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v3.25.2

Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting Information [Line Items] |
Summary Of Results Of Operations For Principal Business Segments |
| Quarter Ended |  | Quarter Ended |  | Six Months Ended |  | Six Months Ended
| June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
(Dollars in thousands) | Cinema |  | Real ‎Estate |  | Total |  | Cinema |  | Real ‎Estate |  | Total |  | Cinema |  | Real ‎Estate |  | Total |  | Cinema |  | Real ‎Estate |  | Total
Revenue - third party | $ | 56,782 |  | $ | 3,596 |  | $ | 60,378 |  | $ | 42,941 |  | $ | 3,867 |  | $ | 46,808 |  | $ | 93,186 |  | $ | 7,361 |  | $ | 100,547 |  | $ | 84,213 |  | $ | 7,648 |  | $ | 91,861
Inter-segment revenue (1) |  | — |  |  | 1,057 |  |  | 1,057 |  |  | — |  |  | 1,146 |  |  | 1,146 |  |  | — |  |  | 2,137 |  |  | 2,137 |  |  | — |  |  | 2,298 |  |  | 2,298
Total segment revenue |  | 56,782 |  |  | 4,653 |  |  | 61,435 |  |  | 42,941 |  |  | 5,013 |  |  | 47,954 |  |  | 93,186 |  |  | 9,498 |  |  | 102,684 |  |  | 84,213 |  |  | 9,946 |  |  | 94,159
Operating expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Expense - Third Party |  | (46,883) |  |  | (1,840) |  |  | (48,723) |  |  | (42,757) |  |  | (2,461) |  |  | (45,218) |  |  | (83,460) |  |  | (3,795) |  |  | (87,255) |  |  | (83,477) |  |  | (4,696) |  |  | (88,173)
Inter-Segment Operating Expenses (1) |  | (1,057) |  |  | — |  |  | (1,057) |  |  | (1,146) |  |  | — |  |  | (1,146) |  |  | (2,137) |  |  | — |  |  | (2,137) |  |  | (2,298) |  |  | — |  |  | (2,298)
Total of services and products (excluding depreciation and amortization) |  | (47,940) |  |  | (1,840) |  |  | (49,780) |  |  | (43,903) |  |  | (2,461) |  |  | (46,364) |  |  | (85,597) |  |  | (3,795) |  |  | (89,392) |  |  | (85,775) |  |  | (4,696) |  |  | (90,471)
Depreciation and amortization |  | (2,172) |  |  | (1,125) |  |  | (3,297) |  |  | (2,554) |  |  | (1,358) |  |  | (3,912) |  |  | (4,312) |  |  | (2,226) |  |  | (6,538) |  |  | (5,141) |  |  | (2,874) |  |  | (8,015)
General and administrative expense |  | (1,217) |  |  | (209) |  |  | (1,426) |  |  | (1,093) |  |  | (248) |  |  | (1,341) |  |  | (2,298) |  |  | (403) |  |  | (2,701) |  |  | (2,072) |  |  | (539) |  |  | (2,611)
Total operating expense |  | (51,329) |  |  | (3,174) |  |  | (54,503) |  |  | (47,550) |  |  | (4,067) |  |  | (51,617) |  |  | (92,207) |  |  | (6,424) |  |  | (98,631) |  |  | (92,988) |  |  | (8,109) |  |  | (101,097)
Segment operating income (loss) | $ | 5,453 |  | $ | 1,479 |  | $ | 6,932 |  | $ | (4,609) |  | $ | 946 |  | $ | (3,663) |  | $ | 979 |  | $ | 3,074 |  | $ | 4,053 |  | $ | (8,775) |  | $ | 1,837 |  | $ | (6,938)
(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 |
| Quarter Ended |  | Six Months Ended
(Dollars in thousands) | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Segment operating income (loss) | $ | 6,932 |  | $ | (3,663) |  | $ | 4,053 |  | $ | (6,938)
Unallocated corporate expense: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | (84) |  |  | (100) |  |  | (219) |  |  | (201)
General and administrative expense |  | (3,957) |  |  | (3,929) |  |  | (7,835) |  |  | (8,083)
Interest expense, net |  | (4,354) |  |  | (5,377) |  |  | (9,096) |  |  | (10,662)
Equity earnings (loss) of unconsolidated joint ventures |  | 285 |  |  | 119 |  |  | 308 |  |  | 94
Gain (loss) on sale of assets |  | 1,872 |  |  | 9 |  |  | 8,398 |  |  | (1,116)
Other (expense) income |  | (2,273) |  |  | (216) |  |  | (2,607) |  |  | 123
Income (loss) before income taxes | $ | (1,579) |  | $ | (13,157) |  | $ | (6,998) |  | $ | (26,783)
Summary Of Assets |
|  | June 30, |  | December 31,
(Dollars in thousands) |  | 2025 |  | 2024
By segment: |  |  |  |  |  |
Cinema |  | $ | 186,901 |  | $ | 191,008
Real estate |  |  | 177,511 |  |  | 207,044
Corporate (1) |  |  | 73,663 |  |  | 72,959
Total assets |  | $ | 438,075 |  | $ | 471,011
By country: |  |  |  |  |  |
United States |  | $ | 252,309 |  | $ | 264,284
Australia |  |  | 159,856 |  |  | 167,667
New Zealand |  |  | 25,910 |  |  | 39,060
Total assets |  | $ | 438,075 |  | $ | 471,011
‎(1) Corporate Assets includes cash and cash equivalents of $12.0 million and $7.0 million as of June 30, 2025 and December 31, 2024, respectively.
