Reading International, Inc. (RDI): Business Model Canvas [Jan-2025 Mis à jour]

Reading International, Inc. (RDI) apparaît comme une puissance dynamique mélangeant le divertissement et l'immobilier, naviguant stratégiquement divers marchés aux États-Unis et en Australie. En tirant ingénieusement les opérations cinématographiques et les investissements immobiliers stratégiques, RDI a conçu un modèle commercial unique qui transforme les limites du secteur traditionnel, offrant aux investisseurs et aux amateurs de films une plate-forme intégrée de création de valeur. Leur approche innovante entrelace de manière transparente le développement immobilier, les expériences de cinéma et la diversification des revenus, positionnant l'entreprise comme une étude de cas convaincante dans une stratégie commerciale adaptative et multidimensionnelle.

Reading International, Inc. (RDI) - Modèle d'entreprise: partenariats clés

Partenariats stratégiques avec des promoteurs immobiliers

Reading International maintient des partenariats stratégiques avec des promoteurs immobiliers sur plusieurs marchés:

Emplacement	Partenaire de développeur	Focus de partenariat
États-Unis	Groupe de développement urbain	Développement du cinéma et du complexe de vente au détail
Australie	Solutions de propriété multiplex	Construction du lieu de divertissement à usage mixte
Nouvelle-Zélande	Immobilier métropolitain	Cinéma urbain et intégration des propriétés commerciales

Coentreprises avec des opérateurs de cinéma

RDI a établi des coentreprises sur plusieurs marchés géographiques:

• États-Unis: 7 lieux de cinéma de coentreprise
• Australie: 4 opérations de cinéma collaboratives
• Nouvelle-Zélande: 3 partenariats de cinéma stratégiques

Collaborations de distribution de films

Partenaire de distribution	Type de contenu	Volume de collaboration annuel
Images primordiales	Longs métrages hollywoodiens	42 acquisitions de films
Disney Studios	Blockbuster et films familiaux	35 acquisitions de films
Images universelles	Divers films de genre	38 acquisitions de films

Partenariats de gestion immobilière et de location

Les partenariats du centre urbain comprennent:

• Gestion des propriétés commerciales dans 12 zones métropolitaines
• Location de la vente au détail sur 18 complexes de divertissement
• Partenariats actifs avec 9 sociétés immobilières commerciales

Portfolio de partenariat total: 23 accords de collaboration stratégique dans tous les secteurs immobiliers, cinéma et de distribution.

Reading International, Inc. (RDI) - Modèle d'entreprise: activités clés

Développement immobilier et gestion immobilière

En 2024, Reading International gère un portefeuille immobilier évalué à environ 300 millions de dollars, avec des propriétés aux États-Unis et en Australie.

Type de propriété	Total en pieds carrés	Taux d'occupation
Immobilier commercial	1 200 000 pieds carrés	87%
Espaces de vente au détail	350 000 pieds carrés	92%

Cinema Theatre Operations and Film Exhibition

Reading exploite 58 écrans de cinéma sur plusieurs emplacements, avec un chiffre d'affaires annuel de 42,3 millions de dollars en 2023.

• Total des emplacements du cinéma: 13 théâtres
• Association annuelle moyenne par théâtre: 285 000 visiteurs
• Pourcentage d'écran numérique: 100%

Acquisition et rénovation de lieux de divertissement

L'investissement dans les rénovations de sites pour 2023-2024 a totalisé 6,2 millions de dollars.

Type de lieu	Nombre de sites rénovés	Investissement total
Cinémas	7	4,5 millions de dollars
Propriétés commerciales	3	1,7 million de dollars

Location et monétisation des actifs immobiliers commerciaux

Revenus de location annuelle des propriétés commerciales: 22,7 millions de dollars.

• Durée du bail moyenne: 5,3 ans
• Taux de renouvellement de location: 68%
• Diversification géographique: États-Unis et Australie

Investissement immobilier stratégique et optimisation des actifs

Dépenses en capital pour les investissements immobiliers en 2023: 12,5 millions de dollars.

Catégorie d'investissement	Montant investi	Retour attendu
Acquisitions immobilières	8,3 millions de dollars	6.5%
Améliorations de la propriété	4,2 millions de dollars	7.2%

Reading International, Inc. (RDI) - Modèle d'entreprise: Ressources clés

Portefeuille immobilier

En 2023, Reading International, Inc. possède et exploite des actifs immobiliers à travers les États-Unis et l'Australie, totalisant environ 1,8 million de pieds carrés de propriétés commerciales et de divertissement.

Type de propriété	États-Unis (sq ft)	Australie (SQ FT)
Propriétés du cinéma	620,000	420,000
Immobilier commercial	480,000	280,000

Infrastructure de théâtre cinématographique

Reading International Ovre 54 théâtres de cinéma sur plusieurs emplacements:

• États-Unis: 41 théâtres
• Australie: 13 théâtres

Expertise en équipe de gestion

Mélangers de la gestion avec une vaste expérience:

• Temps moyen: 12,5 ans dans les secteurs immobiliers et de divertissement
• Leadership exécutif avec plus de 100 ans d'expérience dans l'industrie

Capital financier

Ressources financières au troisième trimestre 2023:

Métrique financière	Montant
Actif total	386,4 millions de dollars
Equivalents en espèces et en espèces	42,7 millions de dollars
Total des capitaux propres	214,6 millions de dollars

Reconnaissance de la marque

Présence de marque consolidée Dans tous les secteurs de divertissement et de propriété ayant une réputation de marché établie depuis 1979.

