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v3.25.1

Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2024
Summary Of Results Of Operations For Principal Business Segments |
|  | 2024 |  | 2023 |  | 2022
(Dollars in thousands) |  | Cinema |  | Real ‎Estate |  | Total |  | Cinema |  | Real ‎Estate |  | Total |  | Cinema |  | Real ‎Estate |  | Total
Revenue - third party |  | $ | 195,130 |  | $ | 15,397 |  | $ | 210,527 |  | $ | 207,641 |  | $ | 15,103 |  | $ | 222,744 |  | $ | 191,321 |  | $ | 11,794 |  | $ | 203,115
Inter-segment revenue (1) |  |  | — |  |  | 4,609 |  |  | 4,609 |  |  | — |  |  | 4,767 |  |  | 4,767 |  |  | — |  |  | 5,023 |  |  | 5,023
Total segment revenue |  |  | 195,130 |  |  | 20,006 |  |  | 215,136 |  |  | 207,641 |  |  | 19,870 |  |  | 227,511 |  |  | 191,321 |  |  | 16,817 |  |  | 208,138
Operating expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Expense - Third Party |  |  | (179,377) |  |  | (9,243) |  |  | (188,620) |  |  | (187,418) |  |  | (8,763) |  |  | (196,181) |  |  | (178,768) |  |  | (8,947) |  |  | (187,715)
Inter-Segment Operating Expenses (1) |  |  | (4,609) |  |  | — |  |  | (4,609) |  |  | (4,767) |  |  | — |  |  | (4,767) |  |  | (5,023) |  |  | — |  |  | (5,023)
Total of services and products (excluding depreciation and amortization) |  |  | (183,986) |  |  | (9,243) |  |  | (193,229) |  |  | (192,185) |  |  | (8,763) |  |  | (200,948) |  |  | (183,791) |  |  | (8,947) |  |  | (192,738)
Depreciation and amortization |  |  | (10,232) |  |  | (5,160) |  |  | (15,392) |  |  | (11,335) |  |  | (6,376) |  |  | (17,711) |  |  | (13,351) |  |  | (6,495) |  |  | (19,846)
Impairment of long-lived assets |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,549) |  |  | — |  |  | (1,549)
General and administrative expense |  |  | (3,709) |  |  | (924) |  |  | (4,633) |  |  | (3,997) |  |  | (940) |  |  | (4,937) |  |  | (4,346) |  |  | (869) |  |  | (5,215)
Total operating expense |  |  | (197,927) |  |  | (15,327) |  |  | (213,254) |  |  | (207,517) |  |  | (16,079) |  |  | (223,596) |  |  | (203,037) |  |  | (16,311) |  |  | (219,348)
Segment operating income (loss) |  | $ | (2,797) |  | $ | 4,679 |  | $ | 1,882 |  | $ | 124 |  | $ | 3,791 |  | $ | 3,915 |  | $ | (11,716) |  | $ | 506 |  | $ | (11,210)
(1)Inter-segment Revenues and Operating Expense relates to the internal charge between the two segments where the cinema operates within real estate owned within the group.
