Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 13, 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 1-8625 | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | READING INTERNATIONAL, INC. | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 95-3885184 | |
Entity Address, Address Line One | 189 Second Avenue | |
Entity Address, Address Line Two | 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 | 20,745,594 | |
Class B [Member] | ||
Title of 12(b) Security | Class B Voting Common Stock, $0.01 par value | |
Trading Symbol | RDIB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 1,680,590 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 9,242 | $ 12,906 |
Restricted cash | 1,485 | 2,535 |
Receivables | 7,647 | 7,561 |
Inventories | 1,347 | 1,648 |
Prepaid and other current assets | 2,485 | 2,881 |
Land and property held for sale | 36,446 | 11,179 |
Total current assets | 58,652 | 38,710 |
Operating property, net | 225,473 | 262,417 |
Operating lease right-of-use assets | 168,546 | 181,542 |
Investment and development property, net | 8,789 | |
Investment in unconsolidated joint ventures | 4,428 | 4,756 |
Goodwill | 25,023 | 25,535 |
Intangible assets, net | 1,899 | 2,038 |
Deferred tax asset, net | 2,109 | 299 |
Other assets | 8,725 | 8,965 |
Total assets | 494,855 | 533,051 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 44,392 | 43,828 |
Film rent payable | 4,911 | 6,038 |
Debt - current portion | 58,401 | 34,484 |
Subordinated debt - current portion | 198 | 586 |
Taxes payable - current | 2,088 | 1,376 |
Deferred revenue | 10,027 | 10,993 |
Operating lease liabilities - current portion | 21,797 | 23,047 |
Other current liabilities | 6,625 | 6,731 |
Total current liabilities | 148,439 | 127,083 |
Debt - long-term portion | 123,347 | 146,605 |
Derivative financial instruments - non-current portion | 98 | |
Subordinated debt, net | 27,283 | 27,172 |
Noncurrent tax liabilities | 6,418 | 6,586 |
Operating lease liabilities - non-current portion | 168,246 | 180,898 |
Other liabilities | 11,493 | 11,711 |
Total liabilities | 485,324 | 500,055 |
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 June 30, 2024 and December 31, 2023 | ||
Additional paid-in capital | 156,529 | 155,402 |
Retained earnings/(deficits) | (102,058) | (79,489) |
Treasury shares | (40,407) | (40,407) |
Accumulated other comprehensive income | (4,325) | (2,673) |
Total Reading International, Inc. stockholders’ equity | 9,994 | 33,087 |
Noncontrolling interests | (463) | (91) |
Total stockholders' equity | 9,531 | 32,996 |
Total liabilities and stockholders’ equity | 494,855 | 533,051 |
Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 238 | 237 |
Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 17 | $ 17 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
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 | 33,681,705 | 33,602,627 |
Common stock, shares outstanding | 20,745,594 | 20,666,516 |
Class B [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 1,680,590 | 1,680,590 |
Common stock, shares outstanding | 1,680,590 | 1,680,590 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue | ||||
Total revenue | $ 46,809 | $ 65,055 | $ 91,861 | $ 110,861 |
Costs and expenses | ||||
Depreciation and amortization | (4,011) | (4,689) | (8,216) | (9,329) |
General and administrative | (5,271) | (5,109) | (10,693) | (10,288) |
Total costs and expenses | (51,161) | (63,266) | (103,743) | (116,955) |
Operating income (loss) | (4,352) | 1,789 | (11,882) | (6,094) |
Interest expense, net | (5,252) | (4,874) | (10,537) | (8,991) |
Gain (loss) on sale of assets | 9 | (1,116) | ||
Other income (expense) | (216) | (86) | 123 | 91 |
Income (loss) before income tax expense and equity earnings of unconsolidated joint ventures | (9,811) | (3,171) | (23,412) | (14,994) |
Equity earnings of unconsolidated joint ventures | 119 | 207 | 94 | 226 |
Income (loss) before income taxes | (9,692) | (2,964) | (23,318) | (14,768) |
Income tax benefit (expense) | 156 | 103 | 379 | 583 |
Net income (loss) | (9,536) | (2,861) | (22,939) | (14,185) |
Less: net income (loss) attributable to noncontrolling interests | (195) | (83) | (370) | (296) |
Net income (loss) attributable to Reading International, Inc. | $ (9,341) | $ (2,778) | $ (22,569) | $ (13,889) |
Basic earnings (loss) per share | $ (0.42) | $ (0.12) | $ (1.01) | $ (0.63) |
Diluted earnings (loss) per share | $ (0.42) | $ (0.12) | $ (1.01) | $ (0.63) |
Weighted average number of shares outstanding-basic | 22,413,617 | 22,262,214 | 22,379,881 | 22,183,618 |
Weighted average number of shares outstanding-diluted | 23,246,591 | 23,502,506 | 23,294,887 | 23,423,910 |
Cinema [Member] | ||||
Revenue | ||||
Total revenue | $ 42,942 | $ 61,056 | $ 84,213 | $ 103,042 |
Costs and expenses | ||||
Costs and expenses | (39,418) | (51,364) | (80,138) | (93,019) |
Real Estate [Member] | ||||
Revenue | ||||
Total revenue | 3,867 | 3,999 | 7,648 | 7,819 |
Costs and expenses | ||||
Costs and expenses | $ (2,461) | $ (2,104) | $ (4,696) | $ (4,319) |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (9,536) | $ (2,861) | $ (22,939) | $ (14,185) |
Foreign currency translation gain (loss) | 932 | (589) | (1,659) | (1,352) |
Gain (loss) on cash flow hedges | (98) | (205) | (98) | (788) |
Other | 52 | 53 | 102 | 107 |
Comprehensive income (loss) | (8,650) | (3,602) | (24,594) | (16,218) |
Less: net income (loss) attributable to noncontrolling interests | (195) | (83) | (370) | (296) |
Less: comprehensive income (loss) attributable to noncontrolling interests | (1) | (1) | (2) | |
Comprehensive income (loss) | $ (8,455) | $ (3,518) | $ (24,223) | $ (15,920) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities | ||
Net income (loss) | $ (22,939) | $ (14,185) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Equity earnings of unconsolidated joint ventures | (94) | (226) |
Distributions of earnings from unconsolidated joint ventures | 329 | 338 |
(Gain) loss recognized on foreign currency transactions | (66) | |
(Gain) loss on sale of assets | 1,116 | |
Amortization of operating leases | 9,089 | 9,290 |
Amortization of finance leases | 21 | 15 |
Change in operating lease liabilities | (9,903) | (10,059) |
Change in net deferred tax assets | (1,824) | (31) |
Depreciation and amortization | 8,216 | 9,329 |
Other amortization | 829 | 753 |
Stock based compensation expense | 1,134 | 751 |
Net changes in operating assets and liabilities: | ||
Receivables | (151) | 719 |
Prepaid and other assets | 414 | (1,341) |
Payments for accrued pension | (342) | (171) |
Accounts payable and accrued expenses | 1,918 | (2,540) |
Film rent payable | (1,069) | (25) |
Taxes payable | 758 | 1,512 |
Deferred revenue and other liabilities | (593) | (2,937) |
Net cash provided by (used in) operating activities | (13,157) | (8,808) |
Investing Activities | ||
Purchases of and additions to operating and investment properties | (2,175) | (3,430) |
Contributions to unconsolidated joint ventures | (30) | |
Proceeds from sale of assets | 9,603 | |
Net cash provided by (used in) investing activities | 7,398 | (3,430) |
Financing Activities | ||
Repayment of borrowings | (11,391) | (3,258) |
Repayment of finance lease principal | (20) | (16) |
Proceeds from borrowings | 12,980 | 3,154 |
Capitalized borrowing costs | (438) | (349) |
(Cash paid) proceeds from the settlement of employee share transactions | (6) | (243) |
Net cash provided by (used in) financing activities | 1,125 | (712) |
Effect of exchange rate on cash and restricted cash | (80) | (188) |
Net increase (decrease) in cash and cash equivalents and restricted cash | (4,714) | (13,138) |
Cash and cash equivalents and restricted cash at the beginning of the period | 15,441 | 34,979 |
Cash and cash equivalents and restricted cash at the end of the period | 10,727 | 21,841 |
Cash and cash equivalents and restricted cash consists of: | ||
Cash and cash equivalents | 9,242 | 15,511 |
Restricted cash | 1,485 | 6,330 |
Total | 10,727 | 21,841 |
Supplemental Disclosures | ||
Interest paid | 9,608 | 7,724 |
Income taxes (refunded) paid | 1,029 | (728) |
Non-Cash Transactions | ||
Additions to operating and investing properties through accrued expenses | $ 2,736 | $ 3,255 |
Description Of Business And Seg
Description Of Business And Segment Reporting | 6 Months Ended |
Jun. 30, 2024 | |
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 and six months ended June 30, 2024, and 2023, respectively. Operating expense includes costs associated with the day-to-day operations of the cinemas and the management of rental properties, including our live theatre assets. Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2024 2023 2024 2023 Revenue: Cinema exhibition $ 42,941 $ 61,055 $ 84,213 $ 103,042 Real estate 5,013 5,217 9,946 10,282 Inter-segment elimination ( 1,146 ) ( 1,218 ) ( 2,298 ) ( 2,463 ) $ 46,808 $ 65,054 $ 91,861 $ 110,861 Segment operating income (loss): Cinema exhibition $ ( 1,270 ) $ 4,474 $ ( 5,435 ) $ ( 141 ) Real estate 946 1,286 1,837 2,291 $ ( 324 ) $ 5,760 $ ( 3,598 ) $ 2,150 A reconciliation of segment operating income to income before income taxes is as follows: Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2024 2023 2024 2023 Segment operating income (loss) $ ( 324 ) $ 5,760 $ ( 3,598 ) $ 2,150 Unallocated corporate expense Depreciation and amortization expense ( 99 ) ( 176 ) ( 201 ) ( 355 ) General and administrative expense ( 3,929 ) ( 3,794 ) ( 8,083 ) ( 7,889 ) Interest expense, net ( 5,252 ) ( 4,875 ) ( 10,537 ) ( 8,991 ) Equity earnings of unconsolidated joint ventures 119 207 94 226 Gain (loss) on sale of assets 9 — ( 1,116 ) — Other income (expense) ( 216 ) ( 86 ) 123 91 Income (loss) before income tax expense $ ( 9,692 ) $ ( 2,964 ) $ ( 23,318 ) $ ( 14,768 ) |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 (“2023 Form 10-K”). All significant intercompany balances and transactions have been eliminated on consolidation. These consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim reporting with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (“SEC”). As such, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. We believe that we have included all normal and recurring adjustments necessary for a fair presentation of the results for the interim period. Operating results for the quarter and six months ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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 . |
Liquidity and Impairment Assess
Liquidity and Impairment Assessment | 6 Months Ended |
Jun. 30, 2024 | |
Liquidity and Impairment Assessment [Abstract] | |
Liquidity and Impairment Assessment | Note 3 – Liquidity and Impairment Assessment 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, our beliefs about the recovery of the global cinema industry, 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 of the end of the second quarter, 2024, we have $ 58.6 million of debt due in twelve months. We have cash of $ 9.2 million and negative working capital of $ 89.8 million, inclusive of land and property held for sale of $ 36.4 million (based on book as opposed to fair market value). In order 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 and our revenues and net income need to increase through improved operations and asset monetization. In April 2024, we exercised our first option to extend our Union Square financing facility, extending the maturity date of that loan ($ 47.1 million at June 30, 2024) to May 6, 2025. We also obtained an extension of our NAB facility ($ 66.8 million at June 30, 2024), extending the maturity date of that loan to July 31, 2026. This extension also included a bridge loan in the amount of $ 13.4 million, maturing on March 31, 2025, subject to prepayment obligations from the net sales proceeds of certain assets. We are in discussions with Santander to extend the maturity date of that loan ($ 8.0 million) and believe that we will be able to reach mutually acceptable terms with respect to our Cinemas 123 ($ 21.0 million, due third quarter of 2024) and our Westpac ($ 8.4 million, due first quarter of 2025) credit facilities. We believe that the global cinema industry will continue to improve in the last half of 2024 and 2025. This belief underpins our forecasts and cash flow projections. Our forecasts rely upon, among other things, the market reception to current films such as Inside Out 2, Twisters, Deadpool and Wolverine, and Despicable Me 4 , the current industry movie release schedule, which demonstrates an increased number of movies to be released 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 the event that our forecasts and cash flow estimates, and our reasonable refinancing expectations, do not come to fruition to the extent needed to provide sufficient funding, we are willing and able to pursue additional asset monetizations. Since 2021, we have demonstrated our ability to complete such real estate asset monetizations. 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 . At December 31, 2023, our Company performed a quantitative recoverability test of the carrying values of all its asset groups. Our Company estimated the undiscounted future cash flows expected to result from the use of these asset groups and found that no impairment charge was necessary. The financial performance of our cinemas has been improving, despite the challenges described above, and particularly the ongoing impacts of the WGA and SAG strikes on the first six months of 2024. This improved performance at an asset group level, and the impact of this performance on our impairment modelling, resulted in no impairment charges being recognized for the first six months of 2024. Actual performance against our forecasts is dependent on several variables and conditions, many of which are subject to the uncertainties associated with among other things, the factors presented above, 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, 2023. The test was performed at a reporting unit level by comparing each reporting unit’s carrying value, including goodwill, to its fair value. The fair value of each reporting unit was assessed using a discounted cash flow model based on the budgetary revisions performed by management in response to COVID-19 and the developing market conditions. Given the continuing improvements in trading conditions, taking into account the actual and expecting impacts of the WGA and SAG strikes, no impairment charges were recorded in the first six months of 2024. Actual performance against our forecasts is dependent on several variables and conditions, including among other things, the factors presented above, and as a result, actual results may materially differ from management’s estimates. |
