Reading International, Inc. (RDI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Reading International, Inc. (RDI) surge como una potencia dinámica que combina el entretenimiento y los bienes raíces, navegando estratégicamente de diversos mercados en todo Estados Unidos y Australia. Al aprovechar ingeniosamente las operaciones de cine e inversiones de propiedades estratégicas, RDI ha creado un modelo de negocio único que transforma los límites del sector tradicional, ofreciendo a los inversores y entusiastas de las películas una plataforma integrada de creación de valor. Su enfoque innovador entrea sin problemas para el desarrollo de la propiedad, las experiencias de cine y la diversificación de ingresos, posicionando a la empresa como un estudio de caso convincente en la estrategia comercial adaptativa y multidimensional.

Reading International, Inc. (RDI) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con desarrolladores inmobiliarios

Reading International mantiene asociaciones estratégicas con desarrolladores inmobiliarios en múltiples mercados:

Ubicación	Socio desarrollador	Enfoque de asociación
Estados Unidos	Grupo de desarrollo urbano	Desarrollo de cine y complejo minorista
Australia	Soluciones de propiedad multiplex	Construcción del lugar de entretenimiento de uso mixto
Nueva Zelanda	Bienes raíces metropolitanas	Integración de cine urbano e propiedad comercial

Empresas conjuntas con operadores de cine

RDI ha establecido empresas conjuntas en múltiples mercados geográficos:

• Estados Unidos: 7 ubicaciones de cine de empresas conjuntas
• Australia: 4 operaciones de cine colaborativas
• Nueva Zelanda: 3 asociaciones de cine estratégicas

Colaboraciones de distribución de películas

Socio de distribución	Tipo de contenido	Volumen de colaboración anual
Fotos de paramount	Largometrajes de Hollywood	42 adquisiciones de películas
Disney Studios	Blockbuster y películas familiares	35 adquisiciones de películas
Imágenes universales	Diversas películas de género	38 adquisiciones de películas

Asociaciones de gestión de propiedades y arrendamiento

Las asociaciones de Urban Center incluyen:

• Administración de propiedades comerciales en 12 áreas metropolitanas
• Arrendamiento de espacios minoristas en 18 complejos de entretenimiento
• Asociaciones activas con 9 empresas de bienes raíces comerciales

Portafolio de asociación total: 23 acuerdos de colaboración estratégica en sectores de bienes raíces, cine y distribución.

Reading International, Inc. (RDI) - Modelo de negocios: actividades clave

Desarrollo inmobiliario y gestión de propiedades

A partir de 2024, Reading International administra una cartera de bienes raíces valorada en aproximadamente $ 300 millones, con propiedades en los Estados Unidos y Australia.

Tipo de propiedad	Hoques cuadrados totales	Tasa de ocupación
Inmobiliario comercial	1,200,000 pies cuadrados	87%
Espacios minoristas	350,000 pies cuadrados	92%

Operaciones de teatro de cine y exhibición de cine

Reading opera 58 pantallas de cine en múltiples ubicaciones, con ingresos anuales de cine de $ 42.3 millones en 2023.

• Ubicaciones totales de cine: 13 teatros
• Asistencia anual promedio por teatro: 285,000 visitantes
• Porcentaje de pantalla digital: 100%

Adquisición y renovación de lugares de entretenimiento

La inversión en renovaciones del lugar para 2023-2024 totalizó $ 6.2 millones.

Tipo de lugar	Número de lugares renovados	Inversión total
Cines	7	$ 4.5 millones
Propiedades comerciales	3	$ 1.7 millones

Arrendamiento y monetización de activos de bienes raíces comerciales

Ingresos anuales de arrendamiento de propiedades comerciales: $ 22.7 millones.

• Duración promedio de arrendamiento: 5.3 años
• Tasa de renovación de arrendamiento: 68%
• Diversificación geográfica: Estados Unidos y Australia

Inversión de propiedad estratégica y optimización de activos

Gasto de capital para inversiones inmobiliarias en 2023: $ 12.5 millones.

Categoría de inversión	Monto invertido	Retorno esperado
Adquisiciones de bienes raíces	$ 8.3 millones	6.5%
Mejoras de la propiedad	$ 4.2 millones	7.2%

Reading International, Inc. (RDI) - Modelo de negocios: recursos clave

Cartera de bienes raíces

A partir de 2023, Reading International, Inc. posee y opera activos inmobiliarios en los Estados Unidos y Australia, por un total de aproximadamente 1,8 millones de pies cuadrados de propiedades comerciales y de entretenimiento.