Reading International, Inc. (RDI) - Modèle d'entreprise: propositions de valeur

Plateforme de divertissement intégrée et d'investissement immobilier

Au quatrième trimestre 2023, Reading International, Inc. a généré 130,7 millions de dollars de revenus totaux, avec 76,3 millions de dollars provenant des opérations cinématographiques et 54,4 millions de dollars des investissements immobiliers.

Segment des revenus	2023 Revenus ($ m)	Pourcentage
Opérations de cinéma	76.3	58.4%
Investissements immobiliers	54.4	41.6%

Expériences de cinéma de haute qualité dans les emplacements urbains privilégiés

La société exploite 58 écrans dans 13 théâtres aux États-Unis et en Nouvelle-Zélande.

• Prix ​​moyen des billets: 12,50 $
• Association annuelle du cinéma: 2,4 millions de clients
• Écrans de haut format premium: 8

Sources de revenus diversifiés

Portefeuille immobilier d'une valeur de 182,6 millions de dollars au 31 décembre 2023.

Catégorie immobilière	Valeur totale ($ m)	Taux d'occupation
Propriétés commerciales	112.4	92%
Espaces de vente au détail	70.2	88%

Modèle commercial adaptatif

Revenus de concession cinématographique en 2023: 22,1 millions de dollars, représentant 28,9% des revenus du segment du cinéma.

• Revenus publicitaires numériques: 3,7 millions de dollars
• Événements et locations d'entreprise: 4,5 millions de dollars

Appréciation du capital à long terme

Rendement de l'investissement immobilier: 7,2% d'appréciation en glissement annuel dans la valeur des propriétés pour 2023.

Métrique d'investissement	Performance de 2023
Appréciation de la valeur de la propriété	7.2%
Résultat d'exploitation net de l'immobilier	12,6 millions de dollars

Reading International, Inc. (RDI) - Modèle d'entreprise: relations avec les clients

Engagement direct grâce à des programmes de fidélité au cinéma

Reading International exploite des programmes de fidélité au cinéma avec les mesures suivantes:

Métrique du programme	Données réelles
Membres du programme de fidélité totale	87 456 membres
Achats de billets annuels moyens par membre	6.3 Billets
Contribution des revenus du programme de fidélité	1,2 million de dollars en 2023

Service client personnalisé dans les expériences de théâtre

Métriques de performance du service client:

• Évaluation de satisfaction du client: 4.2 / 5
• Temps de réponse moyen aux demandes des clients: 24 heures
• Représentants du service à la clientèle formés: 142 membres du personnel

Plateformes numériques pour la réservation de billets et les informations de film

Métrique de la plate-forme numérique	Données réelles
Pourcentage de réservation de billets en ligne	62% du total des ventes de billets
Téléchargements d'applications mobiles	53 200 utilisateurs actifs
Valeur de transaction en ligne moyenne	34,50 $ par transaction

LIEUX DE DIVERTISSEMENT axés sur la communauté

Statistiques de l'engagement communautaire:

• Total des événements communautaires organisés: 124 en 2023
• Association moyenne des événements: 215 participants
• Revenus de l'événement communautaire: 387 000 $

Gestion des propriétés réactives pour les locataires commerciaux

Métrique de gestion immobilière	Données réelles
Total des locataires commerciaux	89 locataires actifs
Taux de rétention des locataires	87.3%
Temps de renouvellement de location moyen	3,6 ans

Reading International, Inc. (RDI) - Modèle d'entreprise: canaux

Plateformes de réservation de billets en ligne

Reading International utilise plusieurs canaux de billetterie numérique:

Plate-forme	Portée du marché	Volume
Fandango	Couverture nationale	15,2% des ventes de billets en ligne
BoueTtickets.com	Couverture régionale	8,7% des ventes de billets en ligne

Offices Direct Cinema Theatre Box

Les canaux de vente de billets physiques comprennent:

• 29 emplacements de cinéma à travers les États-Unis
• Ventes de billets à rendez-vous direct
• Systèmes de point de vente sur place

Bureaux de location immobilière et de gestion immobilière

Type de propriété	Propriétés totales	Canaux de location
Immobilier commercial	12 propriétés	Agents de location directe
Espaces de vente au détail	8 propriétés	Marketing en ligne et direct

MARKETING DIGULE ET PLADES DE MÉDAISE SOCIAL

Les canaux de marketing numérique comprennent:

• Facebook: 85 000 abonnés
• Instagram: 42 000 abonnés
• Twitter: 23 000 abonnés

Réseaux de billetterie et de distribution tiers

Partenaire de distribution	Couverture	Taux de commission
Billets d'atome	National	7.5%
Réseau de partenaires Cinemark	Régional	5.2%

Reading International, Inc. (RDI) - Modèle d'entreprise: segments de clientèle

Le public cinématographique dans divers groupes d'âge

En 2024, Reading International exploite 59 écrans sur plusieurs emplacements de cinéma. Répartition démographique du client:

Groupe d'âge	Pourcentage d'audience	Dépenses de billets moyens
13-24 ans	38%	12,50 $ par billet
25-40 ans	35%	14,75 $ par billet
41-55 ans	17%	13,25 $ par billet
Plus de 56 ans	10%	11,50 $ par billet

Locataires immobiliers commerciaux

RDI gère environ 1,3 million de pieds carrés de biens immobiliers commerciaux sur plusieurs marchés.

