Earnings call transcript Q4 2022

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Andre Matyczynski

Thank you for joining Reading International Earnings Call to discuss our 2022 Year-end and Fourth Quarter Results. My name is Andre Matyczynski, and I'm Reading's Executive Vice President of Global Operations. With me are Ellen Cotter, our President and Chief Executive Officer; and Gilbert Avanes, our Executive Vice President, Chief Financial Officer and Treasurer.

Before we begin the substance of the call, I will run through the usual caveats. In accordance with the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995, certain matters that will be addressed in this earnings call may constitute forward-looking statements. by to actual and different performance performance or subject may factors from are indicated our cause to implied statements risks, other uncertainties that the Such statements. such be materially

our forward-looking detailed no are SEC factors any Form report or their in filings, qualified set Such obligation our update remarks the recently revise risk are more clearly today by on undertake to in our publicly XX-K. out statements. SEC We and disclosures entirety annual in filed

we which addition, financial and on operating In earnings in discuss will measures quarter on of EBITDA fourth included release this non-GAAP definitions and the our non-GAAP call. XXXX website. recently adjusted income, are Reconciliations EBITDA, are financial issued measures, segment company's

where be the and believe business not applicable, be nature. business an and we or we items nonrecurring, litigation costs external determining expenses that Such of when operations. our include adjusted, or our any item items of accordance to reflective extraordinary SEC for EBITDA X-year in legal results We unusual in cost to the doing to infrequent nonrecurring have relating requirement other to is consider can of with

used is level today's expenses. adjusted Level ATP, average an theater an an measure believe price performance. TLCF, industry supplemental as which also In accepted Flow, Cash EBITDA We financial measure our revenue level call, direct less of use also acronym. Theater we important industry-accepted called is is theater ticket

revenues and by calculated of by at a We F&B is cinemas. performance a that our also number per cinema's indicator The F&B spend patron, SPP, use measure key the generated which beverage is as a admissions referred food to SPP cinema. sales by dividing for

and disclosure U.S. forth filings are necessarily the that anything with other detailed qualified our Securities is our nature, note by Commission. and in set Form Please and the more we XX-K in summary say comments Exchange

International full XXXX by pandemic Ellen, continuing over will behind strategy provide our will who results financial and more and discuss of through Ellen? quarter detailed lingering I'll our followed review. who turn the post-COVID review year effects that us, navigate and era, Gilbert, it the with for Reading to the fourth So a into to COVID-XX

Ellen Cotter

thank in and marked revenue, represents from a progressive the call pandemic. recovery for our revenue million, increase $XXX.X today. of million. full total consolidated Andre, XXXX listening total and another Thanks, year to XXXX was our XXXX our you $XXX.X XX% our XXXX year consolidated XX% which from

unfavorable in Global loss Global XXXX. of to million, Our compared million was operating XX% $XXX.X $X.X represented Cinema XX% the by XX% which but revenues, of we $XX.X XXXX's operating reported income million by revenue to increased were our to improved and in Cinema million. XXXX, XXXX compared 'XX $XXX.X At

the cost these issues and weakening and company, facing dollar dollar. against despite with higher New U.S. and rates, Zealand pleased chain supply headwinds pressures, the has the of dollar Australian the results inflationary included improving interest We're which labor shortage the

Movies to Elvis Cinema studios window brought enjoyed screen content theatrical the Crawdads back all-time like Water compelling in Way price embrace again, older of box began films Top and to was different the Boots, big XXXX, not their and Gru The Families right. the exclusive the Puss Maverick discerning Major when Rise to appealing while Sing and Where audiences. but showed only like results. The releasing audiences. of films like Minions: and/or desire movies was high audiences Through office Avatar: Gun: and return record the generated

existing over New Reading X in of the Kapolei took our X-screen in on not However, we Cinemas XXXX, there Armadale in on balance, island Australia. in Invercargill, operation Zealand 'XX, steady Oahu. of renovated movie an of Tempos. movies in stream a between blockbuster consolidated In was We theater and the Western theaters, theaters also the

winning also our Real Estate our income not Estate XX%, but in for cinemas of Lane live operating our XXXX performances Minetta XXXX Australia be when our and Our and charging restart to division theaters increased to Real by public XXXX, and the decision New 'XX continued theaters to opposed rent our mandated Orpheum to strengthen. were our the Zealand, reflects through to XXX%, in only held which much as revenues intercompany Compared year. increased closed to division by over