Operations In Foreign Currency
Operations In Foreign Currency | 6 Months Ended |
Jun. 30, 2024 | |
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, cash flows from our overseas operations have been used to cover our domestic general and administrative costs, interest expense, and loss from our domestic cinema operations. Our Australian and New Zealand assets and liabilities are translated from their functional currencies of Australian dollar (“AU$”) and New Zealand dollar (“NZ$”), respectively, to the U.S. dollar based on the exchange rate as of June 30, 2024. 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. We take a global view of our financial resources and are flexible in making use of resources from one jurisdiction in other jurisdictions. Presented in the table below are the currency exchange rates for Australia and New Zealand: Foreign Currency / USD As of and for the quarter ended As of and for the six months ended As of and for the twelve months ended As of and for the quarter ended As of and for the six months ended June 30, 2024 December 31, 2023 June 30, 2023 Spot Rate Australian Dollar 0.6677 0.6828 0.6663 New Zealand Dollar 0.6096 0.6340 0.6133 Average Rate Australian Dollar 0.6591 0.6582 0.6647 0.6681 0.6761 New Zealand Dollar 0.6054 0.6089 0.6145 0.6186 0.6243 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 5 – Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing the net income attributable to our Company by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated by dividing the net income attributable to our Company by the weighted average number of common and common equivalent shares outstanding during the period and is calculated using the treasury stock method for equity-based compensation awards. The following table sets forth the computation of basic and diluted EPS and a reconciliation of the weighted average number of common and common equivalent shares outstanding: Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands, except share data) 2024 2023 2024 2023 Numerator: Net income (loss) attributable to Reading International, Inc. $ ( 9,341 ) $ ( 2,778 ) $ ( 22,569 ) $ ( 13,889 ) Denominator: Weighted average number of common stock – basic 22,413,617 22,262,214 22,379,881 22,183,618 Weighted average dilutive impact of awards 832,974 1,240,292 915,006 1,240,292 Weighted average number of common stock – diluted 23,246,591 23,502,506 23,294,887 23,423,910 Basic earnings (loss) per share $ ( 0.42 ) $ ( 0.12 ) $ ( 1.01 ) $ ( 0.63 ) Diluted earnings (loss) per share $ ( 0.42 ) $ ( 0.12 ) $ ( 1.01 ) $ ( 0.63 ) Awards excluded from diluted earnings (loss) per share 207,657 205,122 207,657 205,122 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 six months of 2024 or 2023. 207,657 shares issuable under stock options and restricted stock units were excluded from the computation of diluted net income (loss) per share in periods when their effect was anti-dilutive; either because our Company incurred a net loss for the period, or the exercise price of the options was greater than the average market price of the common stock during the period, or the effect was anti-dilutive as a result of applying the treasury stock method. |
Property And Equipment
Property And Equipment | 6 Months Ended |
Jun. 30, 2024 | |
Property And Equipment [Abstract] | |
Property And Equipment | Note 6 – Property and Equipment Operating Property, net Property associated with our operating activities as at June 30, 2024 and December 31, 2023, is summarized as follows: June 30, December 31, (Dollars in thousands) 2024 2023 Land $ 47,745 $ 61,095 Building and improvements 169,838 205,821 Leasehold improvements 50,508 53,984 Fixtures and equipment 148,602 155,156 Construction-in-progress 2,418 4,290 Total cost 419,111 480,346 Less: accumulated depreciation ( 193,638 ) ( 217,929 ) Operating property, net $ 225,473 $ 262,417 Depreciation expense for operating property was $ 4.0 million and $ 8.1 million for the quarter and six months ended June 30, 2024, respectively, as compare to $ 4.7 million and $ 9.3 million for the quarter and six months ended June 30, 2023. Investment and Development Property, net Our investment and development property as of June 30, 2024 and December 31, 2023, is summarized below: June 30, December 31, (Dollars in thousands) 2024 2023 Land $ — $ 3,856 Construction-in-progress (including capitalized interest) — 4,933 Investment and development property $ — $ 8,789 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 six months ended June 30, 2024, are shown below: (Dollars in thousands) Balance, December 31, 2023 Additions during the period Completed during the period Transferred to Held for Sale Foreign currency translation Balance, June 30, 2024 Courtenay Central development 6,412 — — ( 6,089 ) ( 323 ) — Cinema developments and improvements 1,658 172 ( 132 ) ( 60 ) ( 7 ) 1,631 Other real estate projects 1,153 403 ( 371 ) ( 387 ) ( 11 ) 787 Total $ 9,223 $ 575 $ ( 503 ) $ ( 6,536 ) $ ( 341 ) $ 2,418 2024 Real Estate Monetizations Between the fourth quarter of 2020 and the fourth quarter of 2023, we classified as assets held for sale disposal groups and thereafter monetized the following real estate assets: The Auburn/Redyard Entertainment Themed Center (“ETC”), Manukau (land), Coachella (land), the Royal George Theatre, our property in Maitland, New South Wales, our Invercargill, New Zealand cinema and associated ancillary land, and our office building in Culver City (sold in February 2024). In the second quarter of 2023, we classified our 2483 Trenton Avenue, Williamsport, Pennsylvania, as held for sale. In the second quarter of 2024, we further classified as held for sale our Cannon Park ETC, our Courtenay Central ETC and associated land and improvements, and our Rotorua land and improvements. A ‘disposal group’ represents assets to be disposed of in a single transaction. A disposal group may represent a single asset, or multiple assets. Discussed below are those real estate transactions affecting the presentation in our consolidated balance sheet as of June 30, 2024 and 2023, and the profitability determination in our consolidated statements of income for the six months ended June 30, 2024, and 2023. Culver City, Los Angeles In May 2023, we classified our Culver City administrative building, commonly known as 5995 Sepulveda Blvd., as held for sale. Our book value (as opposed to fair value) of the property was $ 10.8 million, being the lower of cost and fair value less costs to sell. No adjustments to the book value of the assets contained within this disposal group were required. The disposal group consisted of land, a building and various leasehold improvements. The sale was completed on February 23, 2024, at a gross sales price of $ 10.0 million. The proceeds were used to discharge the $ 8.3 million first mortgage on the property. The loss on sale of this property is calculated as follows: March 31 (Dollars in thousands) 2024 Sales price $ 10,000 Net book value ( 10,800 ) Loss on sale, gross of direct costs ( 800 ) Direct sale costs incurred ( 325 ) Loss on sale, net of direct costs $ ( 1,125 ) Disposal Groups Held for Sale Cannon Park ETC In May 2024, we classified our Cannon Park ETC in Townsville, Queensland, Australia, as held for sale at the lower of cost and fair value less costs to sell. The disposal group consists of our Cannon Park City Center and Cannon Park Discount Center properties, comprising approximately 9.4 -acres. The current book value (as opposed to fair value) of the property is $ 18.8 million. No adjustments to the book value of the assets contained within this disposal group were required. We expect to complete the sale within 12 months. Wellington, New Zealand In June 2024, we classified our Courtenay Central ETC in Wellington, New Zealand, as held for sale at the lower of cost and fair value less costs to sell. The disposal group consists of our Courtenay Central cinema and retail property, along with our Tory and Wakefield Street car parks. The current book value (as opposed to fair value) of the property is $ 15.8 million. No adjustments to the book value of the assets contained within this disposal group were required. We expect to complete the sale within 12 months. Reading Cinema in Rotorua, New Zealand In June 2024, we classified the land and improvements constituting our Rotorua cinema in Rotorua, New Zealand, as held for sale at the lower of cost and fair value less costs to sell. The disposal group consists of our land, cinema building and the associated improvements. The current book value (as opposed to fair value) of the property is $ 1.4 million. No adjustments to the book value of the assets contained within this disposal group were required. We expect to complete the sale within 12 months. 2483 Trenton Avenue, Williamsport, Pennsylvania In June 2023, we classified our industrial property at 2483 Trenton Avenue, Williamsport, Pennsylvania, as held for sale at the lower of cost and fair value less costs to sell. The current book value (as opposed to fair value) of the property is $ 460,000 . The property is part of our historic railroad operations, consisting of land and an 18,000 square foot industrial building, and certain rail bed improvements. No adjustments to the book value of the assets contained within this disposal group were required. We continue to hold this property as held for sale, and sales efforts continue as we work to resolve certain easement issues. The property continues to meet the ASC 360 held for sale criteria. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
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 up to a further 20 years. Lease payments for our cinema operating leases consist of fixed base rent, and for certain leases, variable lease payments consisting of contracted percentages of revenue, changes in the relevant CPI, and/or other contracted financial metrics. The components of lease expense were as follows: Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2024 2023 2024 2023 Lease cost Finance lease cost: Amortization of right-of-use assets $ 10 $ 8 $ 21 $ 15 Interest on lease liabilities 1 — 3 1 Operating lease cost 7,732 8,226 15,606 16,408 Variable lease cost 678 399 1,200 669 Total lease cost $ 8,421 $ 8,633 $ 16,830 $ 17,093 Supplemental cash flow information related to leases is as follows: Six Months Ended June 30, (Dollars in thousands) 2024 2023 Cash flows relating to lease cost Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 22 $ 17 Operating cash flows for operating leases 12,924 16,849 Right-of-use assets obtained in exchange for new operating lease liabilities — 1,633 Supplemental balance sheet information related to leases is as follows: June 30, December 31, (Dollars in thousands) 2024 2023 Operating leases Operating lease right-of-use assets $ 168,546 $ 181,542 Operating lease liabilities - current portion 21,797 23,047 Operating lease liabilities - non-current portion 168,246 180,898 Total operating lease liabilities $ 190,043 $ 203,945 Finance leases Property plant and equipment, gross 228 232 Accumulated depreciation ( 166 ) ( 177 ) Property plant and equipment, net $ 62 $ 55 Other current liabilities 41 40 Other long-term liabilities 22 43 Total finance lease liabilities $ 63 $ 83 Other information Weighted-average remaining lease term - finance leases 2 2 Weighted-average remaining lease term - operating leases 11 11 Weighted-average discount rate - finance leases 7.07 % 7.07 % Weighted-average discount rate - operating leases 4.63 % 4.62 % The maturities of our leases were as follows: (Dollars in thousands) Operating leases Finance leases 2024 $ 30,207 $ 44 2025 29,007 22 2026 26,751 — 2027 23,446 — 2028 21,288 — Thereafter 112,162 — Total lease payments $ 242,861 $ 66 Less imputed interest ( 52,818 ) ( 3 ) Total $ 190,043 $ 63 As Lessor We have entered into various leases as a lessor for our owned real estate properties. These leases vary in length between 1 and 20 years, with certain leases containing options to extend at the behest of the applicable tenants. Lease components consist of fixed base rent, and for certain leases, variable lease payments consisting of contracted percentages of revenue, changes in the relevant CPI, and/or other contracted financial metrics. None of our leases grant any right to the tenant to purchase the underlying asset. Lease income relating to operating lease payments was as follows: Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2024 2023 2024 2023 Components of lease income Lease payments $ 2,701 2,765 $ 5,425 $ 5,392 Variable lease payments 279 176 423 393 Total lease income $ 2,980 $ 2,941 $ 5,848 $ 5,786 The book value of underlying assets under operating leases from owned assets was as follows: June 30, December 31, (Dollars in thousands) 2024 2023 Building and improvements Gross balance $ 115,569 $ 127,222 Accumulated depreciation ( 20,961 ) ( 23,270 ) Net Book Value $ 94,608 $ 103,952 The minimum contractual rent payments due on our leases were as follows: (Dollars in thousands) Operating leases 2024 $ 4,311 2025 8,751 2026 7,303 2027 6,520 2028 6,568 Thereafter 21,323 Total $ 54,776 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | Note 8 – Goodwill and Intangible Assets The table below summarizes goodwill by business segment as of June 30, 2024, and December 31, 2023. (Dollars in thousands) Cinema Real Estate Total Balance at December 31, 2023 $ 20,311 $ 5,224 $ 25,535 Foreign currency translation adjustment ( 512 ) — ( 512 ) Balance at June 30, 2024 $ 19,799 $ 5,224 $ 25,023 Our Company is required to test goodwill and other intangible assets for impairment on an annual basis and, if current events or circumstances require them, on an interim basis. Our next annual evaluation of goodwill and other intangible assets is scheduled during the fourth quarter of 2024. To test the impairment of goodwill, our Company compares the fair value of each reporting unit to its carrying amount, including the goodwill, to determine if there is potential goodwill impairment. A reporting unit is