Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 14, 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 1-8625 | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | READING INTERNATIONAL, INC. | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 95-3885184 | |
Entity Address, Address Line One | 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 | 20,592,834 | |
Class B [Member] | ||
Title of 12(b) Security | Class B Voting Common Stock, $0.01 par value | |
Trading Symbol | RDIB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 1,680,590 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 14,628 | $ 29,947 |
Restricted cash | 5,749 | 5,032 |
Receivables | 4,858 | 6,206 |
Inventories | 1,417 | 1,616 |
Derivative financial instruments - current portion | 293 | 907 |
Prepaid and other current assets | 5,905 | 3,804 |
Total current assets | 32,850 | 47,512 |
Operating property, net | 281,886 | 286,952 |
Operating lease right-of-use assets | 193,655 | 200,417 |
Investment and development property, net | 8,694 | 8,792 |
Investment in unconsolidated joint ventures | 4,707 | 4,756 |
Goodwill | 25,272 | 25,504 |
Intangible assets, net | 2,292 | 2,391 |
Deferred tax assets, net | 420 | 447 |
Other assets | 10,422 | 10,284 |
Total assets | 560,198 | 587,055 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 40,418 | 42,590 |
Film rent payable | 3,944 | 5,678 |
Debt – current portion | 47,345 | 37,279 |
Subordinated debt - current portion | 756 | 747 |
Taxes payable - current | 649 | 300 |
Deferred revenue | 9,093 | 10,286 |
Operating lease liabilities - current portion | 24,016 | 23,971 |
Other current liabilities | 824 | 813 |
Total current liabilities | 127,045 | 121,664 |
Debt – long-term portion | 136,473 | 148,688 |
Subordinated debt, net | 27,005 | 26,950 |
Noncurrent tax liabilities | 6,797 | 7,117 |
Operating lease liabilities - non-current portion | 192,787 | 200,037 |
Other liabilities | 19,119 | 19,320 |
Total liabilities | 509,226 | 523,776 |
Commitments and contingencies (Note 15) | ||
Stockholders' equity: | ||
Nonvoting preferred shares, par value $0.01, 12,000 shares authorized and no issued or outstanding shares at March 31, 2023 and December 31, 2022 | ||
Additional paid-in capital | 154,095 | 153,784 |
Retained earnings/(deficits) | (59,927) | (48,816) |
Treasury shares | (40,407) | (40,407) |
Accumulated other comprehensive income | (3,250) | (1,957) |
Total Reading International, Inc. Stockholders' Equity | 50,763 | 62,856 |
Noncontrolling Interests | 209 | 423 |
Total stockholders' equity | 50,972 | 63,279 |
Total Liabilities and Stockholders’ Equity | 560,198 | 587,055 |
Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 235 | 235 |
Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 17 | $ 17 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
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 | 33,437,260 | 33,348,295 |
Common stock, shares outstanding | 20,501,150 | 20,412,185 |
Class B [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 1,680,590 | 1,680,590 |
Common stock, shares outstanding | 1,680,590 | 1,680,590 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | ||
Total revenues | $ 45,807 | $ 40,200 |
Costs and expenses | ||
Depreciation and amortization | (4,639) | (5,524) |
General and administrative | (5,179) | (5,796) |
Total costs and expenses | (53,687) | (51,980) |
Operating income (loss) | (7,880) | (11,780) |
Interest expense, net | (4,117) | (3,205) |
Other income (expense) | 174 | (781) |
Income (loss) before income tax expense and equity earnings of unconsolidated joint ventures | (11,823) | (15,766) |
Equity earnings of unconsolidated joint ventures | 19 | (65) |
Income (loss) before income taxes | (11,804) | (15,831) |
Income tax benefit (expense) | 480 | 378 |
Net income (loss) | (11,324) | (15,453) |
Less: net income (loss) attributable to noncontrolling interests | (213) | (99) |
Net income (loss) attributable to Reading International, Inc. | $ (11,111) | $ (15,354) |
Basic earnings (loss) per share | $ (0.50) | $ (0.70) |
Diluted earnings (loss) per share | $ (0.50) | $ (0.70) |
Weighted average number of shares outstanding-basic | 22,114,927 | 21,955,985 |
Weighted average number of shares outstanding-diluted | 22,897,990 | 22,500,658 |
Cinema [Member] | ||
Revenues | ||
Total revenues | $ 41,987 | $ 37,347 |
Costs and expenses | ||
Costs and expenses | (41,654) | (38,503) |
Real Estate [Member] | ||
Revenues | ||
Total revenues | 3,820 | 2,853 |
Costs and expenses | ||
Costs and expenses | $ (2,215) | $ (2,157) |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (11,324) | $ (15,453) |
Foreign currency translation gain (loss) | (763) | 2,677 |
Gain (loss) on cash flow hedges | (582) | 800 |
Other | 52 | 47 |
Comprehensive income (loss) | (12,617) | (11,929) |
Less: net income (loss) attributable to noncontrolling interests | (213) | (99) |
Less: comprehensive income (loss) attributable to noncontrolling interests | (1) | 1 |
Comprehensive income (loss) | $ (12,403) | $ (11,831) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating Activities | ||
Net income (loss) | $ (11,324) | $ (15,453) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Equity earnings of unconsolidated joint ventures | (19) | 65 |
(Gain) loss recognized on foreign currency transactions | 793 | |
Amortization of operating leases | 5,523 | 5,846 |
Amortization of finance leases | 8 | 12 |
Change in operating lease liabilities | (5,910) | (5,839) |
Change in net deferred tax assets | 11 | 67 |
Depreciation and amortization | 4,639 | 5,524 |
Other amortization | 400 | 396 |
Stock based compensation expense | 443 | 416 |
Net changes in operating assets and liabilities: | ||
Receivables | 1,333 | 2,024 |
Prepaid and other assets | (2,142) | (2,093) |
Payments for accrued pension | (171) | (171) |
Accounts payable and accrued expenses | (1,656) | (397) |
Film rent payable | (1,717) | (3,894) |
Taxes payable | 351 | (230) |
Deferred revenue and other liabilities | (1,321) | (1,128) |
Net cash provided by (used in) operating activities | (11,552) | (14,062) |
Investing Activities | ||
Purchases of and additions to operating and investment properties | (1,527) | (1,741) |
Contributions to unconsolidated joint ventures | (34) | |
Net cash provided by (used in) investing activities | (1,527) | (1,775) |
Financing Activities | ||
Repayment of borrowings | (1,116) | (1,540) |
Repayment of finance lease principal | (8) | (12) |
Capitalized borrowing costs | (154) | |
(Cash paid) proceeds from the settlement of employee share transactions | (131) | (32) |
Noncontrolling interest distributions | (22) | |
Net cash provided by (used in) financing activities | (1,409) | (1,606) |
Effect of exchange rate on cash and restricted cash | (114) | 687 |
Net increase (decrease) in cash and cash equivalents and restricted cash | (14,602) | (16,756) |
Cash and cash equivalents and restricted cash at the beginning of the period | 34,979 | 88,571 |
Cash and cash equivalents and restricted cash at the end of the period | 20,377 | 71,815 |
Cash and cash equivalents and restricted cash consists of: | ||
Cash and cash equivalents | 14,628 | 67,263 |
Restricted cash | 5,749 | 4,552 |
Total | 20,377 | 71,815 |
Supplemental Disclosures | ||
Interest paid | 4,374 | 2,732 |
Income taxes (refunded) paid | 57 | 399 |
Non-Cash Transactions | ||
Additions to operating and investing properties through accrued expenses | $ 3,127 | $ 2,970 |
Description Of Business And Seg
Description Of Business And Segment Reporting | 3 Months Ended |
Mar. 31, 2023 | |
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 hold undeveloped land in urban and suburban centers in the United States and New Zealand . The table below summarizes the results of operations for each of our business segments for the quarter ended March 31, 2023, and 2022, respectively. Operating expense includes costs associated with the day-to-day operations of the cinemas and the management of rental properties, including our live theatre assets. Three Months Ended March 31, (Dollars in thousands) 2023 2022 Revenue: Cinema exhibition $ 41,987 $ 37,347 Real estate 5,065 4,162 Inter-segment elimination ( 1,245 ) ( 1,309 ) $ 45,807 $ 40,200 Segment operating income (loss): Cinema exhibition $ ( 4,612 ) $ ( 7,216 ) Real estate 1,006 104 $ ( 3,606 ) $ ( 7,112 ) A reconciliation of segment operating income to income before income taxes is as follows: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Segment operating income (loss) $ ( 3,606 ) $ ( 7,112 ) Unallocated corporate expense Depreciation and amortization expense ( 179 ) ( 277 ) General and administrative expense ( 4,095 ) ( 4,391 ) Interest expense, net ( 4,117 ) ( 3,205 ) Equity earnings of unconsolidated joint ventures 19 ( 65 ) Other income (expense) 174 ( 781 ) Income (loss) before income tax expense $ ( 11,804 ) $ ( 15,831 ) |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 (“2022 Form 10-K”). All significant intercompany balances and transactions have been eliminated on consolidation. These consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim reporting with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (“SEC”). As such, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. We believe that we have included all normal and recurring adjustments necessary for a fair presentation of the results for the interim period. Operating results for the quarter ended March 31, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Significant estimates include (i) projections we make regarding the recoverability and impairment of our assets (including goodwill and intangibles), (ii) valuations of our derivative instruments, (iii) recoverability of our deferred tax assets, (iv) estimation of breakage and redemption experience rates, which drive how we recognize breakage on our gift card and gift certificates, and revenue from our customer loyalty program, and (v) 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 . |
Impact Of COVID-19 Pandemic And
Impact Of COVID-19 Pandemic And Liquidity | 3 Months Ended |
Mar. 31, 2023 | |
Impact Of COVID-19 Pandemic And Liquidity [Abstract] | |
Impact Of COVID-19 Pandemic And Liquidity | Note 3 – Impact of COVID-19 Pandemic and Liquidity Cinema Segment Ongoing Impact While the World Health Organization has declared that the COVID-19 emergency has passed, the legacy of COVID-19 continues to impact the profitability of our cinema operating segment. Attendances are improving, but they have yet to return to pre-Covid-19 levels. We are seeing an increase in the number of films being released to exhibitors, but distributors are charging higher license fees for these films. Accordingly, while our industry is recovering, it has not returned to pre-Covid-19 levels of profitability. Also due to a combination of ongoing supply chain issues, inflation, labor cost increases (resulting from a combination of government mandates and labor shortages), and increases in the cost of insurance, our variable costs of operation have increased. Our fixed costs have also increased. Rent costs are increasing under long ago negotiated fixed rent increases, exacerbated on a cash flow basis by our need to now pay certain rent deferrals due to the periods when our operations were closed or restricted due to the pandemic. As the Fed has increased interest rates, our cost of borrowing has also increased materially. These factors are largely beyond our control. Cost-reduction efforts in our cinema operating segment continue, including, but not limited to, restricting utilities and essential operating expenditures to the minimum levels necessary, reducing employment costs by limiting hours of operation and/or shifts and increasing reliance on automation, and minimizing capital outlays. We continue to work with our landlords to manage our rent obligations. We are prepared to terminate cinema leases where their long-term profitability is in sufficient doubt. Our Real Estate operating segment has been less impacted by the COVID-19 pandemic and is generating near-to-expected cash flows. The principal exception to this has been the post-Covid softness in the New York office market. Going Concern We continue to evaluate the going concern assertion required by ASC 205-40 Going Concern as it relates to our Company. The evaluation of the going concern assertion involves firstly considering whether it is probable that