Schedule Of Operating Property By Country |
|  | June 30, |  | December 31,
(Dollars in thousands) |  | 2025 |  | 2024
United States |  | $ | 143,337 |  | $ | 146,531
Australia |  |  | 60,470 |  |  | 59,081
New Zealand |  |  | 9,533 |  |  | 9,082
Total operating property |  | $ | 213,340 |  | $ | 214,694
Summary Of Capital Expenditures |
|  |  |  |  |  |  | Six Months Ended
(Dollars in thousands) |  |  |  |  |  |  | June 30, 2025 |  | June 30, 2024
Segment capital expenditures |  |  |  |  |  |  | $ | 804 |  | $ | 2,028
Corporate capital expenditures |  |  |  |  |  |  |  | — |  |  | —
Total capital expenditures |  |  |  |  |  |  | $ | 804 |  | $ | 2,028
Cinema Exhibition [Member] |
Segment Reporting Information [Line Items] |
Reconciliation To Net Income Attributable To Common Shareholders |
|  |  | Quarter Ended |  | Six Months Ended
(Dollars in thousands) | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
REVENUE |  |  |  |  |  |  |  |  |  |  |
| United States | Admissions revenue | $ | 16,099 |  | $ | 11,681 |  | $ | 26,344 |  | $ | 23,922
|  | Concessions revenue |  | 11,274 |  |  | 7,452 |  |  | 17,382 |  |  | 14,413
|  | Advertising and other revenue |  | 2,885 |  |  | 2,347 |  |  | 4,827 |  |  | 4,450
|  |  | $ | 30,258 |  | $ | 21,480 |  | $ | 48,553 |  | $ | 42,785
| Australia | Admissions revenue | $ | 14,275 |  | $ | 10,851 |  | $ | 23,905 |  | $ | 21,113
|  | Concessions revenue |  | 7,213 |  |  | 6,348 |  |  | 12,069 |  |  | 12,114
|  | Advertising and other revenue |  | 1,421 |  |  | 1,344 |  |  | 2,617 |  |  | 2,640
|  |  | $ | 22,909 |  | $ | 18,543 |  | $ | 38,591 |  | $ | 35,867
| New Zealand | Admissions revenue | $ | 2,338 |  | $ | 1,744 |  | $ | 3,884 |  | $ | 3,344
|  | Concessions revenue |  | 1,135 |  |  | 1,013 |  |  | 1,901 |  |  | 1,923
|  | Advertising and other revenue |  | 142 |  |  | 161 |  |  | 257 |  |  | 294
|  |  | $ | 3,615 |  | $ | 2,918 |  | $ | 6,042 |  | $ | 5,561
| Total revenue | $ | 56,782 |  | $ | 42,941 |  | $ | 93,186 |  | $ | 84,213
OPERATING EXPENSE |  |  |  |  |  |  |  |  |  |  |
| United States | Film rent and advertising cost | $ | (9,108) |  | $ | (6,272) |  | $ | (14,166) |  | $ | (12,411)
|  | Food & beverage cost |  | (2,931) |  |  | (2,012) |  |  | (4,514) |  |  | (3,919)
|  | Occupancy expense |  | (4,420) |  |  | (6,545) |  |  | (8,387) |  |  | (12,332)
|  | Labor cost |  | (4,212) |  |  | (4,002) |  |  | (8,293) |  |  | (8,150)
|  | Utilities |  | (1,332) |  |  | (1,337) |  |  | (2,551) |  |  | (2,645)
|  | Cleaning and maintenance |  | (1,754) |  |  | (1,656) |  |  | (3,295) |  |  | (3,083)
|  | Other operating expenses |  | (2,321) |  |  | (2,094) |  |  | (4,468) |  |  | (4,219)
|  |  | $ | (26,078) |  | $ | (23,918) |  | $ | (45,674) |  | $ | (46,759)
| Australia | Film rent and advertising cost | $ | (6,586) |  | $ | (4,947) |  | $ | (10,542) |  | $ | (9,395)
|  | Food & beverage cost |  | (1,531) |  |  | (1,435) |  |  | (2,606) |  |  | (2,709)
|  | Occupancy expense |  | (4,511) |  |  | (4,538) |  |  | (8,805) |  |  | (8,940)
|  | Labor cost |  | (3,425) |  |  | (3,442) |  |  | (6,732) |  |  | (6,715)
