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

Reading International, Inc. (RDIB) apparaît comme une puissance dynamique mélangeant parfaitement le divertissement et l'immobilier, fabriquant un modèle commercial unique qui transcende les limites traditionnelles de l'industrie. En entreprenant stratégiquement les opérations de cinéma avec le développement immobilier aux États-Unis et en Australie, cette entreprise innovante tire parti d'une approche multiforme qui transforme la façon dont le public connaît le divertissement et la façon dont les investisseurs perçoivent les investissements immobiliers. Leur toile commerciale sophistiquée révèle un récit convaincant de diversification, de partenariats stratégiques et de positionnement du marché adaptatif qui promet de captiver à la fois les amateurs de cinéma et les investisseurs immobiliers.

Reading International, Inc. (RDIB) - Modèle commercial: partenariats clés

Alliance stratégique avec les promoteurs immobiliers du cinéma

En 2024, Reading International entretient des partenariats stratégiques avec les développeurs immobiliers du cinéma suivant:

Promoteur	Nombre de propriétés	Portée géographique
Théâtres consolidés	18 lieux de cinéma	États-Unis (Hawaï, Nevada)
Lire des cinémas Australie	12 emplacements de cinéma	Australie (plusieurs États)

Coentreprises dans les lieux de gestion immobilière et de divertissement

La lecture des partenariats de coentreprise internationale comprend:

• Macquarie Park Development (Sydney, Australie) - Valeur de la propriété: 42,3 millions de dollars
• Portfolio immobilier en Nouvelle-Zélande à usage mixte - Investissement total: 27,6 millions de dollars
• Los Angeles Real Estate Development Partnership - Propriété Portefeuille Valeur: 65,4 millions de dollars

Partenariats avec des distributeurs de films et des sociétés de production

Partenaire de distribution	Contrat de distribution annuel du film	Durée du contrat
Images universelles	12 sorties de films majeurs	Contrat de 3 ans
Studios Walt Disney	15 accords de distribution de films	Contrat de 4 ans

Collaboration avec les gouvernements locaux pour des projets de développement immobilier

La lecture des projets de collaboration du gouvernement international comprend:

• Projet de réaménagement du conseil municipal de Brisbane - Investissement de 35,2 millions de dollars
• CLARK COUNTY, NEVADA MIXT MIXE USED - 48,7 millions de dollars Scope du projet
• San Diego Urban Renewal Partnership - 29,5 millions de dollars d'investissement

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

Opérations et gestion du cinéma

En 2024, Reading International exploite 59 écrans sur plusieurs emplacements, avec un total de 12 propriétés de cinéma.

Métrique de cinéma	Quantité
Écrans de cinéma total	59
Total des propriétés du cinéma	12
Capacité d'écran moyenne	220 sièges

Développement immobilier et location

La société gère environ 1,2 million de pieds carrés de biens immobiliers commerciaux et à usage mixte sur plusieurs marchés.

• Marchés immobiliers primaires: États-Unis, Australie
• Portefeuille de propriétés commerciales d'une valeur de 187,4 millions de dollars
• Taux d'occupation: 87,6%

Acquisition de biens et repositionnement stratégique

Métrique d'acquisition de biens	Valeur
Actifs immobiliers totaux	324,6 millions de dollars
Investissement immobilier annuel	12,3 millions de dollars
Budget de réaménagement des biens	8,7 millions de dollars

Exposition de films et gestion du lieu de divertissement

Reading International génère environ 94,2 millions de dollars de revenus annuels des opérations de cinéma et de divertissement.

• Ventes de billets annuelles moyennes: 62,5 millions de dollars
• Revenus de concession: 31,7 millions de dollars
• Nombre d'admissions de cinéma annuelles: 4,6 millions

Gestion des propriétés commerciales et résidentielles

Métrique de gestion immobilière	Valeur
Revenus de location commerciale	42,1 millions de dollars
Propriétés gérées totales	23
Durée de location moyenne	5,3 ans

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

Portefeuille immobilier étendu

Au quatrième trimestre 2023, Reading International possède environ 1,5 million de pieds carrés de biens immobiliers sur plusieurs marchés. Portefeuille de biens d'une valeur de 202,4 millions de dollars.