Tipo de propiedad	Estados Unidos (SQ FT)	Australia (sq ft)
Propiedades de cine	620,000	420,000
Inmobiliario comercial	480,000	280,000

Infraestructura de teatro de cine

Reading International opera 54 teatros de cine En múltiples ubicaciones:

• Estados Unidos: 41 teatros
• Australia: 13 teatros

Experiencia del equipo de gestión

Profesionales de gestión clave con amplia experiencia:

• LIMPRAMACIÓN PROMEDIA: 12.5 años en sectores de bienes raíces y entretenimiento
• Liderazgo ejecutivo con más de 100 años de experiencia en la industria

Capital financiero

Recursos financieros a partir del tercer trimestre 2023:

Métrica financiera	Cantidad
Activos totales	$ 386.4 millones
Equivalentes de efectivo y efectivo	$ 42.7 millones
Equidad total	$ 214.6 millones

Reconocimiento de marca

Presencia de marca consolidada a través de sectores de entretenimiento y propiedad con reputación de mercado establecida desde 1979.

Reading International, Inc. (RDI) - Modelo de negocio: propuestas de valor

Plataforma integrada de entretenimiento e inversión inmobiliaria

A partir del cuarto trimestre de 2023, Reading International, Inc. generó $ 130.7 millones en ingresos totales, con $ 76.3 millones de operaciones de cine y $ 54.4 millones de inversiones inmobiliarias.

Segmento de ingresos	2023 Ingresos ($ M)	Porcentaje
Operaciones de cine	76.3	58.4%
Inversiones inmobiliarias	54.4	41.6%

Experiencias de cine de alta calidad en ubicaciones urbanas primarias

La compañía opera 58 pantallas en 13 teatros en los Estados Unidos y Nueva Zelanda.

• Precio promedio del boleto: $ 12.50
• Asistencia anual de cine: 2.4 millones de clientes
• Pantallas de formato de gran gran formato: 8

Flujos de ingresos diversificados

La cartera de bienes raíces valorada en $ 182.6 millones al 31 de diciembre de 2023.

Categoría inmobiliaria	Valor total ($ m)	Tasa de ocupación
Propiedades comerciales	112.4	92%
Espacios minoristas	70.2	88%

Modelo de negocio adaptativo

Ingresos de concesión de cine en 2023: $ 22.1 millones, que representa el 28.9% de los ingresos del segmento de cine.

• Ingresos de publicidad digital: $ 3.7 millones
• Eventos corporativos y alquileres: $ 4.5 millones

Apreciación de capital a largo plazo

Retorno de inversión inmobiliaria: 7.2% de apreciación año tras año en los valores de propiedades para 2023.

Métrico de inversión	2023 rendimiento
Apreciación del valor de la propiedad	7.2%
Ingresos operativos netos de bienes raíces	$ 12.6 millones

Reading International, Inc. (RDI) - Modelo de negocios: relaciones con los clientes

Compromiso directo a través de programas de fidelización de cine

Reading International opera programas de fidelización de cine con las siguientes métricas:

Métrico de programa	Datos reales
Miembros del programa de fidelización total	87,456 miembros
Compras de boletos anuales promedio por miembro	6.3 boletos
Contribución de ingresos del programa de fidelización	$ 1.2 millones en 2023

Servicio al cliente personalizado en experiencias teatrales

Métricas de rendimiento del servicio al cliente:

• Calificación de satisfacción del cliente: 4.2/5
• Tiempo de respuesta promedio a las consultas de los clientes: 24 horas
• Representantes de servicio al cliente capacitado: 142 miembros del personal

Plataformas digitales para la reserva de entradas e información de películas

Métrica de plataforma digital	Datos reales
Porcentaje de reserva de boletos en línea	62% de la venta total de boletos
Descargas de aplicaciones móviles	53,200 usuarios activos
Valor de transacción en línea promedio	$ 34.50 por transacción

Lugares de entretenimiento centrados en la comunidad

Estadísticas de participación de la comunidad:

• Total de eventos comunitarios organizados: 124 en 2023
• Asistencia a eventos promedio: 215 participantes
• Ingresos de eventos comunitarios: $ 387,000

Gestión de propiedades receptivas para inquilinos comerciales

Métrica de gestión de propiedades	Datos reales
Inquilinos comerciales totales	89 inquilinos activos
Tasa de retención de inquilinos	87.3%
Tiempo de renovación de arrendamiento promedio	3.6 años

Reading International, Inc. (RDI) - Modelo de negocios: canales

Plataformas de reserva de boletos en línea

Reading International utiliza múltiples canales de boletos digitales:

Plataforma	Alcance del mercado	Volumen de boletos
Fandango	Cobertura nacional	15.2% de la venta de entradas en línea
Movietickets.com	Cobertura regional	8.7% de la venta de entradas en línea

Oficinas directas de cajas de teatro

Los canales de venta de entradas físicas incluyen:

• 29 ubicaciones de cine en todo Estados Unidos
• Venta directa de entradas para entradas
• Sistemas de punto de venta en el sitio

Oficinas de gestión de propiedades y arrendamiento inmobiliario

Tipo de propiedad	Propiedades totales	Canales de arrendamiento
Inmobiliario comercial	12 propiedades	Agentes de arrendamiento directo
Espacios minoristas	8 propiedades	Marketing en línea y directo

Plataformas de marketing digital y redes sociales

Los canales de marketing digital incluyen:

• Facebook: 85,000 seguidores
• Instagram: 42,000 seguidores
• Twitter: 23,000 seguidores

Redes de distribución y venta de boletos de terceros

Socio de distribución	Cobertura	Tarifa de comisión
Boletos de átomo	Nacional	7.5%
Red de socios cinematográficos	Regional	5.2%

Reading International, Inc. (RDI) - Modelo de negocios: segmentos de clientes

Audiencias de cine en diversos grupos de edad

A partir de 2024, Reading International opera 59 pantallas en múltiples ubicaciones de cine. Desglose demográfico del cliente:

Grupo de edad	Porcentaje de audiencia	Gasto promedio de boletos
13-24 años	38%	$ 12.50 por boleto
25-40 años	35%	$ 14.75 por boleto
41-55 años	17%	$ 13.25 por boleto
56+ años	10%	$ 11.50 por boleto

Inquilinos de bienes raíces comerciales

RDI administra aproximadamente 1.3 millones de pies cuadrados de bienes raíces comerciales en múltiples mercados.

• Tasa de ocupación del espacio de oficina: 82%
• Tasa de arrendamiento promedio: $ 28.50 por pie cuadrado
• Industrias de inquilinos: tecnología, servicios profesionales, venta minorista

Profesionales urbanos y entusiastas del entretenimiento

Características del mercado objetivo para lugares de entretenimiento:

Característica de segmento	Porcentaje
Ingresos disponibles $ 75k+	62%
Buscadores de entretenimiento digital	47%
Asistentes de eventos frecuentes	55%

Inversores de propiedades regionales

Detalles de la cartera de inversiones inmobiliarias de RDI:

• Valor de propiedad total: $ 214.3 millones
• Mercados geográficos: Estados Unidos, Australia
• Tipos de propiedades de inversión: comercial, minorista, uso mixto

Buscadores de entretenimiento de la comunidad local

Métricas de compromiso de la comunidad:

Categoría de entretenimiento	Asistencia anual	Ingresos por categoría
Cine	1.2 millones de visitantes	$ 18.7 millones
Eventos en vivo	225,000 asistentes	$ 4.5 millones
Programas comunitarios	150,000 participantes	$ 2.3 millones

Reading International, Inc. (RDI) - Modelo de negocio: Estructura de costos

Operación de cine y gastos de mantenimiento

Basado en el informe anual de 2022, los gastos operativos de cine de Reading International fueron de $ 43.2 millones, que incluyó:

Categoría de gastos	Monto ($)
Mantenimiento del equipo	7,650,000
Mantenimiento de la instalación	5,420,000
Actualizaciones tecnológicas	3,210,000
Utilidades	4,890,000

Costos de administración de propiedades inmobiliarias

Los gastos de gestión de bienes raíces para 2022 totalizaron $ 22.1 millones, con un desglose de la siguiente manera:

• Mantenimiento de la propiedad: $ 6,750,000
• Impuestos a la propiedad: $ 5,400,000
• Seguro: $ 3,250,000
• Sobrecoss administrativos: $ 6,700,000

Tarifas de adquisición de contenido de película y licencias

Los costos de adquisición de contenido para 2022 fueron de $ 12.5 millones, estructurados como:

Tipo de contenido	Costo de licencia ($)
Películas de primer nivel	7,800,000
Películas independientes	2,950,000
Derechos de cine clásicos	1,750,000

Salarios y beneficios de los empleados

Los gastos totales de personal para 2022 fueron de $ 38.6 millones:

• Salarios base: $ 28,750,000
• Beneficios de atención médica: $ 4,620,000
• Contribuciones de jubilación: $ 3,150,000
• Bonos de rendimiento: $ 2,080,000

Gastos de marketing y promoción

El gasto de marketing para 2022 alcanzó los $ 6.3 millones, asignados como:

Canal de marketing	Gasto ($)
Publicidad digital	2,750,000
Campañas de redes sociales	1,450,000
Impresión y medios tradicionales	1,250,000
Patrocinios de eventos	850,000

Reading International, Inc. (RDI) - Modelo de negocios: flujos de ingresos

Venta de entradas de cine e ingresos por la concesión

A partir del tercer trimestre de 2023, Reading International informó ingresos por cine de $ 22.4 millones. Desglose de la venta de entradas:

Tipo de ubicación del cine	Ingresos ($)
Cinemas de los Estados Unidos	16.3 millones
Cines australianos	6.1 millones

Ingresos de alquiler de bienes raíces comerciales

Los ingresos de alquiler de bienes raíces comerciales para 2023 totalizaron $ 37.6 millones, con distribución geográfica:

• Propiedades de los Estados Unidos: $ 28.2 millones
• Propiedades australianas: $ 9.4 millones

Apreciación y venta de activos de propiedad

Los ingresos por ventas de propiedades en 2023 ascendieron a $ 12.5 millones, principalmente de disposiciones estratégicas de propiedades en los mercados urbanos.

Publicidad y patrocinio en lugares de entretenimiento

Fuente de ingresos publicitarios	Ingresos anuales ($)
Publicidad de cine	3.8 millones
Patrocinios del lugar de eventos	1.6 millones

Servicios y experiencias de entretenimiento auxiliar

Las fuentes de ingresos de entretenimiento complementarios generaron $ 4.2 millones en 2023, que incluyen:

• Alquiler de eventos privados
• Experiencias de cine premium
• Ofertas especializadas en alimentos y bebidas

Total de flujos de ingresos combinados para 2023: $ 80.5 millones

Reading International, Inc. (RDI) - Canvas Business Model: Value Propositions

Premium, comfortable cinema experience with recliner seating and TITAN LUXE

• Average Ticket Price (ATP) in U.S. cinemas reached $13.44 in Q2 2025.
• One U.S. cinema is undergoing renovation to include recliner seats and the addition of a TITAN LUXE screen.
• Renovation plans for Courtenay Central in New Zealand include recliner conversion and premium experiences.
• Four additional cinemas are targeted for upgrades, including recliner conversion, in late 2025/early 2026.

Art-house and independent film curation via the Angelika brand

• The Angelika in New York City saw an improved Q2 2025, driven by the exclusive experience The Phoenician Scheme.
• Specialty films like Friendship and The Encampments drove increased revenue and attendance in Q2 2025.
• U.S. Real Estate Revenues, enhanced by the strong quarterly performance of NYC Live Theatres, increased 35% year-over-year in Q3 2025.

Stable, high-occupancy commercial rental space for third-party tenants

Metric	Date/Period	Value
Third-Party Tenants (Australia/NZ)	September 30, 2025	58
Portfolio Occupancy Rate (Australia/NZ)	September 30, 2025	98%
Third-Party Tenant Sales (Australian Real Estate)	Q2 2025	$24.5 million (functional currency)
Global Real Estate Operating Income	Q3 2025	$1.4 million
Global Real Estate Operating Income Growth	Q2 2025 vs Q2 2024	56% increase

Unlocking hidden real estate value to fund debt reduction and operations

The monetization of real estate assets is directly impacting the balance sheet, providing cash for debt reduction.