Reconciliation To Net Income Attributable To Common Shareholders |
(Dollars in thousands) |  | 2024 |  | 2023 |  | 2022
Segment operating income (loss) |  | $ | 1,882 |  | $ | 3,915 |  | $ | (11,210)
Unallocated corporate expense: |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  |  | (387) |  |  | (711) |  |  | (1,072)
General and administrative expense |  |  | (15,528) |  |  | (15,235) |  |  | (16,201)
Interest expense, net |  |  | (21,154) |  |  | (19,418) |  |  | (14,392)
Equity earnings (loss) of unconsolidated joint ventures |  |  | (387) |  |  | 456 |  |  | 271
Gain (loss) on sale of assets |  |  | (1,371) |  |  | 562 |  |  | (54)
Other (expense) income |  |  | 1,528 |  |  | (164) |  |  | 6,817
Income (loss) before income taxes |  | $ | (35,417) |  | $ | (30,595) |  | $ | (35,841)
Summary Of Assets |
|  | December 31,
(Dollars in thousands) |  | 2024 |  | 2023
By segment: |  |  |  |  |  |
Cinema |  | $ | 191,008 |  | $ | 230,337
Real estate |  |  | 207,044 |  |  | 236,213
Corporate (1) |  |  | 72,959 |  |  | 66,501
Total assets |  | $ | 471,011 |  | $ | 533,051
By country: |  |  |  |  |  |
United States |  | $ | 264,284 |  | $ | 291,581
Australia |  |  | 167,667 |  |  | 193,899
New Zealand |  |  | 39,060 |  |  | 47,571
Total assets |  | $ | 471,011 |  | $ | 533,051
(1)Corporate Assets includes cash and cash equivalents of $12.3 million and $12.9 million as of December 31, 2024 and 2023, respectively.
Schedule Of Operating Property By Country |
|  | December 31,
(Dollars in thousands) |  | 2024 |  | 2023
United States |  | $ | 146,531 |  | $ | 153,545
Australia |  |  | 59,081 |  |  | 90,221
New Zealand |  |  | 9,082 |  |  | 18,651
Total operating property |  | $ | 214,694 |  | $ | 262,417
Summary Of Capital Expenditures |
(Dollars in thousands) |  | 2024 |  | 2023 |  | 2022
Segment capital expenditures |  | $ | 2,028 |  | $ | 4,711 |  | $ | 9,780
Corporate capital expenditures |  |  | — |  |  | — |  |  | —
Total capital expenditures |  | $ | 2,028 |  | $ | 4,711 |  | $ | 9,780
Cinema Exhibition [Member] |
Reconciliation To Net Income Attributable To Common Shareholders |
we |  |  |  | Year Ended
(Dollars in thousands) |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
REVENUE |  |  |  |  |  |  |  |  |
| United States | Admissions revenue |  | $ | 55,782 |  | $ | 63,662 |  | $ | 53,495
|  | Concessions revenue |  |  | 34,314 |  |  | 38,884 |  |  | 33,859
|  | Advertising and other revenue |  |  | 9,842 |  |  | 11,252 |  |  | 9,729
|  |  |  | $ | 99,938 |  | $ | 113,798 |  | $ | 97,083
| Australia | Admissions revenue |  | $ | 48,186 |  | $ | 48,630 |  | $ | 48,734
|  | Concessions revenue |  |  | 27,670 |  |  | 26,119 |  |  | 26,276
|  | Advertising and other revenue |  |  | 6,176 |  |  | 5,276 |  |  | 4,882
|  |  |  | $ | 82,032 |  | $ | 80,025 |  | $ | 79,892
| New Zealand | Admissions revenue |  | $ | 7,663 |  | $ | 8,509 |  | $ | 8,841
|  | Concessions revenue |  |  | 4,375 |  |  | 4,585 |  |  | 4,728
|  | Advertising and other revenue |  |  | 1,122 |  |  | 724 |  |  | 777
|  |  |  | $ | 13,160 |  | $ | 13,818 |  | $ | 14,346
| Total revenue |  | $ | 195,130 |  | $ | 207,641 |  | $ | 191,321
OPERATING EXPENSE |  |  |  |  |  |  |  |  |  |  |
