READING INTERNATIONAL INC
For the period ended Dec 31, 2023. Filed Mar 29, 2024.
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FY2023 · Filed Mar 29, 2024
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Business Segment Results – 2023 vs. 2022
S –2023 vs. 2022
Presented below is the comparison of the segment operating income of our two business segments for the years ended December 31, 2023 and 2022, respectively:
| 2023 | 2022 | % Change Favorable/(Unfavorable) | ||||
|---|---|---|---|---|---|---|
| (Dollars in thousands) | Cinema | Real Estate | Cinema | Real Estate | Cinema | Real Estate |
| Segment Revenues | $207,641 | $19,870 | $191,321 | $16,817 | 9% | 18% |
| Segment Operating Expenses | ||||||
| Operating Expense | (192,185) | (8,763) | (183,791) | (8,947) | (5)% | 2% |
| Depreciation and amortization | (11,335) | (6,376) | (13,351) | (6,495) | 15% | 2% |
| General and administrative expense | (3,997) | (940) | (4,346) | (869) | 8% | (8)% |
| Impairment of long-lived assets | — | — | (1,549) | — | 100% | —% |
| Total segment expenses | (207,517) | (16,079) | (203,037) | (16,311) | (2)% | 1% |
| Segment operating income (loss) | $124 | $3,791 | $(11,716) | $506 | >100% | >100% |
| Breakdown by country: | ||||||
| United States | $(5,825) | $(753) | $(17,187) | $(3,640) | 66% | 79% |
| Australia | 5,278 | 5,345 | 4,945 | 5,157 | 7% | 4% |
| New Zealand | 671 | (801) | 526 | (1,011) | 28% | 21% |
| $124 | $3,791 | $(11,716) | $506 | >100% | >100% | |
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A discussion for each segment follows:
Cinema Exhibition –The following table details our Cinema Exhibition segment operating results for the years ended
December 31, 2023 and 2022, respectively:
| (Dollars in thousands) · 2023 · % of Revenue · 2022 · % of Revenue · Inc/(Dec) · 2023 vs. 2022Favorable/(Unfavorable) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| REVENUE | |||||||||||||||
| United States | Admission revenue | $63,662 | 56% | $53,496 | 55% | 10,166 | 19% | ||||||||
| Food & beverage revenue | 38,884 | 34% | 33,859 | 35% | 5,025 | 15% | |||||||||
| Advertising and other revenue | 11,252 | 10% | 9,729 | 10% | 1,523 | 16% | |||||||||
| $113,798 | 100% | $97,084 | 100% | 16,714 | 17% | ||||||||||
| Australia | Admission revenue | $48,630 | 61% | $48,734 | 61% | (104) | —% | ||||||||
| Food & beverage revenue | 26,119 | 33% | 26,276 | 33% | (157) | (1)% | |||||||||
| Advertising and other revenue | 5,276 | 7% | 4,882 | 6% | 394 | 8% | |||||||||
| $80,025 | 100% | $79,892 | 100% | 133 | —% | ||||||||||
| New Zealand | Admission revenue | $8,509 | 62% | $8,841 | 62% | (332) | (4)% | ||||||||
| Food & beverage revenue | 4,585 | 33% | 4,728 | 33% | (143) | (3)% | |||||||||
| Advertising and other revenue | 724 | 5% | 777 | 5% | (53) | (7)% | |||||||||
| $13,818 | 100% | $14,346 | 100% | (528) | (4)% | ||||||||||
| Total revenue | $207,641 | 100% | $191,322 | 100% | 16,319 | 9% | |||||||||
| OPERATING EXPENSE | |||||||||||||||
| United States | Film rent and advertising cost | $(34,182) | (30)% | $(29,975) | (31)% | 4,207 | (14)% | ||||||||
| Food & beverage cost | (10,069) | (9)% | (8,969) | (9)% | 1,100 | (12)% | |||||||||
| Occupancy expense | (25,090) | (22)% | (24,792) | (26)% | 298 | (1)% | |||||||||
| Other operating expense | (41,868) | (37)% | (39,043) | (41)% | 2,825 | (7)% | |||||||||
| $(111,209) | (98)% | $(102,779) | (106)% | 8,430 | (8)% | ||||||||||
| Australia | Film rent and advertising cost | $(21,814) | (27)% | $(22,281) | (28)% | (467) | 2% | ||||||||
| Food & beverage cost | (5,609) | (7)% | (5,404) | (7)% | 205 | (4)% | |||||||||
