READING INTERNATIONAL INC
For the period ended Jun 30, 2025. Filed Aug 14, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 14, 2025
RDIB$10.20-3.5%Stored close · as of Nov 5, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-15.
0000716634-25-000030
Item 2. – Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0000716634-25-000037
Item 2. – Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
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Tables are not compared: 12 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (42)
Current report
Cinema Exhibit Segment
Current report
We are encouraged by the robust performance of our cinema business in the second quarter, which reinforces our confidence in the ongoing recovery of both our operations and the global cinema industry. The results this quarter reflect increasing audience demand and a solid slate of theatrical content. While challenges persist, including the residual effects of COVID-19, the 2023 Hollywood strikes, macroeconomic conditions such as inflation and interest rates, labor cost increases, and currency fluctuations in Australia and New Zealand, the positive results observed in the second quarter demonstrates the continued resilience of our global cinema segment.
Current report
The second quarter of 2025 has generated what we believe to be encouraging momentum for the cinema industry, highlighted by the impressive performance of key releases such as A Minecraft Movie, Sinners, and Lilo & Stitch. These films have not only exceeded industry expectations but have also reinvigorated audience enthusiasm, driving higher attendance levels and box office revenues. A Minecraft Movie has captivated diverse demographics by blending popular gaming culture with cinematic storytelling, while Sinners, in its unique 70mm format, has resonated strongly with audiences seeking compelling, original narratives. Meanwhile, Lilo & Stitch has attracted families and long-time fans, contributing to a well-rounded slate of successful releases. The success of these titles reflects a broader trend of audiences eagerly returning to theaters for high-quality, engaging content. This momentum has carried over into July 2025 with the impressive box office results further described below.
Current report
Several notable films significantly contributed to the success of the second quarter of 2025. Universal’s How to Train Your Dragon captivated audiences with its heartfelt storytelling, drawing a strong family attendance. Disney’s Thunderbolts* continued to build on the popularity of the Marvel Cinematic Universe, delivering thrilling action sequences and complex character arcs that resonated with fans worldwide. Paramount’s Mission: Impossible –The Final Reckoning maintained the franchise’s legacy of high-octane excitement and breathtaking stunts, attracting both longtime fans and new viewers. Warner Brothers further bolstered this quarter’s box office performance with Final Destination: Bloodlines, a fresh installment that revitalized the beloved horror franchise, and F1: The Movie, which engaged racing fans and general audiences with its dynamic portrayal of the sport.
Current report
In addition to these successes, the third quarter of 2025 has seen tremendous success from Jurassic World: Rebirth (July 2025), grossing over $800 million worldwide, Superman, and The Fantastic Four: First Steps. Jurassic World: Rebirth taps into nostalgia and family-friendly adventure, and its dinosaur-driven thrills continue to draw massive audiences. Alongside Universal’s summer breakout success, Warner Brothers Superman (July 2025), has grossed over $581 million worldwide. The film has earned praise for its compelling story, striking visuals, and ability to spark meaningful conversations. Fantastic Four: First Steps has already made a significant impact on the cinema industry, grossing over $437 million worldwide. Disney has drawn interest from both longtime fans and new audiences, showing that rebooted superhero films continue to resonate strongly with moviegoers around the globe These films’ strong box office and critical success highlight the impact of 2025’s diverse slate, which is drawing wide audiences back to theaters and signaling a vibrant future for cinema.
Current report
We believe that this momentum is further supported by the robust lineup of upcoming releases throughout the remainder of 2025 and beyond. Films such as TRON: Ares (October 2025), Wicked: For Good (November 2025), Zootopia 2 (November 2025), and Avatar: Fire and Ash (December 2025) are anticipated to be major draws, continuing the industry's growth and positive momentum.
Current report
Amazon MGM Studio’s The Accountant II and A Working Man exemplify how streaming companies are strategically leveraging theatrical releases to enhance their film distribution models, which in effect expand their reach and enhance their cultural impact. These successful cinema runs demonstrate that by integrating theatrical exhibition into their release strategies, streaming companies like Amazon MGM are reaffirming the unique value of the big screen experience in complementing digital distribution and expanding overall viewership to a broader audience.
Current report
We remain optimistic about the continued recovery and operational improvements across our global cinema network. A major contributor to this progress is the steady growth of our Food and Beverage program. We have secured the ability to serve beer and wine at all U.S. cinemas and offer liquor at all but three locations, with efforts underway to complete licensing at the remaining sites. We’re also advancing similar initiatives in Australia and New Zealand to elevate our offerings and enhance the overall guest experience.
Current report
Recent Box Office Improvements
Current report
Despite a softer film slate in the first quarter of 2025 and lingering effects from the 2023 Hollywood strikes, the second quarter of 2025 haspowerfully demonstrated our company’s resilience and the cinema industry’s continued recovery. The strong box office performance this quarter reflects the audience’s continued demand for theatrical content and our ability to successfully navigate through industry-wide challenges.
Current report
Warner Brothers played a key role in the quarter’s success, delivering two of the biggest hits of the year thus far: A Minecraft Movie, F1: The Movie, and Sinners. A Minecraft Movie has become a global phenomenon, nearing the $1 billion mark at the worldwide box office. It delivered the largest opening weekend of 2025 domestically and broke the all-time highest opening weekend record for a video game adaptation, surpassing the highly successful Super Mario Bros. movie. Its box-office success highlights the strength of highly distinguishable brand recognition and the lasting audience demand for high-quality franchise storytelling. Sinners also exceeded expectations, earning widespread critical acclaim and resonating strongly with audiences. With more than $365 million in global box office revenue to date, the film has proven that original, story-driven content continues to thrive in the theatrical marketplace.
Current report
Family films have also played a major role in this quarter’s success. Disney’s Lilo & Stitch remake has been a standout performer, grossing over $1.0 billion worldwide and outperforming the original. Its strong reception highlights the lasting power of beloved legacy titles, reintroduced to new generations. In addition, Universal’s live-action How to Train Your Dragon has already surpassed the 2019 installment and 2010 original, earning over $623 million globally. These titles reinforce the importance of family-friendly content in attracting wide-ranging audiences and driving consistent box office results.
Current report
These films released in the second quarter highlight the strength, diversity, and commercial power of the second quarter’s lineup. Compared to both the previous quarter and the same period last year, our global box office performance has seen significant improvement.
