Restricted cash | 11,544 | 5,320 |
Receivables | 5,277 | 5,360 |
Inventories | 1,469 | 1,408 |
Derivative financial instruments - current portion | 1,223 | 96 |
Prepaid and other current assets | 5,012 | 4,871 |
Total current assets | 74,430 | 100,306 |
Operating property, net | 292,374 | 306,657 |
Operating lease right-of-use assets | 208,955 | 227,367 |
Investment and development property, net | 8,692 | 9,570 |
Investment in unconsolidated joint ventures | 4,636 | 4,993 |
Goodwill | 25,532 | 26,758 |
Intangible assets, net | 2,783 | 3,258 |
Deferred tax assets, net | 2,372 | 2,220 |
Derivative financial instruments - non-current portion | 112 | |
Other assets | 7,809 | 6,461 |
Total assets | 627,583 | 687,702 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 39,936 | 39,678 |
Film rent payable | 6,369 | 7,053 |
Debt – current portion | 60,474 | 11,349 |
Subordinated debt - current portion | 729 | 711 |
Derivative financial instruments - current portion | 20 | 181 |
Taxes payable - current | 1,759 | 10,655 |
Deferred revenue | 9,390 | 9,996 |
Operating lease liabilities - current portion | 23,897 | 23,737 |
Other current liabilities | 9,268 | 3,619 |
Total current liabilities | 151,842 | 106,979 |
Debt – long-term portion | 138,013 | 195,198 |
Subordinated debt, net | 26,839 | 26,728 |
Noncurrent tax liabilities | 6,863 | 7,467 |
Operating lease liabilities - non-current portion | 205,974 | 223,364 |
Other liabilities | 15,825 | 22,906 |
Total liabilities | 545,356 | 582,642 |
Commitments and contingencies (Note 14) | ||
Stockholders' equity: | ||
Nonvoting preferred shares, par value $0.01, 12,000 shares authorized and no issued or outstanding shares at June 30, 2022 and December 31, 2021 | ||
Additional paid-in capital | 152,778 | 151,981 |
Retained earnings/(deficits) | (30,422) | (12,632) |
Treasury shares | (40,407) | (40,407) |
Accumulated other comprehensive income | (812) | 4,882 |
Total Reading International, Inc. stockholders' equity | 81,388 | 104,074 |
Noncontrolling Interests | 839 | 986 |
Total stockholders' equity | 82,227 | 105,060 |
Total Liabilities and Stockholders’ Equity | 627,583 | 687,702 |
Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 234 | 233 |
Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 17 | $ 17 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
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 | 33,299,344 | 33,198,500 |
Common stock, shares outstanding | 20,363,234 | 20,262,390 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | ||||
Total revenues | $ 64,511 | $ 36,033 | $ 104,712 | $ 57,339 |
Costs and expenses | ||||
Depreciation and amortization | (5,247) | (5,801) | (10,771) | (11,451) |
Impairment expense | (1,549) | (1,549) | ||
General and administrative | (6,312) | (8,834) | (12,107) | (13,931) |
Total costs and expenses | (66,083) | (48,565) | (118,061) | (83,849) |
Operating income (loss) | (1,572) | (12,532) | (13,349) | (26,510) |
Interest expense, net | (3,343) | (3,005) | (6,548) | (7,368) |
Gain (loss) on sale of assets | 43,241 | 89,786 | ||
Other income (expense) | 3,773 | 154 | 2,990 | 1,795 |
Income (loss) before income tax expense and equity earnings of unconsolidated joint ventures | (1,142) | 27,858 | (16,907) | 57,703 |
Equity earnings of unconsolidated joint ventures | 237 | 283 | 172 | 233 |
Income (loss) before income taxes | (905) | 28,141 | (16,735) | 57,936 |
Income tax benefit (expense) | (1,538) | (5,547) | (1,160) | (13,275) |
Net income (loss) | (2,443) | 22,594 | (17,895) | 44,661 |
Less: net income (loss) attributable to noncontrolling interests | (7) | (108) | (105) | 2,994 |
Net income (loss) attributable to Reading International, Inc. | $ (2,436) | $ 22,702 | $ (17,790) | $ 41,667 |
Basic earnings (loss) per share | $ (0.11) | $ 1.04 | $ (0.81) | $ 1.91 |
Diluted earnings (loss) per share | $ (0.11) | $ 1.01 | $ (0.81) | $ 1.86 |
Weighted average number of shares outstanding-basic | 22,040,512 | 21,808,556 | 21,995,186 | 21,784,700 |
Weighted average number of shares outstanding-diluted | 22,952,960 | 22,480,168 | 22,907,634 | 22,456,919 |
Cinema [Member] | ||||
Revenues | ||||
Total revenues | $ 61,770 | $ 32,715 | $ 99,117 | $ 50,829 |
Costs and expenses | ||||
Costs and expenses | (50,769) | (31,366) | (89,271) | (53,248) |
Real Estate [Member] | ||||
Revenues | ||||
Total revenues | 2,741 | 3,318 | 5,595 | 6,510 |
Costs and expenses | ||||
Costs and expenses | $ (2,206) | $ (2,564) | $ (4,363) | $ (5,219) |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (2,443) | $ 22,594 | $ (17,895) | $ 44,661 |
Foreign currency translation gain (loss) | (9,668) | (1,698) | (6,989) | (4,356) |
Gain (loss) on cash flow hedges | 395 | 55 | 1,194 | 116 |
Other | 54 | 51 | 101 | 103 |
Comprehensive income (loss) | (11,662) | 21,002 | (23,589) | 40,524 |
Less: net income (loss) attributable to noncontrolling interests | (7) | (108) | (105) | 2,994 |
Less: comprehensive income (loss) attributable to noncontrolling interests | 1 | 1 | ||
Comprehensive income (loss) | $ (11,656) | $ 21,110 | $ (23,485) | $ 37,530 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Activities | ||
Net income (loss) | $ (17,895) | $ 44,661 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Equity earnings of unconsolidated joint ventures | (172) | (233) |
Distributions of earnings from unconsolidated joint ventures | 288 | |
Gain (loss) recognized on foreign currency transactions | (2,312) | (1,809) |
Loss provision on impairment of asset | 1,549 | |
(Gain) Loss on sale of assets | (89,786) | |
Amortization of operating leases | 11,713 | 11,453 |
Amortization of finance leases | 23 | 25 |
Change in operating lease liabilities | (11,688) | (10,931) |
Change in net deferred tax assets | (270) | (79) |
Depreciation and amortization | 10,771 | 11,451 |
Other amortization | 767 | 600 |
Stock based compensation expense | 882 | 915 |
Net changes in operating assets and liabilities: | ||
Receivables | (77) | (145) |
Prepaid and other assets | (1,131) | (2,017) |
Payments for accrued pension | (342) | (342) |
Accounts payable and accrued expenses | 464 | 15,802 |
Film rent payable | (485) | 502 |
Taxes payable | (8,741) | 20,884 |
Deferred revenue and other liabilities | (901) | (6,929) |
Net cash provided by (used in) operating activities | (17,557) | (5,978) |
Investing Activities | ||
Purchases of and additions to operating and investment properties | (3,661) | (4,460) |
Contributions to unconsolidated joint ventures | (33) | |
Proceeds from sale of assets | 141,363 | |
Net cash provided by (used in) investing activities | (3,694) | 136,903 |
Financing Activities | ||
Repayment of borrowings | (3,889) | (75,257) |
Repayment of finance lease principal | (24) | (25) |
Proceeds from borrowings | 45,337 | |
Capitalized borrowing costs | (214) | (1,481) |
(Cash paid) proceeds from the settlement of employee share transactions | (83) | (113) |
Noncontrolling interest contributions | 4 | |
Noncontrolling interest distributions | (43) | (5,300) |
Net cash provided by (used in) financing activities | (4,249) | (36,839) |
Effect of exchange rate on cash and restricted cash | (1,622) | (2,456) |
Net increase (decrease) in cash and cash equivalents and restricted cash | (27,122) | 91,630 |
Cash and cash equivalents and restricted cash at the beginning of the year | 88,571 | 26,834 |
Cash and cash equivalents and restricted cash at the end of the year | 61,449 | 118,464 |
Cash and cash equivalents and restricted cash consists of: | ||
Cash and cash equivalents | 49,905 | 111,752 |
Restricted cash | 11,544 | 6,712 |
Total | 61,449 | 118,464 |
Supplemental Disclosures | ||
Interest paid | 5,526 | 5,181 |
Income taxes (refunded) paid | 9,637 | (3,526) |
Non-Cash Transactions | ||
Additions to operating and investing properties through accrued expenses | $ 2,727 | $ 8,065 |
Description Of Business And Seg
Description Of Business And Segment Reporting | 6 Months Ended |
Jun. 30, 2022 | |
Description Of Business And Segment Reporting [Abstract] | |
Description Of Business And Segment Reporting | Note 1 – Description of Business and Segment Reporting Our Company Reading International, Inc., a Nevada corporation (“RDI” and collectively with our consolidated subsidiaries and corporate predecessors, the “Company,” “Reading,” and “we,” “us,” or “our”) was incorporated in 1999. Our businesses, 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 Segments Reported below are the operating segments of our Company for which separate financial information is available and evaluated regularly by the Chief Executive Officer, the chief operating decision-maker of our Company . As part of our real estate activities, we have historically held undeveloped land in urban and suburban centers in the United States, Australia, and New Zealand. However, in 2021, we monetized certain raw landholdings and other real estate assets as detailed at Note 6 – Property and Equipment . The table below summarizes the results of operations for each of our business segments for the quarter and six months ended June 30, 2022, and 2021, 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 Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Revenue: Cinema exhibition $ 61,770 $ 32,715 $ 99,117 $ 50,829 Real estate 4,032 3,448 8,195 6,771 Inter-segment elimination ( 1,291 ) ( 130 ) ( 2,600 ) ( 261 ) $ 64,511 $ 36,033 $ 104,712 $ 57,339 Segment operating income (loss): Cinema exhibition $ 3,452 $ ( 7,345 ) $ ( 3,765 ) $ ( 15,621 ) Real estate ( 88 ) ( 1,054 ) 21 ( 2,423 ) $ 3,364 $ ( 8,399 ) $ ( 3,744 ) $ ( 18,044 ) A reconciliation of segment operating income to income before income taxes is as follows: Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Segment operating income (loss) $ 3,364 $ ( 8,399 ) $ ( 3,744 ) $ ( 18,044 ) Unallocated corporate expense Depreciation and amortization expense ( 268 ) ( 387 ) ( 546 ) ( 618 ) General and administrative expense ( 4,668 ) ( 3,746 ) ( 9,059 ) ( 7,848 ) Interest expense, net ( 3,343 ) ( 3,005 ) ( 6,548 ) ( 7,368 ) Equity earnings of unconsolidated joint ventures 237 283 172 233 Gain (loss) on sale of assets — 43,241 — 89,786 Other income (expense) 3,773 154 2,990 1,795 Income (loss) before income tax expense $ ( 905 ) $ 28,141 $ ( 16,735 ) $ 57,936 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of Consolidation The accompanying consolidated financial statements include the accounts of our Company’s wholly-owned subsidiaries as well as majority-owned subsidiaries that our Company controls, and should be read in conjunction with our Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2021 (“2021 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 six months ended June 30, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Significant estimates include (i) projections we make regarding the recoverability and impairment of our assets (including goodwill and intangibles), (ii) valuations of our derivative instruments, (iii) recoverability of our deferred tax assets, (iv) estimation of breakage and redemption experience rates, which drive how we recognize breakage on our gift card and gift certificates, and revenue from our customer loyalty program, (v) allocation of insurance proceeds to various recoverable components, and (vi) estimation of our Incremental Borrowing Rate (“IBR”) as relates to the valuation of our right-of-use assets and lease liabilities. Actual results may differ from those estimates. New Accounting Standards and Accounting Changes 1) On December 15, 2021, we early adopted ASU 2021-10, Government Assistance: Disclosures by Business Entities about Government Assistance (Topic 832). This ASU applies to transactions with a government that are accounted for by analogizing to accounting standards such as International Accounting Standard 20 - Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”) , which we adopted in the second quarter of 2020 in order to account for the receipt of certain government grants in Australia and New Zealand. The early adoption of the ASU has no material effect on our consolidated financial statements. |
Impact Of COVID-19 Pandemic And
Impact Of COVID-19 Pandemic And Liquidity | 6 Months Ended |
Jun. 30, 2022 | |
Impact Of COVID-19 Pandemic And Liquidity [Abstract] | |
Impact Of COVID-19 Pandemic On Liquidity | Note 3 – Impact of COVID-19 Pandemic and Liquidity Continuing Operational Impact The novel coronavirus, COVID-19, has progressed through several variants since its emergence in 2019. The current variant affecting the jurisdictions in which we do business is the Omicron variant. Due to the Omicron variant appearing to be less severe than prior variants, and with vaccination programs having advanced, federal, state and local governments throughout the United States, Australia, New Zealand have largely lifted restrictions and returned to pre-COVID activities. There can be no assurances, however, that there will be no further variants of COVID-19 which could reverse the current trend. Liquidity Impact While substantially all our cinemas are open, COVID-19 and its legacy impacts continue to adversely impact cinema operations. Patrons are not yet returning to the cinemas at pre-pandemic levels. This may be due to a variety of factors including reticence to engage in outside the home activities that involve a material number of individuals in an enclosed venue, the lack of compelling film product, competition from alternative forms of “in the home” entertainment, the impact of inflation on both disposable income and operating costs. Consequently, our Company’s revenues and earnings for the quarter ended June 30, 2022, are lower than those of pre-COVID-19 operations. Such effects will likely continue, to varying degrees at least for the near term. Higher film rents and competition from streaming simply may be part of the competitive landscape going forward and will become, for us and our competitors, simply a cost of doing business and it may be that it will take a while for the public generally to feel comfortable in a cinema environment. While our revenues and earnings as compared to the quarter ended June 30, 2021, have increased as all of our cinemas closed by COVID have remained open for the entire quarter, and as virtually all of our third-party tenants are now open for business on a full rent paying basis, we cannot provide any assurances as to the nature or pace of a return of our cinema operations to prior operating levels. Going Concern We continue 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, cashflow estimates, known capital and other expenditure requirements and commitments and management’s current business plan and strategies. Our forecasts and cash flow estimates are based on the current expectation that the global cinema industry will continue to recover in 2022 and 2023. Forecasts are by their nature inherently uncertain, and the effects of COVID-19 and its aftermath continue to cause greater forecasting difficulties than would otherwise exist in more stable economic times. While we are seeing substantial evidence of recovery, our forecasts regarding the cinema portion of our business 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. Regardless, we believe that our current financial position, 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. 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, 2021, 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. No impairment charges were recorded for the year ending December 31, 2021. For the quarter and six months ended June 30, 2022, while our financial performance has been improving, certain sites have not improved commensurate with the wider group performance, and as such are no longer expected to be able to recover their asset group values. As a result, we have reassessed these sites under our impairment testing methodology and determined that a $ 1.5 million impairment charge against these sites was necessary. 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, 2021. 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 during 2021 and through the six months of 2022, no impairment of goodwill has been recognized for the quarter ended June 30, 2022. The causes of the impairment of certain cinema assets does not materially impact our goodwill assessment. 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 | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022. 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. 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 and for the quarter ended As of and for the six months ended As of and for the twelve months ended As of and for the quarter ended As of and for the six months ended June 30, 2022 December 31, 2021 June 30, 2021 Spot Rate Australian Dollar 0.6905 0.7260 0.7496 New Zealand Dollar 0.6245 0.6839 0.6978 Average Rate Australian Dollar 0.7143 0.7192 0.7517 0.7702 0.7716 New Zealand Dollar 0.6500 0.6631 0.7077 0.7153 0.7173 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