| Occupancy expense | (17,207) | (22)% | (17,356) | (22)% | (149) | 1% | |||||||||
| Other operating expense | (23,798) | (30)% | (22,961) | (29)% | 837 | (4)% | |||||||||
| $(68,428) | (85)% | $(68,002) | (86)% | 426 | (1)% | ||||||||||
| New Zealand | Film rent and advertising cost | $(3,858) | (28)% | $(3,991) | (28)% | (133) | 3% | ||||||||
| Food & beverage cost | (911) | (7)% | (915) | (6)% | (4) | —% | |||||||||
| Occupancy expense | (3,081) | (22)% | (3,141) | (22)% | (60) | 2% | |||||||||
| Other operating expense | (4,697) | (34)% | (4,964) | (35)% | (267) | 5% | |||||||||
| $(12,547) | (91)% | $(13,011) | (90)% | (464) | 4% | ||||||||||
| Total operating expense | $(192,184) | (93)% | $(183,792) | (96)% | 8,392 | (5)% | |||||||||
| DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE | |||||||||||||||
| United States | Depreciation and amortization | $(5,912) | (5)% | $(7,194) | (7)% | (1,282) | 18% | ||||||||
| Impairment of long-lived assets | — | —% | (1,549) | (2)% | (1,549) | (>100)% | |||||||||
| General and administrative expense | (2,502) | (2)% | (2,749) | (3)% | (247) | 9% | |||||||||
| $(8,414) | (7)% | $(11,492) | (12)% | (3,078) | 27% | ||||||||||
| Australia | Depreciation and amortization | $(4,824) | (6)% | $(5,348) | (7)% | (524) | 10% | ||||||||
| General and administrative expense | (1,495) | (2)% | (1,597) | (2)% | (102) | 6% | |||||||||
| $(6,319) | (8)% | $(6,945) | (9)% | (626) | 9% | ||||||||||
| New Zealand | Depreciation and amortization | $(600) | (4)% | $(809) | (6)% | (209) | 26% | ||||||||
| General and administrative expense | — | —% | — | —% | — | —% | |||||||||
| $(600) | (4)% | $(809) | (6)% | (209) | 26% | ||||||||||
| Total depreciation, amortization, and general and administrative expense | $(15,333) | (7)% | $(19,246) | (10)% | (3,913) | 20% | |||||||||
| Total expenses | $(207,517) | (100)% | $(203,038) | (106)% | 4,479 | (2)% | |||||||||
| OPERATING INCOME (LOSS) | |||||||||||||||
| United States | $(5,825) | (5)% | $(17,187) | (18)% | 11,362 | 66% | |||||||||
| Australia | 5,278 | 7% | 4,945 | 6% | 333 | 7% | |||||||||
| New Zealand | 671 | 5% | 526 | 4% | 145 | 28% | |||||||||
| Total operating income (loss) | $124 | 0% | $(11,716) | (6)% | 11,840 | >100% | |||||||||
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Cinema Exhibition –The following table details our Cinema Exhibition segment operating results for the quarters ended December 31, 2023 and 2022, respectively:
| (Dollars in thousands) · 2023 · % of Revenue · 2022 · % of Revenue · Inc/(Dec) · 2023 vs. 2022Favorable/(Unfavorable) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| REVENUE | |||||||||||||||
| United States | Admission revenue | $13,412 | 56% | $13,681 | 56% | (269) | (2)% | ||||||||
| Food & beverage revenue | 7,776 | 33% | 8,423 | 34% | (647) | (8)% | |||||||||
| Advertising and other revenue | 2,552 | 11% | 2,448 | 10% | 104 | 4% | |||||||||
| $23,740 | 100% | $24,552 | 100% | (812) | (3)% | ||||||||||
| Australia | Admission revenue | $9,202 | 59% | $9,609 | 60% | (407) | (4)% | ||||||||
| Food & beverage revenue | 5,103 | 32% | 5,269 | 33% | (166) | (3)% | |||||||||
| Advertising and other revenue | 1,382 | 9% | 1,217 | 8% | 165 | 14% | |||||||||
| $15,687 | 100% | $16,095 | 100% | (408) | (3)% | ||||||||||
| New Zealand | Admission revenue | $1,520 | 61% | $1,922 | 60% | (402) | (21)% | ||||||||
| Food & beverage revenue | 811 | 33% | 1,082 | 34% | (271) | (25)% | |||||||||
| Advertising and other revenue | 152 | 6% | 195 | 6% | (43) | (22)% | |||||||||
| $2,483 | 100% | $3,199 | 100% | (716) | (22)% | ||||||||||
| Total revenue | $41,910 | 100% | $43,846 | 100% | (1,936) | (4)% | |||||||||
