Note 11 – Notes Payable

Notes payable are summarized as follows (dollars in thousands):



Name of Note Payable or Security	September 30, 2012	December 31, 2011	Maturity Date		September 30, 2012		December 31, 2011
NAB Australian Corporate Term Loan	6.20%	7.20%	June 30, 2014	$	83,883	$	88,671
NAB Australian Corporate Revolver	6.20%	7.20%	June 30, 2014		--		--
Australian Shopping Center Loans	-	-	2012-2014		260		384
New Zealand Corporate Credit Facility	4.70%	4.15%	March 31, 2015		23,220		21,854
Trust Preferred Securities	4.44%	9.22%	April 30, 2027		27,913		27,913
US Cinema 1, 2, 3 Term Loan	-	6.73%	July 1, 2012		--		15,000
US Cinema 1, 2, 3 Term Loan	5.24%	-	June 27, 2013		15,000		--
US GE Capital Term Loan	5.50%	5.50%	December 1, 2015		27,734		32,188
US Liberty Theaters Term Loans	6.20%	6.20%	April 1, 2013		6,469		6,583
US Nationwide Loan 1	8.50%	8.50%	February 21, 2013		594		597
Bank of America Line of Credit	3.72%	-	August 31, 2014		1,232		--
US Sanborn Note	-	7.00%	January 31, 2012		--		250
US Sutton Hill Capital Note – Related Party	8.25%	8.25%	December 31, 2013		9,000		9,000
US Union Square Theatre Term Loan	5.92%	5.92%	May 1, 2015		7,007		7,174
Total				$	202,312	$	209,614

Derivative Instruments

As indicated in Note 17 – Derivative Instruments, for our NAB Australian Corporate Credit Facility (“NAB Loan”) and GE Capital Term Loan (“GE Loan”), we have entered into interest rate swap agreements for all or part of these facilities. The loan agreement together with the swap results in us paying a total fixed interest rate of 8.15% (5.50% swap contract rate plus a 2.65% margin under the loan) for our NAB Loan and a total fixed interest rate of 5.84% (1.34% swap contract rate plus a 4.50% margin under the loan) for our GE Loan instead of the above indicated 6.20% and 5.50%, respectively, which are the obligatorily disclosed loan rates.

Trust Preferred Securities

Effective May 1, 2012, the interest rate on our Trust Preferred Securities changed from a fixed rate of 9.22%, which was in effect for the past five years, to a variable rate of three month LIBOR plus 4.00%, which will reset each quarter through the end of the loan.

Debt Refinancing

U.S. Credit Facility

On October 31, 2012, we replaced our GE Capital Term Loan with a $30.0 million revolver with Bank of America. See Note 18 – Subsequent Events.

US Cinema 1, 2, 3 Loan

On June 28, 2012, Sutton Hill Properties LLC (“SHP”), one of our consolidated subsidiaries, paid off its Eurohypo AG, New York Branch loan with a new $15.0 million term loan (the “Sovereign Bank Loan”) from Sovereign Bank, N.A. The Sovereign Bank Loan has a one-year term ending on June 27, 2013, with a one year extension option to June 26, 2014 subject to an extension fee equal to 1% of the ending principal balance and a compliance requirement with certain special covenants. As we currently intend to exercise this option, we have classified this loan as long-term. The terms of the loan require interest only payments at LIBOR plus a 5.00% margin to be calculated and paid monthly. This loan is secured by SHP’s interest in the Cinemas 1, 2, & 3 land and building. Covenants include maintaining a loan to value ratio of at least 50% of fair market value and an 11% debt yield (with a numerator of the cash available for debt service and a denominator of the outstanding principal balance of the loan). The Sovereign Bank Loan is further secured by a guaranty provided by Reading International, Inc. and by its noncontrolling interest member, Sutton Hill Capital, LLC.

New Zealand Credit Facility

On February 8, 2012, we renewed our existing $36.9 million (NZ$45.0 million) New Zealand credit facility with a 3-year credit facility through Westpac. The renewed facility decreased the overall facility by $4.1 million (NZ$5.0 million) to $32.8 million (NZ$40.0 million) and increased the facility margin from 0.55% to 2.0%. No other significant changes to the facility were made.