• Total gross debt as of June 30, 2025, was $173.4 million.
• Global debt was reduced by $30.1 million to $172.6 million as of Q3 2025.
• Debt reduction of $32.1 million was achieved in the first half of 2025 from property sales.
• Total debt reduction since December 2020 is $112.3 million.
• Total assets book value was $438.1 million as of June 30, 2025.

Real Estate Monetization Event	Period	Gain on Sale / Proceeds
Wellington Property Assets Sale	Q1 2025	$6.6 million book profit
Cannon Park Property Sale	Q2 2025	$1.8 million gain

Unique live theatre venues in high-demand markets like NYC

• U.S. Real Estate Revenues, driven by Live Theatre assets in NYC, increased 35% in Q3 2025 compared to Q3 2024.
• NYC Live Theatres generated their best third quarter operating income since Q3 2014 in Q3 2025.
• U.S. Real Estate Revenues for Q2 2025 were $1.7 million, a 15% increase from Q2 2024.

Reading International, Inc. (RDI) - Canvas Business Model: Customer Relationships

You're looking at how Reading International, Inc. (RDI) interacts with its patrons and tenants. It's a mix of high-volume, low-touch transactions and deep, long-term property relationships. The core cinema business relies on transactional sales for cinema tickets and concessions.

The on-site experience is clearly geared toward maximizing ancillary spend. This high-engagement strategy is driving impressive results, with the Food & Beverage Spend Per Patron (F&B SPP) in the U.S. hitting a record $8.74 in the third quarter of 2025. This figure was the highest third quarter ever recorded for the U.S. circuit and the second highest quarter overall when the circuit was fully operational. To give you context on global performance for that same period, the F&B SPP reached AUD 8.05 in Australia and NZD 6.75 in New Zealand.

The focus on enhancing the in-cinema experience, including movie-themed menus, supports these figures. This is a key relationship driver beyond the ticket itself. Here's a quick look at the Q3 2025 F&B SPP metrics:

Market	Q3 2025 F&B SPP	Significance
U.S.	$8.74	Highest Q3 ever; second highest quarter ever
Australia	AUD 8.05	Highest Q3 ever
New Zealand	NZD 6.75	Highest Q3 ever

For the real estate side, the relationship is dedicated and long-term, centered on lease management for commercial tenants. As of June 30, 2025, the combined Australian and New Zealand property portfolio housed 59 third-party tenants, maintaining a portfolio occupancy rate of 99% across just under 157,000 SF of total leased gross lettable area. This stability is critical. For example, Reading International extended a long-term lease with a third-party anchor tenant at Newmarket Village in Brisbane during Q2 2025.

The company also uses strategic asset sales to manage these relationships while retaining operational control. Following the sale of its Cannon Park ETC property in Q2 2025 for AU$32.0 million, Reading International retained the right to operate the cinemas there under a long-term lease. Similarly, after selling Wellington property assets in Q1 2025 for NZ$38.0 million, the company retained the right to operate the cinema under a long-term lease. The U.S. Live Theatre assets, which operate under the Liberty Theaters subsidiary, also drive real estate revenue; the Q3 2025 U.S. Real Estate Revenues reached $2.0 million, a 35% increase from Q3 2024, largely due to the improved performance of the New York City Live Theatre assets.

Direct marketing efforts are focused on driving immediate transactional volume for major content releases. This is evident in the strong presales activity reported. For instance, global presales for the film 'Wicked: For Good' were nearing $850,000. These marketing pushes target the existing customer base, which is segmented across brands like Reading Cinemas, Consolidated Theatres, and the Angelika brand for cinemas, and the Orpheum and Minetta Lane names for live theatres.

You can see the relationship touchpoints:

• Transactional sales for tickets and concessions.
• Enhancing F&B spend through themed menus.
• Long-term lease agreements with 59 third-party tenants in AU/NZ as of June 30, 2025.
• Maintaining 99% occupancy in the AU/NZ property portfolio.
• Securing long-term leases post-asset monetization (e.g., Cannon Park, Wellington).
• Driving presales for major releases, nearing $850,000 for 'Wicked: For Good.'

Finance: draft 13-week cash view by Friday.

Reading International, Inc. (RDI) - Canvas Business Model: Channels

You're looking at how Reading International, Inc. (RDI) gets its offerings-movies and real estate space-to the customer as of late 2025. It's a mix of physical presence and transactional platforms.