| OPERATING EXPENSE | |||||||||||||||
| United States | Film rent and advertising cost | $(6,619) | (28)% | $(7,545) | (31)% | (926) | 12% | ||||||||
| Food & beverage cost | (2,030) | (10)% | (2,417) | (10)% | (387) | 16% | |||||||||
| Occupancy expense | (6,322) | (27)% | (6,345) | (26)% | (23) | —% | |||||||||
| Other operating expense | (9,355) | (39)% | (10,640) | (43)% | (1,285) | 12% | |||||||||
| $(24,326) | (102)% | $(26,947) | (110)% | (2,621) | 10% | ||||||||||
| Australia | Film rent and advertising cost | $(4,162) | (27)% | $(4,454) | (28)% | (292) | 7% | ||||||||
| Food & beverage cost | (1,202) | (8)% | (1,152) | (7)% | 50 | (4)% | |||||||||
| Occupancy expense | (4,159) | (27)% | (4,091) | (25)% | 68 | (2)% | |||||||||
| Other operating expense | (5,694) | (35)% | (5,617) | (36)% | 77 | (1)% | |||||||||
| $(15,217) | (97)% | $(15,314) | (95)% | (97) | 1% | ||||||||||
| New Zealand | Film rent and advertising cost | $(694) | (28)% | $(905) | (28)% | (211) | 23% | ||||||||
| Food & beverage cost | (180) | (7)% | (216) | (7)% | (36) | 17% | |||||||||
| Occupancy expense | (724) | (29)% | (758) | (24)% | (34) | 4% | |||||||||
| Other operating expense | (1,102) | (44)% | (1,240) | (39)% | (138) | 11% | |||||||||
| $(2,700) | (110)% | $(3,119) | (97)% | (419) | 13% | ||||||||||
| Total operating expense | $(42,243) | (101)% | $(45,380) | (103)% | (3,137) | 7% | |||||||||
| DEPRECIATION, AMORTIZATION, IMPAIRMENT AND GENERAL AND ADMINISTRATIVE EXPENSE | |||||||||||||||
| United States | Depreciation and amortization | $(1,394) | (6)% | $(1,821) | (7)% | (427) | 23% | ||||||||
| Impairment of long-lived assets | — | —% | — | —% | — | —% | |||||||||
| General and administrative expense | (663) | (3)% | (628) | (4)% | 35 | (6)% | |||||||||
| $(2,057) | (9)% | $(2,449) | (10)% | (392) | 16% | ||||||||||
| Australia | Depreciation and amortization | $(1,213) | (8)% | $(1,314) | (8)% | (101) | 8% | ||||||||
| General and administrative expense | (351) | (2)% | (358) | (2)% | (7) | 2% | |||||||||
| $(1,564) | (10)% | $(1,672) | (10)% | (108) | 6% | ||||||||||
| New Zealand | Depreciation and amortization | $(178) | (7)% | $(159) | (5)% | 19 | (12)% | ||||||||
| General and administrative expense | — | —% | — | —% | — | —% | |||||||||
| $(178) | (7)% | $(159) | (5)% | 19 | (12)% | ||||||||||
| Total depreciation, amortization, impairment and general and administrative expense | $(3,799) | (9)% | $(4,280) | (10)% | (481) | 11% | |||||||||
| Total expenses | $(46,042) | (110)% | $(49,660) | (113)% | (3,618) | 7% | |||||||||
| OPERATING INCOME (LOSS) | |||||||||||||||
| United States | $(2,643) | (11)% | $(4,844) | (20)% | 2,201 | 45% | |||||||||
| Australia | (1,094) | (7)% | (891) | (6)% | (203) | (23)% | |||||||||
| New Zealand | (395) | (16)% | (79) | (2)% | (316) | (>100)% | |||||||||
| Total operating income (loss) | $(4,132) | (10)% | $(5,814) | (13)% | 1,682 | 29% | |||||||||
Cinema Exhibition Segment Operating Income
Cinema exhibition segment operating loss decreased by $11.8 million, to an income of $0.1 million for the year ended December 31, 2023, compared to December 31, 2022, primarily driven by (i) improved cinema performance as a result of stronger movie slate and more patrons returning to the theaters. Major movie studios released blockbuster movies, such as Barbie, Oppenheimer, The Super Mario Bros. Movie, Guardians of the Galaxy Vol. 3, Fast X, and Spider-Man: Across the Spider-Verse, which have driven higher admissions and box office revenue in the U.S., (ii) decrease in depreciation, amortization, general and administrative expense, (iii) impairment expense that was incurred in 2022 that was not incurred in 2023.