Current report
As we move into the second half of 2025, we are well positioned to extend our momentum with a thrilling and diverse slate of films. Audiences are continuing to be captivated by titles like Superman, Jurassic World: Rebirth, and The Fantastic Four: First Steps, while eagerly anticipating upcoming releases such as Wicked: For Good, Zootopia 2, Five Nights at Freddy’s, and Avatar: Fire and Ash. These upcoming releases exemplify the cinema industry’s unwavering commitment to delivering a rich and compelling variety of films that will engage audiences globally and drive sustained growth across the sector.
Current report
Real Estate Segment
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Cinema Exhibition Segment Overview
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Cinema Pipeline and Closure
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On April 15, 2025, we closed our underperforming cinema located in San Diego, California.
Current report
Real Estate Segment Overview
Current report
(viii)Most recently, on May 21, 2025, our Cannon Park property in Townsville, Queensland, Australia.
Current report
(iii)their immaterial or non-income producing nature, or
Current report
We have retained consultants and are working to down-date our various titles, many of which to the 19 th century.
Current report
On May 21, 2025, we sold our Cannon Park ETC in Townsville, Queensland, Australia, which consisted of our Cannon Park City Center and Cannon Park Discount Center properties, comprising approximately 9.4-acres, for a purchase price of AU$32.0 million (USD equivalent of $20.7 million). We have retained a long-term lease of the cinema component of that property.
Current report
Second Quarter Net Results
Current report
Revenue for the six months ended June 30, 2025, increased by 9% (or $8.7 million), to $100.5 million, when compared to the same period in the prior year. This increase is attributable to strengthened cinema performance, which was partially offset by a decrease in real estate rent revenue.
Current report
Our total segment operating income for the six months ended June 30, 2025 of $4.1 million, increased by $11.0 million, from a loss of $6.9 million, primarily due to (i) stronger cinema performance, as attendance increased in the U.S. and ATP increased in Australia and New Zealand, (ii) decreased operating expenses in our real estate segment, and (iii) a reduction in depreciation and amortization. This was offset by weakened real estate revenue and increased general and administrative expenses for our cinema segment.
Current report
For the six months ended June 30, 2025, net loss attributable to Reading International, Inc. improved by 71%, from a loss of $26.0 million to a loss of $7.4 million, when compared to the same period in the prior year primarily due to improved segment results, decreased interest expense, and a gain on sale of assets. This was offset by increased general and administrative expense and increased other expense.
Current report
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The OBBBA includes significant tax law changes, including the permanent extension of certain provisions from the Tax Cuts and Jobs Act, modifications to the international tax framework, and the reinstatement of favorable business tax provisions. These include 100% bonus depreciation, immediate expensing of Section 174 domestic research and experimental expenditures, and revised limitations under Section 163(j) on the deductibility of business interest expense. The legislation has multiple effective dates, with certain provisions effective beginning in 2025, and others implemented through 2027. The Company does not anticipate the impact of the OBBBA to have a material effect on its consolidated financial statements for the year ending December 31, 2025.
Current report
Second Quarter Results
Current report
For the quarter ended June 30, 2025, cinema revenue increased by $13.8 million, to $56.8 million compared to the same period in the prior year. This increase was primarily due to (i) a global increase in cinema revenues from increased cinema attendance driven by a stronger movie slate, (ii)increases in ATP and F&B SPP in all three countries, and (iii) increases in screen advertising and other revenues in the U.S. and Australia, partially offset by a weakening of AU/NZ foreign exchange rates.
Current report
For the six months ended June 30, 2025, cinema revenue increased by $9.0 million, to $93.2 million compared to the same period in the prior year. This increase was primarily driven by (i) a global increase in box office due to a stronger movie slate, and(ii) increased F&B SPP and advertising and other revenues in US, and offset by a weakening of AU/NZ foreign exchange rates.
Current report
Cinema segment operating income for the six months ended June 30, 2025, increased by $9.8 million, from a loss of $8.8 million to an income of $1.0 million when compared to the same period in the prior year primarily due to (i) increased cinema revenues globally, (ii) efficiently managing cinema expenses to remain relatively flat globally, and (iii) a reduction in overall depreciation, amortization and G&A expenses.
Current report
Operating expenses for the quarter ended June 30, 2025, increased by $4.0 million, to $47.9 million, compared to the same quarter in the prior year. This increase was primarily due to increased global attendance resulting in increased film rent, food and beverage cost, and other variable costs in all three countries. Operating expenses for the six months ended June 30, 2025, remained relatively flat at $85.6 million, compared to $85.8 million for the same time period in the prior year.
Current report
Depreciation, amortization, impairment, and general and administrative expenses for the six months ended June 30, 2025, decreased $0.6 million, to $6.6 million, compared to the same quarter in the prior year.
Current report
Second Quarter Results
Current report
Revenue
Current report
Real estate rent revenue for the quarter ended June 30, 2025, decreased by $0.4 million to $4.7 million, compared to the same period in the prior year.
Current report
For the six months ended June 30, 2025, real estate rent revenue decreased by $0.4 million, to $9.5 million, compared to the same period in the prior year. The decrease was primarily due to lower Rental Income as a result of the sales of our Wellington property assets and our Cannon Park property assets, partially offset by higher Live theatre rental and ancillary income in the U.S.
Current report
For the six months ended June 30, 2025, real estate segment operating income increased by $1.2 million, to $3.1 million, compared to $1.8 million in the same period in the prior year. This increase in operating income was due to an increase in U.S. live theatre revenue, decreased operating expense globally and reduced depreciation, amortization, and G&A expense in all three countries.
Current report
These results were impacted by the sale of our (i) Wellington property assets in January 2025, (ii) our Cannon Park property in May 2025 and (iii) Culver City office building in February 2024.
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Removed paragraphs (41)
Previous report
While our performance this quarter was not as strong as we had originally anticipated, especially in comparison to the first quarter of 2024, we remain optimistic about the direction of our cinema business and the cinema industry as a whole. Performances for the first quarter of 2025 from films such as Captain America: Brave New World and Disney’s Snow White did not meet industry expectations.
Previous report
However, looking to the second quarter of 2025, A Minecraft Movie and Sinners have already exceeded industry expectations and have created momentum for the industry. Additionally, we are encouraged about the long-term prospects of the cinema industry for a variety of reasons, including
Previous report
(i) the current movie release schedule from 2025 to 2027, reflecting a notable increase in quality tentpole films, such as Superman (2025), Fantastic Four (2025), and Jurassic World: Rebirth (2025);
Previous report
(ii) the strong performance of selected highly anticipated and well-promoted films which we believe has demonstrated that audiences are eager to return to cinemas, with per-film attendance approaching levels seen during the pre-pandemic blockbuster era-recent examples include A Minecraft Movie, Sinners and Thunderbolts*;
Previous report
(iii) the fact that major studios and distributors, including streaming platforms like MGM Amazon and Apple TV, are adding a cinema exhibition run to their overall distribution plan as they recognize the economic value of the theatrical release window, not only for driving box office revenues, but also for promoting and distinguishing their films from other content available on their platforms—for example, MGM Amazon’s The Accountant II (2025), had a successful theatrical release; and
Previous report
(iv) the growing volume of content focused on niche cinema audiences, such as faith-based movies like The King of Kings (2025) and I Can Only Imagine 2 (2026).
