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Segment Reporting | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Segment Reporting | NOTE 4 – SEGMENT REPORTING We report information about operating segments in accordance with ASC 280-10 Segment Reporting, which requires financial information to be reported based on the way management organizes segments with a company for making operating decisions and evaluating performance. We have organized our business into two reportable segments, being cinema exhibition and real estate. Our cinema exhibition segment aggregates all our cinemas, both leased and owned, across the United States, Australia and New Zealand. Each of our cinemas earns revenue through the sale of movie tickets, food and beverage, screen advertising, theatre rentals, merchandise, gift card and loyalty membership, and other ancillary sales. The segment also earns revenue through service fees related to online ticket sales. Expenses are incurred through film rent, wages and salaries, food and beverage costs, occupancy costs, utilities, and other ancillary costs. We further organize this segment by geography, as while all our cinemas are engaged in substantially the same business activities, each geography is subject to its own unique regulatory and business conditions. Our real estate segment aggregates all our retail, commercial and live theatre real estate assets across Australia, New Zealand, and the United States. Our retail and commercial real estate assets earn revenue through the leasing or licensing of space to third party tenants. Our live theatre assets in the United States earn revenue through leasing or licensing space to third party production companies, an activity we consider sufficiently similar to our broader real estate base to support inclusion in our real estate segment. Our live theatre operations also earn revenue by providing front of house and box office services and through concession sale of food and beverage. All of our real estate assets incur expenses from property maintenance, utilities, taxes, and other costs of maintaining real estate and in some cases third party property management. Each of these segments has discrete and separate financial information and for which operating results are evaluated regularly by our President, Chief Executive Officer and Vice Chair of the Board of Directors, the chief operating decision-maker (“CODM”) of the Company. The CODM is responsible for the allocation of resources to, and the assessment of the performance of, our operating segments. The CODM determines, among other things: -the execution, renewal or termination of cinema leases -the execution, renewal or termination of third-party tenant leases -significant capital expenditures -internal resource allocation -operational budgets. Segment operating income is a key measure of profit or loss used by the CODM to assess segment performance and allocate resources. Segment operating income includes certain amounts charged by our real estate segment to our cinema exhibition segment where a cinema is a tenant of the real estate segment. These charges are eliminated for condensed consolidated financial statement purposes in the consolidated statement of operations, but are presented gross to the CODM. The tables below summarize the results of operations for each of our business segments, presenting a reconciliation of segment revenue to operating segment income, and the impact of inter-segment transactions.
| Three Months Ended |  | Three Months Ended
| March 31, 2026 |  | March 31, 2025
(Dollars in thousands) | Cinema |  | Real ‎Estate |  | Total |  | Cinema |  | Real ‎Estate |  | Total
Revenue - third party | $ | 41,461 |  | $ | 3,663 |  | $ | 45,124 |  | $ | 36,404 |  | $ | 3,765 |  | $ | 40,169
Inter-segment revenue (1) |  | — |  |  | 933 |  |  | 933 |  |  | — |  |  | 1,080 |  |  | 1,080
Total segment revenue |  | 41,461 |  |  | 4,596 |  |  | 46,057 |  |  | 36,404 |  |  | 4,845 |  |  | 41,249
Operating expense |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | —
Operating Expense - Third Party |  | (38,894) |  |  | (1,886) |  |  | (40,780) |  |  | (36,577) |  |  | (1,955) |  |  | (38,532)
Inter-Segment Operating Expenses (1) |  | (933) |  |  | — |  |  | (933) |  |  | (1,080) |  |  | — |  |  | (1,080)
