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Leases | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
Leases | Note 8 – Leases In all leases, whether we are the lessor or lessee, we define lease term as the non-cancellable term of the lease plus any renewals covered by renewal options that are reasonably certain of exercise based on our assessment of economic factors relevant to the lessee. The non-cancellable term of the lease commences on the date the lessor makes the underlying property in the lease available to the lessee, irrespective of when lease payments begin under the contract. As Lessee We have operating leases for certain cinemas, and finance leases for certain equipment assets. Our leases have remaining lease terms of 1 to 25 years, with certain leases having options to extend up to a further 20 years. Lease payments for our cinema operating leases consist of fixed base rent, and for certain leases, variable lease payments consisting of contracted percentages of revenue, changes in the relevant CPI, and/or other contracted financial metrics. The components of lease expense were as follows:
|  | Quarter Ended |  | Six Months Ended
|  | June 30, |  | June 30,
(Dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Lease cost |  |  |  |  |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 10 |  | $ | 10 |  | $ | 21 |  | $ | 21
Interest on lease liabilities |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 3
Operating lease cost |  |  | 7,081 |  |  | 7,732 |  |  | 14,094 |  |  | 15,606
Variable lease cost |  |  | 1 |  |  | 1,093 |  |  | 1 |  |  | 1,615
Total lease cost |  | $ | 7,093 |  | $ | 8,836 |  | $ | 14,117 |  | $ | 17,245
Supplemental cash flow information related to leases is as follows:
|  | Six Months Ended
|  | June 30,
(Dollars in thousands) |  | 2025 |  | 2024
Cash flows relating to lease cost |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows for finance leases |  | $ | 22 |  | $ | 22
Operating cash flows for operating leases |  |  | 12,133 |  |  | 11,868
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 3,013 |  |  | —
Supplemental balance sheet information related to leases is as follows:
|  | June 30, |  | December 31,
(Dollars in thousands) |  | 2025 |  | 2024
Operating leases |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 160,562 |  | $ | 160,873
Operating lease liabilities - current portion |  |  | 20,183 |  |  | 20,747
Operating lease liabilities - non-current portion |  |  | 161,386 |  |  | 161,702
Total operating lease liabilities |  | $ | 181,569 |  | $ | 182,449
Finance leases |  |  |  |  |  |
Property plant and equipment, gross |  |  | 226 |  |  | 217
Accumulated depreciation |  |  | (206) |  |  | (175)
Property plant and equipment, net |  | $ | 20 |  | $ | 42
Other current liabilities |  |  | 22 |  |  | 43
Other long-term liabilities |  |  | — |  |  | —
Total finance lease liabilities |  | $ | 22 |  | $ | 43
Other information |  |  |  |  |  |
Weighted-average remaining lease term - finance leases |  |  | 1 |  |  | 1
Weighted-average remaining lease term - operating leases |  |  | 11 |  |  | 11
Weighted-average discount rate - finance leases |  |  | 7.07% |  |  | 7.07%
Weighted-average discount rate - operating leases |  |  | 4.89% |  |  | 4.86%
The maturities of our leases were as follows:
(Dollars in thousands) |  | Operating ‎leases |  | Finance ‎leases
2025 |  | $ | 14,510 |  | $ | 22
2026 |  |  | 27,028 |  |  | —
2027 |  |  | 25,237 |  |  | —
2028 |  |  | 24,160 |  |  | —
2029 |  |  | 22,740 |  |  | —
Thereafter |  |  | 122,160 |  |  | —
Total lease payments |  | $ | 235,835 |  | $ | 22
Less imputed interest |  |  | (54,266) |  |  | (0)
Total |  | $ | 181,569 |  | $ | 22
As Lessor We have entered into various leases as a lessor for our owned real estate properties. These leases vary in length between 1 and 12 years, with certain leases containing options to extend at the behest of the applicable tenants. Lease components consist of fixed base rent, and for certain leases, variable lease payments consisting of contracted percentages of revenue, changes in the relevant CPI, and/or other contracted financial metrics. None of our leases grant any right to the tenant to purchase the underlying asset. Lease income relating to operating lease payments was as follows:
|  | Quarter Ended |  | Six Months Ended
|  | June 30, |  | June 30,
(Dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Components of lease income |  |  |  |  |  |  |  |  |  |  |  |
Lease payments |  | $ | 2,563 |  |  | 2,701 |  | $ | 5,274 |  | $ | 5,425
Variable lease payments |  |  | 142 |  |  | 279 |  |  | 327 |  |  | 423
Total lease income |  | $ | 2,705 |  | $ | 2,980 |  | $ | 5,601 |  | $ | 5,848
The book value of underlying assets under operating leases from owned assets was as follows:
|  |  |  |  |  |  |  | June 30, |  | December 31,
(Dollars in thousands) |  |  |  |  |  |  |  | 2025 |  | 2024
Building and improvements |  |  |  |  |  |  |  |  |  |  |  |
Gross balance |  |  |  |  |  |  |  | $ | 115,229 |  | $ | 113,424
Accumulated depreciation |  |  |  |  |  |  |  |  | (23,775) |  |  | (21,692)
Net Book Value |  |  |  |  |  |  |  | $ | 91,454 |  | $ | 91,732
The minimum contractual rent payments due on our leases were as follows:
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  | Operating ‎leases
2025 |  |  |  |  |  |  |  |  |  |  | $ | 4,986
2026 |  |  |  |  |  |  |  |  |  |  |  | 9,875
2027 |  |  |  |  |  |  |  |  |  |  |  | 9,426
2028 |  |  |  |  |  |  |  |  |  |  |  | 9,375
2029 |  |  |  |  |  |  |  |  |  |  |  | 8,827
Thereafter |  |  |  |  |  |  |  |  |  |  |  | 32,431
Total |  |  |  |  |  |  |  |  |  |  | $ | 74,920

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