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Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting NOTE 4 – SEGMENT REPORTING

We report information about operating segments in accordance with ASC 280-10 Segment Reporting, which requires financial information to be reported based on the way management organizes segments with a company for making operating decisions and evaluating performance. We have organized our business into two reportable segments, being cinema exhibition and real estate.

Our cinema exhibition segment aggregates all our cinemas, both leased and owned, across the United States, Australia and New Zealand. Each of our cinemas earns revenue through the sale of movie tickets, food and beverage, screen advertising, theatre rentals, merchandise, gift card and loyalty membership, and other ancillary sales. The segment also earns revenue through service fees related to online ticket sales. Expenses are incurred through film rent, wages and salaries, food and beverage costs, occupancy costs, utilities, and other ancillary costs. We further organize this segment by geography, because each geography is subject to its own unique regulatory and business conditions.

Our real estate segment aggregates all our retail, commercial and live theatre real estate assets across Australia, New Zealand, and the United States. Our retail and commercial real estate assets earn revenue through the leasing or licensing of space to third party tenants.

Our live theatre assets in the United States earn revenue through leasing or licensing space to third party production companies, an activity we consider sufficiently similar to our broader real estate base to support inclusion in our real estate segment. Our live theatre operations also earn revenue by providing front of house and box office services and through sale of food and beverage. All of our real estate assets incur expenses from property maintenance, utilities, taxes, and other costs of maintaining real estate and in some cases third party property management.

Each of these segments has discrete and separate financial information and for which operating results are evaluated regularly by our President, Chief Executive Officer and Vice Chair of the Board of Directors, the chief operating decision-maker (“CODM”) of the Company. The CODM is responsible for the allocation of resources to, and the assessment of the performance of, our operating segments. The CODM determines, among other things:

-the execution, renewal and/or termination of cinema leases

-the execution, renewal and/or termination of third-party tenant leases

-significant capital expenditures

-internal resource allocation

-operational budgets.

Segment operating income is a key measure of profit or loss used by the CODM to assess segment performance and allocate resources. Segment operating income includes certain amounts charged by our real estate segment to our cinema exhibition segment where a cinema is a tenant of the real estate segment. These charges are eliminated for condensed consolidated financial statement purposes in the consolidated statement of operations, but are presented gross to the CODM.

The tables below summarize the results of operations for each of our business segments, presenting a reconciliation of segment revenue to operating segment income, and the impact of inter-segment transactions.

Quarter Ended

Quarter Ended

Six Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

(Dollars in thousands)

Cinema

Real
‎Estate

Total

Cinema

Real
‎Estate

Total

Cinema

Real
‎Estate

Total

Cinema

Real
‎Estate

Total

Revenue - third party

$

62,990

$

3,906

$

66,896

$

56,782

$

3,596

$

60,378

$

104,451

$

7,569

$

112,020

$

93,186

$

7,361

$

100,547

Inter-segment revenue (1)

—

947

947

—

1,057

1,057

—

1,880

1,880

—

2,137

2,137

Total segment revenue

62,990

4,853

67,843

56,782

4,653

61,435

104,451

9,449

113,900

93,186

9,498

102,684

Operating expense

Operating Expense - Third Party

(49,910)

(1,936)

(51,846)

(46,883)

(1,840)

(48,723)

(88,803)

(3,822)

(92,625)

(83,460)

(3,795)

(87,255)

Inter-Segment Operating Expenses (1)

(947)

—

(947)

(1,057)

—

(1,057)

(1,880)

—

(1,880)

(2,137)

—

(2,137)

Total of services and products (excluding depreciation and amortization)

(50,857)

(1,936)

(52,793)

(47,940)

(1,840)

(49,780)

(90,683)

(3,822)

(94,505)

(85,597)

(3,795)

(89,392)

Depreciation and amortization

(1,953)

(1,136)

(3,089)

(2,172)

(1,125)

(3,297)

(3,946)

(2,278)

(6,224)

(4,312)

(2,226)

(6,538)

General and administrative expense

(1,022)

(203)

(1,225)

(1,217)

(209)

(1,426)

(2,005)

(382)

(2,387)

(2,298)

(403)

(2,701)

Total operating expense

(53,832)

(3,275)

(57,107)

(51,329)

(3,174)

(54,503)

(96,634)

(6,482)

(103,116)

(92,207)

(6,424)

(98,631)

Segment operating income (loss)

$

9,158

$

1,578

$

10,736

$

5,453

$

1,479

$

6,932

$

7,817

$

2,967

$

10,784

$

979

$

3,074

$

4,053

(1)Inter-segment Revenues and Operating Expense relates to the internal charge between the two segments where the cinema operates within real estate owned within the group.