generally one level below the operating segment. As of June 30, 2024, we were not aware that any events indicating potential impairment of goodwill had occurred outside of those described at Note 3 – Liquidity and Impairment Assessment . The tables below summarize intangible assets other than goodwill, as of June 30, 2024, and December 31, 2023, respectively. As of June 30, 2024 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 10,459 $ 9,024 $ 4,380 $ 23,863 Less: Accumulated amortization ( 10,285 ) ( 8,032 ) ( 3,647 ) ( 21,964 ) Net intangible assets other than goodwill $ 174 $ 992 $ 733 $ 1,899 As of December 31, 2023 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 11,283 $ 9,024 $ 4,400 $ 24,707 Less: Accumulated amortization ( 11,089 ) ( 7,961 ) ( 3,611 ) ( 22,661 ) Less: Impairments — — ( 8 ) ( 8 ) Net intangible assets other than goodwill $ 194 $ 1,063 $ 781 $ 2,038 Beneficial leases obtained in business combinations where we are the landlord are amortized over the life of the relevant leases. Trade names are amortized based on the accelerated amortization method over their estimated useful life of 30 years, and other intangible assets are amortized over their estimated useful lives of up to 30 years (except for transferrable liquor licenses, which are indefinite-lived assets). The table below summarizes the amortization expense of intangible assets for the quarter and six months ended June 30, 2024 Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2024 2023 2024 2023 Beneficial lease amortization $ 21 $ 21 $ 43 $ 43 Other amortization 60 54 97 101 Total intangible assets amortization $ 81 $ 75 $ 140 $ 144 |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024, and December 31, 2023: June 30, December 31, (Dollars in thousands) Interest 2024 2023 Rialto Cinemas 50.0 % $ 768 $ 848 Mt. Gravatt 33.3 % 3,660 3,908 Total investments $ 4,428 $ 4,756 For the quarter and six months ended June 30, 2024 and 2023, the recognized share of equity earnings from our investments in unconsolidated joint ventures are as follows: Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2024 2023 2024 2023 Rialto Cinemas $ ( 9 ) $ 1 $ ( 77 ) $ ( 39 ) Mt. Gravatt 128 206 171 265 Total equity earnings $ 119 $ 207 $ 94 $ 226 |
Prepaid And Other Assets
Prepaid And Other Assets | 6 Months Ended |
Jun. 30, 2024 | |
Prepaid And Other Assets [Abstract] | |
Prepaid And Other Assets | Note 10 – Prepaid and Other Assets Prepaid and other assets are summarized as follows: June 30, December 31, (Dollars in thousands) 2024 2023 Prepaid and other current assets Prepaid expenses $ 1,436 $ 1,813 Prepaid taxes 295 802 Income taxes receivable 435 — Deposits 301 249 Investments in marketable securities 18 17 Total prepaid and other current assets $ 2,485 $ 2,881 Other non-current assets Other non-cinema and non-rental real estate assets 674 674 Investment in Reading International Trust I 838 838 Straight-line rent asset 7,202 7,445 Long-term deposits 11 8 Total other non-current assets $ 8,725 $ 8,965 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
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 1.6 % and 3.9 % for the six months ended June 30, 2024 and 2023, respectively. The difference is primarily due to an increase in unrecognized tax benefits in 2024. The forecasted effective tax rate is updated each quarter as new information becomes available. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2024 | |
Borrowings [Abstract] | |
Borrowings | Note 12 – Borrowings Our Company’s borrowings at June 30, 2024 and December 31, 2023, net of deferred financing costs and including the impact of interest rate derivatives on effective interest rates, are summarized below: As of June 30, 2024 (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 $ 27,283 9.59 % 9.59 % Bank of America Credit Facility (US) August 18, 2025 17,750 17,750 17,680 11.50 % 11.50 % Cinemas 1, 2, 3 Term Loan (US) October 1, 2024 20,855 20,855 20,770 8.83 % 8.83 % Minetta & Orpheum Theatres Loan (US) June 1, 2024 8,000 8,000 7,984 7.00 % 7.00 % Union Square Financing (US) May 6, 2025 55,000 47,141 46,938 12.54 % 12.54 % Purchase Money Promissory Note (US) September 18, 2024 198 198 198 5.00 % 5.00 % Denominated in foreign currency ("FC") (2) NAB Corporate Term Loan (AU) July 31, 2026 66,770 66,770 66,610 6.09 % 6.09 % NAB Bridge Facility (AU) March 31, 2025 13,354 13,354 13,329 6.12 % 6.12 % Westpac Bank Corporate (NZ) January 1, 2025 8,437 8,437 8,437 8.20 % 8.20 % $ 218,277 $ 210,418 $ 209,229 (1) Net of deferred financing costs amounting to $ 1.2 million. (2) The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of June 30, 2024. As of December 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 $ 27,172 9.65 % 9.65 % Bank of America Credit Facility (US)(3) September 4, 2024 20,200 20,200 20,080 11.00 % 11.00 % Cinemas 1, 2, 3 Term Loan (US) October 1, 2024 21,008 21,008 20,780 8.84 % 8.84 % Minetta & Orpheum Theatres Loan (US) June 1, 2024 8,000 8,000 8,000 8.34 % 8.34 % U.S. Corporate Office Term Loan (US) January 1, 2027 8,401 8,401 8,356 4.64 % / 4.44 % 4.64 % / 4.44 % Union Square Financing (US) May 6, 2024 55,000 47,141 46,925 12.53 % 12.53 % Purchase Money Promissory Note (US) September 18, 2024 586 586 586 5.00 % 5.00 % Denominated in foreign currency ("FC")(2) NAB Corporate Term Loan (AU) July 31, 2025 68,276 68,276 68,173 6.11 % 6.11 % Westpac Bank Corporate (NZ) January 1, 2025 8,775 8,775 8,775 8.20 % 8.20 % Total $ 218,159 $ 210,300 $ 208,847 (1) Net of deferred financing costs amounting to $ 1.5 million. (2) The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of December 31, 2023. (3) This financing facility was extended after December 31, 2023. Our loan arrangements are presented, net of the deferred financing costs, on the face of our consolidated balance sheet as follows: June 30, December 31, Balance Sheet Caption (Dollars in thousands) 2024 2023 Debt - current portion $ 58,401 $ 34,484 Debt - long-term portion 123,347 146,605 Subordinated debt - current portion 198 586 Subordinated debt - long-term portion 27,283 27,172 Total borrowings $ 209,229 $ 208,847 Bank of America Credit Facility Our Bank of America facility was amended on March 27, 2024, to among other terms and conditions, (i) extend the Maturity Date to August 18, 2025 , (ii) require a $ 275,000 principal paydown, (iii) eliminate the minimum liquidity covenant, (iv) reduce the principal amortization amounts and provide a principal holiday period, and (v) require certain paydowns on the sale of certain real estate assets. Interest is charged at 3.0 % above the Bank of America Prime rate, which itself has a floor of 1.0 %. Payment-in-kind interest at a rate of 0.5 % commenced on January 1, 2024, and will continue until December 31, 2024, increasing to 1.5 % on January 1, 2025, until the facility is repaid in full. This loan is subject to mandatory prepayment out of a portion of the net proceeds realized by us in the event that we determine to sell certain specified assets. Minetta and Orpheum Theatres Loan On November 1, 2023, our $ 8.0 million loan with Santander Bank, which is secured by our Minetta and Orpheum Theatres, matured. On January 26, 2024, we extended this loan for a further six months to June 1, 2024 . We are in discussions with Santander to extend the maturity date of this loan. Cinemas 1,2,3 Term Loan Our Cinemas 1,2,3 Term Loan is held by Sutton Hill Properties LLC (“SHP”), a 75 % owned subsidiary of RDI. On September 29, 2023, we extended the maturity of this loan from October 3, 2023, to October 1, 2024. The loan is with Valley National Bank, carries an interest rate of 3.50 % above monthly SOFR, with a floor of 7.50 %, and includes provisions for a prepaid interest reserve. 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. Following the phase out of LIBOR, the facility bears a variable interest rate of TERM SOFR plus 6.9 % and includes provisions for a prepaid interest and property tax reserve fund. On April 23, 2024, we executed the first 12 month extension on this loan, taking the maturity to May 6, 2025 . The loan has one remaining 12-month option to extend, and may be repaid at any time, without the payment of any premium. As this option is within our control, we will continue to keep the loan classified as long-term. 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 . U.S. Corporate Office Term Loan We repaid this $ 8.4 million loan in full in February 2024, with a portion of the proceeds from the sale of our Culver City office building. Debt denominated in foreign currencies Westpac Bank Corporate Credit Facility (NZ) Our Westpac Corporate Credit Facility for NZ$ 13.8 million matures on January 1, 2025 . 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 quarter ending June 30, 2024. On August 13, 2024, we increased the limit on this facility by NZ$ 5.0 million to NZ$ 18.8 million. The maturity date remains January 1, 2025 . See Note 20 Subsequent Events. Australian NAB Corporate Term Loan (AU) Prior to March 31, 2024, our Revolving Corporate Markets Loan Facility with National Australia Bank (“NAB”) matured on July 31, 2025 . It consisted of (i) an AU$ 100.0 million Corporate Loan facility at 1.75 % above BBSY, of which AU $ 60.0 million was revolving and AU$ 40.0 million was core and (ii) a Bank Guarantee Facility of AU$ 5.0 million at a rate of 1.9 % per annum. On April 4, 2024, we amended this facility, which now matures on July 31, 2026 . As part of the amendment, we obtained an additional AU$ 20.0 million bridge facility which matures on March 31, 2025 (or earlier, upon the sale of certain assets), and modified certain covenants. We are also required, from March 31, 2025, to make quarterly repayments of AU$ 1.5 million against the AU$ 100.0 million Corporate Loan facility, until maturity date, representing permanent reductions in that facility’s ceiling. The bank guarantee facility was reduced to AU$ 3.0 million. No other changes were made. Effective June 28, 2024, we entered into an Interest Rate Hedging Agreement with NAB on AU$ 50.0 million of the Corporate Loan Facility with the Termination date on July 31, 2026. The Interest Rate Collar transaction has a floor of 4.18 % and a cap of 4.78 %. |
Other Liabilities
Other Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities [Abstract] | |
Other Liabilities | Note 13 – Other Liabilities Other liabilities are summarized as follows: June 30, December 31, (Dollars in thousands) 2024 2023 Current liabilities Lease liability $ 5,900 $ 5,900 Accrued pension 532 684 Security deposit payable 119 74 Finance lease liabilities 41 40 Other 33 33 Other current liabilities $ 6,625 $ 6,731 Other liabilities Lease make-good provision 6,018 6,050 Accrued pension 2,542 2,646 Deferred rent liability 1,255 1,314 Environmental reserve 1,656 1,656 Acquired leases — 2 Finance lease liabilities 22 43 Other non-current liabilities $ 11,493 $ 11,711 Pension Liability – Supplemental Executive Retirement Plan Details of our Supplemental Executive Retirement Plan are disclosed in Note 13 – Pension and Other Liabilities in our 2023 Form 10-K. Included in our current and non-current liabilities are accrued pension costs of $ 3.1 million on June 30, 2024. The benefits of our pension plan are fully vested and therefore no service costs were recognized for the quarter and six months ended June 30, 2024, and 2023. Our pension plan is unfunded. During the quarter and six months ended June 30, 2024, the interest cost was $ 42,000 and $ 86,000 , respectively, and the actuarial loss was $ 52,000 and $ 104,000 , respectively. During the quarter and six months ended June 30, 2023, the interest cost was $ 50,000 and $ 99,000 , respectively, and the actuarial loss was $ 51,000 and $ 103,000 , respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 $ ( 986 ) $ ( 18 ) $ ( 1,669 ) $ — $ ( 2,673 ) Change related to derivatives Total change in hedge fair value recorded in Other Comprehensive Income — — — ( 98 ) ( 98 ) Amounts reclassified from accumulated other comprehensive income — — — — — Net change related to derivatives — — — ( 98 ) ( 98 ) Net current-period other comprehensive income (loss) ( 1,659 ) 1 104 ( 98 ) ( 1,652 ) Balance at June 30, 2024 $ ( 2,645 ) $ ( 17 ) $ ( 1,565 ) $ ( 98 ) $ ( 4,325 ) |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note 15 – Commitments and Contingencies Litigation Matters We are currently involved in certain legal proceedings and, to the extent 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. |
Non-controlling Interests
Non-controlling Interests | 6 Months Ended |
Jun. 30, 2024 | |
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: June 30, December 31, (Dollars in thousands) 2024 2023 Australian Country Cinemas, Pty Ltd $ 64 $ 76 Shadow View Land and Farming, LLC ( 2 ) ( 2 ) Sutton Hill Properties, LLC ( 525 ) ( 165 ) Noncontrolling interests in consolidated subsidiaries $ ( 463 ) $ ( 91 ) The components of income attributable to noncontrolling interests are as follows: Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2024 2023 2024 2023 Australian Country Cinemas, Pty Ltd $ 3 $ 25 $ ( 9 ) $ 35 Shadow View Land and Farming, LLC — — — — Sutton Hill Properties, LLC ( 198 ) ( 108 ) ( 361 ) ( 331 ) Net income (loss) attributable to noncontrolling interests $ ( 195 ) $ ( 83 ) $ ( 370 ) $ ( 296 ) 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, 2024 20,664 $ 237 1,681 $ 17 $ 155,402 $ ( 79,489 ) $ ( 40,407 ) $ ( 2,673 ) $ 33,087 $ ( 91 ) $ 32,996 Net income (loss) — — — — — ( 13,228 ) — — ( 13,228 ) ( 175 ) ( 13,403 ) Other comprehensive income, net — — — — — — — ( 2,538 ) ( 2,538 ) ( 3 ) ( 2,541 ) Share-based compensation expense — — — — 678 — — — 678 -- 678 Restricted Stock Units 9 — — — ( 2 ) — — — ( 2 ) -- ( 2 ) At March 31, 2024 20,673 $ 237 1,681 $ 17 $ 156,078 $ ( 92,717 ) $ ( 40,407 ) $ ( 5,211 ) $ 17,997 $ ( 269 ) $ 17,728 Net income — — — — — ( 9,341 ) — — ( 9,341 ) ( 195 ) ( 9,536 ) Other comprehensive income, net — — — — — — — 886 886 1 887 Share-based compensation expense — — — — 456 — — — 456 -- 456 Restricted Stock Units 72 1 — — ( 5 ) — — — ( 4 ) -- ( 4 ) At June 30, 2024 20,745 $ 238 1,681 $ 17 $ 156,529 $ ( 102,058 ) $ ( 40,407 ) $ ( 4,325 ) $ 9,994 $ ( 463 ) $ 9,531 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 Net income — — — — — ( 2,778 ) — — ( 2,778 ) ( 83 ) ( 2,861 ) Other comprehensive income, net — — — — — — — ( 740 ) ( 740 ) ( 1 ) ( 741 ) Share-based compensation expense — — — — 308 — — — 308 — 308 Restricted Stock Units 92 1 — — ( 113 ) — — — ( 112 ) — ( 112 ) At June 30, 2023 20,591 $ 236 1,680 $ 17 $ 154,290 $ ( 62,705 ) $ ( 40,407 ) $ ( 3,990 ) $ 47,441 $ 125 $ 47,566 |
