Segment Reporting (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Segment Reporting Information [Line Items] |
|
| Summary Of Results Of Operations For Principal Business Segments |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | 2024 | | 2023 | (Dollars in thousands) | | Cinema | | Real
Estate | | Total | | Cinema | | Real
Estate | | Total | | Cinema | | Real
Estate | | Total | Revenue - third party | | $ | 188,603 | | $ | 14,385 | | $ | 202,988 | | $ | 195,130 | | $ | 15,397 | | $ | 210,527 | | $ | 207,641 | | $ | 15,103 | | $ | 222,744 | Inter-segment revenue (1) | | | — | | | 4,036 | | | 4,036 | | | — | | | 4,609 | | | 4,609 | | | — | | | 4,767 | | | 4,767 | Total segment revenue | | | 188,603 | | | 18,421 | | | 207,024 | | | 195,130 | | | 20,006 | | | 215,136 | | | 207,641 | | | 19,870 | | | 227,511 | Operating expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | Operating Expense - Third Party | | | (168,328) | | | (7,463) | | | (175,791) | | | (179,377) | | | (9,243) | | | (188,620) | | | (187,418) | | | (8,763) | | | (196,181) | Inter-Segment Operating Expenses (1) | | | (4,036) | | | — | | | (4,036) | | | (4,609) | | | — | | | (4,609) | | | (4,767) | | | — | | | (4,767) | Total of services and products (excluding depreciation and amortization) | | | (172,364) | | | (7,463) | | | (179,827) | | | (183,986) | | | (9,243) | | | (193,229) | | | (192,185) | | | (8,763) | | | (200,948) | Depreciation and amortization | | | (8,457) | | | (4,314) | | | (12,771) | | | (10,232) | | | (5,160) | | | (15,392) | | | (11,335) | | | (6,376) | | | (17,711) | General and administrative expense | | | (4,139) | | | (727) | | | (4,866) | | | (3,709) | | | (924) | | | (4,633) | | | (3,997) | | | (940) | | | (4,937) | Total operating expense | | | (184,960) | | | (12,504) | | | (197,464) | | | (197,927) | | | (15,327) | | | (213,254) | | | (207,517) | | | (16,079) | | | (223,596) | Segment operating income (loss) | | $ | 3,643 | | $ | 5,917 | | $ | 9,560 | | $ | (2,797) | | $ | 4,679 | | $ | 1,882 | | $ | 124 | | $ | 3,791 | | $ | 3,915 |
(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 |
| | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | 2025 | | 2024 | | 2023 | Segment operating income (loss) | | $ | 9,560 | | $ | 1,882 | | $ | 3,915 | Unallocated corporate expense: | | | | | | | | | | Depreciation and amortization expense | | | (427) | | | (387) | | | (711) | General and administrative expense | | | (14,440) | | | (15,528) | | | (15,235) | Interest expense, net | | | (17,930) | | | (21,154) | | | (19,418) | Equity earnings (loss) of unconsolidated joint ventures | | | 560 | | | (387) | | | 456 | Gain (loss) on sale of assets | | | 8,365 | | | (1,371) | | | 562 | Gain (loss) on acquisition of noncontrolling interest | | | 2,691 | | | — | | | — | Other (expense) income | | | (2,178) | | | 1,528 | | | (164) | Income (loss) before income taxes | | $ | (13,799) | | $ | (35,417) | | $ | (30,595) |
|
| Summary Of Assets |
| | | | | | | | | | | | | | | | December 31, | (Dollars in thousands) | | 2025 | | 2024 | By segment: | | | | | | | Cinema | | $ | 184,162 | | $ | 191,008 | Real estate | | | 176,396 | | | 207,044 | Corporate (1) | | | 74,371 | | | 72,959 | Total assets | | $ | 434,929 | | $ | 471,011 | By country: | | | | | | | United States | | $ | 245,169 | | $ | 264,284 | Australia | | | 166,026 | | | 167,667 | New Zealand | | | 23,734 | | | 39,060 | Total assets | | $ | 434,929 | | $ | 471,011 |
(1)Corporate Assets includes cash and cash equivalents of $10.5 million and $12.3 million as of December 31, 2025 and 2024, respectively.