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Cinema exhibition segment operating loss for the fourth quarter of 2023 was $4.1 million, a decrease of $1.7 million from an operating loss of $5.8 million in the same time period of 2022 primarily attributable to better operating performance world-wide.
Revenue
Cinema revenue increased by $16.3 million, to $207.6 million for the year ended December 31, 2023, compared to 2022 primarily as a result of blockbuster hits, such as Barbie, Oppenheimer, The Super Mario Bros. Movie, Guardians of the Galaxy Vol. 3, and Spider-Man: Across The Spider-Verse.
The table below is the revenue breakdown, by country, for the years ended December 31, 2023, and 2022, respectively:
| (Dollars in thousands) | 2023 | % ofRevenue | 2022 | % ofRevenue | 2023 vs. 2022Favorable/(Unfavorable) |
|---|---|---|---|---|---|
| United States | $113,798 | 55% | $97,084 | 51% | 17% |
| Australia | 80,025 | 39% | 79,892 | 42% | —% |
| New Zealand | 13,818 | 7% | 14,346 | 7% | (4)% |
| Total Segment Revenues | $207,641 | 100% | $191,322 | 100% | 9% |
Below are the changes in our cinema revenue by market:
In the United States, cinema revenues increased by $16.7 million, to $113.8 million for the year ended December 31, 2023, compared to 2022.
In Australia, cinema revenues increased by $0.1 million, to $80.0 million for the year ended December 31, 2023, compared to 2022.
In New Zealand, cinema revenues decreased by $0.5 million, to $13.8 million for the year ended December 31, 2023, compared to 2022.
For the quarter ended December 31, 2023, Cinema segment revenue decreased by $1.9 million against the fourth quarter of 2022, to $41.9 million, which was primarily attributable to a weaker film slate in 2023 vs 2022 when Black Panther: Wakanda Forever, Avatar: The Way of Water, and Black Adam were all released.
Operating Expense
Operating expense for the full year 2023 increased by $8.4 million, to $192.2 million when compared to 2022 due to higher film rent associated with increased ticket sales and the release of more major tentpole films, higher food & beverage costs, and higher insurance expense, along with increased occupancy expenses in the U.S.
For the quarter ended December 31, 2023, operating expenses decreased by $3.1 million, to $42.2 million when compared to the fourth quarter of 2022 due to decreased film rent and concession cost as a result of lower attendance along with a decrease in other operating expense.
Depreciation, Amortization, Impairment, General and Administrative Expense
Depreciation, amortization, general and administrative expense for the year-ended December 31, 2023 decreased by $3.9 million, to $15.3 million compared to 2022 primarily driven by a $1.5 million impairment expense that was incurred in 2022 that was not incurred in 2023, cinema closures in U.S. and delay in CAPEX spending.