Stock-Based Compensation And St
Stock-Based Compensation And Stock Repurchases | 6 Months Ended |
Jun. 30, 2024 | |
Stock-Based Compensation and Stock Repurchase [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 (as amended, the “2020 Plan”). Under the 2020 Plan, the number of permitted authorized shares for issuance was originally set at 1,250,000 , plus any shares reserved for awards outstanding under the 2010 Plan that were subsequently forfeited (for instance, through a then outstanding out of the money option) or if the related shares are repurchased, a corresponding number of shares would automatically become available for issuance under the 2020 Plan. On December 7, 2023, the Company’s stockholders, upon recommendation of the Company’s board of directors, approved the First Amendment to the 2020 Stock Incentive Plan, increasing the number of Class A Common Stock reserved for issuance under the 2020 Plan by an additional 971,807 shares. 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. At June 30, 2024, there were 1,486,907 shares of Class A Common Stock available for issuance under the 2020 Plan, which includes shares from the 2010 Plan that become available for issuance due to the forfeiture of then outstanding out of the money stock options. Stock options are granted at exercise prices equal to the grant-date market prices and typically expire on either the fifth or tenth anniversary of 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 or options 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. Stock options to purchase 207,657 shares of Class A Common Stock were issued to the Board of Directors upon their reelection to the Board in December 2023 for their services for their 2024 term. No other stock options were granted in 2023. On June 6, 2024, we issued options to purchase 1,264,603 shares of Class A Common Stock to our senior executives. These options have a one -year vesting and a ten -year term and were granted in lieu of cash bonuses which would otherwise have been paid under our Company's Incentive Compensation Program. No other stock options were granted during the two quarters of 2024. For the quarter and six months ended June 30, 2024, we recorded a compensation expense of $ 115,000 and $ 164,000 respectively, with respect to our prior stock option grants. For the quarter and six months ended June 30, 2023, we recorded a compensation expense of and $ 9,000 and $ 18,000 respectively, with respect to our prior stock option grants At June 30, 2024, the total unrecognized estimated compensation expense related to non-vested stock options was $ 815,000 , which we expect to recognize over a weighted average vesting period of 1.03 years. The intrinsic, unrealized value of all options outstanding vested and expected to vest, at June 30, 2024, was nil , as the closing price of our Class A Common Stock on that date was $ 1.42 . The following table summarizes the number of options outstanding and exercisable as of June 30, 2024, and December 31, 2023: 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, 2022 327,498 $ 15.87 1.24 $ — Granted 207,657 1.92 — — Exercised — — — — Forfeited ( 122,376 ) — — — Balance - December 31, 2023 412,779 $ 14.19 1.79 $ — Granted 1,264,603 1.47 — — Exercised — — — — Forfeited ( 205,122 ) — — — Balance - June 30, 2024 1,472,260 $ 1.73 9.87 $ — Restricted Stock Units The following table summarizes the status of RSUs granted to date as of June 30, 2024: Restricted Stock Units RSU Grants (in units) Vested, Unvested, Forfeited, Grant Date Directors Management Total Grants June 30, 2024 June 30, 2024 June 30, 2024 Opening balance 265,755 793,353 1,059,108 944,946 50,259 63,904 April 18, 2022 — 428,899 428,899 151,033 230,601 47,265 December 15, 2022 73,683 — 73,683 73,683 — — April 11, 2023 — 413,536 413,536 146,714 257,790 9,032 April 21, 2023 — 237,719 237,719 79,328 149,866 8,525 April 28, 2023 — 20,427 20,427 5,109 15,318 — Total 339,438 1,893,934 2,233,372 1,400,813 703,834 128,726 Time vested RSU awards to management typically vest 25 % on the anniversary of the grant date and the remainder over a period of four years . Beginning in 2020, a performance component has been added to certain management equity grants, which vest on the third anniversary of their grant date based on the achievement of certain performance metrics. From 2021 onwards, RSUs have two vesting 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. On April 11 and April 21, 2023, the Board of Directors determined that our Company was not in a position to pay cash bonuses that would otherwise have been earned by certain members of management under our Company’s Incentive Compensation Plan for 2022, and authorized the issuance in lieu of such cash bonuses 85,139 RSUs, which vested on April 11, 2024 and 52,360 RSUs, which vested on April 21, 2024. No RSUs were granted during the remainder of 2023 or the first two quarters of 2024, however, the Compensation Committee has not completed its final review of 2024 incentive compensation. For the quarter and six months ended June 30, 2024, we recorded compensation expense of $ 341,000 and $ 1.0 million, respectively. For the quarter and six months ended June 30, 2023, we recorded compensation expense of $ 299,000 , and $ 733,000 , respectively. The total unrecognized compensation expense related to the non-vested RSUs was $ 2.6 million as of June 30, 2024, which we expect to recognize over a weighted average vesting period of 1.17 years. Stock Repurchase Program Our Stock Repurchase Program expired on March 10, 2024. It has not been renewed. No stock has been repurchased by our Company since March 10, 2020. |
Hedge Accounting
Hedge Accounting | 6 Months Ended |
Jun. 30, 2024 | |
Hedge Accounting [Abstract] | |
Hedge Accounting | Note 18 – Hedge Accounting As of June 30, 2024, our Company held derivative instruments to the notional value of $ 33.4 million. The changes in fair value of that instrument were recorded in Other Comprehensive Income and released into interest expense in the same period(s) in which the hedged transactions affect earnings. As of December 31, 2023, our Company held no derivative instruments. In the quarter and six months ended June 30, 2024 and June 30, 2023, respectively, the derivative instruments affected Comprehensive Income as follows: (Dollars in thousands) Location of Loss Recognized in Income on Derivatives Amount of Loss (Gain) Recognized in Income on Derivatives Quarter Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Interest rate contracts Interest expense $ — $ ( 19 ) $ — $ ( 786 ) Total $ — $ ( 19 ) $ — $ ( 786 ) Loss (Gain) Recognized in OCI on Derivatives (Effective Portion) (Dollars in thousands) Amount Amount Quarter Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Interest rate contracts $ 98 $ ( 16 ) $ 98 $ 2 Total $ 98 $ ( 16 ) $ 98 $ 2 Loss (Gain) Reclassified from OCI into Income (Effective Portion) Line Item Amount Amount Quarter Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Interest expense $ — $ ( 220 ) $ — $ ( 785 ) Total $ — $ ( 220 ) $ — $ ( 785 ) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
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. The following tables summarize our financial liabilities that are carried at cost and measured at fair value on a non-recurring basis as of June 30, 2024, and December 31, 2023, by level within the fair value hierarchy. Fair Value Measurement at June 30, 2024 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 182,307 $ — $ — $ 183,045 $ 183,045 Subordinated debt 28,111 — — 27,771 27,771 $ 210,418 $ — $ — $ 210,816 $ 210,816 Fair Value Measurement at December 31, 2023 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 181,801 $ — $ — $ 148,325 $ 148,325 Subordinated debt 28,499 — — 27,832 27,832 $ 210,300 $ — $ — $ 176,157 $ 176,157 (1) These balances are presented before any deduction for deferred financing costs. The following is a description of the valuation methodologies used to estimate the fair value of our financial assets and liabilities. There have been no changes in the methodologies used as of June 30, 2024, and December 31, 2023. Level 1 investments in marketable securities primarily consist of investments associated with the ownership of marketable securities in U.S. and New Zealand. These investments are valued based on observable market quotes on the last trading date of the reporting period. Level 2 derivative financial instruments are valued based on discounted cash flow models that incorporate observable inputs such as interest rates and yield curves from the derivative counterparties. The credit valuation adjustments associated with our non-performance risk and counterparty credit risk are incorporated in the fair value estimates of our derivatives. As of June 30, 2024, and December 31, 2023, we concluded that the credit valuation adjustments were not significant to the overall valuation of our derivatives. Level 3 borrowings include our secured and unsecured notes payable, trust preferred securities and other debt instruments. The borrowings are valued based on discounted cash flow models that incorporate appropriate market discount rates. We calculated the market discount rate by obtaining period-end treasury rates for fixed-rate debt, or LIBOR for variable-rate debt, for maturities that correspond to the maturities of our debt, adding appropriate credit spreads derived from information obtained from third-party financial institutions. These credit spreads take into account factors such as our credit rate, debt maturity, types of borrowings, and the loan-to-value ratios of the debt. Our Company’s financial instruments also include cash, cash equivalents, receivables and accounts payable. The carrying values of these financial instruments approximate the fair values due to their short maturities. Additionally, there were no transfers of assets and liabilities between levels 1, 2, or 3 during the quarter and six months ended June 30, 2024, and June 30, 2023. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20 – Subsequent Events On August 12, 2024, the date for the closing of our acquisition of the ground lessee’s interest in the land and improvements constituting our Village East Theatre was extended to November 30, 2024, and our sublease of that facility was extended until September 1, 2026. On August 13, 2024, we increased the limit of the Westpac Corporate Credit Facility by NZ$ 5.0 million to NZ$ 18.8 million. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 (“2023 Form 10-K”). All significant intercompany balances and transactions have been eliminated on consolidation. These consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim reporting with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (“SEC”). As such, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. We believe that we have included all normal and recurring adjustments necessary for a fair presentation of the results for the interim period. Operating results for the quarter and six months ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. |
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) | 6 Months Ended |
Jun. 30, 2024 | |
Description Of Business And Segment Reporting [Abstract] | |
Summary Of Results Of Operations For Principal Business Segments | Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2024 2023 2024 2023 Revenue: Cinema exhibition $ 42,941 $ 61,055 $ 84,213 $ 103,042 Real estate 5,013 5,217 9,946 10,282 Inter-segment elimination ( 1,146 ) ( 1,218 ) ( 2,298 ) ( 2,463 ) $ 46,808 $ 65,054 $ 91,861 $ 110,861 Segment operating income (loss): Cinema exhibition $ ( 1,270 ) $ 4,474 $ ( 5,435 ) $ ( 141 ) Real estate 946 1,286 1,837 2,291 $ ( 324 ) $ 5,760 $ ( 3,598 ) $ 2,150 |
Reconciliation To Net Income Attributable To Common Shareholders | Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2024 2023 2024 2023 Segment operating income (loss) $ ( 324 ) $ 5,760 $ ( 3,598 ) $ 2,150 Unallocated corporate expense Depreciation and amortization expense ( 99 ) ( 176 ) ( 201 ) ( 355 ) General and administrative expense ( 3,929 ) ( 3,794 ) ( 8,083 ) ( 7,889 ) Interest expense, net ( 5,252 ) ( 4,875 ) ( 10,537 ) ( 8,991 ) Equity earnings of unconsolidated joint ventures 119 207 94 226 Gain (loss) on sale of assets 9 — ( 1,116 ) — Other income (expense) ( 216 ) ( 86 ) 123 91 Income (loss) before income tax expense $ ( 9,692 ) $ ( 2,964 ) $ ( 23,318 ) $ ( 14,768 ) |
Operations In Foreign Currency
Operations In Foreign Currency (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Operations In Foreign Currency [Abstract] | |
Summary Of Currency Exchange Rates | Foreign Currency / USD As of and for the quarter ended As of and for the six months ended As of and for the twelve months ended As of and for the quarter ended As of and for the six months ended June 30, 2024 December 31, 2023 June 30, 2023 Spot Rate Australian Dollar 0.6677 0.6828 0.6663 New Zealand Dollar 0.6096 0.6340 0.6133 Average Rate Australian Dollar 0.6591 0.6582 0.6647 0.6681 0.6761 New Zealand Dollar 0.6054 0.6089 0.6145 0.6186 0.6243 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings (Loss) Per Share | Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands, except share data) 2024 2023 2024 2023 Numerator: Net income (loss) attributable to Reading International, Inc. $ ( 9,341 ) $ ( 2,778 ) $ ( 22,569 ) $ ( 13,889 ) Denominator: Weighted average number of common stock – basic 22,413,617 22,262,214 22,379,881 22,183,618 Weighted average dilutive impact of awards 832,974 1,240,292 915,006 1,240,292 Weighted average number of common stock – diluted 23,246,591 23,502,506 23,294,887 23,423,910 Basic earnings (loss) per share $ ( 0.42 ) $ ( 0.12 ) $ ( 1.01 ) $ ( 0.63 ) Diluted earnings (loss) per share $ ( 0.42 ) $ ( 0.12 ) $ ( 1.01 ) $ ( 0.63 ) Awards excluded from diluted earnings (loss) per share 207,657 205,122 207,657 205,122 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | June 30, December 31, (Dollars in thousands) 2024 2023 Land $ 47,745 $ 61,095 Building and improvements 169,838 205,821 Leasehold improvements 50,508 53,984 Fixtures and equipment 148,602 155,156 Construction-in-progress 2,418 4,290 Total cost 419,111 480,346 Less: accumulated depreciation ( 193,638 ) ( 217,929 ) Operating property, net $ 225,473 $ 262,417 |