Previous report
We have also reduced our expenses by selling during the first quarter of last year our administrative office building in Culver City, California and moving to a remote working structure while we investigate our options for replacing office space. We have worked to renegotiate various supplier contracts and have reduced our future insurance costs by approximately $1.3 million on a going forward basis over the remainder of this year. Senior executive salaries have remained flat since 2023 and no cash bonuses have been issued in the last five years except 2022. In 2024 we substituted stock options for cash bonuses related to 2023 performance and did not issue long-term incentive grants. Our Compensation Committee has determined that it will likewise grant stock options in lieu of cash bonuses with respect to 2024 performance.
Previous report
With respect to our real estate segment, our Australian real estate revenues continue to have steady, strong performance, and especially when measured in local currency. However, the Australian real estate operations for the three-month period ended March 31, 2025 have been adversely impacted by the generally downward trend in exchange rates.
Previous report
The current macroeconomic conditions such as inflation, interest rates, labor cost increases, and the relatively low exchange value of the Australian and New Zealand dollars have continued to be obstacles that our cinema operations and the entire cinema industry must navigate, and have adversely impacted our global cinema segment:
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Cinema attendance levels have not yet returned to pre-pandemic levels;
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The number of movies released by the major Hollywood studios and other distributors, while increasing from pandemic levels, have not yet returned to their higher pre-pandemic levels, impacted as well by the 2023 Hollywood Strikes;
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The duration of the exclusive theatrical release window is under continuing pressure from cable and streaming;
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Inflationary pressures, ongoing supply chain issues and increased operating expenses arising post-pandemic continue to push up our variable costs while we encounter consumer resistance to higher ticket prices;
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Labor costs continue to increase due to inflation and labor shortages and government mandates;
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Increased fixed costs for third party cinema rents, some of which are increasing due to fixed rent escalations, some of which are fixed and some of which are adjusted by reference to changes in the cost of living index, which are exacerbated by having to also pay our COVID-19 related rent deferrals for the periods of time when our operations were closed or restricted;
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Declines in exchange rates for the Australian and New Zealand currencies when compared to the U.S. Dollar; and
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General market and economic conditions.
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The film exhibition industry for 2025 is expected to see some notable movie titles, which were initially slated for 2024 being postponed to this current year. This will help bring positive momentum with movies such as Thunderbolts*, Elio, Mission: Impossible – The Final Reckoning, SpongeBob SquarePants, and James Cameron’s eagerly awaited Avatar sequel.
Previous report
The first quarter of 2025 underperformed with movies such as Disney’s Snow White, Captain America: Brave New World, and Mickey 17 not meeting industry expectations compared to last year’s successful films such as Dune Part 2 and Kung Fu Panda 4. In the first quarter of 2025, we continued to see success from the Oscar winning film Anora, and new specialty films such as I’m Still Here and The Last Showgirl. Additionally, Q4 2024’s movies such as Moana 2, Sonic the Hedgehog 3, Mufasa: The Lion King, and A Complete Unknown continued to be appreciated by audiences during the first quarter of 2025. We believe that the continued success of these Q4 titles highlights strong audience loyalty and engagement, which shows that cinema audiences are still connecting with content and are continuing to have high levels of brand loyalty.
Previous report
The remaining 2025 film lineup looks powerful and promising with highly anticipated releases, which are expected to drive audiences to our big screens. These films include Lilo & Stitch, Mission Impossible – The Final Reckoning, Ballerina, Superman, Downton Abbey 3, F1, Wicked: For Good and Avatar: Fire and Ash.
Previous report
We are actively working with our landlords to manage our occupancy costs, which remain high relative to our current revenue levels. Recognizing the oversupply of cinemas in the U.S., we continue to evaluate our U.S. holdings and plan to close underperforming locations where reasonable agreements with landlords cannot be reached. Since the start of the COVID-19 pandemic through the first quarter of 2025, we have closed or surrendered leases at three locations in Hawaii, one location in Texas, one location in Northern California, and two locations in New Zealand (all of which experienced negative cash flow at the theater level). We closed a further California cinema in April, 2025. In some cases the applicable cinema lease effectively came to their end by the landlord exercising termination rights (for example, in the case of month-to-month tenancies in order to convert to another use or in the last month of the term). In other cases we have elected not to exercise renewal options. None of these locations have been returned to a cinema use. While in the short term, cinema closures will have an impact on our gross revenue levels year-over-year, we anticipate that they will improve our long-term operating results. We continue to remain confident that such closures are in the best interests of our Company and our stockholders and that in the coming years, our cinema revenue will once again support our real estate development initiatives. Currently, we have one six-screen cinema project in the pipeline in Australia.
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Additionally, we expect continued improvements to the operational performance of our cinemas as our global circuit steadily recovers. A key factor in this optimism is the ongoing expansion and enhancement of our Food and Beverage (F&B) offerings. As of Q1 2025, we are currently able to sell beer and wine in 100% of our U.S. cinemas, and liquor in all but three. We are actively pursuing licenses to offer liquor, along with beer and wine, at those remaining three locations. Looking ahead, we are committed to securing liquor licenses and enhancing our F&B offerings across our circuits in Australia and New Zealand as well, reinforcing our dedication to elevating the cinema experience for our customers.
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Real Estate Developments
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Cinema Exhibition Overview
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Cinema Pipeline
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Real Estate Overview
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As of the date of this Report, we continue to have the following properties classified as held for sale:
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(i)Our ETC properties in Townsville (QLD) in Australia known as Cannon Park; and
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Cannon Park Center ETC, (Queensland, Australia) –We acquired two adjoining properties in Townsville, Queensland, Australia comprising of approximately 9.4-acres in 2015. The total gross leasable area of the Cannon Park City Center and the Cannon Park Discount Center is 126,368 square feet. Our multiplex cinema is the anchor tenant at the Cannon Park City Center. This site is currently 94% leased. As discussed in greater detail above, our Cannon Park property is currently under an unconditional contract of sales for AU$32.0 million, which we expect to close sometime in May 2025.