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 Six Months Ended June 30, June 30, (Dollars in thousands, except share data) 2022 2021 2022 2021 Numerator: Net income (loss) attributable to Reading International, Inc $ ( 2,436 ) 22,702 $ ( 17,790 ) $ 41,667 Denominator: Weighted average number of common stock – basic 22,040,512 21,808,556 21,995,186 21,784,700 Weighted average dilutive impact of awards 912,448 671,612 912,448 672,219 Weighted average number of common stock – diluted 22,952,960 22,480,168 22,907,634 22,456,919 Basic earnings (loss) per share $ ( 0.11 ) 1.04 $ ( 0.81 ) $ 1.91 Diluted earnings (loss) per share $ ( 0.11 ) 1.01 $ ( 0.81 ) $ 1.86 Awards excluded from diluted earnings (loss) per share 912,448 492,344 912,448 492,344 Our weighted average number of common stock - basic increased, primarily as a result of the vesting of restricted stock units. During the first six months of 2022 and 2021, we did no t repurchase any shares of Class A Common Stock or Class B 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 | 6 Months Ended |
Jun. 30, 2022 | |
Property And Equipment [Abstract] | |
Properties And Equipment | Note 6 – Property and Equipment Operating Property, net As of June 30, 2022, and December 31, 2021, property associated with our operating activities is summarized as follows: June 30, December 31, (Dollars in thousands) 2022 2021 Land $ 67,624 $ 69,459 Building and improvements 213,157 219,580 Leasehold improvements 63,382 58,349 Fixtures and equipment 193,404 202,837 Construction-in-progress 5,209 5,395 Total cost 542,776 555,620 Less: accumulated depreciation ( 250,402 ) ( 248,963 ) Operating property, net $ 292,374 $ 306,657 Depreciation expense for operating property was $ 5.3 million and $ 10.6 million for the quarter and six months ended June 30, 2022, and $ 5.9 million and $ 11.3 million for the quarter and six months ended June 30, 2021. Investment and Development Property, net As of June 30, 2022, and December 31, 2021, our investment and development property is summarized below: June 30, December 31, (Dollars in thousands) 2022 2021 Land $ 3,797 $ 4,193 Construction-in-progress (including capitalized interest) 4,895 5,377 Investment and development property $ 8,692 $ 9,570 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 six months ended June 30, 2022, are shown below: (Dollars in thousands) Balance, December 31, 2021 Additions during the period Completed during the period Foreign currency translation Balance, June 30, 2022 Courtenay Central development 6,918 124 — ( 605 ) 6,437 Cinema developments and improvements 2,942 1,733 ( 2,707 ) ( 35 ) 1,933 Other real estate projects 912 964 ( 100 ) ( 42 ) 1,734 Total $ 10,772 $ 2,821 $ ( 2,807 ) $ ( 682 ) $ 10,104 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 adversely affected by the governmentally mandated cinema closings ordered in response to the COVID-19 pandemic. As a result, for the foreseeable future, other sources of cash would be needed to support our operations and 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”) and ancillary land, 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. 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) 2021 Sales price $ 69,579 Net book value ( 30,231 ) Gain on sale, gross of direct costs 39,348 Direct sale costs incurred ( 622 ) Gain on sale, net of direct costs $ 38,726 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). The gain on sale of this property is calculated as follows: March 31, (Dollars in thousands) 2021 Sales price $ 56,058 Net book value ( 13,618 ) Gain on sale, gross of direct costs 42,440 Direct sale costs incurred ( 1,514 ) Gain on sale, net of direct costs $ 40,926 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, t hese 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) 2021 Sales price $ 11,000 Net book value ( 4,351 ) Gain on sale, gross of direct costs 6,649 Direct sale costs incurred ( 301 ) Gain on sale, net of direct costs $ 6,348 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) 2021 Sales price $ 7,075 Net book value ( 1,824 ) Gain on sale, gross of direct costs 5,251 Direct sale costs incurred ( 295 ) Gain on sale, net of direct costs $ 4,956 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) 2021 Sales price $ 3,803 Net book value ( 1,425 ) Gain on sale, gross of direct costs 2,378 Direct sale costs incurred ( 6 ) Gain on sale, net of direct costs $ 2,372 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 | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, and December 31, 2021: June 30, December 31, (Dollars in thousands) Interest 2022 2021 Rialto Cinemas 50.0 % $ 914 $ 1,017 Mt. Gravatt 33.3 % 3,722 3,976 Total investments $ 4,636 $ 4,993 For the quarter and six months ended June 30, 2022 and 2021, the recognized share of equity earnings from our investments in unconsolidated joint ventures are as follows: Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Rialto Cinemas $ 33 $ 102 $ ( 52 ) $ 52 Mt. Gravatt 204 181 224 181 Total equity earnings $ 237 $ 283 $ 172 $ 233 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, and December 31, 2021. (Dollars in thousands) Cinema Real Estate Total Balance at December 31, 2021 $ 21,534 $ 5,224 $ 26,758 Foreign currency translation adjustment ( 1,226 ) — ( 1,226 ) Balance at June 30, 2022 $ 20,308 $ 5,224 $ 25,532 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 2022. 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 June 30, 2022, 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 June 30, 2022, and December 31, 2021, respectively. As of June 30, 2022 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 12,243 $ 9,059 $ 4,927 $ 26,229 Less: Accumulated amortization ( 11,945 ) ( 7,751 ) ( 3,710 ) ( 23,406 ) Less: Impairments — — ( 40 ) ( 40 ) Net intangible assets other than goodwill $ 298 $ 1,308 $ 1,177 $ 2,783 As of December 31, 2021 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 12,335 $ 9,058 $ 4,996 $ 26,389 Less: Accumulated amortization ( 12,002 ) ( 7,660 ) ( 3,452 ) ( 23,114 ) Less: Impairments — — ( 17 ) ( 17 ) Net intangible assets other than goodwill $ 333 $ 1,398 $ 1,527 $ 3,258 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 six months ended June 30, 2022 Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Beneficial lease amortization $ 22 $ 29 $ 44 $ 59 Other amortization 132 105 267 270 Total intangible assets amortization $ 154 $ 134 $ 311 $ 329 |
Prepaid And Other Assets
Prepaid And Other Assets | 6 Months Ended |
Jun. 30, 2022 | |
Prepaid And Other Assets [Abstract] | |
Prepaid And Other Assets | Note 9 – Prepaid and Other Assets Prepaid and other assets are summarized as follows: June 30, December 31, (Dollars in thousands) 2022 2021 Prepaid and other current assets Prepaid expenses $ 2,205 $ 1,185 Prepaid taxes 1,114 1,929 Income taxes receivable 61 52 Prepaid rent 1,323 1,438 Deposits 236 244 Other receivables 51 — Investments in marketable securities 22 23 Total prepaid and other current assets $ 5,012 $ 4,871 Other non-current assets Other non-cinema and non-rental real estate assets 1,134 1,134 Investment in Reading International Trust I 838 838 Straight-line rent asset 5,829 4,477 Long-term deposits 8 12 Total other non-current assets $ 7,809 $ 6,461 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | Note 10 – Income Taxes The interim provision for income taxes is different from the amount determined by applying the U.S. federal statutory rate to consolidated income 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 ( 6.9 %) and 22.9 % for the six months ended June 30, 2022, and 2021, respectively. The difference is primarily due to the increase in both valuation allowance and unrecognized tax benefits as well as a decrease in Global Intangible Low-Taxed Income (“GILTI”) tax in 2022. The forecasted effective tax rate is updated each quarter as new information becomes available. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2022 | |
Borrowings [Abstract] | |
Borrowings | Note 11 – Borrowings Our Company’s borrowings at June 30, 2022 and December 31, 2021, net of deferred financing costs and including the impact of interest rate derivatives on effective interest rates, are summarized below: As of June 30, 2022 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (1) Stated Interest Rate Effective Interest Rate Denominated in USD Trust Preferred Securities (US) April 30, 2027 $ 27,913 $ 27,913 $ 26,839 5.29 % 5.29 % Bank of America Credit Facility (US) March 6, 2023 36,750 36,750 36,663 7.25 % 7.25 % Cinemas 1, 2, 3 Term Loan (US) October 1, 2022 23,735 23,735 23,260 4.25 % 4.25 % Minetta & Orpheum Theatres Loan (US) (2) November 1, 2023 8,000 8,000 7,960 3.11 % 5.15 % U.S. Corporate Office Term Loan (US) January 1, 2027 8,807 8,807 8,739 4.64 % / 4.44 % 4.61 % Union Square Financing (US) (3) May 6, 2024 55,000 43,000 42,282 8.51 % 7.40 % Purchase Money Promissory Note (US) September 18, 2024 1,692 1,692 1,692 5.00 % 5.00 % Denominated in foreign currency ("FC") (4) NAB Corporate Term Loan (AU) December 31, 2023 70,086 70,086 69,977 2.35 % 2.35 % Westpac Bank Corporate (NZ) January 1, 2024 8,643 8,643 8,643 4.70 % 4.70 % $ 240,626 $ 228,626 $ 226,055 (1) Net of deferred financing costs amounting to $ 2.6 million. (2) The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 5.15 %. (3) The interest rate derivative associated with the Union Square loan provides for an maximum effective rate of 7.40 %. (4) The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of June 30, 2022. As of December 31, 2021 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (1) Stated Interest Rate Effective Interest Rate Denominated in USD Trust Preferred Securities (US) April 30, 2027 $ 27,913 $ 27,913 $ 26,728 4.13 % 4.13 % Bank of America Credit Facility (US) March 6, 2023 39,500 39,500 39,364 5.75 % 5.75 % Cinemas 1, 2, 3 Term Loan (US) April 1, 2022 24,039 24,039 23,680 4.25 % 4.25 % Minetta & Orpheum Theatres Loan (US)(2) November 1, 2023 8,000 8,000 7,944 2.14 % 5.15 % U.S. Corporate Office Term Loan (US) January 1, 2027 8,936 8,936 8,860 4.64 % / 4.44 % 4.64 % Union Square Financing (US) (3) May 6, 2024 55,000 43,000 42,002 7.00 % 7.00 % Purchase Money Promissory Note (US) September 18, 2024 2,043 2,043 2,043 5.00 % 5.00 % Denominated in foreign currency ("FC") (4) NAB Corporate Term Loan (AU) December 31, 2023 74,052 74,052 73,900 1.82 % 1.82 % Westpac Bank Corporate (NZ) January 1, 2024 9,465 9,465 9,465 3.45 % 3.45 % Total $ 248,948 $ 236,948 $ 233,986 (1) Net of deferred financing costs amounting to $ 3.0 million. (2) The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 5.15 %. (3) The interest rate derivative associated with the Union Square loan provides for an effective fixed rate of 7.00 %. (4) The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of December 31, 2021. Our loan arrangements are presented, net of the deferred financing costs, on the face of our consolidated balance sheet as follows: June 30, December 31, Balance Sheet Caption (Dollars in thousands) 2022 2021 Debt - current portion $ 60,474 $ 11,349 Debt - long-term portion 138,013 195,198 Subordinated debt - current portion 729 711 Subordinated debt - long-term portion 26,839 26,728 Total borrowings $ 226,055 $ 233,986 Bank of America Credit Facility Our $ 55.0 million credit facility with Bank of America matures on March 6, 2023 . The interest rate on borrowings under this facility is fixed at 3.0 % above the “Eurodollar” rate, which itself has a floor of 1.0 %. 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. 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. We executed the first extension option on March 3, 2022, taking the maturity to October 1, 2022. We have one remaining six month extension, which when executed will take the maturity date to April 1, 2023. Union Square Financing 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) Our Westpac Corporate Credit Facility for NZ$ 13.8 million matures on January 1, 2024 . The facility currently carries an interest rate and line of credit charge of 2.40 % above the Bank Bill Bid Rate and 1.65 % respectively. Westpac has waived the requirement to test certain covenants for each quarter since the third quarter of 2020, including the second quarter of 2022. Australian NAB Corporate Term Loan (AU) Our Revolving Corporate Markets Loan Facility with National Australia Bank (“NAB”) matures on December 31, 2023. It consists of (i) a AU$ 100.0 million Corporate Loan facility at 1.75 % above BBSY with a due date of December 31, 2023 , of which AU$ 60.0 million is revolving and AU$ 40.0 million is core, (ii) a Bank Guarantee Facility of AU$ 5.0 million at a rate of 1.85 % per annum and (iii) a further AU$ 3.0 million of core debt added in December 2020, relating to the funding of our cinema at Jindalee, Queensland, which is repayable in semi-annual installments of AU$ 500,000 , the first installment being April 30, 2021, until fully repaid on October 31, 2023. 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 | 6 Months Ended |
Jun. 30, 2022 | |
Other Liabilities [Abstract] | |
