READING INTERNATIONAL INC
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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FY2025 · Filed Mar 31, 2026
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Business Segment Results – 2025 vs. 2024
S –2025 vs. 2024
Presented below is the comparison of the segment operating income of our two business segments for the years ended December 31, 2025 and 2024, respectively:
| 2025 · 2024 · % Change Favorable/(Unfavorable) | |||||||
|---|---|---|---|---|---|---|---|
| (Dollars in thousands) · Cinema · Real Estate · Cinema · Real Estate · Cinema · Real Estate | |||||||
| Segment Revenues | $188,603 | $18,421 | $195,130 | $20,006 | (3)% | (8)% | |
| Segment Operating Expenses | |||||||
| Operating Expense | (172,364) | (7,463) | (183,986) | (9,243) | 6% | 19% | |
| Depreciation and amortization | (8,457) | (4,314) | (10,232) | (5,160) | 17% | 16% | |
| General and administrative expense | (4,139) | (727) | (3,709) | (924) | (12)% | 21% | |
| Impairment of long-lived assets | — | — | — | — | - | % | —% |
| Total segment expenses | (184,960) | (12,504) | (197,927) | (15,327) | 7% | 18% | |
| Segment operating income (loss) | $3,643 | $5,917 | $(2,797) | $4,679 | >100% | 26% | |
| Breakdown by country: | |||||||
| United States | $220 | $586 | $(7,251) | $(361) | >100% | >100% | |
| Australia | 3,902 | 5,280 | 4,026 | 5,973 | (3)% | (12)% | |
| New Zealand | (479) | 51 | 428 | (933) | (>100)% | >100% | |
| $3,643 | $5,917 | $(2,797) | $4,679 | >100% | 26% | ||
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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, 2025 and 2024, respectively:
| (Dollars in thousands) · 2025 · % of Revenue · 2024 · % of Revenue · Inc/(Dec) · 2025 vs. 2024Favorable/(Unfavorable) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| REVENUE | |||||||||||||||
| United States | Admission revenue | $54,214 | 54% | $55,782 | 56% | (1,568) | (3)% | ||||||||
| Food & beverage revenue | 35,523 | 36% | 34,314 | 34% | 1,209 | 4% | |||||||||
| Advertising and other revenue | 9,751 | 10% | 9,842 | 10% | (91) | (1)% | |||||||||
| $99,488 | 100% | $99,938 | 100% | (450) | —% | ||||||||||
| Australia | Admission revenue | $47,413 | 61% | $48,186 | 59% | (773) | (2)% | ||||||||
| Food & beverage revenue | 24,373 | 31% | 27,670 | 34% | (3,297) | (12)% | |||||||||
| Advertising and other revenue | 5,949 | 8% | 6,176 | 8% | (227) | (4)% | |||||||||
| $77,735 | 100% | $82,032 | 100% | (4,297) | (5)% | ||||||||||
| New Zealand | Admission revenue | $7,257 | 64% | $7,662 | 58% | (405) | (5)% | ||||||||
| Food & beverage revenue | 3,541 | 31% | 4,375 | 33% | (834) | (19)% | |||||||||
| Advertising and other revenue | 582 | 5% | 1,123 | 9% | (541) | (48)% | |||||||||
| $11,380 | 100% | $13,160 | 100% | (1,780) | (14)% | ||||||||||
| Total revenue | $188,603 | 100% | $195,130 | 100% | (6,527) | (3)% | |||||||||
| OPERATING EXPENSE | |||||||||||||||
| United States | Film rent and advertising cost | $(28,971) | (29)% | $(30,315) | (30)% | (1,344) | 4% | ||||||||
| Food & beverage cost | (9,108) | (9)% | (9,071) | (9)% | 37 | —% | |||||||||
| Occupancy expense | (16,962) | (17)% | (22,516) | (23)% | (5,554) | 25% | |||||||||
| Labor cost | (16,482) | (17)% | (17,323) | (17)% | (841) | 5% | |||||||||
| Utilities | (5,413) | (5)% | (5,973) | (6)% | (560) | 9% | |||||||||