Total of services and products (excluding depreciation and amortization) |  | (39,827) |  |  | (1,886) |  |  | (41,713) |  |  | (37,657) |  |  | (1,955) |  |  | (39,612)
Depreciation and amortization |  | (1,993) |  |  | (1,141) |  |  | (3,134) |  |  | (2,141) |  |  | (1,102) |  |  | (3,243)
General and administrative expense |  | (983) |  |  | (179) |  |  | (1,162) |  |  | (1,081) |  |  | (194) |  |  | (1,275)
Total operating expense |  | (42,803) |  |  | (3,206) |  |  | (46,009) |  |  | (40,879) |  |  | (3,251) |  |  | (44,130)
Segment operating income (loss) | $ | (1,342) |  | $ | 1,390 |  | $ | 48 |  | $ | (4,475) |  | $ | 1,594 |  | $ | (2,881)
(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. A reconciliation of cinema exhibition segment revenue to segment operating income for the quarters ended March 31, 2026 and March 31, 2025, is as follows:
|  |  | Three Months Ended
(Dollars in thousands) | March 31, 2026 |  | March 31, 2025
REVENUE |  |  |  |  |
| United States | Admissions revenue | $ | 10,746 |  | $ | 10,245
|  | Concessions revenue |  | 6,708 |  |  | 6,108
|  | Advertising and other revenue |  | 2,009 |  |  | 1,942
|  |  | $ | 19,463 |  | $ | 18,295
| Australia | Admissions revenue | $ | 12,177 |  | $ | 9,630
|  | Concessions revenue |  | 6,086 |  |  | 4,856
|  | Advertising and other revenue |  | 1,443 |  |  | 1,196
|  |  | $ | 19,706 |  | $ | 15,682
| New Zealand | Admissions revenue | $ | 1,498 |  | $ | 1,546
|  | Concessions revenue |  | 679 |  |  | 766
|  | Advertising and other revenue |  | 115 |  |  | 115
|  |  | $ | 2,292 |  | $ | 2,427
| Total revenue | $ | 41,461 |  | $ | 36,404
OPERATING EXPENSE |  |  |  |  |
| United States | Film rent and advertising cost | $ | (5,639) |  | $ | (5,058)
|  | Food & beverage cost |  | (1,627) |  |  | (1,583)
|  | Occupancy expense |  | (4,027) |  |  | (3,967)
|  | Labor cost |  | (3,661) |  |  | (4,082)
|  | Utilities |  | (1,203) |  |  | (1,218)
|  | Cleaning and maintenance |  | (1,287) |  |  | (1,541)
|  | Other operating expenses |  | (1,958) |  |  | (2,146)
|  |  | $ | (19,402) |  | $ | (19,595)
| Australia | Film rent and advertising cost | $ | (5,075) |  | $ | (3,956)
|  | Food & beverage cost |  | (1,366) |  |  | (1,075)
|  | Occupancy expense |  | (4,785) |  |  | (4,295)
|  | Labor cost |  | (3,699) |  |  | (3,307)
|  | Utilities |  | (1,080) |  |  | (842)
|  | Cleaning and maintenance |  | (1,131) |  |  | (1,149)
|  | Other operating expenses |  | (894) |  |  | (775)
|  |  | $ | (18,030) |  | $ | (15,399)
| New Zealand | Film rent and advertising cost | $ | (580) |  | $ | (649)
|  | Food & beverage cost |  | (139) |  |  | (148)
|  | Occupancy expense |  | (744) |  |  | (733)
|  | Labor cost |  | (483) |  |  | (534)
|  | Utilities |  | (99) |  |  | (98)
|  | Cleaning and maintenance |  | (145) |  |  | (194)
|  | Other operating expenses |  | (205) |  |  | (307)
|  |  | $ | (2,395) |  | $ | (2,663)
| Total operating expense | $ | (39,827) |  | $ | (37,657)
DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE |  |  |  |  |
| United States | Depreciation and amortization | $ | (969) |  | $ | (1,121)
|  | General and administrative expense |  | (647) |  |  | (725)
|  |  | $ | (1,616) |  | $ | (1,846)
| Australia | Depreciation and amortization | $ | (914) |  | $ | (913)
|  | General and administrative expense |  | (336) |  |  | (344)
|  |  | $ | (1,250) |  | $ | (1,257)
| New Zealand | Depreciation and amortization | $ | (110) |  | $ | (107)
|  | General and administrative expense |  | — |  |  | (12)
|  |  | $ | (110) |  | $ | (119)
| Total depreciation, amortization, general and administrative expense | $ | (2,976) |  | $ | (3,222)
OPERATING INCOME (LOSS) - CINEMA |  |  |  |  |
| United States | $ | (1,555) |  | $ | (3,146)
| Australia |  | 426 |  |  | (974)
| New Zealand |  | (213) |  |  | (355)
| Total Cinema operating income (loss) | $ | (1,342) |  | $ | (4,475)
A reconciliation of real estate segment revenue to segment operating income for the quarters ended March 31, 2026 and March 31, 2025, is as follows:
|  |  | Three Months Ended
(Dollars in thousands) | March 31, 2026 |  | March 31, 2025
REVENUE |  |  |  |  |
| United States | Live theatre rental and ancillary income | $ | 748 |  | $ | 543