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Real Estate –The following table details our Real Estate segment operating results for the years ended December 31, 2023 and 2022, respectively:
| (Dollars in thousands) · 2023 · % of Revenue · 2022 · % of Revenue · Inc/(Dec) · 2023 vs. 2022Favorable/(Unfavorable) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| REVENUE | ||||||||||||||||
| United States | Live theatre rental and ancillary income | $1,802 | 29% | $1,729 | 57% | 73 | 4% | |||||||||
| Property rental income | 4,395 | 71% | 1,308 | 43% | 3,087 | >100% | ||||||||||
| 6,197 | 100% | 3,037 | 100% | 3,160 | >100% | |||||||||||
| Australia | Property rental income | 12,164 | 100% | 12,246 | 100% | (82) | (1)% | |||||||||
| New Zealand | Property rental income | 1,509 | 100% | 1,534 | 100% | (25) | (2)% | |||||||||
| Total revenue | $19,870 | 100% | $16,817 | 100% | 3,053 | 18% | ||||||||||
| OPERATING EXPENSE | ||||||||||||||||
| United States | Live theatre cost | $(565) | (9)% | $(727) | (24)% | (162) | 22% | |||||||||
| Property cost | (1,591) | (26)% | $(1,288) | (42)% | 303 | (24)% | ||||||||||
| Occupancy expense | (990) | (16)% | (982) | (32)% | 8 | (1)% | ||||||||||
| $(3,146) | (51)% | $(2,997) | (99)% | 149 | (5)% | |||||||||||
| Australia | Property cost | $(2,109) | (17)% | $(2,175) | (18)% | (66) | 3% | |||||||||
| Occupancy expense | (1,956) | (16)% | (2,057) | (17)% | (101) | 5% | ||||||||||
| $(4,065) | (33)% | $(4,232) | (35)% | (167) | 4% | |||||||||||
| New Zealand | Property cost | $(1,133) | (75)% | $(1,317) | (86)% | (184) | 14% | |||||||||
| Occupancy expense | (419) | (28)% | (401) | (26)% | 18 | (4)% | ||||||||||
| $(1,552) | (103)% | $(1,718) | (112)% | (166) | 10% | |||||||||||
| Total operating expense | $(8,763) | (44)% | $(8,947) | (53)% | (184) | 2% | ||||||||||
| DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE | ||||||||||||||||
| United States | Depreciation and amortization | $(3,104) | (50)% | $(2,985) | (98)% | 119 | (4)% | |||||||||
| General and administrative expense | (700) | (11)% | (695) | (23)% | 5 | (1)% | ||||||||||
| $(3,804) | (61)% | $(3,680) | (121)% | 124 | (3)% | |||||||||||
| Australia | Depreciation and amortization | $(2,514) | (21)% | $(2,683) | (22)% | (169) | 6% | |||||||||
| General and administrative expense | (240) | (2)% | (174) | (1)% | 66 | (38)% | ||||||||||
| $(2,754) | (23)% | $(2,857) | (23)% | (103) | 4% | |||||||||||
| New Zealand | Depreciation and amortization | $(758) | (50)% | $(827) | (54)% | (69) | 8% | |||||||||
| General and administrative expense | — | (1)% | — | —% | — | —% | ||||||||||
| $(758) | (50)% | $(827) | (54)% | (69) | 8% | |||||||||||
| Total depreciation, amortization, and general and administrative expense | $(7,316) | (37)% | $(7,364) | (44)% | (48) | 1% | ||||||||||
| Total expenses | $(16,079) | (81)% | $(16,311) | (97)% | (232) | 1% | ||||||||||
| OPERATING INCOME (LOSS) | ||||||||||||||||
| United States | $(753) | (12)% | $(3,640) | (120)% | 2,887 | 79% | ||||||||||
| Australia | 5,345 | 44% | 5,157 | 42% | 188 | 4% | ||||||||||
| New Zealand | (801) | (53)% | (1,011) | (66)% | 210 | 21% | ||||||||||
| Total operating income (loss) | $3,791 | 19% | $506 | 3% | 3,285 | >100% | ||||||||||
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Real Estate –The following table details our Real Estate segment operating results for the quarters ended December 31, 2023 and 2022, respectively:
| (Dollars in thousands) · 2023 · % of Revenue · 2022 · % of Revenue · Inc/(Dec) · 2023 vs. 2022Favorable/(Unfavorable) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| REVENUE | ||||||||||||||||
| United States | Live theatre rental and ancillary income | $432 | 36% | $386 | 31% | 46 | 12% | |||||||||
| Property rental income | 763 | 64% | 863 | 69% | (100) | (12)% | ||||||||||