| Cleaning and maintenance | (6,670) | (7)% | (6,664) | (7)% | 6 | —% | |||||||||
| Other operating expenses | (8,665) | (9)% | (7,948) | (8)% | 717 | (9)% | |||||||||
| $(92,271) | (93)% | $(99,810) | (100)% | (7,539) | 8% | ||||||||||
| Australia | Film rent and advertising cost | $(21,081) | (27)% | $(22,124) | (27)% | (1,043) | 5% | ||||||||
| Food & beverage cost | (5,290) | (7)% | (6,141) | (7)% | (851) | 14% | |||||||||
| Occupancy expense | (17,708) | (23)% | (18,086) | (22)% | (378) | 2% | |||||||||
| Labor cost | (13,613) | (18)% | (14,040) | (17)% | (427) | 3% | |||||||||
| Utilities | (3,207) | (4)% | (2,861) | (3)% | 346 | (12)% | |||||||||
| Cleaning and maintenance | (4,614) | (6)% | (5,069) | (6)% | (455) | 9% | |||||||||
| Other operating expenses | (3,342) | (4)% | (3,597) | (4)% | (255) | 7% | |||||||||
| $(68,855) | (89)% | $(71,918) | (88)% | (3,063) | 4% | ||||||||||
| New Zealand | Film rent and advertising cost | $(3,313) | (29)% | $(3,473) | (26)% | (160) | 5% | ||||||||
| Food & beverage cost | (733) | (6)% | (947) | (7)% | (214) | 23% | |||||||||
| Occupancy expense | (2,883) | (25)% | (3,106) | (24)% | (223) | 7% | |||||||||
| Labor cost | (2,115) | (19)% | (2,385) | (18)% | (270) | 11% | |||||||||
| Utilities | (501) | (4)% | (394) | (3)% | 107 | (27)% | |||||||||
| Cleaning and maintenance | (759) | (7)% | (886) | (7)% | (127) | 14% | |||||||||
| Other operating expenses | (934) | (8)% | (1,067) | (8)% | (133) | 12% | |||||||||
| $(11,238) | (99)% | $(12,258) | (93)% | (1,020) | 8% | ||||||||||
| Total operating expense | $(172,364) | (91)% | $(183,986) | (94)% | (11,622) | 6% | |||||||||
| DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE | |||||||||||||||
| United States | Depreciation and amortization | $(4,403) | (4)% | $(5,011) | (5)% | (608) | 12% | ||||||||
| General and administrative expense | (2,594) | (3)% | (2,368) | (2)% | 226 | (10)% | |||||||||
| $(6,997) | (7)% | $(7,379) | (7)% | (382) | 5% | ||||||||||
| Australia | Depreciation and amortization | $(3,623) | (5)% | $(4,763) | (6)% | (1,140) | 24% | ||||||||
| General and administrative expense | (1,355) | (2)% | (1,325) | (2)% | 30 | (2)% | |||||||||
| $(4,978) | (6)% | $(6,088) | (7)% | (1,110) | 18% | ||||||||||
| New Zealand | Depreciation and amortization | $(432) | (4)% | $(458) | (3)% | (26) | 6% | ||||||||
| General and administrative expense | (189) | (2)% | (16) | —% | 173 | (>100)% | |||||||||
| $(621) | (5)% | $(474) | (4)% | 147 | (31)% | ||||||||||
| Total depreciation, amortization, and general and administrative expense | $(12,596) | (7)% | $(13,941) | (7)% | (1,345) | 10% | |||||||||
| Total expenses | $(184,960) | (98)% | $(197,927) | (101)% | (12,967) | 7% | |||||||||
| OPERATING INCOME (LOSS) | |||||||||||||||
| United States | $220 | 0% | $(7,251) | (7)% | 7,471 | >100% | |||||||||
| Australia | 3,902 | 5% | 4,026 | 5% | (124) | (3)% | |||||||||
| New Zealand | (479) | (4)% | 428 | 3% | (907) | (>100)% | |||||||||
| Total operating income (loss) | $3,643 | 2% | $(2,797) | (1)% | 6,440 | >100% | |||||||||
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Cinema Exhibition –The following table details our Cinema Exhibition segment operating results for the quarters ended December 31, 2025 and 2024, respectively:
| (Dollars in thousands) · 2025 · % of Revenue · 2024 · % of Revenue · Inc/(Dec) · 2025 vs. 2024Favorable/(Unfavorable) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| REVENUE | ||||||||||||||||
| United States | Admission revenue | $14,086 | 55% | $16,414 | 56% | (2,328) | (14)% | |||||||||
| Food & beverage revenue | 8,864 | 34% | 10,077 | 34% | (1,213) | (12)% | ||||||||||
| Advertising and other revenue | 2,862 | 11% | 2,847 | 10% | 15 | 1% | ||||||||||
| $25,812 | 100% | $29,338 | 100% | (3,526) | (12)% | |||||||||||
| Australia | Admission revenue | $11,112 | 60% | $12,627 | 59% | (1,515) | (12)% | |||||||||
| Food & beverage revenue | 5,845 | 30% | 6,865 | 32% | (1,020) | (15)% | ||||||||||
| Advertising and other revenue | 1,675 | 9% | 1,928 | 9% | (253) | (13)% | ||||||||||
| $18,632 | 100% | $21,420 | 100% | (2,788) | (13)% | |||||||||||
| New Zealand | Admission revenue | $1,539 | 64% | $2,103 | 55% | (564) | (27)% | |||||||||
| Food & beverage revenue | 734 | 30% | 1,113 | 29% | (379) | (34)% | ||||||||||
| Advertising and other revenue | 146 | 6% | 586 | 15% | (440) | (75)% | ||||||||||
| $2,419 | 100% | $3,802 | 100% | (1,383) | (36)% | |||||||||||
| Total revenue | $46,863 | 100% | $54,560 | 100% | (7,697) | (14)% | ||||||||||
| OPERATING EXPENSE | ||||||||||||||||
| United States | Film rent and advertising cost | $(7,248) | (28)% | $(9,124) | (31)% | (1,876) | 21% | |||||||||
| Food & beverage cost | (2,250) | (9)% | (2,519) | (9)% | (269) | 11% | ||||||||||
| Occupancy expense | (4,463) | (17)% | (4,986) | (17)% | (523) | 10% | ||||||||||
| Labor cost | (4,005) | (16)% | (4,516) | (15)% | (511) | 11% | ||||||||||
| Utilities | (1,206) | (5)% | (1,371) | (5)% | (165) | 12% | ||||||||||
| Cleaning and maintenance | (1,624) | (6)% | (1,667) | (6)% | (43) | 3% | ||||||||||
| Other operating expenses | (2,326) | (9)% | (1,871) | (6)% | 455 | (24)% | ||||||||||
| $(23,122) | (90)% | $(26,054) | (89)% | (2,932) | 11% | |||||||||||
| Australia | Film rent and advertising cost | $(5,055) | (27)% | $(5,955) | (28)% | (900) | 15% | |||||||||
| Food & beverage cost | (1,356) | (7)% | (1,510) | (7)% | (154) | 10% | ||||||||||
| Occupancy expense | (4,487) | (24)% | (4,473) | (21)% | 14 | —% | ||||||||||
| Labor cost | (3,505) | (19)% | (3,530) | (16)% | (25) | 1% | ||||||||||
| Utilities | (899) | (5)% | (690) | (3)% | 209 | (30)% | ||||||||||
| Cleaning and maintenance | (1,148) | (6)% | (1,341) | (6)% | (193) | 14% | ||||||||||
| Other operating expenses | (865) | (5)% | (851) | (4)% | 14 | (2)% | ||||||||||
| $(17,315) | (93)% | $(18,350) | (86)% | (1,035) | 6% | |||||||||||
| New Zealand | Film rent and advertising cost | $(721) | (30)% | $(991) | (26)% | (270) | 27% | |||||||||
| Food & beverage cost | (158) | (7)% | (244) | (6)% | (86) | 35% | ||||||||||
| Occupancy expense | (667) | (28)% | (760) | (20)% | (93) | 12% | ||||||||||
| Labor cost | (498) | (21)% | (599) | (16)% | (101) | 17% | ||||||||||
| Utilities | (94) | (4)% | (81) | (2)% | 13 | (16)% | ||||||||||
| Cleaning and maintenance | (187) | (8)% | (237) | (6)% | (50) | 21% | ||||||||||
| Other operating expenses | (310) | (13)% | (263) | (7)% | 47 | (18)% | ||||||||||
| (2,635) | (109)% | $(3,175) | (84)% | (540) | 17% | |||||||||||
| Total operating expense | $(43,072) | (92)% | $(47,579) | (87)% | (4,507) | 9% | ||||||||||