Other Liabilities | Note 12 – Other Liabilities Other liabilities are summarized as follows: June 30, December 31, (Dollars in thousands) 2022 2021 Current liabilities Lease liability $ 5,900 $ — Liability for demolition costs 2,542 2,783 Accrued pension 684 684 Security deposit payable 68 69 Finance lease liabilities 33 40 Other 41 43 Other current liabilities $ 9,268 $ 3,619 Other liabilities Lease make-good provision 7,677 7,766 Accrued pension 3,374 3,605 Deferred rent liability 3,091 3,930 Environmental reserve 1,656 1,656 Lease liability — 5,900 Acquired leases 16 21 Finance lease liabilities 11 28 Other non-current liabilities $ 15,825 $ 22,906 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 $ 4.1 million at June 30, 2022. The benefits of our pension plan are fully vested and therefore no service costs were recognized for the six months ended June 30, 2022, and 2021. Our pension plan is unfunded. During the quarter and six months ended June 30, 2022, the interest cost was $ 55,000 , and $ 111,000 , respectively, and the actuarial loss was $ 51,000 and $ 103,000 , respectively. During the quarter and six months ended June 30, 2021, the interest cost was $ 61,000 and $ 123,000 , respectively, and the actuarial loss was $ 51,000 and $ 104,000 , respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | Note 13 – Accumulated Other Comprehensive Income The following table summarizes the changes in each component of accumulated other comprehensive income attributable to RDI: (Dollars in thousands) Foreign Currency Items Unrealized Gain (Losses) on Available- for-Sale Investments Accrued Pension Service Costs Hedge Accounting Reserve Total Balance at January 1, 2022 $ 6,842 $ ( 14 ) $ ( 1,969 ) $ 23 $ 4,882 Change related to derivatives Total change in hedge fair value recorded in Other Comprehensive Income — — — 1,145 1,145 Amounts reclassified from accumulated other comprehensive income — — — 49 49 Net change related to derivatives — — — 1,194 1,194 Net current-period other comprehensive income (loss) ( 6,989 ) ( 2 ) 103 1,194 ( 5,694 ) Balance at June 30, 2022 $ ( 147 ) $ ( 16 ) $ ( 1,866 ) $ 1,217 $ ( 812 ) |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note 14 – Commitments and Contingencies Litigation General Insofar as our Company is aware, there are no claims, arbitration proceedings, or litigation proceedings that constitute material contingent liabilities of our Company. Such matters require significant judgments based on the facts known to us. These judgments are inherently uncertain and can change significantly when additional facts become known. We provide accruals for matters that have probable likelihood of occurrence and can be properly estimated as to their expected negative outcome. We do not record expected gains until the proceeds are received by us. However, we typically make no accruals for potential costs of defense, as such amounts are inherently uncertain and dependent upon the scope, extent and aggressiveness of the activities of the applicable plaintiff. Discussed below are certain litigation matters which, however, have been significant to our Company. Litigation Matters We are currently involved in certain legal proceedings and, as required, have accrued estimates of probable and estimable losses for the resolution of these claims, including legal costs. Where we are the plaintiffs , we accrue legal fees as incurred on an on-going basis and make no provision for any potential settlement amounts until received. In Australia, the prevailing party is usually entitled to recover its attorneys’ fees, which recoveries typically work out to be approximately 60% of the amounts actually spent where first-class legal counsel is engaged at customary rates. Where we are a plaintiff, we have likewise made no provision for the liability for the defendant’s attorneys’ fees in the event we are determined not to be the prevailing party. Where we are the defendants , we accrue for probable damages that insurance may not cover as they become known and can be reasonably estimated, as permitted under ASC 450-20 Loss Contingencies . In our opinion, any claims and litigation in which we are currently involved are not reasonably likely to have a material adverse effect on our business, results of operations, financial position, or liquidity. I t is possible, however, that future results of the operations for any particular quarterly or annual period could be materially affected by the ultimate outcome of the legal proceedings. From time to time, we are involved with claims and lawsuits arising in the ordinary course of our business that may include contractual obligations, insurance claims, tax claims, employment matters, and anti-trust issues, among other matters. Environmental and Asbestos Claims on Reading Legacy Operations Certain of our subsidiaries were historically involved in railroad operations, coal mining, and manufacturing. Also, certain of these subsidiaries appear in the chain-of-title of properties that may suffer from pollution. Accordingly, certain of these subsidiaries have, from time to time, been named in and may in the future be named in various actions brought under applicable environmental laws. Also, we are in the real estate development business and may encounter from time to time environmental conditions at properties that we have acquired for development and which will need to be addressed in the future as part of the development process. These environmental conditions can increase the cost of such projects and adversely affect the value and potential for profit of such projects. We do not currently believe that our exposure under applicable environmental laws is material in amount. From time to time, there are claims brought against us relating to the exposure of former employees to asbestos and/or coal dust. These are generally covered by an insurance settlement reached in September 1990 with our insurance providers. However, this insurance settlement does not cover litigation by people who were not employees of our historic railroad operations and who may claim direct or second-hand exposure to asbestos, coal dust and/or other chemicals or elements now recognized as potentially causing cancer in humans. Our known exposure to these types of claims, asserted or probable of being asserted, is not material. 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. 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 final settlement agreement has been executed and delivered by the parties, but remains contingent upon final court approval. No date has yet been set for that hearing. 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 prior to the fourth quarter of 2022. We accrued the Settlement Amount in 2021 as a cinema segment administrative expense. General Distributors Limited v. Reading Wellington Properties Arbitration On June 18, 2021, General Distributors 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 is 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. In addition, there remain a variety of open business points which have not yet been resolved and which we believe, given the passage of time, render the contract null and unenforceable. 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. Discovery is complete, and the parties have exchanged witness statements. The arbitration is scheduled to be heard in the fourth quarter of this year. During the quarter, in an effort to resolve the arbitration, the parties continued their “without prejudice” discussions as to possible alternatives pursuant to which a grocery store could be developed and leased to GDL. |
Non-controlling Interests
Non-controlling Interests | 6 Months Ended |
Jun. 30, 2022 | |
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: June 30, December 31, (Dollars in thousands) 2022 2021 Australian Country Cinemas, Pty Ltd $ 63 $ 48 Shadow View Land and Farming, LLC — ( 4 ) Sutton Hill Properties, LLC 776 942 Noncontrolling interests in consolidated subsidiaries $ 839 $ 986 The components of income attributable to noncontrolling interests are as follows: Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Australian Country Cinemas, Pty Ltd $ 72 $ ( 17 ) $ 62 $ 41 Shadow View Land and Farming, LLC — 14 ( 1 ) 3,166 Sutton Hill Properties, LLC ( 79 ) ( 105 ) ( 166 ) ( 213 ) Net income (loss) attributable to noncontrolling interests $ ( 7 ) $ ( 108 ) $ ( 105 ) $ 2,994 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 A Class B Class B Additional Earnings Other International Inc. Total Non-Voting Par Voting Par Paid-In (Accumulated Treasury Comprehensive Stockholders’ Noncontrolling Stockholders’ (Dollars in thousands, except shares) Shares Value Shares Value Capital Deficit) Shares Income (Loss) Equity Interests Equity At January 1, 2022 20,260 $ 233 1,680 $ 17 $ 151,981 $ ( 12,632 ) $ ( 40,407 ) $ 4,882 $ 104,074 $ 986 $ 105,060 Net income (loss) — — — — — ( 15,354 ) — — ( 15,354 ) ( 99 ) ( 15,453 ) Other comprehensive income, net — — — — — — — 3,524 3,524 1 3,525 Share-based compensation expense — — — — 415 — — — 415 — 415 Restricted Stock Units 52 1 — — ( 32 ) — — — ( 31 ) — ( 31 ) Distributions to noncontrolling stockholders — — — — — — — — — ( 22 ) ( 22 ) At March 31, 2022 20,312 $ 234 1,680 $ 17 $ 152,364 $ ( 27,986 ) $ ( 40,407 ) $ 8,406 $ 92,628 $ 866 $ 93,494 Net income — — — — — ( 2,436 ) — — ( 2,436 ) ( 7 ) ( 2,443 ) Other comprehensive income, net — — — — — — — ( 9,218 ) ( 9,218 ) 1 ( 9,217 ) Share-based compensation expense — — — — 466 — — — 466 — 466 Restricted Stock Units 49 — — — ( 52 ) — — — ( 52 ) — ( 52 ) Distributions to noncontrolling stockholders — — — — — — — — — ( 21 ) ( 21 ) At June 30, 2022 20,361 234 1,680 17 152,778 ( 30,422 ) ( 40,407 ) ( 812 ) 81,388 839 82,227 Common Stock Retained Accumulated Reading Class A Class A Class B Class B Additional Earnings Other International Inc. Total Non-Voting Par Voting Par Paid-In (Accumulated Treasury Comprehensive Stockholders’ Noncontrolling Stockholders’ (Dollars in thousands, except shares) Shares Value Shares Value Capital Deficit) Shares Income (Loss) Equity Interests Equity At January 1, 2021 20,069 $ 231 1,680 $ 17 $ 149,979 $ ( 44,553 ) $ ( 40,407 ) $ 12,502 $ 77,769 $ 3,404 $ 81,173 Net income (loss) — — — — — 18,965 — — 18,965 3,102 22,067 Other comprehensive income, net — — — — — — — ( 2,545 ) ( 2,545 ) — ( 2,545 ) Share-based compensation expense — — — — 464 — — — 464 — 464 Restricted Stock Units 52 1 — — ( 111 ) — — — ( 110 ) — ( 110 ) Distributions to noncontrolling stockholders — — — — — — — — — ( 5,300 ) ( 5,300 ) At March 31, 2021 20,121 $ 232 1,680 $ 17 $ 150,332 $ ( 25,588 ) $ ( 40,407 ) $ 9,957 $ 94,543 $ 1,206 $ 95,749 Net income — — — — — 22,702 — — 22,702 ( 108 ) 22,594 Other comprehensive income, net — — — — — — — ( 1,592 ) ( 1,592 ) — ( 1,592 ) Share-based compensation expense — — — — 450 — — — 450 — 450 Restricted 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 1,098 117,199 |
Stock-Based Compensation and St
Stock-Based Compensation and Stock Repurchases | 6 Months Ended |
Jun. 30, 2022 | |
Stock-Based Compensation and Stock Repurchases [Abstract] | |
Stock-Based Compensation and Stock Repurchases | Note 16 – Stock-Based Compensation and Stock Repurchases Employee and Director Stock Incentive Plan 2010 Stock Incentive Plan Our 2010 Stock Incentive Plan (as amended, the “2010 Plan”) under which our Company has granted stock options and other share-based payment awards of our Common Stock to eligible employees, directors, and consultants has expired. In total, 1,360,402 shares of Class A Common Stock were issued or reserved for issuance pursuant to the previously granted options or restricted stock units under that plan. 2020 Stock Incentive Plan On November 4, 2020, the Company enacted the 2020 Stock Incentive Plan, which was also approved by the Company’s stockholders on December 8, 2020 (the “2020 Plan”). Under the 2020 Plan, the Company may grant stock options and other share-based payment awards of our Class A Common Stock to eligible employees, directors and consultants. The aggregate total number of shares of Class A Common Stock authorized for issuance under the 2020 Plan at June 30, 2022, was 1,250,000 , of which 307,895 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 June 30, 2022, this potential increase in the number of shares eligible for issuance under the 2020 Plan was 307,382 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. As discussed further below, a performance component has been added to certain of the RSUs granted to management. At the time the options are exercised or RSUs vest and are settled, at the discretion of management, we will issue treasury shares or make a new issuance of shares to the option or RSU holder. Stock Options We have estimated the grant-date fair value of our stock options using the Black-Scholes option-valuation model, which takes into account assumptions such as the dividend yield, the risk-free interest rate, the expected stock price volatility, and the expected life of the options. We expensed the estimated grant-date fair values of options over the vesting period on a straight-line basis. Based on our historical experience, the “deemed exercise” of expiring in-the-money options and the relative market price to strike price of the options, we have not estimated any forfeitures of vested or unvested options. No stock options were issued in the six months ended June 30, 2022. For the quarters ended June 30, 2022, and 2021, we recorded compensation expense of $ 53,000 and $ 101,000 , respectively, with respect to our prior stock option grants. For the six months ended June 30, 2022, and June 30, 2021, we recorded compensation expense of $ 106,000 and $ 201,000 , respectively. At June 30, 2022, the total unrecognized estimated compensation expense related to non-vested stock options was $ 0.1 million, which we expect to recognize over a weighted average vesting period of 0.75 years. The intrinsic, unrealized value of all options outstanding vested and expected to vest, at June 30, 2022, was $nil , as the closing price of our Common Stock on that date was $ 3.61 . The following table summarizes the number of options outstanding and exercisable as of June 30, 2022, and December 31, 2021: Outstanding Stock Options - Class A Shares Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life Aggregate Intrinsic Value Class A Class A Class A Class A Balance - December 31, 2020 713,479 $ 14.64 2.18 $ 13,969 Granted — — — — Exercised ( 38,803 ) 4.66 — 63,831 Forfeited ( 157,332 ) 11.87 — — Balance - December 31, 2021 517,344 $ 15.42 1.66 $ — Granted — — — — Exercised — — — — Forfeited ( 144,925 ) 15.97 — — Balance - June 30, 2022 372,419 $ 15.51 1.52 $ — Restricted Stock Units The following table summarizes the status of unvested RSUs granted to date as of June 30, 2022: Outstanding Restricted Stock Units RSU Grants (in units) Vested, Unvested, Forfeited, Grant Date Directors Management Total Grants June 30, 2022 June 30, 2022 June 30, 2022 Opening balance 118,231 118,060 236,291 231,804 — 4,487 March 13, 2019 — 24,366 24,366 15,947 5,315 3,104 March 14, 2019 — 23,327 23,327 17,496 5,831 — May 7, 2019 11,565 — 11,565 11,565 — — March 10, 2020 — 287,163 287,163 96,828 189,517 818 December 14, 2020 — 43,260 43,260 42,084 — 1,176 December 16, 2020 60,084 11,459 71,543 71,543 — — April 5, 2021 — 262,830 262,830 45,403 217,427 — April 19, 2021 — 22,888 22,888 5,563 16,508 817 August 11, 2021 26,924 — 26,924 26,924 — — December 8, 2021 48,951 — 48,951 — 48,951 — April 18, 2022 — 428,899 428,899 — 428,899 — Total 265,755 1,222,252 1,488,007 565,157 912,448 10,402 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 vested 100 % on December 14 and 16, 2021, as applicable. In addition, w e 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. These RSUs have two structures, which include time vesting and performance vesting. The majority of RSUs vest 75 % evenly over a period of four years, with the remaining 25 % contingent upon the achievement of certain performance metrics, vesting in full on the third anniversary of the date of the grant. In the case of our Chief Executive Officer, RSUs vest 50 % evenly over a period of four years with the remaining 50 %, contingent upon the achievement of certain performance metrics, vesting in full on the third anniversary of the grant date. 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, and December 8, 2021, RSUs covering 26,924 and 48,951 shares, respectively, were issued to non-employee directors. On April 18, 2022, RSUs covering 428,899 shares were issued to members of executive management and other employees of our company. 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, vested on December 8, 2021. The RSUs issued to non-employee directors on December 8, 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, 2022). For the quarters ended June 30, 2022, and 2021, we recorded compensation expense of $ 413,000 and $ 419,000 , respectively. For the six months ended June 30, 2022, and June 30, 2021, we recorded compensation expense of $ 775,000 and $ 782,000 , respectively. The total unrecognized compensation expense related to the non-vested RSUs was $ 3.9 million as of June 30, 2022, which we expect to recognize over a weighted average vesting period of 1.74 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. On May 5, 2022, the Board extended the program for two years, to March 10, 2024, making no changes to the available amount. 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 June 30, 2022, our Company had acquired 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 quarter ended June 30, 2022. 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 10, 2024. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