| United States | Film rent and advertising cost |  | $ | (30,315) |  | $ | (34,182) |  | $ | (29,975)
|  | Food & beverage cost |  |  | (9,071) |  |  | (10,070) |  |  | (8,975)
|  | Occupancy expense |  |  | (22,516) |  |  | (25,090) |  |  | (24,792)
|  | Labor cost |  |  | (17,323) |  |  | (17,397) |  |  | (15,357)
|  | Utilities |  |  | (5,973) |  |  | (6,856) |  |  | (7,087)
|  | Cleaning and maintenance |  |  | (6,664) |  |  | (8,155) |  |  | (8,832)
|  | Other operating expenses |  |  | (7,948) |  |  | (9,459) |  |  | (7,762)
|  |  |  | $ | (99,810) |  | $ | (111,209) |  | $ | (102,780)
| Australia | Film rent and advertising cost |  | $ | (22,124) |  | $ | (21,814) |  | $ | (22,281)
|  | Food & beverage cost |  |  | (6,141) |  |  | (5,609) |  |  | (5,404)
|  | Occupancy expense |  |  | (18,086) |  |  | (17,207) |  |  | (17,356)
|  | Labor cost |  |  | (14,040) |  |  | (13,243) |  |  | (13,037)
|  | Utilities |  |  | (2,861) |  |  | (2,545) |  |  | (2,455)
|  | Cleaning and maintenance |  |  | (5,069) |  |  | (4,696) |  |  | (4,574)
|  | Other operating expenses |  |  | (3,597) |  |  | (3,313) |  |  | (2,895)
|  |  |  | $ | (71,918) |  | $ | (68,427) |  | $ | (68,002)
| New Zealand | Film rent and advertising cost |  | $ | (3,474) |  | $ | (3,858) |  | $ | (3,990)
|  | Food & beverage cost |  |  | (947) |  |  | (911) |  |  | (915)
|  | Occupancy expense |  |  | (3,106) |  |  | (3,081) |  |  | (3,140)
|  | Labor cost |  |  | (2,385) |  |  | (2,417) |  |  | (2,526)
|  | Utilities |  |  | (394) |  |  | (435) |  |  | (464)
|  | Cleaning and maintenance |  |  | (886) |  |  | (971) |  |  | (923)
|  | Other operating expenses |  |  | (1,066) |  |  | (876) |  |  | (1,051)
|  |  |  | $ | (12,258) |  | $ | (12,549) |  | $ | (13,009)
| Total operating expense |  | $ | (183,986) |  | $ | (192,185) |  | $ | (183,791)
DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE |  |  |  |  |  |  |  |  |
| United States | Depreciation and amortization |  | $ | (5,011) |  | $ | (5,911) |  | $ | (7,194)
|  | Impairment expense |  |  | — |  |  | — |  |  | (1,549)
|  | General and administrative expense |  |  | (2,368) |  |  | (2,502) |  |  | (2,749)
|  |  |  | $ | (7,379) |  | $ | (8,413) |  | $ | (11,492)
| Australia | Depreciation and amortization |  | $ | (4,763) |  | $ | (4,824) |  | $ | (5,348)
|  | General and administrative expense |  |  | (1,325) |  |  | (1,495) |  |  | (1,597)
|  |  |  | $ | (6,088) |  | $ | (6,319) |  | $ | (6,945)
| New Zealand | Depreciation and amortization |  | $ | (458) |  | $ | (600) |  | $ | (809)
|  | General and administrative expense |  |  | (16) |  |  | — |  |  | —
|  |  |  | $ | (474) |  | $ | (600) |  | $ | (809)
| Total depreciation, amortization, general and administrative expense |  | $ | (13,941) |  | $ | (15,332) |  | $ | (19,246)
OPERATING INCOME (LOSS) - CINEMA |  |  |  |  |  |  |  |  |
| United States |  | $ | (7,251) |  | $ | (5,824) |  | $ | (17,189)
| Australia |  |  | 4,026 |  |  | 5,279 |  |  | 4,945
| New Zealand |  |  | 428 |  |  | 669 |  |  | 528
| Total Cinema operating income (loss) |  | $ | (2,797) |  | $ | 124 |  | $ | (11,716)
Real Estate [Member] |