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First Quarter Net Results
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First Quarter Results
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For the quarter ended March 31, 2025, cinema revenue decreased by $4.9 million, to $36.4 million compared to the same period in the prior year. This decrease was primarily due to a global decline in attendance from a weaker slate of overall films, plus closure of U.S. and NZ theaters.
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Operating expenses for the quarter ended March 31, 2025, decreased by $4.2 million, to $37.7 million, compared to the same quarter in the prior year. This decrease was due to lower operating expenses across the three countries.
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First Quarter Results
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Real estate revenue for the quarter ended March 31, 2025, decreased slightly to $4.8 million, compared to the same period in the prior year.
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In order to further bolster our liquidity and capital resources, in the second quarter 2024, we classified our Cannon Park property in Townsville, Australia as an asset held for sale. Our Cannon Park property is currently under an unconditional contract of sales for AU$32.0 million, which we expect to close sometime in May 2025. Those assets have a book value of $17.5 million.
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Cash used in financing activities for the three months ended March 31, 2025, increased by $5.6 million, to $16.9 million compared to cash used in the same period of prior year due tohigher loan paydowns compared to the same period of 2024.
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the adverse continuing impact of the COVID-19 pandemic or other contagious diseases on short-term and/or long-term entertainment, leisure and discretionary spending habits and practices of our patrons;
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the decrease in attendance at our cinemas and theatres due to (i) increased ticket prices (ii) a change in consumer
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unwillingness of employees to report to work due to the adverse effects of contagious diseases or to otherwise conduct work under any revised work environment protocols;
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Previous wording
Since the start of the COVID-19 pandemic through the first quarter of 2025, we have reduced our operating costs by closing or surrendering seven (7) underperforming locations (three in Hawaii, one in California, one in Texas, two in New Zealand). The reduction in our cinema count has impacted our gross revenues but has, we believe, helped our bottom line. None of these past locations are currently operating as a cinema. We have been working to re-negotiate leases at our continuing U.S. cinemas to either reduce occupancy costs or to convert fixed rent to percentage rent, thus better aligning our landlord's interests with our own. Additionally, on April 15, 2025 we closed one more U.S. cinema, our Reading Cinemas Town Square in San Diego, CA, upon the expiration of that lease.
Current wording
Since the start of the COVID-19 pandemic through the second quarter of 2025, we closed or surrendered eight (8) underperforming locations (three in Hawaii, two in California, one in Texas, two in New Zealand) to improve our cinema operation performance. As of today, none of these locations are operating as a cinema. We continue to work to re-negotiate leases at our currently operational U.S. cinemas to either reduce occupancy costs or to convert fixed rent to percentage rent, thus better aligning our landlord's interests with our own.
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Regarding our United States real estate, during the first quarter of 2024, we sold our underutilized administrative office building in Culver City, California for $10.0 million. We continue to work to lease up the remainder of our 44 Union Square building. The existing tenant, Petco, occupies the cellar, ground and first floors on a full rent paying basis. We believe that demand for space in the Union Square submarket is improving.
Current wording
Regarding our United States real estate, during the first quarter of 2024, we sold our underutilized administrative office building in Culver City, California for $10.0 million. We continue to work to lease up the remainder of our 44 Union Square building in New York. The existing 44 Union Square tenant, Petco, occupies the cellar, ground and second floors on a full rent paying basis. We believe that demand for space in the Union Square submarket is improving.
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On January 31, 2025, we sold all of our Wellington, New Zealand properties for NZ$38.0 million, and entered into an agreement to lease for the cinema premises in Courtenay Central upon completion of seismic upgrades. As of March 31, 2025, all our tenants at our Australian and New Zealand properties were in occupancy on a full rent paying basis.
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Regarding our Australia and New Zealand real estate, on May 21, 2025, we sold our Cannon Park properties in Townsville, Queensland, Australia for AU$32.0 million (USD equivalent of $20.7 million), while retaining the cinema leasehold at that property. And, on January 31, 2025, we sold all of our Wellington, New Zealand properties for NZ$38.0 million (USD equivalent of $21.5 million), and entered into an agreement to lease for the cinema premises in Courtenay Central upon completion of seismic upgrades. The proceeds of these sales were used, among other things, to pay down approximately $32.1 million in debt. As of June 30, 2025, all our tenants at our Australian and New Zealand properties were in occupancy on a full rent paying basis.
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Given our liquidity requirements, we have largely paused our real estate development projects. Our restricted capital expenditures in 2023 and 2024 have primarily targeted improvements to our existing cinemas. To bolster our liquidity, the Company has listed for sale various assets, being our Newberry Yard property in Williamsport, Pennsylvania, and our Cannon Park property in Townsville, Queensland, Australia.
Current wording
Given our liquidity requirements, we have largely paused our real estate development projects. Our restricted capital expenditures in 2024 and thus far in 2025 have primarily targeted improvements to our existing cinemas. To bolster our liquidity, the Company has continued to hold for sale our Newberry Yard property in Williamsport, Pennsylvania.
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Cinema exhibition, through our 59 cinemas as of March 31, 2025.
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Cinema exhibition, through our 58 cinemas as of June 30, 2025.
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While we have monetized several significant properties, we believe these two business segments continue to complement and support one another. Prior to COVID-19, we used cash flows generated by our cinema operations to fund the front-end cash demands of our real estate development business. As a result of COVID-19, we relied more upon income from our real estate assets, and tapped into the embedded value in those assets, to support our Company through the COVID-19 crisis. As the residual COVID-19 and the 2023 Hollywood Strikes impacts continue to subside, we believe that the quality of film product will continue to improve enticing patrons to return to our cinemas, reaffirming our belief that we will once again be able to rely on the cash flows generated by our cinema portfolio to enhance and add to our real estate portfolio. To meet anticipated liquidity needs, we have classified two assets (Newberry Yard and Cannon Park) as assets held for sale, but even after these dispositions we anticipate that we will continue to own properties in Pennsylvania, Manhattan, and in Australia and New Zealand that we believe will present, when capital resources are available to us, potential to build stockholder value.
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COVID-19 and the 2023 Hollywood Strikes impacts behind us, we believe that the quality of film releases will continue to improve, enticing patrons to return to our cinemas and reaffirming our belief that we will once again be able to rely on the cash flows generated by our cinema portfolio to enhance and add to our real estate portfolio. To meet anticipated liquidity needs, we continue to classify one asset (Newberry Yard) as an asset held for sale. Even after this disposition we anticipate that we will continue to own properties in Pennsylvania, Manhattan, and in Australia that we believe will present, when capital resources are available to us, potential to build material stockholder value.
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One of our strategic priorities has been to continue upgrading the food and beverage menu at several of our global cinemas. As of March 31, 2025, we have a total of 38 theater locations with elevated food and beverage menus (i.e. menus that are beyond traditional popcorn, soda, and candy). We use F&B SPP as a measure of our food and beverage operational performance as compared to that of our competitors. Although the profitability of our food and beverage operations is influenced by numerous factors, including labor and cost of goods, F&B SPP serves as an indicator of our ability to achieve consistent strong top-line performance. In addition, F&B SPP highlights our ability to optimize revenue by effectively promoting and selling supplementary products to our customers during each visit. Moreover, this metric assists in evaluating how well we can differentiate our F&B offerings from our competitors. Management in turn uses F&B SPP to adjust food and beverage pricing strategies at our individual theaters, measure the effectiveness of promotional marketing initiatives, optimize menu offerings, and to ensure price barriers are not created for our attendance.
Current wording
One of our strategic priorities has been to continue upgrading the food and beverage menu at several of our global cinemas. As of June 30, 2025, we have a total of 37 theater locations with elevated food and beverage menus (i.e. menus that are beyond traditional popcorn, soda, and candy). We use F&B SPP as a measure of our food and beverage operational performance as compared to that of our competitors. Although the profitability of our food and beverage operations is influenced by numerous factors, including labor and cost of goods, F&B SPP serves as an indicator of our ability to achieve consistent strong top-line performance. In addition, F&B SPP highlights our ability to optimize revenue by effectively promoting and selling supplementary products to our customers during each visit. Moreover, this metric assists in evaluating how well we can differentiate our F&B offerings from our competitors. Management in turn uses F&B SPP to adjust food and beverage pricing strategies at our individual theaters, measure the effectiveness of promotional marketing initiatives, optimize menu offerings, and ensure price barriers are not created for our attendance.
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Historically, in the case of our development properties (such as 44 Union Square in New York City) and our various international properties such as Newmarket Village in Australia, we have no specific key performance standards to compare performance from period to period. Rather we continue to analyze budgets and projections and compare actual results to budgeted or projected results from time to time.
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The key performance indicators used by management in our real estate segment vary according to jurisdiction. At the current time, in the United States, we assess our real estate division (including 44 Union Square and our historical railroad assets, but excluding our Live Theaters), solely on a net operating income basis. We have no specific key performance standards to compare performance from period to period. Rather we analyze operating budgets and projections and compare actual results to budgeted or projected results from time to time.
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The key performance indicators used by management in our real estate segment vary according to jurisdiction. At the current time, in the United States, we assess our United States real estate division (excluding our Live Theaters), solely on a net operating income basis. In Australia and New Zealand, we assess our properties held for rent using net operating income, occupancy factor (the percentage of the net rentable area of our properties that are leased) and average lease duration. We believe our chosen indicators help us effectively assess the return on investment on our real estate assets.
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In Australia and New Zealand, we assess our properties held for rent using net operating income, occupancy factor (the percentage of the net rentable area of our properties that are leased) and average lease duration. We believe our chosen indicators help us effectively assess the return on investment on our real estate assets.
Previous wording
In the case of our Live Theatres, with respect to key performance indicators, we primarily look to the live theater rental revenue and ancillary income from the theatres. This key performance indicator represents box office revenues less amounts paid to producers for license fee settlements, plus ancillary income earned by us from certain theater operations. Our live theater rental revenue and ancillary income for the first quarter 2025 was $543.0 thousand compared to $413.0 thousand for the first quarter 2024.
Current wording
In the case of our Live Theatres, with respect to key performance indicators, we primarily look to the live theater rental revenue and ancillary income from the theaters. This key performance indicator represents box office revenues less amounts paid to producers for license fee settlements, plus ancillary income earned by us from certain theater operations. Our live theater rental revenue and ancillary income for the second quarter 2025 improved to $0.6 million compared to $0.4 million for the second quarter 2024. Our live theater rental revenue and ancillary income for the six months ended June 30, 2025 improved to $1.2 million compared to $0.8 million for the six months ended June 30, 2024.
Previous wording
(3)Our Wellington leased count includes our Courtenay Central cinema, which, having been sold on January 31, 2025, is now under an Agreement to Lease and we anticipate reopening following the completion of certain third-party construction works.
Current wording
(3)(i) Our Wellington lease count includes our Courtenay Central cinema, which, having been sold on January 31, 2025, is now under an Agreement to Lease and we anticipate reopening following the completion of certain third-party construction and seismic strengthening works. (ii) We closed one underperforming cinema located in San Diego, CA on April 15, 2025.
Previous wording
Our cinema revenues consist primarily of cinema ticket sales, F&B sales, screen advertising, gift card sales, cinema rentals, and online convenience fee revenue generated by the sale of our cinema tickets through our websites and mobile apps. Cinema operating expenses consist of the costs directly attributable to the operation of the cinemas, including (i) film rent expense, (ii) operating costs, such as employment costs and utilities, and (iii) occupancy costs. Cinema revenues and certain expenses fluctuate with the availability of quality first run films and the number of weeks such first run films stay in the market. For a breakdown of our current cinema assets that we own and/or manage, please refer to Part I, Item 1 – Our Businessof our 2024 Form 10-K. We now present a discussion of recent material developments.
Current wording
Our cinema revenues consist primarily of cinema ticket sales, F&B sales, screen advertising, gift card sales, cinema rentals, and online convenience fee revenue generated by the sale of our cinema tickets through our websites and mobile apps. Cinema operating expenses consist of the costs directly attributable to the operation of the cinemas, including (i) film rent expense, (ii) cost of goods sold, (iii) operating costs, such as employment costs and utilities, and (iv) occupancy costs. Cinema revenues and certain expenses fluctuate with the availability of quality first run films and the number of weeks such first run films stay in the market. For a breakdown of our current cinema assets that we own and/or manage, please refer to Part I, Item 1 – Our Businessof our 2024 Form 10-K.
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Our Board has also authorized management to proceed with the negotiation of lease for one new state-of-the-art cinema, located in Noosa, Queensland, Australia.
Current wording
Our Board has also authorized management to proceed with the negotiation of a lease for a new state-of-the-art cinema, located in Noosa, Queensland, Australia.