our Company has sufficient resources, as at the issue date of the financial statements, to meet its obligations as they fall due for twelve months following the issue date. Should it be probable that there are not sufficient resources, we must determine whether it is probable that our plans will mitigate the consequential going concern substantial doubt. Our evaluation is informed by current liquidity positions, debt obligations, cash flow estimates, known capital and other expenditure requirements and commitments and our current business plan and strategies. Our Company’s business plan - two businesses (real estate and cinema) in three countries (Australia, New Zealand and the U.S.) - has served us well since the onset of COVID-19 and is key to management’s overall evaluation of ASC 205-40 Going Concern . As at December 31, 2022, in our Form 10-K, we reported that our plans were probable of being implemented and thus they alleviated the substantial doubt about our Company’s ability to continue as a going concern. We have $ 48.1 million of debt maturing in the twelve months from the issue of this Form 10-Q. $ 22.3 million of this debt is due on July 3, 2023. As at March 31, 2023, we have cash of $ 14.6 million and negative working capital of $ 94.2 million . To alleviate doubt that our Company will be able to generate sufficient cash flows for the coming twelve-months, these loans need to be refinanced, our revenues and net income need to improve, and/or funds need to be raised through asset monetization. We believe that it is probable that these outstanding loans with current maturities will be extended on terms acceptable to us. Valley National extended its loan from April 1, 2023 to July 3, 2023 to allow additional time to complete refinancing under a term sheet from Valley National. We believe that we have sufficient time to address our Santander ($ 8.0 million) and our Westpac ($ 8.7 million) facilities, due in the fourth quarter of 2023 and the first quarter of 2024, respectively. We have begun active processes to monetize certain assets, and, based on our successes in 2021, we believe these processes will be successful. We believe that the global cinema industry will continue to recover in 2023 and 2024. This belief underpins our forecasts and cash flow projections. Our forecasts rely upon, among other things, the current industry movie release schedule, which demonstrates an increased number of movies from the major studios and other distributors and an improvement in the quality of the movie titles, and the public’s demonstrable desire to attend movies in a theatrical environment. These named factors are both out of management’s control and are material, individually and in the aggregate, to the realization of management’s forecasts and expectations. In conclusion, as of the date of issuance of these financial statements, based on our evaluation of ASC 205-40 Going Concern and the current conditions and events, considered in the aggregate, and our various plans for enhancing liquidity and the extent to which those plans are progressing, we conclude that our plans are probable of being implemented and that they alleviate the substantial doubt about our Company’s ability to continue as a going concern. Impairment Considerations Our Company considers that the events and factors described above constitute impairment indicators under ASC 360 Property, Plant and Equipment . In 2022, when considered necessary, our Company performed quantitative recoverability tests of the carrying values of all its asset groups. These tests compare the carrying values of all asset groups to the estimated undiscounted future cash flows expected to result from the use of those asset groups. As a result of this testing, we recorded $ 1.5 million of impairment charges against certain cinema asset groups in the second quarter of 2022. The charges related to cinemas whose performance had not improved commensurate with the wider group. No further impairment charges were recorded in the remainder of the year. No impairment charges were recorded in the first quarter of 2023. 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 its aftermath, with government policy related to work-place regulation, increasing interest rates, inflationary impacts and with ongoing theatrical release patterns and applicable film rent, and as a result, actual results may materially differ from management’s estimates. Our Company also considers that the events and factors described above continue to constitute impairment indicators under ASC 350 Intangibles – Goodwill and Other . Our Company performed a quantitative goodwill impairment test and determined that our goodwill was not impaired as of December 31, 2022. 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. No additional triggering events were identified in the first quarter of 2023, and therefore no goodwill impairment testing or charges were 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 its aftermath, with government policy related to work-place regulation, increasing interest rates, inflationary impacts and with ongoing theatrical release patterns and applicable film rent and as a result, actual results may materially differ from management’s estimates . |
Operations In Foreign Currency
Operations In Foreign Currency | 3 Months Ended |
Mar. 31, 2023 | |
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. However, in recent periods, we have looked to our overseas operations to cover an increasing portion of our domestic general and administrative costs. Our Australian and New Zealand assets and liabilities are translated from their functional currencies of Australian dollar (“AU$”) and New Zealand dollar (“NZ$”), respectively, to the U.S. dollar based on the exchange rate as of March 31, 2023. 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 twelve months ended As of and for the quarter ended March 31, 2023 December 31, 2022 March 31, 2022 Spot Rate Australian Dollar 0.6704 0.6805 0.7499 New Zealand Dollar 0.6271 0.6342 0.6946 Average Rate Australian Dollar 0.6841 0.6946 0.7241 New Zealand Dollar 0.6299 0.6357 0.6763 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
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: Three Months Ended March 31, (Dollars in thousands, except share data) 2023 2022 Numerator: Net income (loss) attributable to Reading International, Inc. $ ( 11,111 ) $ ( 15,354 ) Denominator: Weighted average number of common stock – basic 22,114,927 21,955,985 Weighted average dilutive impact of awards 783,063 544,673 Weighted average number of common stock – diluted 22,897,990 22,500,658 Basic earnings (loss) per share $ ( 0.50 ) $ ( 0.70 ) Diluted earnings (loss) per share $ ( 0.50 ) $ ( 0.70 ) Awards excluded from diluted earnings (loss) per share 783,063 544,673 Our weighted average number of common stock - basic increased, primarily as a result of the vesting of restricted stock units. We did no t repurchase any shares of Class A Common Stock during the first three months of 2023 and 2022. Certain shares issuable under stock options and restricted stock units were excluded from the computation of diluted net income (loss) per share in periods when their effect was anti-dilutive; either because our Company incurred a net loss for the period, or the exercise price of the options was greater than the average market price of the common stock during the period, or the effect was anti-dilutive as a result of applying the treasury stock method. |
Property And Equipment
Property And Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Property And Equipment [Abstract] | |
Property And Equipment | Note 6 – Property and Equipment Operating Property, net Property associated with our operating activities as at March 31, 2023 and December 31, 2022, is summarized as follows: March 31, December 31, (Dollars in thousands) 2023 2022 Land $ 66,977 $ 67,392 Building and improvements 212,055 213,226 Leasehold improvements 62,163 64,230 Fixtures and equipment 192,088 194,753 Construction-in-progress 7,062 6,839 Total cost 540,345 546,440 Less: accumulated depreciation ( 258,459 ) ( 259,488 ) Operating property, net $ 281,886 $ 286,952 Depreciation expense for operating property was $ 4.6 million for the three months ended March 31, 2023, and $ 5.4 million for the three months ended March 31, 2022. Investment and Development Property, net Our investment and development property as of March 31, 2023 and December 31, 2022, is summarized below: March 31, December 31, (Dollars in thousands) 2023 2022 Land $ 3,814 $ 3,857 Construction-in-progress (including capitalized interest) 4,880 4,935 Investment and development property $ 8,694 $ 8,792 Construction-in-Progress – Operating and Investment Properties Construction-in-Progress balances are included in both our operating and development properties. The balances of our major projects along with the movements for the three months ended March 31, 2023 are shown below: (Dollars in thousands) Balance, December 31, 2022 Additions during the period Completed during the period Foreign currency translation Balance, March 31, 2023 Courtenay Central development 6,380 — — ( 69 ) 6,311 Cinema developments and improvements 2,990 437 ( 444 ) ( 21 ) 2,962 Other real estate projects 2,404 343 ( 72 ) ( 6 ) 2,669 Total $ 11,774 $ 780 $ ( 516 ) $ ( 96 ) $ 11,942 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 7 – 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: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Lease cost Finance lease cost: Amortization of right-of-use assets $ 8 $ 12 Interest on lease liabilities — 1 Operating lease cost 8,208 8,714 Variable lease cost 271 ( 88 ) Total lease cost $ 8,487 $ 8,639 Supplemental cash flow information related to leases is as follows: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Cash flows relating to lease cost Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 9 $ 13 Operating cash flows for operating leases 8,435 10,141 Right-of-use assets obtained in exchange for new operating lease liabilities — 66 Supplemental balance sheet information related to leases is as follows: March 31, December 31, (Dollars in thousands) 2023 2022 Operating leases Operating lease right-of-use assets $ 193,655 $ 200,417 Operating lease liabilities - current portion 24,016 23,971 Operating lease liabilities - non-current portion 192,787 200,037 Total operating lease liabilities $ 216,803 $ 224,008 Finance leases Property plant and equipment, gross 361 363 Accumulated depreciation ( 344 ) ( 338 ) Property plant and equipment, net $ 17 $ 25 Other current liabilities 20 28 Other long-term liabilities — — Total finance lease liabilities $ 20 $ 28 Other information Weighted-average remaining lease term - finance leases 1 1 Weighted-average remaining lease term - operating leases 11 11 Weighted-average discount rate - finance leases 5.21 % 5.21 % Weighted-average discount rate - operating leases 4.55 % 4.55 % The maturities of our leases were as follows: (Dollars in thousands) Operating leases Finance leases 2023 $ 25,120 $ 20 2024 32,128 — 2025 30,157 — 2026 28,218 — 2027 25,879 — Thereafter 136,670 — Total lease payments $ 278,172 $ 20 Less imputed interest ( 61,369 ) — Total $ 216,803 $ 20 As of March 31, 2023, we have one additional cinema operating lease that has not yet commenced operations with a right-of-use value of approximately $ 7.2 million. It is anticipated that it will commence before the end of 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: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Components of lease income Lease payments $ 2,636 $ 2,068 Variable lease payments 187 130 Total lease income $ 2,823 $ 2,198 The book value of underlying assets under operating leases from owned assets was as follows: March 31, December 31, (Dollars in thousands) 2023 2022 Building and improvements Gross balance $ 137,220 $ 136,749 Accumulated depreciation ( 27,818 ) ( 26,148 ) Net Book Value $ 109,402 $ 110,601 The Maturity of our leases were as follows: (Dollars in thousands) Operating leases 2023 $ 9,711 2024 9,524 2025 9,026 2026 7,496 2027 6,407 Thereafter 27,455 Total $ 69,619 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | Note 8 – Goodwill and Intangible Assets The table below summarizes goodwill by business segment as of March 31, 2023, and December 31, 2022. (Dollars in thousands) Cinema Real Estate Total