Reading International, Inc., a Nevada corporation (“RDI” and collectively with our consolidated subsidiaries and corporate predecessors, the “Company,” “Reading,” and “we,” “us,” or “our”) was incorporated in 1999. Our businesses, owned and operated through our various subsidiaries, consist primarily of:

the development, ownership, and operation of cinemas in the United States, Australia, and New Zealand; and,

the development, ownership, operation and/or rental of retail, commercial and live venue real estate assets in Australia, New Zealand, and the United States.

Reported below are the operating segments of our Company for which separate financial information is available and evaluated regularly by the Chief Executive Officer, the chief operating decision-maker of our Company. As part of our real estate activities, we have historically held undeveloped land in urban and suburban centers in the United States, Australia, and New Zealand. However, in 2021, we monetized certain raw landholdings and other real estate assets as detailed at Note 6 – Property and Equipment.

The table below summarizes the results of operations for each of our business segments for the quarter ended March 31, 2022 and 2021, respectively. Operating expense includes costs associated with the day-to-day operations of the cinemas and the management of rental properties, including our live theatre assets.



	Three Months Ended
	March 31,
(Dollars in thousands)	2022		2021
Revenue:
Cinema exhibition	$	37,347	$	18,115
Real estate		4,162		3,323
Inter-segment elimination		(1,309)		(131)
	$	40,200	$	21,307
Segment operating income (loss):
Cinema exhibition	$	(7,216)	$	(8,275)
Real estate		104		(1,368)
	$	(7,112)	$	(9,643)

A reconciliation of segment operating income to income before income taxes is as follows:



	Three Months Ended
	March 31,
(Dollars in thousands)	2022		2021
Segment operating income (loss)	$	(7,112)	$	(9,643)
Unallocated corporate expense
Depreciation and amortization expense		(277)		(231)
General and administrative expense		(4,391)		(4,103)
Interest expense, net		(3,205)		(4,363)
Equity earnings of unconsolidated joint ventures		(65)		(50)
Gain (loss) on sale of assets		—		46,545
Other income (expense)		(781)		1,641
Income (loss) before income tax expense	$	(15,831)	$	29,796