| DEPRECIATION, AMORTIZATION, IMPAIRMENT AND GENERAL AND ADMINISTRATIVE EXPENSE | ||||||||||||||||
| United States | Depreciation and amortization | $(1,082) | (4)% | $(1,227) | (4)% | (145) | 12% | |||||||||
| General and administrative expense | (464) | (2)% | (483) | (2)% | (19) | 4% | ||||||||||
| $(1,546) | (6)% | $(1,710) | (6)% | (164) | 10% | |||||||||||
| Australia | Depreciation and amortization | $(909) | (5)% | $(1,144) | (5)% | (235) | 21% | |||||||||
| General and administrative expense | (269) | (1)% | (238) | (1)% | 31 | (13)% | ||||||||||
| $(1,178) | (6)% | $(1,382) | (6)% | (204) | 15% | |||||||||||
| New Zealand | Depreciation and amortization | $(109) | (5)% | $(108) | (3)% | 1 | (1)% | |||||||||
| General and administrative expense | (47) | (2)% | (15) | —% | 32 | (>100)% | ||||||||||
| $(156) | (6)% | $(123) | (3)% | 33 | (27)% | |||||||||||
| Total depreciation, amortization, impairment and general and administrative expense | $(2,880) | (6)% | $(3,215) | (6)% | (335) | 10% | ||||||||||
| Total expenses | $(45,952) | (98)% | $(50,794) | (93)% | (4,842) | 10% | ||||||||||
| OPERATING INCOME (LOSS) | ||||||||||||||||
| United States | $1,144 | 4% | $1,574 | 5% | (430) | (27)% | ||||||||||
| Australia | 139 | 1% | 1,688 | 8% | (1,549) | (92)% | ||||||||||
| New Zealand | (372) | (15)% | 504 | 13% | (876) | (>100)% | ||||||||||
| Total operating income (loss) | $911 | 2% | $3,766 | 7% | (2,855) | (76)% | ||||||||||
Cinema Exhibition Segment Operating Income
Cinema exhibition segment operating income improved by $6.4 million to $3.6 million for the year ended December 31, 2025, compared to the same period in December 31, 2024, primarily driven by an improvement in cinema performance due to lower operating expense globally, lower depreciation, amortization, general and administrative expense in the U.S. and Australia, offset by lower box office revenue in all three countries due to an overall weaker movie slate in 2025, lower concession revenues in Australia and New Zealand, and lower advertising revenues in all three countries.
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Cinema exhibition segment operating income for the fourth quarter of 2025 was $0.9 million, a decrease of $2.9 million from an operating income of $3.8 million in the same time period of 2024 primarily attributable to a weaker movie releases in all three countries.
Revenue
Cinema revenue decreased by $6.5 million, to $188.6 million for the year ended December 31, 2025, compared to 2024 primarily due to a weaker movie slate and cinema closures in US and New Zealand.
The table below is the revenue breakdown, by country, for the years ended December 31, 2025, and 2024, respectively:
| (Dollars in thousands) | 2025 | % ofRevenue | 2024 | % ofRevenue | 2025 vs. 2024Favorable/(Unfavorable) |
|---|---|---|---|---|---|
| United States | $99,488 | 53% | $99,938 | 51% | —% |
| Australia | 77,735 | 41% | 82,032 | 42% | (5)% |
| New Zealand | 11,380 | 6% | 13,160 | 7% | (14)% |
| Total Segment Revenues | $188,603 | 100% | $195,130 | 100% | (3)% |
Below are the changes in our cinema revenue by market:
In the United States, cinema revenues decreased by $0.5 million, to $99.5 million for the year ended December 31, 2025, compared to 2024.
In Australia, cinema revenues decreased by $4.3 million, to $77.7 million for the year ended December 31, 2025, compared to 2024.