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 25 years, with certain leases having options to extend to up to a further 20 years. Lease payments for our cinema operating leases consist of fixed base rent, and for certain leases, variable lease payments consisting of contracted percentages of revenue, changes in the relevant CPI, and/or other contracted financial metrics. The components of lease expense were as follows: Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Lease cost Finance lease cost: Amortization of right-of-use assets $ 11 $ 12 $ 23 $ 25 Interest on lease liabilities 1 1 2 3 Operating lease cost 8,405 8,516 16,809 16,780 Variable lease cost 218 ( 1,594 ) 119 ( 2,744 ) Total lease cost $ 8,635 $ 6,936 $ 16,953 $ 14,064 Supplemental cash flow information related to leases is as follows: Six Months Ended June 30, (Dollars in thousands) 2022 2021 Cash flows relating to lease cost Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 25 $ 27 Operating cash flows for operating leases 17,801 7,621 Right-of-use assets obtained in exchange for new operating lease liabilities 66 22,178 Supplemental balance sheet information related to leases is as follows: June 30, December 31, (Dollars in thousands) 2022 2021 Operating leases Operating lease right-of-use assets $ 208,955 $ 227,367 Operating lease liabilities - current portion 23,897 23,737 Operating lease liabilities - non-current portion 205,974 223,364 Total operating lease liabilities $ 229,871 $ 247,101 Finance leases Property plant and equipment, gross 364 374 Accumulated depreciation ( 324 ) ( 311 ) Property plant and equipment, net $ 40 $ 63 Other current liabilities 33 40 Other long-term liabilities 11 28 Total finance lease liabilities $ 44 $ 68 Other information Weighted-average remaining lease term - finance leases 1 2 Weighted-average remaining lease term - operating leases 11 11 Weighted-average discount rate - finance leases 5.21 % 5.24 % Weighted-average discount rate - operating leases 4.48 % 4.47 % The maturities of our leases were as follows: (Dollars in thousands) Operating leases Finance leases 2022 $ 16,805 $ 17 2023 33,572 29 2024 32,122 — 2025 30,147 — 2026 27,982 — Thereafter 154,598 — Total lease payments $ 295,226 $ 46 Less imputed interest ( 65,355 ) ( 2 ) Total $ 229,871 $ 44 As of June 30, 2022, we have an additional cinema operating lease that has not yet commenced operations commenced operations of approximately $ 8.3 million. It is anticipated that this operating lease will commence in 2023 with a lease term 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. Lease income relating to operating lease payments was as follows: Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Components of lease income Lease payments $ 2,034 $ 2,681 $ 4,104 $ 5,382 Variable lease payments 141 197 273 366 Total lease income $ 2,175 $ 2,878 $ 4,377 $ 5,748 The book value of underlying assets under operating leases from owned assets was as follows: June 30, December 31, (Dollars in thousands) 2022 2021 Building and improvements Gross balance $ 137,080 $ 140,028 Accumulated depreciation ( 24,477 ) ( 23,923 ) Net Book Value $ 112,603 $ 116,105 The Maturity of our leases were as follows: (Dollars in thousands) Operating leases 2022 $ 3,534 2023 6,618 2024 5,823 2025 4,953 2026 2,389 Thereafter 2,647 Total $ 25,964 |
Hedge Accounting
Hedge Accounting | 6 Months Ended |
Jun. 30, 2022 | |
Hedge Accounting [Abstract] | |
Hedge Accounting | Note 18 – Hedge Accounting As of June 30, 2022, and December 31, 2021, our Company held interest rate derivatives in the total notional amount of $ 51.0 million. The derivatives are recorded on the balance sheet at fair value and are included in the following line items: Asset Derivatives June 30, December 31, 2022 2021 (Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair value Interest rate contracts Derivative financial instruments - current portion $ 1,223 Derivative financial instruments - current portion $ 96 Derivative financial instruments - non-current portion — Derivative financial instruments - non-current portion 112 Total derivatives designated as hedging instruments $ 1,223 $ 208 Total derivatives $ 1,223 $ 208 Liability Derivatives June 30, December 31, 2022 2021 (Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair value Interest rate contracts Derivative financial instruments - current portion $ 20 Derivative financial instruments - current portion $ 181 Derivative financial instruments - non-current portion — Derivative financial instruments - non-current portion — Total derivatives designated as hedging instruments $ 20 $ 181 Total derivatives $ 20 $ 181 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 six months ended June 30, 2022 and June 30, 2021, respectively, the derivative instruments affected Comprehensive Income as follows: (Dollars in thousands) Location of Loss Recognized in Income on Derivatives Amount of Loss (Gain) Recognized in Income on Derivatives Quarter Ended June 30, 2022 Six Months Ended June 30 2022 2021 2022 2021 Interest rate contracts Interest expense $ ( 19 ) $ 55 $ 49 $ 115 Total $ ( 19 ) $ 55 $ 49 $ 115 Loss (Gain) Recognized in OCI on Derivatives (Effective Portion) (Dollars in thousands) Amount Amount Quarter Ended June 30 Six Months Ended June 30 2022 2021 2022 2021 Interest rate contracts $ ( 414 ) $ 61 $ ( 1,145 ) $ ( 1 ) Total $ ( 414 ) $ 61 $ ( 1,145 ) $ ( 1 ) Loss (Gain) Reclassified from OCI into Income (Effective Portion) Line Item Amount Amount Quarter Ended June 30 Six Months Ended June 30 2022 2021 2022 2021 Interest expense $ ( 19 ) $ 61 $ 49 $ 115 Total $ ( 19 ) $ 61 $ 49 $ 115 The derivatives have no ineffective portion, and consequently no losses have been recognized directly in income. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, and December 31, 2021, we had derivative financial assets carried and measured at fair value on a recurring basis of $ 1.2 million and $ 208,000 , respectfully. As of June 30, 2022, and December 31, 2021, we had derivative financial liabilities carried and measured at fair value on a recurring basis of $ 20,000 and $ 181,000 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 June 30, 2022, and December 31, 2021, by level within the fair value hierarchy. Fair Value Measurement at June 30, 2022 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 199,021 $ — $ — $ 197,548 $ 197,548 Subordinated debt 29,605 — — 21,845 21,845 $ 228,626 $ — $ — $ 219,393 $ 219,393 Fair Value Measurement at December 31, 2021 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 206,992 $ — $ — $ 207,817 $ 207,817 Subordinated debt 29,956 — — 20,494 20,494 $ 236,948 $ — $ — $ 228,311 $ 228,311 (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 June 30, 2022, and December 31, 2021. 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 June 30, 2022, and December 31, 2021, 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 six months ended June 30, 2022, and June 30, 2021. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20 – Subsequent Events No material subsequent events were identified as of the issue date of these Financial Statements. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Consolidation | Basis of Consolidation The accompanying consolidated financial statements include the accounts of our Company’s wholly-owned subsidiaries as well as majority-owned subsidiaries that our Company controls, and should be read in conjunction with our Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2021 (“2021 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 six months ended June 30, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. |
Use Of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Significant estimates include (i) projections we make regarding the recoverability and impairment of our assets (including goodwill and intangibles), (ii) valuations of our derivative instruments, (iii) recoverability of our deferred tax assets, (iv) estimation of breakage and redemption experience rates, which drive how we recognize breakage on our gift card and gift certificates, and revenue from our customer loyalty program, (v) allocation of insurance proceeds to various recoverable components, and (vi) estimation of our Incremental Borrowing Rate (“IBR”) as relates to the valuation of our right-of-use assets and lease liabilities. Actual results may differ from those estimates. |
New Accounting Standards And Accounting Changes | New Accounting Standards and Accounting Changes 1) On December 15, 2021, we early adopted ASU 2021-10, Government Assistance: Disclosures by Business Entities about Government Assistance (Topic 832). This ASU applies to transactions with a government that are accounted for by analogizing to accounting standards such as International Accounting Standard 20 - Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”) , which we adopted in the second quarter of 2020 in order to account for the receipt of certain government grants in Australia and New Zealand. The early adoption of the ASU has no material effect on our consolidated financial statements. |
Description Of Business And S_2
Description Of Business And Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Description Of Business And Segment Reporting [Abstract] | |
Summary Of Results Of Operations For Principal Business Segments | Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Revenue: Cinema exhibition $ 61,770 $ 32,715 $ 99,117 $ 50,829 Real estate 4,032 3,448 8,195 6,771 Inter-segment elimination ( 1,291 ) ( 130 ) ( 2,600 ) ( 261 ) $ 64,511 $ 36,033 $ 104,712 $ 57,339 Segment operating income (loss): Cinema exhibition $ 3,452 $ ( 7,345 ) $ ( 3,765 ) $ ( 15,621 ) Real estate ( 88 ) ( 1,054 ) 21 ( 2,423 ) $ 3,364 $ ( 8,399 ) $ ( 3,744 ) $ ( 18,044 ) |
Reconciliation To Net Income Attributable To Common Shareholders | Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Segment operating income (loss) $ 3,364 $ ( 8,399 ) $ ( 3,744 ) $ ( 18,044 ) Unallocated corporate expense Depreciation and amortization expense ( 268 ) ( 387 ) ( 546 ) ( 618 ) General and administrative expense ( 4,668 ) ( 3,746 ) ( 9,059 ) ( 7,848 ) Interest expense, net ( 3,343 ) ( 3,005 ) ( 6,548 ) ( 7,368 ) Equity earnings of unconsolidated joint ventures 237 283 172 233 Gain (loss) on sale of assets — 43,241 — 89,786 Other income (expense) 3,773 154 2,990 1,795 Income (loss) before income tax expense $ ( 905 ) $ 28,141 $ ( 16,735 ) $ 57,936 |
Operations In Foreign Currency
Operations In Foreign Currency (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Operations In Foreign Currency [Abstract] | |
Summary Of Currency Exchange Rates | Foreign Currency / USD As of and for the quarter ended As of and for the six months ended As of and for the twelve months ended As of and for the quarter ended As of and for the six months ended June 30, 2022 December 31, 2021 June 30, 2021 Spot Rate Australian Dollar 0.6905 0.7260 0.7496 New Zealand Dollar 0.6245 0.6839 0.6978 Average Rate Australian Dollar 0.7143 0.7192 0.7517 0.7702 0.7716 New Zealand Dollar 0.6500 0.6631 0.7077 0.7153 0.7173 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings (Loss) Per Share | Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands, except share data) 2022 2021 2022 2021 Numerator: Net income (loss) attributable to Reading International, Inc $ ( 2,436 ) 22,702 $ ( 17,790 ) $ 41,667 Denominator: Weighted average number of common stock – basic 22,040,512 21,808,556 21,995,186 21,784,700 Weighted average dilutive impact of awards 912,448 671,612 912,448 672,219 Weighted average number of common stock – diluted 22,952,960 22,480,168 22,907,634 22,456,919 Basic earnings (loss) per share $ ( 0.11 ) 1.04 $ ( 0.81 ) $ 1.91 Diluted earnings (loss) per share $ ( 0.11 ) 1.01 $ ( 0.81 ) $ 1.86 Awards excluded from diluted earnings (loss) per share 912,448 492,344 912,448 492,344 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Real Estate Properties [Line Items] | |
Schedule Of Property And Equipment | June 30, December 31, (Dollars in thousands) 2022 2021 Land $ 67,624 $ 69,459 Building and improvements 213,157 219,580 Leasehold improvements 63,382 58,349 Fixtures and equipment 193,404 202,837 Construction-in-progress 5,209 5,395 Total cost 542,776 555,620 Less: accumulated depreciation ( 250,402 ) ( 248,963 ) Operating property, net $ 292,374 $ 306,657 |
Summary Of Investment And Development Property | June 30, December 31, (Dollars in thousands) 2022 2021 Land $ 3,797 $ 4,193 Construction-in-progress (including capitalized interest) 4,895 5,377 Investment and development property $ 8,692 $ 9,570 |
Construction-In-Progress Balance | (Dollars in thousands) Balance, December 31, 2021 Additions during the period Completed during the period Foreign currency translation Balance, June 30, 2022 Courtenay Central development 6,918 124 — ( 605 ) 6,437 Cinema developments and improvements 2,942 1,733 ( 2,707 ) ( 35 ) 1,933 Other real estate projects 912 964 ( 100 ) ( 42 ) 1,734 Total $ 10,772 $ 2,821 $ ( 2,807 ) $ ( 682 ) $ 10,104 |
Coachella, CA [Member] | |
Real Estate Properties [Line Items] | |
Gain On Sale Of Property | March 31, (Dollars in thousands) 2021 Sales price $ 11,000 Net book value ( 4,351 ) Gain on sale, gross of direct costs 6,649 Direct 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) 2021 Sales price $ 56,058 Net book value ( 13,618 ) Gain on sale, gross of direct costs 42,440 Direct 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) 2021 Sales price $ 69,579 Net book value ( 30,231 ) Gain on sale, gross of direct costs 39,348 Direct 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) 2021 Sales price $ 7,075 Net book value ( 1,824 ) Gain on sale, gross of direct costs 5,251 Direct 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) 2021 Sales price $ 3,803 Net book value ( 1,425 ) Gain on sale, gross of direct costs 2,378 Direct sale costs incurred ( 6 ) Gain on sale, net of direct costs $ 2,372 |