|  | Utilities |  | (651) |  |  | (640) |  |  | (1,493) |  |  | (1,452)
|  | Cleaning and maintenance |  | (1,154) |  |  | (1,173) |  |  | (2,304) |  |  | (2,377)
|  | Other operating expenses |  | (799) |  |  | (908) |  |  | (1,574) |  |  | (1,780)
|  |  | $ | (18,657) |  | $ | (17,083) |  | $ | (34,056) |  | $ | (33,368)
| New Zealand | Film rent and advertising cost | $ | (1,141) |  | $ | (752) |  | $ | (1,789) |  | $ | (1,434)
|  | Food & beverage cost |  | (269) |  |  | (225) |  |  | (416) |  |  | (430)
|  | Occupancy expense |  | (737) |  |  | (783) |  |  | (1,471) |  |  | (1,543)
|  | Labor cost |  | (579) |  |  | (593) |  |  | (1,113) |  |  | (1,155)
|  | Utilities |  | (136) |  |  | (101) |  |  | (234) |  |  | (198)
|  | Cleaning and maintenance |  | (196) |  |  | (189) |  |  | (390) |  |  | (393)
|  | Other operating expenses |  | (147) |  |  | (259) |  |  | (454) |  |  | (495)
|  |  | $ | (3,205) |  | $ | (2,902) |  | $ | (5,867) |  | $ | (5,648)
| Total operating expense | $ | (47,940) |  | $ | (43,903) |  | $ | (85,597) |  | $ | (85,775)
DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE |  |  |  |  |  |  |  |  |  |  |
| United States | Depreciation and amortization | $ | (1,157) |  | $ | (1,250) |  | $ | (2,278) |  | $ | (2,521)
|  | General and administrative expense |  | (731) |  |  | (738) |  |  | (1,456) |  |  | (1,373)
|  |  | $ | (1,888) |  | $ | (1,988) |  | $ | (3,734) |  | $ | (3,894)
| Australia | Depreciation and amortization | $ | (905) |  | $ | (1,192) |  | $ | (1,819) |  | $ | (2,382)
|  | General and administrative expense |  | (427) |  |  | (355) |  |  | (772) |  |  | (699)
|  |  | $ | (1,332) |  | $ | (1,547) |  | $ | (2,591) |  | $ | (3,081)
| New Zealand | Depreciation and amortization | $ | (111) |  | $ | (112) |  | $ | (214) |  | $ | (238)
|  | General and administrative expense |  | (58) |  |  | — |  |  | (71) |  |  | —
|  |  | $ | (169) |  | $ | (112) |  | $ | (285) |  | $ | (238)
| Total depreciation, amortization, general and administrative expense | $ | (3,389) |  | $ | (3,647) |  | $ | (6,610) |  | $ | (7,213)
OPERATING INCOME (LOSS) - CINEMA |  |  |  |  |  |  |  |  |  |  |
| United States | $ | 2,292 |  | $ | (4,426) |  | $ | (855) |  | $ | (7,868)
| Australia |  | 2,920 |  |  | (87) |  |  | 1,944 |  |  | (582)
| New Zealand |  | 241 |  |  | (96) |  |  | (110) |  |  | (325)
| Total Cinema operating income (loss) | $ | 5,453 |  | $ | (4,609) |  | $ | 979 |  | $ | (8,775)
Real Estate [Member] |
Segment Reporting Information [Line Items] |
Reconciliation To Net Income Attributable To Common Shareholders |
|  |  | Quarter Ended |  | Six Months Ended
(Dollars in thousands) | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
REVENUE |  |  |  |  |  |  |  |  |  |  |
| United States | Live theater rental and ancillary income | $ | 630 |  | $ | 416 |  | $ | 1,173 |  | $ | 828
|  | Property rental income |  | 1,070 |  |  | 1,067 |  |  | 2,114 |  |  | 2,139
|  |  |  | 1,700 |  |  | 1,483 |  |  | 3,287 |  |  | 2,967
| Australia | Property rental income |  | 2,741 |  |  | 3,177 |  |  | 5,756 |  |  | 6,261