Balance at December 31, 2022 $ 20,280 $ 5,224 $ 25,504 Foreign currency translation adjustment ( 232 ) — ( 232 ) Balance at March 31, 2023 $ 20,048 $ 5,224 $ 25,272 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 2023. To test the impairment of goodwill, our Company compares the fair value of each reporting unit to its carrying amount, including the goodwill, to determine if there is potential goodwill impairment. A reporting unit is generally one level below the operating segment. As of March 31, 2023, we were not aware that any events indicating potential impairment of goodwill had occurred outside of those described at Note 3 – Impact of COVID-19 Pandemic and Liquidity . The tables below summarize intangible assets other than goodwill, as of March 31, 2023, and December 31, 2022, respectively. As of March 31, 2023 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 12,191 $ 9,058 $ 4,892 $ 26,141 Less: Accumulated amortization ( 11,954 ) ( 7,878 ) ( 3,977 ) ( 23,809 ) Less: Impairments — — ( 40 ) ( 40 ) Net intangible assets other than goodwill $ 237 $ 1,180 $ 875 $ 2,292 As of December 31, 2022 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 12,216 $ 9,058 $ 4,915 $ 26,189 Less: Accumulated amortization ( 11,964 ) ( 7,838 ) ( 3,956 ) ( 23,758 ) Less: Impairments — — ( 40 ) ( 40 ) Net intangible assets other than goodwill $ 252 $ 1,220 $ 919 $ 2,391 Beneficial leases obtained in business combinations where we are the landlord are amortized over the life of the relevant leases. Trade names are amortized based on the accelerated amortization method over their estimated useful life of 30 years, and other intangible assets are amortized over their estimated useful lives of up to 30 years (except for transferrable liquor licenses, which are indefinite-lived assets). The table below summarizes the amortization expense of intangible assets for the quarter ended March 31, 2023 Three Months Ended March 31, (Dollars in thousands) 2023 2022 Beneficial lease amortization $ 15 $ 22 Other amortization 54 135 Total intangible assets amortization $ 69 $ 157 |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures | 3 Months Ended |
Mar. 31, 2023 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Investments In Unconsolidated Joint Ventures | Note 9 – Investments in Unconsolidated Joint Ventures Our investments in unconsolidated joint ventures are accounted for under the equity method of accounting. The table below summarizes our active investment holdings in two (2) unconsolidated joint ventures as of March 31, 2023, and December 31, 2022: March 31, December 31, (Dollars in thousands) Interest 2023 2022 Rialto Cinemas 50.0 % $ 870 $ 920 Mt. Gravatt 33.3 % 3,837 3,836 Total investments $ 4,707 $ 4,756 For the quarter ended March 31, 2023 and 2022, the recognized share of equity earnings from our investments in unconsolidated joint ventures are as follows: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Rialto Cinemas $ ( 41 ) $ ( 85 ) Mt. Gravatt 60 20 Total equity earnings $ 19 $ ( 65 ) |
Prepaid And Other Assets
Prepaid And Other Assets | 3 Months Ended |
Mar. 31, 2023 | |
Prepaid And Other Assets [Abstract] | |
Prepaid And Other Assets | Note 10 – Prepaid and Other Assets Prepaid and other assets are summarized as follows: March 31, December 31, (Dollars in thousands) 2023 2022 Prepaid and other current assets Prepaid expenses $ 2,295 $ 1,859 Prepaid taxes 2,025 1,687 Income taxes receivable 61 — Prepaid rent 1,256 — Deposits 242 233 Other receivables 11 — Interest receivable — 8 Investments in marketable securities 15 17 Total prepaid and other current assets $ 5,905 $ 3,804 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 8,442 8,302 Long-term deposits 8 10 Total other non-current assets $ 10,422 $ 10,284 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | Note 11 – 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 4.1 % and 2.4 % for the three months ended March 31, 2023, and 2022, respectively. The difference is primarily due to the decrease in reserve for valuation allowance in 2023. The forecasted effective tax rate is updated each quarter as new information becomes available. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Borrowings [Abstract] | |
Borrowings | Note 12 – Borrowings Our Company’s borrowings at March 31, 2023 and December 31, 2022, net of deferred financing costs and including the impact of interest rate derivatives on effective interest rates, are summarized below: As of March 31, 2023 (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 $ 27,005 8.80 % 8.80 % Bank of America Credit Facility (US) September 4, 2024 26,000 26,000 25,823 10.50 % 10.50 % Cinemas 1, 2, 3 Term Loan (US) July 3, 2023 22,341 22,341 22,167 6.63 % 6.63 % Minetta & Orpheum Theatres Loan (US) (2) November 1, 2023 8,000 8,000 7,982 6.00 % 5.15 % U.S. Corporate Office Term Loan (US) January 1, 2027 8,607 8,607 8,550 4.64 % / 4.44 % 4.61 % Union Square Financing (US) (3) May 6, 2024 55,000 43,000 42,571 11.68 % 7.40 % Purchase Money Promissory Note (US) September 18, 2024 1,149 1,149 1,149 5.00 % 5.00 % Denominated in foreign currency ("FC") (4) NAB Corporate Term Loan (AU) June 30, 2024 67,712 67,712 67,653 5.43 % 5.43 % Westpac Bank Corporate (NZ) January 1, 2024 8,679 8,679 8,679 7.45 % 7.45 % $ 225,401 $ 213,401 $ 211,579 (1) Net of deferred financing costs amounting to $ 1.8 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 a 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 March 31, 2023. As of December 31, 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 $ 26,950 8.41 % 8.41 % Bank of America Credit Facility (US)(5) March 1, 2024 26,750 26,750 26,663 10.00 % 10.00 % Cinemas 1, 2, 3 Term Loan (US)(5) April 1, 2023 22,455 22,455 22,208 6.63 % 6.63 % Minetta & Orpheum Theatres Loan (US)(2) November 1, 2023 8,000 8,000 7,974 7.12 % 6.00 % U.S. Corporate Office Term Loan (US) January 1, 2027 8,674 8,674 8,613 4.64 % / 4.44 % 4.64 % Union Square Financing (US) (3) May 6, 2024 55,000 43,000 42,484 11.25 % 7.40 % Purchase Money Promissory Note (US) September 18, 2024 1,333 1,333 1,333 5.00 % 5.00 % Denominated in foreign currency ("FC")(4) NAB Corporate Term Loan (AU) June 30, 2024 68,731 68,731 68,662 4.82 % 4.82 % Westpac Bank Corporate (NZ) January 1, 2024 8,777 8,777 8,777 6.95 % 6.95 % Total $ 227,633 $ 215,633 $ 213,664 (1) Net of deferred financing costs amounting to $ 2.0 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 7.40 %. (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 December 31, 2022. (5) This financing facility was extended after December 31, 2022. Our loan arrangements are presented, net of the deferred financing costs, on the face of our consolidated balance sheet as follows: March 31, December 31, Balance Sheet Caption (Dollars in thousands) 2023 2022 Debt - current portion $ 47,345 $ 37,279 Debt - long-term portion 136,473 148,688 Subordinated debt - current portion 756 747 Subordinated debt - long-term portion 27,005 26,950 Total borrowings $ 211,579 $ 213,664 Bank of America Credit Facility Our $ 55.0 million Bank of America facility now matures on September 4, 2024 , following a Q1 2023 loan modification, which, among other things, extended the maturity date from March 1, 2024. The current facility requires monthly repayments of $ 725,000 commencing in May 2023, with a balloon payment upon maturity. Interest is charged at a fixed rate of 3.0 % above the Bank of America Prime rate, which itself has a floor of 1.0 %. Payment-in-kind interest of 0.5 % accrues from January 1, 2024, but will be waived in the event of repayment of the entire debt prior to April 1, 2024. 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 %. On June 26, 2017, we obtained a further $ 1.5 million at a fixed annual interest rate of 4.44 %. Cinemas 1,2,3 Term Loan Our Cinemas 1,2,3 Term Loan, held by Sutton Hill Properties LLC (“SHP”), a 75 % owned subsidiary of RDI, matures on July 3, 2023, following a modification in Q1 of 2023 to extend the maturity date from April 1, 2023. The term loan is with Valley National Bank and carries an interest rate of 4.25 %. 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 has two 12-month options to extend, and may be repaid at any time, 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 current quarter. Australian NAB Corporate Term Loan (AU) Our Revolving Corporate Markets Loan Facility with National Australia Bank (“NAB”) matures on June 30, 2024. It currently consists of (i) a AU$ 100.0 million Corporate Loan facility at 1.75 % above BBSY, 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. |
Other Liabilities
Other Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Other Liabilities [Abstract] | |
Other Liabilities | Note 13 – Other Liabilities Other liabilities are summarized as follows: March 31, December 31, (Dollars in thousands) 2023 2022 Current liabilities Accrued pension 684 684 Security deposit payable 88 68 Finance lease liabilities 20 28 Other 32 33 Other current liabilities $ 824 $ 813 Other liabilities Lease make-good provision 6,124 6,131 Accrued pension 3,017 3,138 Deferred rent liability 2,412 2,484 Environmental reserve 1,656 1,656 Lease liability 5,900 5,900 Acquired leases 10 11 Other non-current liabilities $ 19,119 $ 19,320 Pension Liability – Supplemental Executive Retirement Plan Details of our Supplemental Executive Retirement Plan are disclosed in Note 13 – Pension and Other Liabilities in our 2022 Form 10-K Included in our current and non-current liabilities are accrued pension costs of $ 3.7 million at March 31, 2023. The benefits of our pension plan are fully vested and therefore no service costs were recognized for the three months ended March 31, 2023, and 2022. Our pension plan is unfunded. During the quarter ended March 31, 2023, the interest cost was $ 50,000 , and the actuarial loss was $ 52,000 . During the quarter ended March 31, 2022, the interest cost was $ 56,000 , and the actuarial loss was $ 52,000 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | Note 14 – 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, 2023 $ ( 697 ) $ ( 18 ) $ ( 1,822 ) $ 580 $ ( 1,957 ) Change related to derivatives Total change in hedge fair value recorded in Other Comprehensive Income — — — ( 18 ) ( 18 ) Amounts reclassified from accumulated other comprehensive income — — — ( 564 ) ( 564 ) Net change related to derivatives — — — ( 582 ) ( 582 ) Net current-period other comprehensive income (loss) ( 763 ) — 52 ( 582 ) ( 1,293 ) Balance at March 31, 2023 $ ( 1,460 ) $ ( 18 ) $ ( 1,770 ) $ ( 2 ) $ ( 3,250 ) |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note 15 – 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 On April 18, 2023, final judgement (the “Final Judgement”) was entered by the Superior Court of California on our settlement of 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”). Under the terms of the Final Judgment, the Settlement Amount is to be paid as follows: (i) $ 1,351,000 on May 18, 2023, (ii) $ 1,351,000 on February 19, 2024, and (iii) the balance on December 2, 2024. 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. This matter was settled on August 26, 2022, pursuant to the parties’ written settlement agreement to the effect that the ATL has terminated and is at an end and that any and all rights or claims arising under or in respect of the ATL have lapsed or are, by such settlement, waived and abandoned, including any and all right or claims against any of our Company’s properties in Wellington, New Zealand. No amounts in settlement were paid by either party, and each party bore its own legal costs and expenses. The costs of the arbitrator were shared equally by the parties. The matter is now at an end. |
Non-controlling Interests
Non-controlling Interests | 3 Months Ended |
Mar. 31, 2023 | |
Non-controlling Interests [Abstract] | |
