v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
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, 2026

June 30, 2025

June 30, 2026

June 30, 2025

(Dollars in thousands)

Cinema

Real
‎Estate

Total

Cinema

Real
‎Estate

Total

Cinema

Real
‎Estate

Total

Cinema

Real
‎Estate

Total

Revenue - third party

$

62,990

$

3,906

$

66,896

$

56,782

$

3,596

$

60,378

$

104,451

$

7,569

$

112,020

$

93,186

$

7,361

$

100,547

Inter-segment revenue (1)

—

947

947

—

1,057

1,057

—

1,880

1,880

—

2,137

2,137

Total segment revenue

62,990

4,853

67,843

56,782

4,653

61,435

104,451

9,449

113,900

93,186

9,498

102,684

Operating expense

Operating Expense - Third Party

(49,910)

(1,936)

(51,846)

(46,883)

(1,840)

(48,723)

(88,803)

(3,822)

(92,625)

(83,460)

(3,795)

(87,255)

Inter-Segment Operating Expenses (1)

(947)

—

(947)

(1,057)

—

(1,057)

(1,880)

—

(1,880)

(2,137)

—

(2,137)

Total of services and products (excluding depreciation and amortization)

(50,857)

(1,936)

(52,793)

(47,940)

(1,840)

(49,780)

(90,683)

(3,822)

(94,505)

(85,597)

(3,795)

(89,392)

Depreciation and amortization

(1,953)

(1,136)

(3,089)

(2,172)

(1,125)

(3,297)

(3,946)

(2,278)

(6,224)

(4,312)

(2,226)

(6,538)

General and administrative expense

(1,022)

(203)

(1,225)

(1,217)

(209)

(1,426)

(2,005)

(382)

(2,387)

(2,298)

(403)

(2,701)

Total operating expense

(53,832)

(3,275)

(57,107)

(51,329)

(3,174)

(54,503)

(96,634)

(6,482)

(103,116)

(92,207)

(6,424)

(98,631)

Segment operating income (loss)

$

9,158

$

1,578

$

10,736

$

5,453

$

1,479

$

6,932

$

7,817

$

2,967

$

10,784

$

979

$

3,074

$

4,053

(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, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Segment operating income (loss)

$

10,736

$

6,932

$

10,784

$

4,053

Unallocated corporate expense:

Depreciation and amortization expense

(83)

(84)

(178)

(219)

General and administrative expense

(3,175)

(3,957)

(6,760)

(7,835)

Interest expense, net

(4,321)

(4,354)

(8,549)

(9,096)

Equity earnings (loss) of unconsolidated joint ventures

360

285

431

308

Gain (loss) on sale of assets

—

1,872

—

8,398

Other (expense) income

294

(2,273)

(194)

(2,607)

Income (loss) before income taxes

$

3,811

$

(1,579)

$

(4,466)

$

(6,998)
Summary Of Assets

June 30,

December 31,

(Dollars in thousands)

2026

2025

By segment:

Cinema

$

182,293

$

184,162

Real estate

176,649

176,396

Corporate (1)

70,468

74,371

Total assets

$

429,410

$

434,929

By country:

United States

$

239,478

$

245,169

Australia

167,279

166,026

New Zealand

22,653

23,734

Total assets

$

429,410

$

434,929


‎(1) Corporate Assets includes cash and cash equivalents of $5.7 million and $10.5 million as of June 30, 2026 and December 31, 2025, respectively.
Schedule Of Operating Properties Net By Country

June 30,

December 31,

(Dollars in thousands)

2026

2025

United States

$

113,737

$

140,179

Australia

58,908

58,934

New Zealand

8,480

8,861

Total operating property

$

181,125

$

207,974
Summary Of Capital Expenditures

Six Months Ended

(Dollars in thousands)

June 30, 2026

June 30, 2025

Segment capital expenditures

$

1,382

$

804

Total capital expenditures

$

1,382

$

804
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, 2026

June 30, 2025

June 30, 2026

June 30, 2025

REVENUE

United States

Admissions revenue

$

15,650 

$

16,099 

$

26,396 

$

26,344 

Concessions revenue

10,678 

11,274 

17,386 

17,382 

Advertising and other revenue

3,150 

2,885 

5,159 

4,827 

$

29,478 

$

30,258 

$

48,941 

$

48,553 

Australia

Admissions revenue

$

18,829 

$

14,275 

$

31,005 

$

23,905 

Concessions revenue

9,323 

7,213 

15,410 

12,069 

Advertising and other revenue

1,829 

1,421 

3,272 

2,617 

$

29,981 

$

22,909 

$

49,687 

$

38,591 

New Zealand

Admissions revenue

$

2,310 

$

2,338 

$

3,809 

$

3,884 

Concessions revenue

1,070 

1,135 

1,749 

1,901 

Advertising and other revenue

151 

142 

265 

257 

$

3,531 

$

3,615 

$

5,823 

$

6,042 

Total revenue

$

62,990 

$

56,782 

$

104,451 

$

93,186 

OPERATING EXPENSE

United States

Film rent and advertising cost

$

(8,891)

$

(9,108)

$

(14,530)

$

(14,166)

Food & beverage cost

(2,661)

(2,931)

(4,288)

(4,514)

Occupancy expense

(3,968)

(4,420)

(7,996)

(8,387)

Labor cost

(4,343)

(4,212)

(8,003)

(8,293)

Utilities

(1,445)

(1,332)

(2,648)

(2,551)

Cleaning and maintenance

(1,509)

(1,754)

(2,797)

(3,295)