| New Zealand | Property rental income |  | 212 |  |  | 353 |  |  | 455 |  |  | 718
| Total revenue | $ | 4,653 |  | $ | 5,013 |  | $ | 9,498 |  | $ | 9,946
OPERATING EXPENSE |  |  |  |  |  |  |  |  |  |  |
| United States | Live theater cost | $ | (255) |  | $ | (279) |  | $ | (492) |  | $ | (512)
|  | Occupancy expense |  | (174) |  |  | (160) |  |  | (352) |  |  | (354)
|  | Labor cost |  | — |  |  | — |  |  | — |  |  | —
|  | Utilities |  | 16 |  |  | (49) |  |  | (28) |  |  | (79)
|  | Cleaning and maintenance |  | (75) |  |  | (31) |  |  | (106) |  |  | (78)
|  | Other operating expenses |  | (264) |  |  | (279) |  |  | (430) |  |  | (621)
|  |  | $ | (752) |  | $ | (798) |  | $ | (1,408) |  | $ | (1,644)
| Australia | Occupancy expense | $ | (479) |  | $ | (478) |  | $ | (967) |  | $ | (968)
|  | Labor cost |  | (76) |  |  | (55) |  |  | (119) |  |  | (113)
|  | Utilities |  | (20) |  |  | (19) |  |  | (34) |  |  | (33)
|  | Cleaning and maintenance |  | (215) |  |  | (278) |  |  | (435) |  |  | (494)
|  | Other operating expenses |  | (198) |  |  | (299) |  |  | (456) |  |  | (531)
|  |  | $ | (988) |  | $ | (1,129) |  | $ | (2,011) |  | $ | (2,139)
| New Zealand | Occupancy expense | $ | (31) |  | $ | (110) |  | $ | (89) |  | $ | (221)
|  | Labor cost |  | — |  |  | (6) |  |  | (2) |  |  | (11)
|  | Utilities |  | — |  |  | (16) |  |  | (5) |  |  | (36)
|  | Cleaning and maintenance |  | — |  |  | (7) |  |  | (4) |  |  | (17)
|  | Other operating expenses |  | (69) |  |  | (395) |  |  | (276) |  |  | (628)
|  |  | $ | (100) |  | $ | (534) |  | $ | (376) |  | $ | (913)
| Total operating expense | $ | (1,840) |  | $ | (2,461) |  | $ | (3,795) |  | $ | (4,696)
DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE |  |  |  |  |  |  |  |  |  |  |
| United States | Depreciation and amortization | $ | (674) |  | $ | (677) |  | $ | (1,333) |  | $ | (1,416)
|  | General and administrative expense |  | (185) |  |  | (212) |  |  | (315) |  |  | (480)
|  |  |  | (859) |  |  | (889) |  |  | (1,648) |  |  | (1,896)
| Australia | Depreciation and amortization | $ | (391) |  | $ | (551) |  | $ | (776) |  | $ | (1,142)
|  | General and administrative expense |  | (24) |  |  | (36) |  |  | (87) |  |  | (59)
|  |  |  | (415) |  |  | (587) |  |  | (863) |  |  | (1,201)
| New Zealand | Depreciation and amortization |  | (60) |  |  | (130) |  |  | (117) |  |  | (316)
|  | General and administrative expense |  | — |  |  | — |  |  | (1) |  |  | —
|  |  |  | (60) |  |  | (130) |  |  | (118) |  |  | (316)
| Total depreciation, amortization, general and administrative expense | $ | (1,334) |  | $ | (1,606) |  | $ | (2,629) |  | $ | (3,413)
OPERATING INCOME (LOSS) - REAL ESTATE |  |  |  |  |  |  |  |  |  |  |
| United States | $ | 89 |  | $ | (204) |  | $ | 231 |  | $ | (573)
| Australia |  | 1,338 |  |  | 1,461 |  |  | 2,882 |  |  | 2,921
| New Zealand |  | 52 |  |  | (311) |  |  | (39) |  |  | (511)
| Total real estate operating income (loss) | $ | 1,479 |  | $ | 946 |  | $ | 3,074 |  | $ | 1,837

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