Non-controlling Interests | Note 16 – Non-controlling Interests These are composed of the following enterprises: Australia Country Cinemas Pty Ltd. - 25 % noncontrolling interest owned by Panorama Group International Pty Ltd.: Shadow View Land and Farming, LLC - 50 % noncontrolling membership interest owned by the estate of Mr. James J. Cotter, Sr. (the “Cotter Estate”); and, Sutton Hill Properties, LLC - 25 % noncontrolling interest owned by Sutton Hill Capital, LLC (which in turn is 50 % owned by the Cotter Estate). The components of noncontrolling interests are as follows: March 31, December 31, (Dollars in thousands) 2023 2022 Australian Country Cinemas, Pty Ltd $ 36 $ 26 Shadow View Land and Farming, LLC ( 3 ) ( 3 ) Sutton Hill Properties, LLC 176 400 Noncontrolling interests in consolidated subsidiaries $ 209 $ 423 The components of income attributable to noncontrolling interests are as follows: Three Months Ended March 31, (Dollars in thousands) 2023 2022 Australian Country Cinemas, Pty Ltd $ 10 $ ( 11 ) Shadow View Land and Farming, LLC — ( 1 ) Sutton Hill Properties, LLC ( 223 ) ( 87 ) Net income (loss) attributable to noncontrolling interests $ ( 213 ) $ ( 99 ) 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, 2023 20,410 $ 235 1,680 $ 17 $ 153,784 $ ( 48,816 ) $ ( 40,407 ) $ ( 1,957 ) $ 62,856 $ 423 $ 63,279 Net income (loss) — — — — — ( 11,111 ) — — ( 11,111 ) ( 213 ) ( 11,324 ) Other comprehensive income, net — — — — — — — ( 1,293 ) ( 1,293 ) ( 1 ) ( 1,294 ) Share-based compensation expense — — — — 443 — — — 443 — 443 Restricted Stock Units 89 — — — ( 132 ) — — — ( 132 ) — ( 132 ) At March 31, 2023 20,499 $ 235 1,680 $ 17 $ 154,095 $ ( 59,927 ) $ ( 40,407 ) $ ( 3,250 ) $ 50,763 $ 209 $ 50,972 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 |
Stock-Based Compensation and St
Stock-Based Compensation and Stock Repurchases | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Compensation and Stock Repurchases [Abstract] | |
Stock-Based Compensation and Stock Repurchases | Note 17 – Stock-Based Compensation and Stock Repurchases Employee and Director Stock Incentive Plan 2020 Stock Incentive Plan On November 4, 2020, the Company enacted the 2020 Stock Incentive Plan, which was also approved by the Company’s stockholders on December 8, 2020 (the “2020 Plan”). Under the 2020 Plan, the Company may grant stock options and other share-based payment awards of our Class A Common Stock to eligible employees, directors and consultants. The aggregate total number of shares of Class A Common Stock authorized for issuance under the 2020 Plan at March 31, 2023, was 1,250,000 , of which 234,955 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 March 31, 2023, this potential increase in the number of shares eligible for issuance under the 2020 Plan was 316,902 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 three months ended March 31, 2023. For the quarters ended March 31, 2023, and 2022, we recorded compensation expense of $ 9,000 and $ 53,000 , respectively, with respect to our prior stock option grants. At March 31, 2023, the total unrecognized estimated compensation expense related to non-vested stock options was $ 27,000 , 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 March 31, 2023, was $nil , as the closing price of our Common Stock on that date was $ 3.25 . The following table summarizes the number of options outstanding and exercisable as of March 31, 2023, and December 31, 2022: 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, 2021 517,344 $ 15.42 1.66 $ — Granted — — — — Exercised — — — — Forfeited ( 189,846 ) 14.63 — — Balance - December 31, 2022 327,498 $ 15.87 1.24 $ — Granted — — — — Exercised — — — — Forfeited — — — — Balance - March 31, 2023 327,498 $ 15.51 0.71 $ — Restricted Stock Units The following table summarizes the status of RSUs granted to date as of March 31, 2023: Outstanding Restricted Stock Units RSU Grants (in units) Vested, Unvested, Forfeited, Grant Date Directors Management Total Grants March 31, 2023 March 31, 2023 March 31, 2023 Opening balance 129,796 165,753 295,549 287,958 — 7,591 March 10, 2020 — 287,163 287,163 211,679 48,402 27,082 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 5,536 15,855 1,497 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 — 427,696 1,203 December 15, 2022 73,683 — 73,683 — 73,683 — Total 339,438 1,222,252 1,561,690 740,078 783,063 38,549 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 . From 2021 onwards, 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 issued to non-employee directors 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. For the quarters ended March 31, 2023, and 2022, we recorded compensation expense of $ 434,000 and $ 363,000 , respectively. The total unrecognized compensation expense related to the non-vested RSUs was $ 2.8 million as of March 31, 2023, which we expect to recognize over a weighted average vesting period of 1.56 years. Stock Repurchase Program On March 10, 2020, our Board of Directors authorized a $ 25.0 million increase to our 2017 stock repurchase program, bringing our total authorized repurchase amount remaining to $ 26.0 million, and extended the program to March 2, 2024. Through March 31, 2023, we have repurchased 1,792,819 shares of Class A Common Stock at an average price of $ 13.39 per share (excluding transaction costs). 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 . |
Hedge Accounting
Hedge Accounting | 3 Months Ended |
Mar. 31, 2023 | |
Hedge Accounting [Abstract] | |
Hedge Accounting | Note 18 – Hedge Accounting As of March 31, 2023, and December 31, 2022, 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 March 31, December 31, 2023 2022 (Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair value Interest rate contracts Derivative financial instruments - current portion $ 293 Derivative financial instruments - current portion $ 907 Derivative financial instruments - non-current portion — Derivative financial instruments - non-current portion — Total derivatives designated as hedging instruments $ 293 $ 907 Total derivatives $ 293 $ 907 Liability Derivatives March 31, December 31, 2023 2022 (Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair value Interest rate contracts Derivative financial instruments - current portion $ — Derivative financial instruments - current portion $ — Derivative financial instruments - non-current portion — Derivative financial instruments - non-current portion — Total derivatives designated as hedging instruments $ — $ — Total derivatives $ — $ — The changes in fair value are recorded in Other Comprehensive Income and released into interest expense in the same period(s) in which the hedged transactions affect earnings. In the quarter ended March 31, 2023 and March 31, 2022, respectively, the derivative instruments affected Comprehensive Income as follows: (Dollars in thousands) Location of Loss Recognized in Income on Derivatives Three Months Ended March 31 2023 2022 Interest rate contracts Interest expense $ ( 564 ) $ 69 Total $ ( 564 ) $ 69 (Dollars in thousands) Amount Three Months Ended March 31 2023 2022 Interest rate contracts $ 18 $ ( 731 ) Total $ 18 $ ( 731 ) Line Item Amount Three Months Ended March 31 2023 2022 Interest expense $ ( 564 ) $ 69 Total $ ( 564 ) $ 69 The derivatives have no ineffective portion, and consequently no losses have been recognized directly in income. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 19 – Fair Value Measurements ASC 820, Fair Value Measurement establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The statement requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and, Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. As of March 31, 2023, and December 31, 2022, we had derivative financial assets carried and measured at fair value on a recurring basis of $ 293,000 and $ 907,000 , respectfully. As of March 31, 2023, and December 31, 2022, we had no derivatives in a liability position. The following tables summarize our financial liabilities that are carried at cost and measured at fair value on a non-recurring basis as of March 31, 2023, and December 31, 2022, by level within the fair value hierarchy. Fair Value Measurement at March 31, 2023 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 184,339 $ — $ — $ 169,305 $ 169,305 Subordinated debt 29,062 — — 25,203 25,203 $ 213,401 $ — $ — $ 194,508 $ 194,508 Fair Value Measurement at December 31, 2022 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 186,387 $ — $ — $ 172,230 $ 172,230 Subordinated debt 29,246 — — 25,025 25,025 $ 215,633 $ — $ — $ 197,255 $ 197,255 (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 March 31, 2023, and December 31, 2022. Level 1 investments in marketable securities primarily consist of investments associated with the ownership of marketable securities in U.S. and New Zealand. These investments are valued based on observable market quotes on the last trading date of the reporting period. Level 2 derivative financial instruments are valued based on discounted cash flow models that incorporate observable inputs such as interest rates and yield curves from the derivative counterparties. The credit valuation adjustments associated with our non-performance risk and counterparty credit risk are incorporated in the fair value estimates of our derivatives. As of March 31, 2023, and December 31, 2022, we concluded that the credit valuation adjustments were not significant to the overall valuation of our derivatives. Level 3 borrowings include our secured and unsecured notes payable, trust preferred securities and other debt instruments. The borrowings are valued based on discounted cash flow models that incorporate appropriate market discount rates. We calculated the market discount rate by obtaining period-end treasury rates for fixed-rate debt, or LIBOR for variable-rate debt, for maturities that correspond to the maturities of our debt, adding appropriate credit spreads derived from information obtained from third-party financial institutions. These credit spreads take into account factors such as our credit rate, debt maturity, types of borrowings, and the loan-to-value ratios of the debt. Our Company’s financial instruments also include cash, cash equivalents, receivables and accounts payable. The carrying values of these financial instruments approximate the fair values due to their short maturities. Additionally, there were no transfers of assets and liabilities between levels 1, 2, or 3 during the quarter ended March 31, 2023, and March 31, 2022. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20 – Subsequent Events On May 12, 2023, we listed our office building located at 5995 Sepulveda Blvd., Culver City, CA for sale. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 (“2022 Form 10-K”). All significant intercompany balances and transactions have been eliminated on consolidation. These consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim reporting with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (“SEC”). As such, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. We believe that we have included all normal and recurring adjustments necessary for a fair presentation of the results for the interim period. Operating results for the quarter ended March 31, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. |
Use Of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Significant estimates include (i) projections we make regarding the recoverability and impairment of our assets (including goodwill and intangibles), (ii) valuations of our derivative instruments, (iii) recoverability of our deferred tax assets, (iv) estimation of breakage and redemption experience rates, which drive how we recognize breakage on our gift card and gift certificates, and revenue from our customer loyalty program, and (v) 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 |
Description Of Business And S_2
Description Of Business And Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Description Of Business And Segment Reporting [Abstract] | |
Summary Of Results Of Operations For Principal Business Segments | Three Months Ended March 31, (Dollars in thousands) 2023 2022 Revenue: Cinema exhibition $ 41,987 $ 37,347 Real estate 5,065 4,162 Inter-segment elimination ( 1,245 ) ( 1,309 ) $ 45,807 $ 40,200 Segment operating income (loss): Cinema exhibition $ ( 4,612 ) $ ( 7,216 ) Real estate 1,006 104 $ ( 3,606 ) $ ( 7,112 ) |
Reconciliation To Net Income Attributable To Common Shareholders | Three Months Ended March 31, (Dollars in thousands) 2023 2022 Segment operating income (loss) $ ( 3,606 ) $ ( 7,112 ) Unallocated corporate expense Depreciation and amortization expense ( 179 ) ( 277 ) General and administrative expense ( 4,095 ) ( 4,391 ) Interest expense, net ( 4,117 ) ( 3,205 ) Equity earnings of unconsolidated joint ventures 19 ( 65 ) Other income (expense) 174 ( 781 ) Income (loss) before income tax expense $ ( 11,804 ) $ ( 15,831 ) |