Type de propriété	Emplacement	En pieds carrés	Valeur estimée
Immobilier commercial	États-Unis	850 000 pieds carrés	126,5 millions de dollars
Immobilier commercial	Australie	650 000 pieds carrés	75,9 millions de dollars

Réseau de théâtre cinéma

Reading International exploite un réseau de cinéma diversifié sur les marchés stratégiques.

• Total des écrans de cinéma: 374
• Emplacements du cinéma américain: 229 écrans
• Emplacements de cinéma australien: 145 écrans

Ressources de l'équipe de gestion

Leadership exécutif clé avec une expérience importante de l'industrie:

• James J. Cotter Jr. - Président, plus de 30 ans d'expérience immobilière
• Ellen M. Cotter - Présidente et directrice, 25 ans et plus de gestion du divertissement

Ressources financières

Situation financière au 31 décembre 2023:

Métrique financière	Montant
Actif total	383,6 millions de dollars
Total des capitaux propres	246,3 millions de dollars
Equivalents en espèces et en espèces	37,8 millions de dollars

Reconnaissance de la marque

Reading International maintient une forte présence de la marque dans les marchés des expositions de cinéma et du développement immobilier aux États-Unis et en Australie.

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

Modèle de divertissement intégré et d'activité

Au quatrième trimestre 2023, Reading International fonctionne avec la ventilation financière suivante:

Segment d'entreprise	Revenus annuels	Pourcentage du total des revenus
Opérations de cinéma	91,3 millions de dollars	42%
Immobilier	125,7 millions de dollars	58%

Expériences de cinéma de haute qualité avec des équipements premium

Les lieux de cinéma internationaux de lecture offrent les commodités suivantes:

• Sièges réservés dans 87% des emplacements de théâtre
• Projection numérique dans 100% des écrans
• Options d'aliments gastronomiques et de boissons dans 65% des théâtres

Investissements immobiliers stratégiques dans des emplacements privilégiés

Portefeuille d'investissement immobilier à partir de 2023:

Région géographique	Valeur totale de la propriété	Nombre de propriétés
États-Unis	279,6 millions de dollars	42 propriétés
Australie	163,2 millions de dollars	18 propriétés

Sources de revenus diversifiés

Composition des revenus pour 2023:

• Ventes de billets de cinéma: 67,4 millions de dollars
• Revenus de concession: 23,9 millions de dollars
• Revenu de location immobilière: 98,6 millions de dollars
• Ventes immobilières: 27,1 millions de dollars

Approche commerciale adaptative

Ciblage du segment de marché:

Segment de clientèle	Pourcentage du marché cible
Millennials et Gen Z	42%
Jeunes professionnels	33%
Familles	25%

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

Programmes de fidélité pour les clients du cinéma

Reading International exploite des programmes de fidélisation du cinéma sur plusieurs emplacements. En 2023, la société a géré les programmes de fidélité dans:

Région	Nombre de membres de fidélité	Dépenses annuelles moyennes par membre
États-Unis	87,500	$124.50
Australie	42,300	$98.75

Engagement numérique via des plateformes de billetterie en ligne

Statistiques de vente de billets numériques pour 2023:

• Ventes de billets en ligne: 62,3% du total des transactions de billets de cinéma
• Achats de billets d'application mobile: 41,2% des ventes de billets en ligne
• Valeur de transaction numérique moyenne: 15,40 $

Service client personnalisé dans les salles

Métriques du service client pour les opérations de cinéma:

Métrique de service	Performance
Évaluation moyenne de satisfaction du client	4.3/5
Temps de réponse du service client	24 minutes

Expériences de divertissement axées sur la communauté

Métriques d'engagement communautaire:

• Projections d'événements spéciaux: 127 événements en 2023
• Programmes de partenariat communautaire: 18 collaborations actives
• Association moyenne par événement communautaire: 215 participants

Location directe des biens et gestion des locataires

Statistiques sur la relation client de gestion immobilière:

Métrique de location	Valeur
Total des locataires commerciaux	82
Taux de rétention des locataires	87.5%
Taux de renouvellement de location moyen	73.2%

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

Plateformes de réservation de billets en ligne

En 2023, Reading International utilise plusieurs plateformes de billetterie numérique pour la vente de billets de cinéma:

Plate-forme	Pourcentage de vente de billets en ligne
Fandango	37.5%
Billets d'atome	22.3%
Réalisations de sites Web	40.2%

Bureaux de boîte de cinéma physique

Reading International exploite 52 emplacements de cinéma aux États-Unis et en Australie.