Investments In Unconsolidated_2
Investments In Unconsolidated Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Summary Of The Investments In Unconsolidated Joint Ventures And Entities | June 30, December 31, (Dollars in thousands) Interest 2022 2021 Rialto Cinemas 50.0 % $ 914 $ 1,017 Mt. Gravatt 33.3 % 3,722 3,976 Total investments $ 4,636 $ 4,993 |
Summary Of Equity Earnings (Losses) From Investments In Unconsolidated Joint Ventures | Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Rialto Cinemas $ 33 $ 102 $ ( 52 ) $ 52 Mt. Gravatt 204 181 224 181 Total equity earnings $ 237 $ 283 $ 172 $ 233 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill And Intangible Assets [Abstract] | |
Summary Of Goodwill | (Dollars in thousands) Cinema Real Estate Total Balance at December 31, 2021 $ 21,534 $ 5,224 $ 26,758 Foreign currency translation adjustment ( 1,226 ) — ( 1,226 ) Balance at June 30, 2022 $ 20,308 $ 5,224 $ 25,532 |
Summary Of Intangible Assets Other Than Goodwill | As of June 30, 2022 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 12,243 $ 9,059 $ 4,927 $ 26,229 Less: Accumulated amortization ( 11,945 ) ( 7,751 ) ( 3,710 ) ( 23,406 ) Less: Impairments — — ( 40 ) ( 40 ) Net intangible assets other than goodwill $ 298 $ 1,308 $ 1,177 $ 2,783 As of December 31, 2021 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 12,335 $ 9,058 $ 4,996 $ 26,389 Less: Accumulated amortization ( 12,002 ) ( 7,660 ) ( 3,452 ) ( 23,114 ) Less: Impairments — — ( 17 ) ( 17 ) Net intangible assets other than goodwill $ 333 $ 1,398 $ 1,527 $ 3,258 |
Summary Of Amortization Expense | Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Beneficial lease amortization $ 22 $ 29 $ 44 $ 59 Other amortization 132 105 267 270 Total intangible assets amortization $ 154 $ 134 $ 311 $ 329 |
Prepaid And Other Assets (Table
Prepaid And Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Prepaid And Other Assets [Abstract] | |
Summary Of Prepaid And Other Assets | June 30, December 31, (Dollars in thousands) 2022 2021 Prepaid and other current assets Prepaid expenses $ 2,205 $ 1,185 Prepaid taxes 1,114 1,929 Income taxes receivable 61 52 Prepaid rent 1,323 1,438 Deposits 236 244 Other receivables 51 — Investments in marketable securities 22 23 Total prepaid and other current assets $ 5,012 $ 4,871 Other non-current assets Other non-cinema and non-rental real estate assets 1,134 1,134 Investment in Reading International Trust I 838 838 Straight-line rent asset 5,829 4,477 Long-term deposits 8 12 Total other non-current assets $ 7,809 $ 6,461 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Borrowings [Abstract] | |
Summary Of Borrowings | As of June 30, 2022 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (1) Stated Interest Rate Effective Interest Rate Denominated in USD Trust Preferred Securities (US) April 30, 2027 $ 27,913 $ 27,913 $ 26,839 5.29 % 5.29 % Bank of America Credit Facility (US) March 6, 2023 36,750 36,750 36,663 7.25 % 7.25 % Cinemas 1, 2, 3 Term Loan (US) October 1, 2022 23,735 23,735 23,260 4.25 % 4.25 % Minetta & Orpheum Theatres Loan (US) (2) November 1, 2023 8,000 8,000 7,960 3.11 % 5.15 % U.S. Corporate Office Term Loan (US) January 1, 2027 8,807 8,807 8,739 4.64 % / 4.44 % 4.61 % Union Square Financing (US) (3) May 6, 2024 55,000 43,000 42,282 8.51 % 7.40 % Purchase Money Promissory Note (US) September 18, 2024 1,692 1,692 1,692 5.00 % 5.00 % Denominated in foreign currency ("FC") (4) NAB Corporate Term Loan (AU) December 31, 2023 70,086 70,086 69,977 2.35 % 2.35 % Westpac Bank Corporate (NZ) January 1, 2024 8,643 8,643 8,643 4.70 % 4.70 % $ 240,626 $ 228,626 $ 226,055 (1) Net of deferred financing costs amounting to $ 2.6 million. (2) The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 5.15 %. (3) The interest rate derivative associated with the Union Square loan provides for an maximum effective rate of 7.40 %. (4) The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of June 30, 2022. As of December 31, 2021 (Dollars in thousands) Maturity Date Contractual Facility Balance, Gross Balance, Net (1) Stated Interest Rate Effective Interest Rate Denominated in USD Trust Preferred Securities (US) April 30, 2027 $ 27,913 $ 27,913 $ 26,728 4.13 % 4.13 % Bank of America Credit Facility (US) March 6, 2023 39,500 39,500 39,364 5.75 % 5.75 % Cinemas 1, 2, 3 Term Loan (US) April 1, 2022 24,039 24,039 23,680 4.25 % 4.25 % Minetta & Orpheum Theatres Loan (US)(2) November 1, 2023 8,000 8,000 7,944 2.14 % 5.15 % U.S. Corporate Office Term Loan (US) January 1, 2027 8,936 8,936 8,860 4.64 % / 4.44 % 4.64 % Union Square Financing (US) (3) May 6, 2024 55,000 43,000 42,002 7.00 % 7.00 % Purchase Money Promissory Note (US) September 18, 2024 2,043 2,043 2,043 5.00 % 5.00 % Denominated in foreign currency ("FC") (4) NAB Corporate Term Loan (AU) December 31, 2023 74,052 74,052 73,900 1.82 % 1.82 % Westpac Bank Corporate (NZ) January 1, 2024 9,465 9,465 9,465 3.45 % 3.45 % Total $ 248,948 $ 236,948 $ 233,986 (1) Net of deferred financing costs amounting to $ 3.0 million. (2) The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 5.15 %. (3) The interest rate derivative associated with the Union Square loan provides for an effective fixed rate of 7.00 %. (4) The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of December 31, 2021. |
Schedule Of Long-term Debt Instruments, Net Of The Deferred Financing Costs | June 30, December 31, Balance Sheet Caption (Dollars in thousands) 2022 2021 Debt - current portion $ 60,474 $ 11,349 Debt - long-term portion 138,013 195,198 Subordinated debt - current portion 729 711 Subordinated debt - long-term portion 26,839 26,728 Total borrowings $ 226,055 $ 233,986 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Liabilities [Abstract] | |
Summary Of Other Liabilities Including Pension | June 30, December 31, (Dollars in thousands) 2022 2021 Current liabilities Lease liability $ 5,900 $ — Liability for demolition costs 2,542 2,783 Accrued pension 684 684 Security deposit payable 68 69 Finance lease liabilities 33 40 Other 41 43 Other current liabilities $ 9,268 $ 3,619 Other liabilities Lease make-good provision 7,677 7,766 Accrued pension 3,374 3,605 Deferred rent liability 3,091 3,930 Environmental reserve 1,656 1,656 Lease liability — 5,900 Acquired leases 16 21 Finance lease liabilities 11 28 Other non-current liabilities $ 15,825 $ 22,906 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated Other Comprehensive Income [Abstract] | |
Summary Of Accumulated Other Comprehensive Income | (Dollars in thousands) Foreign Currency Items Unrealized Gain (Losses) on Available- for-Sale Investments Accrued Pension Service Costs Hedge Accounting Reserve Total Balance at January 1, 2022 $ 6,842 $ ( 14 ) $ ( 1,969 ) $ 23 $ 4,882 Change related to derivatives Total change in hedge fair value recorded in Other Comprehensive Income — — — 1,145 1,145 Amounts reclassified from accumulated other comprehensive income — — — 49 49 Net change related to derivatives — — — 1,194 1,194 Net current-period other comprehensive income (loss) ( 6,989 ) ( 2 ) 103 1,194 ( 5,694 ) Balance at June 30, 2022 $ ( 147 ) $ ( 16 ) $ ( 1,866 ) $ 1,217 $ ( 812 ) |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Non-controlling Interests [Abstract] | |
Components Of Non-controlling Interests | June 30, December 31, (Dollars in thousands) 2022 2021 Australian Country Cinemas, Pty Ltd $ 63 $ 48 Shadow View Land and Farming, LLC — ( 4 ) Sutton Hill Properties, LLC 776 942 Noncontrolling interests in consolidated subsidiaries $ 839 $ 986 |
Components Of Income Attributable To Non-controlling Interest | Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Australian Country Cinemas, Pty Ltd $ 72 $ ( 17 ) $ 62 $ 41 Shadow View Land and Farming, LLC — 14 ( 1 ) 3,166 Sutton Hill Properties, LLC ( 79 ) ( 105 ) ( 166 ) ( 213 ) Net income (loss) attributable to noncontrolling interests $ ( 7 ) $ ( 108 ) $ ( 105 ) $ 2,994 |
Summary Of Changes In Controlling And Non-controlling Stockholders’ Equity | Common Stock Retained Accumulated Reading Class A Class A Class B Class B Additional Earnings Other International Inc. Total Non-Voting Par Voting Par Paid-In (Accumulated Treasury Comprehensive Stockholders’ Noncontrolling Stockholders’ (Dollars in thousands, except shares) Shares Value Shares Value Capital Deficit) Shares Income (Loss) Equity Interests Equity At January 1, 2022 20,260 $ 233 1,680 $ 17 $ 151,981 $ ( 12,632 ) $ ( 40,407 ) $ 4,882 $ 104,074 $ 986 $ 105,060 Net income (loss) — — — — — ( 15,354 ) — — ( 15,354 ) ( 99 ) ( 15,453 ) Other comprehensive income, net — — — — — — — 3,524 3,524 1 3,525 Share-based compensation expense — — — — 415 — — — 415 — 415 Restricted Stock Units 52 1 — — ( 32 ) — — — ( 31 ) — ( 31 ) Distributions to noncontrolling stockholders — — — — — — — — — ( 22 ) ( 22 ) At March 31, 2022 20,312 $ 234 1,680 $ 17 $ 152,364 $ ( 27,986 ) $ ( 40,407 ) $ 8,406 $ 92,628 $ 866 $ 93,494 Net income — — — — — ( 2,436 ) — — ( 2,436 ) ( 7 ) ( 2,443 ) Other comprehensive income, net — — — — — — — ( 9,218 ) ( 9,218 ) 1 ( 9,217 ) Share-based compensation expense — — — — 466 — — — 466 — 466 Restricted Stock Units 49 — — — ( 52 ) — — — ( 52 ) — ( 52 ) Distributions to noncontrolling stockholders — — — — — — — — — ( 21 ) ( 21 ) At June 30, 2022 20,361 234 1,680 17 152,778 ( 30,422 ) ( 40,407 ) ( 812 ) 81,388 839 82,227 Common Stock Retained Accumulated Reading Class A Class A Class B Class B Additional Earnings Other International Inc. Total Non-Voting Par Voting Par Paid-In (Accumulated Treasury Comprehensive Stockholders’ Noncontrolling Stockholders’ (Dollars in thousands, except shares) Shares Value Shares Value Capital Deficit) Shares Income (Loss) Equity Interests Equity At January 1, 2021 20,069 $ 231 1,680 $ 17 $ 149,979 $ ( 44,553 ) $ ( 40,407 ) $ 12,502 $ 77,769 $ 3,404 $ 81,173 Net income (loss) — — — — — 18,965 — — 18,965 3,102 22,067 Other comprehensive income, net — — — — — — — ( 2,545 ) ( 2,545 ) — ( 2,545 ) Share-based compensation expense — — — — 464 — — — 464 — 464 Restricted Stock Units 52 1 — — ( 111 ) — — — ( 110 ) — ( 110 ) Distributions to noncontrolling stockholders — — — — — — — — — ( 5,300 ) ( 5,300 ) At March 31, 2021 20,121 $ 232 1,680 $ 17 $ 150,332 $ ( 25,588 ) $ ( 40,407 ) $ 9,957 $ 94,543 $ 1,206 $ 95,749 Net income — — — — — 22,702 — — 22,702 ( 108 ) 22,594 Other comprehensive income, net — — — — — — — ( 1,592 ) ( 1,592 ) — ( 1,592 ) Share-based compensation expense — — — — 450 — — — 450 — 450 Restricted 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 1,098 117,199 |
Stock-Based Compensation and _2
Stock-Based Compensation and Stock Repurchases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Stock-Based Compensation and Stock Repurchases [Abstract] | |
Summary Of Stock Options Outstanding And Exercisable | Outstanding Stock Options - Class A Shares Number of Options Weighted Average Exercise Price Weighted Average Remaining Years of Contractual Life Aggregate Intrinsic Value Class A Class A Class A Class A Balance - December 31, 2020 713,479 $ 14.64 2.18 $ 13,969 Granted — — — — Exercised ( 38,803 ) 4.66 — 63,831 Forfeited ( 157,332 ) 11.87 — — Balance - December 31, 2021 517,344 $ 15.42 1.66 $ — Granted — — — — Exercised — — — — Forfeited ( 144,925 ) 15.97 — — Balance - June 30, 2022 372,419 $ 15.51 1.52 $ — |
Schedule Of Restricted Stock Units Issued And Vested | Outstanding Restricted Stock Units RSU Grants (in units) Vested, Unvested, Forfeited, Grant Date Directors Management Total Grants June 30, 2022 June 30, 2022 June 30, 2022 Opening balance 118,231 118,060 236,291 231,804 — 4,487 March 13, 2019 — 24,366 24,366 15,947 5,315 3,104 March 14, 2019 — 23,327 23,327 17,496 5,831 — May 7, 2019 11,565 — 11,565 11,565 — — March 10, 2020 — 287,163 287,163 96,828 189,517 818 December 14, 2020 — 43,260 43,260 42,084 — 1,176 December 16, 2020 60,084 11,459 71,543 71,543 — — April 5, 2021 — 262,830 262,830 45,403 217,427 — April 19, 2021 — 22,888 22,888 5,563 16,508 817 August 11, 2021 26,924 — 26,924 26,924 — — December 8, 2021 48,951 — 48,951 — 48,951 — April 18, 2022 — 428,899 428,899 — 428,899 — Total 265,755 1,222,252 1,488,007 565,157 912,448 10,402 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Components Of Lease Expense | Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Lease cost Finance lease cost: Amortization of right-of-use assets $ 11 $ 12 $ 23 $ 25 Interest on lease liabilities 1 1 2 3 Operating lease cost 8,405 8,516 16,809 16,780 Variable lease cost 218 ( 1,594 ) 119 ( 2,744 ) Total lease cost $ 8,635 $ 6,936 $ 16,953 $ 14,064 |
Supplemental Cash Flow Information Related To Leases | Six Months Ended June 30, (Dollars in thousands) 2022 2021 Cash flows relating to lease cost Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 25 $ 27 Operating cash flows for operating leases 17,801 7,621 Right-of-use assets obtained in exchange for new operating lease liabilities 66 22,178 |
Supplemental Balance Sheet Information Related To Leases | June 30, December 31, (Dollars in thousands) 2022 2021 Operating leases Operating lease right-of-use assets $ 208,955 $ 227,367 Operating lease liabilities - current portion 23,897 23,737 Operating lease liabilities - non-current portion 205,974 223,364 Total operating lease liabilities $ 229,871 $ 247,101 Finance leases Property plant and equipment, gross 364 374 Accumulated depreciation ( 324 ) ( 311 ) Property plant and equipment, net $ 40 $ 63 Other current liabilities 33 40 Other long-term liabilities 11 28 Total finance lease liabilities $ 44 $ 68 Other information Weighted-average remaining lease term - finance leases 1 2 Weighted-average remaining lease term - operating leases 11 11 Weighted-average discount rate - finance leases 5.21 % 5.24 % Weighted-average discount rate - operating leases 4.48 % 4.47 % |
Maturity Of Leases As Lessee | (Dollars in thousands) Operating leases Finance leases 2022 $ 16,805 $ 17 2023 33,572 29 2024 32,122 — 2025 30,147 — 2026 27,982 — Thereafter 154,598 — Total lease payments $ 295,226 $ 46 Less imputed interest ( 65,355 ) ( 2 ) Total $ 229,871 $ 44 |
Components Of Lease Income | Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Components of lease income Lease payments $ 2,034 $ 2,681 $ 4,104 $ 5,382 Variable lease payments 141 197 273 366 Total lease income $ 2,175 $ 2,878 $ 4,377 $ 5,748 |
Book Value Of Assets Under Operating Leases From Owned Assets | June 30, December 31, (Dollars in thousands) 2022 2021 Building and improvements Gross balance $ 137,080 $ 140,028 Accumulated depreciation ( 24,477 ) ( 23,923 ) Net Book Value $ 112,603 $ 116,105 |
Maturity Of Leases As Lessor | (Dollars in thousands) Operating leases 2022 $ 3,534 2023 6,618 2024 5,823 2025 4,953 2026 2,389 Thereafter 2,647 Total $ 25,964 |
Hedge Accounting (Tables)
Hedge Accounting (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Hedge Accounting [Abstract] | |