improvements, portfolio XX of space rent company's the New real starting we XX% the finally, in debt not biggest cash of X-level square we XXXX, XX, opening million. At obligations And XXXX, Australian December our cinema in store Despite began which woods rental 'XX, in third-party and We 'XX. under of in City In reported global million. these early rate. recognizing at deferred a equivalents out cash Petco's we and income mid-XXXX. are XX% our to Petco, December our estate with balance, unit $XXX.X almost lease And excludes we rent a signed just now ever York anticipates cash flagship delivered just $XX occupancy yet. which by reduced received

QX QX by 'XX. our Like revenue At million, total results XXXX QX many lie compared other 'XX. QX $XX.X decreased to behind X% exhibitors, consolidated XXXX our

loss of in loss grew million million of Our QX from $X.X QX operating XXXX of operating 'XX. $X.X an

$X.X There a of EBITDA $X.X releases Most previous film XXXX and 'XX. year. were EBITDA of XXXX. positive million wide slate were quality the versus QX the results movie to 'XX not softer QX match of could these the in in of driven negative was less million Our compared QX by QX

primarily estate reported help QX the estate revenue XXXX XXXX by QX real the in was cinema company. support in of increased to operations rental X million $X.X due countries. million, $X.X continued which all Despite and shine content income our an increase real in global challenges to space, property

As the received the Grant funding Payroll you know, company Venue the Operator the in program federal program. through Shuttered no U.S., or Protection

protect and view, took steps the our other stakeholders our were, and time company's own pandemic, in at while company, our preserving lenders our our stockholders, employees, to resources throughout most the we on the future. same So likely relied that solely the

our to through times to help We the in carefully worst selected company certain pandemic. assets XXXX the monetize of

increases Given rates operating completes real only we company in interest recovery not certain assets the expenses cinema to assets estate the and plan in its that to underperforming ensure in also for additional review pandemic, as as from well monetization. continued potential review but order

support closely provided growth. at look has cinema the more asset flow over our last decades Let's our foundational business, which global the to cash few

our a or million X% While in cinema QX global $XX.X QX reopenings $X.X of through and we closures XXXX, XXXX. decreased by to and from XXXX million. million in our XXXX, closures In experienced XXXX pandemic-related experienced no $XX.X rollercoaster theaters revenue

global cinema Our QX our cinema $XX.X XXXX was of QX revenue XXXX which million. represented global XX% revenue,

our revenue increased XX% $XXX.X global million million XXXX, the For to full by to the compared or 'XX. cinema $XX.X of full year year

cinema cinema of Our $XXX.X our XXXX global revenue revenue million. were represented XX% XXXX global

operating cinema compared decreased million XXXX QX $X.X negative Our income to million of 'XX. a $X.X by to QX

year movies performances, amazing operating However, box for our million cinema with and to 'XX, of community audiences full seeing XX% on operating deliver $XX.X XXXX in the reducing improved office shared by historical the back which to versus did drove some loss loss big XXXX. million screen. our the experience QX $XX.X

the milestones $XXX only America. the but of Forever The time Forever over also second and million, box debut Panther: Panther: Avatar: XXXX, notable November date, the Movies the like Black it million Wakanda grossed weekend Wakanda in achieved Water highest achieved worldwide. film not of Way biggest of the at North office. Black opening all was $XXX To At has

this million first during grossing the debuted of in the Way since years screen, as time. wide long fourth enough Cameron's on franchise making quarter America. these opening failed milestones, XX its James weekend worldwide, billion The Despite awaited Avatar: deliver the After $X.X generated the third Water today, releases. grossed North $XXX Moreover, sequel highest all has big to film of of it

less fact, of wide we were XX period in in estimate QX In the same releases XXXX. versus 'XX there

us Maverick, patrons billion World has However, longer grossed most which for like return full and to movie. no the billion watch hits reassured worldwide box over worldwide that cinemas 'XX of Gun: which grossed to Top are $X.X has to Jurassic $X Dominion, year afraid office

quality through slate the film number the the overall the match -- not again, pre-pandemic But consistency levels. could for XXXX and

franchise generated has $XXX to horror films such already diverse XXXX, our pleased driven grossed first scifi movie Quantumania, we're revenues report Superhero which than XXXX which released to third success in the we first Megan, exceed Ant-Man week office over the QX $XXX more expect to that of to box the an Now of and QX box as office. quarter original jumping by date. worldwide million ahead global January, was the has million commercial