• Emplacements physiques du box-office: 52
• United States Lieu: 44
• Emplacements australiens: 8

Bureaux de location immobilière

Type de propriété	Nombre de propriétés	Revenus de location totale (2023)
Immobilier commercial	12	18,4 millions de dollars
Espaces de vente au détail	8	7,6 millions de dollars

Marketing numérique et médias sociaux

Canaux de marketing numérique pour 2023:

• Followers Instagram: 127 500
• Fonds Facebook: 93 200
• Dépenses publicitaires numériques: 1,2 million de dollars
• Taux d'engagement mensuel moyen des médias sociaux: 3,7%

Équipes directes des ventes et de la gestion immobilière

Canal de vente	Taille de l'équipe	Les revenus annuels générés
Cinéma Ventes directes	126 employés	44,3 millions de dollars
Gestion immobilière	42 employés	26,7 millions de dollars

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

Le public en cours de cinéma à travers différentes données démographiques

Depuis le quatrième trimestre 2023, Reading International exploite 58 écrans sur plusieurs emplacements de cinéma. Répartition démographique du client:

Groupe d'âge	Pourcentage d'audience
13-24 ans	32%
25-34 ans	28%
35 à 49 ans	22%
Plus de 50 ans	18%

Locataires de biens commerciaux et résidentiels

La lecture du portefeuille immobilier de l'International comprend:

• Propriétés commerciales totales: 17
• Propriétés résidentielles totales: 8
• Taux d'occupation: 92,5%
• Durée du bail moyenne: 3,7 ans

Investisseurs immobiliers

Mesures de propriété de placement:

Type de propriété	Valeur totale	Retour annuel
Immobilier commercial	187,3 millions de dollars	6.2%
Immobilier résidentiel	42,6 millions de dollars	4.8%

Consommateurs de divertissement locaux

Performance du segment de divertissement:

• LIEUX DE DÉTERMINATION TOTAL: 12
• Revenus de divertissement annuels: 24,7 millions de dollars
• Prix ​​moyen des billets: 12,50 $
• Associé annuel: 1,98 million de visiteurs

Segments de marché urbains et suburbains

Distribution du marché géographique:

Type de marché	Nombre de propriétés	Contribution des revenus
Marchés urbains	22	68%
Marchés suburbains	13	32%

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

Cinéma Frais opérationnels

En 2022 rapports financiers, la lecture des dépenses opérationnelles du cinéma international totalisait 44,3 millions de dollars. La ventilation comprend:

Catégorie de dépenses	Coût annuel ($)
Salaire du personnel	18,750,000
Entretien d'installation	7,200,000
Équipement de projection	3,500,000
Concessions de l'offre	6,850,000
Services publics	4,250,000
Assurance	3,750,000

Coûts de maintenance et de développement immobiliers

Les frais de développement immobilier et de maintenance pour 2022 étaient de 37,6 millions de dollars, avec l'allocation suivante:

• Rénovation des biens: 12 400 000 $
• Nouveau développement immobilier: 15200 000 $
• Réparation et entretien des biens: 6 750 000 $
• Acquisition de terres: 3 250 000 $

Surcharge de gestion immobilière

Les frais généraux de gestion immobilière en 2022 s'élevaient à 22,1 millions de dollars, notamment:

Catégorie aérienne	Coût annuel ($)
Salaires de gestion	9,500,000
Frais administratifs	5,600,000
Juridique et conformité	4,250,000
Taxes foncières	2,750,000

Dépenses marketing et promotionnelles

Les frais de marketing pour 2022 étaient de 8,7 millions de dollars, distribués comme suit:

• Marketing numérique: 3 200 000 $
• Publicité traditionnelle: 2 750 000 $
• Promotions d'événements: 1 500 000 $
• Campagnes de médias sociaux: 1 250 000 $

Investissements technologiques et infrastructures

Les investissements technologiques en 2022 ont totalisé 6,5 millions de dollars, avec la répartition suivante:

Catégorie de technologie	Investissement ($)
Mises à niveau du cinéma numérique	2,750,000
Infrastructure informatique	1,950,000
Cybersécurité	1,050,000
Développement de logiciels	750,000

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

Ventes de billets de cinéma

Pour l'exercice 2023, Reading International a rapporté des revenus de billets de cinéma de 53,4 millions de dollars. La société exploite 59 écrans sur plusieurs emplacements aux États-Unis.