Other operating expenses

(1,906)

(2,321)

(3,865)

(4,468)

$

(24,723)

$

(26,078)

$

(44,127)

$

(45,674)

Australia

Film rent and advertising cost

$

(8,515)

$

(6,586)

$

(13,590)

$

(10,542)

Food & beverage cost

(2,024)

(1,531)

(3,391)

(2,606)

Occupancy expense

(4,952)

(4,511)

(9,736)

(8,805)

Labor cost

(4,242)

(3,425)

(7,941)

(6,732)

Utilities

(880)

(651)

(1,960)

(1,493)

Cleaning and maintenance

(1,438)

(1,154)

(2,569)

(2,304)

Other operating expenses

(1,044)

(799)

(1,937)

(1,574)

$

(23,095)

$

(18,657)

$

(41,124)

$

(34,056)

New Zealand

Film rent and advertising cost

$

(1,056)

$

(1,141)

$

(1,637)

$

(1,789)

Food & beverage cost

(223)

(269)

(362)

(416)

Occupancy expense

(709)

(737)

(1,453)

(1,471)

Labor cost

(545)

(579)

(1,028)

(1,113)

Utilities

(132)

(136)

(231)

(234)

Cleaning and maintenance

(182)

(196)

(327)

(390)

Other operating expenses

(192)

(147)

(394)

(454)

$

(3,039)

$

(3,205)

$

(5,432)

$

(5,867)

Total operating expense

$

(50,857)

$

(47,940)

$

(90,683)

$

(85,597)

DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE

United States

Depreciation and amortization

$

(944)

$

(1,157)

$

(1,912)

$

(2,278)

General and administrative expense

(606)

(731)

(1,253)

(1,456)

$

(1,550)

$

(1,888)

$

(3,165)

$

(3,734)

Australia

Depreciation and amortization

$

(900)

$

(905)

$

(1,814)

$

(1,819)

General and administrative expense

(420)

(427)

(756)

(772)

$

(1,320)

$

(1,332)

$

(2,570)

$

(2,591)

New Zealand

Depreciation and amortization

$

(109)

$

(111)

$

(219)

$

(214)

General and administrative expense

4 

(58)

3 

(71)

$

(105)

$

(169)

$

(216)

$

(285)

Total depreciation, amortization, general and administrative expense

$

(2,975)

$

(3,389)

$

(5,951)

$

(6,610)

OPERATING INCOME (LOSS) - CINEMA

United States

$

3,205 

$

2,292 

$

1,649 

$

(855)

Australia

5,566 

2,920 

5,993 

1,944 

New Zealand

387 

241 

175 

(110)

Total Cinema operating income (loss)

$

9,158 

$

5,453 

$

7,817 

$

979 
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, 2026

June 30, 2025

June 30, 2026

June 30, 2025

REVENUE

United States

Live theatre rental and ancillary income

$

824 

$

630 

$

1,572 

$

1,173 

Property rental income

1,055 

1,070 

2,107 

2,114 

1,879 

1,700 

3,679 

3,287 

Australia

Property rental income

2,762 

2,741 

5,343 

5,756 

New Zealand

Property rental income

212 

212 

427 

455 

Total revenue

$

4,853 

$

4,653 

$

9,449 

$

9,498 

OPERATING EXPENSE

United States

Live theatre cost

$

(259)

$

(255)

$

(532)

$

(492)

Occupancy expense

(220)

(174)

(445)

(352)

Utilities

(34)

16 

(103)

(28)

Cleaning and maintenance

(141)

(75)

(177)

(106)

Other operating expenses

(217)

(264)

(430)

(430)

$

(871)

$

(752)

$

(1,687)

$

(1,408)

Australia

Occupancy expense

$

(474)

$

(479)

$

(925)

$

(967)

Labor cost

(5)

(76)

(8)

(119)

Utilities

(18)

(20)

(49)

(34)

Cleaning and maintenance

(281)

(215)

(532)

(435)

Other operating expenses

(211)

(198)

(458)

(456)

$

(989)

$

(988)

$

(1,972)

$

(2,011)

New Zealand

Occupancy expense

$

(35)

$

(31)

$

(69)

$

(89)

Labor cost

—

—

—

(2)

Utilities

—

—

—

(5)

Cleaning and maintenance

—

—

—

(4)

Other operating expenses

(41)

(69)

(94)

(276)

$

(76)

$

(100)

$

(163)

$

(376)

Total operating expense

$

(1,936)

$

(1,840)

$

(3,822)

$

(3,795)

DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE

United States

Depreciation and amortization

$

(651)

$

(674)

$

(1,309)

$

(1,333)

General and administrative expense

(174)

(185)

(345)

(315)

(825)

(859)

(1,654)

(1,648)

Australia

Depreciation and amortization

$

(426)

$

(391)

$

(850)

$

(776)

General and administrative expense

(5)

(24)

(13)

(87)

(431)

(415)

(863)

(863)

New Zealand

Depreciation and amortization

(59)

(60)

(119)

(117)

General and administrative expense

(24)

—

(24)

(1)

(83)

(60)

(143)

(118)

Total depreciation, amortization, general and administrative expense

$

(1,339)

$

(1,334)

$

(2,660)

$

(2,629)

OPERATING INCOME (LOSS) - REAL ESTATE

United States

$

183 

$

89 

$

338 

$

231 

Australia

1,342 

1,338 

2,508 

2,882 

New Zealand

53 

52 

121 

(39)

Total real estate operating income (loss)

$

1,578 

$

1,479 

$

2,967 

$

3,074