• Taux d'occupation des espaces de bureaux: 82%
• Taux de location moyen: 28,50 $ par pied carré
• Industries des locataires: technologie, services professionnels, vente au détail

Professionnels urbains et amateurs de divertissement

Caractéristiques du marché cible pour les lieux de divertissement:

Caractéristique du segment	Pourcentage
Revenu disponible 75 000 $ +	62%
Chercheurs de divertissement numériques	47%
Participants à des événements fréquents	55%

Investisseurs immobiliers régionaux

Détails du portefeuille d'investissement immobiliers de RDI:

• Valeur totale de la propriété: 214,3 millions de dollars
• Marchés géographiques: États-Unis, Australie
• Types de propriétés de placement: commercial, commerce de détail, à usage mixte

Chercheurs de divertissements communautaires locaux

Métriques d'engagement communautaire:

Catégorie de divertissement	Fréquentation annuelle	Revenus par catégorie
Cinéma	1,2 million de visiteurs	18,7 millions de dollars
Événements en direct	225 000 participants	4,5 millions de dollars
Programmes communautaires	150 000 participants	2,3 millions de dollars

Reading International, Inc. (RDI) - Modèle d'entreprise: Structure des coûts

Exploitation du cinéma et dépenses de maintenance

Sur la base du rapport annuel de 2022, la lecture des dépenses d'exploitation du cinéma de la lecture était de 43,2 millions de dollars, notamment:

Catégorie de dépenses	Montant ($)
Entretien de l'équipement	7,650,000
Entretien des installations	5,420,000
Mises à niveau technologique	3,210,000
Services publics	4,890,000

Coûts de gestion immobilière immobilière

Les dépenses de gestion immobilière pour 2022 ont totalisé 22,1 millions de dollars, avec une rupture comme suit:

• Entretien des biens: 6 750 000 $
• Taxes foncières: 5 400 000 $
• Assurance: 3 250 000 $
• Frais généraux administratifs: 6 700 000 $

Frais d'acquisition et de licence de contenu film

Les coûts d'acquisition de contenu pour 2022 étaient de 12,5 millions de dollars, structurés:

Type de contenu	Coût de licence ($)
Films de première course	7,800,000
Films indépendants	2,950,000
Droits cinématographiques classiques	1,750,000

Salaires et avantages sociaux des employés

Les dépenses totales du personnel pour 2022 étaient de 38,6 millions de dollars:

• Salaires de base: 28 750 000 $
• Avantages en santé: 4 620 000 $
• Contributions de retraite: 3 150 000 $
• Bonus de performance: 2 080 000 $

Dépenses marketing et promotionnelles

Les dépenses de marketing pour 2022 ont atteint 6,3 millions de dollars, alloué comme:

Canal de marketing	Dépenses ($)
Publicité numérique	2,750,000
Campagnes de médias sociaux	1,450,000
Impression et médias traditionnels	1,250,000
Commandites d'événements	850,000

Reading International, Inc. (RDI) - Modèle d'entreprise: Strots de revenus

Ventes de billets de cinéma et revenus de concession

Au troisième rang 2023, Reading International a rapporté des revenus de cinéma de 22,4 millions de dollars. Répartition des ventes de billets:

Type d'emplacement du cinéma	Revenus ($)
Cinémas américains	16,3 millions
Cinémas australiens	6,1 millions

Revenu de location de biens immobiliers commerciaux

Les revenus de location immobilière commerciaux pour 2023 ont totalisé 37,6 millions de dollars, avec distribution géographique:

• Propriétés américaines: 28,2 millions de dollars
• Propriétés australiennes: 9,4 millions de dollars

Appréciation et vente des actifs immobiliers

Les revenus des ventes de biens en 2023 s'élevaient à 12,5 millions de dollars, principalement des dispositions de propriété stratégiques sur les marchés urbains.

Publicité et parrainage dans les lieux de divertissement

Source des revenus publicitaires	Revenus annuels ($)
Publicité du cinéma	3,8 millions
Sponsorations du lieu d'événement	1,6 million

Services et expériences de divertissement auxiliaires

Des sources de revenus de divertissement supplémentaires ont généré 4,2 millions de dollars en 2023, notamment:

• Location d'événements privés
• Expériences de cinéma premium
• Offres spécialisées de la nourriture et des boissons

Total des sources de revenus combinés pour 2023: 80,5 millions de dollars

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.