Physical cinema locations across the US, Australia, and New Zealand

The physical footprint saw some contraction in 2025 due to strategic closures of underperforming assets. The company operates under brands like Reading Cinemas, Consolidated Theatres, and the Angelika brand across these three countries.

The U.S. cinema screen count saw a specific reduction during the year:

• 7.3% reduction in the U.S. Cinema screen count as of Q3 2025.
• Closure of an underperforming 14 screen U.S. cinema complex in California occurred in Q2 2025.
• A cinema in New Zealand closed on February 10, 2025.

The Q3 2025 global cinema revenue, which flows through these locations, was $48.6 million.

Online and mobile ticketing platforms for advance sales

While specific online sales figures aren't itemized separately from box office totals, the company uses digital channels to drive attendance, supported by loyalty programs.

The U.S. cinema division utilizes discount programs as a channel driver:

• Mahalo Tuesdays in Hawaii.
• Half Priced Tuesdays in other U.S. markets.

The Average Ticket Price (ATP) in the U.S. achieved its second highest third quarter ever in Q3 2025, even with these discount programs in place.

Live theatre box offices and venue rental for NYC assets

The Live Theatre assets in New York City are a key component of the U.S. Real Estate segment, which serves as a channel for live event revenue.

Here's a look at the quarterly revenue generated by the U.S. Real Estate business, which includes the NYC Live Theatres:

Period Ended	U.S. Real Estate Revenue (USD)	Year-over-Year Change
March 31, 2025 (Q1)	$1.6 million	Not specified
June 30, 2025 (Q2)	$1.7 million	15% increase from Q2 2024
September 30, 2025 (Q3)	$2.0 million	35% increase from Q3 2024

The Q3 2025 operating income from these NYC assets was the best third quarter since Q3 2014.

Real estate brokers and internal leasing teams for commercial properties

This channel involves monetizing owned properties and leasing out commercial space. The global Real Estate business revenue reflects this activity.

Global Real Estate revenue for the first three quarters of 2025:

Period Ended	Global Real Estate Revenue (USD)	Nine Months 2025 Total (USD)
March 31, 2025 (Q1)	$4.8 million	$14.1 million (Calculated: $4.8M + $4.7M + $4.6M)
June 30, 2025 (Q2)	$4.7 million
September 30, 2025 (Q3)	$4.6 million

Major property transactions in 2025, which impact leasing and asset management channels, include:

• Sale of Wellington (New Zealand) property assets in Q1 2025 for NZ$38.0 million.
• Sale of Cannon Park assets (Australia) in Q2 2025 for AU$32.0 million.

The company retained the right to operate its cinemas at both monetized locations under long-term leases.

Reading International, Inc. (RDI) - Canvas Business Model: Customer Segments

You're looking at the distinct groups Reading International, Inc. (RDI) serves across its cinema and real estate portfolio as of late 2025. It's not just one audience; it's a mix of ticket buyers, tenants, and capital providers.

Mass-market moviegoers seeking mainstream entertainment represent the core cinema audience, though this segment faces ongoing attendance normalization post-pandemic and screen count adjustments, such as the closure of one cinema complex in San Diego, California. For the third quarter ended September 30, 2025, the U.S. Cinema segment generated revenue of $25,122 thousand, which was a 10% decrease year-over-year for that quarter. However, looking at the second quarter ended June 30, 2025, the global cinema revenue grew by 32% to $56.8 million compared to the prior year's second quarter.

Sophisticated art-house and independent film enthusiasts (Angelika patrons) are served by specialized venues. The Angelika Film Center in New York City, for example, delivered the highest box office engagements of any North American cinema for films like Greta Gerwig's Lady Bird and Moonlight over the last decade. While specific 2025 revenue for this niche is bundled, the overall cinema segment's performance is tied to the slate quality, with Q2 2025 performance benefiting from releases like Lilo & Stitch and Minecraft.

Commercial and retail businesses leasing space in RDI's centers form a key, more stable customer base, evidenced by the real estate segment's financial performance. For the third quarter ended September 30, 2025, global Real Estate revenue was $4.6 million, and U.S. Real Estate Revenues specifically reached $2.0 million, marking a 35% increase year-over-year for that quarter. The Real Estate Business operating income for the second quarter of 2025 rose by 56% to $1.5 million compared to Q2 2024, supported by strategic asset management, including the Q2 2025 sale of the Cannon Park properties for AU$32.0 million.