Schedule Of Derivative Instruments On The Balance Sheet At Fair Value | Asset Derivatives June 30, December 31, 2022 2021 (Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair value Interest rate contracts Derivative financial instruments - current portion $ 1,223 Derivative financial instruments - current portion $ 96 Derivative financial instruments - non-current portion — Derivative financial instruments - non-current portion 112 Total derivatives designated as hedging instruments $ 1,223 $ 208 Total derivatives $ 1,223 $ 208 Liability Derivatives June 30, December 31, 2022 2021 (Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair value Interest rate contracts Derivative financial instruments - current portion $ 20 Derivative financial instruments - current portion $ 181 Derivative financial instruments - non-current portion — Derivative financial instruments - non-current portion — Total derivatives designated as hedging instruments $ 20 $ 181 Total derivatives $ 20 $ 181 |
Schedule Of Changes in Fair value | (Dollars in thousands) Location of Loss Recognized in Income on Derivatives Amount of Loss (Gain) Recognized in Income on Derivatives Quarter Ended June 30, 2022 Six Months Ended June 30 2022 2021 2022 2021 Interest rate contracts Interest expense $ ( 19 ) $ 55 $ 49 $ 115 Total $ ( 19 ) $ 55 $ 49 $ 115 |
Summary Of Hedged Transactions That Affect Earnings | Loss (Gain) Recognized in OCI on Derivatives (Effective Portion) (Dollars in thousands) Amount Amount Quarter Ended June 30 Six Months Ended June 30 2022 2021 2022 2021 Interest rate contracts $ ( 414 ) $ 61 $ ( 1,145 ) $ ( 1 ) Total $ ( 414 ) $ 61 $ ( 1,145 ) $ ( 1 ) Loss (Gain) Reclassified from OCI into Income (Effective Portion) Line Item Amount Amount Quarter Ended June 30 Six Months Ended June 30 2022 2021 2022 2021 Interest expense $ ( 19 ) $ 61 $ 49 $ 115 Total $ ( 19 ) $ 61 $ 49 $ 115 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Measurements [Abstract] | |
Schedule Of Fair Value Carried At Cost And Measured On A Nonrecurring Basis | Fair Value Measurement at June 30, 2022 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 199,021 $ — $ — $ 197,548 $ 197,548 Subordinated debt 29,605 — — 21,845 21,845 $ 228,626 $ — $ — $ 219,393 $ 219,393 Fair Value Measurement at December 31, 2021 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 206,992 $ — $ — $ 207,817 $ 207,817 Subordinated debt 29,956 — — 20,494 20,494 $ 236,948 $ — $ — $ 228,311 $ 228,311 (1) These balances are presented before any deduction for deferred financing costs. |
Description Of Business And S_3
Description Of Business And Segment Reporting (Summary Of Results Of Operations For Principal Business Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | $ 64,511 | $ 36,033 | $ 104,712 | $ 57,339 |
Segment operating income (loss) | (1,572) | (12,532) | (13,349) | (26,510) |
Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 64,511 | 36,033 | 104,712 | 57,339 |
Segment operating income (loss) | 3,364 | (8,399) | (3,744) | (18,044) |
Intersegment Eliminations [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | (1,291) | (130) | (2,600) | (261) |
Cinema Exhibition [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 61,770 | 32,715 | 99,117 | 50,829 |
Segment operating income (loss) | 3,452 | (7,345) | (3,765) | (15,621) |
Real Estate [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 4,032 | 3,448 | 8,195 | 6,771 |
Segment operating income (loss) | $ (88) | $ (1,054) | $ 21 | $ (2,423) |
Description Of Business And S_4
Description Of Business And Segment Reporting (Reconciliation To Net Income Attributable To Common Shareholders) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Segment operating income (loss) | $ (1,572) | $ (12,532) | $ (13,349) | $ (26,510) |
Depreciation and amortization expense | (5,247) | (5,801) | (10,771) | (11,451) |
General and administrative expense | (6,312) | (8,834) | (12,107) | (13,931) |
Equity earnings of unconsolidated joint ventures | 237 | 283 | 172 | 233 |
Gain (loss) on sale of assets | 43,241 | 89,786 | ||
Other income (expense) | 3,773 | 154 | 2,990 | 1,795 |
Income (loss) before income taxes | (905) | 28,141 | (16,735) | 57,936 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment operating income (loss) | 3,364 | (8,399) | (3,744) | (18,044) |
Unallocated Corporate Expense [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization expense | (268) | (387) | (546) | (618) |
General and administrative expense | (4,668) | (3,746) | (9,059) | (7,848) |
Interest expense, net | $ (3,343) | $ (3,005) | $ (6,548) | $ (7,368) |
Impact Of COVID-19 Pandemic A_2
Impact Of COVID-19 Pandemic And Liquidity (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 06, 2020 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 AUD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Impact Of Covid [Line Items] | ||||||
Change in cash | $ (27,122,000) | $ 91,630,000 | ||||
Contractual Facility | 240,626,000 | $ 248,948,000 | ||||
Impairment of long-lived assets | $ 1,549,000 | 1,549,000 | ||||
Goodwill, Impairment Loss | 0 | |||||
Proceeds from sale of assets | 141,363,000 | |||||
Repayment of long-term borrowings | 3,889,000 | $ 75,257,000 | ||||
Impairment charges against sites | $ 1,549,000 | |||||
Shadow View Land And Farming, LLC [Member] | ||||||
Impact Of Covid [Line Items] | ||||||
Ownership percentage by noncontrolling interest | 50% | 50% | 50% | |||
Bank Of America Credit Facility [Member] | ||||||
Impact Of Covid [Line Items] | ||||||
Contractual Facility | $ 55,000,000 | $ 36,750,000 | 39,500,000 | |||
Westpac Bank Corporate Credit Facility [Member] | ||||||
Impact Of Covid [Line Items] | ||||||
Contractual Facility | $ 8,643,000 | $ 13.8 | $ 9,465,000 |
Operations In Foreign Currenc_2
Operations In Foreign Currency (Summary Of Currency Exchange Rates) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Spot Rate [Member] | |||||
Currency Exchange Rates [Line Items] | |||||
Foreign currency exchange rate | 0.6245 | 0.6978 | |||
Australian Dollar [Member] | Spot Rate [Member] | |||||
Currency Exchange Rates [Line Items] | |||||
Foreign currency exchange rate | 0.6905 | 0.7496 | 0.6905 | 0.7496 | 0.7260 |
Australian Dollar [Member] | Average Rate [Member] | |||||
Currency Exchange Rates [Line Items] | |||||
Foreign currency exchange rate | 0.7143 | 0.7702 | 0.7192 | 0.7716 | 0.7517 |
New Zealand Dollar [Member] | Spot Rate [Member] | |||||
Currency Exchange Rates [Line Items] | |||||
Foreign currency exchange rate | 0.6245 | 0.6978 | 0.6839 | ||
New Zealand Dollar [Member] | Average Rate [Member] | |||||
Currency Exchange Rates [Line Items] | |||||
Foreign currency exchange rate | 0.6500 | 0.7153 | 0.6631 | 0.7173 | 0.7077 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Class A [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares repurchased plan, shares | 0 | 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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to Reading International, Inc. common shareholders | $ (2,436) | $ 22,702 | $ (17,790) | $ 41,667 |
Weighted average number of common stock – basic | 22,040,512 | 21,808,556 | 21,995,186 | 21,784,700 |
Weighted average dilutive impact of awards | 912,448 | 671,612 | 912,448 | 672,219 |
Weighted average number of common stock – diluted | 22,952,960 | 22,480,168 | 22,907,634 | 22,456,919 |
Basic earnings (loss) per share | $ (0.11) | $ 1.04 | $ (0.81) | $ 1.91 |
Diluted earnings (loss) per share | $ (0.11) | $ 1.01 | $ (0.81) | $ 1.86 |
Awards excluded from diluted earnings (loss) per share | 912,448 | 492,344 | 912,448 | 492,344 |
Properties And Equipment (Narra
Properties And Equipment (Narrative) (Details) $ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||
Aug. 30, 2021 USD ($) | Aug. 30, 2021 NZD ($) | Jun. 30, 2021 USD ($) | Jun. 09, 2021 USD ($) | Jun. 09, 2021 AUD ($) | Mar. 05, 2021 USD ($) | Mar. 04, 2021 USD ($) | Mar. 04, 2021 NZD ($) | Feb. 28, 2021 USD ($) | Jan. 31, 2021 USD ($) a | Dec. 31, 2020 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jan. 31, 2021 AUD ($) a | Aug. 28, 2019 USD ($) | |
Property, Plant and Equipment [Line Items] | |||||||||||||||||
Depreciation expense for operating property | $ 5,300,000 | $ 10,600,000 | $ 5,900,000 | $ 11,300,000 | |||||||||||||
Proceeds from sale of assets | $ 141,363,000 | ||||||||||||||||
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% | ||||||||||||||||
Percent of sale proceeds | 50% | ||||||||||||||||
Proceeds from sale of assets | $ 5,300,000 | ||||||||||||||||
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 | ||||||||||||||||
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 |
Properties And Equipment (Sched
Properties And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Operating property, net | $ 292,374 | $ 306,657 |
Operating Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land | 67,624 | 69,459 |
Building and improvements | 213,157 | 219,580 |
Leasehold improvements | 63,382 | 58,349 |
Fixtures and equipment | 193,404 | 202,837 |
Construction-in-progress | 5,209 | 5,395 |
Total cost | 542,776 | 555,620 |
Less: accumulated depreciation | (250,402) | (248,963) |
Operating property, net | $ 292,374 | $ 306,657 |
Properties And Equipment (Summa
Properties And Equipment (Summary Of Investment And Development Property) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Investment and development property | $ 8,692 | $ 9,570 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development property | 3,797 | 4,193 |
Construction-In-Progress (Including Capitalized Interest) [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development property | $ 4,895 | $ 5,377 |
Property And Equipment (Constru
Property And Equipment (Construction-In-Progress Balance) (Details) - Operating And Investing Properties [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Property, Plant and Equipment [Line Items] | |
Balance | $ 10,772 |
Additions during the period | 2,821 |
Completed during the period | (2,807) |
Foreign currency translation | (682) |
Balance | 10,104 |
Courtenay Central Development [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance | 6,918 |
Additions during the period | 124 |
Foreign currency translation | (605) |
Balance | 6,437 |
Cinema Developments And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance | 2,942 |
Additions during the period | 1,733 |
Completed during the period | (2,707) |
Foreign currency translation | (35) |
Balance | 1,933 |
Other Real Estate Projects [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance | 912 |
Additions during the period | 964 |
Completed during the period | (100) |
Foreign currency translation | (42) |
Balance | $ 1,734 |
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 | Jun. 30, 2022 USD ($) | Feb. 28, 2021 USD ($) | Jan. 31, 2021 USD ($) | Jan. 31, 2021 AUD ($) | Dec. 31, 2020 USD ($) |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Number of joint venture investments | 2 | 2 |
Mt. Gravatt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 33.30% | |
Rialto Cinemas [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 50% |
Investments In Unconsolidated_4
Investments In Unconsolidated Joint Ventures (Summary Of The Investments In Unconsolidated Joint Ventures And Entities) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Total Joint Ventures | $ 4,636 | $ 4,993 |
Mt. Gravatt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 33.30% | |
Total Joint Ventures | $ 3,722 | 3,976 |
Rialto Cinemas [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 50% | |
Total Joint Ventures | $ 914 | $ 1,017 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||
Total equity earnings | $ 237 | $ 283 | $ 172 | $ 233 |
Mt. Gravatt [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total equity earnings | 204 | 181 | 224 | 181 |
Rialto Cinemas [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total equity earnings | $ 33 | $ 102 | $ (52) | $ 52 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill impairment | $ 0 | ||||
Intangible Assets, Net (Excluding Goodwill) | $ 2,783,000 | 2,783,000 | $ 3,258,000 | ||
Finite-Lived Intangible Assets, Amortization Expense | 154,000 | $ 134,000 | 311,000 | $ 329,000 | |
Beneficial Leases [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible Assets, Net (Excluding Goodwill) | 298,000 | $ 298,000 | 333,000 | ||
Trade Name [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets estimated useful life | 30 years | ||||
Intangible Assets, Net (Excluding Goodwill) | 1,308,000 | $ 1,308,000 | 1,398,000 | ||
Other Intangible Assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets estimated useful life | 30 years | ||||
Intangible Assets, Net (Excluding Goodwill) | 1,177,000 | $ 1,177,000 | $ 1,527,000 | ||
Finite-Lived Intangible Assets, Amortization Expense | $ 132,000 | $ 105,000 | $ 267,000 | $ 270,000 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Summary Of Goodwill) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 26,758 |
Foreign currency translation adjustment | (1,226) |
Ending balance | 25,532 |
Cinema [Member] | |
Goodwill [Line Items] | |
Beginning balance | 21,534 |
Foreign currency translation adjustment | (1,226) |
Ending balance | 20,308 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 26,229 | $ 26,389 |
Less: accumulated amortization | (23,406) | (23,114) |
Less: impairment charges | (40) | (17) |
Net intangible assets other than goodwill | 2,783 | 3,258 |
Beneficial Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 12,243 | 12,335 |
Less: accumulated amortization | (11,945) | (12,002) |
Net intangible assets other than goodwill | 298 | 333 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 9,059 | 9,058 |
Less: accumulated amortization | (7,751) | (7,660) |
Net intangible assets other than goodwill | 1,308 | 1,398 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 4,927 | 4,996 |
Less: accumulated amortization | (3,710) | (3,452) |
Less: impairment charges | (40) | (17) |
Net intangible assets other than goodwill | $ 1,177 | $ 1,527 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Summary Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization | $ 154 | $ 134 | $ 311 | $ 329 |
Beneficial Lease Amortization [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization | 22 | 29 | 44 | 59 |
Other Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization | $ 132 | $ 105 | $ 267 | $ 270 |
Prepaid And Other Assets (Detai
Prepaid And Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Prepaid And Other Assets [Abstract] | ||
Prepaid expenses | $ 2,205 | $ 1,185 |
Prepaid taxes | 61 | 52 |
Income taxes receivable | 1,323 | 1,438 |
Prepaid rent | 1,114 | 1,929 |
Deposits | 236 | 244 |
Other receivables | 51 | |
Investment in marketable securities | 22 | 23 |
Total prepaid and other current assets | 5,012 | 4,871 |
Other non-cinema and non-rental real estate assets | 838 | 838 |
Investment in Reading International Trust I | 5,829 | 4,477 |
Straight-line asset | 1,134 | 1,134 |
Long-term deposits | 8 | 12 |
Total other non-current assets | $ 7,809 | $ 6,461 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Taxes [Abstract] | ||||
Effective tax rate | 6.90% | 22.90% | ||
Income tax benefit (expense) | $ 1,538 | $ 5,547 | $ 1,160 | $ 13,275 |
Borrowings (Bank Of America Cre
Borrowings (Bank Of America Credit Facility) (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Aug. 07, 2020 | Mar. 06, 2020 | Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 240,626 | $ 248,948 | ||
Bank Of America Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual facility | $ 55,000 | $ 36,750 | $ 39,500 | |