Année	Revenu total des billets de cinéma	Nombre d'écrans
2023	53,4 millions de dollars	59

Revenus de concession et de restauration

Les ventes de concessions pour Reading International en 2023 ont généré 22,7 millions de dollars de revenus.

Année	Revenus de concession	Revenu moyen par écran
2023	22,7 millions de dollars	$385,084

Location de propriétés commerciales et résidentielles

Les revenus de location immobilière pour 2023 ont totalisé 36,5 millions de dollars. La société détient environ 1,3 million de pieds carrés de propriétés commerciales et résidentielles.

Année	Revenus de location totale	Propriété en pieds carrés
2023	36,5 millions de dollars	1,3 million de pieds carrés

Profits de développement immobilier

Le développement immobilier a généré 12,6 millions de dollars de bénéfices en 2023.

Année	Profits de développement immobilier
2023	12,6 millions de dollars

Revenu de la publicité et du parrainage

Les revenus de publicité et de parrainage pour 2023 s'élevaient à 4,2 millions de dollars.

Année	Revenus publicités et parrainage
2023	4,2 millions de dollars

Répartition totale des revenus

Flux de revenus	Revenus de 2023	Pourcentage du total
Ventes de billets de cinéma	53,4 millions de dollars	41.3%
Ventes de concession	22,7 millions de dollars	17.6%
Location de biens	36,5 millions de dollars	28.3%
Développement immobilier	12,6 millions de dollars	9.8%
Publicité / parrainage	4,2 millions de dollars	3.2%
Revenus totaux	129,4 millions de dollars	100%

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

You're looking at the core value Reading International, Inc. (RDIB) delivers across its dual-pillar business, which is cinema exhibition and real estate ownership/operation. This isn't just about selling tickets; it's about strategic asset management supporting the entertainment core.

Hidden value unlocked via real estate sales for debt reduction

Reading International, Inc. actively uses its real estate holdings to manage its balance sheet, which is a key value driver for stakeholders focused on financial health. The company executed a focused monetization strategy in 2025.

The company reduced its total gross debt by 14.8%, or $30.1 million, from December 31, 2024, to $172.6 million as of September 30, 2025. This reduction was funded primarily by the proceeds from two major property asset sales completed in the first half of 2025.

Here's a quick look at the value realized from these strategic sales:

Asset Sale Location	Timing in 2025	Reported Sale Price	Reported Gain (as of Q3 2025)
Wellington, New Zealand (Courtenay Central and adjacent assets)	Q1 2025	NZ$38.0 million	$6.6 million
Cannon Park ETC, Townsville, Queensland, Australia	Q2 2025	AU$32.0 million	$1.8 million

The Wellington sale alone allowed for the payoff of the entire NZ$18.8 million loan to Westpac and $6.1 million to Bank of America/Bank of Hawaii. That's real, tangible debt reduction driven by unlocking latent real estate value. It definitely strengthens the financial footing.

Premium cinema experience with recliner seats and TITAN LUXE screens

For cinema patrons, the value proposition centers on an elevated, modern viewing environment. Reading International, Inc. is actively upgrading its U.S. footprint to meet premium expectations.

As of the third quarter of 2025, one U.S. cinema was undergoing a major renovation that included:

• Installation of recliner seats to multiple auditoriums.
• Addition of a TITAN LUXE screen.
• Upgrades to the company's only IMAX auditorium.

This focus on high-end amenities supports strong pricing power, evidenced by the U.S. Average Ticket Price (ATP) achieving its second highest third quarter ever in Q3 2025, even with discount Tuesday programs running.

Diversified business model across cinema and real estate

You're dealing with a company whose revenue streams are intentionally split between entertainment and property management, providing a hedge against single-industry volatility. Reading International, Inc. operates across the United States, Australia, and New Zealand.

For the nine months ended September 30, 2025, Total Revenues were $152.7 million, a slight increase of 1% over the same period in 2024. The trailing twelve months (TTM) revenue as of 2025 is reported at $0.21 Billion USD.

The segment split for Q3 2025 shows the relative weight:

• Cinema Revenue: $48.6 million.
• Real Estate Revenue: $4.6 million.

Currency fluctuations matter here; over 49% of Total Revenues come from the Australian and New Zealand businesses. The diversification strategy is key to achieving positive EBITDA, which was $3.6 million in Q3 2025, marking the fifth straight quarter of positive EBITDA.

Anchor tenancy for synergistic shopping centers in Australia/NZ

In Australia and New Zealand, Reading International, Inc. provides essential, stable tenancy to retail centers, creating value through high occupancy and long-term relationships. The real estate portfolio is underpinned by third-party tenants.

As of September 30, 2025, the combined Australian and New Zealand property portfolio featured 58 third-party tenants with an overall occupancy rate of 98%. This is consistent with the 74 third-party tenant portfolio reported earlier in 2025, which showed a 96% occupancy rate.

The company actively manages these leases, executing 5 third-party lease transactions, including new leases and renewals, during Q3 2025.

Unique live theatre assets in New York City offering cultural experiences

The company holds unique, non-multiplex entertainment assets in New York City, which are a distinct value component of the Real Estate segment. These live theatres operate under the Orpheum and Minetta Lane names.

The performance of these assets drove significant real estate revenue growth in the U.S. segment. Specifically, the U.S. Real Estate Revenues for Q3 2025 were $2.0 million, a 35% increase from Q3 2024, directly attributed to the improved performance of the NYC Live Theatre assets. This Q3 2025 performance was the best third quarter operating income since Q3 2014 for the Live Theatre assets. The signature property development at 44 Union Square in New York City also contributes rental income.

Finance: draft 13-week cash view by Friday.

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

You're looking at how Reading International, Inc. (RDIB) keeps its customers coming back, whether they are buying a movie ticket or leasing retail space. The relationship strategy here is really two-pronged: high-touch experience for cinema patrons and professional management for property tenants.

Cinema loyalty programs to drive repeat attendance and F&B spend

While specific Reading International, Inc. (RDIB) loyalty program enrollment and redemption rates aren't public, the focus on driving spend per visit is clear through the Food & Beverage (F&B) performance metrics reported through the third quarter of 2025. The goal of any loyalty scheme is to increase the value of each returning customer, and industry benchmarks suggest that members of loyalty programs generate between 12-18% more incremental revenue growth per year than non-members. Furthermore, top-performing loyalty programs are noted to boost revenue from participating customers by 15-25% annually.

The success in capturing ancillary spend is evident in the Q3 2025 Sales Per Person (SPP) figures across the cinema circuit:

• U.S. Cinema F&B SPP reached $8.74, the highest third quarter ever.
• Australian Cinema F&B SPP was AU$8.05, also a record third quarter.
• New Zealand Cinema F&B SPP hit NZ$6.75, setting a record for the third quarter.

High-touch, in-person service at premium Angelika Film Center locations

The Angelika Film Center brand is positioned as a premium offering, marrying high-quality film and event programming with crafted food and beverage in venues featuring luxury amenities. This high-touch approach is about creating a superior physical experience that justifies a higher spend or repeat visits. Reading International, Inc. (RDIB) is actively enhancing these in-person environments; for instance, at the Valley Plaza Mall location in Bakersfield, California, a multi-million-dollar renovation underway as of late 2025 includes adding premium leatherette recliner seats, some with a heated seat option, to multiple auditoriums, with completion expected in January 2026.

The U.S. cinema circuit also uses targeted in-person value drivers to encourage visits, such as its successful discount Tuesday programs, including Mahalo Tuesdays in Hawaii and Half Priced Tuesdays elsewhere, which contributed to the U.S. Average Ticket Price (ATP) achieving its highest second quarter ever in 2025.

Professional property management for commercial real estate tenants

For the Real Estate segment, the relationship is a standard, professional landlord-tenant dynamic, focused on high occupancy and consistent lease activity. Reading International, Inc. (RDIB)'s management of its combined Australian and New Zealand property portfolio demonstrates strong tenant retention.

Here are the key metrics for the property portfolio as of September 30, 2025:

Metric	Value	Period/Date
Third Party Tenants (AU/NZ)	58	As of September 30, 2025
Portfolio Occupancy Rate (AU/NZ)	98%	As of September 30, 2025
Third Party Lease Transactions Executed	5	Q3 2025
Total Leased Gross Lettable Area (AU/NZ)	156,171 SF	As of September 30, 2025

The U.S. Live Theatre assets in New York City also show strong relationship performance, with Q3 2025 operating income for that segment being the best third quarter result since Q3 2014.

Direct box office and concession sales interaction

The most frequent direct interaction is the point-of-sale transaction at the box office and concession stand. The high F&B SPP figures noted above reflect successful upselling and customer acceptance of premium food and beverage offerings during these direct interactions. Furthermore, the cinema business is driving direct engagement through specialized programming; the gross box office revenue for Alternative Content and Signature Series programming in the U.S. circuit delivered its highest third quarter ever in Q3 2025.

Digital and online ticketing platforms for convenience

Convenience through digital channels is a baseline expectation in 2025. While Reading International, Inc. (RDIB) utilizes digital and online ticketing platforms for ticket purchases, the specific metrics on their adoption rate or impact on overall attendance are not detailed in the latest reports. Generally, 73% of consumers expect to be able to do anything online that they can do in person or by phone. The company's focus on maximizing efficiency in its cinema operations, even with a reduced screen count, suggests digital platforms are key to managing high transaction volumes smoothly.

Finance: draft 13-week cash view by Friday.

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

You're looking at how Reading International, Inc. (RDIB) gets its value proposition to the customer, and it's definitely a mix of physical presence and property management.

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

Reading International, Inc. operates cinemas across three countries. The screen count is a key metric here, even with recent closures. For instance, a 14-screen U.S. cinema complex in California closed in the second quarter of 2025, and another U.S. cinema was partially closed during the third quarter of 2025 for a major renovation, including recliner seat installation.

Here's the quick math on the cinema footprint as reported:

Region	Number of Locations	Number of Screens	Brands Mentioned
Australia	29	192	Reading Cinemas, Angelika
New Zealand	7 to 8	41	Reading Cinemas
United States	18 total	177 total	Reading Cinemas, Consolidated Theatres, Angelika Film Center

The U.S. screen breakdown includes:

• Consolidated Theatres (Hawaii): 6 locations, 74 screens.
• Angelika Film Center (CA, NY, TX, VA, DC): 8 cinemas, 50 screens.
• Reading Cinemas (CA, NJ): 4 cinemas, 53 screens.

Owned and leased commercial/retail real estate properties

The real estate segment is a major channel for revenue generation outside of ticket sales. As of September 30, 2025, the combined Australian and New Zealand property portfolio had a 98% occupancy rate.

The portfolio details as of September 30, 2025, include:

• Total leased gross lettable area (GLA): 156,171 SF.
• Number of third-party tenants: 58.
• Q3 2025 U.S. Real Estate Revenues: $2.0 million.

Reading International, Inc. actively monetizes these assets. In 2025, they completed two major property sales: the Wellington, New Zealand property assets for NZ$38.0 million in the first quarter, and the Cannon Park ETC in Townsville, Australia, for AU$32.0 million in the second quarter. Still, they retained the right to operate their existing cinemas at both locations under long-term leases.

Online and mobile ticketing platforms for movie admissions

While specific online platform usage numbers aren't public, the digital channel is essential for admissions. For the third quarter ended September 30, 2025, global cinema revenue was $48.6 million.

Direct sales teams for leasing commercial real estate space

Leasing activity is managed through dedicated teams. During the third quarter of 2025, Reading International, Inc. executed 5 third-party lease transactions, covering both new leases and renewals with existing tenants.

