XML 29 R16.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Debt | 6 Months Ended
--- | ---
Jun. 30, 2016
Debt [Abstract] |
Debt | Note 10 – Debt ﻿ The Company’s borrowings at June 30, 2016 and December 31, 2015, net of deferred financing costs and including the impact of interest rate swaps on effective interest rates, are summarized below: ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  | As of June 30, 2016
﻿(Dollars in thousands) |  | Maturity Date |  | Contractual Facility |  | Balance, Gross |  | Balance, Net (3) |  | Stated Interest Rate |  | Effective Interest Rate (1)
﻿Denominated in USD |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ | Trust Preferred Securities (USA) |  | April 30, 2027 |  | $ | 27,913 |  | $ | 27,913 |  | $ | 27,232 |  | 4.64% |  | 5.20%
﻿ | Bank of America Credit Facility (USA) |  | November 28, 2019 |  |  | 55,000 |  |  | 38,450 |  |  | 38,146 |  | 2.96% |  | 3.65%
﻿ | Bank of America Line of Credit (USA) |  | October 31, 2017 |  |  | 5,000 |  |  | 4,750 |  |  | 4,750 |  | 3.45% |  | 3.45%
﻿ | Cinema 1, 2, 3 Term Loan (USA)(4) |  | October 1, 2016 |  |  | 15,000 |  |  | 15,000 |  |  | 15,000 |  | 4.00% |  | 4.00%
﻿ | Minetta & Orpheum Theatres Loan (USA)(4) |  | June 1, 2018 |  |  | 7,500 |  |  | 7,500 |  |  | 7,362 |  | 3.25% |  | 3.25%
﻿ | Union Square Line of Credit (USA)(4) |  | June 2, 2017 |  |  | 8,000 |  |  | 8,000 |  |  | 7,908 |  | 3.43% |  | 3.43%
﻿Denominated in foreign currency ("FC") (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ | National Australia Bank ("NAB") Corporate Term Loan (AU) |  | June 28, 2019 |  |  | 49,423 |  |  | 26,384 |  |  | 26,215 |  | 2.85% |  | 2.85%
﻿ | Westpac Bank Corporate Credit Facility (NZ) |  | March 31, 2018 |  |  | 35,600 |  |  | 9,612 |  |  | 9,612 |  | 4.15% |  | 4.15%
﻿ |  | $ | 203,436 |  | $ | 137,609 |  | $ | 136,225 |  |  |  |
﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities and Bank of America Credit Facility that were outstanding as of June 30, 2016. (2) The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of June 30, 2016. (3) Net of deferred financing costs amounting to $1.4 million. (4) The loans for our Cinema 1,2,3 and Minetta & Orpheum Theatres were obtained from Bank of Santander. The Union Square line of credit was obtained through East West Bank. ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  | As of December 31, 2015
﻿(Dollars in thousands) |  | Maturity Date |  | Contractual Facility |  | Balance, Gross |  | Balance, Net (3) |  | Stated Interest Rate |  | Effective Interest Rate (1)
﻿Denominated in USD |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ | Trust Preferred Securities (USA) |  | April 30, 2027 |  | $ | 27,913 |  | $ | 27,913 |  |  | 27,125 |  | 4.32% |  | 5.20%
﻿ | Bank of America Credit Facility (USA) |  | November 28, 2019 |  |  | 55,000 |  |  | 29,750 |  |  | 29,321 |  | 2.92% |  | 3.65%
﻿ | Bank of America Line of Credit (USA) |  | October 31, 2017 |  |  | 5,000 |  |  | 2,500 |  |  | 2,500 |  | 3.42% |  | 3.42%
﻿ | Cinema 1, 2, 3 Term Loan (USA)(4) |  | July 1, 2016 |  |  | 15,000 |  |  | 15,000 |  |  | 14,887 |  | 3.75% |  | 3.75%
﻿ | Cinema 1, 2, 3 Line of Credit (USA)(4) |  | July 1, 2016 |  |  | 6,000 |  |  | -- |  |  | -- |  | 3.75% |  | 3.75%
﻿ | Minetta & Orpheum Theatres Loan (USA)(4) |  | June 1, 2018 |  |  | 7,500 |  |  | 7,500 |  |  | 7,326 |  | 3.00% |  | 3.00%
﻿ | Union Square Line of Credit (USA)(4) |  | June 2, 2017 |  |  | 8,000 |  |  | 8,000 |  |  | 7,858 |  | 3.65% |  | 3.65%
﻿Denominated in FC (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ | NAB Corporate Term Loan (AU) |  | June 30, 2019 |  |  | 48,452 |  |  | 26,594 |  |  | 26,412 |  | 3.06% |  | 3.06%
﻿ | Westpac Bank Corporate Credit Facility (NZ) |  | March 31, 2018 |  |  | 34,210 |  |  | 13,684 |  |  | 13,684 |  | 4.45% |  | 4.45%
﻿ |  |  |  |  | $ | 207,075 |  | $ | 130,941 |  | $ | 129,113 |  |  |  |
(1) Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities and Bank of America Credit Facility that were outstanding as of December 31, 2015. (2) The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollar based on the applicable exchange rates as of December 31, 2015. (3) The balance as of December 31, 2015 included the reclassification adjustment relating to netting of deferred financing costs amounting to $1.8 million, as discussed in Note 1 – Recently Adopted and Issued Accounting Pronouncements. (4) The loans for our Cinema 1,2,3 and Minetta & Orpheum Theatres we re obtained from Bank of Santander. The Union Square line of credit was obtained through East West Bank. ﻿ ﻿ Cinema 1,2,3 Term Loan and Line of Credit On June 27, 2016, Sutton Hill Properties LLC, a 75% subsidiary of Reading International Inc., obtained approval from Santander Bank to extend the maturity of our $15 million mortgage term loan from July 1, 2016 to October 1, 2016. This term extension was not considered substantial in accordance with US GAAP. In conjunction with the extension, our line of credit with Santander Bank amounting to $6.0 million was deactivated effective July 1, 2016. The Company did not make any drawdown against this line of credit. On April 25, 2016, we signed a non-binding agreement with a lender to refinance such loan. The Company expects to have the replacement financing in place before the end of the third quarter 2016. ﻿ Bank of America Credit Facility On March 3, 2016, we amended our $55.0 million credit facility with Bank of America to permit real property acquisition loans. This amendment was subject to the provision that the consolidated leverage ratio would be reduced by 0.25% from the established levels in the credit facility during the period of such borrowing subject further to a repayment of such borrowings on the earlier of the eighteen months from the date of such borrowing or the maturity date of the credit agreement. Such modification was not considered substantial in accordance with US GAAP.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration