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READING INTERNATIONAL INC

For the period ended Dec 31, 2024. Filed Mar 31, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Mar 31, 2025

RDIB$10.20-3.5%Stored close · as of Nov 5, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 2. – Properties

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OPERATING PROPERTY

As of December 31, 2024, we own fee interests across our two operating segments in approximately 670,000 square feet of income-producing properties (including certain properties principally occupied by our cinemas) as follows:

PropertySquare Feet of‎Improvements‎(rental/‎entertainment)(1)Percentage Leased(2)Net Book‎Value(3) ‎(US Dollars‎in thousands)Reporting‎SegmentAddress
United States
1. Cinemas 1,2,3(4)0 / 24,000n/a$24,146Cinema Exhibition1003 Third Avenue, Manhattan, NY
2. Minetta Lane Theatre0 / 9,000n/a2,171Real Estate18 Minetta Lane, Manhattan, NY
3. Orpheum Theatre0 / 5,000n/a1,291Real Estate126 2nd Avenue, Manhattan, NY
4. 44 Union Square73,000 / 094,993Real Estate44 Union Square E, New York, NY 10003
Australia
1. Newmarket Village102,000 / 42,00097%34,071Cinema Exhibition /400 Newmarket Road, Newmarket, QLD
plus 588 parking spaces · Real Estate
2. Newmarket Office21,000 / 1,000100%4,562Real Estate16-20 Edmondstone Street, Newmarket, QLD
3. Cannon Park(5)105,000 / 28,00092%17,391Cinema Exhibition /‎Real EstateHigh Range Drive, Thuringowa, QLD
4. Belmont15,000 / 45,000100%4,147Cinema ExhibitionKnutsford Avenue and Fulham Street,‎Belmont, WA
5. York Street Office8,000 / 0100%1,261Real Estate98 York Street, South Melbourne, VIC
6. Bundaberg Cinema0 / 14,000n/a893Cinema Exhibition1 Johanna Boulevard, Bundaberg, QLD
New Zealand
1. Courtenay Central(6)43,000 / 66,00013%6,392Cinema Exhibition /100 Courtenay Place, Wellington
Plus, an additional 37,000 feet of land currently used as on-grade car parking where our multi-story car park once stood.Real Estate24 Tory Street, Wellington (Parking)
2. Dunedin Cinema0 / 25,000n/a4,253Cinema Exhibition33 The Octagon, Dunedin
3. Napier Cinema8,000 / 18,000100%1,290Cinema Exhibition154 Station Street, Napier
4. Rotorua Cinema0 / 19,000n/a1,273Cinema Exhibition1281 Eruera Street, Rotorua
TOTAL(7)$198,134

(1)Rental square footage refers to the amount of potential area available to be rented to third parties. A number of our real estate holdings include entertainment components rented to one or more of our subsidiaries at fair market rent. The rental area to such subsidiaries is noted under the entertainment square footage.

(2)Represents the percentage of available rental square footage currently leased or licensed to third parties.

(3)Refers to the net carrying value of the land and buildings of the property presented as “Operating Property” in our Consolidated Balance Sheet as of December 31, 2024 (net of any impairments recorded).

(4)Owned by a limited liability company in which we hold a 75% managing member interest. The remaining 25% is owned by Sutton Hill Capital, LLC (“SHC”), a company owned in equal parts by the Cotter Estate and a third party.

(5)Our Cannon Park City and Discount Centers are operated as a single ETC.

(6)This property was sold on January 31, 2025.

(7)This schedule does not include (i) our leasehold assets on cinemas under leased-facility model, (ii) those portions of the owned assets that are not income-producing or purely used for administrative purposes, and (iii) our assets on our legacy business principally in Pennsylvania.

ENTERTAINMENT PROPERTIES

As of December 31, 2024, we leased approximately 1,970,000 square feet of completed cinema space in the United States, Australia, and New Zealand as follows:

Aggregate‎Square FootageApproximate Rangeof RemainingLease Terms (including renewals)
United States780,0002024 – 2052
Australia977,0002024 – 2066
New Zealand213,0002024 – 2051

-31 -

In certain cases, we have long-term leases that we view more akin to real estate investments than cinema leases. As of 2024, we had approximately 90,000 square feet of space subject to such long-term leases, which are reported as part of our Cinema Exhibition segment, detailed as follows:

PropertySquare Feet of Improvements (rental/‎entertainment)(1)Percentage‎Leased(2)Net Book Value(3) ‎(US Dollars in thousands)
In United States
Manville0 / 46,000n/a7,987
In Australia
Waurn Ponds0n/a8,492
TOTAL$16,479

(1)Rental square footage refers to the amount of area available to be rented to third parties. A number of our real estate holdings include entertainment components rented to one or more of our subsidiaries at fair market rent. The rental area to such subsidiaries is noted under the entertainment square footage.

(2)Represents the percentage of rental square footage currently leased to third parties.

(3)Refers to the net carrying value of the leasehold property presented as “Operating Property” in our Consolidated Balance Sheet as of December 31, 2024 (net of any impairments recorded).

INVESTMENT AND DEVELOPMENT PROPERTY

Before the COVID-19 Pandemic, we were engaged in several investment and development projects relative to our currently undeveloped parcels of land. As of today, certain of those parcels, including in Wellington, NZ on Wakefield Street and Tory Street, have been sold. As our financial conditions improves, we will continue to pursue redevelopment plans on certain existing developed properties to take them to their highest and best use.

Property · Acreage · Net Book‎Value‎(US Dollars‎in thousands) · Status
New Zealand
Courtenay Central, Wellington0.90See Item 7 - Business Overview & Recent Developments
TOTAL$-

Some of our income producing properties and our investment and development properties carry various debt encumbrances based on their income streams and geographic locations. For an explanation of our debt and the associated security collateral please see Part II, Item 8 – Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements--Note 13 – Borrowings.

EXECUTIVE AND ADMINISTRATIVE OFFICES

In the United States, we occupy approximately 3,500 square feet at our Village East leasehold property in New York for administrative purposes and our principal executive offices. We occupied approximately 12,500 square feet of our Culver City office building for administrative purposes. In February 2024, we sold our Culver City office and our employees who formerly worked at that office are currently working remotely until we secure a new Los Angeles office.

In Australia, we own an approximately 9,000 square foot office building in Melbourne, Australia, approximately 6,000 square feet of which serve as the administrative office for our Australian and New Zealand operations (the remainder being leased to an unrelated third party).

OTHER PROPERTY INTERESTS AND INVESTMENTS

We own the fee interests in various parcels related to our historic railroad operations, currently comprised of 201-acres principally in Pennsylvania. These are primarily vacant land. With the exception of certain properties located in Philadelphia (including the raised railroad bed near Center City, known as the Reading Viaduct), the properties are principally located in rural areas of Pennsylvania. These properties are unencumbered by any debt.

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