XXXX recently worldwide December office Puss a gross, over Last Wick: with weekend the Creep released the John worldwide franchise. Chapter million The X, in March was $XXX has million] box grossed worldwide which generated opening Wish, and $XXX opened in million for record in Boots: over almost [$XXX which X, in delivered X released has

Jones And by strong of very for In XXXX opens Disney's Galaxy be Bros. the blockbuster of an Mario a and office box and that Spider-Man, X and will brands, see delighted June, best a Fast they'll April, Pixar. debuts next equally that to of The looking a the in XXXX's 'XX. Transformers, Fast the Movie, and Mermaid families of Volume in familiar 'XX, Little their exceeds overall line-up an rest tomorrow will X, Super by of be Indiana one franchise. with hit we ahead should movie Furious original Guardians delighted along it deliver May, movies. films which looks The be grossing and In Elemental, audiences like

Aquaman The that the major Nolan. strong Life Barbie film Director, Reckoning Comics', the Ghostbusters: the DC highly Greta with be X window. by and Games, original recent should also with Mission: with from theatrical Part Lost announcement of platforms, We're finally, Marvels, returning Amazon Songbirds they're Chris for Hunger Apple and movies encouraged impressive movies, committed is and Director, holiday the the from Gerwig; And X and also Oppenheimer Ballad and anticipated July streaming Snakes, Tom and fund lineup Afterlife Cruise from XXXX Impossible-Dead to Kingdom.

and movie generating Air has significant word-of-mouth from Ben amazing acclaim. Affleck Amazon tomorrow Damon, Matt which first and been and The from opens is critical

country. we pricing United were XXXX, QX for the average in Zealand in which Australia ticket States XXXX new highest As ATP year the levels in our adjusted ticket in $XX.XX such we and inflationary U.S., the and we or our set each price any for also and were in $XX that faced headwinds New quarter pressures, And ATPs, $XX.XX Australia. full the cost

ensure management our continue core will don't price guests. we levels to create to our However, ATP barriers evaluate for

And XXXX the F&B at global all-time was an $X.XX results. for Australia Zealand, At QX beverage full and the Zealand. XXXX and XXXX F&B impressive Australia, During SPPs over SPP $X.XX cinema quarter quarter for $X.XX food $X.XX any ever our country team continued all-time the record each of QX New and $X.XX SPP set $X.XX for and highest U.S., our Zealand, the in in F&B in fourth the highs all year, in course Australia in to New quarter. in our F&B an deliver record our record. SPPs And set for New U.S.,

F&B XXXX locations app collectible addition tubs results Our circuit. ordering QX Reading also new launch of U.S. Gold left not offering 'XX, at license X Australia New only fountain drinks liquor offering movie but Australia, The increases X SPP in in were U.S. sales, in the our and and licenses online our record and of by targeted F&B in and price leaving XXXX our liquor Zealand. facilitates LynnMall driven popcorn that Lounge only driving cups the themed adding one strategic in by

And to now specifically our U.S. turning cinemas.

decreased $X.X revenue QX $XX.X to X% or QX Our 'XX. cinema by U.S. to of million million compared XXXX

Our from U.S. of to cinema $X.X segment $XXX,XXX operating of a in 'XX. loss income of income decreased QX million

$XX.X 'XX. by to of However, year operating versus U.S. And our $XX.X million cinema 'XX. revenue million U.S. million a loss the decreased for to year increased XXXX, the cinema $X $XX.X of loss by for million

XXXX, points U.S. our show U.S. continued In of couple cinemas recovery. to about of cinemas. signs specialty A our

The to New York York returned engagements the each New XX% in World office gross 'XX. Our office York The Worst the multiple increased U.S. Angelika nominee, compared highest the And at office Decision Angelika office gross Person ranked Leave the the the film. box Whale also in by almost at York ranked The delivering films, winners, in box New XXXX, as the of In noteworthy Angelika the States. for of at international the highest in Oscar box gross and Inisherin United and XXXX milestones. as The City box Oscar Angelika to the Banshees New engagements to of