|
| Schedule Of Operating Properties Net By Country |
| | | | | | | | | | | | | | | | December 31, | (Dollars in thousands) | | 2025 | | 2024 | United States | | $ | 140,179 | | $ | 146,531 | Australia | | | 58,934 | | | 59,081 | New Zealand | | | 8,861 | | | 9,082 | Total operating properties, net | | $ | 207,974 | | $ | 214,694 |
|
| Summary Of Capital Expenditures |
| | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | 2025 | | 2024 | | 2023 | Segment capital expenditures | | $ | 1,498 | | $ | 2,028 | | $ | 4,711 | Corporate capital expenditures | | | — | | | — | | | — | Total capital expenditures | | $ | 1,498 | | $ | 2,028 | | $ | 4,711 |
|
| Cinema Exhibition [Member] |
|
| Segment Reporting Information [Line Items] |
|
| Reconciliation To Net Income Attributable To Common Shareholders |
| | | | | | | | | | | | | | | | Year Ended | (Dollars in thousands) | | December 31, 2025 | | December 31, 2024 | | December 31, 2023 | REVENUE | | | | | | | | | | | United States | Admissions revenue | | $ | 54,214 | | $ | 55,782 | | $ | 63,662 | | | Concessions revenue | | | 35,523 | | | 34,314 | | | 38,884 | | | Advertising and other revenue | | | 9,751 | | | 9,842 | | | 11,252 | | | | | $ | 99,488 | | $ | 99,938 | | $ | 113,798 | | | | | | | | | | | | | | Australia | Admissions revenue | | $ | 47,414 | | $ | 48,186 | | $ | 48,630 | | | Concessions revenue | | | 24,373 | | | 27,670 | | | 26,119 | | | Advertising and other revenue | | | 5,949 | | | 6,176 | | | 5,276 | | | | | $ | 77,736 | | $ | 82,032 | | $ | 80,025 | | | | | | | | | | | | | | New Zealand | Admissions revenue | | $ | 7,256 | | $ | 7,663 | | $ | 8,509 | | | Concessions revenue | | | 3,541 | | | 4,375 | | | 4,585 | | | Advertising and other revenue | | | 582 | | | 1,122 | | | 724 | | | | | $ | 11,379 | | $ | 13,160 | | $ | 13,818 | | | | | | | | | | | | | | Total revenue | | $ | 188,603 | | $ | 195,130 | | $ | 207,641 | | | | | | | | | | | | | OPERATING EXPENSE | | | | | | | | | | | United States | Film rent and advertising cost | | $ | (28,971) | | $ | (30,315) | | $ | (34,182) | | | Food & beverage cost | | | (9,108) | | | (9,071) | | | (10,070) | | | Occupancy expense | | | (16,962) | | | (22,516) | | | (25,090) | | | Labor cost | | | (16,482) | | | (17,323) | | | (17,397) | | | Utilities | | | (5,413) | | | (5,973) | | | (6,856) | | | Cleaning and maintenance | | | (6,670) | | | (6,664) | | | (8,155) | | | Other operating expenses | | | (8,665) | | | (7,948) | | | (9,459) | | | | | $ | (92,271) | | $ | (99,810) | | $ | (111,209) | | | | | | | | | | | | | | Australia | Film rent and advertising cost | | $ | (21,081) | | $ | (22,124) | | $ | (21,814) | | | Food & beverage cost | | | (5,290) | | | (6,141) | | | (5,609) | | | Occupancy expense | | | (17,708) | | | (18,086) | | | (17,207) | | | Labor cost | | | (13,613) | | | (14,040) | | | (13,243) | | | Utilities | | | (3,207) | | | (2,861) | | | (2,545) | | | Cleaning and maintenance | | | (4,614) | | | (5,069) | | | (4,696) | | | Other operating expenses | | | (3,342) | | | (3,597) | | | (3,313) | | | | | $ | (68,855) | | $ | (71,918) | | $ | (68,427) | | | | | | | | | | | | | | New Zealand | Film rent and advertising cost | | $ | (3,313) | | $ | (3,474) | | $ | (3,858) | | | Food & beverage cost | | | (733) | | | (947) | | | (911) | | | Occupancy expense | | | (2,883) | | | (3,106) | | | (3,081) | | | Labor cost | | | (2,115) | | | (2,385) | | | (2,417) | | | Utilities | | | (501) | | | (394) | | | (435) | | | Cleaning and maintenance | | | (759) | | | (886) | | | (971) | | | Other operating expenses | | | (934) | | | (1,066) | | | (876) | | | | | $ | (11,238) | | $ | (12,258) | | $ | (12,549) | | | | | | | | | | | | | | Total operating expense | | $ | (172,364) | | $ | (183,986) | | $ | (192,185) | | | | | | | | | | | | | DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE | | | | | | | | | | | United States | Depreciation and amortization | | $ | (4,403) | | $ | (5,011) | | $ | (5,911) | | | General and administrative expense | | | (2,594) | | | (2,368) | | | (2,502) | | | | | $ | (6,997) | | $ | (7,379) | | $ | (8,413) | | | | | | | | | | | | | | Australia | Depreciation and amortization | | $ | (3,623) | | $ | (4,763) | | $ | (4,824) | | | General and administrative expense | | | (1,355) | | | (1,325) | | | (1,495) | | | | | $ | (4,978) | | $ | (6,088) | | $ | (6,319) | | | | | | | | | | | | | | New Zealand | Depreciation and amortization | | $ | (432) | | $ | (458) | | $ | (600) | | | General and administrative expense | | | (189) | | | (16) | | | — | | | | | $ | (621) | | $ | (474) | | $ | (600) | | | | | | | | | | | | | | Total depreciation, amortization, general and administrative expense | | $ | (12,596) | | $ | (13,941) | | $ | (15,332) | | | | | | | | | | | | | OPERATING INCOME (LOSS) - CINEMA | | | | | | | | | | | United States | | $ | 220 | | $ | (7,251) | | $ | (5,824) | | Australia | | | 3,903 | | | 4,026 | | | 5,279 | | New Zealand | | | (480) | | | 428 | | | 669 | | Total Cinema operating income (loss) | | $ | 3,643 | | $ | (2,797) | | $ | 124 |
|
| Real Estate [Member] |
|
| Segment Reporting Information [Line Items] |
|
| Reconciliation To Net Income Attributable To Common Shareholders |
| | | | | | | | | | | | | | | | Year Ended | (Dollars in thousands) | | December 31, 2025 | | December 31, 2024 | | December 31, 2023 | REVENUE | | | | | | | | | | | United States | Live theater rental and ancillary income | | $ | 2,638 | | $ | 2,024 | | $ | 1,803 | | | Property rental income | | | 4,243 | | | 4,221 | | | 4,395 | | | | | | 6,881 | | | 6,245 | | | 6,198 | | Australia | Property rental income | | | 10,659 | | | 12,341 | | | 12,163 | | New Zealand | Property rental income | | | 881 | | | 1,420 | | | 1,509 | | Total revenue | | $ | 18,421 | | $ | 20,006 | | $ | 19,870 | | | | | | | | | | | | | OPERATING EXPENSE | | | | | | | | | | | United States | Live theater cost | | $ | (1,048) | | $ | (1,024) | | $ | (765) | | | Occupancy expense | | | (734) | | | (694) | | | (789) | | | Utilities | | | (93) | | | (116) | | | (184) | | | Cleaning and maintenance | | | (198) | | | (183) | | | (170) | | | Other operating expenses | | | (1,073) | | | (1,096) | | | (1,237) | | | | | $ | (3,146) | | $ | (3,113) | | $ | (3,145) | | | | | | | | | | | | | | Australia | Occupancy expense | | $ | (1,829) | | $ | (1,988) | | $ | (1,956) | | | Labor cost | | | (174) | | | (247) | | | (218) | | | Utilities | | | (131) | | | (72) | | | (73) | | | Cleaning and maintenance | | | (853) | | | (983) | | | (927) | | | Other operating expenses | | | (736) | | | (929) | | | (892) | | | | | $ | (3,723) | | $ | (4,219) | | $ | (4,066) | | | | | | | | | | | | | | New Zealand | Occupancy expense | | $ | (167) | | $ | (474) | | $ | (418) | | | Labor cost | | | (2) | | | (22) | | | (99) | | | Utilities | | | (5) | | | (62) | | | (53) | | | Cleaning and maintenance | | | (4) | | | (44) | | | (33) | | | Other operating expenses | | | (416) | | | (1,309) | | | (949) | | | | | | (594) | | | (1,911) | | | (1,552) | | | | | | | | | | | | | | Total operating expense | | $ | (7,463) | | $ | (9,243) | | $ | (8,763) | | | | | | | | | | | | | DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE | | | | | | | | | | | United States | Depreciation and amortization | | $ | (2,500) | | $ | (2,628) | | $ | (3,104) | | | General and administrative expense | | | (649) | | | (866) | | | (700) | | | | | | (3,149) | | | (3,494) | | | (3,804) | | | | | | | | | | | | | | Australia | Depreciation and amortization | | $ | (1,580) | | $ | (2,091) | | $ | (2,514) | | | General and administrative expense | | | (76) | | | (58) | | | (240) | | | | | | (1,656) | | | (2,149) | | | (2,754) | | | | | | | | | | | | | | New Zealand | Depreciation and amortization | | | (235) | | | (441) | | | (758) | | | General and administrative expense | | | (1) | | | — | | | — | | | | | | (236) | | | (441) | | | (758) | | | | | | | | | | | | | | Total depreciation, amortization, general and administrative expense | | $ | (5,041) | | $ | (6,084) | | $ | (7,316) | | | | | | | | | | | | | OPERATING INCOME (LOSS) - REAL ESTATE | | | | | | | | | | | United States | | $ | 586 | | $ | (362) | | $ | (751) | | Australia | | | 5,280 | | | 5,973 | | | 5,343 | | New Zealand | | | 51 | | | (932) | | | (801) | | Total real estate operating income (loss) | | $ | 5,917 | | $ | 4,679 | | $ | 3,791 |
|