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(3)Spotlight Service: Our first dine-in cinema concept in the U.S. at Reading Cinemas in Murrieta, California. Six of our 17 auditoriums at this cinema feature waiter service before the movie begins with a full F&B menu, luxury recliner seating, and laser focus on customer service. Our Spotlight service has been temporarily suspended since the initial COVID-19 shutdown.
Current wording
(3)Spotlight Service: Spotlight, our first dine-in cinema concept in the U.S., is situated at Reading Cinemas in Murrieta, California. Prior to the COVID-19 Pandemic, six of our 17 auditoriums at this cinema featured waiter service before the movie began with a full F&B menu, luxury recliner seating, and laser focus on customer service. Our Spotlight service remains suspended.
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(5)Liquor Licenses: Licenses are applicable at each cinema location, rather than each cinema auditorium. As of today, we have liquor licenses in 100% of our cinemas operating in the U.S. In Australia, 86% of our cinemas are licensed and we have no liquor licenses pending. In New Zealand, 38% of our cinemas are licensed and we have two liquor licenses pending.
Current wording
(5)Liquor Licenses: Licenses are applicable at each cinema location, rather than each cinema auditorium. As of today, we have beer and wine licenses in 100% of our cinemas and liquor licenses in all but three of our cinemas operating in the U.S. In Australia, 86% of our cinemas are licensed and we have no liquor licenses pending. In New Zealand, 38% of our cinemas are licensed and we have two liquor licenses pending.
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Through our various subsidiaries, we engage in the real estate business through the development, ownership, rental or licensing to third parties of retail, commercial, and live theatre assets. Our real estate business creates long-term value for our stockholders through the continuous improvement and development of our investment and operating properties, including our ETCs. In addition to owning the fee interests in eight of our cinemas (as presented in the table under Cinema Exhibition Overview), as of March 31, 2025, we:
Current wording
Through our various subsidiaries, we engage in the real estate business through the development, ownership, rental or licensing to third parties of retail, commercial, and live theatre assets. Our real estate business creates long-term value for our stockholders through the continuous improvement and development of our investment and operating properties, including our ETCs. In addition to owning the fee interests in 7 of our cinemas (as presented in the table under Cinema Exhibition Overview), as of June 30, 2025, we:
Previous wording
own and operate three ETCs known as Newmarket Village (in a suburb of Brisbane), The Belmont Common (in a suburb of Perth), and Cannon Park (in Townsville) in Australia (Currently being held for sale);
Current wording
own and operate two ETCs known as Newmarket Village (in a suburb of Brisbane), and the Belmont Common (in a suburb of Perth);
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The combination of the COVID-19 pandemic, the lack of any material U.S. public pandemic financial assistance due to our public company status, the 2023 Hollywood Strike, increased interest rates, inflation, increased labor costs, and decreases in the value of the Australian Dollar and New Zealand Dollar vis-a-vis the U.S. Dollar, have significantly impacted our cinema operations and necessitated capital conservation to sustain our cinema operations and service our debt. This has required us to rethink our real estate business plan and to monetize a number of properties that had pre-COVID been slated for long-term development.
Current wording
The combination of the COVID-19 pandemic, the lack of any material U.S. public pandemic financial assistance due to our public company status, the 2023 Hollywood Strikes, increased interest rates, inflation, increased labor costs, and decreases in the value of the Australian Dollar and New Zealand Dollar vis-a-vis the U.S. Dollar over the past five years, have significantly impacted our cinema operations and necessitated capital conservation to sustain our cinema operations and service our debt. This has required us to rethink our real estate business plan and to monetize a number of properties that had pre-COVID been slated for long-term development.
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(vi)Our administrative office building in Culver City, California; and
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(vi)Our administrative office building in Culver City, California;
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(vii) Most recently, on January 31, 2025, our approximately 3.7 acre five-parcel assemblage in the entertainment center of Wellington, New Zealand, which includes the Courtenay Central building.
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(vii) On January 31, 2025, our approximately 3.7 acre five-parcel assemblage in the entertainment center of Wellington, New Zealand, which includes the Courtenay Central building; and
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These properties were identified for sale and sold in significant part because of (i) our need for liquidity due to the circumstances referred to above, (ii) the amount of capital required to materially increase their value in the immediate to mid-term, (iii) they were either non-income producing or provided immaterial cash flow and (iv) in the case of our Culver City office building, the property was not required for our operations because it exceeded our office size requirements. Our Courtenay Central deal includes a long-term lease back to us of the cinema component of that property, after the completion of seismic upgrades.
Current wording
These properties were identified for sale and sold for various reasons, which included without limitation
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(ii)Our approximately 23.9-acre Newberry Yard in Williamsport, Pennsylvania (also currently non-income producing).
Current wording
As of the date of this Report, we continue to own our approximately 23.9-acre Newberry Yard in Williamsport, Pennsylvania (also currently non-income producing).
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44 Union Square Redevelopment (New York, N.Y.) –We continue our efforts to find a tenant for the remaining four floors of the building. On January 27, 2022, we entered a long-term lease with Petco for the lower level, ground floor, and second floor of the building. Petco is now open for business and in occupancy on a full rent paying basis.
Current wording
44 Union Square Redevelopment (New York, N.Y.) – On January 27, 2022, we entered a long-term lease with Petco for the lower level, ground floor, and second floor of the building. Petco continues to be open for business and in occupancy on a full rent paying basis. We continue our efforts to find a tenant for the remaining four floors of the building. As we previously reported, we signed a Letter of Intent and have exchanged lease drafts with one potential tenant which would offer a non-office use. As the office leasing market in Mid Town South continues to improve, we have experienced increased interest from potential office users and are currently negotiating a few other Letters of Intent with potential office tenants.
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Minetta Lane Theatre (New York, N.Y.) –Audible has a license agreement with us through March 15, 2026, with an option to extend it for an additional year. Audible presents plays featuring a limited cast of one or two characters and special live performance engagements on the Audible streaming service. During 2024, Audible presented a number of shows, including Laura Benati: Nobody Cares, Dead Outlaw and Strategic Love Play. In 2025, Hugh Jackman produces and stars in Sexual Misconduct of the Middle Class and Liev Schreiber stars in Creditors.
Current wording
Minetta Lane Theatre (New York, N.Y.) –Audible has a license agreement with us through March 15, 2026, with an option to extend for an additional year. Audible presents plays featuring a limited cast of one or two characters and special live performance engagements on the Audible streaming service. During 2024, Audible presented a number of shows, including Laura Benati: Nobody Cares, Dead Outlaw and Strategic Love Play. During the second quarter of 2025, Hugh Jackman produced and starred in Sexual Misconduct of the Middle Class and Liev Schreiber starred in Creditors at our Minetta Lane Theatre.