Pajama XXXX, to curated such as and cinemas, to on record X membership April series theaters. a back Party. join bring program our original our launched reparatory our year free also delivered During in Hitchcocktober popular 'XX of specialty we audiences office Angelika programs To box with XX

have and attendance continues 'XX. As currently today, to in paid for month. the percentage under Angelika to registered in Membership sign compared locations 'XX of about attendance the of Angelika March brand, of for of the is just loyalty to X we of of as over month XX,XXX membership at a X% increase the May members overall month XX% guest to tied

The clear theatrical of our a specialty cinema and well as content. qualities on growing as testament for moviegoing to continued growth enthusiasm a and is program's impact specialty its circuit indicator patrons'

menu seating will our area. conversion we review improve circuit. a will the screen Center auditoriums in renovation and F&B to in underperforming of like recliner in closure consolidated Angelika profitability theaters full the completing recliner commence In a we a premium U.S. renovated 'XX, potential of F&B we're Film our which terms features of XXXX for X of the renovation overall Dallas, elevated in now theater and which include and lobby XXXX, a upgrades In Kapolei, CapEx, of LUXE. seating, to Also adding completed TITAN

in Turning Australia New theaters both our to Zealand. and

from decreased XXXX decreased a Australian $X.X of of million cinema by to of $X.X revenue million by million of in XXXX. income 'XX. to million Operating QX or X% QX loss compared Our QX to $X.X $XX.X income operating $XXX,XXX

year, the $X.X for revenue increased of to income XXXX to by by XXXX cinema increased $X.X our compared materially the year. $XX.X to $X.X year. or to Operating Australian million 'XX XX% million the compared income million an million $XX.X operating For million

New $X.X QX 'XX. $XXX,XXX by QX Our XXXX million cinema compared Zealand revenue to to of decreased

an QX income for to $XXX,XXX of by of loss operating QX of Our a from of income 'XX. decreased in operating $XXX,XXX 'XX $XX,XXX

$XX.X cinema increased million. $X.X by the revenue to million For XXXX year, New our Zealand

Our operating cinema the Zealand, Reading New of to and of $XXX,XXX to income app. compared $XXX,XXX increased of XXXX. income operating by Australia launch from year the for the $XX,XXX benefited In our our operations

XXXX, positions addition, and support us and XXXX advances following of increased a delivered F&B which technological In the beyond. we all for spending in solid

new Apple online State ordering, by XXXX, we purchase we while for In plans ticket, X-screen and launched ability XXXX. the and to via progressed the we Google South F&B our City of cinema half area, our the Brisbane our ticketless we our to to new website 'XX, a retrospective Angelika which ordering offerings. at The will Pay F&B design online look at Australia, in in purchasing codes, new cinema first F&B Square in QR Cinema in second and forward opening the Angelika added be

Reading X-screen X-screen We TITAN in Reading existing and cinema we Australia. end Australia, progressed of an for includes at a upgraded in new LUXE plans premium state-of-the-art featuring in our XXXX, reopened took offering New Busselton, Armadale of an the our Cinema we a Western Invercargill Cinema Zealand, with renovation liquor. over And seating, the Western also F&B a screen lobby recliner XX, and that November 'XX. In sale on with

to real turn estate business. let's global Now our

Our key and resilient during pandemic. our was business dual the to diversified strategy viability COVID-XX

our cinema a drop estate portfolio While offset on enabling capitalize flows, the us our decline. experienced estate cash operations to business remained real our to real robust, in temporary

revenue a compared $X.X QX increased was of QX estate 'XX. real million global XXXX which from QX income XXXX. XXX% $XXX,XXX, We've to increase reported Our XX% operating of to XXXX

or $XX.X estate 'XX. increased Our the of compared million $X.X for by global 'XX to year million real XX% revenue full to

year to or was XXXX restart factors, including operating variety were a Reading $X.X charging rent compared improved $XXX,XXX, to by to own The due underlying operating charge and an segment due land. million reported intercompany results quarter abated XXX% This of our in decision income our XXXX. during pandemic. the the cinema to where increased we 'XX to of which Cinemas properties intercompany full We've