In New Zealand, cinema revenues decreased by $1.8 million, to $11.4 million for the year ended December 31, 2025, compared to 2024.
For the quarter ended December 31, 2025, Cinema segment revenue decreased by $7.7 million against the fourth quarter of 2024, to $46.9 million, which was primarily attributable to a weaker fourth quarter holiday blockbuster film slate in 2025 vs 2024 with the releases of Wicked: For Good, Zootopia 2, Avatar: Fire and Ash, and Frankenstein compared to Q4 2024 and cinema closures in US and New Zealand.
Operating Expense
Operating expense for the full year 2025 decreased by $11.6 million, to $172.4 million when compared to 2024 due to lower film rent in all three countries, lower F&B costs in Australia and New Zealand, along with decreased occupancy expenses in US and New Zealand.
For the quarter ended December 31, 2025, operating expenses decreased by $4.5 million, to $43.1 million when compared to the fourth quarter of 2024 primarily driven by cinema closures in the U.S. and New Zealand.
Depreciation, Amortization, Impairment, General and Administrative Expense
Depreciation, amortization, general and administrative expense for the year-ended December 31, 2025 decreased by $1.3 million, to $12.6 million compared to 2024 primarily driven by cinema closures in the U.S. and New Zealand, 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, 2025 and 2024, respectively:
| (Dollars in thousands) · 2025 · % of Revenue · 2024 · % of Revenue · Inc/(Dec) · 2025 vs. 2024Favorable/(Unfavorable) | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| REVENUE | |||||||||||||||||
| United States | Live theatre rental and ancillary income | $2,638 | 38% | $2,024 | 32% | 614 | 30% | ||||||||||
| Property rental income | 4,243 | 62% | 4,221 | 68% | 22 | 1% | |||||||||||
| 6,881 | 100% | 6,245 | 100% | 636 | 10% | ||||||||||||
| Australia | Property rental income | 10,659 | 100% | 12,341 | 100% | (1,682) | (14)% | ||||||||||
| New Zealand | Property rental income | 881 | 100% | 1,420 | 100% | (539) | (38)% | ||||||||||
| Total revenue | $18,421 | 100% | $20,006 | 100% | (1,585) | (8)% | |||||||||||
| OPERATING EXPENSE | |||||||||||||||||
| United States | Live theater cost | $(1,048) | (15)% | $(1,024) | (16)% | 24 | (2)% | ||||||||||
| Occupancy expense | (734) | (11)% | (694) | (11)% | 40 | (6)% | |||||||||||
| Utilities | (93) | (1)% | (116) | (2)% | (23) | 20% | |||||||||||
| Cleaning and maintenance | (198) | (3)% | (183) | (3)% | 15 | (8)% | |||||||||||
| Other operating expenses | (1,073) | (16)% | (1,096) | (18)% | (23) | 2% | |||||||||||
| $(3,146) | (46)% | $(3,113) | (50)% | 33 | (1)% | ||||||||||||
| Australia | Occupancy expense | $(1,829) | (17)% | $(1,988) | (16)% | (159) | 8% | ||||||||||
| Labor cost | (174) | (2)% | (247) | (2)% | (73) | 30% | |||||||||||
| Utilities | (131) | (1)% | (72) | (1)% | 59 | (82)% | |||||||||||
| Cleaning and maintenance | (853) | (8)% | (983) | (8)% | (130) | 13% | |||||||||||
| Other operating expenses | (736) | (7)% | (929) | (8)% | (193) | 21% | |||||||||||
| $(3,723) | (35)% | $(4,219) | (34)% | (496) | 12% | ||||||||||||
| New Zealand | Occupancy expense | $(167) | (19)% | $(474) | (33)% | (307) | 65% | ||||||||||
| Labor cost | (2) | (0)% | (22) | (2)% | (20) | 91% | |||||||||||
| Utilities | (5) | (1)% | (62) | (4)% | (57) | 92% | |||||||||||
| Cleaning and maintenance | (4) | (0)% | (44) | (3)% | (40) | 91% | |||||||||||
| Other operating expenses | (416) | (47)% | (1,311) | (92)% | (895) | 68% | |||||||||||
| $(594) | (67)% | $(1,913) | (135)% | (1,319) | 69% | ||||||||||||
| — | —% | ||||||||||||||||
| Total operating expense | $(7,463) | (41)% | $(9,245) | (46)% | (1,782) | 19% | |||||||||||
| DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE | |||||||||||||||||
| United States | Depreciation and amortization | $(2,500) | (36)% | $(2,628) | (42)% | (128) | 5% | ||||||||||
| General and administrative expense | (649) | (9)% | (865) | (14)% | (216) | 25% | |||||||||||
| $(3,149) | (46)% | $(3,493) | (56)% | (344) | 10% | ||||||||||||
| Australia | Depreciation and amortization | $(1,580) | (15)% | $(2,091) | (17)% | (511) | 24% | ||||||||||
| General and administrative expense | (76) | (1)% | (58) | (0)% | 18 | (31)% | |||||||||||
| $(1,656) | (16)% | $(2,149) | (17)% | (493) | 23% | ||||||||||||
| New Zealand | Depreciation and amortization | $(235) | (27)% | $(440) | (31)% | (205) | 47% | ||||||||||
| General and administrative expense | (1) | (0)% | — | —% | 1 | —% | |||||||||||
| $(236) | (27)% | $(440) | (31)% | (204) | 46% | ||||||||||||
| Total depreciation, amortization, and general and administrative expense | $(5,041) | (27)% | $(6,082) | (30)% | (1,041) | 17% | |||||||||||
| Total expenses | $(12,504) | (68)% | $(15,327) | (77)% | (2,823) | 18% | |||||||||||
| OPERATING INCOME (LOSS) | |||||||||||||||||
| United States | $586 | 9% | $(361) | (6)% | 947 | >100% | |||||||||||
| Australia | 5,280 | 50% | 5,973 | 48% | (693) | (12)% | |||||||||||
| New Zealand | 51 | 6% | (933) | (66)% | 984 | >100% | |||||||||||
| Total operating income (loss) | $5,917 | 32% | $4,679 | 23% | 1,238 | 26% | |||||||||||
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Real Estate –The following table details our Real Estate segment operating results for the quarters ended December 31, 2025 and 2024, respectively:
| (Dollars in thousands) · 2025 · % of Revenue · 2024 · % of Revenue · Inc/(Dec) · 2025 vs. 2024Favorable/(Unfavorable) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| REVENUE | ||||||||||||||||
| United States | Live theatre rental and ancillary income | $563 | 34% | $804 | 44% | (241) | (30)% | |||||||||
| Property rental income | 1,079 | 66% | 1,029 | 56% | 50 | 5% | ||||||||||
| 1,642 | 100% | 1,833 | 100% | (191) | (10)% | |||||||||||
| Australia | Property rental income | 2,509 | 100% | 2,999 | 100% | (490) | (16)% | |||||||||
| New Zealand | Property rental income | 205 | 100% | 330 | 100% | (125) | (38)% | |||||||||
| Total revenue | $4,356 | 100% | $5,162 | 100% | (806) | (16)% | ||||||||||
| OPERATING EXPENSE | ||||||||||||||||
| United States | Live theater cost | $(252) | (15)% | $(316) | (17)% | (64) | 20% | |||||||||
| Occupancy expense | (175) | (11)% | (173) | (9)% | 2 | (1)% | ||||||||||
| Utilities | (43) | (3)% | (28) | (2)% | 15 | (54)% | ||||||||||
| Cleaning and maintenance | (40) | (2)% | (68) | (4)% | (28) | 41% | ||||||||||
| Other operating expenses | (355) | (22)% | (233) | (13)% | 122 | (52)% | ||||||||||
| $(865) | (53)% | $(818) | (45)% | 47 | (6)% | |||||||||||
| Australia | Occupancy expense | $(440) | (18)% | $(513) | (17)% | (73) | 14% | |||||||||
| Labor cost | (13) | (1)% | (65) | (2)% | (52) | 80% | ||||||||||
| Utilities | (30) | (1)% | (17) | (1)% | 13 | (76)% | ||||||||||
| Cleaning and maintenance | (219) | (9)% | (257) | (9)% | (38) | 15% | ||||||||||
| Other operating expenses | (88) | (4)% | (230) | (8)% | (142) | 62% | ||||||||||
| $(790) | (31)% | $(1,082) | (36)% | (292) | 27% | |||||||||||