Previous wording
Orpheum Theatre (New York, N.Y.) –STOMP closed (after 30 years at our theatre) on January 8, 2023. Under our termination agreement with the producers of STOMP, we have certain rights to provide the New York City venue for any future production of that show. Following STOMP’s historic run at the Orpheum, The Empire Strips Backran for approximately three months, followed by a limited holiday engagement of Death, Let Me Do My Show starring comedian Rachel Bloom. The Off-Broadway solo version of William Shakespeare’s Hamlet starring Eddie Izzard also played in 2024. The year finished with a run of The Big Gay Jamboree, produced by the creator of Barbie and Titanique. The Jonathon Larson Project closed in March 2025 and a new show, Ginger Twinsies, is scheduled to launch during the summer of 2025.
Current wording
Orpheum Theatre (New York, N.Y.) –STOMP closed (after 30 years at our theatre) on January 8, 2023. Under our termination agreement with the producers of STOMP, we have certain rights to provide the New York City venue for any future production of that show. Following STOMP’s historic run at the Orpheum, The Empire Strips Backran for approximately three months, followed by a limited holiday engagement of Death, Let Me Do My Show starring comedian Rachel Bloom. The Off-Broadway solo version of William Shakespeare’s Hamlet starring Eddie Izzard also played in 2024. The year finished with a run of The Big Gay Jamboree, produced by the creator of Barbie and Titanique. The Jonathon Larson Project closed in March 2025 and a new show, Ginger Twinsies, began its run on July 10, 2025.
Previous wording
The Philadelphia Viaduct and Adjacent Properties (Philadelphia, Pennsylvania) –This continues to be an area of focus in 2025 as we continue our efforts to develop and maximize the potential of our real estate holdings in Philadelphia. Since 2023, we have resumed work on this project, particularly concentrating on the Reading Viaduct—an 0.7-mile-long raised rail bed and bridge system spanning the Callowhill and Poplar neighborhoods, extending to Vine Street in the heart of the city's Central Business District. Comprising approximately 6.5 acres of land, along with various connecting bridges over public streets and sidewalks, the Reading Viaduct represents a significant contiguous land holding unobstructed by public thoroughfares.
Current wording
The Reading Viaduct and Adjacent Properties (Philadelphia, Pennsylvania) –This continues to be an area of focus in 2025 as we continue our efforts to develop and maximize the potential of our real estate holdings in Philadelphia. Since 2023, we have resumed work on this project, particularly concentrating on the Reading Viaduct—an 0.7-mile-long raised rail bed and bridge system spanning the Callowhill and Poplar neighborhoods, extending to Vine Street in the heart of the city's Central Business District. Comprising approximately 6.5 acres of land, along with various connecting bridges over public streets and sidewalks, the Reading Viaduct represents a significant contiguous land holding unobstructed by public thoroughfares.
Previous wording
Newmarket Village ETC (Brisbane, Australia) –We will continue to operate our Newmarket Village ETC, which includes Reading Cinemas as an anchor tenant Our site includes a 23,218 square foot parcel adjacent to the center, improved with an office building. Over the next few years, we will be evaluating different development options for this space. As of the date of this report, the combined center and office building is 96% leased.
Current wording
Newmarket Village ETC (Brisbane, Australia) –We will continue to operate our Newmarket Village ETC, which includes Reading Cinemas as an anchor tenant. Our site includes a 23,218 square foot parcel adjacent to the center, improved with an office building. Over the next few years, we will be evaluating different development options for this space. As of the date of this report, the combined center and office building is 99% leased.
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On January 31, 2025, we sold all of our properties in Wellington, New Zealand (including the Courtenay Central building) to Prime Property Group (“Prime”) for a purchase price of NZ$38.0 million. We understand that Prime intends to redevelop the properties, including a seismic upgrade of the existing Courtenay Central building. As a part of that sale transaction we have entered into an Agreement to Lease for the cinema component of that upgraded Courtenay Central building.
Current wording
On January 31, 2025, we sold all of our properties in Wellington, New Zealand (including the Courtenay Central building) to Prime Property Group (“Prime”) for a purchase price of NZ$38.0 million (USD equivalent of $21.5 million). We understand that Prime intends to redevelop the properties, including a seismic upgrade of the existing Courtenay Central building. As a part of that sale transaction, we have entered into an Agreement to Lease for the cinema component of the to be upgraded Courtenay Central building.
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The table below summarizes the results of operations for each of our principal business segments along with the non-segment information for the quarter ended March 31, 2025, and March 31, 2024, respectively:
Current wording
The table below summarizes the results of operations for each of our principal business segments along with the non-segment information for the quarter and six months ended June 30, 2025, and June 30, 2024, respectively:
Previous wording
Revenue for the quarter ended March 31, 2025, decreased by $4.9 million, to $40.2 million, compared to the same period in the prior year, primarily due to(i) lower attendance in all three countries as a result of underperforming movies from Hollywood studios in the first quarter of 2025 compared to the same period in 2024, in addition to the closure of certain cinemas in the U.S. and NZ, (ii) slight decreases in property rent revenue in all three countries, and (iii)the weakening of the AU/NZ foreign exchange rates against US dollar, offset by an increase in Live Theatres’ revenue.
Current wording
Revenue for the quarter ended June 30, 2025, increased by 29% (or $13.6 million), to $60.4 million, compared to the same period in the prior year, primarily due to increased cinema revenues from higher attendance in all three countries as a result of stronger movies released from the Hollywood studios in the second quarter of 2025 compared to the same period in 2024. These increases in revenue were offset by a decline in real estate rent revenues and the weakening of the AU/NZ foreign exchange rates against the U.S. dollar.
Previous wording
Our total segment operating loss for the quarter ended March 31, 2025, decreased by $0.4 million, from a loss of $3.3 million to a loss of $2.9 million, primarily due to savings in operating expenses in our cinema and real estate segments and a reduction in depreciation and amortization, partially offset by weakened cinema performance.
Current wording
Our total segment operating income for the quarter ended June 30, 2025, increased by $10.6 million, from a loss of $3.7 million to an income of $6.9 million, primarily due to (i) improved cinema performance, as a result of a stronger film slate, leading to increased cinema revenue, (ii) lower operating expenses in our real estate segment, and (iii) a reduction in depreciation and amortization.