Summary Of Investment And Development Property | June 30, December 31, (Dollars in thousands) 2024 2023 Land $ — $ 3,856 Construction-in-progress (including capitalized interest) — 4,933 Investment and development property $ — $ 8,789 |
Construction-In-Progress Balance | (Dollars in thousands) Balance, December 31, 2023 Additions during the period Completed during the period Transferred to Held for Sale Foreign currency translation Balance, June 30, 2024 Courtenay Central development 6,412 — — ( 6,089 ) ( 323 ) — Cinema developments and improvements 1,658 172 ( 132 ) ( 60 ) ( 7 ) 1,631 Other real estate projects 1,153 403 ( 371 ) ( 387 ) ( 11 ) 787 Total $ 9,223 $ 575 $ ( 503 ) $ ( 6,536 ) $ ( 341 ) $ 2,418 |
Loss On Sale Of Property | March 31 (Dollars in thousands) 2024 Sales price $ 10,000 Net book value ( 10,800 ) Loss on sale, gross of direct costs ( 800 ) Direct sale costs incurred ( 325 ) Loss on sale, net of direct costs $ ( 1,125 ) |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Components Of Lease Expense | Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2024 2023 2024 2023 Lease cost Finance lease cost: Amortization of right-of-use assets $ 10 $ 8 $ 21 $ 15 Interest on lease liabilities 1 — 3 1 Operating lease cost 7,732 8,226 15,606 16,408 Variable lease cost 678 399 1,200 669 Total lease cost $ 8,421 $ 8,633 $ 16,830 $ 17,093 |
Supplemental Cash Flow Information Related To Leases | Six Months Ended June 30, (Dollars in thousands) 2024 2023 Cash flows relating to lease cost Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 22 $ 17 Operating cash flows for operating leases 12,924 16,849 Right-of-use assets obtained in exchange for new operating lease liabilities — 1,633 |
Supplemental Balance Sheet Information Related To Leases | June 30, December 31, (Dollars in thousands) 2024 2023 Operating leases Operating lease right-of-use assets $ 168,546 $ 181,542 Operating lease liabilities - current portion 21,797 23,047 Operating lease liabilities - non-current portion 168,246 180,898 Total operating lease liabilities $ 190,043 $ 203,945 Finance leases Property plant and equipment, gross 228 232 Accumulated depreciation ( 166 ) ( 177 ) Property plant and equipment, net $ 62 $ 55 Other current liabilities 41 40 Other long-term liabilities 22 43 Total finance lease liabilities $ 63 $ 83 Other information Weighted-average remaining lease term - finance leases 2 2 Weighted-average remaining lease term - operating leases 11 11 Weighted-average discount rate - finance leases 7.07 % 7.07 % Weighted-average discount rate - operating leases 4.63 % 4.62 % |
Maturity Of Leases As Lessee | (Dollars in thousands) Operating leases Finance leases 2024 $ 30,207 $ 44 2025 29,007 22 2026 26,751 — 2027 23,446 — 2028 21,288 — Thereafter 112,162 — Total lease payments $ 242,861 $ 66 Less imputed interest ( 52,818 ) ( 3 ) Total $ 190,043 $ 63 |
Components Of Lease Income | Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2024 2023 2024 2023 Components of lease income Lease payments $ 2,701 2,765 $ 5,425 $ 5,392 Variable lease payments 279 176 423 393 Total lease income $ 2,980 $ 2,941 $ 5,848 $ 5,786 |
Book Value Of Assets Under Operating Leases From Owned Assets | June 30, December 31, (Dollars in thousands) 2024 2023 Building and improvements Gross balance $ 115,569 $ 127,222 Accumulated depreciation ( 20,961 ) ( 23,270 ) Net Book Value $ 94,608 $ 103,952 |
Maturity Of Leases As Lessor | (Dollars in thousands) Operating leases 2024 $ 4,311 2025 8,751 2026 7,303 2027 6,520 2028 6,568 Thereafter 21,323 Total $ 54,776 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill And Intangible Assets [Abstract] | |
Summary Of Goodwill | (Dollars in thousands) Cinema Real Estate Total Balance at December 31, 2023 $ 20,311 $ 5,224 $ 25,535 Foreign currency translation adjustment ( 512 ) — ( 512 ) Balance at June 30, 2024 $ 19,799 $ 5,224 $ 25,023 |
Summary Of Intangible Assets Other Than Goodwill | As of June 30, 2024 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 10,459 $ 9,024 $ 4,380 $ 23,863 Less: Accumulated amortization ( 10,285 ) ( 8,032 ) ( 3,647 ) ( 21,964 ) Net intangible assets other than goodwill $ 174 $ 992 $ 733 $ 1,899 As of December 31, 2023 (Dollars in thousands) Beneficial Leases Trade Name Other Intangible Assets Total Gross carrying amount $ 11,283 $ 9,024 $ 4,400 $ 24,707 Less: Accumulated amortization ( 11,089 ) ( 7,961 ) ( 3,611 ) ( 22,661 ) Less: Impairments — — ( 8 ) ( 8 ) Net intangible assets other than goodwill $ 194 $ 1,063 $ 781 $ 2,038 |
Summary Of Amortization Expense | Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2024 2023 2024 2023 Beneficial lease amortization $ 21 $ 21 $ 43 $ 43 Other amortization 60 54 97 101 Total intangible assets amortization $ 81 $ 75 $ 140 $ 144 |
Investments In Unconsolidated_2
Investments In Unconsolidated Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Summary Of The Investments In Unconsolidated Joint Ventures And Entities | June 30, December 31, (Dollars in thousands) Interest 2024 2023 Rialto Cinemas 50.0 % $ 768 $ 848 Mt. Gravatt 33.3 % 3,660 3,908 Total investments $ 4,428 $ 4,756 |
Summary Of Equity Earnings (Losses) From Investments In Unconsolidated Joint Ventures | Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2024 2023 2024 2023 Rialto Cinemas $ ( 9 ) $ 1 $ ( 77 ) $ ( 39 ) Mt. Gravatt 128 206 171 265 Total equity earnings $ 119 $ 207 $ 94 $ 226 |
Prepaid And Other Assets (Table
Prepaid And Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Prepaid And Other Assets [Abstract] | |
Summary Of Prepaid And Other Assets | June 30, December 31, (Dollars in thousands) 2024 2023 Prepaid and other current assets Prepaid expenses $ 1,436 $ 1,813 Prepaid taxes 295 802 Income taxes receivable 435 — Deposits 301 249 Investments in marketable securities 18 17 Total prepaid and other current assets $ 2,485 $ 2,881 Other non-current assets Other non-cinema and non-rental real estate assets 674 674 Investment in Reading International Trust I 838 838 Straight-line rent asset 7,202 7,445 Long-term deposits 11 8 Total other non-current assets $ 8,725 $ 8,965 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Borrowings [Abstract] | |
Summary Of Borrowings | As of June 30, 2024 (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 $ 27,283 9.59 % 9.59 % Bank of America Credit Facility (US) August 18, 2025 17,750 17,750 17,680 11.50 % 11.50 % Cinemas 1, 2, 3 Term Loan (US) October 1, 2024 20,855 20,855 20,770 8.83 % 8.83 % Minetta & Orpheum Theatres Loan (US) June 1, 2024 8,000 8,000 7,984 7.00 % 7.00 % Union Square Financing (US) May 6, 2025 55,000 47,141 46,938 12.54 % 12.54 % Purchase Money Promissory Note (US) September 18, 2024 198 198 198 5.00 % 5.00 % Denominated in foreign currency ("FC") (2) NAB Corporate Term Loan (AU) July 31, 2026 66,770 66,770 66,610 6.09 % 6.09 % NAB Bridge Facility (AU) March 31, 2025 13,354 13,354 13,329 6.12 % 6.12 % Westpac Bank Corporate (NZ) January 1, 2025 8,437 8,437 8,437 8.20 % 8.20 % $ 218,277 $ 210,418 $ 209,229 (1) Net of deferred financing costs amounting to $ 1.2 million. (2) The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of June 30, 2024. As of December 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 $ 27,172 9.65 % 9.65 % Bank of America Credit Facility (US)(3) September 4, 2024 20,200 20,200 20,080 11.00 % 11.00 % Cinemas 1, 2, 3 Term Loan (US) October 1, 2024 21,008 21,008 20,780 8.84 % 8.84 % Minetta & Orpheum Theatres Loan (US) June 1, 2024 8,000 8,000 8,000 8.34 % 8.34 % U.S. Corporate Office Term Loan (US) January 1, 2027 8,401 8,401 8,356 4.64 % / 4.44 % 4.64 % / 4.44 % Union Square Financing (US) May 6, 2024 55,000 47,141 46,925 12.53 % 12.53 % Purchase Money Promissory Note (US) September 18, 2024 586 586 586 5.00 % 5.00 % Denominated in foreign currency ("FC")(2) NAB Corporate Term Loan (AU) July 31, 2025 68,276 68,276 68,173 6.11 % 6.11 % Westpac Bank Corporate (NZ) January 1, 2025 8,775 8,775 8,775 8.20 % 8.20 % Total $ 218,159 $ 210,300 $ 208,847 (1) Net of deferred financing costs amounting to $ 1.5 million. (2) The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of December 31, 2023. (3) This financing facility was extended after December 31, 2023. |
Schedule Of Long-term Debt Instruments, Net Of The Deferred Financing Costs | June 30, December 31, Balance Sheet Caption (Dollars in thousands) 2024 2023 Debt - current portion $ 58,401 $ 34,484 Debt - long-term portion 123,347 146,605 Subordinated debt - current portion 198 586 Subordinated debt - long-term portion 27,283 27,172 Total borrowings $ 209,229 $ 208,847 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities [Abstract] | |
Summary Of Other Liabilities Including Pension | June 30, December 31, (Dollars in thousands) 2024 2023 Current liabilities Lease liability $ 5,900 $ 5,900 Accrued pension 532 684 Security deposit payable 119 74 Finance lease liabilities 41 40 Other 33 33 Other current liabilities $ 6,625 $ 6,731 Other liabilities Lease make-good provision 6,018 6,050 Accrued pension 2,542 2,646 Deferred rent liability 1,255 1,314 Environmental reserve 1,656 1,656 Acquired leases — 2 Finance lease liabilities 22 43 Other non-current liabilities $ 11,493 $ 11,711 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 $ ( 986 ) $ ( 18 ) $ ( 1,669 ) $ — $ ( 2,673 ) Change related to derivatives Total change in hedge fair value recorded in Other Comprehensive Income — — — ( 98 ) ( 98 ) Amounts reclassified from accumulated other comprehensive income — — — — — Net change related to derivatives — — — ( 98 ) ( 98 ) Net current-period other comprehensive income (loss) ( 1,659 ) 1 104 ( 98 ) ( 1,652 ) Balance at June 30, 2024 $ ( 2,645 ) $ ( 17 ) $ ( 1,565 ) $ ( 98 ) $ ( 4,325 ) |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Non-controlling Interests [Abstract] | |
Components Of Non-controlling Interests | June 30, December 31, (Dollars in thousands) 2024 2023 Australian Country Cinemas, Pty Ltd $ 64 $ 76 Shadow View Land and Farming, LLC ( 2 ) ( 2 ) Sutton Hill Properties, LLC ( 525 ) ( 165 ) Noncontrolling interests in consolidated subsidiaries $ ( 463 ) $ ( 91 ) |
Components Of Income/(Loss) Attributable To Non-controlling Interest | Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2024 2023 2024 2023 Australian Country Cinemas, Pty Ltd $ 3 $ 25 $ ( 9 ) $ 35 Shadow View Land and Farming, LLC — — — — Sutton Hill Properties, LLC ( 198 ) ( 108 ) ( 361 ) ( 331 ) Net income (loss) attributable to noncontrolling interests $ ( 195 ) $ ( 83 ) $ ( 370 ) $ ( 296 ) |
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, 2024 20,664 $ 237 1,681 $ 17 $ 155,402 $ ( 79,489 ) $ ( 40,407 ) $ ( 2,673 ) $ 33,087 $ ( 91 ) $ 32,996 Net income (loss) — — — — — ( 13,228 ) — — ( 13,228 ) ( 175 ) ( 13,403 ) Other comprehensive income, net — — — — — — — ( 2,538 ) ( 2,538 ) ( 3 ) ( 2,541 ) Share-based compensation expense — — — — 678 — — — 678 -- 678 Restricted Stock Units 9 — — — ( 2 ) — — — ( 2 ) -- ( 2 ) At March 31, 2024 20,673 $ 237 1,681 $ 17 $ 156,078 $ ( 92,717 ) $ ( 40,407 ) $ ( 5,211 ) $ 17,997 $ ( 269 ) $ 17,728 Net income — — — — — ( 9,341 ) — — ( 9,341 ) ( 195 ) ( 9,536 ) Other comprehensive income, net — — — — — — — 886 886 1 887 Share-based compensation expense — — — — 456 — — — 456 -- 456 Restricted Stock Units 72 1 — — ( 5 ) — — — ( 4 ) -- ( 4 ) At June 30, 2024 20,745 $ 238 1,681 $ 17 $ 156,529 $ ( 102,058 ) $ ( 40,407 ) $ ( 4,325 ) $ 9,994 $ ( 463 ) $ 9,531 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 Net income — — — — — ( 2,778 ) — — ( 2,778 ) ( 83 ) ( 2,861 ) Other comprehensive income, net — — — — — — — ( 740 ) ( 740 ) ( 1 ) ( 741 ) Share-based compensation expense — — — — 308 — — — 308 — 308 Restricted Stock Units 92 1 — — ( 113 ) — — — ( 112 ) — ( 112 ) At June 30, 2023 20,591 $ 236 1,680 $ 17 $ 154,290 $ ( 62,705 ) $ ( 40,407 ) $ ( 3,990 ) $ 47,441 $ 125 $ 47,566 |
Stock-Based Compensation And _2
Stock-Based Compensation And Stock Repurchase (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Stock-Based Compensation and Stock Repurchase [Abstract] | |
Schedule 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, 2022 327,498 $ 15.87 1.24 $ — Granted 207,657 1.92 — — Exercised — — — — Forfeited ( 122,376 ) — — — Balance - December 31, 2023 412,779 $ 14.19 1.79 $ — Granted 1,264,603 1.47 — — Exercised — — — — Forfeited ( 205,122 ) — — — Balance - June 30, 2024 1,472,260 $ 1.73 9.87 $ — |
Summary Of Restricted Stock Units Granted | Restricted Stock Units RSU Grants (in units) Vested, Unvested, Forfeited, Grant Date Directors Management Total Grants June 30, 2024 June 30, 2024 June 30, 2024 Opening balance 265,755 793,353 1,059,108 944,946 50,259 63,904 April 18, 2022 — 428,899 428,899 151,033 230,601 47,265 December 15, 2022 73,683 — 73,683 73,683 — — April 11, 2023 — 413,536 413,536 146,714 257,790 9,032 April 21, 2023 — 237,719 237,719 79,328 149,866 8,525 April 28, 2023 — 20,427 20,427 5,109 15,318 — Total 339,438 1,893,934 2,233,372 1,400,813 703,834 128,726 |
Hedge Accounting (Tables)
Hedge Accounting (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Hedge Accounting [Abstract] | |
Schedule Of Changes in Fair value | (Dollars in thousands) Location of Loss Recognized in Income on Derivatives Amount of Loss (Gain) Recognized in Income on Derivatives Quarter Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Interest rate contracts Interest expense $ — $ ( 19 ) $ — $ ( 786 ) Total $ — $ ( 19 ) $ — $ ( 786 ) |
Summary Of Hedged Transactions That Affect Earnings | Loss (Gain) Recognized in OCI on Derivatives (Effective Portion) (Dollars in thousands) Amount Amount Quarter Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Interest rate contracts $ 98 $ ( 16 ) $ 98 $ 2 Total $ 98 $ ( 16 ) $ 98 $ 2 Loss (Gain) Reclassified from OCI into Income (Effective Portion) Line Item Amount Amount Quarter Ended June 30 Six Months Ended June 30 2024 2023 2024 2023 Interest expense $ — $ ( 220 ) $ — $ ( 785 ) Total $ — $ ( 220 ) $ — $ ( 785 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Measurements [Abstract] | |