Maturity date | Mar. 06, 2023 | Mar. 06, 2023 | Mar. 06, 2023 | |
Bank Of America Credit Facility [Member] | Eurodollar [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread over LIBOR | 3% | |||
Bank Of America Credit Facility [Member] | Floor Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread over LIBOR | 1% |
Borrowings (Bank Of America Lin
Borrowings (Bank Of America Line Of Credit) (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Contractual facility | $ 240,626 | $ 248,948 |
Borrowings (Minetta And Orpheum
Borrowings (Minetta And Orpheum Theatres Loan) (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Oct. 12, 2018 | Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Loan amount | $ 240,626 | $ 248,948 | |
Minetta And Orpheum Theatres Loan [Member] | |||
Debt Instrument [Line Items] | |||
Loan amount | $ 7,500 | $ 8,000 | $ 8,000 |
Minetta And Orpheum Theatres Loan [Member] | Santander Bank [Member] | |||
Debt Instrument [Line Items] | |||
Loan amount | $ 8,000 | ||
Debt instrument term | 5 years |
Borrowings (U.S. Corporate Offi
Borrowings (U.S. Corporate Office Term Loan) (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 26, 2017 | Dec. 13, 2016 | Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 240,626 | $ 248,948 | ||
U.S. Corporate Office Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument term | 10 years | |||
Contractual facility | $ 8,400 | $ 8,807 | $ 8,936 | |
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 | 6 Months Ended | 12 Months Ended | ||
Mar. 13, 2020 USD ($) | Mar. 12, 2020 USD ($) | Jun. 30, 2022 USD ($) item | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 240,626 | $ 248,948 | ||
Sutton Hill Properties, LLC [Member] | ||||
Debt Instrument [Line Items] | ||||
Ownership percentage by parent | 75% | |||
US Cinema 1, 2, 3 Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual facility | $ 25,000 | $ 20,000 | $ 23,735 | $ 24,039 |
Interest rate | 4.25% | |||
Number of extension options | item | 2 | |||
Extension period | 6 months | |||
Maturity date | Apr. 01, 2022 | Oct. 01, 2022 | Apr. 01, 2022 |
Borrowings (Union Square Constr
Borrowings (Union Square Construction Financing) (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
(Increase) decrease in prepaid and other assets | $ 1,131 | $ 2,017 | |
Repayment of long-term borrowings | 3,889 | $ 75,257 | |
Contractual facility | 240,626 | $ 248,948 | |
Emerald Creek Capital [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 55,000 | ||
Union Square Construction Financing [Member] | |||
Debt Instrument [Line Items] | |||
Contractual facility | $ 55,000 | $ 55,000 | |
Maturity date | May 06, 2024 | May 06, 2024 | |
Floor Rate [Member] | Emerald Creek Capital [Member] | |||
Debt Instrument [Line Items] | |||
Spread over LIBOR | 7% | ||
London Interbank Offered Rate (LIBOR) [Member] | Emerald Creek Capital [Member] | |||
Debt Instrument [Line Items] | |||
Spread over LIBOR | 6.90% |
Borrowings (Purchase Money Prom
Borrowings (Purchase Money Promissory Note) (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Sep. 18, 2019 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Purchase Money Promissory Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Sep. 18, 2024 | Sep. 18, 2024 | Sep. 18, 2024 | |
Interest rate | 5% | |||
Payment to repurchase shares | $ 3.5 | |||
Class A [Member] | ||||
Debt Instrument [Line Items] | ||||
Shares repurchased plan, shares | 0 | 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 | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2022 AUD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 240,626 | $ 248,948 | ||
Repayment of long-term borrowings | 3,889 | $ 75,257 | ||
Westpac Bank Corporate Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual facility | $ 8,643 | $ 13.8 | $ 9,465 | |
Maturity date | Jan. 01, 2024 | Jan. 01, 2024 | Jan. 01, 2024 | |
Interest rate | 2.40% | 2.40% | ||
Westpac Bank Corporate Credit Facility [Member] | Bank Bill Swap Bid Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.65% | 1.65% |
Borrowings (Australian NAB Corp
Borrowings (Australian NAB Corporate Term Loan (AU)) (Narrative) (Details) - AUD ($) | 6 Months Ended | ||
Dec. 29, 2020 | Mar. 15, 2019 | Jun. 30, 2022 | |
Australian NAB Corporate Loan Facility Tier 3 [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 | ||
Spread on variable interest rate | 1.75% | ||
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 | $ 60,000,000 | ||
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 |
Borrowings (Summary Of Borrowin
Borrowings (Summary Of Borrowings) (Details) $ in Thousands, $ in Millions | 6 Months Ended | 12 Months Ended | |||||||
Mar. 13, 2020 USD ($) | Mar. 12, 2020 USD ($) | Mar. 06, 2020 USD ($) | Sep. 18, 2019 | Oct. 12, 2018 USD ($) | Dec. 13, 2016 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 AUD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Contractual Facility | $ 240,626 | $ 248,948 | |||||||
Balance Gross | 228,626 | 236,948 | |||||||
Balance Net | 226,055 | 233,986 | |||||||
Deferred financing costs, net | $ 2,600 | $ 3,000 | |||||||
Trust Preferred Securities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity Date | Apr. 30, 2027 | Apr. 30, 2027 | Apr. 30, 2027 | ||||||
Contractual Facility | $ 27,913 | $ 27,913 | |||||||
Balance Gross | 27,913 | 27,913 | |||||||
Balance Net | $ 26,839 | $ 26,728 | |||||||
Stated Interest Rate | 5.29% | 5.29% | 4.13% | ||||||
Effective Interest Rate | 5.29% | 4.13% | |||||||
Bank Of America Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity Date | Mar. 06, 2023 | Mar. 06, 2023 | Mar. 06, 2023 | Mar. 06, 2023 | |||||
Contractual Facility | $ 55,000 | $ 36,750 | $ 39,500 | ||||||
Balance Gross | 36,750 | 39,500 | |||||||
Balance Net | $ 36,663 | $ 39,364 | |||||||
Stated Interest Rate | 7.25% | 7.25% | 5.75% | ||||||
Effective Interest Rate | 7.25% | 5.75% | |||||||
US Cinema 1, 2, 3 Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity Date | Apr. 01, 2022 | Oct. 01, 2022 | Oct. 01, 2022 | Apr. 01, 2022 | |||||
Contractual Facility | $ 25,000 | $ 20,000 | $ 23,735 | $ 24,039 | |||||
Balance Gross | 23,735 | 24,039 | |||||||
Balance Net | $ 23,260 | $ 23,680 | |||||||
Stated Interest Rate | 4.25% | 4.25% | 4.25% | ||||||
Effective Interest Rate | 4.25% | 4.25% | |||||||
Minetta And Orpheum Theatres Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity Date | Nov. 01, 2023 | Nov. 01, 2023 | Nov. 01, 2023 | ||||||
Contractual Facility | $ 7,500 | $ 8,000 | $ 8,000 | ||||||
Balance Gross | 8,000 | 8,000 | |||||||
Balance Net | $ 7,960 | $ 7,944 | |||||||
Stated Interest Rate | 3.11% | 3.11% | 2.14% | ||||||
Effective Interest Rate | 5.15% | 5.15% | |||||||
U.S. Corporate Office Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity Date | Jan. 01, 2027 | Jan. 01, 2027 | Jan. 01, 2027 | ||||||
Contractual Facility | $ 8,400 | $ 8,807 | $ 8,936 | ||||||
Balance Gross | 8,807 | 8,936 | |||||||
Balance Net | $ 8,739 | $ 8,860 | |||||||
Effective Interest Rate | 4.61% | 4.64% | |||||||
Union Square Construction Financing [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity Date | May 06, 2024 | May 06, 2024 | May 06, 2024 | ||||||
Contractual Facility | $ 55,000 | $ 55,000 | |||||||
Balance Gross | 43,000 | 43,000 | |||||||
Balance Net | $ 42,282 | $ 42,002 | |||||||
Stated Interest Rate | 8.51% | 8.51% | 7% | ||||||
Effective Interest Rate | 7.40% | 7% | |||||||
Purchase Money Promissory Note [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity Date | Sep. 18, 2024 | Sep. 18, 2024 | Sep. 18, 2024 | Sep. 18, 2024 | |||||
Contractual Facility | $ 1,692 | $ 2,043 | |||||||
Balance Gross | 1,692 | 2,043 | |||||||
Balance Net | $ 1,692 | $ 2,043 | |||||||
Stated Interest Rate | 5% | 5% | 5% | ||||||
Effective Interest Rate | 5% | 5% | |||||||
NAB Australian Corporate Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity Date | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | ||||||
Contractual Facility | $ 70,086 | $ 74,052 | |||||||
Balance Gross | 70,086 | 74,052 | |||||||
Balance Net | $ 69,977 | $ 73,900 | |||||||
Stated Interest Rate | 2.35% | 2.35% | 1.82% | ||||||
Effective Interest Rate | 2.35% | 1.82% | |||||||
Westpac Bank Corporate Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity Date | Jan. 01, 2024 | Jan. 01, 2024 | Jan. 01, 2024 | ||||||
Contractual Facility | $ 8,643 | $ 13.8 | $ 9,465 | ||||||
Balance Gross | 8,643 | 9,465 | |||||||
Balance Net | $ 8,643 | $ 9,465 | |||||||
Stated Interest Rate | 4.70% | 4.70% | 3.45% | ||||||
Effective Interest Rate | 4.70% | 3.45% | |||||||
Minimum [Member] | U.S. Corporate Office Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated Interest Rate | 4.44% | 4.44% | 4.44% | ||||||
Maximum [Member] | U.S. Corporate Office Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated Interest Rate | 4.64% | 4.64% | 4.64% |
Borrowings (Schedule Of Long-te
Borrowings (Schedule Of Long-term Debt Instruments, Net Of The Deferred Financing Costs) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Borrowings [Abstract] | ||
Debt – current portion | $ 60,474 | $ 11,349 |
Debt – long-term portion | 138,013 | 195,198 |
Subordinated debt - current portion | 729 | 711 |
Subordinated debt - long-term portion | 26,839 | 26,728 |
Total borrowings | $ 226,055 | $ 233,986 |
Other Liabilities (Narrative) (
Other Liabilities (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 18 Months Ended | ||||
Aug. 29, 2014 | Feb. 28, 2018 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | |
Other Liabilities [Line Items] | ||||||||
Accrued pension liability | $ 7,500,000 | $ 3,374,000 | $ 3,374,000 | $ 3,374,000 | $ 3,605,000 | |||
Service cost | 0 | $ 0 | $ 0 | |||||
Interest cost | 55,000 | $ 61,000 | 111,000 | 123,000 | ||||
Actuarial loss (gain) | $ 51,000 | $ 51,000 | $ 103,000 | $ 104,000 | ||||
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 | $ 4,100,000 | $ 4,100,000 | $ 4,100,000 | |||||
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 | Jun. 30, 2022 | Dec. 31, 2021 | Aug. 29, 2014 |
Other Liabilities [Abstract] | |||
Lease liability | $ 5,900 | ||
Liability for demolition costs | 2,542 | $ 2,783 | |
Accrued pension | 684 | 684 | |
Security deposit payable | 68 | 69 | |
Finance lease liabilities | 33 | 40 | |
Other | 41 | 43 | |
Other current liabilities | 9,268 | 3,619 | |
Lease make-good provision | 7,677 | 7,766 | |
Accrued pension | 3,374 | 3,605 | $ 7,500 |
Deferred rent liability | 3,091 | 3,930 | |
Environmental reserve | 1,656 | 1,656 | |
Lease liability | 5,900 | ||
Acquired leases | 16 | 21 | |
Finance lease liabilities | 11 | 28 | |
Other non-current liabilities | $ 15,825 | $ 22,906 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $ 4,882 | |||
Total change in hedge fair value recorded in Other Comprehensive Income | 1,145 | |||
Amounts reclassified from accumulated other comprehensive income | 49 | |||
Net change related to derivatives | $ 395 | $ 55 | 1,194 | $ 116 |
Net current-period other comprehensive income (loss) | (5,694) | |||
Balance | (812) | (812) | ||
Foreign Currency Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 6,842 | |||
Net current-period other comprehensive income (loss) | (6,989) | |||
Balance | (147) | (147) | ||
Unrealized Gain (Losses) On Available-For-Sale Investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (14) | |||
Net current-period other comprehensive income (loss) | (2) | |||
Balance | (16) | (16) | ||
Accrued Pension Service Costs [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (1,969) | |||
Net current-period other comprehensive income (loss) | 103 | |||
Balance | (1,866) | (1,866) | ||
Hedge Accounting Reserve [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 23 | |||
Total change in hedge fair value recorded in Other Comprehensive Income | 1,145 | |||
Amounts reclassified from accumulated other comprehensive income | 49 | |||
Net change related to derivatives | 1,194 | |||
Net current-period other comprehensive income (loss) | 1,194 | |||
Balance | $ 1,217 | $ 1,217 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) | 6 Months Ended | |||
Jul. 13, 2021 | Jun. 18, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Commitments And Contingencies [Line Items] | ||||
(Increase) decrease in prepaid and other assets | $ 1,131,000 | $ 2,017,000 | ||
General Diversified Limited Litigation [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Damages sought | $ 0 | |||
Estimated Litigation Liability | $ 0 | |||
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 | Jun. 30, 2022 | Mar. 05, 2021 |
Australian Country Cinemas, Pty Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
Ownership percentage by noncontrolling interest | 25% | |
Sutton Hill Properties, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Ownership percentage by noncontrolling interest | 25% | |
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% | |
Sutton Hill Capital, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Ownership percentage by noncontrolling interest | 50% |
Non-controlling Interests (Comp
Non-controlling Interests (Components Of Non-controlling Interests) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | $ 839 | $ 986 |
Australian Country Cinemas, Pty Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | 63 | 48 |
Shadow View Land And Farming, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | (4) | |
Sutton Hill Properties, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | $ 776 | $ 942 |
Non-controlling Interests (Co_2
Non-controlling Interests (Components Of Income Attributable To Non-controlling Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Noncontrolling Interest [Line Items] | ||||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | $ (7) | $ (108) | $ (105) | $ 2,994 |
Australian Country Cinemas, Pty Ltd [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | 72 | (17) | 62 | 41 |
Shadow View Land And Farming, LLC [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | 14 | (1) | 3,166 | |
Sutton Hill Properties, LLC [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | $ (79) | $ (105) | $ (166) | $ (213) |
Non-controlling Interests (Summ
Non-controlling Interests (Summary Of Changes In Controlling And Non-controlling Stockholders’ Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Balance | $ (40,407) | $ (40,407) | ||||
Balance | $ 93,494 | 105,060 | $ 95,749 | $ 81,173 | 105,060 | $ 81,173 |
Net income (loss) | (2,443) | (15,453) | 22,594 | 22,067 | (17,895) | 44,661 |
Other comprehensive income, net | (9,217) | 3,525 | (1,592) | (2,545) | ||
Share-based compensation expense | 466 | 415 | 450 | 464 | ||
Restricted Stock Units | (52) | (31) | (2) | (110) | ||
Distributions to noncontrolling stockholders | (21) | (22) | (5,300) | |||
Balance | 82,227 | 93,494 | 117,199 | 95,749 | 82,227 | 117,199 |
Balance | (40,407) | (40,407) | ||||
Additional Paid-In Capital [Member] | ||||||
Balance | 152,364 | 151,981 | 150,332 | 149,979 | 151,981 | 149,979 |
Share-based compensation expense | 466 | 415 | 450 | 464 | ||
Restricted Stock Units | (52) | (32) | (2) | (111) | ||
Balance | 152,778 | 152,364 | 150,780 | 150,332 | 152,778 | 150,780 |
Retained Earnings (Accumulated Deficit) [Member] | ||||||
Balance | (27,986) | (12,632) | (25,588) | (44,553) | (12,632) | (44,553) |
Net income (loss) | (2,436) | (15,354) | 22,702 | 18,965 | ||
Balance | (30,422) | (27,986) | (2,886) | (25,588) | (30,422) | (2,886) |