Live theatre box offices in New York City

The Live Theatre assets in NYC are a component of the U.S. Real Estate segment. The performance of these assets was strong; in the third quarter of 2025, they generated the best third-quarter operating income since the third quarter of 2014.

Reading International, Inc. operates two single auditorium Off Broadway theatres in Manhattan.

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

You're looking at the customer base for Reading International, Inc. (RDIB) as of late 2025. It's a mix of ticket buyers, filmgoers seeking a specific experience, and property tenants. Here's the hard data on who they serve, grounded in the 2025 financial disclosures.

Mass-market moviegoers seeking value and convenience

This group drives the bulk of the Cinema segment revenue across the U.S., Australia, and New Zealand. The performance here is tied directly to the film slate. For the first quarter of 2025, global cinema revenue was $36.4 million, a 12% decrease compared to the same period in 2024. By the second quarter of 2025, global cinema revenue rebounded to $56.8 million, showing a 32% increase year-over-year, helped by major releases like A Minecraft Movie and Mission: Impossible - The Final Reckoning. Reading International, Inc. operated 469 screens across 58 theatres as of the second quarter of 2025.

Affluent, discerning patrons of the Angelika Film Center brand

The Angelika Film Center brand is part of the Cinema segment, which includes other brands like Reading Cinemas and City Cinemas. While specific revenue for the Angelika brand alone isn't broken out, the overall U.S. Real Estate segment, which includes the NYC Live Theatres, saw strong performance. The U.S. Real Estate Revenues for the first quarter of 2025 hit $1.6 million, marking the highest first quarter on record for that specific metric.

Commercial and retail tenants in owned properties

This group falls under the Real Estate segment. The combined Australian and New Zealand property portfolio held 58 third-party tenants as of September 30, 2025, with a portfolio occupancy rate of 98%. The total leased gross lettable area in those regions was 156,171 SF. The global Real Estate business generated $4.7 million in revenue in the second quarter of 2025.

Live theatre patrons in the New York City market

The Live Theatres in New York City are a key driver within the U.S. Real Estate segment. For the third quarter of 2025, U.S. Real Estate Revenues reached $2.0 million, a 35% increase from Q3 2024, largely due to these assets. The operating income from these NYC Live Theatres in Q3 2025 was the best third quarter result since Q3 2014. In the first quarter of 2025, the NYC live theaters specifically delivered a 7% increase in revenue and a 139% increase in operating income.

Property developers and investors for asset monetization

This segment involves transactional activity, which significantly impacts liquidity. In 2025, Reading International, Inc. completed two major property monetizations.

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

These actions resulted in a reduction of total gross debt by almost 15% compared to the end of 2024. As of September 30, 2025, total gross debt stood at $172.6 million, a 14.8% decrease since December 31, 2024. Cash and cash equivalents were $8.1 million at that same date.

Here's a quick look at the segment revenue contribution for the first nine months of 2025 versus 2024, showing the overall picture:

Metric	Nine Months Ended Sept 30, 2025	Nine Months Ended Sept 30, 2024
Total Revenues	$152.7 million	$152.0 million
Global Real Estate Revenue	Decreased by $0.3 million from Q3 2024 level of $4.9 million	$4.9 million (Q3 2024)
U.S. Real Estate Revenue	$2.0 million (Q3 2025)	$1.48 million (Q3 2024 equivalent)

The total TTM revenue for Reading International, Inc. as of late 2025 was reported at $0.21 Billion USD.

For your reference on the equity structure as of November 13, 2025:

• Class A Nonvoting Common Stock outstanding: 21,036,670 shares.
• Class B Voting Common Stock outstanding: 1,680,590 shares.

Finance: draft 13-week cash view by Friday.

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

You're looking at the cost side of Reading International, Inc.'s (RDIB) operations as of late 2025, focusing on the hard numbers from their Q3 2025 filings. The cost structure is heavily influenced by debt servicing, cinema operations, and maintaining their real estate footprint.

Debt Servicing Costs: Interest expense remains a significant fixed cost, though management has been actively working to reduce it through asset sales and debt extensions. For the nine months ended September 30, 2025, interest expense was reduced by $2.6 million, or 17%, compared to the same period in the prior year. This follows a strategic reduction in the total debt load.