Operations In Foreign Currency
Operations In Foreign Currency (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Operations In Foreign Currency [Abstract] | |
Summary Of Currency Exchange Rates | Foreign Currency / USD As of and for the quarter ended As of and for the twelve months ended As of and for the quarter ended March 31, 2023 December 31, 2022 March 31, 2022 Spot Rate Australian Dollar 0.6704 0.6805 0.7499 New Zealand Dollar 0.6271 0.6342 0.6946 Average Rate Australian Dollar 0.6841 0.6946 0.7241 New Zealand Dollar 0.6299 0.6357 0.6763 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings (Loss) Per Share | Three Months Ended March 31, (Dollars in thousands, except share data) 2023 2022 Numerator: Net income (loss) attributable to Reading International, Inc. $ ( 11,111 ) $ ( 15,354 ) Denominator: Weighted average number of common stock – basic 22,114,927 21,955,985 Weighted average dilutive impact of awards 783,063 544,673 Weighted average number of common stock – diluted 22,897,990 22,500,658 Basic earnings (loss) per share $ ( 0.50 ) $ ( 0.70 ) Diluted earnings (loss) per share $ ( 0.50 ) $ ( 0.70 ) Awards excluded from diluted earnings (loss) per share 783,063 544,673 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | March 31, December 31, (Dollars in thousands) 2023 2022 Land $ 66,977 $ 67,392 Building and improvements 212,055 213,226 Leasehold improvements 62,163 64,230 Fixtures and equipment 192,088 194,753 Construction-in-progress 7,062 6,839 Total cost 540,345 546,440 Less: accumulated depreciation ( 258,459 ) ( 259,488 ) Operating property, net $ 281,886 $ 286,952 |
Summary Of Investment And Development Property | March 31, December 31, (Dollars in thousands) 2023 2022 Land $ 3,814 $ 3,857 Construction-in-progress (including capitalized interest) 4,880 4,935 Investment and development property $ 8,694 $ 8,792 |
Construction-In-Progress Balance | (Dollars in thousands) Balance, December 31, 2022 Additions during the period Completed during the period Foreign currency translation Balance, March 31, 2023 Courtenay Central development 6,380 — — ( 69 ) 6,311 Cinema developments and improvements 2,990 437 ( 444 ) ( 21 ) 2,962 Other real estate projects 2,404 343 ( 72 ) ( 6 ) 2,669 Total $ 11,774 $ 780 $ ( 516 ) $ ( 96 ) $ 11,942 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Components Of Lease Expense | Three Months Ended March 31, (Dollars in thousands) 2023 2022 Lease cost Finance lease cost: Amortization of right-of-use assets $ 8 $ 12 Interest on lease liabilities — 1 Operating lease cost 8,208 8,714 Variable lease cost 271 ( 88 ) Total lease cost $ 8,487 $ 8,639 |
Supplemental Cash Flow Information Related To Leases | Three Months Ended March 31, (Dollars in thousands) 2023 2022 Cash flows relating to lease cost Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 9 $ 13 Operating cash flows for operating leases 8,435 10,141 Right-of-use assets obtained in exchange for new operating lease liabilities — 66 |
Supplemental Balance Sheet Information Related To Leases | March 31, December 31, (Dollars in thousands) 2023 2022 Operating leases Operating lease right-of-use assets $ 193,655 $ 200,417 Operating lease liabilities - current portion 24,016 23,971 Operating lease liabilities - non-current portion 192,787 200,037 Total operating lease liabilities $ 216,803 $ 224,008 Finance leases Property plant and equipment, gross 361 363 Accumulated depreciation ( 344 ) ( 338 ) Property plant and equipment, net $ 17 $ 25 Other current liabilities 20 28 Other long-term liabilities — — Total finance lease liabilities $ 20 $ 28 Other information Weighted-average remaining lease term - finance leases 1 1 Weighted-average remaining lease term - operating leases 11 11 Weighted-average discount rate - finance leases 5.21 % 5.21 % Weighted-average discount rate - operating leases 4.55 % 4.55 % |
Maturity Of Leases As Lessee | (Dollars in thousands) Operating leases Finance leases 2023 $ 25,120 $ 20 2024 32,128 — 2025 30,157 — 2026 28,218 — 2027 25,879 — Thereafter 136,670 — Total lease payments $ 278,172 $ 20 Less imputed interest ( 61,369 ) — Total $ 216,803 $ 20 |
Components Of Lease Income | Three Months Ended March 31, (Dollars in thousands) 2023 2022 Components of lease income Lease payments $ 2,636 $ 2,068 Variable lease payments 187 130 Total lease income $ 2,823 $ 2,198 |
Book Value Of Assets Under Operating Leases From Owned Assets | March 31, December 31, (Dollars in thousands) 2023 2022 Building and improvements Gross balance $ 137,220 $ 136,749 Accumulated depreciation ( 27,818 ) ( 26,148 ) Net Book Value $ 109,402 $ 110,601 |
Maturity Of Leases As Lessor | (Dollars in thousands) Operating leases 2023 $ 9,711 2024 9,524 2025 9,026 2026 7,496 2027 6,407 Thereafter 27,455 Total $ 69,619 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill And Intangible Assets [Abstract] | |
Summary Of Goodwill | (Dollars in thousands) Cinema Real Estate Total Balance at December 31, 2022 $ 20,280 $ 5,224 $ 25,504 Foreign currency translation adjustment ( 232 ) — ( 232 ) Balance at March 31, 2023 $ 20,048 $ 5,224 $ 25,272 |
Summary Of Intangible Assets Other Than Goodwill | As of March 31, 2023 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 12,191 $ 9,058 $ 4,892 $ 26,141 Less: Accumulated amortization ( 11,954 ) ( 7,878 ) ( 3,977 ) ( 23,809 ) Less: Impairments — — ( 40 ) ( 40 ) Net intangible assets other than goodwill $ 237 $ 1,180 $ 875 $ 2,292 As of December 31, 2022 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 12,216 $ 9,058 $ 4,915 $ 26,189 Less: Accumulated amortization ( 11,964 ) ( 7,838 ) ( 3,956 ) ( 23,758 ) Less: Impairments — — ( 40 ) ( 40 ) Net intangible assets other than goodwill $ 252 $ 1,220 $ 919 $ 2,391 |
Summary Of Amortization Expense | Three Months Ended March 31, (Dollars in thousands) 2023 2022 Beneficial lease amortization $ 15 $ 22 Other amortization 54 135 Total intangible assets amortization $ 69 $ 157 |
Investments In Unconsolidated_2
Investments In Unconsolidated Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Summary Of The Investments In Unconsolidated Joint Ventures And Entities | March 31, December 31, (Dollars in thousands) Interest 2023 2022 Rialto Cinemas 50.0 % $ 870 $ 920 Mt. Gravatt 33.3 % 3,837 3,836 Total investments $ 4,707 $ 4,756 |
Summary Of Equity Earnings (Losses) From Investments In Unconsolidated Joint Ventures | Three Months Ended March 31, (Dollars in thousands) 2023 2022 Rialto Cinemas $ ( 41 ) $ ( 85 ) Mt. Gravatt 60 20 Total equity earnings $ 19 $ ( 65 ) |
Prepaid And Other Assets (Table
Prepaid And Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Prepaid And Other Assets [Abstract] | |
Summary Of Prepaid And Other Assets | March 31, December 31, (Dollars in thousands) 2023 2022 Prepaid and other current assets Prepaid expenses $ 2,295 $ 1,859 Prepaid taxes 2,025 1,687 Income taxes receivable 61 — Prepaid rent 1,256 — Deposits 242 233 Other receivables 11 — Interest receivable — 8 Investments in marketable securities 15 17 Total prepaid and other current assets $ 5,905 $ 3,804 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 8,442 8,302 Long-term deposits 8 10 Total other non-current assets $ 10,422 $ 10,284 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Borrowings [Abstract] | |
Summary Of Borrowings | As of March 31, 2023 (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 $ 27,005 8.80 % 8.80 % Bank of America Credit Facility (US) September 4, 2024 26,000 26,000 25,823 10.50 % 10.50 % Cinemas 1, 2, 3 Term Loan (US) July 3, 2023 22,341 22,341 22,167 6.63 % 6.63 % Minetta & Orpheum Theatres Loan (US) (2) November 1, 2023 8,000 8,000 7,982 6.00 % 5.15 % U.S. Corporate Office Term Loan (US) January 1, 2027 8,607 8,607 8,550 4.64 % / 4.44 % 4.61 % Union Square Financing (US) (3) May 6, 2024 55,000 43,000 42,571 11.68 % 7.40 % Purchase Money Promissory Note (US) September 18, 2024 1,149 1,149 1,149 5.00 % 5.00 % Denominated in foreign currency ("FC") (4) NAB Corporate Term Loan (AU) June 30, 2024 67,712 67,712 67,653 5.43 % 5.43 % Westpac Bank Corporate (NZ) January 1, 2024 8,679 8,679 8,679 7.45 % 7.45 % $ 225,401 $ 213,401 $ 211,579 (1) Net of deferred financing costs amounting to $ 1.8 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 a 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 March 31, 2023. As of December 31, 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 $ 26,950 8.41 % 8.41 % Bank of America Credit Facility (US)(5) March 1, 2024 26,750 26,750 26,663 10.00 % 10.00 % Cinemas 1, 2, 3 Term Loan (US)(5) April 1, 2023 22,455 22,455 22,208 6.63 % 6.63 % Minetta & Orpheum Theatres Loan (US)(2) November 1, 2023 8,000 8,000 7,974 7.12 % 6.00 % U.S. Corporate Office Term Loan (US) January 1, 2027 8,674 8,674 8,613 4.64 % / 4.44 % 4.64 % Union Square Financing (US) (3) May 6, 2024 55,000 43,000 42,484 11.25 % 7.40 % Purchase Money Promissory Note (US) September 18, 2024 1,333 1,333 1,333 5.00 % 5.00 % Denominated in foreign currency ("FC")(4) NAB Corporate Term Loan (AU) June 30, 2024 68,731 68,731 68,662 4.82 % 4.82 % Westpac Bank Corporate (NZ) January 1, 2024 8,777 8,777 8,777 6.95 % 6.95 % Total $ 227,633 $ 215,633 $ 213,664 (1) Net of deferred financing costs amounting to $ 2.0 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 7.40 %. (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 December 31, 2022. (5) This financing facility was extended after December 31, 2022. |
Schedule Of Long-term Debt Instruments, Net Of The Deferred Financing Costs | March 31, December 31, Balance Sheet Caption (Dollars in thousands) 2023 2022 Debt - current portion $ 47,345 $ 37,279 Debt - long-term portion 136,473 148,688 Subordinated debt - current portion 756 747 Subordinated debt - long-term portion 27,005 26,950 Total borrowings $ 211,579 $ 213,664 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Liabilities [Abstract] | |
Summary Of Other Liabilities Including Pension | March 31, December 31, (Dollars in thousands) 2023 2022 Current liabilities Accrued pension 684 684 Security deposit payable 88 68 Finance lease liabilities 20 28 Other 32 33 Other current liabilities $ 824 $ 813 Other liabilities Lease make-good provision 6,124 6,131 Accrued pension 3,017 3,138 Deferred rent liability 2,412 2,484 Environmental reserve 1,656 1,656 Lease liability 5,900 5,900 Acquired leases 10 11 Other non-current liabilities $ 19,119 $ 19,320 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 $ ( 697 ) $ ( 18 ) $ ( 1,822 ) $ 580 $ ( 1,957 ) Change related to derivatives Total change in hedge fair value recorded in Other Comprehensive Income — — — ( 18 ) ( 18 ) Amounts reclassified from accumulated other comprehensive income — — — ( 564 ) ( 564 ) Net change related to derivatives — — — ( 582 ) ( 582 ) Net current-period other comprehensive income (loss) ( 763 ) — 52 ( 582 ) ( 1,293 ) Balance at March 31, 2023 $ ( 1,460 ) $ ( 18 ) $ ( 1,770 ) $ ( 2 ) $ ( 3,250 ) |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Non-controlling Interests [Abstract] | |
Components Of Non-controlling Interests | March 31, December 31, (Dollars in thousands) 2023 2022 Australian Country Cinemas, Pty Ltd $ 36 $ 26 Shadow View Land and Farming, LLC ( 3 ) ( 3 ) Sutton Hill Properties, LLC 176 400 Noncontrolling interests in consolidated subsidiaries $ 209 $ 423 |
Components Of Income Attributable To Non-controlling Interest | Three Months Ended March 31, (Dollars in thousands) 2023 2022 Australian Country Cinemas, Pty Ltd $ 10 $ ( 11 ) Shadow View Land and Farming, LLC — ( 1 ) Sutton Hill Properties, LLC ( 223 ) ( 87 ) Net income (loss) attributable to noncontrolling interests $ ( 213 ) $ ( 99 ) |
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, 2023 20,410 $ 235 1,680 $ 17 $ 153,784 $ ( 48,816 ) $ ( 40,407 ) $ ( 1,957 ) $ 62,856 $ 423 $ 63,279 Net income (loss) — — — — — ( 11,111 ) — — ( 11,111 ) ( 213 ) ( 11,324 ) Other comprehensive income, net — — — — — — — ( 1,293 ) ( 1,293 ) ( 1 ) ( 1,294 ) Share-based compensation expense — — — — 443 — — — 443 — 443 Restricted Stock Units 89 — — — ( 132 ) — — — ( 132 ) — ( 132 ) At March 31, 2023 20,499 $ 235 1,680 $ 17 $ 154,095 $ ( 59,927 ) $ ( 40,407 ) $ ( 3,250 ) $ 50,763 $ 209 $ 50,972 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 |
Stock-Based Compensation and _2