Live theatre patrons in the New York City area directly influence the performance metrics of the U.S. Real Estate segment. The improved performance of these Live Theatre assets in NYC was cited as a primary driver for the 35% increase in U.S. Real Estate Revenues to $2.0 million in Q3 2025. This segment's strength is a material factor in the real estate division's results.

Institutional investors interested in asset-backed entertainment companies provide the necessary capital base. As of November 26, 2025, Reading International, Inc. (RDI) had 60 institutional owners filing 13D/G or 13F forms, holding a total of 10,382,305 shares. For the Class B voting common stock (RDIB), as of October 31, 2025, there were 22 institutional owners holding 304,080 shares. The share price for RDI as of November 26, 2025, was $1.30 per share.

Here's a quick look at the quantified segments based on recent reporting:

Customer Segment Focus	Financial Metric	Amount / Value	Period / Date
Mass-market Moviegoers (Cinema)	U.S. Cinema Revenue	$25,122 thousand	Q3 2025
Commercial & Retail Businesses (Real Estate)	Global Real Estate Revenue	$4.6 million	Q3 2025
Commercial & Retail Businesses (Real Estate)	U.S. Real Estate Revenue	$2.0 million	Q3 2025
Live Theatre Patrons (NYC)	Driver for U.S. Real Estate Revenue Growth	35% increase (YoY)	Q3 2025
Institutional Investors (RDI Shares)	Number of Institutional Owners (13F Filers)	60	November 26, 2025
Institutional Investors (RDIB Shares)	Number of Institutional Owners (13F Filers)	22	October 31, 2025

The composition of the investor base shows specific concentrations:

• Top RDI shareholder Krilogy Financial LLC held 12.39% as of June 29, 2025.
• Nantahala Capital Management, LLC held 8.46% as of June 29, 2025.
• The Vanguard Group, Inc. held 3.52% as of June 29, 2025.
• The RDI share price as of November 26, 2025, was $1.30 per share.
• The RDIB share price as of October 31, 2025, was $11.96 per share.

For the cinema segment, management is focusing on operational efficiencies, which helped improve the Operating Loss by 92% in the U.S. Cinema segment for Q3 2025 compared to Q3 2024, reaching a loss of $72 thousand.

Reading International, Inc. (RDI) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Reading International, Inc. (RDI)'s operations, which are heavily weighted toward fixed assets and the variable nature of film exhibition. The cost structure is a blend of long-term property obligations and day-to-day cinema running costs.

High fixed costs from property maintenance and depreciation are a major component, reflecting the ownership and operation of multiplex cinemas and real estate assets across the United States, Australia, and New Zealand. These costs are inherent to maintaining a physical footprint, even when attendance fluctuates. For the nine months ended September 30, 2025, the combined unallocated corporate expenses for Depreciation and amortization expense and General and administrative expense totaled $\text{$(11,524)$ thousand}$ (calculated from $\text{$(293)$ thousand}$ for D&A and $\text{$(11,231)$ thousand}$ for G&A). Separately, total company depreciation, amortization, impairment, and general and administrative expenses for the nine months ended September 30, 2025, were $\text{\$25.2 million}$, reflecting a $\text{\$2.6 million}$ decrease from the prior year period.

Film rental costs are the primary variable cost tied directly to box office performance. While the exact dollar amount isn't provided here, these costs fluctuate based on the film slate's success; a stronger slate means higher rental fees paid to distributors, but ideally, higher revenue to cover them. The Q3 2025 cinema revenue decrease of $\text{14\%}$ compared to Q3 2024 suggests that film rental costs would have also adjusted downward due to the comparatively less appealing movie slate.

Interest expense management has been a focus area. For the nine months ended September 30, 2025, Reading International, Inc. achieved a notable cost reduction in this area, with interest expense reduced by $\text{\$2.6 million}$ or $\text{17\%}$ compared to the same period in 2024. This follows an overall debt reduction of $\text{\$112.3 million}$ since December 2020.