| 1,195 | 100% | 1,249 | 100% | (54) | (4)% | |||||||||||
| Australia | Property rental income | 2,973 | 100% | 2,910 | 100% | 63 | 2% | |||||||||
| New Zealand | Property rental income | 364 | 100% | 393 | 100% | (29) | (7)% | |||||||||
| Total revenue | $4,532 | 100% | $4,552 | 100% | (20) | —% | ||||||||||
| OPERATING EXPENSE | ||||||||||||||||
| United States | Live theatre cost | $(89) | (7)% | $(196) | (16)% | (107) | 55% | |||||||||
| Property cost | (459) | (38)% | $(394) | (32)% | 65 | (16)% | ||||||||||
| Occupancy expense | (247) | (21)% | (232) | (19)% | 15 | (6)% | ||||||||||
| $(795) | (67)% | $(822) | (66)% | (27) | 3% | |||||||||||
| Australia | Property cost | $(456) | (15)% | $(579) | (20)% | (123) | 21% | |||||||||
| Occupancy expense | (479) | (16)% | (516) | (18)% | (37) | 7% | ||||||||||
| $(935) | (31)% | $(1,095) | (38)% | (160) | 15% | |||||||||||
| New Zealand | Property cost | $(323) | (89)% | $(232) | (59)% | 91 | (39)% | |||||||||
| Occupancy expense | (110) | (30)% | (83) | (21)% | 27 | (33)% | ||||||||||
| $(433) | (119)% | $(315) | (80)% | 118 | (37)% | |||||||||||
| Total operating expense | $(2,163) | (48)% | $(2,232) | (49)% | (69) | 3% | ||||||||||
| DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE | ||||||||||||||||
| United States | Depreciation and amortization | $(746) | (63)% | $(742) | (59)% | 4 | (1)% | |||||||||
| General and administrative expense | (193) | (16)% | (52) | (5)% | 141 | (>100)% | ||||||||||
| $(939) | (80)% | $(794) | (64)% | 145 | (18)% | |||||||||||
| Australia | Depreciation and amortization | $(614) | (21)% | $(641) | (22)% | (27) | 4% | |||||||||
| General and administrative expense | (51) | (2)% | (62) | (2)% | (11) | 18% | ||||||||||
| $(665) | (22)% | $(703) | (24)% | (38) | 5% | |||||||||||
| New Zealand | Depreciation and amortization | $(186) | (51)% | $(192) | (49)% | (6) | 3% | |||||||||
| General and administrative expense | — | —% | — | —% | — | —% | ||||||||||
| $(186) | (51)% | $(192) | (49)% | (6) | 3% | |||||||||||
| Total depreciation, amortization, and general and administrative expense | $(1,790) | (39)% | $(1,689) | (37)% | 101 | (6)% | ||||||||||
| Total expenses | $(3,953) | (87)% | $(3,921) | (86)% | 32 | (1)% | ||||||||||
| OPERATING INCOME (LOSS) | ||||||||||||||||
| United States | $(539) | (45)% | $(367) | (29)% | (172) | (47)% | ||||||||||
| Australia | 1,373 | 46% | 1,112 | 38% | 261 | 23% | ||||||||||
| New Zealand | (255) | (70)% | (114) | (29)% | (141) | (>100)% | ||||||||||
| Total operating income (loss) | $579 | 13% | $631 | 14% | (52) | (8)% | ||||||||||
Real Estate Segment Operating Income
Real estate segment operating income was $3.8 million for the year ended December 31, 2023, which was an increase of $3.3 million from an operating income of $0.5 million for the year ended December 31, 2022, primarily as a result of recognition of rental income from our tenant at our 44 Union Square property, which did not occur in the same period of the prior year.
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Revenue
The table below is the revenue breakdown by country for each year:
| (Dollars in thousands) | 2023 | % ofRevenue | 2022 | % ofRevenue | 2023 vs. 2022Favorable/(Unfavorable) |
|---|---|---|---|---|---|
| United States | $6,197 | 31% | $3,037 | 18% | >100% |
| Australia | 12,164 | 61% | 12,246 | 73% | (1)% |
| New Zealand | 1,509 | 8% | 1,534 | 9% | (2)% |
| Total Segment Revenues | $19,870 | 100% | $16,817 | 100% | 18% |
Real estate revenues for the year ended December 31, 2023, increased by $3.1 million, to $19.9 million compared to 2022. This increase is attributable to recognition of rental income from our tenant at our 44 Union Square property, which did not occur in the same period of the prior year.
NON-SEGMENT RES
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.