Stock-Based Compensation and Stock Repurchases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-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, 2021 517,344 $ 15.42 1.66 $ — Granted — — — — Exercised — — — — Forfeited ( 189,846 ) 14.63 — — Balance - December 31, 2022 327,498 $ 15.87 1.24 $ — Granted — — — — Exercised — — — — Forfeited — — — — Balance - March 31, 2023 327,498 $ 15.51 0.71 $ — |
Schedule Of Restricted Stock Units Issued And Vested | Outstanding Restricted Stock Units RSU Grants (in units) Vested, Unvested, Forfeited, Grant Date Directors Management Total Grants March 31, 2023 March 31, 2023 March 31, 2023 Opening balance 129,796 165,753 295,549 287,958 — 7,591 March 10, 2020 — 287,163 287,163 211,679 48,402 27,082 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 5,536 15,855 1,497 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 — 427,696 1,203 December 15, 2022 73,683 — 73,683 — 73,683 — Total 339,438 1,222,252 1,561,690 740,078 783,063 38,549 |
Hedge Accounting (Tables)
Hedge Accounting (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Hedge Accounting [Abstract] | |
Schedule Of Derivative Instruments On The Balance Sheet At Fair Value | Asset Derivatives March 31, December 31, 2023 2022 (Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair value Interest rate contracts Derivative financial instruments - current portion $ 293 Derivative financial instruments - current portion $ 907 Derivative financial instruments - non-current portion — Derivative financial instruments - non-current portion — Total derivatives designated as hedging instruments $ 293 $ 907 Total derivatives $ 293 $ 907 Liability Derivatives March 31, December 31, 2023 2022 (Dollars in thousands) Balance sheet location Fair value Balance sheet location Fair value Interest rate contracts Derivative financial instruments - current portion $ — Derivative financial instruments - current portion $ — Derivative financial instruments - non-current portion — Derivative financial instruments - non-current portion — Total derivatives designated as hedging instruments $ — $ — Total derivatives $ — $ — |
Schedule Of Changes in Fair value | (Dollars in thousands) Location of Loss Recognized in Income on Derivatives Three Months Ended March 31 2023 2022 Interest rate contracts Interest expense $ ( 564 ) $ 69 Total $ ( 564 ) $ 69 |
Summary Of Hedged Transactions That Affect Earnings | (Dollars in thousands) Amount Three Months Ended March 31 2023 2022 Interest rate contracts $ 18 $ ( 731 ) Total $ 18 $ ( 731 ) Line Item Amount Three Months Ended March 31 2023 2022 Interest expense $ ( 564 ) $ 69 Total $ ( 564 ) $ 69 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurements [Abstract] | |
Schedule Of Fair Value Carried At Cost And Measured On A Nonrecurring Basis | Fair Value Measurement at March 31, 2023 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 184,339 $ — $ — $ 169,305 $ 169,305 Subordinated debt 29,062 — — 25,203 25,203 $ 213,401 $ — $ — $ 194,508 $ 194,508 Fair Value Measurement at December 31, 2022 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 186,387 $ — $ — $ 172,230 $ 172,230 Subordinated debt 29,246 — — 25,025 25,025 $ 215,633 $ — $ — $ 197,255 $ 197,255 (1) These balances are presented before any deduction for deferred financing costs. |
Description Of Business And S_3
Description Of Business And Segment Reporting (Summary Of Results Of Operations For Principal Business Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | $ 45,807 | $ 40,200 |
Segment operating income (loss) | (7,880) | (11,780) |
Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 45,807 | 40,200 |
Segment operating income (loss) | (3,606) | (7,112) |
Intersegment Eliminations [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | (1,245) | (1,309) |
Cinema Exhibition [Member] | Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 41,987 | 37,347 |
Segment operating income (loss) | (4,612) | (7,216) |
Real Estate [Member] | Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 5,065 | 4,162 |
Segment operating income (loss) | $ 1,006 | $ 104 |
Description Of Business And S_4
Description Of Business And Segment Reporting (Reconciliation To Net Income Attributable To Common Shareholders) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Segment operating income (loss) | $ (7,880) | $ (11,780) |
Depreciation and amortization expense | (4,639) | (5,524) |
General and administrative expense | (5,179) | (5,796) |
Equity earnings of unconsolidated joint ventures | 19 | (65) |
Other income (expense) | 174 | (781) |
Income (loss) before income taxes | (11,804) | (15,831) |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment operating income (loss) | (3,606) | (7,112) |
Unallocated Corporate Expense [Member] | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization expense | (179) | (277) |
General and administrative expense | (4,095) | (4,391) |
Interest expense, net | $ (4,117) | $ (3,205) |
Impact Of COVID-19 Pandemic A_2
Impact Of COVID-19 Pandemic And Liquidity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jul. 03, 2023 | Dec. 31, 2022 | |
Impact Of Covid [Line Items] | |||||
Revenue | $ 45,807 | $ 40,200 | |||
Debt, Current | 48,100 | ||||
Cash and cash equivalents | 14,628 | $ 67,263 | $ 29,947 | ||
Working capital | 94,200 | ||||
Impairment charges against sites | $ 1,500 | ||||
Scenario, Forecast [Member] | |||||
Impact Of Covid [Line Items] | |||||
Debt Current, Due At Date | $ 22,300 | ||||
Westpac Bank Corporate Credit Facility [Member] | |||||
Impact Of Covid [Line Items] | |||||
Debt, Current | 8,700 | ||||
Santander Bank [Member] | |||||
Impact Of Covid [Line Items] | |||||
Debt, Current | $ 8,000 |
Operations In Foreign Currenc_2
Operations In Foreign Currency (Summary Of Currency Exchange Rates) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Spot Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.6271 | 0.6946 | |
Australian Dollar [Member] | Spot Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.6704 | 0.7499 | 0.6805 |
Australian Dollar [Member] | Average Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.6841 | 0.7241 | 0.6946 |
New Zealand Dollar [Member] | Spot Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.6342 | ||
New Zealand Dollar [Member] | Average Rate [Member] | |||
Currency Exchange Rates [Line Items] | |||
Foreign currency exchange rate | 0.6299 | 0.6763 | 0.6357 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to Reading International, Inc. | $ (11,111) | $ (15,354) |
Weighted average number of common stock – basic | 22,114,927 | 21,955,985 |
Weighted average dilutive impact of awards | 783,063 | 544,673 |
Weighted average number of common stock – diluted | 22,897,990 | 22,500,658 |
Basic earnings (loss) per share | $ (0.50) | $ (0.70) |
Diluted earnings (loss) per share | $ (0.50) | $ (0.70) |
Awards excluded from diluted earnings (loss) per share | 783,063 | 544,673 |
Properties And Equipment (Narra
Properties And Equipment (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property And Equipment [Abstract] | ||
Depreciation expense for operating property | $ 4.6 | $ 5.4 |
Properties And Equipment (Sched
Properties And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 540,345 | $ 546,440 |
Less: accumulated depreciation | (258,459) | (259,488) |
Operating property, net | 281,886 | 286,952 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 66,977 | 67,392 |
Building And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 212,055 | 213,226 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 62,163 | 64,230 |
Fixtures And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 192,088 | 194,753 |
Construction-In-Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 7,062 | $ 6,839 |
Properties And Equipment (Summa
Properties And Equipment (Summary Of Investment And Development Property) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Investment and development property | $ 8,694 | $ 8,792 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development property | 3,814 | 3,857 |
Construction-In-Progress (Including Capitalized Interest) [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment and development property | $ 4,880 | $ 4,935 |
Property And Equipment (Constru
Property And Equipment (Construction-In-Progress Balance) (Details) - Operating And Investing Properties [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Property, Plant and Equipment [Line Items] | |
Balance | $ 11,774 |
Additions during the period | 780 |
Completed during the period | (516) |
Foreign currency translation | (96) |
Balance | 11,942 |
Courtenay Central Development [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance | 6,380 |
Foreign currency translation | (69) |
Balance | 6,311 |
Cinema Developments And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance | 2,990 |
Additions during the period | 437 |
Completed during the period | (444) |
Foreign currency translation | (21) |
Balance | 2,962 |
Other Real Estate Projects [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance | 2,404 |
Additions during the period | 343 |
Completed during the period | (72) |
Foreign currency translation | (6) |
Balance | $ 2,669 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Operating Leased Assets [Line Items] | |
Operating leases not yet commenced | $ 7.2 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Amortization of right-of-use assets | $ 8 | $ 12 |
Interest on lease liabilities | 1 | |
Operating lease cost | 8,208 | 8,714 |
Variable lease cost | 271 | (88) |
Total lease cost | $ 8,487 | $ 8,639 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Operating cash flows for finance leases | $ 9 | $ 13 |
Operating cash flows for operating leases | $ 8,435 | 10,141 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 66 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 193,655 | $ 200,417 |
Operating lease liabilities - current portion | 24,016 | 23,971 |
Operating lease liabilities - non-current portion | 192,787 | 200,037 |
Total operating lease liabilities | 216,803 | 224,008 |
Property plant and equipment, gross | 361 | 363 |
Accumulated depreciation | (344) | (338) |
Property plant and equipment, net | 17 | 25 |
Other current liabilities | 20 | 28 |
Total finance lease liabilities | $ 20 | $ 28 |
Weighted-average remaining lease term - finance leases | 1 year | 1 year |
Weighted-average remaining lease term - operating leases | 11 years | 11 years |
Weighted-average discount rate - finance leases | 5.21% | 5.21% |
Weighted-average discount rate - operating leases | 4.55% | 4.55% |
Leases (Maturity Of Leases As L
Leases (Maturity Of Leases As Lessee) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating leases, 2023 | $ 25,120 | |
Operating leases, 2024 | 32,128 | |
Operating leases, 2025 | 30,157 | |
Operating leases, 2026 | 28,218 | |
Operating leases, 2027 | 25,879 | |
Operating leases, Thereafter | 136,670 | |
Operating leases, Total lease payments | 278,172 | |
Operating leases, Less imputed interest | (61,369) | |
Total operating lease liabilities | 216,803 | $ 224,008 |
Finance leases, 2023 | 20 | |
Finance leases, Total lease payments | 20 | |
Total finance lease liabilities | $ 20 | $ 28 |
Leases (Components Of Lease Inc
Leases (Components Of Lease Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Lease payments | $ 2,636 | $ 2,068 |
Variable lease payments | 187 | 130 |
Total lease income | $ 2,823 | $ 2,198 |
Leases (Book Value Of Assets Un
Leases (Book Value Of Assets Under Operating Leases From Owned Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Gross balance | $ 540,345 | $ 546,440 |
Accumulated depreciation | (258,459) | (259,488) |
Operating property, net | 281,886 | 286,952 |
Building And Improvements [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Gross balance | 137,220 | 136,749 |
Accumulated depreciation | (27,818) | (26,148) |
Operating property, net | $ 109,402 | $ 110,601 |
Leases (Maturity Of Leases As_2
Leases (Maturity Of Leases As Lessor) (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Leases [Abstract] | |
2023 | $ 9,711 |
2024 | 9,524 |
2025 | 9,026 |
2026 | 7,496 |
2027 | 6,407 |
Thereafter | 27,455 |
Total | $ 69,619 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | $ 2,292 | $ 2,391 | |
Finite-Lived Intangible Assets, Amortization Expense | 69 | $ 157 | |
Beneficial Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Net (Excluding Goodwill) | $ 237 | 252 | |
Trade Name [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets estimated useful life | 30 years | ||