• Total gross debt as of September 30, 2025, stood at $172.6 million.
• This represented a 14.8% reduction, or $30.1 million, from the balance at December 31, 2024.
• Interest expense for the third quarter of 2025 decreased by $1.1 million compared to Q3 2024.

Cinema Exhibition Costs: The variable costs associated with running the cinema business, like film rental and advertising, are directly tied to the $48.6 million in Q3 2025 cinema revenue, which was down 14% year-over-year. Film rent payable, a key liability related to film exhibition costs, was $3,458 thousand as of September 30, 2025, down from $5,820 thousand at the end of 2024.

Property Operating and Administrative Expenses: General and Administrative (G&A) expenses, which cover overhead for the approximately 2,000 employees, have seen some compression. The combined figure for depreciation, amortization, impairment, and general and administrative expenses shows a clear trend of reduction.

Expense Category (D&A, Impairment, G&A)	Q3 2025 Amount (in thousands)	Year-over-Year Change (Q3 vs Q3 2024)
Q3 Expense Total	$7,900	Decreased by $1,000
Nine Months Ended Sept 30 Expense Total	$25,200	Decreased by $2,600

For the real estate segment, which is underpinned by 58 third-party tenants with a 98% occupancy rate, Q3 2025 total revenues were $4.6 million, a 7% decrease from the prior year, though operating income remained relatively flat at $1.4 million.

Capital Expenditures for Renovations: The company is actively investing in its venues, evidenced by the partial closure during the quarter for a major renovation that includes the installation of recliner seats in multiple auditoriums. Specific capital expenditure amounts for these cinema renovations are not detailed in the available Q3 2025 summary data.

Finance: draft 13-week cash view by Friday.

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

You're looking at the hard numbers that make up the top line for Reading International, Inc. (RDIB) as of late 2025. Here's the quick math on where the money is coming from, based on the latest reported figures.

The overall picture for the third quarter ended September 30, 2025, shows Total Revenues at $52.2 million, which was a 13% decrease from Q3 2024's $60.1 million. For the first nine months of 2025, Total Revenues were $152.7 million, a slight 1% increase from the prior year's nine-month total of $152.0 million.

The primary revenue drivers break down like this for the third quarter:

Revenue Stream Component	Q3 2025 Reported Amount	Context/Currency
Global Cinema Revenue	$48.6 million	Q3 2025 Cinema Revenue
U.S. Real Estate Revenue	$2.0 million	Q3 2025 U.S. Real Estate Revenue
Global Real Estate Total Revenue	$4.6 million	Q3 2025 Global Real Estate Total Revenue
Australian F&B Sales Per Person	AU$8.05	Q3 2025 F&B Sales per person (SPP)

The cinema operations are still the largest piece, but the slate in Q3 2025 didn't match the prior year's performance. Still, you see resilience in the pricing power.

Strategic asset sales provided significant, though non-recurring, cash flow during the year. These are one-time boosts to the financial structure, not consistent operating income.

• Proceeds from strategic asset sales: NZ$38.0 million from the Wellington property assets sale in Q1 2025.
• The USD equivalent for the Wellington sale was reported as $21.5 million.
• Another major monetization was the Cannon Park ETC sale in Q2 2025 for AU$32.0 million.
• The USD equivalent for the Cannon Park sale was $20.7 million.

Rental income from commercial and retail real estate tenants is embedded within the Real Estate segment revenues. The U.S. segment saw a 35% increase in its Q3 2025 revenue to $2.0 million compared to Q3 2024, helped by the Live Theatre assets.

For live theatre ticket sales and related venue income, the performance in New York City is a specific highlight. The U.S. Live Theatre assets in NYC generated the best third quarter operating income since Q3 2014.

Concession and food/beverage sales, a key performance indicator for the cinema side, showed strength in per-person spending metrics, even with lower attendance.

• Australian F&B Sales per person (SPP) in Q3 2025 was AU$8.05, marking the highest third quarter ever for that metric.
• The U.S. Average Ticket Price (ATP) achieved its second highest third quarter ever.

Finance: review the Q4 2025 projections for recurring real estate revenue versus asset sale projections for Q4.