Previous wording
During the first quarter of 2025, both the Australia and New Zealand dollars devalued against the U.S. dollar. The average Australia dollar exchange rate against the U.S. dollar for the first quarter of 2025 decreased 4.5% compared to the same period in 2024. The average New Zealand dollar exchange rate against the U.S. dollar for the first quarter of 2025 decreased 7.3% compared to the same period in 2024. The devaluation of the Australia and New Zealand currencies negatively impacts segment operating income and positively impacts segment operating loss in U.S. dollar terms for the period.
Current wording
During the second quarter of 2025, both the Australia and New Zealand dollars devalued against the U.S. dollar. The average Australia dollar exchange rate against the U.S. dollar for the second quarter of 2025 decreased by 2.7% compared to the same period in 2024. The average New Zealand dollar exchange rate against the U.S. dollar for the second quarter of 2025 decreased by 1.9% compared to the same period in 2024. The devaluation of the Australia and New Zealand currencies negatively impacts segment operating income and positively impacts segment operating loss in U.S. dollar terms for the period.
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Our net loss attributable to Reading International, Inc. for the quarter ended March 31, 2025, decreased by $8.5 million, from a loss of $13.2 million to a loss of $4.8 million, when compared to the same period in the prior year, primarily due to gain on sale of assets, reduced depreciation and amortization expense, and reduced interest expense, partially offset by weakened cinema performance.
Current wording
Our net loss attributable to Reading International, Inc. for the quarter ended June 30, 2025, improved by 79%, from a loss of $12.8 million to a loss of $2.7 million, when compared to the same period in the prior year, primarily due to improved cinema and real estate performance along with a decrease in interest expense, depreciation and amortization expenses, and a gain on sale of assets, partially offset by increased general and administrative expense, and an increase in other operating expense.
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Income tax benefit for the three months ended March 31, 2025, increased by $0.2 million compared to the equivalent prior-year period. The change between 2025 and 2024 is primarily related to a decrease in reserve for valuation allowance in 2025.
Current wording
Income tax expense for the three months ended June 30, 2025, increased by $1.4 million compared to the equivalent prior-year period. The change between 2025 and 2024 is primarily related to a decrease in consolidated losses and an increase in reserve for valuation allowance in 2025.
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The following table details our cinema exhibition segment operating results for the quarter and nine months ended March 31, 2025, and March 31, 2024, respectively:
Current wording
The following table details our cinema exhibition segment operating results for the quarter and six months ended June 30, 2025, and June 30, 2024, respectively:
Previous wording
Cinema segment operating loss for the quarter ended March 31, 2025, increased by $0.3 million, from a loss of $4.2 million to a loss of $4.5 million when compared to the same period in the prior year. The increase in operating loss is due to a decrease in cinema revenue in all three countries because of lower attendance, offset by a decrease in operating expenses, and lower depreciation, amortization and G&A expenses.
Current wording
Cinema segment operating income for the quarter ended June 30, 2025, increased by $10.1 million, from a loss of $4.6 million to an income of $5.5 million when compared to the same period in the prior year. The increase in operating income is due to an increase in cinema revenue in all three countries due to an increased attendance as a result of a stronger movie slate, and an overall decrease in depreciation in all three countries, partially offset by an increase in operating expenses globally and increased general and administrative expenses in Australia and New Zealand.
Previous wording
Depreciation, amortization, impairment, and general and administrative expenses for the quarter ended March 31, 2025, showed a decrease of $0.3 million, to $3.2 million, compared to the same quarter in the prior year.
Current wording
Depreciation, amortization, impairment, and general and administrative expenses for the quarter ended June 30, 2025, showed a slight decrease of $0.3 million, to $3.4 million, compared to the same quarter in the prior year.
Previous wording
The following table details our real estate segment operating results for the quarters ended March 31, 2025 and March 31, 2024, respectively:
Current wording
The following table details our real estate segment operating results for the quarter and six months ended June 30, 2025 and June 30, 2024, respectively:
Previous wording
Real estate segment operating income for the quarter ended March 31, 2025 increased by $0.7 million to $1.6 million, compared to $0.9 million in the same period in the prior year. This change was primarily due to improved live theater performance, decreased occupancy expenses, and decreased depreciation, amortization and general administration expense.
Current wording
Real estate segment operating income for the quarter ended June 30, 2025 increased by $0.5 million to $1.5 million, compared to $0.9 million in the same period in the prior year. This change was primarily due to improved live theater performance, decreased operating expenses globally, and decreased depreciation, amortization and general administration expense overall.
Previous wording
Prior to the COVID-19 pandemic, we used cash generated from operations and other excess cash to the extent not needed to fund capital investments contemplated by our business plan, to pay down our loans and credit facilities. This provided us with availability under our loan facilities for future use and thereby, reduced interest charges. On a periodic basis, we reviewed the maturities of our borrowing arrangements and negotiated renewals and extensions where necessary.
Current wording
Prior to the COVID-19 pandemic, we used cash generated from operations and other excess cash, to the extent not needed, to fund capital investments contemplated by our business plan, in order to pay down our loans and credit facilities. This provided us with availability under our loan facilities for future use and thereby, reduced interest charges. On a periodic basis, we reviewed the maturities of our borrowing arrangements and negotiated renewals and extensions where necessary.
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Current report — wording carried from elsewhere
While we have monetized nine property assets over the past five years, we believe these two business segments will continue to complement and support one another. Prior to COVID-19, we used cash flows generated by our cinema operations to fund the front-end cash demands of our real estate development business. As a result of COVID-19, we relied more upon income from our real estate assets, and tapped into the embedded value in those assets, to support our Company through the COVID-19 crisis. As the residual
Current report — wording carried from elsewhere
(i)our need for liquidity due to the circumstances referred to above,
Current report — wording carried from elsewhere
(ii)the amount of capital required to materially increase their value in the immediate to mid-term,
Current report — wording carried from elsewhere
(iv)in the case of our Culver City office building, the property was not required for our operations because it exceeded our office size requirements. Since the sale of this office building, we have been working remotely in Southern California.
Current report — wording carried from elsewhere
Income tax expense for the six months ended June 30, 2025, increased by $1.1 million compared to the equivalent prior-year period. The change between 2025 and 2024 is primarily related to a decrease in consolidated losses and an increase in reserve for valuation allowance in 2025.
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Previous report — wording carried elsewhere
the disruptions or reductions in the utilization of entertainment, shopping, and hospitality venues, as well as in our operations, due to pandemics, epidemics, widespread health emergencies, or outbreaks of infectious diseases or to changing consumer tastes and habits;
Previous report — wording carried elsewhere
periods, as most currently experienced due to the implications of the 2023 Hollywood Strikes;