Treasury Shares [Member] | ||||||
Balance | (40,407) | (40,407) | (40,407) | (40,407) | (40,407) | (40,407) |
Balance | (40,407) | (40,407) | (40,407) | (40,407) | (40,407) | (40,407) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Balance | 8,406 | 4,882 | 9,957 | 12,502 | 4,882 | 12,502 |
Other comprehensive income, net | (9,218) | 3,524 | (1,592) | (2,545) | ||
Balance | (812) | 8,406 | 8,365 | 9,957 | (812) | 8,365 |
Reading International Inc. Stockholders' Equity [Member] | ||||||
Balance | 92,628 | 104,074 | 94,543 | 77,769 | 104,074 | 77,769 |
Net income (loss) | (2,436) | (15,354) | 22,702 | 18,965 | ||
Other comprehensive income, net | (9,218) | 3,524 | (1,592) | (2,545) | ||
Share-based compensation expense | 466 | 415 | 450 | 464 | ||
Restricted Stock Units | (52) | (31) | (2) | (110) | ||
Balance | 81,388 | 92,628 | 116,101 | 94,543 | 81,388 | 116,101 |
Noncontrolling Interests [Member] | ||||||
Balance | 866 | 986 | 1,206 | 3,404 | 986 | 3,404 |
Net income (loss) | (7) | (99) | (108) | 3,102 | ||
Other comprehensive income, net | 1 | 1 | ||||
Distributions to noncontrolling stockholders | (21) | (22) | (5,300) | |||
Balance | $ 839 | $ 866 | 1,098 | 1,206 | $ 839 | 1,098 |
Class A [Member] | ||||||
Balance, shares | 20,262,390 | 20,262,390 | ||||
Balance, shares | 20,363,234 | 20,363,234 | ||||
Class A [Member] | Common Stock Shares Outstanding [Member] | ||||||
Balance | $ 234 | $ 233 | $ 232 | $ 231 | $ 233 | $ 231 |
Balance, shares | 20,312 | 20,260 | 20,121 | 20,069 | 20,260 | 20,069 |
Restricted Stock Units | $ 1 | $ 1 | ||||
Restricted Stock Units, shares | 49 | 52 | 4 | 52 | ||
Balance | $ 234 | $ 234 | $ 232 | $ 232 | $ 234 | $ 232 |
Balance, shares | 20,361 | 20,312 | 20,125 | 20,121 | 20,361 | 20,125 |
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 | $ 17 | $ 17 | $ 17 | $ 17 | $ 17 |
Balance, shares | 1,680 | 1,680 | 1,680 | 1,680 | 1,680 | 1,680 |
Balance | $ 17 | $ 17 | $ 17 | $ 17 | $ 17 | $ 17 |
Balance, shares | 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 ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Dec. 08, 2021 | Aug. 11, 2021 | Dec. 16, 2020 | Dec. 16, 2020 | Mar. 10, 2020 | Mar. 05, 2020 | Apr. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | 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 | $ 53,000 | $ 106,000 | $ 101,000 | $ 201,000 | |||||||||
Unrecognized estimated compensation cost related to non-vested stock options granted | 100,000 | $ 100,000 | |||||||||||
Recognition period of unrecognized compensation cost | 9 months | ||||||||||||
Share price | $ 3.61 | ||||||||||||
Intrinsic unrealized value of all options outstanding, vested and expected to vest | |||||||||||||
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 | 1,360,402 | 1,360,402 | |||||||||||
Shares repurchased plan, shares | 0 | 0 | |||||||||||
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 | 307,895 | 307,895 | |||||||||||
Class A [Member] | Maximum [Member] | 2020 Stock Incentive Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Additional shares authorized | 307,382 | ||||||||||||
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 | 419,000 | $ 413,000 | $ 775,000 | $ 782,000 | |||||||||
Unrecognized estimated compensation cost related to non-vested stock options granted | $ 3,900,000 | $ 3,900,000 | |||||||||||
Vesting period of stock options and RSU | 1 year 8 months 26 days | ||||||||||||
Number of options, Granted | 1,488,007 | 236,291 | |||||||||||
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] | Tranche One [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 75% | ||||||||||||
Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | Tranche Two [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||||||
Directors [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of options, Granted | 265,755 | 118,231 | |||||||||||
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% | ||||||||||||
Number of options, Granted | 1,222,252 | 118,060 | |||||||||||
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] | |||||||||||||
Number of options, Granted | 48,951 | 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] | |||||||||||||
Percentage of shares vested | 100% | ||||||||||||
Number of options, Granted | 114,803 | 287,163 | 428,899 | ||||||||||
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% | ||||||||||||
Number of options, Granted | 22,888 | ||||||||||||
Chief Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | Tranche One [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 50% | ||||||||||||
Chief Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | Tranche Two [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 50% |
Stock-Based Compensation And _4
Stock-Based Compensation And Stock Repurchase Plans (Summary Of Stock Options Outstanding And Exercisable) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | 517,344 | 713,479 | |
Number of Stock Options, Exercised | (38,803) | ||
Number of Stock Options, Forfeited | (144,925) | (157,332) | |
Number of Stock Options Outstanding, Ending balance | 372,419 | 517,344 | 713,479 |
Weighted Average Exercise Price of Options Outstanding, Beginning price | $ 15.42 | $ 14.64 | |
Weighted Average Exercise Price of Options Outstanding, Exercised | 4.66 | ||
Weighted Average Exercise Price of Options Outstanding, Forfeited | 15.97 | 11.87 | |
Weighted Average Exercise Price of Options Outstanding, Ending price | $ 15.51 | $ 15.42 | $ 14.64 |
Weighted Average Remaining Years of Contractual Life | 1 year 6 months 7 days | 1 year 7 months 28 days | 2 years 2 months 4 days |
Aggregate Intrinsic Value, Beginning balance | $ 13,969 | ||
Aggregate Intrinsic Value, Exercised | $ 63,831 | ||
Aggregate Intrinsic Value, Ending balance | $ 13,969 |
Stock-Based Compensation And _5
Stock-Based Compensation And Stock Repurchase Plans (Schedule Of Restricted Stock Units Issued And Vested) (Details) - Restricted Stock Units (RSUs) [Member] - shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 1,488,007 | 236,291 |
Number of options, Vesting | 565,157 | 231,804 |
Number of options, Forfeited | 10,402 | 4,487 |
Number of options, Unvested | 912,448 | |
Award Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 24,366 | |
Number of options, Vesting | 15,947 | |
Number of options, Forfeited | 3,104 | |
Number of options, Unvested | 5,315 | |
Award Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 23,327 | |
Number of options, Vesting | 17,496 | |
Number of options, Unvested | 5,831 | |
Award Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 11,565 | |
Number of options, Vesting | 11,565 | |
Award Date 4 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 287,163 | |
Number of options, Vesting | 96,828 | |
Number of options, Forfeited | 818 | |
Number of options, Unvested | 189,517 | |
Award Date 5 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 43,260 | |
Number of options, Vesting | 42,084 | |
Number of options, Forfeited | 1,176 | |
Award Date 6 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 71,543 | |
Number of options, Vesting | 71,543 | |
Award Date 7 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 262,830 | |
Number of options, Vesting | 45,403 | |
Number of options, Unvested | 217,427 | |
Award Date 8 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 22,888 | |
Number of options, Vesting | 5,563 | |
Number of options, Forfeited | 817 | |
Number of options, Unvested | 16,508 | |
Award Date 9 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 26,924 | |
Number of options, Vesting | 26,924 | |
Award Date 10 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 48,951 | |
Number of options, Unvested | 48,951 | |
Award Date 11 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 428,899 | |
Number of options, Unvested | 428,899 | |
Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 265,755 | 118,231 |
Directors [Member] | Award Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 11,565 | |
Directors [Member] | Award Date 6 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 60,084 | |
Directors [Member] | Award Date 9 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 26,924 | |
Directors [Member] | Award Date 10 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 48,951 | |
Management [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 1,222,252 | 118,060 |
Management [Member] | Award Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 24,366 | |
Management [Member] | Award Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 23,327 | |
Management [Member] | Award Date 4 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 287,163 | |
Management [Member] | Award Date 5 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 43,260 | |
Management [Member] | Award Date 6 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 11,459 | |
Management [Member] | Award Date 7 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 262,830 | |
Management [Member] | Award Date 8 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 22,888 | |
Management [Member] | Award Date 11 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 428,899 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Operating Leased Assets [Line Items] | |
Operating leases not yet commenced | $ 8.3 |
Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Remaining lease term | 1 year |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Remaining lease term | 25 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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Amortization of right-of-use assets | $ 11 | $ 12 | $ 23 | $ 25 |
Interest on lease liabilities | 1 | 1 | 2 | 3 |
Operating lease cost | 8,405 | 8,516 | 16,809 | 16,780 |
Variable lease cost | 218 | (1,594) | 119 | (2,744) |
Total lease cost | $ 8,635 | $ 6,936 | $ 16,953 | $ 14,064 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||
Operating cash flows for finance leases | $ 25 | $ 27 |
Operating cash flows for operating leases | 17,801 | 7,621 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 66 | $ 22,178 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 208,955 | $ 227,367 |
Operating lease liabilities - current portion | 23,897 | 23,737 |
Operating lease liabilities - non-current portion | 205,974 | 223,364 |
Total operating lease liabilities | 229,871 | 247,101 |
Property plant and equipment, gross | 364 | 374 |
Accumulated depreciation | (324) | (311) |
Property plant and equipment, net | 40 | 63 |
Other current liabilities | 33 | 40 |
Other long-term liabilities | 11 | 28 |
Total finance lease liabilities | $ 44 | $ 68 |
Weighted-average remaining lease term - finance leases | 1 year | 2 years |
Weighted-average remaining lease term - operating leases | 11 years | 11 years |
Weighted-average discount rate - finance leases | 5.21% | 5.24% |
Weighted-average discount rate - operating leases | 4.48% | 4.47% |
Leases (Maturity Of Leases As L
Leases (Maturity Of Leases As Lessee) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating leases, 2022 | $ 16,805 | |
Operating leases, 2023 | 33,572 | |
Operating leases, 2024 | 32,122 | |
Operating leases, 2025 | 30,147 | |
Operating leases, 2026 | 27,982 | |
Operating leases, Thereafter | 154,598 | |
Operating leases, Total lease payments | 295,226 | |
Operating leases, Less imputed interest | (65,355) | |
Total operating lease liabilities | 229,871 | $ 247,101 |
Finance leases, 2022 | 17 | |
Finance leases, 2023 | 29 | |
Finance leases, Total lease payments | 46 | |
Finance leases, Less imputed interest | (2) | |
Total finance lease liabilities | $ 44 | $ 68 |
Leases (Components Of Lease Inc
Leases (Components Of Lease Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Lease payments | $ 2,034 | $ 2,681 | $ 4,104 | $ 5,382 |
Variable lease payments | 141 | 197 | 273 | 366 |
Total lease income | $ 2,175 | $ 2,878 | $ 4,377 | $ 5,748 |
Leases (Book Value Of Assets Un
Leases (Book Value Of Assets Under Operating Leases From Owned Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Operating property, net | $ 292,374 | $ 306,657 |
Building And Improvements [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Gross balance | 137,080 | 140,028 |
Accumulated depreciation | (24,477) | (23,923) |
Operating property, net | $ 112,603 | $ 116,105 |
Leases (Maturity Of Leases As_2
Leases (Maturity Of Leases As Lessor) (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Leases [Abstract] | |
2022 | $ 3,534 |
2023 | 6,618 |
2024 | 5,823 |
2025 | 4,953 |
2026 | 2,389 |
Thereafter | 2,647 |
Total | $ 25,964 |
Hedge Accounting (Narrative) (D
Hedge Accounting (Narrative) (Details) - Designated as Hedging Instrument [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 51,000,000 | |
Derivative asset | 1,223,000 | $ 208,000 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - current portion | $ 20 | $ 181 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives designated as hedging instruments | 1,223 | 208 |
Total derivatives designated as hedging instruments | 20 | 181 |
Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - current portion | 1,223 | 96 |
Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - non-current portion | 112 | |
Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - current portion | $ 20 | $ 181 |
Hedge Accounting (Schedule Of C
Hedge Accounting (Schedule Of Changes in Fair value) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Recognized in Income on Derivatives | $ (19) | $ 55 | $ 49 | $ 115 |
Interest Expense [Member] | Interest Rate Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Recognized in Income on Derivatives | $ (19) | $ 55 | $ 49 | $ 115 |
Hedge Accounting (Summary Of He
Hedge Accounting (Summary Of Hedged Transactions That Affect Earnings) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Recognized in Income on Derivatives (Effective Portion) | $ 1,145,000 | |||
Loss Reclassified from OCI into Income (Effective Portion) | 49,000 | |||
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Recognized in Income on Derivatives (Effective Portion) | $ (414,000) | $ 61,000 | (1,145,000) | $ (1,000) |
Loss Reclassified from OCI into Income (Effective Portion) | (19,000) | 61,000 | 49,000 | 115,000 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | |||
Designated as Hedging Instrument [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss Reclassified from OCI into Income (Effective Portion) | (19,000) | 61,000 | 49,000 | 115,000 |
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) | $ (414,000) | $ 61,000 | $ (1,145,000) | $ (1,000) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Recurring [Member] - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 1,200,000 | $ 208,000 |
Financial liabilities | $ 20,000 | $ 181,000 |
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 | Jun. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | $ 197,548 | $ 207,817 | |
Subordinated debt | 21,845 | 20,494 | |
Financial liabilities total | 219,393 | 228,311 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | 197,548 | 207,817 | |
Subordinated debt | 21,845 | 20,494 | |
Financial liabilities total | 219,393 | 228,311 | |
Carrying Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | [1] | 199,021 | 206,992 |
Subordinated debt | [1] | 29,605 | 29,956 |
Financial liabilities total | [1] | $ 228,626 | $ 236,948 |
[1] These balances are presented before any deduction for deferred financing costs. |