Schedule Of Fair Value Carried At Cost And Measured On A Nonrecurring Basis | Fair Value Measurement at June 30, 2024 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 182,307 $ — $ — $ 183,045 $ 183,045 Subordinated debt 28,111 — — 27,771 27,771 $ 210,418 $ — $ — $ 210,816 $ 210,816 Fair Value Measurement at December 31, 2023 (Dollars in thousands) Carrying Value (1) Level 1 Level 2 Level 3 Total Notes payable $ 181,801 $ — $ — $ 148,325 $ 148,325 Subordinated debt 28,499 — — 27,832 27,832 $ 210,300 $ — $ — $ 176,157 $ 176,157 (1) These balances are presented before any deduction for deferred financing costs. |
Description Of Business And S_3
Description Of Business And Segment Reporting (Summary Of Results Of Operations For Principal Business Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | $ 46,809 | $ 65,055 | $ 91,861 | $ 110,861 |
Segment operating income (loss) | (4,352) | 1,789 | (11,882) | (6,094) |
Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 46,808 | 65,054 | 91,861 | 110,861 |
Segment operating income (loss) | (324) | 5,760 | (3,598) | 2,150 |
Intersegment Eliminations [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | (1,146) | (1,218) | (2,298) | (2,463) |
Cinema Exhibition [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 42,941 | 61,055 | 84,213 | 103,042 |
Segment operating income (loss) | (1,270) | 4,474 | (5,435) | (141) |
Real Estate [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 5,013 | 5,217 | 9,946 | 10,282 |
Segment operating income (loss) | $ 946 | $ 1,286 | $ 1,837 | $ 2,291 |
Description Of Business And S_4
Description Of Business And Segment Reporting (Reconciliation To Net Income Attributable To Common Shareholders) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Segment operating income (loss) | $ (4,352) | $ 1,789 | $ (11,882) | $ (6,094) |
Depreciation and amortization expense | (4,011) | (4,689) | (8,216) | (9,329) |
General and administrative expense | (5,271) | (5,109) | (10,693) | (10,288) |
Equity earnings of unconsolidated joint ventures | 119 | 207 | 94 | 226 |
Gain (loss) on sale of assets | 9 | (1,116) | ||
Other income (expense) | (216) | (86) | 123 | 91 |
Income (loss) before income taxes | (9,692) | (2,964) | (23,318) | (14,768) |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment operating income (loss) | (324) | 5,760 | (3,598) | 2,150 |
Unallocated Corporate Expense [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization expense | (99) | (176) | (201) | (355) |
General and administrative expense | (3,929) | (3,794) | (8,083) | (7,889) |
Interest expense, net | $ (5,252) | $ (4,875) | $ (10,537) | $ (8,991) |
Liquidity and Impairment Asse_2
Liquidity and Impairment Assessment (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | |
Impact Of Covid [Line Items] | |||
Debt carrying amount | $ 210,418 | $ 210,300 | |
Borrowings due | 209,229 | 208,847 | |
Debt current | 58,600 | ||
Cash and cash equivalents | 9,242 | 12,906 | $ 15,511 |
Working capital | (89,800) | ||
Land and property held for sale | 36,446 | 11,179 | |
Impairment charges against sites | 0 | ||
Union Square Construction Financing [Member] | |||
Impact Of Covid [Line Items] | |||
Debt carrying amount | 47,141 | 47,141 | |
Borrowings due | 46,938 | 46,925 | |
US Cinema 1, 2, 3 Term Loan [Member] | |||
Impact Of Covid [Line Items] | |||
Debt carrying amount | 20,855 | 21,008 | |
Borrowings due | 20,770 | 20,780 | |
Debt current | 21,000 | ||
Westpac Bank Corporate Credit Facility [Member] | |||
Impact Of Covid [Line Items] | |||
Debt carrying amount | 8,437 | 8,775 | |
Borrowings due | 8,437 | $ 8,775 | |
Debt current | 8,400 | ||
NAB Corporate Loan Facility [Member] | |||
Impact Of Covid [Line Items] | |||
Borrowings due | 66,800 | ||
Bridge loan | 13,400 | ||
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 | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Australian Dollar [Member] | Spot Rate [Member] | |||||
Currency Exchange Rates [Line Items] | |||||
Foreign currency exchange rate | 0.6677 | 0.6663 | 0.6677 | 0.6663 | 0.6828 |
Australian Dollar [Member] | Average Rate [Member] | |||||
Currency Exchange Rates [Line Items] | |||||
Foreign currency exchange rate | 0.6591 | 0.6681 | 0.6582 | 0.6761 | 0.6647 |
New Zealand Dollar [Member] | Spot Rate [Member] | |||||
Currency Exchange Rates [Line Items] | |||||
Foreign currency exchange rate | 0.6096 | 0.6133 | 0.6096 | 0.6133 | 0.6340 |
New Zealand Dollar [Member] | Average Rate [Member] | |||||
Currency Exchange Rates [Line Items] | |||||
Foreign currency exchange rate | 0.6054 | 0.6186 | 0.6089 | 0.6243 | 0.6145 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Awards excluded from diluted earnings (loss) per share | 207,657 | 205,122 | 207,657 | 205,122 |
Class A [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares repurchased plan, shares | 0 | 0 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to Reading International, Inc. | $ (9,341) | $ (2,778) | $ (22,569) | $ (13,889) |
Weighted average shares of common stock – basic | 22,413,617 | 22,262,214 | 22,379,881 | 22,183,618 |
Weighted average dilutive impact of awards | 832,974 | 1,240,292 | 915,006 | 1,240,292 |
Weighted average number of common stock – diluted | 23,246,591 | 23,502,506 | 23,294,887 | 23,423,910 |
Basic earnings (loss) per share | $ (0.42) | $ (0.12) | $ (1.01) | $ (0.63) |
Diluted earnings (loss) per share | $ (0.42) | $ (0.12) | $ (1.01) | $ (0.63) |
Awards excluded from diluted earnings (loss) per share | 207,657 | 205,122 | 207,657 | 205,122 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 USD ($) | May 31, 2024 USD ($) a | Jun. 30, 2023 USD ($) ft² | May 31, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) ft² | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) ft² | Feb. 23, 2024 USD ($) | |
Property, Plant and Equipment [Line Items] | |||||||||
Depreciation expense for operating property | $ 4,000,000 | $ 4,700,000 | $ 8,100,000 | $ 9,300,000 | |||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 2483 Trenton Avenue Williamsport Pennsylvania [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Book value | $ 460,000 | $ 460,000 | $ 460,000 | ||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 2483 Trenton Avenue Williamsport Pennsylvania [Member] | Land [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Area of Land | ft² | 18,000 | 18,000 | 18,000 | ||||||
Property book value adjustment | $ 0 | ||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Culver City Los Angeles [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Sale price | $ 8,300,000 | $ 10,000,000 | |||||||
Disposal Group, Held-for-Sale, Not Discontinued Operations [Member] | Culver City Los Angeles [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Adjustment to sale price | 0 | ||||||||
Book value | $ 10,800,000 | ||||||||
Disposal Group, Held-for-Sale, Not Discontinued Operations [Member] | Cannon Park ETC [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Book value | $ 18,800,000 | ||||||||
Area of Land | a | 9.4 | ||||||||
Property book value adjustment | $ 0 | ||||||||
Disposal Group, Held-for-Sale, Not Discontinued Operations [Member] | Courtenay Central ETC [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Book value | $ 15,800,000 | 15,800,000 | 15,800,000 | ||||||
Property book value adjustment | 0 | ||||||||
Disposal Group, Held-for-Sale, Not Discontinued Operations [Member] | Rotorua Cinema Building [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Book value | 1,400,000 | $ 1,400,000 | $ 1,400,000 | ||||||
Property book value adjustment | $ 0 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 419,111 | $ 480,346 |
Less: accumulated depreciation | (193,638) | (217,929) |
Operating properties, net | 225,473 | 262,417 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 47,745 | 61,095 |
Building And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 169,838 | 205,821 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 50,508 | 53,984 |
Fixtures And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 148,602 | 155,156 |
Construction-In-Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 2,418 | $ 4,290 |
Property And Equipment (Summary
Property And Equipment (Summary Of Investment And Development Property) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Property, Plant and Equipment [Line Items] | |
Investment and development property | $ 8,789 |
Land [Member] | |
Property, Plant and Equipment [Line Items] | |
Investment and development property | 3,856 |
Construction-In-Progress (Including Capitalized Interest) [Member] | |
Property, Plant and Equipment [Line Items] | |
Investment and development property | $ 4,933 |
Property And Equipment (Constru
Property And Equipment (Construction-In-Progress Balance) (Details) - Operating And Investing Properties [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Property, Plant and Equipment [Line Items] | |
Balance | $ 9,223 |
Additions during the period | 575 |
Completed during the period | (503) |
Transferred to Held for Sale | (6,536) |
Foreign currency translation | (341) |
Balance | 2,418 |
Courtenay Central Development [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance | 6,412 |
Transferred to Held for Sale | (6,089) |
Foreign currency translation | (323) |
Cinema Developments And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance | 1,658 |
Additions during the period | 172 |
Completed during the period | (132) |
Transferred to Held for Sale | (60) |
Foreign currency translation | (7) |
Balance | 1,631 |
Other Real Estate Projects [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance | 1,153 |
Additions during the period | 403 |
Completed during the period | (371) |
Transferred to Held for Sale | (387) |
Foreign currency translation | (11) |
Balance | $ 787 |
Property And Equipment (Loss On
Property And Equipment (Loss On Sale Of Property) (Details) - Los Angeles [Member] $ in Thousands | Jun. 30, 2024 USD ($) |
Real Estate Properties [Line Items] | |
Sale price | $ 10,000 |
Net book value | (10,800) |
Loss on sale, gross of direct costs | (800) |
Direct sale costs incurred | (325) |
Loss on sale, net of direct costs | $ (1,125) |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Jun. 30, 2024 |
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 |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Amortization of right-of-use assets | $ 10 | $ 8 | $ 21 | $ 15 |
Interest on lease liabilities | 1 | 3 | 1 | |
Operating lease cost | 7,732 | 8,226 | 15,606 | 16,408 |
Variable lease cost | 678 | 399 | 1,200 | 669 |
Total lease cost | $ 8,421 | $ 8,633 | $ 16,830 | $ 17,093 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||
Operating cash flows for finance leases | $ 22 | $ 17 |
Operating cash flows for operating leases | $ 12,924 | 16,849 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 1,633 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 168,546 | $ 181,542 |
Operating lease liabilities - current portion | 21,797 | 23,047 |
Operating lease liabilities - non-current portion | 168,246 | 180,898 |
Total operating lease liabilities | 190,043 | 203,945 |
Property plant and equipment, gross | 228 | 232 |
Accumulated depreciation | (166) | (177) |
Property plant and equipment, net | 62 | 55 |
Other current liabilities | 41 | 40 |
Other long-term liabilities | 22 | 43 |
Total finance lease liabilities | $ 63 | $ 83 |
Weighted-average remaining lease term - finance leases | 2 years | 2 years |
Weighted-average remaining lease term - operating leases | 11 years | 11 years |
Weighted-average discount rate - finance leases | 7.07% | 7.07% |
Weighted-average discount rate - operating leases | 4.63% | 4.62% |
Leases (Maturity Of Leases As L
Leases (Maturity Of Leases As Lessee) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Operating leases, 2024 | $ 30,207 | |
Operating leases, 2025 | 29,007 | |
Operating leases, 2026 | 26,751 | |
Operating leases, 2027 | 23,446 | |
Operating leases, 2028 | 21,288 | |
Operating leases, Thereafter | 112,162 | |
Operating leases, Total lease payments | 242,861 | |
Operating leases, Less imputed interest | (52,818) | |
Total operating lease liabilities | 190,043 | $ 203,945 |
Finance leases, 2024 | 44 | |
Finance leases, 2025 | 22 | |
Finance leases, Total lease payments | 66 | |
Finance leases, Less imputed interest | (3) | |
Total finance lease liabilities | $ 63 | $ 83 |
Leases (Components Of Lease Inc
Leases (Components Of Lease Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Lease payments | $ 2,701 | $ 2,765 | $ 5,425 | $ 5,392 |
Variable lease payments | 279 | 176 | 423 | 393 |
Total lease income | $ 2,980 | $ 2,941 | $ 5,848 | $ 5,786 |
Leases (Book Value Of Assets Un
Leases (Book Value Of Assets Under Operating Leases From Owned Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Gross balance | $ 419,111 | $ 480,346 |
Accumulated depreciation | (193,638) | (217,929) |
Operating properties, net | 225,473 | 262,417 |
Building And Improvements [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Gross balance | 115,569 | 127,222 |
Accumulated depreciation | (20,961) | (23,270) |
Operating properties, net | $ 94,608 | $ 103,952 |
Leases (Maturity Of Leases As_2
Leases (Maturity Of Leases As Lessor) (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Leases [Abstract] | |
2024 | $ 4,311 |
2025 | 8,751 |
2026 | 7,303 |
2027 | 6,520 |
2028 | 6,568 |
Thereafter | 21,323 |
Total | $ 54,776 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) | Jun. 30, 2024 |
Trade Name [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful life | 30 years |
Other Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets estimated useful life | 30 years |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Summary Of Goodwill) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 25,535 |
Foreign currency translation adjustment | (512) |
Ending balance | 25,023 |
Cinema [Member] | |
Goodwill [Line Items] | |
Beginning balance | 20,311 |
Foreign currency translation adjustment | (512) |
Ending balance | 19,799 |
Real Estate [Member] | |
Goodwill [Line Items] | |
Beginning balance | 5,224 |
Ending balance | $ 5,224 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Summary Of Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 23,863 | $ 24,707 |
Less: accumulated amortization | (21,964) | (22,661) |
Less: impairment | (8) | |
Net intangible assets other than goodwill | 1,899 | 2,038 |
Beneficial Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 10,459 | 11,283 |
Less: accumulated amortization | (10,285) | (11,089) |