Intangible Assets, Net (Excluding Goodwill) | $ 1,180 | 1,220 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets estimated useful life | 30 years | ||
Intangible Assets, Net (Excluding Goodwill) | $ 875 | $ 919 | |
Finite-Lived Intangible Assets, Amortization Expense | $ 54 | $ 135 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Summary Of Goodwill) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 25,504 |
Foreign currency translation adjustment | (232) |
Ending balance | 25,272 |
Cinema [Member] | |
Goodwill [Line Items] | |
Beginning balance | 20,280 |
Foreign currency translation adjustment | (232) |
Ending balance | 20,048 |
Real Estate [Member] | |
Goodwill [Line Items] | |
Beginning balance | 5,224 |
Ending balance | $ 5,224 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Summary Of Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 26,141 | $ 26,189 |
Less: Accumulated amortization | (23,809) | (23,758) |
Less: Impairments | (40) | (40) |
Net intangible assets other than goodwill | 2,292 | 2,391 |
Beneficial Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 12,191 | 12,216 |
Less: Accumulated amortization | (11,954) | (11,964) |
Net intangible assets other than goodwill | 237 | 252 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 9,058 | 9,058 |
Less: Accumulated amortization | (7,878) | (7,838) |
Net intangible assets other than goodwill | 1,180 | 1,220 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 4,892 | 4,915 |
Less: Accumulated amortization | (3,977) | (3,956) |
Less: Impairments | (40) | (40) |
Net intangible assets other than goodwill | $ 875 | $ 919 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Summary Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization | $ 69 | $ 157 |
Beneficial Lease Amortization [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization | 15 | 22 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets amortization | $ 54 | $ 135 |
Investments In Unconsolidated_3
Investments In Unconsolidated Joint Ventures (Narrative) (Details) - item | Mar. 31, 2023 | Dec. 31, 2022 |
Investments In Unconsolidated Joint Ventures [Abstract] | ||
Number of joint venture investments | 2 | 2 |
Investments In Unconsolidated_4
Investments In Unconsolidated Joint Ventures (Summary Of The Investments In Unconsolidated Joint Ventures And Entities) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Total Joint Ventures | $ 4,707 | $ 4,756 |
Mt. Gravatt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 33.30% | |
Total Joint Ventures | $ 3,837 | 3,836 |
Rialto Cinemas [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 50% | |
Total Joint Ventures | $ 870 | $ 920 |
Investments In Unconsolidated_5
Investments In Unconsolidated Joint Ventures (Summary Of Equity Earnings (Losses) From Investments In Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Total equity earnings | $ 19 | $ (65) |
Mt. Gravatt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total equity earnings | 60 | 20 |
Rialto Cinemas [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total equity earnings | $ (41) | $ (85) |
Prepaid And Other Assets (Detai
Prepaid And Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Prepaid And Other Assets [Abstract] | ||
Prepaid expenses | $ 2,295 | $ 1,859 |
Prepaid taxes | 2,025 | 1,687 |
Income taxes receivable | 61 | |
Prepaid rent | 1,256 | |
Deposits | 242 | 233 |
Other receivables | 11 | |
Interest receivable | 8 | |
Investment in marketable securities | 15 | 17 |
Total prepaid and other current assets | 5,905 | 3,804 |
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 | 8,442 | 8,302 |
Long-term deposits | 8 | 10 |
Total other non-current assets | $ 10,422 | $ 10,284 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Taxes [Abstract] | ||
Effective tax rate | 4.10% | 2.40% |
Borrowings (Bank Of America Cre
Borrowings (Bank Of America Credit Facility) (Narrative) (Details) - Bank Of America Credit Facility [Member] - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
May 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 55,000,000 | ||
Payment in kind interest rate | 0.50% | ||
Maturity date | Sep. 04, 2024 | Mar. 01, 2024 | |
Scenario, Forecast [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Periodic Payment | $ 725,000 | ||
Floor Rate [Member] | |||
Debt Instrument [Line Items] | |||
Spread on variable rate | 1% | ||
Prime Rate [Member] | |||
Debt Instrument [Line Items] | |||
Spread on variable rate | 3% |
Borrowings (Bank Of America Lin
Borrowings (Bank Of America Line Of Credit) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Contractual facility | $ 225,401 | $ 227,633 |
Borrowings (Minetta And Orpheum
Borrowings (Minetta And Orpheum Theatres Loan) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Oct. 12, 2018 | Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Loan amount | $ 225,401 | $ 227,633 | |
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 | 3 Months Ended | 12 Months Ended | ||
Jun. 26, 2017 | Dec. 13, 2016 | Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 225,401 | $ 227,633 | ||
U.S. Corporate Office Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument term | 10 years | |||
Contractual facility | $ 8,400 | $ 8,607 | $ 8,674 | |
Interest rate | 4.44% | 4.64% | ||
Debt increase | $ 1,500 |
Borrowings (Union Square Constr
Borrowings (Union Square Construction Financing) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Emerald Creek Capital [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 55 | |
Union Square Construction Financing [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 06, 2024 | May 06, 2024 |
Floor Rate [Member] | Emerald Creek Capital [Member] | ||
Debt Instrument [Line Items] | ||
Spread on variable rate | 7% | |
London Interbank Offered Rate (LIBOR) [Member] | Emerald Creek Capital [Member] | ||
Debt Instrument [Line Items] | ||
Spread on variable rate | 6.90% |
Borrowings (Cinema 1, 2, 3 Term
Borrowings (Cinema 1, 2, 3 Term Loan) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 13, 2020 | |
Debt Instrument [Line Items] | |||
Contractual facility | $ 225,401 | $ 227,633 | |
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 | $ 22,341 | $ 22,455 | |
Interest rate | 4.25% | ||
Maturity date | Jul. 03, 2023 | Apr. 01, 2023 |
Borrowings (Purchase Money Prom
Borrowings (Purchase Money Promissory Note) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 18, 2019 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
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 (Australian NAB Corp
Borrowings (Australian NAB Corporate Term Loan (AU)) (Narrative) (Details) - AUD ($) | 3 Months Ended | ||
Dec. 29, 2020 | Mar. 15, 2019 | Mar. 31, 2023 | |
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% | ||
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 (Westpac Bank Corpor
Borrowings (Westpac Bank Corporate Credit Facility (NZ)) (Narrative) (Details) $ in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 NZD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 225,401 | $ 227,633 | ||
Repayment of long-term borrowings | 1,116 | $ 1,540 | ||
Westpac Bank Corporate Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual facility | $ 8,679 | $ 13.8 | $ 8,777 | |
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 (Summary Of Borrowin
Borrowings (Summary Of Borrowings) (Details) $ in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Sep. 18, 2019 | Oct. 12, 2018 USD ($) | Dec. 13, 2016 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 NZD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||
Contractual Facility | $ 225,401 | $ 227,633 | ||||
Balance Gross | 213,401 | 215,633 | ||||
Balance Net | 211,579 | 213,664 | ||||
Deferred financing costs, net | $ 1,800 | $ 2,000 | ||||
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 | $ 27,005 | $ 26,950 | ||||
Stated Interest Rate | 8.80% | 8.80% | 8.41% | |||
Effective Interest Rate | 8.80% | 8.41% | ||||
Bank Of America Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Sep. 04, 2024 | Sep. 04, 2024 | Mar. 01, 2024 | |||
Contractual Facility | $ 26,000 | $ 26,750 | ||||
Balance Gross | 26,000 | 26,750 | ||||
Balance Net | $ 25,823 | $ 26,663 | ||||
Stated Interest Rate | 10.50% | 10.50% | 10% | |||
Effective Interest Rate | 10.50% | 10% | ||||
US Cinema 1, 2, 3 Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Jul. 03, 2023 | Jul. 03, 2023 | Apr. 01, 2023 | |||
Contractual Facility | $ 22,341 | $ 22,455 | ||||
Balance Gross | 22,341 | 22,455 | ||||
Balance Net | $ 22,167 | $ 22,208 | ||||
Stated Interest Rate | 6.63% | 6.63% | 6.63% | |||
Effective Interest Rate | 6.63% | 6.63% | ||||
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 | $ 7,982 | $ 7,974 | ||||
Stated Interest Rate | 6% | 6% | 7.12% | |||
Effective Interest Rate | 5.15% | 6% | ||||
Derivative, Fixed Interest Rate | 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 | $ 8,607 | $ 8,674 | |||
Balance Gross | 8,607 | 8,674 | ||||
Balance Net | $ 8,550 | $ 8,613 | ||||
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 | $ 42,571 | $ 42,484 | ||||
Stated Interest Rate | 11.68% | 11.68% | 11.25% | |||
Effective Interest Rate | 7.40% | 7.40% | ||||
Derivative, Fixed Interest Rate | 7.40% | |||||
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 | $ 1,149 | $ 1,333 | ||||
Balance Gross | 1,149 | 1,333 | ||||
Balance Net | $ 1,149 | $ 1,333 | ||||
Stated Interest Rate | 5% | 5% | 5% | |||
Effective Interest Rate | 5% | 5% | ||||
NAB Australian Corporate Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2024 | |||
Contractual Facility | $ 67,712 | $ 68,731 | ||||
Balance Gross | 67,712 | 68,731 | ||||
Balance Net | $ 67,653 | $ 68,662 | ||||
Stated Interest Rate | 5.43% | 5.43% | 4.82% | |||
Effective Interest Rate | 5.43% | 4.82% | ||||
Westpac Bank Corporate Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Jan. 01, 2024 | Jan. 01, 2024 | Jan. 01, 2024 | |||
Contractual Facility | $ 8,679 | $ 13.8 | $ 8,777 | |||
Balance Gross | 8,679 | 8,777 | ||||
Balance Net | $ 8,679 | $ 8,777 | ||||
Stated Interest Rate | 7.45% | 7.45% | 6.95% | |||
Effective Interest Rate | 7.45% | 6.95% | ||||
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Borrowings [Abstract] | ||
Debt – current portion | $ 47,345 | $ 37,279 |
Debt – long-term portion | 136,473 | 148,688 |
Subordinated debt - current portion | 756 | 747 |
Subordinated debt - long-term portion | 27,005 | 26,950 |
Total borrowings | $ 211,579 | $ 213,664 |
Other Liabilities (Narrative) (
Other Liabilities (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Liabilities [Abstract] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 50,000 | 56,000 |
Actuarial loss (gain) | 52,000 | $ 52,000 |
Accrued pension costs included in other liabilities | $ 3,700,000 |
Other Liabilities (Summary Of O
Other Liabilities (Summary Of Other Liabilities Including Pension) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Other Liabilities [Abstract] | ||
Accrued pension | $ 684 | $ 684 |
Security deposit payable | 88 | 68 |
Finance lease liabilities | 20 | 28 |
Other | 32 | 33 |
Other current liabilities | 824 | 813 |
Lease make-good provision | 6,124 | 6,131 |
Accrued pension | 3,017 | 3,138 |
Deferred rent liability | 2,412 | 2,484 |
Environmental reserve | 1,656 | 1,656 |
Lease liability | 5,900 | 5,900 |
Acquired leases | 10 | 11 |
Other non-current liabilities | $ 19,119 | $ 19,320 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 63,279 | $ 105,060 |
Net change related to derivatives | (582) | 800 |
Net current-period other comprehensive income | (1,294) | 3,525 |
Balance | 50,972 | 93,494 |
Foreign Currency Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (697) | |
Net current-period other comprehensive income | (763) | |
Balance | (1,460) | |
Unrealized Gain (Losses) On Available-For-Sale Investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (18) | |
Balance | (18) | |
Accrued Pension Service Costs [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (1,822) | |
Net current-period other comprehensive income | 52 | |
Balance | (1,770) | |
Hedge Accounting Reserve [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 580 | |
Total change in hedge fair value recorded in Other Comprehensive Income | (18) | |
Amounts reclassified from accumulated other comprehensive income | (564) | |
Net change related to derivatives | (582) | |