|  | Property rental income |  | 1,052 |  |  | 1,044
|  |  |  | 1,800 |  |  | 1,587
| Australia | Property rental income |  | 2,582 |  |  | 3,015
| New Zealand | Property rental income |  | 214 |  |  | 243
| Total revenue | $ | 4,596 |  | $ | 4,845
OPERATING EXPENSE |  |  |  |  |
| United States | Live theatre cost | $ | (272) |  | $ | (237)
|  | Occupancy expense |  | (225) |  |  | (177)
|  | Utilities |  | (69) |  |  | (44)
|  | Cleaning and maintenance |  | (36) |  |  | (31)
|  | Other operating expenses |  | (215) |  |  | (165)
|  |  | $ | (817) |  | $ | (654)
| Australia | Occupancy expense | $ | (451) |  | $ | (487)
|  | Labor cost |  | (4) |  |  | (44)
|  | Utilities |  | (31) |  |  | (13)
|  | Cleaning and maintenance |  | (251) |  |  | (220)
|  | Other operating expenses |  | (247) |  |  | (258)
|  |  | $ | (984) |  | $ | (1,022)
| New Zealand | Occupancy expense | $ | (34) |  | $ | (58)
|  | Labor cost |  | — |  |  | (2)
|  | Utilities |  | — |  |  | (5)
|  | Cleaning and maintenance |  | — |  |  | (4)
|  | Other operating expenses |  | (51) |  |  | (210)
|  |  | $ | (85) |  | $ | (279)
| Total operating expense | $ | (1,886) |  | $ | (1,955)
DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE |  |  |  |  |
| United States | Depreciation and amortization | $ | (657) |  | $ | (660)
|  | General and administrative expense |  | (171) |  |  | (130)
|  |  |  | (828) |  |  | (790)
| Australia | Depreciation and amortization | $ | (424) |  | $ | (385)
|  | General and administrative expense |  | (8) |  |  | (63)
|  |  |  | (432) |  |  | (448)
| New Zealand | Depreciation and amortization |  | (60) |  |  | (57)
|  | General and administrative expense |  | — |  |  | (1)
|  |  |  | (60) |  |  | (58)
| Total depreciation, amortization, general and administrative expense | $ | (1,320) |  | $ | (1,296)
OPERATING INCOME (LOSS) - REAL ESTATE |  |  |  |  |
| United States | $ | 155 |  | $ | 143
| Australia |  | 1,166 |  |  | 1,545
| New Zealand |  | 69 |  |  | (94)
| Total real estate operating income (loss) | $ | 1,390 |  | $ | 1,594
A reconciliation of segment operating income to income before income taxes is as follows:
| Three Months Ended
(Dollars in thousands) | March 31, 2026 |  | March 31, 2025
Segment operating income (loss) | $ | 48 |  | $ | (2,881)
Unallocated corporate expense: |  |  |  |  |
Depreciation and amortization expense |  | (96) |  |  | (133)
General and administrative expense |  | (3,584) |  |  | (3,877)
Interest expense, net |  | (4,228) |  |  | (4,742)
Equity earnings (loss) of unconsolidated joint ventures |  | 71 |  |  | 23
Gain (loss) on sale of assets |  | — |  |  | 6,526
Other (expense) income |  | (488) |  |  | (331)
Income (loss) before income taxes | $ | (8,277) |  | $ | (5,415)
Assuming cash and cash equivalents are accounted for as corporate assets, total assets by business segment and by country are presented as follows:
|  | March 31, |  | December 31,
(Dollars in thousands) |  | 2026 |  | 2025
By segment: |  |  |  |  |  |
Cinema |  | $ | 184,611 |  | $ | 184,162
Real estate |  |  | 177,104 |  |  | 176,396
Corporate (1) |  |  | 69,765 |  |  | 74,371
Total assets |  | $ | 431,480 |  | $ | 434,929
By country: |  |  |  |  |  |
United States |  | $ | 240,172 |  | $ | 245,169
Australia |  |  | 168,314 |  |  | 166,026
New Zealand |  |  | 22,994 |  |  | 23,734
Total assets |  | $ | 431,480 |  | $ | 434,929
‎(1) Corporate Assets includes cash and cash equivalents of $5.5 million and $10.5 million as of March 31, 2026 and December 31, 2025, respectively. The following table sets forth our operating properties by country:
|  | March 31, |  | December 31,
(Dollars in thousands) |  | 2026 |  | 2025
United States |  | $ | 114,795 |  | $ | 140,179
Australia |  |  | 59,511 |  |  | 58,934
New Zealand |  |  | 8,651 |  |  | 8,861
Total operating property |  | $ | 182,957 |  | $ | 207,974
The table below summarizes capital expenditures for the three months ended March 31, 2026
| Three Months Ended
(Dollars in thousands) | March 31, 2026 |  | March 31, 2025
Segment capital expenditures | $ | 556 |  | $ | 406
Corporate capital expenditures |  | — |  |  | —
Total capital expenditures | $ | 556 |  | $ | 406

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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