York live tenant our were results estate real for real revenue increased performances from estate divisions, these holding supporting 'XX. Australian full less tenants which factors improvements the our year third-party of theaters, operational vacancies received and New open public rent and Additional City both include from percentage metric improved global across

real 'XX, In Petco starting XX% partly property. for entered estate by rent leasable a revenue long-term a the to our the Square U.S., to for at our we QX with tenant Petco, XX Union $X.X increased due credit XXXX million, In XX% of area. lease national buildings

begin marketing open full in mid-XXXX to next We in expect new will flagship months. the push few the a that store with

As we the in successfully City, open the impressive in The the XX. about City Theatre on Angeles Los at Strips show New We're excited we advanced XXXX. and in has has for May have mentioned cash began Empire Orpheum rent prospects sales. ticket also show generated before, going New Since new on in will December York which and the run San Back, Francisco sale, York receiving

Zealand rate New focusing Our abated in which to Zealand, And Australian real XX% At under our Zealand reported had in total 'XX, $XXX,XXX. real these each fourth real quarter tenants third-party increased December compared Australia we revenue estate $X.X rent case, occupancy of income, fourth to estate million due revenue the combined quarter during in the XX%. Australia, XX, XX New restarted estate quarter the 'XX. And increased third-party just our and to real XXXX in were intercompany we of In XX% I'm of was portfolio. 'XX estate increases to a 'XX. and by on portfolio. fourth New primarily by

in That's the in our foundation potential retained functional continue finish And estate new signed real cinema noting divisions, estate we of XXXX, $XXX total we our our regain or as our to footing our about confident lease from third-party we're and sales our currency. was real that portfolio Australian assets. tenant million. by leases strengthen renewals. XX of During a I'll

Belmont X have Viaduct New Zealand and Philadelphia of and assets, for financing in to We long-term Union their Brisbane, Village diverse Australian opportunities Park Townsville our Cinema Square X, sales. assets Newmarket as the redevelopment, York These in a provide in portfolio the Common stockholders District in potential through New our assets create and properties Arts Wellington, our XX in X value City of substantial and including with properties, well in Perth. or as Cannon us in the

QX I myself, and again and Board before my full wraps to global overview But on it results. extend business Margaret, team. we up behalf Gilbert, over appreciation That of our our year the for the XXXX want to to sincerest turn Reading

Your dedication particularly through hard has last these been difficult over the work, years in X times. sustaining our and instrumental company

it to And with turn Gilbert. over that, I'll

Gilbert Avanes

Thank the compared December same by prior to $XX.X in you, revenues quarter period when million to Ellen. year. XXXX, ended million the decreased Consolidated for XX, $X.X the

increases XXXX, of ended by XXXX attendance to compared led year XX, year revenues the an For to were driven which These XX, mandated XXXX. the no million $XX.X compared the XXXX ended and several XXXX, XXXX. increase December in in primarily films closure million major $XXX.X for increased in December to to by release

to December for are part per in International cinema period ended QX share $X.XX due to loss to results the XXXX, December earnings decreased XX, net attributable Reading prior the These income XXXX XXXX. million the loss share million XX, expenses quarter December compared ended decreased XXXX. year. to XXXX, compared in for by same to Basic when large of in to in Net XX, a compared the the quarter $X.XX QX increase by quarter basic to $XX.X a ended per of $XX.X the

QX the Way Spider-Man: XXXX being in the was highest were which operations QX in year No title weaker as than performing cinema XXXX. of While XXXX, released XXXX of Home result December a for

XXXX per million year prior loss net year to December Basic income the attributable XX, to XXXX, the period net earnings $XX.X by year. for XX, ended the Reading $XX.X For on the the per XX, December million share which of to XXXX. decreased decreased compared accounted 'XX, ended assets, of the and that onetime basic same million a asset sale of on by December in in $X.XX share occurred of ended were in $XX.X to gain compared $X.XX were not of loss gain year largely to due XXXX. repeated per for sale Decreases