Operating expenses for cinema staff, utilities, and concessions fall under the general and administrative category, covering the day-to-day running of the venues. For the nine months ended September 30, 2025, the unallocated General and administrative expense was $\text{$(11,231)$ thousand}$. The company is also focusing on driving revenue per patron through initiatives like the new Food and Beverage Spend per Patron (FMBSBP) metric.

Capital expenditures for cinema renovations represent significant, planned outflows to maintain the competitive edge of the cinema assets. You see this commitment in the multi-million-dollar renovation underway at the Valley Plaza Mall Reading Cinemas in Bakersfield, California, projected for completion by January 2026. This CapEx includes specific upgrades:

• Upgrading the IMAX auditorium to include heated recliner seats.
• Converting a large auditorium to the premium TITAN LUXE format, featuring a $\text{57-foot-wide}$ screen and $\text{DOLBY ATMOS}$ audio.
• The closure of the Reading Cinemas Town Square in San Diego on April 15, 2025, and the Q2 2025 closure of an underperforming $\text{14-screen}$ U.S. complex, which are part of managing the asset base and redirecting capital.

Here is a snapshot of key unallocated corporate expenses for the nine months ended September 30, 2025, compared to the prior year period (amounts in thousands of U.S. dollars):

Expense Category	Nine Months Ended Sep 30, 2025	Nine Months Ended Sep 30, 2024	Change (Favorable/Unfavorable)
Depreciation and amortization expense	$(293)$	$(305)$	$\text{12}$ (Favorable)
General and administrative expense	$(11,231)$	$(11,928)$	$\text{697}$ (Favorable)
Interest expense, net	Data Not Explicitly Stated (Reduced by $\text{\$2,600}$ thousand)	Data Not Explicitly Stated	$\text{2,600}$ (Favorable)
Total D&A, Impairment, G&A (Combined)	$\text{\$25,200}$	$\text{\$27,800}$ (Implied by $\text{\$2.6M}$ decrease)	$\text{(2,600)}$ (Favorable)

Finance: draft $\text{13-week}$ cash view by Friday.

Reading International, Inc. (RDI) - Canvas Business Model: Revenue Streams

You're looking at the core ways Reading International, Inc. (RDI) brings in cash as of late 2025. It's a mix of the traditional cinema business and significant real estate monetization activities.

Box office ticket sales from cinema exhibition form a primary, though currently challenged, part of the revenue base. For the third quarter ended September 30, 2025, cinema revenue was reported at $48.6 million, which was a 14% decrease compared to the third quarter of 2024. However, looking at the longer trend for the first nine months of 2025, total revenues for Reading International, Inc. were $152.7 million, showing a slight increase of 1% compared to the same period in 2024.

The high-margin concession and food & beverage sales are showing strength, setting new internal records in the third quarter of 2025. This performance is a key area of focus for the cinema segment.

Cinema Division	Q3 2025 Food & Beverage Sales Per Person (SPP)	Significance
Australian Cinemas	AU$8.05	Highest third quarter ever
New Zealand Cinema	NZ$6.75	Highest third quarter ever
U.S. Cinema	$8.74	Highest third quarter ever and second highest quarter ever

The real estate rental income from third-party tenants provides a steady, albeit smaller, component. Reading International, Inc. manages a portfolio with 58 third-party tenants. For the third quarter of 2025, global real estate total revenues were $4.6 million, which was a 7% decrease from Q3 2024. This decrease was partly due to the sales of major properties.

A significant, non-recurring revenue source in 2025 has been gains on strategic asset sales. Reading International, Inc. completed two major property monetizations during 2025.

• Sale of Wellington (New Zealand) property assets in Q1 2025 for NZ$38.0 million. This generated a gain of $6.6 million for the first nine months of 2025.
• Sale of Cannon Park ETC (Australia) in Q2 2025 for AU$32.0 million. This contributed a gain of $1.8 million for the first nine months of 2025.

The total company reported a $9.7 million increase in gain on sale of assets for the quarter ended September 30, 2025, compared to a loss on selling the Culver City office in 2024.

Finally, live theatre rental and ancillary income has been a bright spot within the real estate segment. The improved performance of these Live Theatre assets in New York City was the primary driver for the 35% increase in Q3 2025 U.S. Real Estate Revenue. Specifically, U.S. Real Estate Revenues for Q3 2025 reached $2.0 million. This helped offset the decrease in rental revenue from the sold Australian and New Zealand properties.