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Real Estate Transactions | 12 Months Ended
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Dec. 31, 2024
Real Estate Transactions [Abstract] |
Real Estate Transactions | NOTE 6 – REAL ESTATE TRANS ACTIONS Discussed below are the real estate transactions affecting the presentation in our consolidated balance sheets as of December 31, 2024 and 2023, and the profitability determination in our consolidated statements of income for the three years ended December 31, 2024, 2023 and 2022. Real Estate Monetizations Between the fourth quarter of 2020 and the fourth quarter of 2024, we monetized the following real estate assets: The Auburn/Redyard Entertainment Themed Center (“ETC”), Manukau (land), Coachella (land), the Royal George Theatre, our property in Maitland, New South Wales, our Invercargill, New Zealand cinema and associated ancillary land, and our office building in Culver City. See also Note 22 Subsequent Events regarding the monetization of our properties in Wellington, New Zealand, and the potential monetization of our property in Townsville, Queensland, Australia. In the second quarter of 2023, we classified our 2483 Trenton Avenue, Williamsport, Pennsylvania, property as held for sale. In the second quarter of 2024, we further classified as held for sale our Cannon Park ETC, our Courtenay Central ETC and associated land and improvements, and our Rotorua land and improvements. Our Rotorua land and improvements were removed from held for sale in the fourth quarter of 2024. Culver City, Los Angeles On February 23, 2024, we monetized our office building 5995 Sepulveda Blvd, for $10.0 million. The proceeds were used to discharge the $8.3 million first mortgage on the property and for working capital. The loss on sale of this property is calculated as follows:
|  | March 31,
(Dollars in thousands) |  | 2024
Sales price |  | $ | 10,000
Net book value |  |  | (10,800)
Loss on sale, gross of direct costs |  |  | (800)
Direct sale costs incurred |  |  | (325)
Loss on sale, net of direct costs |  | $ | (1,125)
Maitland, New South Wales On October 25, 2023, we monetized our property in Maitland, NSW, Australia, for $1.8 million (AU$2.8 million). The property consisted of a cinema building and associated land. The purchaser leased back the Reading Cinema to our Company on a short term basis. The gain on sale of this property is calculated as follows:
|  | December 31
(Dollars in thousands) |  | 2023
Sales price |  | $ | 1,774
Net book value |  |  | (835)
Gain on sale, gross of direct costs |  |  | 939
Direct sale costs incurred |  |  | (139)
Gain on sale, net of direct costs |  | $ | 800
Asset Groups Held for Sale Cannon Park ETC In May 2024, we classified our Cannon Park ETC in Townsville, Queensland, Australia, as held for sale at the lower of cost and fair value less costs to sell. The asset group consists of our Cannon Park City Center and Cannon Park Discount Center properties, comprising approximately 9.4-acres. The current book value (as opposed to fair value) of the property is $17.4 million. No adjustments to the book value of the assets were required upon classification as held for sale. We expect to complete the sale April 2025. The asset group is currently subject to an Option to Buy Agreement. See Note 22 Subsequent Events. Courtenay Central ETC, Wellington, New Zealand In June 2024, we classified our property assets in Wellington, New Zealand including Courtenay Central, as held for sale at the lower of cost and fair value less costs to sell. The disposal group consists of our Courtenay Central cinema and retail property, along with our Tory and Wakefield Street car parks. The current book value (as opposed to fair value) of the property is $14.5 million. No adjustments to the book value of the assets were required upon classification as held for sale. On December 20, 2024, we executed a Sale and Purchase Agreement to sell Courtenay Central for $21.3 million. A $3.4 million deposit was received upon execution. The transaction settled on January 31, 2025, with the purchase price balance of $17.9 million received on that date. The transaction qualified as a completed sale under ASC 606 on January 31, 2025, with the transfer of control to the purchaser. As a part of the sale transaction, we entered into an Agreement to Lease, pursuant to which we have agreed, following seismic upgrading, to lease the cinema component of that property. Reading Cinema in Rotorua, New Zealand In June 2024, we classified the land and improvements constituting our Rotorua cinema in Rotorua, New Zealand, as held for sale at the lower of cost and fair value less costs to sell. The disposal group consists of our land, cinema building and the associated improvements. We reclassified this disposal group back to Property, Plant and Equipment on December 20, 2024, as we no longer expect this asset to be sold within 12 months. 2483 Trenton Avenue, Williamsport, Pennsylvania In June 2023, we classified our approximately 23.9-acre property at 2483 Trenton Avenue, Williamsport, Pennsylvania, as held for sale at the lower of cost and fair value less costs to sell. The current book value (as opposed to fair value) of the property is $460,000. The property is part of our historic railroad operations, consisting of land and an 18,000 square foot industrial building and various rail road improvements. No adjustments to the book value of the assets were required upon classification as held for sale. During 2024 we resolved certain historic title issues and continue to hold this property as held for sale. Real Estate Acquisitions Exercise of Option to Acquire Ground Lessee’s Interest in Ground Lease and Improvements Constituting the Village East Cinema On August 28, 2019, we exercised our option to acquire the ground lessee’s interest in the then 13-year ground lease underlying and the real property assets constituent with our Village East Cinema in Manhattan. The purchase price under the option is $5.9 million. The transaction is expected to close April 30, 2025. Further information is at Note 21 – Related Parties.

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