Reconciliation To Net Income Attributable To Common Shareholders |
|  |  |  | Year Ended
(Dollars in thousands) |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
REVENUE |  |  |  |  |  |  |  |  |
| United States | Live theater rental and ancillary income |  | $ | 2,024 |  | $ | 1,803 |  | $ | 1,729
|  | Property rental income |  |  | 4,221 |  |  | 4,395 |  |  | 1,308
|  |  |  |  | 6,245 |  |  | 6,198 |  |  | 3,037
| Australia | Property rental income |  |  | 12,341 |  |  | 12,163 |  |  | 12,246
| New Zealand | Property rental income |  |  | 1,420 |  |  | 1,509 |  |  | 1,534
| Total revenue |  | $ | 20,006 |  | $ | 19,870 |  | $ | 16,817
OPERATING EXPENSE |  |  |  |  |  |  |  |  |
| United States | Live theater cost |  | $ | (1,024) |  | $ | (765) |  | $ | (923)
|  | Occupancy expense |  |  | (694) |  |  | (789) |  |  | (787)
|  | Utilities |  |  | (116) |  |  | (184) |  |  | (123)
|  | Cleaning and maintenance |  |  | (183) |  |  | (170) |  |  | (108)
|  | Other operating expenses |  |  | (1,096) |  |  | (1,237) |  |  | (1,056)
|  |  |  | $ | (3,113) |  | $ | (3,145) |  | $ | (2,997)
| Australia | Occupancy expense |  | $ | (1,988) |  | $ | (1,956) |  | $ | (2,057)
|  | Labor cost |  |  | (247) |  |  | (218) |  |  | (256)
|  | Utilities |  |  | (72) |  |  | (73) |  |  | (81)
|  | Cleaning and maintenance |  |  | (983) |  |  | (927) |  |  | (1,058)
|  | Other operating expenses |  |  | (929) |  |  | (892) |  |  | (779)
|  |  |  | $ | (4,219) |  | $ | (4,066) |  | $ | (4,231)
| New Zealand | Occupancy expense |  | $ | (474) |  | $ | (418) |  | $ | (401)
|  | Labor cost |  |  | (22) |  |  | (99) |  |  | (99)
|  | Utilities |  |  | (62) |  |  | (53) |  |  | (52)
|  | Cleaning and maintenance |  |  | (44) |  |  | (33) |  |  | (71)
|  | Other operating expenses |  |  | (1,309) |  |  | (949) |  |  | (1,096)
|  |  |  |  | (1,911) |  |  | (1,552) |  |  | (1,719)
| Total operating expense |  | $ | (9,243) |  | $ | (8,763) |  | $ | (8,947)
DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE |  |  |  |  |  |  |  |  |
| United States | Depreciation and amortization |  | $ | (2,628) |  | $ | (3,104) |  | $ | (2,985)
|  | General and administrative expense |  |  | (866) |  |  | (700) |  |  | (695)
|  |  |  |  | (3,494) |  |  | (3,804) |  |  | (3,680)
| Australia | Depreciation and amortization |  | $ | (2,091) |  | $ | (2,514) |  | $ | (2,683)
|  | General and administrative expense |  |  | (58) |  |  | (240) |  |  | (174)
|  |  |  |  | (2,149) |  |  | (2,754) |  |  | (2,857)
| New Zealand | Depreciation and amortization |  |  | (441) |  |  | (758) |  |  | (827)
|  | General and administrative expense |  |  | — |  |  | — |  |  | —
|  |  |  |  | (441) |  |  | (758) |  |  | (827)
| Total depreciation, amortization, general and administrative expense |  | $ | (6,084) |  | $ | (7,316) |  | $ | (7,364)
OPERATING INCOME (LOSS) - REAL ESTATE |  |  |  |  |  |  |  |  |
| United States |  | $ | (362) |  | $ | (751) |  | $ | (3,640)
| Australia |  |  | 5,973 |  |  | 5,343 |  |  | 5,158
| New Zealand |  |  | (932) |  |  | (801) |  |  | (1,012)
| Total real estate operating income (loss) |  | $ | 4,679 |  | $ | 3,791 |  | $ | 506

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