Non-segment the December December $X.X ended prior and million, $XX.X XXXX, decreased ended to XX, G&A and XXXX, period million to the year. and expense million respectively, million compared year in the XX, quarter $X $X.X for same by

million of the decrease equivalent our million to of mainly The related compared for $X.X $X.X XXXX, XXXX, the experienced the income 'XX ended to year same prior tax XX, a income when was period. year. X monetization year by of For compared and prior decreased an expense expense tax to between result 'XX as million quarter expense income of the change tax We $X.X million increased of December assets. the to period XXXX a in of $X.X

$X.X XXXX, For period adjusted decreased prior the compared $X.X a our by fourth the to million to quarter same year million. of of EBITDA loss

year the result For assets, a December by was occurred December XXXX to the XX, primarily of $XX,XXX XXXX. in and compared gain repeated ended the our to XXXX, of XXXX. not EBITDA our $XX.X This in which sale was decreased decrease adjusted on XX, of year loss million ended

Shifting to flows. cash

prior activities $XX.X operating to year net primarily accounts the XXXX, year For same operating ended compared decrease in used taxes December $XX.X period. by to million cinema to the prior used resulting mainly film driven in the net million $XX.X operating payable, was offset changes improved and by million increased attributed This cash from primarily net performance year assets compared when million increase of $XX.X cash payable, XX, period. rents payable by in liabilities, an a to

the for the year. was months the was that provided ended asset financing of This that and XXXX in the primarily XXXX. was used XX was XX, $XX.X Cash certain a $XX.X repeated was in This of due to XXXX, XX, decrease XX, ended $XXX.X due December months in the XX million, during Cash XX occurred ended the $X.X change large to debt December investing the in XXXX, during to assets prior repayment which months activities million XXXX. million. compared activities during decrease occurred by used not million primarily cash activities December monetization was of investing

to now Turning our financial position.

and $XXX.X assets million in decrease XX, million and which December to equivalents cash we depreciation debt, down of of leases. by of Our were The asset on a total increase onetime estate XXXX, our during compared and our million XXXX. decrease driven was This to monetization paid by cash primarily cash XXXX amortization XX, December $XXX.X operation real in XXXX. $XX.X ongoing on business X related in assets funded was partly a

As of December XX, on XXXX, our total compared outstanding borrowings XXXX. $XXX.X to were XX, $XXX.X million million December

Our December equivalent which million Zealand. cash million as cash approximately the of in XX, XXXX, $XX and $XX.X $X.X in million, in includes and Australia U.S., million New were $X.X

our Further of sought on change to business, our and loan impact period. to certain These and COVID-XX the with Westpac. obtained America, certain Bank covenant include covenant the NAB of our modification address modifications to loan we some agreement testing of and of terms compliance waivers

seek or such covenants modifications with as has modified. We with To agreement other with with or any of been are necessary modification as compliance us date, it of terms be to compliance not loan agreement the the need loan for we our our waivers so to continue loan for in in waivers. currently such to respect

then X, of We of million of term March on the to exercise Cinemas exercised repaid which On $XX.X XXXX, an the and complete line this During XXXX, with our the credit longer-term by full of Term and XXXX, XXXX, maturity refinancing XXX quarter date first of created and with by our modified agreement options repayment. XXXX. with XXX to X extended XXXX, July second we and maturity of retired the September XXXX, XX first further to to the the extended XXXX. X, our a America, year working further the currently taking further extended extend XXXX, modified XXXX Loan was throughout fourth XXXX, amended XX, On X-month XX, credit America on April a scheduled the Bank extension March lender March X, XX, of schedule. XXXX, Bank X, Cinemas the we the are facility, Loan. of days option the and and November X, And to March existing quarter X, on maturity September two in year which and repayment modified we to

We repaid XX, of on We NAB XXXX. the Australia National of for and Westpac has material the each of Bank fourth our certain third quarterly corporate the XXXX, XX, XXXX. facility retired our term of million since to quarter revolving XXXX. extended loan XXXX, quarter including AUD X requirement throughout test June facility waived with covenants December to the

up to the ratios also of XXXX, requirement quarter removes including also test second quarter for and waiver first Our covenants adjusted. resuming XXXX. covenant certain to the testing the were of with Certain

to take repurchase for capital our preserving no and likely As program December will lower we on focus stock our during to future. priority allocation were continue continue shares liquidity, purchased the the ended year and foreseeable has XX, XXXX,

turn Andre. will to With now that, over I it

Andre Matyczynski

Thanks, Gilbert.

to Relations to those like our I'd Investor questions stockholders thank e-mail. Firstly, for forwarding

management. and As usual, Gilbert, prepared in the few in from addressing selected of questions to additional a questions additional many to Ellen your addition insights remarks from offer we've

question. such first The

the for plan and/or that what Ellen? Courtenay removed, obligation Now in has been Central larger redevelopment is toward milestones grocery a tenancy the timing New completely Zealand. proposed finalizing

Ellen Cotter

the In Reading we Cinemas Reactivating first with instance, goal. work the on Courtenay priority our Central. various continue is to of reactivation stakeholders our

our future feasibility for wider must evaluating developing of encompasses be Courtenay our and company. economically also precinct, all the feasible of However, which the estate Wellington development real assets we're Central

National James Wellington to now New Center, [indiscernible] Aro newly renovated Te dynamic international Wellington's Harbor. to that is the goal and district includes Exhibition the Theatre, completed Zealand's domestic a addition Takina create offers both Papa beautiful the and Museum travelers, Convention vibrant Our cultural St. that and destination Te

assurances of As no we report, and dates be completed. finish note such schedule we start don't will concrete to have of redevelopment I'll that make strategy or today, a that a

Andre Matyczynski

Please Thanks, And Williamsport, the the in in Pennsylvania. some rail perhaps Ellen. question, more industrial interest XX-K could information next which XX-acre with fee a on property. provide handle site a access you the revolves around mentioning

not debt down, monetized cetera. property this it presently buyback, like value et is capital higher why or optimal how site, at industrial generating return be stock deployments an that pay As for shouldn't near Ellen?

Ellen Cotter

of in railroad Reading is repair this been Leasing, by industrial company which asset, This is for which our subsidiary site Currently, portfolio of in business decades. Marmon a & Williamsport Transco, in and has legacy a a is Rail space is Aluminum occupied monetization reviewing industrial as part facility. the of potential abuts business diverse area This particular production the Holdings, we're Marmon organization lines. Chance Williamsport assets And property category with in currently for this our global industrial opportunities.

Andre Matyczynski

handle Is Has perhaps the at cinema this Gilbert, updated 'XX one. paydown specified the or some $XX.X And rate what March balance interest to schedule payment being on BofA do higher term of principal you retire its $X will million into spreads? refinance Ellen. this on is similar, plan versus the variable longer-term loan, remaining financing? U.S. the costly balance date. can next U.S. balance loan lower via year-end the sheet be date present feel loan's refinancing the principal this made? loan Given as million current rate or you outstanding Thanks, what cinema XX%

Gilbert Avanes

the our payment due with principal originally no in the that recently was disclosed amendment XX-K, longer in loan $X our been signed March payment new XXXX, schedule required. has was filed on modified and accordance In March XX, million

our million. XXXX, $XX of As has to been of March end balance loan new reduced

focus As for amendments. we that, closely liquidity. our we as a result of paydowns have to the manage mentioned, we on our And continue

a future rates, of the we our decision to evaluating interest and and we maturity loan, stockholders. best while interest make closer our of we'll that's in the cannot be company as predict get balances our cash the refinancing, our Regarding and we'll

Andre Matyczynski

as here or extra were already Thanks, XX. Gilbert. the Are for a in $X.X EBITDA payoff? XX-K regarding drag deferred? on timing of obligation March And rent is outstanding question What when our deferred amounts million the mentioned last expensed our they these

periods. whole over the future existing the on potential The million obligation XXXX, $X.X drag of months XX, the the in EBITDA. the based therefore, rent within be with not XX-K, outstanding and documentation million amounts accrued XX December been actually have next payable payable of the on income on $X.X remaining mentioned a will statement, an deferred future is through Most

impact COVID of most the the hardships in with work cash caused the cinema seek pandemic U.S. to further by to landlords to and continue severe our occupancy our relief alleviate U.S. we to However, flow. its

of the we session our of everyone health today. you your conclusion appreciate We the and for marks Thank call. to safety. and the and attention, call you good conclusion the question-and-answer listening wish That

Reading International (RDI) 4 Apr 232022 Q4 Earnings call transcript