Net intangible assets other than goodwill | 174 | 194 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 9,024 | 9,024 |
Less: accumulated amortization | (8,032) | (7,961) |
Net intangible assets other than goodwill | 992 | 1,063 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 4,380 | 4,400 |
Less: accumulated amortization | (3,647) | (3,611) |
Less: impairment | (8) | |
Net intangible assets other than goodwill | $ 733 | $ 781 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Summary Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization | $ 81 | $ 75 | $ 140 | $ 144 |
Beneficial Lease Amortization [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization | 21 | 21 | 43 | 43 |
Other Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization | $ 60 | $ 54 | $ 97 | $ 101 |
Investments In Unconsolidated_3
Investments In Unconsolidated Joint Ventures (Narrative) (Details) - item | Jun. 30, 2024 | Dec. 31, 2023 |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Equity Method Investments [Line Items] | ||
Total Joint Ventures | $ 4,428 | $ 4,756 |
Rialto Cinemas [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 50% | |
Total Joint Ventures | $ 768 | 848 |
Mt. Gravatt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Interest | 33.30% | |
Total Joint Ventures | $ 3,660 | $ 3,908 |
Investments In Unconsolidated_5
Investments In Unconsolidated Joint Ventures (Summary Of Equity Earnings (Losses) From Investments In Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Equity Method Investments [Line Items] | ||||
Total equity earnings | $ 119 | $ 207 | $ 94 | $ 226 |
Rialto Cinemas [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total equity earnings | (9) | 1 | (77) | (39) |
Mt. Gravatt [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total equity earnings | $ 128 | $ 206 | $ 171 | $ 265 |
Prepaid And Other Assets (Detai
Prepaid And Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Prepaid And Other Assets [Abstract] | ||
Prepaid expenses | $ 1,436 | $ 1,813 |
Prepaid taxes | 295 | 802 |
Income taxes receivable | 435 | |
Deposits | 301 | 249 |
Investments in marketable securities | 18 | 17 |
Total prepaid and other current assets | 2,485 | 2,881 |
Other non-cinema and non-rental real estate assets | 674 | 674 |
Investment in Reading International Trust I | 838 | 838 |
Straight-line rent asset | 7,202 | 7,445 |
Long-term deposits | 11 | 8 |
Total other non-current assets | $ 8,725 | $ 8,965 |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income Taxes [Abstract] | ||
Effective tax rate | 1.60% | 3.90% |
Borrowings (Bank Of America Cre
Borrowings (Bank Of America Credit Facility) (Narrative) (Details) - Bank Of America Credit Facility [Member] - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jan. 01, 2025 | Mar. 27, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||||
Debt Instrument, Periodic Payment, Principal | $ 275,000 | |||
Payment in kind interest rate | 0.50% | |||
Maturity date | Aug. 18, 2025 | Sep. 04, 2024 | ||
Scenario, Forecast [Member] | ||||
Debt Instrument [Line Items] | ||||
Payment in kind interest rate | 1.50% | |||
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 (Minetta And Orpheum
Borrowings (Minetta And Orpheum Theatres Loan) (Narrative) (Details) - Minetta And Orpheum Theatres Loan [Member] - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Debt, face amount | $ 8 | |
Maturity date | Jun. 01, 2024 | Jun. 01, 2024 |
Stated Interest Rate | 7% | 8.34% |
Borrowings (Cinema 1, 2, 3 Term
Borrowings (Cinema 1, 2, 3 Term Loan) (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Instrument [Line Items] | |
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember |
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] | |
Interest rate | 3.50% |
Debt Instrument Floor Interest Rate | 7.50 |
Borrowings (Union Square Financ
Borrowings (Union Square Financing) (Narrative) (Details) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 USD ($) property | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember | |
Emerald Creek Capital [Member] | ||
Debt Instrument [Line Items] | ||
Number of properties | property | 44 | |
Debt Instrument, Face Amount | $ | $ 55 | |
Maturity date | May 06, 2025 | |
Spread on variable rate | 6.90% | |
Union Square Construction Financing [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 06, 2025 | May 06, 2024 |
Line of credit facility, term | 3 years |
Borrowings (Purchase Money Prom
Borrowings (Purchase Money Promissory Note) (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Sep. 18, 2019 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Purchase Money Promissory Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 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 (U.S. Corporate Offi
Borrowings (U.S. Corporate Office Term Loan) (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Contractual facility | $ 218,277 | $ 218,159 |
U.S. Corporate Office Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Contractual facility | $ 8,400 | $ 8,401 |
Borrowings (Westpac Bank Corpor
Borrowings (Westpac Bank Corporate Credit Facility (NZ)) (Narrative) (Details) $ in Thousands, $ in Millions | 6 Months Ended | 12 Months Ended | ||
Aug. 13, 2024 NZD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2024 NZD ($) | Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||
Contractual facility | $ 218,277 | $ 218,159 | ||
Westpac Bank Corporate Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual facility | $ 8,437 | $ 13.8 | $ 8,775 | |
Maturity date | Jan. 01, 2025 | Jan. 01, 2025 | Jan. 01, 2025 | |
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% | ||
Subsequent Event [Member] | Westpac Bank Corporate Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Increase in contractual facility amount | $ 5 | |||
Contractual facility | $ 18.8 |
Borrowings (Australian NAB Corp
Borrowings (Australian NAB Corporate Term Loan (AU)) (Narrative) (Details) - AUD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 28, 2024 | Apr. 04, 2024 | |
NAB Guarantee Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 20 | ||
Maturity date | Jul. 31, 2026 | ||
Australian NAB Corporate Loan Facility Tier 3 [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 100 | ||
Spread on variable interest rate | 1.75% | ||
Australian NAB Corporate Loan Facility Tier 3 [Member] | Core Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 40 | ||
Australian NAB Corporate Loan Facility Tier 3 [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 60 | ||
Australian NAB Bank Guarantee Facility Tier 3 [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 5 | ||
Spread on variable interest rate | 1.90% | ||
Maturity date | Jul. 31, 2025 | ||
Debt amount under interest rate agreement | $ 50 | ||
Interest rate collar transaction floor rate | 4.18% | ||
Interest rate collar transaction cap rate | 4.78% | ||
Corporate Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 100 | ||
Debt Instrument, Quarterly repayment | 1.5 | ||
Bank Guarantee Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit | $ 3 | ||
National Australia Bank Bridge Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Mar. 31, 2025 |
Borrowings (Summary Of Borrowin
Borrowings (Summary Of Borrowings) (Details) $ in Thousands, $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 USD ($) | Jun. 30, 2024 NZD ($) | Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |||
Contractual Facility | $ 218,277 | $ 218,159 | |
Balance Gross | 210,418 | 210,300 | |
Balance Net | 209,229 | 208,847 | |
Deferred financing costs, net | $ 1,200 | $ 1,500 | |
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 | $ 27,283 | $ 27,172 | |
Stated Interest Rate | 9.59% | 9.59% | 9.65% |
Effective Interest Rate | 9.59% | 9.65% | |
Bank Of America Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Aug. 18, 2025 | Aug. 18, 2025 | Sep. 04, 2024 |
Contractual Facility | $ 17,750 | $ 20,200 | |
Balance Gross | 17,750 | 20,200 | |
Balance Net | $ 17,680 | $ 20,080 | |
Stated Interest Rate | 11.50% | 11.50% | 11% |
Effective Interest Rate | 11.50% | 11% | |
US Cinema 1, 2, 3 Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Oct. 01, 2024 | Oct. 01, 2024 | Oct. 01, 2024 |
Contractual Facility | $ 20,855 | $ 21,008 | |
Balance Gross | 20,855 | 21,008 | |
Balance Net | $ 20,770 | $ 20,780 | |
Stated Interest Rate | 8.83% | 8.83% | 8.84% |
Effective Interest Rate | 8.83% | 8.84% | |
Minetta And Orpheum Theatres Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jun. 01, 2024 | Jun. 01, 2024 | Jun. 01, 2024 |
Contractual Facility | $ 8,000 | $ 8,000 | |
Balance Gross | 8,000 | 8,000 | |
Balance Net | $ 7,984 | $ 8,000 | |
Stated Interest Rate | 7% | 7% | 8.34% |
Effective Interest Rate | 7% | 8.34% | |
U.S. Corporate Office Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jan. 01, 2027 | ||
Contractual Facility | $ 8,400 | $ 8,401 | |
Balance Gross | 8,401 | ||
Balance Net | $ 8,356 | ||
Union Square Construction Financing [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | May 06, 2025 | May 06, 2025 | May 06, 2024 |
Contractual Facility | $ 55,000 | $ 55,000 | |
Balance Gross | 47,141 | 47,141 | |
Balance Net | $ 46,938 | $ 46,925 | |
Stated Interest Rate | 12.54% | 12.54% | 12.53% |
Effective Interest Rate | 12.54% | 12.53% | |
Purchase Money Promissory Note [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Sep. 18, 2024 | Sep. 18, 2024 | Sep. 18, 2024 |
Contractual Facility | $ 198 | $ 586 | |
Balance Gross | 198 | 586 | |
Balance Net | $ 198 | $ 586 | |
Stated Interest Rate | 5% | 5% | 5% |
Effective Interest Rate | 5% | 5% | |
NAB Australian Corporate Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jul. 31, 2026 | Jul. 31, 2026 | Jul. 31, 2025 |
Contractual Facility | $ 66,770 | $ 68,276 | |
Balance Gross | 66,770 | 68,276 | |
Balance Net | $ 66,610 | $ 68,173 | |
Stated Interest Rate | 6.09% | 6.09% | 6.11% |
Effective Interest Rate | 6.09% | 6.11% | |
NAB Bridge Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Mar. 31, 2025 | Mar. 31, 2025 | |
Contractual Facility | $ 13,354 | ||
Balance Gross | 13,354 | ||
Balance Net | $ 13,329 | ||
Stated Interest Rate | 6.12% | 6.12% | |
Effective Interest Rate | 6.12% | ||
Westpac Bank Corporate Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jan. 01, 2025 | Jan. 01, 2025 | Jan. 01, 2025 |
Contractual Facility | $ 8,437 | $ 13.8 | $ 8,775 |
Balance Gross | 8,437 | 8,775 | |
Balance Net | $ 8,437 | $ 8,775 | |
Stated Interest Rate | 8.20% | 8.20% | 8.20% |
Effective Interest Rate | 8.20% | 8.20% | |
Minimum [Member] | U.S. Corporate Office Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 4.44% | ||
Effective Interest Rate | 4.44% | ||
Maximum [Member] | U.S. Corporate Office Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate | 4.64% | ||
Effective Interest Rate | 4.64% |
Borrowings (Schedule Of Long-te
Borrowings (Schedule Of Long-term Debt Instruments, Net Of The Deferred Financing Costs) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Borrowings [Abstract] | ||
Debt - current portion | $ 58,401 | $ 34,484 |
Debt - long-term portion | 123,347 | 146,605 |
Subordinated debt - current portion | 198 | 586 |
Subordinated debt - long-term portion | 27,283 | 27,172 |
Total borrowings | $ 209,229 | $ 208,847 |
Other Liabilities (Narrative) (
Other Liabilities (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Liabilities [Abstract] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 42,000 | 50,000 | 86,000 | 99,000 |
Actuarial loss (gain) | 52,000 | $ 51,000 | 104,000 | $ 103,000 |
Accrued pension costs included in other liabilities | $ 3,100,000 | $ 3,100,000 |
Other Liabilities (Summary Of O
Other Liabilities (Summary Of Other Liabilities Including Pension) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Pension And Other Liabilities [Abstract] | ||
Lease liability | $ 5,900 | $ 5,900 |
Accrued pension | 532 | 684 |
Security deposit payable | 119 | 74 |
Finance lease liabilities | 41 | 40 |
Other | 33 | 33 |
Other current liabilities | 6,625 | 6,731 |
Lease make-good provision | 6,018 | 6,050 |
Accrued pension | 2,542 | 2,646 |
Deferred rent liability | 1,255 | 1,314 |
Environmental reserve | 1,656 | 1,656 |
Acquired leases | 2 | |
Finance lease liabilities | 22 | 43 |
Other non-current liabilities | $ 11,493 | $ 11,711 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance | $ 33,087 | $ 33,087 | ||||
Net change related to derivatives | $ (98) | $ (205) | (98) | $ (788) | ||
Net current-period other comprehensive income (loss) | 887 | (2,541) | (741) | $ (1,294) | ||
Balance | 9,994 | 9,994 | ||||
Foreign Currency Items [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance | (986) | (986) | ||||
Net current-period other comprehensive income (loss) | (1,659) | |||||
Balance | (2,645) | (2,645) | ||||
Unrealized Gain (Losses) On Available-For-Sale Investments [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance | (18) | (18) | ||||
Net current-period other comprehensive income (loss) | 1 | |||||
Balance | (17) | (17) | ||||
Accrued Pension Service Costs [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance | (1,669) | (1,669) | ||||
Net current-period other comprehensive income (loss) | 104 | |||||
Balance | (1,565) | (1,565) | ||||
Hedge Accounting Reserve [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total change in hedge fair value recorded in Other Comprehensive Income | (98) | |||||
Net change related to derivatives | (98) | |||||
Net current-period other comprehensive income (loss) | (98) | |||||
Balance | (98) | (98) | ||||
Accumulated Other Comprehensive Income/(Loss) [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance | (2,673) | (2,673) | ||||
Total change in hedge fair value recorded in Other Comprehensive Income | (98) | |||||
Net change related to derivatives | (98) | |||||
Net current-period other comprehensive income (loss) | 886 | $ (2,538) | $ (740) | $ (1,293) | (1,652) | |
Balance | $ (4,325) | $ (4,325) |
Non-controlling Interests (Narr
Non-controlling Interests (Narrative) (Details) | Jun. 30, 2024 |
Australian Country Cinemas, Pty Ltd [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 Properties, LLC [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling interest | 25% |
Sutton Hill Capital, LLC [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership percentage by noncontrolling interest | 50% |
Non-controlling Interests (Comp