| New Zealand | Occupancy expense | $(72) | (35)% | $(124) | (38)% | (52) | 42% | |||||||||
| Labor cost | — | —% | (5) | (2)% | (5) | 100% | ||||||||||
| Utilities | — | —% | (13) | (4)% | (13) | 100% | ||||||||||
| Cleaning and maintenance | — | —% | (11) | (3)% | (11) | 100% | ||||||||||
| Other operating expenses | (77) | (38)% | (391) | (118)% | (314) | 80% | ||||||||||
| $(149) | (73)% | $(544) | (165)% | (395) | 73% | |||||||||||
| Total operating expense | $(1,804) | (41)% | $(2,444) | (47)% | (640) | 26% | ||||||||||
| DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE | ||||||||||||||||
| United States | Depreciation and amortization | $(509) | (32)% | $(539) | (30)% | (30) | 6% | |||||||||
| General and administrative expense | (166) | (10)% | (192) | (10)% | (26) | 14% | ||||||||||
| $(675) | (41)% | $(731) | (40)% | (56) | 8% | |||||||||||
| Australia | Depreciation and amortization | $(407) | (16)% | $(459) | (15)% | (52) | 11% | |||||||||
| General and administrative expense | 45 | 2% | (6) | (0)% | (51) | >100% | ||||||||||
| $(362) | (14)% | $(465) | (16)% | (103) | 22% | |||||||||||
| New Zealand | Depreciation and amortization | $(58) | (28)% | $(77) | (23)% | (19) | 25% | |||||||||
| General and administrative expense | (1) | (0)% | — | —% | 1 | —% | ||||||||||
| $(59) | (29)% | $(77) | (23)% | (18) | 23% | |||||||||||
| Total depreciation, amortization, and general and administrative expense | $(1,096) | (25)% | $(1,273) | (25)% | (177) | 14% | ||||||||||
| Total expenses | $(2,900) | (67)% | $(3,717) | (72)% | (817) | 22% | ||||||||||
| OPERATING INCOME (LOSS) | ||||||||||||||||
| United States | $102 | 6% | $284 | 15% | (182) | (64)% | ||||||||||
| Australia | 1,357 | 54% | 1,452 | 48% | (95) | (7)% | ||||||||||
| New Zealand | (3) | (1)% | (291) | (88)% | 288 | 99% | ||||||||||
| Total operating income (loss) | $1,456 | 33% | $1,445 | 28% | 11 | 1% | ||||||||||
Real Estate Segment Operating Income
Real estate segment operating income was $5.9 million for the year ended December 31, 2025, which was an increase of $1.2 million from an operating income of $4.7 million for the year ended December 31, 2024, primarily as a result of (i) increased revenue for the US properties including live theatres,(ii) lower operating expense in Australia and New Zealand from sale of Courtenay Central and Cannon Park properties, and (iii) lower depreciation and amortization expense in all three countries. Partially offset by the decrease of revenue from Australia and New Zealand from sale of Courtenay Central and Cannon Park properties.
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Revenue
The table below is the revenue breakdown by country for each year:
| (Dollars in thousands) | 2025 | % ofRevenue | 2024 | % ofRevenue | 2025 vs. 2024Favorable/(Unfavorable) |
|---|---|---|---|---|---|
| United States | $6,881 | 37% | $6,245 | 31% | 10% |
| Australia | 10,659 | 58% | 12,341 | 62% | (14)% |
| New Zealand | 881 | 5% | 1,420 | 7% | (38)% |
| Total Segment Revenues | $18,421 | 100% | $20,006 | 100% | (8)% |
Real estate revenues for the year ended December 31, 2025, decreased by $1.6 million, to $18.4 million compared to 2024. This decrease is attributable to lower property rental income in Australia and New Zealand due to sale of Courtenay Central and Cannon Park properties, partially offset by higher US property revenue and Live Theater rental and ancillary income in the U.S.
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.