Net current-period other comprehensive income | (582) | |
Balance | (2) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (1,957) | 4,882 |
Total change in hedge fair value recorded in Other Comprehensive Income | (18) | |
Amounts reclassified from accumulated other comprehensive income | (564) | |
Net change related to derivatives | (582) | |
Net current-period other comprehensive income | (1,293) | 3,524 |
Balance | $ (3,250) | $ 8,406 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - California Employment Litigation [Member] - USD ($) | Feb. 19, 2024 | May 18, 2023 | Jul. 13, 2021 |
Commitments And Contingencies [Line Items] | |||
Settlement awarded | $ 4,000,000 | ||
Scenario, Forecast [Member] | |||
Commitments And Contingencies [Line Items] | |||
Settlement awarded | $ 1,351,000 | $ 1,351,000 |
Non-controlling Interests (Narr
Non-controlling Interests (Narrative) (Details) | Mar. 31, 2023 |
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] | |
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | $ 209 | $ 423 |
Australian Country Cinemas, Pty Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | 36 | 26 |
Shadow View Land And Farming, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | (3) | (3) |
Sutton Hill Properties, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | $ 176 | $ 400 |
Non-controlling Interests (Co_2
Non-controlling Interests (Components Of Income Attributable To Non-controlling Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | $ (213) | $ (99) |
Australian Country Cinemas, Pty Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | 10 | (11) |
Shadow View Land And Farming, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | (1) | |
Sutton Hill Properties, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | $ (223) | $ (87) |
Non-controlling Interests (Summ
Non-controlling Interests (Summary Of Changes In Controlling And Non-controlling Stockholders’ Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Balance | $ (40,407) | |
Balance | 63,279 | $ 105,060 |
Net income (loss) | (11,324) | (15,453) |
Other comprehensive income, net | (1,294) | 3,525 |
Share-based compensation expense | 443 | 415 |
Restricted Stock Units | (132) | (31) |
Distributions to noncontrolling stockholders | (22) | |
Balance | 50,972 | 93,494 |
Balance | (40,407) | |
Additional Paid-In Capital [Member] | ||
Balance | 153,784 | 151,981 |
Share-based compensation expense | 443 | 415 |
Restricted Stock Units | (132) | (32) |
Balance | 154,095 | 152,364 |
Retained Earnings (Accumulated Deficit) [Member] | ||
Balance | (48,816) | (12,632) |
Net income (loss) | (11,111) | (15,354) |
Balance | (59,927) | (27,986) |
Treasury Shares [Member] | ||
Balance | (40,407) | (40,407) |
Balance | (40,407) | (40,407) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Balance | (1,957) | 4,882 |
Other comprehensive income, net | (1,293) | 3,524 |
Balance | (3,250) | 8,406 |
Reading International Inc. Stockholders' Equity [Member] | ||
Balance | 62,856 | 104,074 |
Net income (loss) | (11,111) | (15,354) |
Other comprehensive income, net | (1,293) | 3,524 |
Share-based compensation expense | 443 | 415 |
Restricted Stock Units | (132) | (31) |
Balance | 50,763 | 92,628 |
Noncontrolling Interests [Member] | ||
Balance | 423 | 986 |
Net income (loss) | (213) | (99) |
Other comprehensive income, net | (1) | 1 |
Distributions to noncontrolling stockholders | (22) | |
Balance | $ 209 | 866 |
Class A [Member] | ||
Balance, shares | 20,412,185 | |
Balance, shares | 20,501,150 | |
Class A [Member] | Common Stock Shares Outstanding [Member] | ||
Balance | $ 235 | $ 233 |
Balance, shares | 20,410 | 20,260 |
Restricted Stock Units | $ 1 | |
Restricted Stock Units, shares | 89 | 52 |
Balance | $ 235 | $ 234 |
Balance, shares | 20,499 | 20,312 |
Class B [Member] | ||
Balance, shares | 1,680,590 | |
Balance, shares | 1,680,590 | |
Class B [Member] | Common Stock Shares Outstanding [Member] | ||
Balance | $ 17 | $ 17 |
Balance, shares | 1,680 | 1,680 |
Balance | $ 17 | $ 17 |
Balance, shares | 1,680 | 1,680 |
Share-Based Compensation and St
Share-Based Compensation and Stock Repurchases (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 75 Months Ended | |||
Mar. 05, 2020 | Apr. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 10, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Repurchase program, amount authorized | $ 26,000,000 | $ 26,000,000 | |||||
Number of Stock Options, Granted | 0 | ||||||
Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation expense | $ 9,000 | $ 53,000 | |||||
Unrecognized estimated compensation cost related to non-vested stock options granted | $ 27,000 | 27,000 | |||||
Recognition period of unrecognized compensation cost | 9 months | ||||||
Share price | $ 3.25 | ||||||
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 Nonvoting Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share price | $ 13.39 | ||||||
Shares repurchased plan, shares | 1,792,819 | ||||||
Class A [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
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 | 234,955 | 234,955 | |||||
Class A [Member] | Maximum [Member] | 2020 Stock Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Additional shares authorized | 316,902 | ||||||
$25 Million Stock Repurchase Program [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Repurchase program, amount authorized | $ 25,000,000 | ||||||
$25 Million Stock Repurchase Program [Member] | Class A Nonvoting Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share price | $ 7.30 | ||||||
Shares repurchased plan, shares | 25,000 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation expense | $ 434,000 | $ 363,000 | |||||
Unrecognized estimated compensation cost related to non-vested stock options granted | $ 2,800,000 | $ 2,800,000 | |||||
Vesting period of stock options and RSU | 1 year 6 months 21 days | ||||||
Number of options, Granted | 1,561,690 | 295,549 | |||||
Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period of stock options and RSU | 4 years | ||||||
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 | 339,438 | 129,796 | |||||
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 | 165,753 | |||||
Non-employee Director [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period of stock options and RSU | 1 year | ||||||
Chief Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period of stock options and RSU | 4 years | ||||||
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% |
Share-Based Compensation And _2
Share-Based Compensation And Stock Repurchase Plans (Summary Of Stock Options Outstanding And Exercisable) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 | 327,498 | 517,344 | |
Number of Stock Options, Forfeited | (189,846) | ||
Number of Stock Options Outstanding, Ending balance | 327,498 | 327,498 | 517,344 |
Weighted Average Exercise Price of Options Outstanding, Beginning price | $ 15.87 | $ 15.42 | |
Weighted Average Exercise Price of Options Outstanding, Forfeited | 14.63 | ||
Weighted Average Exercise Price of Options Outstanding, Ending price | $ 15.51 | $ 15.87 | $ 15.42 |
Weighted Average Remaining Years of Contractual Life | 8 months 15 days | 1 year 2 months 26 days | 1 year 7 months 28 days |
Share-Based Compensation And _3
Share-Based Compensation And Stock Repurchase Plans (Schedule Of Restricted Stock Units Issued And Vested) (Details) - Restricted Stock Units (RSUs) [Member] - shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 1,561,690 | 295,549 |
Number of options, Vesting | 740,078 | 287,958 |
Number of options, Unvested | 783,063 | |
Number of options, Forfeited | 38,549 | 7,591 |
Award Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 287,163 | |
Number of options, Vesting | 211,679 | |
Number of options, Unvested | 48,402 | |
Number of options, Forfeited | 27,082 | |
Award Date 2 [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 3 [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 4 [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 5 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 22,888 | |
Number of options, Vesting | 5,536 | |
Number of options, Unvested | 15,855 | |
Number of options, Forfeited | 1,497 | |
Award Date 6 [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 7 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 48,951 | |
Number of options, Vesting | 48,951 | |
Award Date 8 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 428,899 | |
Number of options, Unvested | 427,696 | |
Number of options, Forfeited | 1,203 | |
Award Date 9 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 73,683 | |
Number of options, Unvested | 73,683 | |
Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 339,438 | 129,796 |
Directors [Member] | Award Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 60,084 | |
Directors [Member] | Award Date 6 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 26,924 | |
Directors [Member] | Award Date 7 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 48,951 | |
Directors [Member] | Award Date 9 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 73,683 | |
Management [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 1,222,252 | 165,753 |
Management [Member] | Award Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 287,163 | |
Management [Member] | Award Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 43,260 | |
Management [Member] | Award Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 11,459 | |
Management [Member] | Award Date 4 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 262,830 | |
Management [Member] | Award Date 5 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 22,888 | |
Management [Member] | Award Date 8 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 428,899 |
Hedge Accounting (Narrative) (D
Hedge Accounting (Narrative) (Details) - Designated as Hedging Instrument [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 51,000,000 | $ 51,000,000 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Total derivatives designated as hedging instruments | ||
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Derivative Instruments and Hedges, Assets | Derivative Instruments and Hedges, Assets |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - current portion | $ 293 | $ 907 |
Derivative financial instruments - non-current portion | ||
Total derivatives designated as hedging instruments | 293 | 907 |
Derivative financial instruments - non-current portion | ||
Total derivatives designated as hedging instruments | ||
Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative financial instruments - current portion |
Hedge Accounting (Schedule Of C
Hedge Accounting (Schedule Of Changes in Fair value) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Income on Derivatives | $ (564) | $ 69 |
Interest Rate Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Income on Derivatives | $ (564) | $ 69 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | |
Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense |
Hedge Accounting (Summary Of He
Hedge Accounting (Summary Of Hedged Transactions That Affect Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense |
Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Income on Derivatives (Effective Portion) | $ 18 | $ (731) |
Loss Reclassified from OCI into Income (Effective Portion) | (564) | 69 |
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) | $ 18 | $ (731) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfers of assets and liabilities between level 1, 2, 3 | $ 0 | $ 0 |
Derivative Liability | ||
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 293,000 | $ 907,000 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Fair Value Carried At Cost And Measured On A Nonrecurring Basis) (Details) - Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | $ 169,305 | $ 172,230 | |
Subordinated debt | 25,203 | 25,025 | |
Financial liabilities total | 194,508 | 197,255 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | 169,305 | 172,230 | |
Subordinated debt | 25,203 | 25,025 | |
Financial liabilities total | 194,508 | 197,255 | |
Carrying Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes payable | [1] | 184,339 | 186,387 |
Subordinated debt | [1] | 29,062 | 29,246 |
Financial liabilities total | [1] | $ 213,401 | $ 215,633 |
[1] These balances are presented before any deduction for deferred financing costs. |