A reconciliation of cinema exhibition segment revenue to segment operating income for the quarter and six months ended June 30, 2026 and June 30, 2025, is as follows:

Quarter Ended

Six Months Ended

(Dollars in thousands)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

REVENUE

United States

Admissions revenue

$

15,650 

$

16,099 

$

26,396 

$

26,344 

Concessions revenue

10,678 

11,274 

17,386 

17,382 

Advertising and other revenue

3,150 

2,885 

5,159 

4,827 

$

29,478 

$

30,258 

$

48,941 

$

48,553 

Australia

Admissions revenue

$

18,829 

$

14,275 

$

31,005 

$

23,905 

Concessions revenue

9,323 

7,213 

15,410 

12,069 

Advertising and other revenue

1,829 

1,421 

3,272 

2,617 

$

29,981 

$

22,909 

$

49,687 

$

38,591 

New Zealand

Admissions revenue

$

2,310 

$

2,338 

$

3,809 

$

3,884 

Concessions revenue

1,070 

1,135 

1,749 

1,901 

Advertising and other revenue

151 

142 

265 

257 

$

3,531 

$

3,615 

$

5,823 

$

6,042 

Total revenue

$

62,990 

$

56,782 

$

104,451 

$

93,186 

OPERATING EXPENSE

United States

Film rent and advertising cost

$

(8,891)

$

(9,108)

$

(14,530)

$

(14,166)

Food & beverage cost

(2,661)

(2,931)

(4,288)

(4,514)

Occupancy expense

(3,968)

(4,420)

(7,996)

(8,387)

Labor cost

(4,343)

(4,212)

(8,003)

(8,293)

Utilities

(1,445)

(1,332)

(2,648)

(2,551)

Cleaning and maintenance

(1,509)

(1,754)

(2,797)

(3,295)

Other operating expenses

(1,906)

(2,321)

(3,865)

(4,468)

$

(24,723)

$

(26,078)

$

(44,127)

$

(45,674)

Australia

Film rent and advertising cost

$

(8,515)

$

(6,586)

$

(13,590)

$

(10,542)

Food & beverage cost

(2,024)

(1,531)

(3,391)

(2,606)

Occupancy expense

(4,952)

(4,511)

(9,736)

(8,805)

Labor cost

(4,242)

(3,425)

(7,941)

(6,732)

Utilities

(880)

(651)

(1,960)

(1,493)

Cleaning and maintenance

(1,438)

(1,154)

(2,569)

(2,304)

Other operating expenses

(1,044)

(799)

(1,937)

(1,574)

$

(23,095)

$

(18,657)

$

(41,124)

$

(34,056)

New Zealand

Film rent and advertising cost

$

(1,056)

$

(1,141)

$

(1,637)

$

(1,789)

Food & beverage cost

(223)

(269)

(362)

(416)

Occupancy expense

(709)

(737)

(1,453)

(1,471)

Labor cost

(545)

(579)

(1,028)

(1,113)

Utilities

(132)

(136)

(231)

(234)

Cleaning and maintenance

(182)

(196)

(327)

(390)

Other operating expenses

(192)

(147)

(394)

(454)

$

(3,039)

$

(3,205)

$

(5,432)

$

(5,867)

Total operating expense

$

(50,857)

$

(47,940)

$

(90,683)

$

(85,597)

DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE

United States

Depreciation and amortization

$

(944)

$

(1,157)

$

(1,912)

$

(2,278)

General and administrative expense

(606)

(731)

(1,253)

(1,456)

$

(1,550)

$

(1,888)

$

(3,165)

$

(3,734)

Australia

Depreciation and amortization

$

(900)

$

(905)

$

(1,814)

$

(1,819)

General and administrative expense

(420)

(427)

(756)

(772)

$

(1,320)

$

(1,332)

$

(2,570)

$

(2,591)

New Zealand

Depreciation and amortization

$

(109)

$

(111)

$

(219)

$

(214)

General and administrative expense

4 

(58)

3 

(71)

$

(105)

$

(169)

$

(216)

$

(285)

Total depreciation, amortization, general and administrative expense

$

(2,975)

$

(3,389)

$

(5,951)

$

(6,610)

OPERATING INCOME (LOSS) - CINEMA

United States

$

3,205 

$

2,292 

$

1,649 

$

(855)

Australia

5,566 

2,920 

5,993 

1,944 

New Zealand

387 

241 

175 

(110)

Total Cinema operating income (loss)

$

9,158 

$

5,453 

$

7,817 

$

979 

A reconciliation of real estate segment revenue to segment operating income for the quarter and six months ended June 30, 2026 and June 30, 2025, is as follows:

Quarter Ended

Six Months Ended

(Dollars in thousands)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

REVENUE

United States

Live theatre rental and ancillary income

$

824 

$

630 

$

1,572 

$

1,173 

Property rental income

1,055 

1,070 

2,107 

2,114 

1,879 

1,700 

3,679 

3,287 

Australia

Property rental income

2,762 

2,741 

5,343 

5,756 

New Zealand

Property rental income

212 

212 

427 

455 

Total revenue

$

4,853 

$

4,653 

$

9,449 

$

9,498 

OPERATING EXPENSE

United States

Live theatre cost

$

(259)

$

(255)

$

(532)

$

(492)

Occupancy expense

(220)

(174)

(445)

(352)

Utilities

(34)

16 

(103)

(28)

Cleaning and maintenance

(141)

(75)

(177)

(106)

Other operating expenses

(217)

(264)

(430)

(430)

$

(871)

$

(752)

$

(1,687)

$

(1,408)

Australia

Occupancy expense

$

(474)

$

(479)

$

(925)

$

(967)

Labor cost

(5)

(76)

(8)

(119)

Utilities

(18)

(20)

(49)

(34)

Cleaning and maintenance

(281)

(215)

(532)

(435)

Other operating expenses

(211)

(198)

(458)

(456)

$

(989)

$

(988)

$

(1,972)

$

(2,011)

New Zealand

Occupancy expense

$

(35)

$

(31)

$

(69)

$

(89)

Labor cost

—

—

—

(2)

Utilities

—

—

—

(5)

Cleaning and maintenance

—

—

—

(4)

Other operating expenses

(41)

(69)

(94)

(276)

$

(76)

$

(100)

$

(163)

$

(376)

Total operating expense

$

(1,936)

$

(1,840)

$

(3,822)

$

(3,795)

DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE

United States

Depreciation and amortization

$

(651)

$

(674)

$

(1,309)

$

(1,333)

General and administrative expense

(174)

(185)

(345)

(315)

(825)

(859)

(1,654)

(1,648)

Australia

Depreciation and amortization

$

(426)

$

(391)

$

(850)

$

(776)

General and administrative expense

(5)

(24)

(13)

(87)

(431)

(415)

(863)

(863)

New Zealand

Depreciation and amortization

(59)

(60)

(119)

(117)

General and administrative expense

(24)

—

(24)

(1)

(83)

(60)

(143)

(118)

Total depreciation, amortization, general and administrative expense

$

(1,339)

$

(1,334)

$

(2,660)

$

(2,629)

OPERATING INCOME (LOSS) - REAL ESTATE

United States

$

183 

$

89 

$

338 

$

231 

Australia

1,342 

1,338 

2,508 

2,882 

New Zealand

53 

52 

121 

(39)

Total real estate operating income (loss)

$

1,578 

$

1,479 

$

2,967 

$

3,074 

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

Quarter Ended

Six Months Ended

(Dollars in thousands)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Segment operating income (loss)

$

10,736

$

6,932

$

10,784

$

4,053

Unallocated corporate expense:

Depreciation and amortization expense

(83)

(84)

(178)

(219)

General and administrative expense

(3,175)

(3,957)

(6,760)

(7,835)

Interest expense, net

(4,321)

(4,354)

(8,549)

(9,096)

Equity earnings (loss) of unconsolidated joint ventures

360

285

431

308

Gain (loss) on sale of assets

—

1,872

—

8,398

Other (expense) income

294

(2,273)

(194)

(2,607)

Income (loss) before income taxes

$

3,811

$

(1,579)

$

(4,466)

$

(6,998)

Assuming cash and cash equivalents are accounted for as corporate assets, total assets by business segment and by country are presented as follows:

June 30,

December 31,

(Dollars in thousands)

2026

2025

By segment:

Cinema

$

182,293

$

184,162

Real estate

176,649

176,396

Corporate (1)

70,468

74,371

Total assets

$

429,410

$

434,929

By country:

United States

$

239,478

$

245,169

Australia

167,279

166,026

New Zealand

22,653

23,734

Total assets

$

429,410

$

434,929


‎(1) Corporate Assets includes cash and cash equivalents of $5.7 million and $10.5 million as of June 30, 2026 and December 31, 2025, respectively.

The following table sets forth our operating properties by country:

June 30,

December 31,

(Dollars in thousands)

2026

2025

United States

$

113,737

$

140,179

Australia

58,908

58,934

New Zealand

8,480

8,861

Total operating property

$

181,125

$

207,974

The table below summarizes capital expenditures for the six months ended June 30, 2026

Six Months Ended

(Dollars in thousands)

June 30, 2026

June 30, 2025

Segment capital expenditures

$

1,382

$

804

Total capital expenditures

$

1,382

$

804