Non-controlling Interests (Components Of Non-controlling Interests) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | $ (463) | $ (91) |
Australian Country Cinemas, Pty Ltd [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | 64 | 76 |
Shadow View Land And Farming, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | (2) | (2) |
Sutton Hill Properties, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | $ (525) | $ (165) |
Non-controlling Interests (Co_2
Non-controlling Interests (Components Of Income Attributable To Non-controlling Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Noncontrolling Interest [Line Items] | ||||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | $ (195) | $ (83) | $ (370) | $ (296) |
Australian Country Cinemas, Pty Ltd [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | 3 | 25 | (9) | 35 |
Sutton Hill Properties, LLC [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries | $ (198) | $ (108) | $ (361) | $ (331) |
Non-controlling Interests (Summ
Non-controlling Interests (Summary Of Changes In Controlling And Non-controlling Stockholders’ Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Noncontrolling Interest [Line Items] | ||||||
Balance | $ (40,407) | $ (40,407) | ||||
Balance | $ 17,728 | 32,996 | $ 50,972 | $ 63,279 | 32,996 | $ 63,279 |
Net income (loss) | (9,536) | (13,403) | (2,861) | (11,324) | (22,939) | (14,185) |
Other comprehensive income, net | 887 | (2,541) | (741) | (1,294) | ||
Share-based compensation expense | 456 | 678 | 308 | 443 | ||
Restricted Stock Units | (4) | (2) | (112) | (132) | ||
Balance | 9,531 | 17,728 | 47,566 | 50,972 | 9,531 | 47,566 |
Balance | (40,407) | (40,407) | ||||
Additional Paid-In Capital [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Balance | 156,078 | 155,402 | 154,095 | 153,784 | 155,402 | 153,784 |
Share-based compensation expense | 456 | 678 | 308 | 443 | ||
Restricted Stock Units | (5) | (2) | (113) | (132) | ||
Balance | 156,529 | 156,078 | 154,290 | 154,095 | 156,529 | 154,290 |
Retained Earnings (Accumulated Deficit) [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Balance | (92,717) | (79,489) | (59,927) | (48,816) | (79,489) | (48,816) |
Net income (loss) | (9,341) | (13,228) | (2,778) | (11,111) | ||
Balance | (102,058) | (92,717) | (62,705) | (59,927) | (102,058) | (62,705) |
Treasury Shares [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Balance | (40,407) | (40,407) | (40,407) | (40,407) | (40,407) | (40,407) |
Balance | (40,407) | (40,407) | (40,407) | (40,407) | (40,407) | (40,407) |
Accumulated Other Comprehensive Income/(Loss) [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Balance | (5,211) | (2,673) | (3,250) | (1,957) | (2,673) | (1,957) |
Other comprehensive income, net | 886 | (2,538) | (740) | (1,293) | (1,652) | |
Balance | (4,325) | (5,211) | (3,990) | (3,250) | (4,325) | (3,990) |
Reading International Inc. Stockholders' Equity [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Balance | 17,997 | 33,087 | 50,763 | 62,856 | 33,087 | 62,856 |
Net income (loss) | (9,341) | (13,228) | (2,778) | (11,111) | ||
Other comprehensive income, net | 886 | (2,538) | (740) | (1,293) | ||
Share-based compensation expense | 456 | 678 | 308 | 443 | ||
Restricted Stock Units | (4) | (2) | (112) | (132) | ||
Balance | 9,994 | 17,997 | 47,441 | 50,763 | 9,994 | 47,441 |
Noncontrolling Interests [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Balance | (269) | (91) | 209 | 423 | (91) | 423 |
Net income (loss) | (195) | (175) | (83) | (213) | ||
Other comprehensive income, net | 1 | (3) | (1) | (1) | ||
Balance | $ (463) | $ (269) | 125 | 209 | $ (463) | 125 |
Class A [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Balance, shares | 20,666,516 | 20,666,516 | ||||
Balance, shares | 20,745,594 | 20,745,594 | ||||
Class A [Member] | Common Stock Shares Outstanding [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Balance | $ 237 | $ 237 | $ 235 | $ 235 | $ 237 | $ 235 |
Balance, shares | 20,673,000 | 20,664,000 | 20,499,000 | 20,410,000 | 20,664,000 | 20,410,000 |
Restricted Stock Units | $ 1 | $ 1 | ||||
Restricted Stock Units, shares | 72,000 | 9,000 | 92,000 | 89,000 | ||
Balance | $ 238 | $ 237 | $ 236 | $ 235 | $ 238 | $ 236 |
Balance, shares | 20,745,000 | 20,673,000 | 20,591,000 | 20,499,000 | 20,745,000 | 20,591,000 |
Class B [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Balance, shares | 1,680,590 | 1,680,590 | ||||
Balance, shares | 1,680,590 | 1,680,590 | ||||
Class B [Member] | Common Stock Shares Outstanding [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Balance | $ 17 | $ 17 | $ 17 | $ 17 | $ 17 | $ 17 |
Balance, shares | 1,681,000 | 1,681,000 | 1,680,000 | 1,680,000 | 1,681,000 | 1,680,000 |
Balance | $ 17 | $ 17 | $ 17 | $ 17 | $ 17 | $ 17 |
Balance, shares | 1,681,000 | 1,681,000 | 1,680,000 | 1,680,000 | 1,681,000 | 1,680,000 |
Stock-Based Compensation And _3
Stock-Based Compensation And Stock Repurchases (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 06, 2024 | Dec. 07, 2023 | Apr. 30, 2021 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Repurchase value | $ 0 | $ 0 | ||||||
Share conversion ratio | 1 | |||||||
Number of Stock Options, Granted | 0 | 0 | ||||||
Stock Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation expense | 115,000 | $ 9,000 | $ 164,000 | $ 18,000 | ||||
Unrecognized estimated compensation cost related to non-vested stock options granted | 815,000 | $ 815,000 | ||||||
Recognition period of unrecognized compensation cost | 1 year 10 days | |||||||
Value of all options outstanding, vested and expected to vest | ||||||||
Share price | $ 1.42 | |||||||
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 | |||||||
Class A [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares repurchased plan, shares | 0 | 0 | ||||||
Number of Stock Options, Granted | 1,264,603 | 207,657 | ||||||
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 | ||||||
Additional shares authorized | 971,807 | 1,486,907 | ||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation expense | $ 341,000 | $ 299,000 | $ 1,000,000 | $ 733,000 | ||||
Unrecognized estimated compensation cost related to non-vested stock options granted | $ 2,600,000 | $ 2,600,000 | ||||||
Vesting period of stock options and RSU | 1 year 2 months 1 day | |||||||
Number of options, Granted | 2,233,372 | 1,059,108 | ||||||
Restricted Stock Units (RSUs) [Member] | Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of options, Granted | 85,139 | |||||||
Restricted Stock Units (RSUs) [Member] | Tranche Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of options, Granted | 52,360 | |||||||
Restricted Stock Units (RSUs) [Member] | 2020 Stock Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of options, Granted | 0 | |||||||
Restricted Stock Units (RSUs) [Member] | Award Date 11 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of options, Granted | 237,719 | |||||||
Restricted Stock Units (RSUs) [Member] | Award Date 10 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of options, Granted | 413,536 | |||||||
Restricted Stock Units (RSUs) [Member] | Award Date 12 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of options, Granted | 20,427 | |||||||
Restricted Stock Units (RSUs) [Member] | Award Date 9 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of options, Granted | 73,683 | |||||||
Restricted Stock Units (RSUs) [Member] | Award Date 8 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of options, Granted | 428,899 | |||||||
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] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period of stock options and RSU | 1 year | |||||||
Directors [Member] | Class A [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Stock Options, Granted | 207,657 | |||||||
Directors [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of options, Granted | 339,438 | 265,755 | ||||||
Directors [Member] | Restricted Stock Units (RSUs) [Member] | Award Date 9 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of options, Granted | 73,683 | |||||||
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 | 1,893,934 | 793,353 | ||||||
Management [Member] | Restricted Stock Units (RSUs) [Member] | Award Date 11 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of options, Granted | 237,719 | |||||||
Management [Member] | Restricted Stock Units (RSUs) [Member] | Award Date 10 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of options, Granted | 413,536 | |||||||
Management [Member] | Restricted Stock Units (RSUs) [Member] | Award Date 12 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of options, Granted | 20,427 | |||||||
Management [Member] | Restricted Stock Units (RSUs) [Member] | Award Date 8 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of options, Granted | 428,899 | |||||||
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% | |||||||
Senior Executives [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period of stock options and RSU | 10 years | |||||||
Senior Executives [Member] | Class A [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of Stock Options, Granted | 1,264,603 |
Stock-Based Compensation And _4
Stock-Based Compensation And Stock Repurchases (Summary Of Stock Options Outstanding And Exercisable) (Details) - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Stock Options, Granted | 0 | 0 | |
Class A [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Stock Options, Beginning balance | 412,779 | 327,498 | |
Number of Stock Options, Granted | 1,264,603 | 207,657 | |
Number of Stock Options, Forfeited | (205,122) | (122,376) | |
Number of Stock Options Outstanding, Ending balance | 1,472,260 | 412,779 | 327,498 |
Weighted Average Exercise Price of Options Outstanding, Beginning price | $ 14.19 | $ 15.87 | |
Weighted Average Exercise Price of Options Outstanding, Granted | 1.47 | 1.92 | |
Weighted Average Exercise Price of Options Outstanding, Ending price | $ 1.73 | $ 14.19 | $ 15.87 |
Weighted Average Remaining Years of Contractual Life | 9 years 10 months 13 days | 1 year 9 months 14 days | 1 year 2 months 26 days |
Stock-Based Compensation And _5
Stock-Based Compensation And Stock Repurchases (Schedule Of Restricted Stock Units Issued And Vested) (Details) - Restricted Stock Units (RSUs) [Member] - shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 2,233,372 | 1,059,108 |
Number of options, Vesting | 1,400,813 | 944,946 |
Number of options, Unvested | 703,834 | 50,259 |
Number of options, Forfeited | 128,726 | 63,904 |
Award Date 8 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 428,899 | |
Number of options, Vesting | 151,033 | |
Number of options, Unvested | 230,601 | |
Number of options, Forfeited | 47,265 | |
Award Date 9 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 73,683 | |
Number of options, Vesting | 73,683 | |
Award Date 10 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 413,536 | |
Number of options, Vesting | 146,714 | |
Number of options, Unvested | 257,790 | |
Number of options, Forfeited | 9,032 | |
Award Date 11 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 237,719 | |
Number of options, Vesting | 79,328 | |
Number of options, Unvested | 149,866 | |
Number of options, Forfeited | 8,525 | |
Award Date 12 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 20,427 | |
Number of options, Vesting | 5,109 | |
Number of options, Unvested | 15,318 | |
Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 339,438 | 265,755 |
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 | 1,893,934 | 793,353 |
Management [Member] | Award Date 8 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 428,899 | |
Management [Member] | Award Date 10 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 413,536 | |
Management [Member] | Award Date 11 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 237,719 | |
Management [Member] | Award Date 12 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Granted | 20,427 |
Hedge Accounting (Narrative) (D
Hedge Accounting (Narrative) (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 33,400,000 | $ 0 |
Hedge Accounting (Schedule Of C
Hedge Accounting (Schedule Of Changes in Fair value) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Income on Derivatives | $ (19) | $ (786) |
Interest Rate Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss (Gain) Recognized in Income on Derivatives | $ (19) | $ (786) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense |
Hedge Accounting (Summary Of He
Hedge Accounting (Summary Of Hedged Transactions That Affect Earnings) (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss (Gain) Recognized in OCI on Derivatives (Effective Portion) | $ 98 | $ (16) | $ 98 | $ 2 |
Loss (Gain) Reclassified from OCI into Income (Effective Portion) | (220) | (785) | ||
Interest Rate Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss (Gain) Recognized in OCI on Derivatives (Effective Portion) | $ 98 | $ (16) | $ 98 | $ 2 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Fair Value Measurements [Abstract] | ||||
Transfers of assets and liabilities between level 1, 2, 3 | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Fair Value Carried At Cost And Measured On A Nonrecurring Basis) (Details) - Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes payable | $ 183,045 | $ 148,325 |
Subordinated debt | 27,771 | 27,832 |
Financial liabilities total | 210,816 | 176,157 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes payable | 183,045 | 148,325 |
Subordinated debt | 27,771 | 27,832 |
Financial liabilities total | 210,816 | 176,157 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes payable | 182,307 | 181,801 |
Subordinated debt | 28,111 | 28,499 |
Financial liabilities total | $ 210,418 | $ 210,300 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands, $ in Millions | 6 Months Ended | 12 Months Ended | ||
Aug. 13, 2024 NZD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2024 NZD ($) | Dec. 31, 2023 USD ($) | |
Subsequent Event [Line Items] | ||||
Contractual facility | $ 218,277 | $ 218,159 | ||
Westpac Bank Corporate Credit Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
Contractual facility | $ 8,437 | $ 13.8 | $ 8,775 | |
Westpac Bank Corporate Credit Facility [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Increase in contractual facility amount | $ 5 | |||
Contractual facility | $ 18.8 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |