10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

__________________________________

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended:  March 31, 2016

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission file number 1-8625

READING INTERNATIONAL, INC.

(Exact name of Registrant as specified in its charter)

NEVADA (State or other jurisdiction of incorporation or organization)	95-3885184 (IRS Employer Identification No.)
6100 Center Drive, Suite 900 Los Angeles,  CA (Address of principal executive offices)	90045 (Zip Code)

Registrant’s telephone number, including area code: (213) 235-2240

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☑  No  ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.  (Check one):  Large accelerated filer ☐  Accelerated filer ☑  Non-accelerated filer ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐  No  ☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.  As of May 9, 2016, there were 21,654,305 shares of Class A Nonvoting Common Stock, $0.01 par value per share and 1,680,590 shares of Class B Voting Common Stock, $0.01 par value per share outstanding.

1

READING INTERNATIONAL, INC. AND SUBSIDIARIES

TABLE OF CONTENTS

	Page
PART I - Financial Information	3
Item 1 – Financial Statements	3
Consolidated Balance Sheets (Unaudited)	3
Consolidated Statements of Operations (Unaudited)	5
Consolidated Statements of Comprehensive Income (Unaudited)	6
Consolidated Statements of Cash Flows (Unaudited)	7
Notes to Consolidated Financial Statements (Unaudited)	8
Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3 – Quantitative and Qualitative Disclosure about Market Risk	36
Item 4 – Controls and Procedures	37
PART II – Other Information	38
Item 1 - Legal Proceedings	38
Item 1A - Risk Factors	38
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds	38
Item 3 - Defaults Upon Senior Securities	38
Item 5 - Other Information	38
Item 6 - Exhibits	38
SIGNATURES	39
Certifications

2

PART 1  –FINANCIAL INFORMATION

Item 1 - Financial Statements

READING INTERNATIONAL, INC.

CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands, except share information)

	March 31,		December 31,
	2016		2015(1)
ASSETS	(Unaudited)
Current Assets:
Cash and cash equivalents	$	16,330	$	19,702
Receivables		11,380		10,036
Inventory		969		1,122
Investment in marketable securities		51		51
Restricted cash		17		160
Prepaid and other current assets		5,898		5,429
Land held for sale – current		--		421
Total current assets		34,645		36,921
Operating property, net		217,075		210,298
Land held for sale – non-current		40,004		37,966
Investment and development property, net		23,326		23,002
Investment in unconsolidated joint ventures and entities		5,656		5,370
Investment in Reading International Trust I		838		838
Goodwill		20,002		19,715
Intangible assets, net		9,430		9,889
Deferred tax asset, net		25,582		25,649
Other assets		3,744		3,615
Total assets	$	380,302	$	373,263
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued liabilities	$	23,889	$	23,638
Film rent payable		9,162		9,291
Debt – current, net		14,943		14,887
Taxes payable – current		6,971		5,275
Deferred current revenue		13,073		14,591
Other current liabilities		7,850		7,640
Total current liabilities		75,888		75,322
Debt – long-term, net		85,474		87,101
Subordinated debt, net		27,178		27,125
Noncurrent tax liabilities		16,633		16,457
Other liabilities		29,265		30,062
Total liabilities		234,438		236,067
Commitments and contingencies (Note 13)
Stockholders’ equity:
Class A non-voting common stock, par value $0.01,  100,000,000 shares authorized,
32,831,113issued and 21,654,302outstanding at March 31, 2016 and December 31, 2015		229		229
Class B voting common stock, par value $0.01,  20,000,000 shares authorized and
1,680,590issued and outstanding at March 31, 2016 and December 31, 2015		17		17
Nonvoting preferred stock, par value $0.01,  12,000 shares authorized and no issued
or outstanding shares at March 31, 2016 and December 31, 2015		--		--

3

Additional paid-in capital		143,957		143,815
Accumulated deficit		(7,252)		(9,478)
Treasury shares		(13,524)		(13,524)
Accumulated other comprehensive income		18,147		11,806
Total Reading International, Inc. stockholders’ equity		141,574		132,865
Noncontrolling interests		4,290		4,331
Total stockholders’ equity		145,864		137,196
Total liabilities and stockholders’ equity	$	380,302	$	373,263

See accompanying Notes to Unaudited Consolidated Financial Statements.

(1)Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 –  The Company and Basis of Presentation – Reclassifications)

4

READING INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; U.S. dollars in thousands, except per share data)

	Three Months Ended
		March 31,		March 31,
		2016		2015
Operating revenue
Cinema	$	61,315	$	56,899
Real estate		3,474		3,686
Total operating revenue		64,789		60,585
Operating expense
Cinema		(47,957)		(45,141)
Real estate		(2,141)		(2,140)
Depreciation and amortization		(3,808)		(3,742)
General and administrative		(6,191)		(4,329)
Total operating expense		(60,097)		(55,352)
Operating income		4,692		5,233
Interest income		37		195
Interest expense		(1,912)		(2,770)
Net gain on sale of assets		393		2,822
Other expense		(57)		(91)
Income before income tax expense and equity earnings of unconsolidated joint ventures and entities		3,153		5,389
Equity earnings of unconsolidated joint ventures and entities		302		236
Income before income taxes		3,455		5,625
Income tax expense		(1,231)		(2,523)
Net income	$	2,224	$	3,102
Net loss attributable to noncontrolling interests		2		16
Net income attributable to Reading International, Inc. common stockholders	$	2,226	$	3,118
Basic earnings per share attributable to Reading International, Inc. stockholders	$	0.10	$	0.13
Diluted earnings  per share attributable to Reading International, Inc. stockholders	$	0.09	$	0.13
Weighted average number of shares outstanding–basic		23,334,892		23,242,467
Weighted average number of shares outstanding–diluted		23,532,858		23,523,655

See accompanying Notes to Unaudited Consolidated Financial Statements.

5

READING INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited; U.S. dollars in thousands)

		Three Months Ended
		March 31,		March 31,
		2016		2015
Net income	$	2,224	$	3,102
Foreign currency translation gain (loss)		6,323		(9,864)
Unrealized loss on available for sale investments		--		(1)
Amortization of actuarial loss		32		52
Comprehensive income (loss)		8,579		(6,711)
Net loss attributable to noncontrolling interests		2		16
Comprehensive income attributable to noncontrolling interests		(16)		(25)
Comprehensive income (loss) attributable to Reading International, Inc.	$	8,565	$	(6,720)

See accompanying Notes to Unaudited Consolidated Financial Statements.

6

READING INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; U.S. dollars in thousands)

		Three Months Ended
		March 31,		March 31,
		2016		2015
Cash flows from Operating Activities
Net income	$	2,224	$	3,102
Adjustments to reconcile net income to net cash provided by operating activities:
Equity earnings of unconsolidated joint ventures and entities		(302)		(236)
Distributions of earnings from unconsolidated joint ventures and entities		253		275
Gain on sale of property		(393)		(2,822)
Change in net deferred tax assets		(631)		2,094
Depreciation and amortization		3,808		3,742
Amortization of actuarial loss		32		52
Amortization of beneficial leases		150		94
Amortization of deferred financing costs		229		14
Amortization of straight-line rent		(6)		16
Stock based compensation expense		143		57
Net change in:
Receivables		(1,157)		1,986
Prepaid and other assets		1,420		(33)
Accounts payable and accrued expenses		(29)		(887)
Film rent payable		(220)		(3,744)
Taxes payable		1,489		(111)
Deferred revenue and other liabilities		(2,592)		(2,867)
Net cash provided by operating activities		4,418		732
Cash flows from Investing Activities
Purchases of and additions to property and equipment		(4,184)		(2,614)
Change in restricted cash		147		301
Proceeds from sale of property		831		3,000
Net cash (used in)/provided by  investing activities		(3,206)		687
Cash flows from Financing Activities
Repayment of long-term borrowings		(6,847)		(7,825)
Proceeds from borrowings		2,250		--
Capitalized borrowing costs		(12)		--
Repurchase of Class A Nonvoting Common Stock		--		(1,828)
Proceeds from the exercise of stock options		--		326
Noncontrolling interest contributions		--		17
Noncontrolling interest distributions		(55)		(90)
Net cash used in financing activities		(4,664)		(9,400)
Effect of exchange rate changes on cash and cash equivalents		80		(2,515)
Net decrease in cash and cash equivalents		(3,372)		(10,496)
Cash and cash equivalents at the beginning of the period		19,702		50,248
Cash and cash equivalents at the end of the period	$	16,330	$	39,752
Supplemental Disclosures
Interest paid	$	1,453	$	2,003
Income taxes paid		188		2,988

See accompanying Notes to Unaudited Consolidated Financial Statements.

7

READING INTERNATIONAL, INC.

NOTES TOCONSOLIDATED FINANCIAL STATEMENTS(Unaudited)

Note 1 – The Company and Basis of Presentation

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, and, following the consummation of a consolidation transaction on December 31, 2001, is now the owner of the consolidated businesses and assets of Reading Entertainment, Inc. (“RDGE”), Craig Corporation (“CRG”) and Citadel Holding Corporation (“CDL”).  Our businesses consist primarily of:

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

· the development, ownership, and operation of retail and commercial real estate in Australia, New Zealand, and the United States.

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Significant estimates include projections we make regarding the recoverability of our assets, valuations of our interest swaps and the recoverability of our deferred tax assets. Actual results may differ from those estimates.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries as well as majority-owned subsidiaries that the Company controls, and should be read in conjunction with the Company’s Annual Report on Form 10-K as of and for the year-ended December 31, 2015.  All significant intercompany balances and transactions have been eliminated in consolidation.  These were prepared in accordance with the  U.S. GAAP for interim reporting and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (“SEC”).  As such, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. We believe that we have included all normal recurring adjustments necessary for a fair presentation of the results for the interim period. Operating results for the three months ended March  31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016.  

Reclassifications

Certain reclassifications have been made in the 2015 comparative information in the consolidated balance sheets and notes to conform to the 2016 presentation.  These changes relate to the adoption of Accounting Standards Update (“ASU”) 2015-03 as discussed more fully below.  These reclassifications had no significant impact on our 2015 financial position, results of operations and cash flows as previously reported.

Recently Adopted and Issued Accounting Pronouncements

Adopted:

On January 1, 2016, the Company adopted ASU 2015-03,  Interest—Imputation of Interest (Subtopic 835-30):Simplifying the Presentation of Debt Issuance Costs, issued by the Financial Accounting Standards Board (“FASB”). This new standard, which became effective for fiscal years beginning after December 15, 2015, required that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The impact of this adoption includes reclassification of the deferred financing costs (net of amortization) from “Other Assets” to a reduction in the associated Debt account.  

Also, on January 1, 2016, the Company adopted ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.  Under this new standard, an acquirer in a business combination transaction must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation or amortization, or other income effects, if any, because of the change to the provisional amounts, calculated as if the accounting had been completed as of the acquisition date, must be recorded in the reporting period in which the adjustment amounts are determined rather than retrospectively.  The ASU also requires that the acquirer present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date.  The adoption of this standard will impact the finalization of the purchase price allocation of the Cannon Park acquisition, which we expect to complete during the second or third quarter of 2016.Please refer to Note 5 – Property & Equipment for the Cannon Park acquisition discussion.

8

Issued:

In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.   This new guidance provides simplifications involving several aspects of the accounting for share-based payment transactions, including the income tax consequences (such as excess tax benefits recorded in income tax expense/benefit, rather than additional paid-in capital), classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new standard is effective for the Company onJanuary1, 2017.  Early adoption is permitted.  An entity that elects early adoption must adopt all of the amendments in the same period.  The Company is currently assessing the impact of this new guidance on the consolidated financial statements and related disclosures.

In addition, in March 2016, the FASB issued ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.  This new guidance effectively removes the retroactive application imposed in current guidance when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence.  The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting.  The new standard becomes effective for the Company on January 1, 2017.  Early adoption is permissible.  The Company does not anticipate the adoption of ASU 2015-11 to have a material impact on the consolidated financial statements and related disclosures

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842).  This new guidance establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The new standard becomes effective for the Company onJanuary 1, 2019. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently assessing the impact of this new guidance on the consolidated financial statements and related disclosures.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. GAAP.  Under the new model, recognition of revenues occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  In addition, the new standard requires that reporting companies disclose the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.  Subsequently, in March 2016, FASB issued ASU 2016-08 to provide guidance on principal versus agent considerations.  The new standard becomes effective for the Company on January 1, 2018. Early adoption is permitted but cannot be earlier than January 1, 2017. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application.  We have not yet selected a transition method nor have we determined the impact of the new standard on our consolidated condensed financial statements.  While we believe the proposed guidance will not have a  material impact on our business because our revenue predominantly comes from movie ticket sales and concession purchases, we plan to complete the analysis to ensure that we are in compliance prior to the effective date.

9

Note 2 – Business Segments

Reported below are the operating segments of the Company for which separate financial information is available and for which segment results are evaluated regularly by the Chief Executive Officer, the chief operating decision-maker of the Company.  In addition to the cinema exhibition and real estate activities, we have acquired, and continue to hold raw land in urban and suburban centers in Australia, New Zealand, and the United States, as part of our real estate activities.  

The tables below summarize the results of operations for each of our business segments for the three months ended March 31, 2016 and 2015, respectively.  Operating expense includes costs associated with the day-to-day operations of the cinemas and the management of rental properties, including our live theater assets.

	Three Months Ended
(Dollars in thousands)	March 31, 2016		March 31, 2015
Revenue:
Cinema exhibition	$	61,315	$	56,899
Real estate		5,250		5,404
Inter-segment elimination		(1,776)		(1,718)
	$	64,789	$	60,585
Segment operating income:
Cinema exhibition	$	7,690	$	6,339
Real estate		2,089		2,291
	$	9,779	$	8,630

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

	Three Months Ended
(Dollars in thousands)	March 31, 2016		March 31, 2015
Segment operating income	$	9,779	$	8,630
Unallocated corporate expense
Depreciation and amortization expense		(96)		(70)
General and administrative expense		(4,991)		(3,327)
Interest expense, net		(1,875)		(2,575)
Equity earnings of unconsolidated joint ventures and entities		302		236
Gain on sale of assets		393		2,822
Other expense		(57)		(91)
Income before income tax expense, net of non-controlling interests	$	3,455	$	5,625

Note 3 – Operations in Foreign Currency

We have significant assets in Australia and New Zealand. To the extent possible, we conduct our Australian and New Zealand operations (collectively “foreign operations”) on a self-funding basis where we use cash flows generated by our foreign operations to pay for the expense of foreign operations.  Our Australian and New Zealand assets and liabilities are translated from their functional currencies of Australian dollar (AU$) and New Zealand dollar (NZ$), respectively, to U.S. dollar based on the exchange rate as of March 31, 2016. The carrying value of the assets and liabilities of our foreign operations fluctuates as result of changes in the exchange rates between the functional currencies of the foreign operations and the U.S. dollar. The translation adjustments are accumulated in the Accumulated Other Comprehensive Income in the Consolidated Balance Sheets.

Because we intend to conduct business on a self-funding basis (except for funds used to pay an appropriate share of our domestic corporate overhead), we do not believe the currency fluctuations present a material risk to the Company.  As such, we  do not use derivative financial instruments to hedge against the risk of foreign currency exposure.

10

Presented in the table below are the currency exchange rates for Australia and New Zealand as of and for the period-endMarch 31, 2016,  December 31, 2015 and March 31, 2015

	Foreign Currency / USD
	As of and for the Three Months Ended	As of and for the Twelve Months Ended	As of and for the Three Months Ended
	March 31, 2016	December 31, 2015	March 31, 2015
Spot Rate
Australian Dollar	0.7677	0.7286	0.7625
New Zealand Dollar	0.6926	0.6842	0.7485
Average Rate
Australian Dollar	0.7216	0.7524	0.7862
New Zealand Dollar	0.6637	0.7004	0.7514

Note 4 – Earnings Per Share

Basic earnings per share (“EPS”) is calculated by dividing the net income attributable to the Company’s common stockholders by the weighted average number of common sharesoutstanding during the period.  Diluted EPS is calculated by dividing the net income attributable to the Company’s common stockholders by the weighted average number of common and common equivalent shares outstanding during the periodand are calculatedusing the treasury stock method for equity-based compensation awards. 

The following table sets forth the computation of basic and diluted EPS and a reconciliation of the weighted average number of common and common equivalent shares outstanding:

	Three Months Ended
(Dollars in thousands, except share data)	March 31, 2016		March 31, 2015
Numerator:
Net income attributable to RDI common stockholders	$	2,226	$	3,118
Denominator:
Weighted average number of common stock – basic	23,334,892		23,242,467
Weighted average dilutive impact of awards	197,966		281,188
Weighted average number of common stock – diluted	23,532,858		23,523,655
Basic EPS attributable to RDI common stockholders	$	0.10	$	0.13
Diluted EPS attributable to RDI common stockholders	$	0.09	$	0.13
Awards excluded from diluted EPS	238,370		-

Note 5 – Property and Equipment

Operating Property, net

As of March 31, 2016 and December 31, 2015, property associated with our operating activities is summarized as follows:

	March 31,		December 31,
(Dollars in thousands)	2016		2015
Land	$	71,775	$	70,063
Building and improvements		131,006		126,622
Leasehold improvements		47,137		46,874
Fixtures and equipment		114,870		112,423
Construction-in-progress		11,498		7,825
Total cost		376,286		363,807
Less: accumulated depreciation		(159,211)		(153,509)
Operating property, net	$	217,075	$	210,298

11

Depreciation expense for operating property was $3.5 million for both three months ended March 31, 2016 and March 31, 2015. Depreciation is unchanged over the period due to the increase in depreciation caused by the upgrade of our Carmel Mountain site and the opening of our LynnMall site being offset by foreign currency movements in Australia and New Zealand.

Burwood, Australia

On May 12, 2014, we entered into a contract to sell our undeveloped 50.6 acre parcel in Burwood, Victoria, Australia, to Australand Holdings Limited (now known as Frasers Property Australia) for a purchase price of $50.8 million (AU$65.0 million).  We received $5.9 million (AU$6.5 million) on May 23, 2014.  The remaining purchase price of $44.9 million (AU$58.5 million) is due on December 31, 2017.

Our book value in the property is $40.0 million (AU$52.1 million) and $38.0  (AU$52.1 million) as of March 31, 2016 and December 31, 2015, respectively.  While the transaction was treated as a sale for tax purposes in 2014, it does not qualify as a sale under US GAAP until the receipt of the payment of the balance of the purchase price due on December 31, 2017 (or earlier depending upon whether any prepayment obligation is triggered).  The asset is classified as long-term land held for sale on the consolidated balance sheets as of March 31, 2016 and December 31, 2015.

Doheny Condo, Los Angeles

On February 25, 2015, we sold our Los Angeles Condo for $3.0 million resulting in a $2.8 million gain on sale.

Taupo, New Zealand

On April 1, 2015, we entered into two definitive purchase and sale agreements to sell our properties at Taupo, New Zealand for a combined sales price of $2.3 million (NZ$3.4 million).  The first agreement related to a property with a sales price of $1.6 million (NZ$2.2 million) and a book value of $1.3 million (NZ$1.8 million), which closed on April 30, 2015 when we received the sales price in full. The other agreement related to a property with a sales price of $831,000  (NZ$1.2 million) and a book value of $426,000 (NZ$615,000) which was completed and for which we received cash settlement representing full sales price on March 31, 2016.  The first transaction qualified as a sale under both U.S. GAAP and tax purposes during the year-ended December 31, 2015.  The second transaction was recorded as a sale during the three months ended March 31, 2016.

Cannon Park, Queensland, Australia

On December 23, 2015, we completed a 100% acquisition of two adjoining ETCs in Townsville, Queensland, Australia for a total of $24.3 million (AU$33.6 million) in cash. The total gross leasable area of the two adjoining properties, the Cannon Park City Centre and the Cannon Park Discount Centre, is 133,000 square feet. The Cannon Park City Centre is anchored by Reading Cinemas, which is operated by Reading International’s 75% owned subsidiary, Australia Country Cinemas, and has three mini-major tenants and ten specialty family oriented restaurant tenants. The Cannon Park Discount Centre is anchored by Kingpin Bowling and supported by four other retailers. The properties are located approximately 6 miles from downtown Townsville, the second largest city in Queensland, Australia. This acquisition is consistent with our business plan to own, where practical, the land underlying our entertainment assets.

The acquired assets consist primarily of the land and buildings, which is approximately 98% leased to existing tenants. Tenancies range from having 9 months to 8 years left to run on their leases.

The total purchase price was allocated to the identifiable assets acquired based on our preliminary estimates of their fair values on the acquisition date.  There were no liabilities assumed.  As of March 31, 2016, the Company is still finalizing its allocation and this may result in potential adjustments within the 1-year measurement period from acquisition date. The determination of the fair values of the acquired assets (and the related determination of their estimated lives) requires significant judgment.  We did not identify any intangible assets or liabilities (above and below-market leases) at the date of acquisition. There was no goodwill recorded, as the purchase price did not exceed the fair value estimates of the net acquired assets.

Our preliminary purchase price allocation is as follows:

(Dollars in thousands)	US Dollars		AU dollars
Prepaid assets	$	28	$	38
Operating property:
Land		7,609		10,500
Building		16,712		23,060
Total purchase price	$	24,349	$	33,598

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Investment and Development Property

As of March 31, 2016 and December 31, 2015, our investment and development property is summarized below:

	March 31,		December 31,
(Dollars in thousands)	2016		2015
Land	$	21,709	$	21,434
Construction-in-progress		1,617		1,568
Investment and development property	$	23,326	$	23,002

Note 6 – Investments in Unconsolidated Joint Ventures and Entities

Our investments in unconsolidated joint ventures and entities are accounted for under the equity method of accounting, except for Rialto Distribution, which is accounted for as a cost method investment. The table below summarizes our investments in unconsolidated joint ventures and entities as of March 31, 2016 and December 31, 2015:

		March 31,		December 31,
(Dollars in thousands)	Interest	2016		2015
Rialto Distribution	33.3%	$	--	$	--
Rialto Cinemas	50.0%		1,370		1,276
Mt. Gravatt	33.3%		4,286		4,094
Total investments		$	5,656	$	5,370

For the three months ended March 31, 2016 and 2015, we recorded our share of equity earnings from our investments in unconsolidated joint ventures and entities as follows:

	Three Months Ended
		March 31,		March 31,
(Dollars in thousands)		2016		2015
Rialto Distribution	$	--	$	--
Rialto Cinemas		76		72
Mt. Gravatt		226		164
Total equity earnings	$	302	$	236

Note 7 – Goodwill and Intangible Assets

The table below summarizes goodwill by business segment as of March 31, 2016 and December 31, 2015.  

(Dollars in thousands)	Cinema		Real Estate		Total
Goodwill as of December 31, 2015	$	14,491	$	5,224	$	19,715
Foreign currency translation adjustment		287		--		287
Goodwill at March 31, 2016	$	14,778	$	5,224	$	20,002

The Company is required to test goodwill and other intangible assets for impairment on an annual basis and, if current events or circumstances require, on an interim basis.  Our next annual evaluation of goodwill and other intangible assets is scheduled for the fourth quarter of 2016.  To test the impairment of goodwill, the Company compares the fair value of each reporting unit to its carrying amount,including the goodwill,to determine if there is potential goodwill impairment. A reporting unit is generally one level below the operating segment. As of March 31, 2016, we were not aware of any events that made us believe potential impairment of goodwill had occurred.

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The tables below summarize intangible assets other than goodwill as ofMarch 31, 2016 and December 31, 2015, respectively.

	As of March 31, 2016
(Dollars in thousands)	Beneficial Leases		Trade Name		Other Intangible Assets		Total
Gross intangible assets	$	26,817	$	7,254	$	697	$	34,768
Less: Accumulated amortization		(20,498)		(4,393)		(447)		(25,338)
Net intangible assets	$	6,319	$	2,861	$	250	$	9,430

	As of December 31, 2015
(Dollars in thousands)	Beneficial Leases		Trade Name		Other Intangible Assets		Total
Gross intangible assets	$	26,793	$	7,254	$	696	$	34,743
Less: Accumulated amortization		(20,108)		(4,300)		(446)		(24,854)
Net intangible assets	$	6,685	$	2,954	$	250	$	9,889

Beneficial leases are amortized over the life of the lease up to30 years, trade names are amortized based on the accelerated amortization method over its estimated useful life of 45 years, and other intangible assets are amortized over 10 years.  The table below summarizes the amortization expense of intangible assets for the three months as of March 31, 2016 and March 31, 2015, respectively.

	Quarter Ended
	March 31,		March 31,
(Dollars in thousands)	2016		2015
Beneficial lease amortization	$	365	$	361
Other amortization		96		74
Total intangible assets amortization	$	461	$	435

Note 8 – Prepaid and Other Assets

Prepaid and other assets are summarized as follows:

	March 31,		December 31,
(Dollars in thousands)	2016		2015
Prepaid and other current assets
Prepaid expenses	$	1,496	$	879
Prepaid taxes		3,204		3,160
Prepaid rent		829		1,021
Deposits		369		369
Total prepaid and other current assets	$	5,898	$	5,429
Other non-current assets
Other non-cinema and non-rental real estate assets	$	1,134	$	1,134
Long-term deposits		58		63
Straight-line rent		2,552		2,417
Other		--		1
Total other non-current assets	$	3,744	$	3,615

14

Note 9 – Income Tax

The provision for income taxes is different from the amount determined by applying the U.S. federal statutory rate to consolidated income before taxes.  The significant  differences arise from the difference in foreign tax rates from U.S. tax rates, earnings considered indefinitely reinvested in foreign operations, state taxes, unrecognized tax benefits, and foreign withholding tax on interest. Our effective tax rate was 33.9 % and 44.9 % for the three months ended March 31, 2016 and 2015, respectively. The decrease was substantially caused by the reversal in the second quarter of 2015 of our assertion that earnings of Australia subsidiaries are not indefinitely invested in foreign operations.

Note 10 – Debt

The Company’s borrowings at March 31, 2016 and December 31, 2015, net of deferred financing costs and including the impact of interest rate swaps on effective interest rates, are summarized below:

		As of March 31, 2016
(Dollars in thousands)		Maturity Date	Contractual Facility		Balance		Stated Interest Rate	Effective Interest Rate (1)
Denominated in USD
	Trust Preferred Securities (USA)	April 30, 2027	$	27,913	$	27,913	4.62%	5.20%
	Bank of America Credit Facility (USA)	November 28, 2019		55,000		29,750	2.93%	3.65%
	Bank of America Line of Credit (USA)	October 31, 2017		5,000		4,750	3.42%	3.42%
	Cinema 1, 2, 3 Term Loan (USA)	July 1, 2016		15,000		15,000	4.00%	4.00%
	Cinema 1, 2, 3 Line of Credit (USA)	July 1, 2016		6,000		--	4.00%	4.00%
	Minetta & Orpheum Theatres Loan (USA)	June 1, 2018		7,500		7,500	3.25%	3.25%
	Union Square Line of Credit (USA)	June 2, 2017		8,000		8,000	3.58%	3.58%
Denominated in foreign currency ("FC") (2)
	NAB Corporate Term Loan (AU)	June 30, 2019		51,052		24,183	3.10%	3.10%
	Westpac Corporate Credit Facility (NZ)	March 31, 2018		34,630		12,121	4.15%	4.15%
			$	210,095
Debt, gross amount					$	129,217
Less: deferred financing costs, net of amortization						1,622
Debt, net of deferred financing costs					$	127,595

(1) Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities and Bank of America Credit Facility that were outstanding as of March 31, 2016

(2)The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of March 31, 2016.

15

		As of December 31, 2015(3)
(Dollars in thousands)		Maturity Date	Contractual Facility		Balance		Stated Interest Rate	Effective Interest Rate (1)
Denominated in USD
	Trust Preferred Securities (USA)	April 30, 2027	$	27,913	$	27,913	4.32%	5.20%
	Bank of America Credit Facility (USA)	November 28, 2019		55,000		29,750	2.92%	3.65%
	Bank of America Line of Credit (USA)	October 31, 2017		5,000		2,500	3.42%	3.42%
	Cinema 1, 2, 3 Term Loan (USA)	July 1, 2016		15,000		15,000	3.75%	3.75%
	Cinema 1, 2, 3 Line of Credit (USA)	July 1, 2016		6,000		--	3.75%	3.75%
	Minetta & Orpheum Theatres Loan (USA)	June 1, 2018		7,500		7,500	3.00%	3.00%
	Union Square Line of Credit (USA)	June 2, 2017		8,000		8,000	3.65%	3.65%
Denominated in FC (2)
	NAB Corporate Term Loan (AU)	June 30, 2019		48,452		26,594	3.06%	3.06%
	Westpac Corporate Credit Facility (NZ)	March 31, 2018		34,210		13,684	4.45%	4.45%
			$	207,075
Debt, gross amount					$	130,941
Less: deferred financing costs, net of amortization						1,828
Debt, net of deferred financing costs					$	129,113

(1) Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities and Bank of America Credit Facility that were outstanding as of December 31, 2015.

(2) The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollar based on the applicable exchange rates as of December 31, 2015.

(3) The balance as of December 31, 2015 included the reclassification adjustment relating to netting of deferred financing costs, as discussed in Note 1 – Recently Adopted and Issued Accounting Pronouncements.

Bank of America Credit Facility

On March 3, 2016, we amended our $55.0 million credit facility with Bank of America to permit real property acquisition loans.  This amendment was subject to the provision that the consolidated leverage ratio would be reduced by 0.25%from the established levels in the credit facility during the period of such borrowing subject further to a repayment of such borrowings on the earlier of the eighteen months from the date of such borrowing or the maturity date of the credit agreement.  Such modification was not considered substantial in accordance with US GAAP.

Note 11 – Other Liabilities

Other liabilities are summarized as follows:

(Dollars in thousands)	March 31, 2016		December 31, 2015
Current liabilities
Lease liability	$	5,900	$	5,900
Security deposit payable		180		180
Accrued pension		1,710		1,539
Other		60		21
Other current liabilities	$	7,850	$	7,640
Other liabilities
Straight-line rent liability	$	10,644	$	10,823
Accrued pension		6,110		6,236
Lease make-good provision		5,122		5,228
Deferred revenue - real estate		4,656		4,596
Environmental reserve		1,656		1,656
Interest rate swap		375		156
Acquired leases		224		866
Other		478		501
Other liabilities	$	29,265	$	30,062

16

On August 29, 2014 the Supplemental Executive Retirement Plan (“SERP”) that was effective since March 1, 2007, was ended and replaced with a new pension annuity.  As a result of the termination of the SERP program, the accrued pension liability of $7.6 million  was reversed and replaced with a new pension annuity liability of $7.5 million.  The valuation of the liability is based on the present value of $10.2 million discounted at a rate of 4.25% over a 15- year term, resulting in a monthly payment of $57,000 payable to the estate of Jim Cotter Sr.  The discount rate of 4.25% has been applied since 2014 to determine the net periodic benefit cost and plan benefit obligation and is expected to be used in future years.  The discounted value of $2.7 million (which is the difference between the estimated payout of $10.2 million and the present value of $7.5 million) as of August 29, 2014 will be amortized and expensed based on the 15-year term.  In addition, the accumulated actuarial loss of $3.1 million recorded, as part of other comprehensive income will also be amortized based on the 15-year term.

As a result of the above, included in our current and non-current liabilities are accrued pension costs of $7.8 million at March 31, 2016.  The benefits of our pension plans are fully vested and thereforeno service costs were recognized for thethree months ended March 31, 2016 and 2015.  Our pension plans are unfunded.  During thethree  month ended March 31, 2016, theinterest cost was$45,000and actuarial loss was$32,000.  During thethree-month ended March 31, 2015, theinterest cost was$45,000and actuarial loss was$52,000.

Note 12 – Accumulated Other Comprehensive Income

The following table summarizes the changes in each component of accumulated other comprehensive income attributable to RDI:

(Dollars in thousands)	Foreign Currency Items		Unrealized Gain (Losses) on Available-for-Sale Investments		Accrued Pension Service Costs		Total
Balance at January 1, 2016	$	14,642	$	12	$	(2,848)	$	11,806
Net current-period other comprehensive income		6,309		--		32		6,341
Balance at March 31, 2016	$	20,951	$	12	$	(2,816)	$	18,147

Note 13 – Commitments and Contingencies

The total estimated debt of unconsolidated joint ventures and entities,  consisting solely of Rialto Distribution (see Note 6 – Investments in Unconsolidated Joint Ventures and Entities), was$1.0million (NZ$1.5 million)  as of March 31, 2016 and December 31, 2015. Our share of the unconsolidated debt, based on our ownership percentage, was NZ$500,000 as of March 31, 2016 and December 31, 2015,respectively.  This debt is guaranteed by one of our subsidiaries to the extent of our ownership percentage.  In consideration of this debt guarantee, we accrued $346,000  (NZ$500,000) and $342,000  (NZ$500,000) as of March 31, 2016 and December 31, 2015, recorded as part of Accounts payable and accrued liabilities.

Note 14 – Non-controlling Interests

These  are composed of the following enterprises:

· Australia Country Cinemas Pty Ltd. --25% noncontrolling interest owned by Panorama Cinemas for the 21st Century Pty Ltd.;

· Shadow View Land and Farming, LLC -- 50% noncontrolling membership interest owned by the estate of Mr. James J. Cotter, Sr.; and,

· Sutton Hill Properties, LLC --25% noncontrolling interest owned by Sutton Hill Capital, LLC.

The components of noncontrolling interests are as follows:

	March 31,		December 31,
(Dollars in thousands)	2016		2015
Australian Country Cinemas, Pty Ltd	$	313	$	318
Shadow View Land and Farming, LLC		1,929		1,940
Sutton Hill Properties, LLC		2,048		2,073
Noncontrolling interests in consolidated subsidiaries	$	4,290	$	4,331

17

The components of gain/(loss) attributable to noncontrolling interests are as follows:

	Three Months Ended
	March 31,		March 31,
(Dollars in thousands)	2016		2015
Australian Country Cinemas, Pty Ltd	$	34	$	18
Shadow View Land and Farming, LLC		(10)		(13)
Sutton Hill Properties, LLC		(26)		(21)
Net loss attributable to noncontrolling interests	$	(2)	$	(16)

Summary of Controlling and Noncontrolling Stockholders’ Equity

A summary of the changes in controlling and noncontrolling stockholders’ equity is as follows:

(Dollars in thousands)		Controlling Stockholders’ Equity		Noncontrolling Stockholders’ Equity		Total Stockholders’ Equity
Equity at January 1, 2016	$	132,865	$	4,331	$	137,196
Net income (loss)		2,226		(2)		2,224
Increase in additional paid in capital		143		--		143
Distributions to noncontrolling stockholders		--		(55)		(55)
Accumulated other comprehensive income		6,340		16		6,356
Equity at March 31, 2016	$	141,574	$	4,290	$	145,864
(Dollars in thousands)		Controlling Stockholders’ Equity		Noncontrolling Stockholders’ Equity		Total Stockholders’ Equity
Equity at January 1, 2015	$	127,686	$	4,612	$	132,298
Net income (loss)		3,118		(16)		3,102
Increase in additional paid in capital		383		--		383
Treasury stock purchased		(1,828)		--		(1,828)
Contributions from noncontrolling stockholders - SHP		--		17		17
Distributions to noncontrolling stockholders		--		(90)		(90)
Accumulated other comprehensive loss		(9,837)		(25)		(9,862)
Equity at March 31, 2015	$	119,523	$	4,497	$	124,020

Note 15 – Equity and Stock-Based Compensation

Former Executive Stock-Based Compensation

As part of his compensation package, Mr. James J. Cotter, Sr., our now deceased former Chairman of the Board and Chief Executive Officer, was granted restricted Class A Non-voting Common Stock (“Class A Stock”) for 2014.  Mr. Cotter, Sr.’s stock compensation was granted fully vested with a five-year restriction on sale and the applicable compensation expense was recorded in the year of grant.  The 2014 stock grants were issued in the first quarter of 2015. 

Employee and Director Stock Option Plan

The Company may grant stock options and other share-based payment awards of our Class A Stock to eligible employees, directors, and consultantsunder the 2010 Stock Incentive Plan (the “Plan”). The aggregate total number of shares of the Class A Nonvoting Common Stock authorized for issuance under thePlan is 1,250,000.  As of March 31, 2016, we had 663,800 shares remaining for future issuances. 

18

Since the adoption of the Plan in 2010, the Company has granted awards primarily in the form of stock options.  In the 1st quarter of 2016, the Company started to award restricted stock units (“RSUs”) to directors and certain officers.  Stock options are generally granted at exercise prices equal to the grant-date market prices and typically expire no later than five years from the grant date.  In contrast to a stock option where the grantee buys the Company’s share at an exercise price determined on grant date, an RSU entitles the grantee to receive one share for every RSU based on a vesting plan.  At the discretion of our Compensation and Stock Options Committee, the vesting period of stock options and RSUs ranges fromzeroto four years.  At the time the options are exercised or RSUs vest, at the discretion of management, we will issue treasury shares or make a new issuance of shares to the option or RSU holder.

Stock Options

We estimate the grant-date fair value of our stock options using the Black-Scholes option-valuation model, which takes into account assumptions such as the dividend yield, the risk-free interest rate, the expected stock price volatility, and the expected life of the options.  We expense the estimated grant-date fair values of options over the vesting period on a straight-line basis. Based on our historical experience and the relative market price to strike price of the options, we have not hereto estimated any forfeitures of vested or unvested options.

For the three months ended March 31, 2016 and 2015, respectively, the weighted average assumptions used in the option-valuation model were as follows:

	Three Months Ended March 31
	2016			2015
Stock option exercise price	$	11.83	$	12.34
Risk-free interest rate		1.24%		1.77%
Expected dividend yield		--		--
Expected option life in years		3.75		5.00
Expected volatility		24.94%		31.80%
Weighted average fair value	$	2.48	$	3.83

We recorded compensation expense of $98,000 and $57,000 for the three months ended March 31, 2016 and 2015 respectively.  At March 31, 2016, the total unrecognized estimated compensation cost related to non-vested stock options was $830,000, which we expect to recognize over a weighted average vesting period of 2.19 years.  No stock options were exercised during the three months ended March 31, 2016. The intrinsic, unrealized value of all options outstanding, vested and expected to vest, at March 31, 2016 was $1.8 million, of which 63.6% are currently exercisable.

The following table summarizes the information of options outstanding and exercisable as of March 31, 2016 and December 31, 2015:

	Options Outstanding							Exercisable Options
	Number of Options		Weighted Average Exercise Price				Weighted Average Remaining Years of Contractual Life	Number of Options		Weighted Average Exercise Price				Weighted Average Remaining Years of Contractual Life
(Shares in thousands)	Class A	Class B	Class A		Class B		Class A & B	Class A	Class B	Class A		Class B		Class A & B
Balance - December 31, 2014	568	185	$	6.88	$	9.90	2.40	348	185	$	6.82	$	9.90	3.63
Granted	112	--		13.30		--		101	--		--		--
Exercised	(185)	(185)		6.09		9.90		(185)	(185)		--		--
Forfeited	(8)	--		6.23		--		(8)	--		--		--
Balance - December 31, 2015	487	--	$	7.64	$	--	2.89	256	--	$	7.64	$	--	2.14
Granted	142	-		11.83		-		10	-		-		-
Exercised	-	-		-		-		-	-		-		-
Forfeited	(2)	-		$6.23		-		-	-		-		-
Balance - March 31, 2016	627	--	$	9.40		-	3.17	266	--	$	7.78	$	--	2.04

19

Restricted Stock Units

We estimate the grant-date fair values of our RSUs using the Company’s stock price at grant-date and record such fair values as compensation expense over the vesting period on a straight-line basis.  In March 2016, RSU awards of 62,528 units were granted to directors and certain members of management, which remained unvested as of March 31, 2016.  These RSU awards vest 25% at the end of each year for 4 years (in the case of executives) and vest 100% at the end of one year (in the case of directors).  We recognized compensation expense of $31,000 during the three months ended March 31, 2016.  The total unrecognized compensation cost related to these unvested RSUs was $717,000 as of March 31, 2016.

Common Stock Buyback

On May 16, 2014, the Company's board of directors authorized management, at its discretion, to spend up to an aggregate of $10.0 million to acquire shares of Reading’s Common Stock. This approved stock repurchase plan supersedes and effectively cancelledthe program that was approved by the board on May 14, 2004, which allowed management to purchase up to 350,000 shares of Reading’s Common Stock.

The repurchase program allows Reading to repurchase its shares in accordance with the requirements of the SEC on the open market, in block trades and in privately negotiated transactions, depending on market conditions and other factors.  All purchases are subject to the availability of shares at prices that are acceptable to Reading, and accordingly, no assurances can be given as to the timing or number of shares that may ultimately be acquired pursuant to this authorization.

Under this approved buyback program, the Company has repurchased $7.2 million worth of common stock at an average price of $12.92 per share.  This leaves $2.8million available for repurchase as of March 31, 2016.

Note 16 – Derivative Instruments

We enter into interest rate derivative instruments to hedge the interest rate risk that results from the characteristics of our floating-rate borrowings. Our use of derivative transactions is intended to reduce long-term fluctuations in cash flows caused by market movements. All derivative instruments are recorded on the balance sheet at fair value with changes in fair value through interest expense in the Consolidated Statement of Operations. As of March 31, 2016, we have not designated any of our derivatives as accounting hedges.  

The Company’s derivative positions measured at fair value are summarized in the following tables:

	As of March 31, 2016
(Dollars in thousands)	Notional		Other Assets		Other Current Liabilities
Interest rate swap	$	52,413	$	-	$	375
Interest rate cap		7,500		1		-
Total	$	59,913	$	1	$	375

	As of December 31, 2015
(Dollars in thousands)	Notional		Other Assets		Other Current Liabilities
Interest rate swap	$	52,413	$	-	$	156
Interest rate cap		7,500		1		-
Total	$	59,913	$	1	$	156

The following table summarizes the unrealized gains or losses due to changes in fair value of the derivatives that are recorded in interest expense in the Consolidated Statement of Operations, for the three months ended March 31, 2016 and March 31, 2015.  

	Three Months Ended
(Dollars in thousands)	March 31, 2016		March 31, 2015
Net unrealized losses on interest rate derivatives	$	219	$	-

20

Note 17 – Fair Value Measurements

ASC 820,  Fair Value Measurementestablishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.  The statement requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:

· Level 1: Quoted market prices in active markets for identical assets or liabilities

· Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets

· Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable

The following tables summarize our financial assets and financial liabilities carried and measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015, by level within the fair value hierarchy.

	Fair Value Measurement at March 31, 2016
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets
Investments	$	51	$	-	$	-	$	51
Derivatives		-		1		-		1
Liabilities
Derivatives		-		(375)		-		(375)
Total recorded at fair value	$	51	$	(374)	$	-	$	(323)

	Fair Value Measurement at December 31, 2015
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets
Investments	$	51	$	-	$	-	$	51
Derivatives		-		1		-		1
Liabilities
Derivatives		-		(156)				(156)
Total recorded at fair value	$	51	$	(155)	$	-	$	(104)

The following tables summarize our financial liabilities that are carried at cost and measured at fair value on a non-recurring basis as of March 31, 2016 and December 31, 2015, by level within the fair value hierarchy.

			Fair Value Measurement at March 31, 2016
(Dollars in thousands)	Carrying Value(1)		Level 1		Level 2		Level 3		Total
Notes payable	$	101,303	$	-	$	-	$	92,978	$	92,978
Subordinated debt		27,913		-		-		13,446		13,446
	$	129,216	$	-	$	-	$	106,424	$	106,424

			Fair Value Measurement at December 31, 2015
(Dollars in thousands)	Carrying Value(1)		Level 1		Level 2		Level 3		Total
Notes payable	$	103,028	$	-	$	-	$	99,554	$	99,554
Subordinated debt		27,913		-		-		13,338		13,338
	$	130,941	$	-	$	-	$	112,892	$	112,892

(1)These balances are presented before any deduction for deferred financing costs.

21

Following is a description of the valuation methodologies used to estimate the fair value of our financial assets and liabilities. There have been nochanges in the methodologies used at March 31, 2016 and December 31, 2015.

Level 1 investments in marketable securitiesprimarily consist of investments associated with the ownership of marketable securities in U.S. and New Zealand. These investments arevalued based on observable market quotes on the last trading date of the reporting period.

Level 2 derivative financial instruments are valued based on discounted cash flow models that incorporate observable inputs such as interest rates and yield curves from the derivative counterparties. The credit valuation adjustments associated with our non-performance risk and counterparty credit risk are incorporated in the fair value estimates of our derivatives.  As of March 31, 2016 and December 31, 2015, we concluded that the credit valuation adjustments were not significant to the overall valuation of our derivatives.  

Level 3 borrowings include our secured and unsecured notes payable, trust preferred securities and other debt instruments.  The borrowings are valued based on discounted cash flow models that incorporate appropriate market discount rates. We calculated the market discount rate by obtaining period-end treasury rates for fixed-rate debt, or LIBOR for variable-rate debt, for maturities that correspond to the maturities of our debt, adding appropriate credit spreads derived from information obtained from third-party financial institutions.  These credit spreads take into account factors such as our credit rate,  debt maturity,  types of borrowings, and the loan-to-value ratios of the debt.  

The Company’s financial instruments also include cash, cash equivalents, receivables and account payable.  The carrying values of these financial instruments approximate the fair values. Additionally, there were no transfers of assets and liabilities between levels 1, 2, or 3 during the three months ended March 31, 2016 and March 31, 2015.

NOTE 18 – Subsequent Events

Acquisition of New Corporate Headquarters in Los Angeles

On April 11, 2016, we purchased for $11.2 million a 24,000 square foot Class B office building with 72 parking spaces located at 5995 Sepulveda Boulevard in Culver City, California.  We intend to use approximately 50% of the leasable area for our headquarters offices and to lease the remainder to unaffiliated third parties.  We anticipate, when the move is complete and the excess space is leased, that we will be able to reduce our headquarters occupancy cost by approximately $350,000 per annum.  We are in the process of obtaining a mortgage on this building.

Refinancing of Cinema 1,2,3 loan

On April 25, 2016, Sutton Hill Properties LLC, a 75% subsidiary of Reading International Inc., signed a non-binding agreement with a lender to refinance the $15 million mortgage loan on Cinema 1,2,3 which matures on July 1, 2016.  The Company expects to have the replacement financing in place by the end of the second quarter 2016.

Updates to The STOMP Arbitration

In April 2016, we have received a Final Award in our arbitration with The STOMP Company Limited Partnership, the producer of the show STOMP, currently playing at our Orpheum Theater in New York City.   The Final Award awards us $2,268,009 in attorney’s fees and costs.  We are pursuing the collection of this Final Award in New York Supreme Court. 

Updates to the Derivative Litigation

On May 2, 2016, the T2 Plaintiffs filed a petition on order shortening time seeking a preliminary injunction (1) enjoining the Inspector of Elections from counting any proxies purporting to vote either the 327,808 Class B shares represented by stock certificate B0005 (held of record by the Cotter Estate) or the 696,080 Class B shares represented by stock certificate RDIB 0028 (held of record by the Cotter Trust) at the upcoming June 2, 2016 Annual Meeting of Stockholders, and (2) enjoining Ellen Cotter, Margaret Cotter and James J. Cotter, Jr. from voting the above referenced shares at the 2016 Annual Meeting of Stockholders.    We believe that the above referenced shares are currently held of record by the Cotter Estate and the Cotter Trust, and such shares can be voted by the Co-Executors of the Cotter Estate and the Trustees of the Cotter Trust, as applicable.

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Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

We are an internationally diversified company principally focused on the development, ownership, and operation of entertainment and real estate assets in the United States, Australia, and New Zealand.  Currently, we operate in two business segments:

· cinema exhibition, through our 57 multiplex cinemas; and

· real estate, including real estate development and the rental of retail, commercial, and live theater assets.

We believe that these two business segments can complement one another, as we can use the comparatively consistent cash flows generated by our cinema operations to fund the front-end cash demands of our real estate development business.

We manage our worldwide cinema exhibition businesses under various different brands:

· in the US, under the following brands: Reading Cinema, Angelika Film Center, Consolidated Theaters, and City Cinemas;

· in Australia, under the Reading Cinema brand; and

· in New Zealand, under the Reading Cinema and Rialto brands.

Cinema Activities

We continue to (i) consider new opportunities to expand our international cinema circuit, (ii) evaluate our existing cinema portfolio to determine ways to maximize profitability through strategic renovations or programming adjustments, and (iii) determine the most efficient ways to dispose of cinemas carrying unacceptable risk profiles on a go-forward basis.   To increase attendance and improve our cash flow, our operational strategy has focused on improving the overall experience of the cinema guest through (i) improving our interaction on social and electronic media, (ii) expanding the quality and variety of our food & beverage menu, (iii) delivering a premium sight and sound presentation with a filmmaker focus, (iv) offering the most comfortable cinematic presentation, (iv) broadening the scope of our programming to increase attendance and box office, (v) delivering hospitality focused guest service and (vi) engagingour guests through better design of our cinema spaces.

As we renovate and reposition our existing cinemas, we intended where practical to add beer and wine service and, at some locations, cocktail type beverages.  Over the past years, we have obtained liquor licenses for six theater locations: (i) both of our Texas locations (Dallas and Plano),  (ii) our theater in Fairfax, Virginia, (iii) one in Washington, D.C., (iv) one in San Diego, CA., and (vi) most recently, our Ward Theater in Hawaii.   The latter is the first liquor license granted to a cinema on the island of Oahu.  Additionally, we have nine pending applications – five throughout California, two in Hawaii and one each in New York and New Jersey.

Innovative value pricing, improved food and beverage offerings and proactive social media engagement with our customers was a primary focus and to that end social media has been a powerful tool for connecting with and marketing to customers in real time.  We have continued to focus upon our company wide customer service training program with a view to improving staff productivity, the quality of customer interactions and ultimately underpinning an improvement to our per capita transaction spend.   Refining and remixing our food and beverage offer has been an ongoing initiative with a view to minimizing our cost of sales and improving the inventory blend of our over the counter customer offer.

US cinema activities

In October 2015, we reopened our Carmel Mountain theater in San Diego as an Angelika Film Center and Café featuring luxury recliners. Dedicated to exhibiting quality films and events, the sleek and modern Angelika Film Center & Cafe is a unique venue for San Diego’s culturally rich community, offering diverse programming and a creative menu of craft beverages and foods. Each of the 12 elegantly-appointed auditoria at the new Angelika feature full-recliner luxury seats in a stadium setting, pristine digital projection by Barco, the leader in digital cinema technology, Dolby 7.1 sound system, and reserved seating for a leisurely cinematic experience. With state-of-the-art digital presentation capabilities and events specialists, the Angelika is an ideal venue for a range of meetings and events, from corporate presentations to private gatherings.  Revenue at Carmel Mountain has increased by $1.2 million or 170% compared to the same quarter last year.

The lease entered into on April 17, 2014 with an affiliate of Edens (“EDENS”) providing for the development of a new state-of-the art Angelika Film Center at Union Market in Washington DC has been terminated due to cost and feasibility issues.   However, EDENS and the Company remain committed to the development of a state-of-the art Angelika Film Center as a part of Union Market, and are currently in lease negotiations with respect to an alternative site within the Union Market area.

Reflecting our dedication to providing our guests a premium presentation, the Company entered into its first license agreement with IMAX.   The Company converted one auditorium at the cinema at the Valley Plaza Mall in Bakersfield, California to an IMAX

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presentation in time for the opening of “Star Wars: The Force Awakens” in December 2015. Revenue at Valley Plaza has increased 24% over the same quarter last year, driven by increased attendance and increased average ticket price.

Currently, the Company offers beer, wine and/or cocktails at five of its US cinemas and has the license to begin selling beer, wine and mixed drinks at four other theaters in the US.

On January 31, 2016, following our run of “Star Wars: The Force Awakens”, we surrendered our Gaslamp Cinema in San Diego. We paid the landlord a $1.0 million negotiated termination fee, which was less expensive than continuing to operate an unprofitable theater at this location.  This cinema was acquired in 2008 as a part of the acquisition of a package of 15 locations from Pacific Theatres.  The cinema was, at that time, a substantial money-loser and the purchase price was calculated taking into account the losses generated by that cinema and the likelihood that such losses would continue into the future. The losses at Gaslamp have reduced by $293,000 compared to the same period last year.

Australia and New Zealand cinema activities

In September 2015, we reopened our completely refurbished Reading Cinemas at Harbourtown Shopping Center on the Gold Coast in Queensland, Australia, which is the largest theater by screen count on the Gold Coast and is a key asset within the group, having entertained more than ten million customers over the past fifteen years. The highlight of this renovation was the inclusion of our premium large format auditorium, TITAN XC (Extreme Cinema), which features a 66-foot wide ‘wall-to-wall’ screen and Dolby Atmos, a fully immersive sound system that is being embraced by leading exhibitors and filmmakers worldwide as the next-generation sound in the cinema.  The renovation also included finish upgrades in the cinema’s affordable luxury ‘dine-in’ cinema, combining a fully licensed lounge bar and a full food menu.

In November 2015, we opened the state-of-the-art Reading Cinemas LynnMall, our first Auckland based Reading Cinemas branded cinema complex, in New Lynn, New Zealand. The new state-of-the-art cinema complex brings Reading’s premium offerings to the newly redeveloped LynnMall Shopping Centre, providing a compelling and convenient movie experience for the Centre’s guests. The highlight of this cinema complex is the newly formatted TITAN XC (Extreme Cinema), a 66-foot wide ‘wall-to-wall’ screen that incorporates Dolby Atmos. To further enhance its position as a leading entertainment destination, we offer two luxury dine-in licensed “Premium Cinema” screens, with a full food and beverage menu to provide the best movie going experience for customers.  This site has added $1.0 million (NZ$1.6 million) additional revenue.

Real Estate Activities

In recent periods we have focused our real estate development activities on (i) the disposal of certain assets (Moonee Ponds and Burwood in Australia and Lake Taupo in New Zealand and the Doheny Condominium, which we determined to be non-core assets), (ii) the improvement and expansion of our shopping center assets including (a) an anchor grocery store tenancy and additional general retail for our Courtenay Central development at Wellington, New Zealand, (b) a multiplex cinema and additional general retail for our Newmarket Shopping Center in Brisbane, Australia and (c) additional general retail and restaurant space for our Auburn Shopping Center in Sydney, Australia, (iii) the redevelopment of our Union Square and Cinemas 1, 2, 3 properties in Manhattan and (iv) the procurement of land use entitlements for our landholdings in Coachella, California (202 acres) and Manukau, New Zealand (64 acres). The disposal of the Taupo and Doheny, which were mostly non income generating assets, has had little impact on our revenue. With the exception of Union Square our properties scheduled for improvement or expansion continue to trade at or around the same level as previous years.

Our business plan is to continue with the further development of our operating properties, such as our Wellington, New Zealand site, Brisbane, Australia site and Sydney, Australia site, to redevelop our Union Square and Cinemas 1, 2, 3 properties in New York, to continue to pursue the various land use entitlements needed for the development of our landholdings in New Zealand and California, and to seek out additional, profitable real estate development opportunities with an existing or potential entertainment focus, while continuing to use and judiciously expand our presence in the cinema exhibition business by identifying, developing, and acquiring cinema properties when and where we believe to be appropriate. 

US real estate activities

We are continuing to progress the development of our Union Square property located in Manhattan. We have (i) received authorization from the Landmarks Commission to develop the BKSK Architects’ design which will add approximately 23,000 square footage of rentable space to the current square footage of the building for an approximate total of up to73,000 square feet of rentable space subject to lease negotiations and the final tenant mix, (ii) entered into a Development Management Agreement with Edifice Real Estate Partners, LLC, to assist in the supervision and administration of the project, (iii) entered into a real estate brokerage agreement with Newmark Grubb Knight Frank to serve as our exclusive marketing agent, and (iv) retained Gensler to assist with space layout and interior design. On March 22, 2016, we received the unanimous approval of the Board of Standards and Appeals of our application for the variances needed to redevelop our Union Square property for retail and office uses.  This is the last major regulatory hurdle to commencement of construction.  While our plans still must be approved by the New York City Department of

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Buildings, we do not currently anticipate encountering any material issues.  On March 28, 2016, we entered into a construction management agreement for preconstruction services with an affiliate of CNY.  All tenancies have been terminated and vacated, and we have begun internal demolition activities at the site.  We currently anticipate that construction will be completed by the second quarter of 2018.  We are advised by Newmark that tenant interest in our property is strong. Revenue from third parties and live theater box office has reduced by $411,000 and $132,000 respectively compared to the same time last year.

Regarding our Cinemas 1,2,3 property in Manhattan, we have received the consent of our minority member to the redevelopment of the property. We are evaluating the potential to redevelop the property as a mixed use retail and residential and/or hotel property.  Further, we have completed a preliminary feasibility study and are currently in negotiations with the owner of the approximately 2,600 square foot corner parcel adjacent to our Cinemas 1,2,3 property on the corner of 60th Street and 3rd Avenue for the joint development of our properties.  A combination of the properties would produce approximately 121,000 square foot of FAR and approximately 140,000 square feet of gross buildable area.  No assurances can be given that we will be able to come to terms with the adjacent owner. This property continues to trade as a cinema in line with previous years.

As discussed in the Notes to the Consolidated Financial Statements included in this document, on April 11, 2016, we purchased for $11.2 million a 24,000 square foot Class B office building with 72 parking spaces located at 5995 Sepulveda Boulevard in Culver City, California.  We intend to use approximately 50% of the leasable area for our headquarters offices and to lease the remainder to unaffiliated third parties.  We anticipate, when the move is complete and the excess space is leased, we will be able to reduce our headquarters occupancy cost by approximately $350,000 per annum.

Australia real estate activities

We received Brisbane City Planning Council approval in June 2015 for the construction of an eight-screen cinema complex with 10,000 square feet of specialty retail to be located below the cinema and additional mezzanine level parking at our existing Newmarket (Brisbane, Australia) shopping center.  Construction is expected to commence in the third quarter of 2016, with a projected opening in the fourth quarter of 2017.   On November 30, 2015, we acquired an approximately 23,000 square foot parcel adjacent to our tenant the Coles supermarket in Newmarket.  This property is currently improved with an office building. We intend, over time, to integrate this property into our Newmarket development.  This will increase Newmarket’s footprint from approximately 204,000 to approximately 227,000  square feet.

On December 23, 2015, we acquired two adjoining ETCs in Townsville, Queensland, Australia for a total of $24.3 million (AU$33.6 million) comprising approximately 5.6 acres. The total gross leasable area of the two properties, the Cannon Park City Centre and the Cannon Park Discount Centre, is 133,000 square feet.  Our 75%-owned multiplex cinema at the Cannon Park City Centre is the anchor tenant of that center.  This acquisition is consistent with our business plan to own, where practical, the land underlying our entertainment assets.  We will be operating these two properties as a single ETC. These sites have added an additional $716,000 (AU$992,000) of revenue to our real estate segment for the quarter.

On May 12, 2014, we entered into a contract to sell our undeveloped 50.6 acre parcel in Burwood, Victoria, Australia, to Australand Holdings Limited (now known as Frasers Property Australia) for a purchase price of $50.8 million (AU$65.0 million).  We received $5.9 million (AU$6.5 million) on May 23, 2014.  The remaining purchase price of $44.9 million (AU$58.5 million) is due on December 31, 2017.  The agreement provides for mandatory pre-payments in the event that any of the land is sold by the buyer, any such prepayment being in an amount equal to the greater of (a) 90% of the net sales price or (b) the balance of the purchase price multiplied by a fraction the numerator of which is the square footage of property being sold by the buyer and the denominator of which is the original square footage of the property being sold to the buyer.  The agreement does not provide for the payment of interest on the balance owed.  The buyer has informed us that it is under contract to sell a portion of this property and a potential prepayment of approximately 90% of $19.2 million (AU$25 million) is possible in 2016.

New Zealand real estate activities

We received town planning approval in May 2015 from the Wellington City Council for a $11.5 million (NZ$17.0 million) supermarket development project at our Courtenay Central entertainment-themed center (“ETC”) (Wellington, New Zealand).  Currently, we continue to progress the addition of an approximately 36,000 square foot supermarket and approximately 4,000 square feet of general retail space.  The agreement to lease the supermarket was signed in 2013, all parties have approved construction budgets for the supermarket, and we anticipate beginning construction in third quarter of this year and occupancy by the fourth quarter 2017.  We are currently upgrading our parking structure to a level where it will be the safest (from an earthquake perspective) parking structure in Wellington which we believe will give us a competitive advantage not only in terms of parking but also as an amenity to our shopping center and cinema. While some tenancies have been disrupted by the redevelopment work, these have been offset by the arrival of a new major tenant. Both the cinema and the real estate activity continue to operate in line with prior years.

Refer to our Form 10-K for the year ended December 31, 2015 for more details on our cinema and real estate segments.

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RESULTS OF OPERATIONS

The table below summarizes the results of operations for each of our principal business segments along with the non-segment information for the threemonths ended March 31, 2016 and March 31, 2015:

		Three Months Ended				% Change
(Dollars in thousands)		March 31, 2016		March 31, 2015		Favorable/(Unfavorable)
SEGMENT RESULTS
	Revenue
	Cinema exhibition	$	61,315	$	56,899		8	%
	Real estate		5,250		5,404		(3)	%
	Inter-segment elimination		(1,776)		(1,718)		(3)	%
	Total revenue		64,789		60,585		7	%
	Operating expense
	Cinema exhibition		(49,732)		(46,859)		(6)	%
	Real estate		(2,141)		(2,140)		-	%
	Inter-segment elimination		1,776		1,718		3	%
	Total operating expense		(50,097)		(47,281)		(6)	%
	Depreciation and amortization
	Cinema exhibition		(2,894)		(2,827)		(2)	%
	Real estate		(818)		(845)		3	%
	Total depreciation and amortization		(3,712)		(3,672)		(1)	%
	General and administrative expense
	Cinema exhibition		(999)		(874)		(14)	%
	Real estate		(202)		(128)		(58)	%
	Total general and administrative expense		(1,201)		(1,002)		(20)	%
	Segment operating income
	Cinema exhibition		7,690		6,339		21	%
	Real estate		2,089		2,291		(9)	%
	Total segment operating income	$	9,779	$	8,630		13	%
NON-SEGMENT RESULTS
	Depreciation and amortization expense		(96)		(70)		(37)	%
	General and administrative expense		(4,991)		(3,327)		(50)	%
	Interest expense, net		(1,875)		(2,575)		27	%
	Equity earnings of unconsolidated joint ventures and entities		302		236		28	%
	Gain on sale of assets		393		2,822		(86)	%
	Other expense		(57)		(91)		(37)	%
	Income before income taxes		3,455		5,625		(39)	%
	Income tax expense		(1,231)		(2,523)		51	%
Net income			2,224		3,102		(28)	%
	Less: net loss attributable to noncontrolling interests		2		16		(88)	%
Net income attributable to RDI common stockholders		$	2,226	$	3,118		(29)	%
Basic EPS		$	0.10	$	0.13		(29)	%

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Consolidated Results and Non-Segment Results

Three-Month Results

Revenue for the three-month period increased by 7%, or $4.2 million, to $64.8 million and net income attributable to RDI common stockholders decreased by 29%, or $892,000, to $2.2 million.  EPS for the three months ended March 31, 2016 decreased by $0.03 to $0.10 in the prior-year three-month period, mainly attributable to higher gain on sale of assets realized in 2015and increases in general & administrative expenses, offset by higher earnings in 2016 from increased attendance in the U.S., Australia and New Zealand.

General and administrative expense (non-segment)

General and administrative expense for the three-month period increased by 50%, or $1.7 million, mainly due to higher legal  & audit expenses and expenses related to the change in status of certain executives. For more information about the legal expense, please refer to Item 1- Legal Proceedings in Part II of this document.

Interest expense, net

Interest expense, net for the three-month period decreased by 27%, or $700,000, mainly due to renegotiation of our loan facility in Australia leading to substantially lower borrowing costs.  

Gain on sale of assets

Net gain on sale of assets for the three-month period decreased by $2.4 million, primarily due to the sale of our Doheny Condo in Los Angeles during Q1 2015 resulting in a $2.8 million gain compared to the gain from the final closing of the sale of the Taupo property in New Zealand in the amount of $393,000.

Income tax expense

Income taxes decreased by $1.3million compared to the prior-year three-month period, mainly due to the 39% reduction in income before taxes. 

Business Segment Results

At March 31, 2016, we owned and operated 53 cinemas with 428 screens, had interests in certain unconsolidated joint ventures and entities that own an additional 3 cinemas with 29 screens and managed 1 cinema with 4 screens.  During the period, we also (i) owned and operated four Entertainment Themed Centers (“ETCs”) located in Belmont,  Auburn (a suburb of Sydney)  and Townsville in Australia and Wellington in New Zealand, (ii) owned the fee interests in three developed commercial properties in Manhattan and Chicago improved with live theaters comprising six stages and ancillary retail and commercial space  (plus our 4th live theatre that was closed at the end of 2015 as part of the Union Square property redevelopment), (iii) owned a 75% managing member interest in a limited liability company which in turn owns the fee interests underlying one of our Manhattan cinemas, (iv) held for development an additional four parcels aggregating approximately 75 acres located principally in urbanized areas of Australia and New Zealand (calculated net of our Lake Taupo and Burwood Properties), and (v) owned 50% managing member interestin a limited liability company which in turn owns a 202-acre property that is zoned for the development of over 500 single-family residential units in the U.S.  In addition, we continue to hold various properties that had been previously used in our historic railroad operations.

The Company transacts business in Australia and New Zealand and is subject to risks associated with changing foreign currency exchange rates. During the current quarter compared to the prior-year quarter, the average conversion rates of Australian dollar and New Zealand dollar weakened against the U.S. dollars by 8% and 12%, respectively.  Refer to Note 3 – Operations in Foreign Currency for further information.

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Cinema Exhibition

The following tables detail our cinema exhibition segment operating results for the quarter and three months ended March 31, 2016 and 2015, respectively:

			Three Months Ended
(Dollars in thousands)			March 31, 2016		% of Revenue	March 31, 2015		% of Revenue	% Change Fav / (Unfav)
REVENUE
	United States	Admissions revenue	$	21,795	36%	$	19,772	35%	10	%
		Concessions revenue		10,132	17%		8,299	15%	22	%
		Advertising and other revenue		2,131	3%		1,764	3%	21	%
			$	34,058	56%	$	29,835	52%	14	%
	Australia	Admissions revenue	$	13,298	22%	$	14,099	25%	(6)	%
		Concessions revenue		6,166	10%		6,131	11%	1	%
		Advertising and other revenue		1,540	3%		1,459	3%	6	%
			$	21,004	34%	$	21,689	38%	(3)	%
	New Zealand	Admissions revenue	$	4,229	7%	$	3,634	6%	16	%
		Concessions revenue		1,694	3%		1,485	3%	14	%
		Advertising and other revenue		330	1%		256	0%	29	%
			$	6,253	10%	$	5,375	9%	16	%
	Total revenue		$	61,315	100%	$	56,899	100%	8	%
OPERATING EXPENSE
	United States	Film rent and advertising cost	$	(11,716)	-19%	$	(10,025)	-18%	(17)	%
		Concession cost		(1,720)	-3%		(1,445)	-3%	(19)	%
		Occupancy expense		(6,494)	-11%		(6,623)	-12%	2	%
		Other operating expense		(9,389)	-15%		(8,507)	-15%	(10)	%
			$	(29,319)	-48%	$	(26,600)	-47%	(10)	%
	Australia	Film rent and advertising cost	$	(6,177)	-10%	$	(6,386)	-11%	3	%
		Concession cost		(1,245)	-2%		(1,257)	-2%	1	%
		Occupancy expense		(3,376)	-6%		(3,721)	-7%	9	%
		Other operating expense		(4,818)	-8%		(4,646)	-8%	(4)	%
			$	(15,616)	-25%	$	(16,010)	-28%	2	%
	New Zealand	Film rent and advertising cost	$	(1,833)	-3%	$	(1,608)	-3%	(14)	%
		Concession cost		(411)	-1%		(353)	-1%	(16)	%
		Occupancy expense		(1,129)	-2%		(1,075)	-2%	(5)	%
		Other operating expense		(1,424)	-2%		(1,212)	-2%	(17)	%
			$	(4,797)	-8%	$	(4,248)	-7%	(13)	%
	Total operating expense		$	(49,732)	-81%	$	(46,858)	-82%	(6)	%
DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE
	United States	Depreciation and amortization	$	(1,470)	-2%	$	(1,281)	-2%	(15)	%
		General and administrative expense		(714)	-1%		(678)	-1%	(5)	%
			$	(2,184)	-4%	$	(1,959)	-3%	(11)	%
	Australia	Depreciation and amortization	$	(1,020)	-2%	$	(1,201)	-2%	15	%
		General and administrative expense		(304)	0%		(183)	0%	(66)	%
			$	(1,324)	-2%	$	(1,384)	-2%	4	%

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	New Zealand	Depreciation and amortization	$	(404)	-1%	$	(345)	-1%	(17)	%
		General and administrative expense		19	0%		(13)	0%	nm
			$	(385)	-1%	$	(358)	-1%	(8)	%
	Total depreciation, amortization, general and administrative expense		$	(3,893)	-6%	$	(3,701)	-7%	(5)	%
OPERATING INCOME - CINEMA
	United States		$	2,555	4%	$	1,276	2%	100	%
	Australia			4,064	7%		4,295	8%	(5)	%
	New Zealand			1,071	2%		769	1%	39	%
	Total Cinema operating income		$	7,690	13%	$	6,340	11%	21	%

Three Months Results:

Segment operating income

Cinema segment operating incomeincreased by21%, or $1.4 million, to $7.7 million for the three-month period ended March 31, 2016 compared to March 31, 2015, primarily driven by higher admissions and concessions revenue, partially offset by weaker foreign exchange average rates for Australian and New Zealand operations.  Refer below for further detailed explanation.

Revenue

Cinema revenue increased by 8%, or $4.4 million, to $61.3 million for the three-month period ended March 31, 2016 compared to March 31, 2015, primarily attributable to higher attendances in the United States, Australia and New Zealand, offset by the unfavorable impact from the foreign exchange average rate movements. Comparing the three months period of the current year and prior year, Australia dollars and New Zealand dollars weakened against U.S. dollars by 8% and 12% (on average rates), respectively.

The three-month revenue in the United States increased by 14%, or $4.2 million, primarily driven by a higher average admission price and increased admissions and concessions revenue. Australia cinema revenue decreased by 3%, or $685,000, primarily due to unfavorable impact from foreign exchange average rate movements. When expressed in local currency, Australian cinema operations increased by 7%, or AU$1.8 million, due to higher admissions.  In New Zealand, cinema revenue increased by 16%, or $878,000, mainly due to higher admission revenue and higher concession revenue as result of higher attendance and the opening of our LynnMall cinema in November 2015, partially offset byunfavorable impact from foreign exchange average rate movements.  When expressed in local currency, New Zealand cinema operations increased by 32%, or NZ$2.3 million.

Operating expense

Operating expense for the three-month periodincreased by6%, or$2.9 million, mainly attributable to higher film rent and advertising costand the opening of the new LynnMall cinema in New Zealand.  Australia cinema operating expense decreased by 2% primarily due to favorable impact from foreign exchange rate movements.

Operating expense as a percentage of gross revenue improved by 1% to 81%, mainly attributable to the percentage of fixed costs compared to the increases in our revenue streams.

Depreciation,  amortization, general and administrative expense

Depreciation, amortization, general and administrative expense for the three-month periodincreasedslightly by 5%, or $192,000, primarily driven by an increase in depreciation resulting from improvements in our Carmel Mountain cinema and our new LynnMall cinema.

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Real Estate

The following tables detail our real estate segment operating results for the quarter and three months ended March 31, 2016 and 2015, respectively:

			Three Months Ended
(Dollars in thousands)			March 31, 2016		% of Revenue	March 31, 2015		% of Revenue	% Change Fav / (Unfav)
REVENUE
	United States	Live theater rental and ancillary income	$	766	15%	$	685	13%	12	%
		Property rental income		93	2%		453	8%	(79)	%
				859	16%		1,138	21%	(25)	%
	Australia	Property rental income		3,311	63%		2,912	54%	14	%
	New Zealand	Property rental income		1,080	21%		1,354	25%	(20)	%
	Total revenue		$	5,250	100%	$	5,404	100%	(3)	%
OPERATING EXPENSE
	United States	Live theater cost	$	(547)	-10%	$	(398)	-7%	(37)	%
		Property cost		(83)	-2%		(18)	0%	(361)	%
		Occupancy expense		(104)	-2%		(240)	-4%	57	%
				(734)	-14%		(656)	-12%	(12)	%
	Australia	Property cost		(481)	-9%		(432)	-8%	(11)	%
		Occupancy expense		(511)	-10%		(491)	-9%	(4)	%
				(992)	-19%		(923)	-17%	(7)	%
	New Zealand	Property cost		(240)	-5%		(384)	-7%	38	%
		Occupancy expense		(174)	-3%		(178)	-3%	2	%
				(414)	-8%		(562)	-10%	26	%
	Total operating expense		$	(2,140)	-41%	$	(2,141)	-40%	-	%
DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE
	United States	Depreciation and amortization	$	(85)	-2%	$	(82)	-2%	(4)	%
		General and administrative expense		30	1%		49	1%	39	%
				(55)	-1%		(33)	-1%	(67)	%
	Australia	Depreciation and amortization	$	(504)	-10%	$	(507)	-9%	1	%
		General and administrative expense		(224)	-4%		(165)	-3%	(36)	%
				(728)	-14%		(672)	-12%	(8)	%
	New Zealand	Depreciation and amortization		(229)	-4%		(255)	-5%	10	%
		General and administrative expense		(9)	0%		(12)	0%	25	%
				(238)	-5%		(267)	-5%	11	%
	Total depreciation, amortization, general and administrative expense		$	(1,021)	-19%	$	(972)	-18%	(5)	%
OPERATING INCOME - REAL ESTATE
	United States		$	70	1%	$	449	8%	(84)	%
	Australia			1,591	30%		1,317	24%	21	%
	New Zealand			428	8%		525	10%	(18)	%
	Total real estate operating income		$	2,089	40%	$	2,291	42%	(9)	%

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Three Months Results:

Segment operating income

Real estatesegment operating incomedecreased by9%, or $202,000, to $2.1 million for the three-month period ended March 31, 2016 compared to March 31, 2015, primarily attributable to 3% lower revenue and 5% higher depreciation, amortization and general and administrative expenses.  Refer below for further explanation.

Revenue

Real estate revenue for the three-month period decreased by3%, or $154,000, mainly driven by lower property rental income from U.S. and New Zealanddue to the temporary closure of Union Square New York property currently being re-developed and the sale of Taupo property in New Zealand, in addition to the unfavorable foreign exchange rate movements for New Zealand operations.  In Australia, property rental income increased by 14%, or $400,000, because of the purchase of Cannon Park in December 2015, offset by unfavorable foreign exchange movements, that impacted both Australia and New Zealand. 

Operating expense

Operating expense for the three-month period remained consistent compared to prior year despite the Cannon Park purchaseas a result of the sale of our Burwood property and the appreciation of the U.S. dollar against New Zealand dollar and the Australian dollar.  

Depreciation,  amortization, general and administrative expense

Depreciation, amortization, general and administrative expense for the three-month period increased by 5%, or $49,000, primarily driven by higher general and administrative expense, offset by lower depreciation and amortization expense. Depreciation and amortization expense for the three-month period decreased by 3%, or $26,000, mainly due to the appreciation of the U.S. dollar against the New Zealand dollar and the Australia dollar. General and administrative expense for the three-month period increased by 59%, or $75,000, mainly attributable to higher salary and recruitment costs,  offset by favorable impact from foreign exchange rate movements.

BUSINESS PLAN, LIQUIDITY AND CAPITAL RESOURCES

Business plan

Our cinema exhibition business plan is to continue to identify, develop, and acquire cinema properties, where reasonably available, that allow us to leverage our cinema expertise and technology over a larger operating base. 

Our real estate business plan is to begin development of our existing property assets, to be sensitive to opportunities to convert our entertainment assets to higher and better uses, or, when appropriate, to dispose of such assets. 

In addition, we review opportunities to monetize our assets where such action could lead to a financially acceptable outcome.  We will also continue to investigate potential synergistic acquisitions that may not readily fall into either of our two cinema or real estate segments. 

Liquidity and capital resources

Liquidity risk is the risk relating to our ability to meet our financial obligations when they come due. In today’s environment, our financial obligations arise mainly from capital expenditure needs,  working capital requirements, anddebt servicing requirements. We manage the liquidity risk by ensuring our ability to generate sufficient cash flows from operating activities and to obtain adequate, reasonable financing and/or to convert non-performing or non-strategic assets into cash.

The change in cash and cash equivalents is as follows:

	Three Months Ended
(Dollars in thousands)	March 31, 2016		March 31, 2015		% Change
Net cash provided by operating activities	$	4,418	$	732	> 100	%
Net cash (used in)/provided by  investing activities		(3,206)		687	(> 100)	%
Net cash used in financing activities		(4,664)		(9,400)	50	%
Effect of exchange rate changes on cash and cash equivalents		80		(2,515)	(> 100)	%
Decrease in cash and cash equivalents	$	(3,372)	$	(10,496)	(68)	%

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Operating activities

Cash provided by operating activities during the current three-month period increased by $3.7 million, to $4.4 million, primarily driven by an increase of $4.6 million in changes in operating assets and liabilities, partially offset by a $0.9 million decrease in operational cash flows.

Investing activities

Cash used in/provided by investing activities during the current three-month period decreased by$3.9 million, to $3.2 million, primarily due to increase in purchases and additions to property and equipment by $1.6 million and decrease in proceeds from property sales by $2.2 million.  

Financing Activities

The $4.7 million cash used in the financing activities during the current three-month period was primarily related to $6.9 million loan repayments,offset by  $2.3 million in proceeds from borrowings.  

We manage our cash, investments and capital structure so we are able to meet the short-term and long-term obligations of our business, while maintaining financial flexibility and liquidity. We forecast, analyze and monitor our cash flows to enable investment and financing within the overall constraints of our financial strategy.

At March 31, 2016, our consolidated cash and cash equivalents totaled $16.3 million.  Of this amount, $3.8 million and $2.6 million was held by our Australia and New Zealand subsidiaries, respectively.  Our intention is to indefinitely reinvest Australia earnings but not indefinitely reinvest New Zealand earnings. If the Australian earnings were used to fund domestic operations, they would be subject to additional income taxes upon repatriation.

We have historically funded our working capital requirements, capital expenditures, investments in the acquisition of individual properties primarily from internally generated cash flows.  The Company had $64.5 million unused capacity of available corporate credit facilities at March 31, 2016.  In addition, we have $6.0 million and $10.4 million (NZ$15.0 million) unused capacity for Cinema 1,2,3 and construction funding for New Zealand, respectively. 

We expect to refinance the $15.0 million Cinema 1,2,3 Term Loan (USA) prior to the maturity date of July 1, 2016.

CONTRACTUAL OBLIGATIONS, COMMITMENTS AND CONTINGENCIES

The following table provides information with respect to the maturities and scheduled principal repayments of our recorded contractual obligations as of March 31, 2016:

(Dollars in thousands)	2016		2017		2018		2019		2020		Thereafter		Total
Debt(1)	$	15,000	$	12,750	$	19,621	$	53,933	$	--	$	--	$	101,304
Subordinated debt(1)		--		--		--		--		--		27,913		27,913
Tax settlement liability		2,600		--		--		--		--		--		2,600
Pension liability		1,710		684		684		684		684		3,374		7,820
Village East purchase option(3)		--		--		--		--		5,900		--		5,900
Lease obligations		23,147		30,979		26,469		23,825		17,046		130,321		251,787
Estimated interest on debt (2)		3,172		4,090		3,533		2,635		1,264		8,213		22,907
Total	$	45,629	$	48,503	$	50,307	$	81,077	$	24,894	$	169,821	$	420,231

(1)Information is presented exclusive of deferred financing costs.

(2)Estimated interest on debt is based on the anticipated loan balances for future periods and current applicable interest rates.

(3)Represents the lease liability of the option associated with the ground purchase of the Village East cinema.  

Refer to Note 13 – Commitments and Contingencies for additional information.

Litigation

We are currently involved in certain legal proceedings and, as required, have accrued estimates of probable and estimable losses for the resolution of these claims. 

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Where we are the plaintiffs, we expense all legal fees on an on-going basis and make no provision for any potential settlement amounts until received.  In Australia, the prevailing party is usually entitled to recover its attorneys’ fees, which typically work out to be approximately 60% of the amounts actually spent where first class legal counsel is engaged at customary rates.  Where we are a plaintiff, we have likewise made no provision for the liability for the defendant’s attorneys' fees in the event we are determined not to be the prevailing party.

Where we are the defendants, we accrue for probable damages that insurance may not cover as they become known and can be reasonably estimated.  In our opinion, any claims and litigation in which we are currently involved are not reasonably likely to have a material adverse effect on our business, results of operations, financial position, or liquidity.  It is possible, however, that future results of the operations for any particular quarterly or annual period could be materially affected by the ultimate outcome of the legal proceedings. Please refer to Item 3 – Legal Proceedings in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 for more information. There have been no material changes to our litigation exposure since our 2015 Annual Report, except as set forth in Item 1 – Legal Proceedings.

CRITICAL ACCOUNTING POLICIES

The SEC defines critical accounting policies as those that are, in management’s view, most important to the portrayal of the company’s financial condition and results of operations and the most demanding in their calls on judgment.  We believe our most critical accounting policies relate to:

· impairment of long-lived assets, including goodwill and intangible assets,

· tax valuation allowance and obligations, and

· legal and environmental obligations.

We discuss these critical accounting policies in our 2015 Annual Report and advise you to refer to that discussion.

Refer to Note 1 – Basis of Presentation for more information regarding new and recently adopted accounting pronouncements.

FINANCIAL RISK MANAGEMENT

Currency and interest rate risk

The Company’s objective in managing exposure to foreign currency and interest rate fluctuations is to reduce volatility of earnings and cash flows in order to allow management to focus on core business issues and challenges.

We currently manage our currency exposure by creating, whenever possible, natural hedges in Australia and New Zealand.  This involves local country sourcing of goods and services as well as borrowing in local currenciesto match revenues and expenses.Since we intend to conduct business on a self-funding basis, except for funds used to pay an appropriate share of our domestic corporate overhead), we do not believe the currency fluctuations presents a material risk to the Company.  As such, we  do not use derivative financial instruments to hedge against the risk of foreign currency exposure.

As we continue to progress with our acquisition and development activities in Australia and New Zealand, the effect of variations in currency values of our assets and liabilities for Australia and New Zealand stated in US Dollars may increase.

Set forth below is a chart reflecting the currency trends for the Australian and New Zealand Dollars vis-à-vis the U.S. Dollars over the past 20 years.

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Our exposure to interest rate risk arises out of our long-term floating-rate borrowings.  To manage the risk, we utilize interest rate derivative contracts to convert certainfloating-rate borrowings into fixed-rate borrowings. It is the Company’s policy to enter into interest rate derivative transactions only to the extent considered necessary to meet its objectives as stated above. The Company does not enter intothese transactions or any other hedging transactions for speculative purposes.

Inflation

We continually monitor inflation and the effects of changing prices.  Inflation increases the cost of goods and services used.  Competitive conditions in many of our markets restrict our ability to recover fully the higher costs of acquired goods and services through price increases.  We attempt to mitigate the impact of inflation by implementing continuous process improvement solutions to enhance productivity and efficiency and, as a result, lower costs and operating expenses.  In our opinion, we have managed the effects of inflation appropriately, and, as a result, it has not had a material impact on our operations and the resulting financial position or liquidity.

FORWARD LOOKING STATEMENTS

Our statements in this interim quarterly report contain a variety of forward-looking statements as defined by the Securities Litigation Reform Act of 1995. Forward-looking statements reflect only our expectations regarding future events and operating performance and necessarily speak only as of the date the information was prepared.  No guarantees can be given that our expectation will in fact be realized, in whole or in part.  You can recognize these statements by our use of words such as, by way of example, “may,” “will,” “expect,” “believe,” and “anticipate” or other similar terminology.

These forward-looking statements reflect our expectation after having considered a variety of risks and uncertainties.  However, they are necessarily the product of internal discussion and do not necessarily completely reflect the views of individual members of our Board of Directors or of our management team.  Individual Board members and individual members of our management team may have a different view as to the risks and uncertainties involved, and may have different views as to future events or our operating performance.

Among the factors that could cause actual results to differ materially from those expressed in or underlying our forward-looking statements are the following:

· with respect to our cinema operations:

o the number and attractiveness to movie goers of the films released in future periods;

34

o the amount of money spent by film distributors to promote their motion pictures;

o the licensing fees and terms required by film distributors from motion picture exhibitors in order to exhibit their films;

o the comparative attractiveness of motion pictures as a source of entertainment and willingness and/or ability of consumers (i) to spend their dollars on entertainment and (ii) to spend their entertainment dollars on movies in an outside the home environment;

o the extent to which we encounter competition from other cinema exhibitors, from other sources of outside-the-home entertainment, and from inside-the-home entertainment options, such as “home theaters” and competitive film product distribution technology such as, by way of example, cable, satellite broadcast and DVD rentals and sales, and online streaming; and

o the extent to and the efficiency with which we are able to integrate acquisitions of cinema circuits with our existing operations.

· with respect to our real estate development and operation activities:

o the rental rates and capitalization rates applicable to the markets in which we operate and the quality of properties that we own;

o the extent to which we can obtain on a timely basis the various land use approvals and entitlements needed to develop our properties;

o the risks and uncertainties associated with real estate development;

o the availability and cost of labor and materials;

o competition for development sites and tenants;

o environmental remediation issues;

o the extent to which our cinemas can continue to serve as an anchor tenant that will, in turn, be influenced by the same factors as will influence generally the results of our cinema operations; and

o certain of our activities are in geologically active areas, creating a risk of damage and/or disruption of real estate and/or cinema businesses from earthquakes.

· with respect to our operations generally as an international company involved in both the development and operation of cinemas and the development and operation of real estate; and previously engaged for many years in the railroad business in the United States:

o our ongoing access to borrowed funds and capital and the interest that must be paid on that debt and the returns that must be paid on such capital;

o the relative values of the currency used in the countries in which we operate;

o changes in government regulation, including by way of example, the costs resulting from the implementation of the requirements of Sarbanes-Oxley;

o our labor relations and costs of labor (including future government requirements with respect to pension liabilities, disability insurance and health coverage, and vacations and leave);

o our exposure from time to time to legal claims and to uninsurable risks such as those related to our historic railroad operations, including potential environmental claims and health-related claims relating to alleged exposure to asbestos or other substances now or in the future recognized as being possible causes of cancer or other health related problems;

o changes in future effective tax rates and the results of currently ongoing and future potential audits by taxing authorities having jurisdiction over our various companies; and

o changes in applicable accounting policies and practices.

The above list is not necessarily exhaustive, as business is by definition unpredictable and risky, and subject to influence by numerous factors outside of our control, such as changes in government regulation or policy, competition, interest rates, supply, technological innovation, changes in consumer taste and fancy, weather, and the extent to which consumers in our markets have the economic wherewithal to spend money on beyond-the-home entertainment.

Given the variety and unpredictability of the factors that will ultimately influence our businesses and our results of operation, it naturally follows that no guarantees can be given that any of our forward-looking statements will ultimately prove to be correct.  Actual results will undoubtedly vary and there is no guarantee as to how our securities will perform either when considered in isolation or when compared to other securities or investment opportunities.

Finally, we undertake no obligation to update publicly or to revise any of our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.  Accordingly, you should always note the date to which our forward-looking statements speak.

Additionally, certain of the presentations included in this interim quarterly report may contain “non-GAAP financial measures.”  In such case, a reconciliation of this information to our GAAP financial statements will be made available in connection with such statements.

35

Item 3 – Quantitative and Qualitative Disclosure about Market Risk

The SEC requires that registrants include information about potential effects of changes in currency exchange and interest rates in their filings.  Several alternatives, all with some limitations, have been offered.  We base the following discussion on a sensitivity analysis that models the effects of fluctuations in currency exchange rates and interest rates.  This analysis is constrained by several factors, including the following:

· It is based on a single point in time; and

· It does not include the effects of other complex market reactions that would arise from the changes modeled.

Although the results of such an analysis may be useful as a benchmark, they should not be viewed as forecasts.

At March 31, 2016, approximately 47% and 18% of our assets were invested in assets denominated in Australian dollars (Reading Australia) and New Zealand dollars (Reading New Zealand), respectively, including approximately $6.4 million in cash and cash equivalents.  At December 31, 2015, approximately 46% and 19% of our assets were invested in assets denominated in Australian dollars (Reading Australia) and New Zealand dollars (Reading New Zealand), including approximately $10.4 million in cash and cash equivalents.

Our policy in Australia and New Zealand is to match revenues and expenses, whenever possible, in local currencies.  As a result, we have procured in local currencies a majority of our expenses in Australia and New Zealand.  Due to the developing nature of our operations in Australia and New Zealand, our revenue is not yet significantly greater than our operating and interest expenses.  Despite this natural hedge, recent movements in foreign currencies have had an effect on our current earnings.  Although foreign currency has had an effect on our current earnings, the effect of the translation adjustment on our assets and liabilities noted in our other comprehensive income was an increase of $6.3 million for the three months ended March 31, 2016.  As we continue to progress our acquisition and development activities in Australia and New Zealand, we cannot assure you that the foreign currency effect on our earnings will be negligible in the future.

Historically, our policy has been to borrow in local currencies to finance the development and construction of our long-term assets in Australia and New Zealand whenever possible.  As a result, the borrowings in local currencies have provided somewhat of a natural hedge against the foreign currency exchange exposure.  Even so, and as a result of our issuance of fully subordinated Trust Preferred Securities in 2007, and their subsequent partial repayment, approximately 79% and 54% of our Australian and New Zealand assets, respectively, remain subject to such exposure, unless we elect to hedge our foreign currency exchange between the US and Australian and New Zealand dollars.  If the foreign currency rates were to fluctuate by 10%, the resulting change in Australian and New Zealand assets would be $14.0 million and $3.8 million, respectively, and the change in our quarterly net income would be $268,000 and $68,000, respectively.  Presently, we have no plan to hedge such exposure.

We record unrealized foreign currency translation gains or losses that could materially affect our financial position.  As of March 31, 2016 and December 31, 2015,  the balance of cumulative foreign currency translation adjustments was approximately $20.9 million gain and $14.6 million gain, respectively.

Historically, we maintain most of our cash and cash equivalent balances in short-term money market instruments with original maturities of three months or less.  Due to the short-term nature of such investments, a change of 1% in short-term interest rates would not have a material effect on our financial condition.

We have a combination of fixed and variable interest rate loans. In connection with our variable interest rate loans, a change of approximately 1% in short-term interest rates would have resulted in approximately$179,000increase or decrease in our quarterly interest expense.

36

Item 4 – Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company’s reports filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure.  In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and our management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such, term is defined under Rule 13a-15(e) promulgated under the Exchange Act.

In 2015, we noted a material weakness regarding certain controls related to income tax.  We anticipate that these controls will be updated and fully implemented during the calendar year 2016.  In this context, we have instituted additional processes to bolster these controls including strengthening the tax department and retaining a “Big Four” accounting firm to assist in the review of taxation matters on a quarterly and annual basis.

Changes in Internal Control over Financial Reporting

No change in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the quarter ended March 31, 2016 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

37

PART II – Other Information

Item 1 – Legal Proceedings

There have been no material changes to the legal proceedings as previously disclosed in our annual report on Form 10-K filed on April 29, 2016 with the SEC for the fiscal year ended December 31, 2015, except as disclosed below:

· Updates to The STOMP Arbitration

In April 2016, we have received a Final Award in our arbitration with The STOMP Company Limited Partnership, the producer of the show STOMP, currently playing at our Orpheum Theater in New York City.   The Final Award awards us $2,268,009 in attorney’s fees and costs.  We are pursuing collection of this Final Award in New York Supreme Court. 

· Updates to the Derivative Litigation

On May 2, 2016, the T2 Plaintiffs filed a petition on order shortening time seeking a preliminary injunction (1) enjoining the Inspector of Elections from counting any proxies purporting to vote either the 327,808 Class B shares represented by stock certificate B0005 (held of record by the Cotter Estate) or the 696,080 Class B shares represented by stock certificate RDIB 0028 (held of record by the Cotter Trust) at the upcoming June 2, 2016 Annual Meeting of Stockholders, and (2) enjoining Ellen Cotter, Margaret Cotter and James J. Cotter, Jr. from voting the above referenced shares at the 2016 Annual Meeting of Stockholders.   We believe that the above referenced shares are currently held of record by the Cotter Estate and the Cotter Trust, and such shares can be voted by the Co-Executors of the Cotter Estate and the Trustees of the Cotter Trust, as applicable

For further details on our legal proceedings, please refer to Item 3, Legal Proceedings, contained in such Annual Report on Form 10-K.

Item 1A – Risk Factors

There have been no material changes in risk factors as previously disclosed in our annual report on Form 10-K.

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

For a description of grants of stock to certain executives and e, see the Stock Based Compensation section under see Note 15 – Equity and Stock-Based Compensation to our Consolidated Financial Statements.

Item 3 – Defaults upon Senior Securities

None.

Item 5 – Other Information

Please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 for details.

Item 6 – Exhibits

31.1	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.2	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
32	Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation
101.DEF	XBRL Taxonomy Extension Definition
101.LAB	XBRL Taxonomy Extension Labels
101.PRE	XBRL Taxonomy Extension Presentation

38

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

READING INTERNATIONAL, INC.

Date:May 10, 2016

By: /s/ Ellen M. Cotter

Ellen M. Cotter

Chief Executive Officer

Date:May 10, 2016

By: /s/ Devasis Ghose

Devasis Ghose

Chief Financial Officer

39

EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Ellen M. Cotter., certify that:

1) I have reviewed this quarterly report on Form 10-Q of Reading International, Inc.;

2) Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3) Based on my knowledge, the financial statements and other financial information included in this quarterly report fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4) The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

d) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5) The registrant's other certifying officer and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and

6) The registrant's other certifying officer and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

By:/s/ Ellen M. Cotter

Ellen M. Cotter

Chief Executive Officer

May 10, 2016

EX-31.2

Exhibit 31.2

CERTIFICATIONS

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Devasis Ghose, certify that:

1) I have reviewed this quarterly report on Form 10-Q of Reading International, Inc.;

2) Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3) Based on my knowledge, the financial statements and other financial information included in this quarterly report fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4) The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

d) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5) The registrant's other certifying officer and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and

6) The registrant's other certifying officer and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

By:/s/ Devasis Ghose

Devasis Ghose

Chief Financial Officer

May10, 2016

EX-32

EXHIBIT 32

CERTIFICATION PURSUANT TO
18 U.S.C.  SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Each of the undersigned hereby certifies, in his or her capacity as an officer of Reading International, Inc. (the “Company”), for purposes of 18 U.S.C.  Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of his or her knowledge:

· The Quarterly Report of the Company on Form 10-Q for the period ended March 31, 2016 as filed with the Securities and Exchange Commission fully complies with the requirements of Section 13(a) and 15(d), as applicable, of the Securities Exchange Act of 1934; and

· The information contained in such report fairly presents, in all material respects, the financial condition and results of operation of the Company.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Dated:  May 10, 2016

/s/ Ellen M. Cotter

Name:Ellen M. Cotter

Title:Chief Executive Officer

/s/ Devasis Ghose

Name:Devasis Ghose

Title:Chief Financial Officer

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Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 09, 2016
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Entity Registrant Name	READING INTERNATIONAL INC
Trading Symbol	rdi
Entity Central Index Key	0000716634
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Class A [Member]
Entity Common Stock, Shares Outstanding		21,654,305
Class B [Member]
Entity Common Stock, Shares Outstanding		1,680,590

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Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents		$ 16,330	$ 19,702	[1]
Receivables		11,380	10,036	[1]
Inventory		969	1,122	[1]
Investment in marketable securities		51	51	[1]
Restricted cash		17	160	[1]
Prepaid and other current assets		5,898	5,429	[1]
Land held for sale - current	[1]		421
Total current assets		34,645	36,921	[1]
Operating property, net		217,075	210,298	[1]
Land held for sale - non current		40,004	37,966	[1]
Investment and development property, net		23,326	23,002	[1]
Investment in unconsolidated joint ventures and entities		5,656	5,370	[1]
Investment in Reading International Trust I		838	838	[1]
Goodwill		20,002	19,715	[1]
Intangible assets, net		9,430	9,889	[1]
Deferred tax asset, net		25,582	25,649	[1]
Other assets		3,744	3,615	[1]
Total assets		380,302	373,263	[1]
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities		23,889	23,638	[1]
Film rent payable		9,162	9,291	[1]
Debt – current, net		14,943	14,887	[1]
Taxes payable – current		6,971	5,275	[1]
Deferred current revenue		13,073	14,591	[1]
Other current liabilities		7,850	7,640	[1]
Total current liabilities		75,888	75,322	[1]
Debt – long-term, net		85,474	87,101	[1]
Subordinated debt, net		27,178	27,125	[1]
Noncurrent tax liabilities		16,633	16,457	[1]
Other liabilities		29,265	30,062	[1]
Total liabilities		$ 234,438	$ 236,067	[1]
Commitments and contingencies (Note 13)				[1]
Stockholders' equity:
Nonvoting preferred stock, par value $0.01, 12,000 shares authorized and no issued or outstanding shares at March 31, 2016 and December 31, 2015				[1]
Additional paid-in capital		$ 143,957	$ 143,815	[1]
Accumulated deficit		(7,252)	(9,478)	[1]
Treasury shares		(13,524)	(13,524)	[1]
Accumulated other comprehensive income		18,147	11,806	[1]
Total Reading International, Inc. stockholders' equity		141,574	132,865	[1]
Noncontrolling interests		4,290	4,331	[1]
Total stockholders' equity		145,864	137,196	[1]
Total liabilities and stockholders’ equity		380,302	373,263	[1]
Class A [Member]
Stockholders' equity:
Common stock		229	229	[1]
Class B [Member]
Stockholders' equity:
Common stock		$ 17	$ 17	[1]

[1] Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications)

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Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	12,000	12,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	32,831,113	21,654,302
Common stock, shares outstanding	32,831,113	21,654,302
Class B [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	1,680,590	1,680,590
Common stock, shares outstanding	1,680,590	1,680,590

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Consolidated Statements Of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating revenue
Cinema	$ 61,315	$ 56,899
Real estate	3,474	3,686
Total operating revenue	64,789	60,585
Operating expenses
Cinema	(47,957)	(45,141)
Real estate	(2,141)	(2,140)
Depreciation and amortization	(3,808)	(3,742)
General and administrative	(6,191)	(4,329)
Total costs and expenses	(60,097)	(55,352)
Operating income	4,692	5,233
Interest income	37	195
Interest expense	(1,912)	(2,770)
Net gain on sale of assets	393	2,822
Other expense	(57)	(91)
Income before income tax expense and equity earnings of unconsolidated joint ventures and entities	3,153	5,389
Equity earnings of unconsolidated joint ventures and entities	302	236
Income before income taxes	3,455	5,625
Income tax benefit (expense)	(1,231)	(2,523)
Net income	2,224	3,102
Net loss attributable to noncontrolling interests	(2)	(16)
Net income attributable to Reading International, Inc. common shareholders	$ 2,226	$ 3,118
Basic income per share attributable to Reading International, Inc. shareholders	$ 0.10	$ 0.13
Diluted income per share attributable to Reading International, Inc. shareholders	$ 0.09	$ 0.13
Weighted average number of shares outstanding-basic	23,334,892	23,242,467
Weighted average number of shares outstanding-diluted	23,532,858	23,523,655

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Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Consolidated Statements Of Comprehensive Income (Loss) [Abstract]
Net income	$ 2,224	$ 3,102
Foreign currency translation gain (loss)	6,323	(9,864)
Unrealized income on available for sale investments		(1)
Amortization of actuarial loss	(32)	(52)
Comprehensive income (loss)	8,579	(6,711)
Net loss attributable to noncontrolling interests	(2)	(16)
Less: Comprehensive loss attributable to noncontrolling interests	16	25
Comprehensive income (loss) attributable to Reading International, Inc.	$ 8,565	$ (6,720)

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Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
Cash flows from Operating Activities
Net income	$ 2,224		$ 3,102
Adjustments to reconcile net income to net cash provided by operating activities:
Equity earnings of unconsolidated joint ventures and entities	(302)		(236)
Distributions of earnings from unconsolidated joint ventures and entities	253		275
Gain on sale of property	(393)		(2,822)
Change in net deferred tax assets	(631)		2,094
Depreciation and amortization	3,808		3,742
Amortization of actuarial loss	32		52
Amortization of beneficial leases	150		94
Amortization of deferred financing costs	229		14
Amortization of straight-line rent	(6)		16
Stock based compensation expense	143		57
Net change in:
Receivables	(1,157)		1,986
Prepaid and other assets	1,420		(33)
Accounts payable and accrued expenses	(29)		(887)
Film rent payable	(220)		(3,744)
Taxes payable	1,489		(111)
Deferred revenue and other liabilities	(2,592)		(2,867)
Net cash provided by operating activities	4,418		732
Cash flows from Investing Activities
Purchases of and additions to property and equipment	(4,184)		(2,614)
Change in restricted cash	147		301
Proceeds from sale of property	831		3,000
Net cash (used in)/provided by investing activities	(3,206)		687
Cash flows from Financing Activities
Repayment of long-term borrowings	(6,847)		(7,825)
Proceeds from borrowings	2,250
Capitalized borrowing costs	(12)
Repurchase of Class A Nonvoting Common Stock			(1,828)
Proceeds from the exercise of stock options			326
Noncontrolling interest contributions			17
Noncontrolling interest distributions	(55)		(90)
Net cash used in financing activities	(4,664)		(9,400)
Effect of exchange rate changes on cash and cash equivalents	80		(2,515)
Net decrease in cash and cash equivalents	(3,372)		(10,496)
Cash and cash equivalents at the beginning of the period	19,702	[1]	50,248
Cash and cash equivalents at the end of the period	16,330		39,752
Supplemental Disclosures
Interest paid	1,453		2,003
Income taxes paid, net	$ 188		$ 2,988

[1] Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications)

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The Company And Basis Of Presentation

3 Months Ended

Mar. 31, 2016

The Company And Basis Of Presentation [Abstract]

The Company And Basis Of Presentation

Note 1 – The Company and Basis of Presentation

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, and, following the consummation of a consolidation transaction on December 31, 2001, is now the owner of the consolidated businesses and assets of Reading Entertainment, Inc. (“RDGE”), Craig Corporation (“CRG”) and Citadel Holding Corporation (“CDL”).  Our businesses consist primarily of:

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

· the development, ownership, and operation of retail and commercial real estate in Australia, New Zealand, and the United States.

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Significant estimates include projections we make regarding the recoverability of our assets, valuations of our interest swaps and the recoverability of our deferred tax assets. Actual results may differ from those estimates.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries as well as majority-owned subsidiaries that the Company controls, and should be read in conjunction with the Company’s Annual Report on Form 10-K as of and for the year-ended December 31, 2015.  All significant intercompany balances and transactions have been eliminated in consolidation.  These were prepared in accordance with the  U.S. GAAP for interim reporting and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (“SEC”).  As such, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. We believe that we have included all normal recurring adjustments necessary for a fair presentation of the results for the interim period. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016.

Reclassifications

Certain reclassifications have been made in the 2015 comparative information in the consolidated balance sheets and notes to conform to the 2016 presentation.  These changes relate to the adoption of Accounting Standards Update (“ASU”) 2015-03 as discussed more fully below.  These reclassifications had no significant impact on our 2015 financial position, results of operations and cash flows as previously reported.

Recently Adopted and Issued Accounting Pronouncements

Adopted:

On January 1, 2016, the Company adopted ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30):Simplifying the Presentation of Debt Issuance Costs, issued by the Financial Accounting Standards Board (“FASB”). This new standard, which became effective for fiscal years beginning after December 15, 2015, required that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The impact of this adoption includes reclassification of the deferred financing costs (net of amortization) from “Other Assets” to a reduction in the associated Debt account.

Also, on January 1, 2016, the Company adopted ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.  Under this new standard, an acquirer in a business combination transaction must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation or amortization, or other income effects, if any, because of the change to the provisional amounts, calculated as if the accounting had been completed as of the acquisition date, must be recorded in the reporting period in which the adjustment amounts are determined rather than retrospectively.  The ASU also requires that the acquirer present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date.  The adoption of this standard will impact the finalization of the purchase price allocation of the Cannon Park acquisition, which we expect to complete during the second or third quarter of 2016.  Please refer to Note 5 – Property & Equipment for the Cannon Park acquisition discussion.

Issued:

In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.  This new guidance provides simplifications involving several aspects of the accounting for share-based payment transactions, including the income tax consequences (such as excess tax benefits recorded in income tax expense/benefit, rather than additional paid-in capital), classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new standard is effective for the Company on January 1, 2017.  Early adoption is permitted.  An entity that elects early adoption must adopt all of the amendments in the same period.  The Company is currently assessing the impact of this new guidance on the consolidated financial statements and related disclosures.

In addition, in March 2016, the FASB issued ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.  This new guidance effectively removes the retroactive application imposed in current guidance when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence.  The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting.  The new standard becomes effective for the Company on January 1, 2017.  Early adoption is permissible.  The Company does not anticipate the adoption of ASU 2015-11 to have a material impact on the consolidated financial statements and related disclosures

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This new guidance establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The new standard becomes effective for the Company on January 1, 2019.  A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently assessing the impact of this new guidance on the consolidated financial statements and related disclosures.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. GAAP.  Under the new model, recognition of revenues occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  In addition, the new standard requires that reporting companies disclose the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.  Subsequently, in March 2016, FASB issued ASU 2016-08 to provide guidance on principal versus agent considerations.  The new standard becomes effective for the Company on January 1, 2018. Early adoption is permitted but cannot be earlier than January 1, 2017. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application.  We have not yet selected a transition method nor have we determined the impact of the new standard on our consolidated condensed financial statements.  While we believe the proposed guidance will not have a material impact on our business because our revenue predominantly comes from movie ticket sales and concession purchases, we plan to complete the analysis to ensure that we are in compliance prior to the effective date.

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Business Segments

3 Months Ended

Mar. 31, 2016

Business Segments [Abstract]

Business Segments

Note 2 – Business Segments

Reported below are the operating segments of the Company for which separate financial information is available and for which segment results are evaluated regularly by the Chief Executive Officer, the chief operating decision-maker of the Company.  In addition to the cinema exhibition and real estate activities, we have acquired, and continue to hold raw land in urban and suburban centers in Australia, New Zealand, and the United States, as part of our real estate activities.  

The tables below summarize the results of operations for each of our business segments for the three months ended March 31, 2016 and 2015, respectively.  Operating expense includes costs associated with the day-to-day operations of the cinemas and the management of rental properties, including our live theater assets.

	Three Months Ended
(Dollars in thousands)	March 31, 2016		March 31, 2015
Revenue:
Cinema exhibition	$	61,315	$	56,899
Real estate		5,250		5,404
Inter-segment elimination		(1,776)		(1,718)
	$	64,789	$	60,585
Segment operating income:
Cinema exhibition	$	7,690	$	6,339
Real estate		2,089		2,291
	$	9,779	$	8,630

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

	Three Months Ended
(Dollars in thousands)	March 31, 2016		March 31, 2015
Segment operating income	$	9,779	$	8,630
Unallocated corporate expense
Depreciation and amortization expense		(96)		(70)
General and administrative expense		(4,991)		(3,327)
Interest expense, net		(1,875)		(2,575)
Equity earnings of unconsolidated joint ventures and entities		302		236
Gain on sale of assets		393		2,822
Other expense		(57)		(91)
Income before income tax expense, net of non-controlling interests	$	3,455	$	5,625

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Operations In Foreign Currency

3 Months Ended

Mar. 31, 2016

Operations In Foreign Currency [Abstract]

Operations In Foreign Currency

Note 3 – Operations in Foreign Currency

We have significant assets in Australia and New Zealand. To the extent possible, we conduct our Australian and New Zealand operations (collectively “foreign operations”) on a self-funding basis where we use cash flows generated by our foreign operations to pay for the expense of foreign operations.  Our Australian and New Zealand assets and liabilities are translated from their functional currencies of Australian dollar (AU$) and New Zealand dollar (NZ$), respectively, to U.S. dollar based on the exchange rate as of March 31, 2016. The carrying value of the assets and liabilities of our foreign operations fluctuates as result of changes in the exchange rates between the functional currencies of the foreign operations and the U.S. dollar. The translation adjustments are accumulated in the Accumulated Other Comprehensive Income in the Consolidated Balance Sheets.

Because we intend to conduct business on a self-funding basis (except for funds used to pay an appropriate share of our domestic corporate overhead), we do not believe the currency fluctuations present a material risk to the Company.  As such, we do not use derivative financial instruments to hedge against the risk of foreign currency exposure.

Presented in the table below are the currency exchange rates for Australia and New Zealand as of and for the period-endMarch 31, 2016,  December 31, 2015 and March 31, 2015

	Foreign Currency / USD
	As of and for the Three Months Ended	As of and for the Twelve Months Ended	As of and for the Three Months Ended
	March 31, 2016	December 31, 2015	March 31, 2015
Spot Rate
Australian Dollar	0.7677	0.7286	0.7625
New Zealand Dollar	0.6926	0.6842	0.7485
Average Rate
Australian Dollar	0.7216	0.7524	0.7862
New Zealand Dollar	0.6637	0.7004	0.7514

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Earnings Per Share

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

Note 4 – Earnings Per Share

Basic earnings per share (“EPS”) is calculated by dividing the net income attributable to the Company’s common stockholders by the weighted average number of common shares outstanding during the period.  Diluted EPS is calculated by dividing the net income attributable to the Company’s common stockholders by the weighted average number of common and common equivalent shares outstanding during the periodand are calculatedusing the treasury stock method for equity-based compensation awards. 

The following table sets forth the computation of basic and diluted EPS and a reconciliation of the weighted average number of common and common equivalent shares outstanding:

	Three Months Ended
(Dollars in thousands, except share data)	March 31, 2016		March 31, 2015
Numerator:
Net income attributable to RDI common stockholders	$	2,226	$	3,118
Denominator:
Weighted average number of common stock – basic	23,334,892		23,242,467
Weighted average dilutive impact of awards	197,966		281,188
Weighted average number of common stock – diluted	23,532,858		23,523,655
Basic EPS attributable to RDI common stockholders	$	0.10	$	0.13
Diluted EPS attributable to RDI common stockholders	$	0.09	$	0.13
Awards excluded from diluted EPS	238,370		-

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Property And Equipment

3 Months Ended

Mar. 31, 2016

Property And Equipment [Abstract]

Property And Equipment

Note 5 – Property and Equipment

Operating Property, net

As of March 31, 2016 and December 31, 2015, property associated with our operating activities is summarized as follows:

	March 31,		December 31,
(Dollars in thousands)	2016		2015
Land	$	71,775	$	70,063
Building and improvements		131,006		126,622
Leasehold improvements		47,137		46,874
Fixtures and equipment		114,870		112,423
Construction-in-progress		11,498		7,825
Total cost		376,286		363,807
Less: accumulated depreciation		(159,211)		(153,509)
Operating property, net	$	217,075	$	210,298

Depreciation expense for operating property was $3.5 million for both three months ended March 31, 2016 and March 31, 2015. Depreciation is unchanged over the period due to the increase in depreciation caused by the upgrade of our Carmel Mountain site and the opening of our LynnMall site being offset by foreign currency movements in Australia and New Zealand.

Burwood, Australia

On May 12, 2014, we entered into a contract to sell our undeveloped 50.6 acre parcel in Burwood, Victoria, Australia, to Australand Holdings Limited (now known as Frasers Property Australia) for a purchase price of $50.8 million (AU$65.0 million).  We received $5.9 million (AU$6.5 million) on May 23, 2014.  The remaining purchase price of $44.9 million (AU$58.5 million) is due on December 31, 2017.

Our book value in the property is $40.0 million (AU$52.1 million) and $38.0  (AU$52.1 million) as of March 31, 2016 and December 31, 2015, respectively.  While the transaction was treated as a sale for tax purposes in 2014, it does not qualify as a sale under US GAAP until the receipt of the payment of the balance of the purchase price due on December 31, 2017 (or earlier depending upon whether any prepayment obligation is triggered).  The asset is classified as long-term land held for sale on the consolidated balance sheets as of March 31, 2016 and December 31, 2015.

Doheny Condo, Los Angeles

On February 25, 2015, we sold our Los Angeles Condo for $3.0 million resulting in a $2.8 million gain on sale.

Taupo, New Zealand

On April 1, 2015, we entered into two definitive purchase and sale agreements to sell our properties at Taupo, New Zealand for a combined sales price of $2.3 million (NZ$3.4 million).  The first agreement related to a property with a sales price of $1.6 million (NZ$2.2 million) and a book value of $1.3 million (NZ$1.8 million), which closed on April 30, 2015 when we received the sales price in full. The other agreement related to a property with a sales price of $831,000  (NZ$1.2 million) and a book value of $426,000 (NZ$615,000) which was completed and for which we received cash settlement representing full sales price on March 31, 2016.  The first transaction qualified as a sale under both U.S. GAAP and tax purposes during the year-ended December 31, 2015.  The second transaction was recorded as a sale during the three months ended March 31, 2016.

Cannon Park, Queensland, Australia

On December 23, 2015, we completed a 100% acquisition of two adjoining ETCs in Townsville, Queensland, Australia for a total of $24.3 million (AU$33.6 million) in cash. The total gross leasable area of the two adjoining properties, the Cannon Park City Centre and the Cannon Park Discount Centre, is 133,000 square feet. The Cannon Park City Centre is anchored by Reading Cinemas, which is operated by Reading International’s 75% owned subsidiary, Australia Country Cinemas, and has three mini-major tenants and ten specialty family oriented restaurant tenants. The Cannon Park Discount Centre is anchored by Kingpin Bowling and supported by four other retailers. The properties are located approximately 6 miles from downtown Townsville, the second largest city in Queensland, Australia. This acquisition is consistent with our business plan to own, where practical, the land underlying our entertainment assets.

The acquired assets consist primarily of the land and buildings, which is approximately 98% leased to existing tenants. Tenancies range from having 9 months to 8 years left to run on their leases.

The total purchase price was allocated to the identifiable assets acquired based on our preliminary estimates of their fair values on the acquisition date.  There were no liabilities assumed.  As of March 31, 2016, the Company is still finalizing its allocation and this may result in potential adjustments within the 1-year measurement period from acquisition date. The determination of the fair values of the acquired assets (and the related determination of their estimated lives) requires significant judgment.  We did not identify any intangible assets or liabilities (above and below-market leases) at the date of acquisition. There was no goodwill recorded, as the purchase price did not exceed the fair value estimates of the net acquired assets.

Our preliminary purchase price allocation is as follows:

(Dollars in thousands)	US Dollars		AU dollars
Prepaid assets	$	28	$	38
Operating property:
Land		7,609		10,500
Building		16,712		23,060
Total purchase price	$	24,349	$	33,598

Investment and Development Property

As of March 31, 2016 and December 31, 2015, our investment and development property is summarized below:

	March 31,		December 31,
(Dollars in thousands)	2016		2015
Land	$	21,709	$	21,434
Construction-in-progress		1,617		1,568
Investment and development property	$	23,326	$	23,002

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Investments In Unconsolidated Joint Ventures And Entities

3 Months Ended

Mar. 31, 2016

Investments In And Advances To Unconsolidated Joint Ventures And Entities [Abstract]

Investments In And Advances To Unconsolidated Joint Ventures And Entities

Note 6 – Investments in Unconsolidated Joint Ventures and Entities

Our investments in unconsolidated joint ventures and entities are accounted for under the equity method of accounting, except for Rialto Distribution, which is accounted for as a cost method investment. The table below summarizes our investments in unconsolidated joint ventures and entities as of March 31, 2016 and December 31, 2015:

		March 31,		December 31,
(Dollars in thousands)	Interest	2016		2015
Rialto Distribution	33.3%	$	--	$	--
Rialto Cinemas	50.0%		1,370		1,276
Mt. Gravatt	33.3%		4,286		4,094
Total investments		$	5,656	$	5,370

For the three months ended March 31, 2016 and 2015, we recorded our share of equity earnings from our investments in unconsolidated joint ventures and entities as follows:

	Three Months Ended
		March 31,		March 31,
(Dollars in thousands)		2016		2015
Rialto Distribution	$	--	$	--
Rialto Cinemas		76		72
Mt. Gravatt		226		164
Total equity earnings	$	302	$	236

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Goodwill And Intangible Assets

3 Months Ended

Mar. 31, 2016

Goodwill And Intangible Assets [Abstract]

Goodwill And Intangible Assets

Note 7 – Goodwill and Intangible Assets

The table below summarizes goodwill by business segment as of March 31, 2016 and December 31, 2015.  

(Dollars in thousands)	Cinema		Real Estate		Total
Goodwill as of December 31, 2015	$	14,491	$	5,224	$	19,715
Foreign currency translation adjustment		287		--		287
Goodwill at March 31, 2016	$	14,778	$	5,224	$	20,002

The Company is required to test goodwill and other intangible assets for impairment on an annual basis and, if current events or circumstances require, on an interim basis.  Our next annual evaluation of goodwill and other intangible assets is scheduled for the fourth quarter of 2016. To test the impairment of goodwill, the Company compares the fair value of each reporting unit to its carrying amount, including the goodwill, to determine if there is potential goodwill impairment. A reporting unit is generally one level below the operating segment. As of March 31, 2016, we were not aware of any events that made us believe potential impairment of goodwill had occurred.

The tables below summarize intangible assets other than goodwill as of March 31, 2016 and December 31, 2015, respectively.

	As of March 31, 2016
(Dollars in thousands)	Beneficial Leases		Trade Name		Other Intangible Assets		Total
Gross intangible assets	$	26,817	$	7,254	$	697	$	34,768
Less: Accumulated amortization		(20,498)		(4,393)		(447)		(25,338)
Net intangible assets	$	6,319	$	2,861	$	250	$	9,430

	As of December 31, 2015
(Dollars in thousands)	Beneficial Leases		Trade Name		Other Intangible Assets		Total
Gross intangible assets	$	26,793	$	7,254	$	696	$	34,743
Less: Accumulated amortization		(20,108)		(4,300)		(446)		(24,854)
Net intangible assets	$	6,685	$	2,954	$	250	$	9,889

Beneficial leases are amortized over the life of the lease up to30 years, trade names are amortized based on the accelerated amortization method over its estimated useful life of 45 years, and other intangible assets are amortized over 10 years.  The table below summarizes the amortization expense of intangible assets for the three months as of March 31, 2016 and March 31, 2015, respectively.

	Quarter Ended
	March 31,		March 31,
(Dollars in thousands)	2016		2015
Beneficial lease amortization	$	365	$	361
Other amortization		96		74
Total intangible assets amortization	$	461	$	435

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Prepaid And Other Assets

3 Months Ended

Mar. 31, 2016

Prepaid And Other Assets [Abstract]

Prepaid And Other Assets

Note 8 – Prepaid and Other Assets

Prepaid and other assets are summarized as follows:

	March 31,		December 31,
(Dollars in thousands)	2016		2015
Prepaid and other current assets
Prepaid expenses	$	1,496	$	879
Prepaid taxes		3,204		3,160
Prepaid rent		829		1,021
Deposits		369		369
Total prepaid and other current assets	$	5,898	$	5,429
Other non-current assets
Other non-cinema and non-rental real estate assets	$	1,134	$	1,134
Long-term deposits		58		63
Straight-line rent		2,552		2,417
Other		--		1
Total other non-current assets	$	3,744	$	3,615

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Income Tax

3 Months Ended

Mar. 31, 2016

Income Tax [Abstract]

Income Tax

Note 9 – Income Tax

The provision for income taxes is different from the amount determined by applying the U.S. federal statutory rate to consolidated income before taxes.  The significant  differences arise from the difference in foreign tax rates from U.S. tax rates, earnings considered indefinitely reinvested in foreign operations, state taxes, unrecognized tax benefits, and foreign withholding tax on interest. Our effective tax rate was 33.9 % and 44.9 % for the three months ended March 31, 2016 and 2015, respectively. The decrease was substantially caused by the reversal in the second quarter of 2015 of our assertion that earnings of Australia subsidiaries are not indefinitely invested in foreign operations.

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Debt

3 Months Ended

Mar. 31, 2016

Debt [Abstract]

Debt

Note 10 – Debt

The Company’s borrowings at March 31, 2016 and December 31, 2015, net of deferred financing costs and including the impact of interest rate swaps on effective interest rates, are summarized below:

		As of March 31, 2016
(Dollars in thousands)		Maturity Date	Contractual Facility		Balance		Stated Interest Rate	Effective Interest Rate (1)
Denominated in USD
	Trust Preferred Securities (USA)	April 30, 2027	$	27,913	$	27,913	4.62%	5.20%
	Bank of America Credit Facility (USA)	November 28, 2019		55,000		29,750	2.93%	3.65%
	Bank of America Line of Credit (USA)	October 31, 2017		5,000		4,750	3.42%	3.42%
	Cinema 1, 2, 3 Term Loan (USA)	July 1, 2016		15,000		15,000	4.00%	4.00%
	Cinema 1, 2, 3 Line of Credit (USA)	July 1, 2016		6,000		--	4.00%	4.00%
	Minetta & Orpheum Theatres Loan (USA)	June 1, 2018		7,500		7,500	3.25%	3.25%
	Union Square Line of Credit (USA)	June 2, 2017		8,000		8,000	3.58%	3.58%
Denominated in foreign currency ("FC") (2)
	NAB Corporate Term Loan (AU)	June 30, 2019		51,052		24,183	3.10%	3.10%
	Westpac Corporate Credit Facility (NZ)	March 31, 2018		34,630		12,121	4.15%	4.15%
			$	210,095
Debt, gross amount					$	129,217
Less: deferred financing costs, net of amortization						1,622
Debt, net of deferred financing costs					$	127,595

(1)Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities and Bank of America Credit Facility that were outstanding as of March 31, 2016

(2)The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of March 31, 2016.

		As of December 31, 2015(3)
(Dollars in thousands)		Maturity Date	Contractual Facility		Balance		Stated Interest Rate	Effective Interest Rate (1)
Denominated in USD
	Trust Preferred Securities (USA)	April 30, 2027	$	27,913	$	27,913	4.32%	5.20%
	Bank of America Credit Facility (USA)	November 28, 2019		55,000		29,750	2.92%	3.65%
	Bank of America Line of Credit (USA)	October 31, 2017		5,000		2,500	3.42%	3.42%
	Cinema 1, 2, 3 Term Loan (USA)	July 1, 2016		15,000		15,000	3.75%	3.75%
	Cinema 1, 2, 3 Line of Credit (USA)	July 1, 2016		6,000		--	3.75%	3.75%
	Minetta & Orpheum Theatres Loan (USA)	June 1, 2018		7,500		7,500	3.00%	3.00%
	Union Square Line of Credit (USA)	June 2, 2017		8,000		8,000	3.65%	3.65%
Denominated in FC (2)
	NAB Corporate Term Loan (AU)	June 30, 2019		48,452		26,594	3.06%	3.06%
	Westpac Corporate Credit Facility (NZ)	March 31, 2018		34,210		13,684	4.45%	4.45%
			$	207,075
Debt, gross amount					$	130,941
Less: deferred financing costs, net of amortization						1,828
Debt, net of deferred financing costs					$	129,113

(1)Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities and Bank of America Credit Facility that were outstanding as of December 31, 2015.

(2)The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollar based on the applicable exchange rates as of December 31, 2015.

(3)The balance as of December 31, 2015 included the reclassification adjustment relating to netting of deferred financing costs, as discussed in Note 1 – Recently Adopted and Issued Accounting Pronouncements.

Bank of America Credit Facility

On March 3, 2016, we amended our $55.0 million credit facility with Bank of America to permit real property acquisition loans.  This amendment was subject to the provision that the consolidated leverage ratio would be reduced by 0.25% from the established levels in the credit facility during the period of such borrowing subject further to a repayment of such borrowings on the earlier of the eighteen months from the date of such borrowing or the maturity date of the credit agreement.  Such modification was not considered substantial in accordance with US GAAP.

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Other Liabilities

3 Months Ended

Mar. 31, 2016

Other Liabilities [Abstract]

Other Liabilities

Note 11 – Other Liabilities

Other liabilities are summarized as follows:

(Dollars in thousands)	March 31, 2016		December 31, 2015
Current liabilities
Lease liability	$	5,900	$	5,900
Security deposit payable		180		180
Accrued pension		1,710		1,539
Other		60		21
Other current liabilities	$	7,850	$	7,640
Other liabilities
Straight-line rent liability	$	10,644	$	10,823
Accrued pension		6,110		6,236
Lease make-good provision		5,122		5,228
Deferred revenue - real estate		4,656		4,596
Environmental reserve		1,656		1,656
Interest rate swap		375		156
Acquired leases		224		866
Other		478		501
Other liabilities	$	29,265	$	30,062

On August 29, 2014 the Supplemental Executive Retirement Plan (“SERP”) that was effective since March 1, 2007, was ended and replaced with a new pension annuity.  As a result of the termination of the SERP program, the accrued pension liability of $7.6 million  was reversed and replaced with a new pension annuity liability of $7.5 million.  The valuation of the liability is based on the present value of $10.2 million discounted at a rate of 4.25% over a 15- year term, resulting in a monthly payment of $57,000 payable to the estate of Jim Cotter Sr.  The discount rate of 4.25% has been applied since 2014 to determine the net periodic benefit cost and plan benefit obligation and is expected to be used in future years.  The discounted value of $2.7 million (which is the difference between the estimated payout of $10.2 million and the present value of $7.5 million) as of August 29, 2014 will be amortized and expensed based on the 15-year term.  In addition, the accumulated actuarial loss of $3.1 million recorded, as part of other comprehensive income will also be amortized based on the 15-year term.

As a result of the above, included in our current and non-current liabilities are accrued pension costs of $7.8million at March 31, 2016.  The benefits of our pension plans are fully vested and thereforeno service costs were recognized for thethree months ended March 31, 2016 and 2015.  Our pension plans are unfunded.  During thethree  month ended March 31, 2016, theinterest cost was$45,000and actuarial loss was$32,000.  During thethree-month ended March 31, 2015, theinterest cost was$45,000and actuarial loss was$52,000.

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Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2016

Accumulated Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Income

Note 12 – Accumulated Other Comprehensive Income

The following table summarizes the changes in each component of accumulated other comprehensive income attributable to RDI:

(Dollars in thousands)	Foreign Currency Items		Unrealized Gain (Losses) on Available-for-Sale Investments		Accrued Pension Service Costs		Total
Balance at January 1, 2016	$	14,642	$	12	$	(2,848)	$	11,806
Net current-period other comprehensive income		6,309		--		32		6,341
Balance at March 31, 2016	$	20,951	$	12	$	(2,816)	$	18,147

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Commitments And Contingencies

3 Months Ended

Mar. 31, 2016

Commitments And Contingencies [Abstract]

Commitments And Contingencies

Note 13 – Commitments and Contingencies

The total estimated debt of unconsolidated joint ventures and entities, consisting solely of Rialto Distribution (see Note 6 – Investments in Unconsolidated Joint Ventures and Entities), was $1.0million (NZ$1.5 million) as of March 31, 2016 and December 31, 2015. Our share of the unconsolidated debt, based on our ownership percentage, was NZ$500,000 as of March 31, 2016 and December 31, 2015, respectively.  This debt is guaranteed by one of our subsidiaries to the extent of our ownership percentage.  In consideration of this debt guarantee, we accrued $346,000  (NZ$500,000) and $342,000  (NZ$500,000) as of March 31, 2016 and December 31, 2015, recorded as part of Accounts payable and accrued liabilities.

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Noncontrolling Interests

3 Months Ended

Mar. 31, 2016

Noncontrolling Interests [Abstract]

Noncontrolling Interests

Note 14 – Non-controlling Interests

These  are composed of the following enterprises:

· Australia Country Cinemas Pty Ltd. --25% noncontrolling interest owned by Panorama Cinemas for the 21st Century Pty Ltd.;

· Shadow View Land and Farming, LLC -- 50% noncontrolling membership interest owned by the estate of Mr. James J. Cotter, Sr.; and,

· Sutton Hill Properties, LLC --25% noncontrolling interest owned by Sutton Hill Capital, LLC.

The components of noncontrolling interests are as follows:

	March 31,		December 31,
(Dollars in thousands)	2016		2015
Australian Country Cinemas, Pty Ltd	$	313	$	318
Shadow View Land and Farming, LLC		1,929		1,940
Sutton Hill Properties, LLC		2,048		2,073
Noncontrolling interests in consolidated subsidiaries	$	4,290	$	4,331

The components of gain/(loss) attributable to noncontrolling interests are as follows:

	Three Months Ended
	March 31,		March 31,
(Dollars in thousands)	2016		2015
Australian Country Cinemas, Pty Ltd	$	34	$	18
Shadow View Land and Farming, LLC		(10)		(13)
Sutton Hill Properties, LLC		(26)		(21)
Net loss attributable to noncontrolling interests	$	(2)	$	(16)

Summary of Controlling and Noncontrolling Stockholders’ Equity

A summary of the changes in controlling and noncontrolling stockholders’ equity is as follows:

(Dollars in thousands)		Controlling Stockholders’ Equity		Noncontrolling Stockholders’ Equity		Total Stockholders’ Equity
Equity at January 1, 2016	$	132,865	$	4,331	$	137,196
Net income (loss)		2,226		(2)		2,224
Increase in additional paid in capital		143		--		143
Distributions to noncontrolling stockholders		--		(55)		(55)
Accumulated other comprehensive income		6,340		16		6,356
Equity at March 31, 2016	$	141,574	$	4,290	$	145,864
(Dollars in thousands)		Controlling Stockholders’ Equity		Noncontrolling Stockholders’ Equity		Total Stockholders’ Equity
Equity at January 1, 2015	$	127,686	$	4,612	$	132,298
Net income (loss)		3,118		(16)		3,102
Increase in additional paid in capital		383		--		383
Treasury stock purchased		(1,828)		--		(1,828)
Contributions from noncontrolling stockholders - SHP		--		17		17
Distributions to noncontrolling stockholders		--		(90)		(90)
Accumulated other comprehensive loss		(9,837)		(25)		(9,862)
Equity at March 31, 2015	$	119,523	$	4,497	$	124,020

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Equity And Stock-Based Compensation

3 Months Ended

Mar. 31, 2016

Equity And Stock-Based Compensation [Abstract]

Equity And Stock-Based Compensation

Note 15 – Equity and Stock-Based Compensation

Former Executive Stock-Based Compensation

As part of his compensation package, Mr. James J. Cotter, Sr., our now deceased former Chairman of the Board and Chief Executive Officer, was granted restricted Class A Non-voting Common Stock (“Class A Stock”) for 2014.  Mr. Cotter, Sr.’s stock compensation was granted fully vested with a five-year restriction on sale and the applicable compensation expense was recorded in the year of grant.  The 2014 stock grants were issued in the first quarter of 2015. 

Employee and Director Stock Option Plan

The Company may grant stock options and other share-based payment awards of our Class A Stock to eligible employees, directors, and consultantsunder the 2010 Stock Incentive Plan (the “Plan”). The aggregate total number of shares of the Class A Nonvoting Common Stock authorized for issuance under thePlan is 1,250,000.  As of March 31, 2016, we had 663,800 shares remaining for future issuances. 

Since the adoption of the Plan in 2010, the Company has granted awards primarily in the form of stock options.  In the 1st quarter of 2016, the Company started to award restricted stock units (“RSUs”) to directors and certain officers.  Stock options are generally granted at exercise prices equal to the grant-date market prices and typically expire no later than five years from the grant date.  In contrast to a stock option where the grantee buys the Company’s share at an exercise price determined on grant date, an RSU entitles the grantee to receive one share for every RSU based on a vesting plan.  At the discretion of our Compensation and Stock Options Committee, the vesting period of stock options and RSUs ranges fromzeroto four years.  At the time the options are exercised or RSUs vest, at the discretion of management, we will issue treasury shares or make a new issuance of shares to the option or RSU holder.

Stock Options

We estimate the grant-date fair value of our stock options using the Black-Scholes option-valuation model, which takes into account assumptions such as the dividend yield, the risk-free interest rate, the expected stock price volatility, and the expected life of the options.  We expense the estimated grant-date fair values of options over the vesting period on a straight-line basis. Based on our historical experience and the relative market price to strike price of the options, we have not hereto estimated any forfeitures of vested or unvested options.

For the three months ended March 31, 2016 and 2015, respectively, the weighted average assumptions used in the option-valuation model were as follows:

	Three Months Ended March 31
	2016			2015
Stock option exercise price	$	11.83	$	12.34
Risk-free interest rate		1.24%		1.77%
Expected dividend yield		--		--
Expected option life in years		3.75		5.00
Expected volatility		24.94%		31.80%
Weighted average fair value	$	2.48	$	3.83

We recorded compensation expense of $98,000 and $57,000 for the three months ended March 31, 2016 and 2015 respectively.  At March 31, 2016, the total unrecognized estimated compensation cost related to non-vested stock options was $830,000, which we expect to recognize over a weighted average vesting period of 2.19 years.  No stock options were exercised during the three months ended March 31, 2016. The intrinsic, unrealized value of all options outstanding, vested and expected to vest, at March 31, 2016 was $1.8 million, of which 63.6% are currently exercisable.

The following table summarizes the information of options outstanding and exercisable as of March 31, 2016 and December 31, 2015:

	Options Outstanding							Exercisable Options
	Number of Options		Weighted Average Exercise Price				Weighted Average Remaining Years of Contractual Life	Number of Options		Weighted Average Exercise Price				Weighted Average Remaining Years of Contractual Life
(Shares in thousands)	Class A	Class B	Class A		Class B		Class A & B	Class A	Class B	Class A		Class B		Class A & B
Balance - December 31, 2014	568	185	$	6.88	$	9.90	2.40	348	185	$	6.82	$	9.90	3.63
Granted	112	--		13.30		--		101	--		--		--
Exercised	(185)	(185)		6.09		9.90		(185)	(185)		--		--
Forfeited	(8)	--		6.23		--		(8)	--		--		--
Balance - December 31, 2015	487	--	$	7.64	$	--	2.89	256	--	$	7.64	$	--	2.14
Granted	142	-		11.83		-		10	-		-		-
Exercised	-	-		-		-		-	-		-		-
Forfeited	(2)	-		$6.23		-		-	-		-		-
Balance - March 31, 2016	627	--	$	9.40		-	3.17	266	--	$	7.78	$	--	2.04

Restricted Stock Units

We estimate the grant-date fair values of our RSUs using the Company’s stock price at grant-date and record such fair values as compensation expense over the vesting period on a straight-line basis.  In March 2016, RSU awards of 62,528 units were granted to directors and certain members of management, which remained unvested as of March 31, 2016.  These RSU awards vest 25% at the end of each year for 4 years (in the case of executives) and vest 100% at the end of one year (in the case of directors).  We recognized compensation expense of $31,000 during the three months ended March 31, 2016.  The total unrecognized compensation cost related to these unvested RSUs was $717,000 as of March 31, 2016.

Common Stock Buyback

On May 16, 2014, the Company's board of directors authorized management, at its discretion, to spend up to an aggregate of $10.0 million to acquire shares of Reading’s Common Stock. This approved stock repurchase plan supersedes and effectively cancelled the program that was approved by the board on May 14, 2004, which allowed management to purchase up to 350,000 shares of Reading’s Common Stock.

The repurchase program allows Reading to repurchase its shares in accordance with the requirements of the SEC on the open market, in block trades and in privately negotiated transactions, depending on market conditions and other factors.  All purchases are subject to the availability of shares at prices that are acceptable to Reading, and accordingly, no assurances can be given as to the timing or number of shares that may ultimately be acquired pursuant to this authorization.

Under this approved buyback program, the Company has repurchased $7.2 million worth of common stock at an average price of $12.92 per share.  This leaves $2.8million available for repurchase as of March 31, 2016.

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Derivative Instruments

3 Months Ended

Mar. 31, 2016

Derivative Instruments [Abstract]

Derivative Instruments

Note 16 – Derivative Instruments

We enter into interest rate derivative instruments to hedge the interest rate risk that results from the characteristics of our floating-rate borrowings. Our use of derivative transactions is intended to reduce long-term fluctuations in cash flows caused by market movements. All derivative instruments are recorded on the balance sheet at fair value with changes in fair value through interest expense in the Consolidated Statement of Operations. As of March 31, 2016, we have not designated any of our derivatives as accounting hedges.  

The Company’s derivative positions measured at fair value are summarized in the following tables:

	As of March 31, 2016
(Dollars in thousands)	Notional		Other Assets		Other Current Liabilities
Interest rate swap	$	52,413	$	-	$	375
Interest rate cap		7,500		1		-
Total	$	59,913	$	1	$	375

	As of December 31, 2015
(Dollars in thousands)	Notional		Other Assets		Other Current Liabilities
Interest rate swap	$	52,413	$	-	$	156
Interest rate cap		7,500		1		-
Total	$	59,913	$	1	$	156

The following table summarizes the unrealized gains or losses due to changes in fair value of the derivatives that are recorded in interest expense in the Consolidated Statement of Operations, for the three months ended March 31, 2016 and March 31, 2015.  

	Three Months Ended
(Dollars in thousands)	March 31, 2016		March 31, 2015
Net unrealized losses on interest rate derivatives	$	219	$	-

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Fair Value Measurement

3 Months Ended

Mar. 31, 2016

Fair Value Measurement [Abstract]

Fair Value Measurement

Note 17 – Fair Value Measurements

ASC 820,  Fair Value Measurementestablishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.  The statement requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:

· Level 1: Quoted market prices in active markets for identical assets or liabilities

· Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets

· Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable

The following tables summarize our financial assets and financial liabilities carried and measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015, by level within the fair value hierarchy.

	Fair Value Measurement at March 31, 2016
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets
Investments	$	51	$	-	$	-	$	51
Derivatives		-		1		-		1
Liabilities
Derivatives		-		(375)		-		(375)
Total recorded at fair value	$	51	$	(374)	$	-	$	(323)

	Fair Value Measurement at December 31, 2015
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets
Investments	$	51	$	-	$	-	$	51
Derivatives		-		1		-		1
Liabilities
Derivatives		-		(156)				(156)
Total recorded at fair value	$	51	$	(155)	$	-	$	(104)

The following tables summarize our financial liabilities that are carried at cost and measured at fair value on a non-recurring basis as of March 31, 2016 and December 31, 2015, by level within the fair value hierarchy.

			Fair Value Measurement at March 31, 2016
(Dollars in thousands)	Carrying Value(1)		Level 1		Level 2		Level 3		Total
Notes payable	$	101,303	$	-	$	-	$	92,978	$	92,978
Subordinated debt		27,913		-		-		13,446		13,446
	$	129,216	$	-	$	-	$	106,424	$	106,424

			Fair Value Measurement at December 31, 2015
(Dollars in thousands)	Carrying Value(1)		Level 1		Level 2		Level 3		Total
Notes payable	$	103,028	$	-	$	-	$	99,554	$	99,554
Subordinated debt		27,913		-		-		13,338		13,338
	$	130,941	$	-	$	-	$	112,892	$	112,892

(1)These balances are presented before any deduction for deferred financing costs.

Following is a description of the valuation methodologies used to estimate the fair value of our financial assets and liabilities. There have been nochanges in the methodologies used at March 31, 2016 and December 31, 2015.

Level 1 investments in marketable securitiesprimarily consist of investments associated with the ownership of marketable securities in U.S. and New Zealand. These investments arevalued based on observable market quotes on the last trading date of the reporting period.

Level 2 derivative financial instruments are valued based on discounted cash flow models that incorporate observable inputs such as interest rates and yield curves from the derivative counterparties. The credit valuation adjustments associated with our non-performance risk and counterparty credit risk are incorporated in the fair value estimates of our derivatives.  As of March 31, 2016 and December 31, 2015, we concluded that the credit valuation adjustments were not significant to the overall valuation of our derivatives.  

Level 3 borrowings include our secured and unsecured notes payable, trust preferred securities and other debt instruments.  The borrowings are valued based on discounted cash flow models that incorporate appropriate market discount rates. We calculated the market discount rate by obtaining period-end treasury rates for fixed-rate debt, or LIBOR for variable-rate debt, for maturities that correspond to the maturities of our debt, adding appropriate credit spreads derived from information obtained from third-party financial institutions.  These credit spreads take into account factors such as our credit rate,  debt maturity,  types of borrowings, and the loan-to-value ratios of the debt.  

The Company’s financial instruments also include cash, cash equivalents, receivables and account payable.  The carrying values of these financial instruments approximate the fair values. Additionally, there were no transfers of assets and liabilities between levels 1, 2, or 3 during the three months ended March 31, 2016 and March 31, 2015.

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Subsequent Events

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

NOTE 18 – Subsequent Events

Acquisition of New Corporate Headquarters in Los Angeles

On April 11, 2016, we purchased for $11.2 million a 24,000 square foot Class B office building with 72 parking spaces located at 5995 Sepulveda Boulevard in Culver City, California.  We intend to use approximately 50% of the leasable area for our headquarters offices and to lease the remainder to unaffiliated third parties.  We anticipate, when the move is complete and the excess space is leased, that we will be able to reduce our headquarters occupancy cost by approximately $350,000 per annum.  We are in the process of obtaining a mortgage on this building.

Refinancing of Cinema 1,2,3 loan

On April 25, 2016, Sutton Hill Properties LLC, a 75% subsidiary of Reading International Inc., signed a non-binding agreement with a lender to refinance the $15 million mortgage loan on Cinema 1,2,3 which matures on July 1, 2016.  The Company expects to have the replacement financing in place by the end of the second quarter 2016.

Updates to The STOMP Arbitration

In April 2016, we have received a Final Award in our arbitration with The STOMP Company Limited Partnership, the producer of the show STOMP, currently playing at our Orpheum Theater in New York City.   The Final Award awards us $2,268,009 in attorney’s fees and costs.  We are pursuing the collection of this Final Award in New York Supreme Court. 

Updates to the Derivative Litigation

On May 2, 2016, the T2 Plaintiffs filed a petition on order shortening time seeking a preliminary injunction (1) enjoining the Inspector of Elections from counting any proxies purporting to vote either the 327,808 Class B shares represented by stock certificate B0005 (held of record by the Cotter Estate) or the 696,080 Class B shares represented by stock certificate RDIB 0028 (held of record by the Cotter Trust) at the upcoming June 2, 2016 Annual Meeting of Stockholders, and (2) enjoining Ellen Cotter, Margaret Cotter and James J. Cotter, Jr. from voting the above referenced shares at the 2016 Annual Meeting of Stockholders.    We believe that the above referenced shares are currently held of record by the Cotter Estate and the Cotter Trust, and such shares can be voted by the Co-Executors of the Cotter Estate and the Trustees of the Cotter Trust, as applicable.

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The Company And Basis Of Presentation (Policy)

3 Months Ended

Mar. 31, 2016

The Company And Basis Of Presentation [Abstract]

Use Of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Significant estimates include projections we make regarding the recoverability of our assets, valuations of our interest swaps and the recoverability of our deferred tax assets. Actual results may differ from those estimates.

Principles Of Consolidation

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries as well as majority-owned subsidiaries that the Company controls, and should be read in conjunction with the Company’s Annual Report on Form 10-K as of and for the year-ended December 31, 2015.  All significant intercompany balances and transactions have been eliminated in consolidation.  These were prepared in accordance with the  U.S. GAAP for interim reporting and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (“SEC”).  As such, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. We believe that we have included all normal recurring adjustments necessary for a fair presentation of the results for the interim period. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016.

Reclassification

Reclassifications

Certain reclassifications have been made in the 2015 comparative information in the consolidated balance sheets and notes to conform to the 2016 presentation.  These changes relate to the adoption of Accounting Standards Update (“ASU”) 2015-03 as discussed more fully below.  These reclassifications had no significant impact on our 2015 financial position, results of operations and cash flows as previously reported.

Recently Adopted And Issued Accounting Pronouncements

Recently Adopted and Issued Accounting Pronouncements

Adopted:

On January 1, 2016, the Company adopted ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30):Simplifying the Presentation of Debt Issuance Costs, issued by the Financial Accounting Standards Board (“FASB”). This new standard, which became effective for fiscal years beginning after December 15, 2015, required that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The impact of this adoption includes reclassification of the deferred financing costs (net of amortization) from “Other Assets” to a reduction in the associated Debt account.

Also, on January 1, 2016, the Company adopted ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.  Under this new standard, an acquirer in a business combination transaction must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation or amortization, or other income effects, if any, because of the change to the provisional amounts, calculated as if the accounting had been completed as of the acquisition date, must be recorded in the reporting period in which the adjustment amounts are determined rather than retrospectively.  The ASU also requires that the acquirer present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date.  The adoption of this standard will impact the finalization of the purchase price allocation of the Cannon Park acquisition, which we expect to complete during the second or third quarter of 2016.  Please refer to Note 5 – Property & Equipment for the Cannon Park acquisition discussion.

Issued:

In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.  This new guidance provides simplifications involving several aspects of the accounting for share-based payment transactions, including the income tax consequences (such as excess tax benefits recorded in income tax expense/benefit, rather than additional paid-in capital), classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new standard is effective for the Company on January 1, 2017.  Early adoption is permitted.  An entity that elects early adoption must adopt all of the amendments in the same period.  The Company is currently assessing the impact of this new guidance on the consolidated financial statements and related disclosures.

In addition, in March 2016, the FASB issued ASU 2016-07, Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.  This new guidance effectively removes the retroactive application imposed in current guidance when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence.  The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting.  The new standard becomes effective for the Company on January 1, 2017.  Early adoption is permissible.  The Company does not anticipate the adoption of ASU 2015-11 to have a material impact on the consolidated financial statements and related disclosures

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This new guidance establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The new standard becomes effective for the Company on January 1, 2019.  A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently assessing the impact of this new guidance on the consolidated financial statements and related disclosures.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. GAAP.  Under the new model, recognition of revenues occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  In addition, the new standard requires that reporting companies disclose the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.  Subsequently, in March 2016, FASB issued ASU 2016-08 to provide guidance on principal versus agent considerations.  The new standard becomes effective for the Company on January 1, 2018. Early adoption is permitted but cannot be earlier than January 1, 2017. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application.  We have not yet selected a transition method nor have we determined the impact of the new standard on our consolidated condensed financial statements.  While we believe the proposed guidance will not have a material impact on our business because our revenue predominantly comes from movie ticket sales and concession purchases, we plan to complete the analysis to ensure that we are in compliance prior to the effective date.

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Business Segments (Tables)

3 Months Ended

Mar. 31, 2016

Business Segments [Abstract]

Summary Of Results Of Operations For Principal Business Segments

	Three Months Ended
(Dollars in thousands)	March 31, 2016		March 31, 2015
Revenue:
Cinema exhibition	$	61,315	$	56,899
Real estate		5,250		5,404
Inter-segment elimination		(1,776)		(1,718)
	$	64,789	$	60,585
Segment operating income:
Cinema exhibition	$	7,690	$	6,339
Real estate		2,089		2,291
	$	9,779	$	8,630

Reconciliation Of Segment Operating Income Before Taxes

	Three Months Ended
(Dollars in thousands)	March 31, 2016		March 31, 2015
Segment operating income	$	9,779	$	8,630
Unallocated corporate expense
Depreciation and amortization expense		(96)		(70)
General and administrative expense		(4,991)		(3,327)
Interest expense, net		(1,875)		(2,575)
Equity earnings of unconsolidated joint ventures and entities		302		236
Gain on sale of assets		393		2,822
Other expense		(57)		(91)
Income before income tax expense, net of non-controlling interests	$	3,455	$	5,625

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Operations In Foreign Currency (Tables)

3 Months Ended

Mar. 31, 2016

Operations In Foreign Currency [Abstract]

Summary Of Currency Exchange Rates

	Foreign Currency / USD
	As of and for the Three Months Ended	As of and for the Twelve Months Ended	As of and for the Three Months Ended
	March 31, 2016	December 31, 2015	March 31, 2015
Spot Rate
Australian Dollar	0.7677	0.7286	0.7625
New Zealand Dollar	0.6926	0.6842	0.7485
Average Rate
Australian Dollar	0.7216	0.7524	0.7862
New Zealand Dollar	0.6637	0.7004	0.7514

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Computation Of Basic And Dilutes Earnings Per Share

	Three Months Ended
(Dollars in thousands, except share data)	March 31, 2016		March 31, 2015
Numerator:
Net income attributable to RDI common stockholders	$	2,226	$	3,118
Denominator:
Weighted average number of common stock – basic	23,334,892		23,242,467
Weighted average dilutive impact of awards	197,966		281,188
Weighted average number of common stock – diluted	23,532,858		23,523,655
Basic EPS attributable to RDI common stockholders	$	0.10	$	0.13
Diluted EPS attributable to RDI common stockholders	$	0.09	$	0.13
Awards excluded from diluted EPS	238,370		-

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Property And Equipment (Tables)

3 Months Ended

Mar. 31, 2016

Property And Equipment [Abstract]

Schedule Of Property And Equipment

	March 31,		December 31,
(Dollars in thousands)	2016		2015
Land	$	71,775	$	70,063
Building and improvements		131,006		126,622
Leasehold improvements		47,137		46,874
Fixtures and equipment		114,870		112,423
Construction-in-progress		11,498		7,825
Total cost		376,286		363,807
Less: accumulated depreciation		(159,211)		(153,509)
Operating property, net	$	217,075	$	210,298

Schedule Of Purchase Price Allocation

(Dollars in thousands)	US Dollars		AU dollars
Prepaid assets	$	28	$	38
Operating property:
Land		7,609		10,500
Building		16,712		23,060
Total purchase price	$	24,349	$	33,598

Summary Of Investment And Development Property

	March 31,		December 31,
(Dollars in thousands)	2016		2015
Land	$	21,709	$	21,434
Construction-in-progress		1,617		1,568
Investment and development property	$	23,326	$	23,002

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Investments In Unconsolidated Joint Ventures And Entities (Tables)

3 Months Ended

Mar. 31, 2016

Investments In And Advances To Unconsolidated Joint Ventures And Entities [Abstract]

Summary Of The Investments In Unconsolidated Joint Ventures And Entities

		March 31,		December 31,
(Dollars in thousands)	Interest	2016		2015
Rialto Distribution	33.3%	$	--	$	--
Rialto Cinemas	50.0%		1,370		1,276
Mt. Gravatt	33.3%		4,286		4,094
Total investments		$	5,656	$	5,370

Summary Of Equity Earnings (Loss) From Investments In Unconsolidated Joint Ventures And Entities

	Three Months Ended
		March 31,		March 31,
(Dollars in thousands)		2016		2015
Rialto Distribution	$	--	$	--
Rialto Cinemas		76		72
Mt. Gravatt		226		164
Total equity earnings	$	302	$	236

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Goodwill And Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2016

Goodwill And Intangible Assets [Abstract]

Summary Of Goodwill

(Dollars in thousands)	Cinema		Real Estate		Total
Goodwill as of December 31, 2015	$	14,491	$	5,224	$	19,715
Foreign currency translation adjustment		287		--		287
Goodwill at March 31, 2016	$	14,778	$	5,224	$	20,002

Summary Of Intangible Assets Other Than Goodwill

	As of March 31, 2016
(Dollars in thousands)	Beneficial Leases		Trade Name		Other Intangible Assets		Total
Gross intangible assets	$	26,817	$	7,254	$	697	$	34,768
Less: Accumulated amortization		(20,498)		(4,393)		(447)		(25,338)
Net intangible assets	$	6,319	$	2,861	$	250	$	9,430

	As of December 31, 2015
(Dollars in thousands)	Beneficial Leases		Trade Name		Other Intangible Assets		Total
Gross intangible assets	$	26,793	$	7,254	$	696	$	34,743
Less: Accumulated amortization		(20,108)		(4,300)		(446)		(24,854)
Net intangible assets	$	6,685	$	2,954	$	250	$	9,889

Summary Of Amortization Expense

	Quarter Ended
	March 31,		March 31,
(Dollars in thousands)	2016		2015
Beneficial lease amortization	$	365	$	361
Other amortization		96		74
Total intangible assets amortization	$	461	$	435

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Prepaid And Other Assets (Tables)

3 Months Ended

Mar. 31, 2016

Prepaid And Other Assets [Abstract]

Summary Of Prepaid And Other Assets

	March 31,		December 31,
(Dollars in thousands)	2016		2015
Prepaid and other current assets
Prepaid expenses	$	1,496	$	879
Prepaid taxes		3,204		3,160
Prepaid rent		829		1,021
Deposits		369		369
Total prepaid and other current assets	$	5,898	$	5,429
Other non-current assets
Other non-cinema and non-rental real estate assets	$	1,134	$	1,134
Long-term deposits		58		63
Straight-line rent		2,552		2,417
Other		--		1
Total other non-current assets	$	3,744	$	3,615

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Debt (Tables)

3 Months Ended

Mar. 31, 2016

Debt [Abstract]

Summary Of Notes Payable

		As of March 31, 2016
(Dollars in thousands)		Maturity Date	Contractual Facility		Balance		Stated Interest Rate	Effective Interest Rate (1)
Denominated in USD
	Trust Preferred Securities (USA)	April 30, 2027	$	27,913	$	27,913	4.62%	5.20%
	Bank of America Credit Facility (USA)	November 28, 2019		55,000		29,750	2.93%	3.65%
	Bank of America Line of Credit (USA)	October 31, 2017		5,000		4,750	3.42%	3.42%
	Cinema 1, 2, 3 Term Loan (USA)	July 1, 2016		15,000		15,000	4.00%	4.00%
	Cinema 1, 2, 3 Line of Credit (USA)	July 1, 2016		6,000		--	4.00%	4.00%
	Minetta & Orpheum Theatres Loan (USA)	June 1, 2018		7,500		7,500	3.25%	3.25%
	Union Square Line of Credit (USA)	June 2, 2017		8,000		8,000	3.58%	3.58%
Denominated in foreign currency ("FC") (2)
	NAB Corporate Term Loan (AU)	June 30, 2019		51,052		24,183	3.10%	3.10%
	Westpac Corporate Credit Facility (NZ)	March 31, 2018		34,630		12,121	4.15%	4.15%
			$	210,095
Debt, gross amount					$	129,217
Less: deferred financing costs, net of amortization						1,622
Debt, net of deferred financing costs					$	127,595

(1)Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities and Bank of America Credit Facility that were outstanding as of March 31, 2016

(2)The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of March 31, 2016.

		As of December 31, 2015(3)
(Dollars in thousands)		Maturity Date	Contractual Facility		Balance		Stated Interest Rate	Effective Interest Rate (1)
Denominated in USD
	Trust Preferred Securities (USA)	April 30, 2027	$	27,913	$	27,913	4.32%	5.20%
	Bank of America Credit Facility (USA)	November 28, 2019		55,000		29,750	2.92%	3.65%
	Bank of America Line of Credit (USA)	October 31, 2017		5,000		2,500	3.42%	3.42%
	Cinema 1, 2, 3 Term Loan (USA)	July 1, 2016		15,000		15,000	3.75%	3.75%
	Cinema 1, 2, 3 Line of Credit (USA)	July 1, 2016		6,000		--	3.75%	3.75%
	Minetta & Orpheum Theatres Loan (USA)	June 1, 2018		7,500		7,500	3.00%	3.00%
	Union Square Line of Credit (USA)	June 2, 2017		8,000		8,000	3.65%	3.65%
Denominated in FC (2)
	NAB Corporate Term Loan (AU)	June 30, 2019		48,452		26,594	3.06%	3.06%
	Westpac Corporate Credit Facility (NZ)	March 31, 2018		34,210		13,684	4.45%	4.45%
			$	207,075
Debt, gross amount					$	130,941
Less: deferred financing costs, net of amortization						1,828
Debt, net of deferred financing costs					$	129,113

(1)Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities and Bank of America Credit Facility that were outstanding as of December 31, 2015.

(2)The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollar based on the applicable exchange rates as of December 31, 2015.

(3)The balance as of December 31, 2015 included the reclassification adjustment relating to netting of deferred financing costs, as discussed in Note 1 – Recently Adopted and Issued Accounting Pronouncements.

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Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2016

Other Liabilities [Abstract]

Summary Of Other Liabilities Including Pension

(Dollars in thousands)	March 31, 2016		December 31, 2015
Current liabilities
Lease liability	$	5,900	$	5,900
Security deposit payable		180		180
Accrued pension		1,710		1,539
Other		60		21
Other current liabilities	$	7,850	$	7,640
Other liabilities
Straight-line rent liability	$	10,644	$	10,823
Accrued pension		6,110		6,236
Lease make-good provision		5,122		5,228
Deferred revenue - real estate		4,656		4,596
Environmental reserve		1,656		1,656
Interest rate swap		375		156
Acquired leases		224		866
Other		478		501
Other liabilities	$	29,265	$	30,062

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Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2016

Accumulated Other Comprehensive Income [Abstract]

Summary Of Accumulated Other Comprehensive Income

(Dollars in thousands)	Foreign Currency Items		Unrealized Gain (Losses) on Available-for-Sale Investments		Accrued Pension Service Costs		Total
Balance at January 1, 2016	$	14,642	$	12	$	(2,848)	$	11,806
Net current-period other comprehensive income		6,309		--		32		6,341
Balance at March 31, 2016	$	20,951	$	12	$	(2,816)	$	18,147

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Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2016

Noncontrolling Interests [Abstract]

Components Of Noncontrolling Interests

	March 31,		December 31,
(Dollars in thousands)	2016		2015
Australian Country Cinemas, Pty Ltd	$	313	$	318
Shadow View Land and Farming, LLC		1,929		1,940
Sutton Hill Properties, LLC		2,048		2,073
Noncontrolling interests in consolidated subsidiaries	$	4,290	$	4,331

Components Of Gain/(Loss) Attributable To Noncontrolling Interest

	Three Months Ended
	March 31,		March 31,
(Dollars in thousands)	2016		2015
Australian Country Cinemas, Pty Ltd	$	34	$	18
Shadow View Land and Farming, LLC		(10)		(13)
Sutton Hill Properties, LLC		(26)		(21)
Net loss attributable to noncontrolling interests	$	(2)	$	(16)

Summary Of Changes In Controlling And Noncontrolling Stockholders’ Equity

(Dollars in thousands)		Controlling Stockholders’ Equity		Noncontrolling Stockholders’ Equity		Total Stockholders’ Equity
Equity at January 1, 2016	$	132,865	$	4,331	$	137,196
Net income (loss)		2,226		(2)		2,224
Increase in additional paid in capital		143		--		143
Distributions to noncontrolling stockholders		--		(55)		(55)
Accumulated other comprehensive income		6,340		16		6,356
Equity at March 31, 2016	$	141,574	$	4,290	$	145,864
(Dollars in thousands)		Controlling Stockholders’ Equity		Noncontrolling Stockholders’ Equity		Total Stockholders’ Equity
Equity at January 1, 2015	$	127,686	$	4,612	$	132,298
Net income (loss)		3,118		(16)		3,102
Increase in additional paid in capital		383		--		383
Treasury stock purchased		(1,828)		--		(1,828)
Contributions from noncontrolling stockholders - SHP		--		17		17
Distributions to noncontrolling stockholders		--		(90)		(90)
Accumulated other comprehensive loss		(9,837)		(25)		(9,862)
Equity at March 31, 2015	$	119,523	$	4,497	$	124,020

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Equity And Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2016

Equity And Stock-Based Compensation [Abstract]

Schedule Of Fair Value Of Options, Weighted Average Assumptions

	Three Months Ended March 31
	2016			2015
Stock option exercise price	$	11.83	$	12.34
Risk-free interest rate		1.24%		1.77%
Expected dividend yield		--		--
Expected option life in years		3.75		5.00
Expected volatility		24.94%		31.80%
Weighted average fair value	$	2.48	$	3.83

Schedule Of Stock Options Outstanding And Exercisable

	Options Outstanding							Exercisable Options
	Number of Options		Weighted Average Exercise Price				Weighted Average Remaining Years of Contractual Life	Number of Options		Weighted Average Exercise Price				Weighted Average Remaining Years of Contractual Life
(Shares in thousands)	Class A	Class B	Class A		Class B		Class A & B	Class A	Class B	Class A		Class B		Class A & B
Balance - December 31, 2014	568	185	$	6.88	$	9.90	2.40	348	185	$	6.82	$	9.90	3.63
Granted	112	--		13.30		--		101	--		--		--
Exercised	(185)	(185)		6.09		9.90		(185)	(185)		--		--
Forfeited	(8)	--		6.23		--		(8)	--		--		--
Balance - December 31, 2015	487	--	$	7.64	$	--	2.89	256	--	$	7.64	$	--	2.14
Granted	142	-		11.83		-		10	-		-		-
Exercised	-	-		-		-		-	-		-		-
Forfeited	(2)	-		$6.23		-		-	-		-		-
Balance - March 31, 2016	627	--	$	9.40		-	3.17	266	--	$	7.78	$	--	2.04

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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments [Abstract]

Set Forth Terms Of Interest Rate Swap Derivative Instruments

	As of March 31, 2016
(Dollars in thousands)	Notional		Other Assets		Other Current Liabilities
Interest rate swap	$	52,413	$	-	$	375
Interest rate cap		7,500		1		-
Total	$	59,913	$	1	$	375

	As of December 31, 2015
(Dollars in thousands)	Notional		Other Assets		Other Current Liabilities
Interest rate swap	$	52,413	$	-	$	156
Interest rate cap		7,500		1		-
Total	$	59,913	$	1	$	156

Summary Of Unrealized Gains/Losses In The Financial Statement

	Three Months Ended
(Dollars in thousands)	March 31, 2016		March 31, 2015
Net unrealized losses on interest rate derivatives	$	219	$	-

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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Measurement [Abstract]

Schedule Of Assets and Liabilities Carried and Measured At Fair Value

	Fair Value Measurement at March 31, 2016
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets
Investments	$	51	$	-	$	-	$	51
Derivatives		-		1		-		1
Liabilities
Derivatives		-		(375)		-		(375)
Total recorded at fair value	$	51	$	(374)	$	-	$	(323)

	Fair Value Measurement at December 31, 2015
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets
Investments	$	51	$	-	$	-	$	51
Derivatives		-		1		-		1
Liabilities
Derivatives		-		(156)				(156)
Total recorded at fair value	$	51	$	(155)	$	-	$	(104)

Schedule Of Fair Value Carried At Cost And Measured On A Nonrecurring Basis

			Fair Value Measurement at March 31, 2016
(Dollars in thousands)	Carrying Value(1)		Level 1		Level 2		Level 3		Total
Notes payable	$	101,303	$	-	$	-	$	92,978	$	92,978
Subordinated debt		27,913		-		-		13,446		13,446
	$	129,216	$	-	$	-	$	106,424	$	106,424

			Fair Value Measurement at December 31, 2015
(Dollars in thousands)	Carrying Value(1)		Level 1		Level 2		Level 3		Total
Notes payable	$	103,028	$	-	$	-	$	99,554	$	99,554
Subordinated debt		27,913		-		-		13,338		13,338
	$	130,941	$	-	$	-	$	112,892	$	112,892

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Business Segments (Summary Of Results Of Operations For Principal Business Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	$ 64,789	$ 60,585
Segment operating income	4,692	5,233
Inter-segment Elimination [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	(1,776)	(1,718)
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment operating income	9,779	8,630
Cinema [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	61,315	56,899
Cinema [Member] | Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment operating income	7,690	6,339
Real Estate [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	5,250	5,404
Real Estate [Member] | Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment operating income	$ 2,089	$ 2,291

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Business Segments (Reconciliation Of Segment Operating Income Before Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment operating income	$ 4,692	$ 5,233
Depreciation and amortization expense	(3,808)	(3,742)
General and administrative expense	(6,191)	(4,329)
Equity earnings of unconsolidated joint ventures and entities	302	236
Gain on sale of assets	393	2,822
Other expense	(57)	(91)
Income before income taxes	3,455	5,625
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment operating income	9,779	8,630
Corporate, Non-segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and amortization expense	(96)	(70)
General and administrative expense	(4,991)	(3,327)
Interest expense, net	$ (1,875)	$ (2,575)

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Operations In Foreign Currency (Details)	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Australian Dollar [Member] | Spot Rate [Member]
Currency Exchange Rates [Line Items]
Currency exchange rates	0.7677	0.7286	0.7625
Australian Dollar [Member] | Average Rate [Member]
Currency Exchange Rates [Line Items]
Currency exchange rates	0.7216	0.7524	0.7862
New Zealand Dollar [Member] | Spot Rate [Member]
Currency Exchange Rates [Line Items]
Currency exchange rates	0.6926	0.6842	0.7485
New Zealand Dollar [Member] | Average Rate [Member]
Currency Exchange Rates [Line Items]
Currency exchange rates	0.6637	0.7004	0.7514

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Earnings Per Share (Computation Of Basic And Dilutes Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net income attributable to RDI common stockholders	$ 2,226	$ 3,118
Weighted average shares of common stock – basic	23,334,892	23,242,467
Weighted average dilutive impact of awards	197,966	281,188
Weighted average shares of common stock – diluted	23,532,858	23,523,655
Basic EPS attributable for RDI common stockholders	$ 0.10	$ 0.13
Diluted EPS attributable to RDI common stockholders	$ 0.09	$ 0.13
Awards excluded from diluted EPS	238,370

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Property And Equipment (Narrative) (Details) AUD in Millions							3 Months Ended
	Dec. 23, 2015 AUD ft² item mi	Dec. 23, 2015 USD ($) ft² item mi	Apr. 01, 2015 NZD property	Feb. 25, 2015 USD ($)	May. 23, 2014 AUD	May. 23, 2014 USD ($)	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Mar. 31, 2016 AUD	Mar. 31, 2016 USD ($)	Dec. 31, 2015 AUD	Dec. 31, 2015 USD ($)		Apr. 30, 2015 NZD	Apr. 30, 2015 USD ($)	Apr. 01, 2015 USD ($)	May. 12, 2014 AUD a	May. 12, 2014 USD ($) a
Depreciation expense for property and equipment							$ 3,500,000	$ 3,500,000
Carrying value of property										$ 217,075,000		$ 210,298,000	[1]
Gain (loss) on sale of assets							$ 393,000	$ 2,822,000
Goodwill										20,002,000		19,715,000	[1]
Burwood [Member]
Sale price																	AUD 65.0	$ 50,800,000
Remaining purchase price									AUD 58.5	44,900,000
Carrying value of property									AUD 52.1	$ 40,000,000	AUD 52.1	$ 38,000,000
Area of property | a																	50.6	50.6
Proceeds from the sale property					AUD 6.5	$ 5,900,000
Doheny Condo, Los Angeles [Member]
Sale price				$ 3,000,000
Gain (loss) on sale of assets				$ 2,800,000
Lake Taupo [Member]
Number of land parcels sold | property			2
Sale price			NZD 3,400,000													$ 2,300,000
Lake Taupo Parcel One [Member]
Sale price														NZD 2,200,000	$ 1,600,000
Carrying value of property														1,800,000	1,300,000
Lake Taupo Parcel Two [Member]
Sale price														1,200,000	831,000
Carrying value of property														NZD 615,000	$ 426,000
Cannon Park, Queensland [Member]
Area of property | ft²	133,000	133,000
Percentage of acquisition completed	100.00%	100.00%
Payment to acquire property	AUD 33.6	$ 24,300,000
Ownership percentage in equity method									75.00%	75.00%
Number of major tenants | item	3	3
Number of specialty family oriented restaurant tenants | item	10	10
Number of retailers | item	4	4
Distance between two properties, Miles | mi	6.0	6.0
Percentage of property leased							98.00%
Liabilities assumed										$ 0
Measurement period							1 year
Goodwill										$ 0
Number of land parcels acquired | item	2	2
Cannon Park, Queensland [Member] | Minimum [Member]
Lease term							9 months
Cannon Park, Queensland [Member] | Maximum [Member]
Lease term							8 years

[1] Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications)

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Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property And Equipment [Abstract]
Land	$ 71,775	$ 70,063
Building and improvements	131,006	126,622
Leasehold improvements	47,137	46,874
Fixtures and equipment	114,870	112,423
Construction-in-progress	11,498	7,825
Total cost	376,286	363,807
Less: accumulated depreciation	(159,211)	(153,509)
Operating property, net	$ 217,075	$ 210,298	[1]

[1] Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications)

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Property And Equipment (Schedule Of Purchase Price Allocation) (Details) - Mar. 31, 2016 AUD in Thousands, $ in Thousands	AUD	USD ($)
Acquisitions, Disposals, And Assets Held For Sale [Abstract]
Prepaid assets	AUD 38	$ 28
Land	10,500	7,609
Building	23,060	16,712
Total purchase price	AUD 33,598	$ 24,349

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Property And Equipment (Summary Of Investment And Development Property) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Investment and development property, net	$ 23,326	$ 23,002	[1]
Land [Member]
Property, Plant and Equipment [Line Items]
Investment and development property, net	21,709	21,434
Construction-In-Progress [Member]
Property, Plant and Equipment [Line Items]
Investment and development property, net	$ 1,617	$ 1,568

[1] Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications)

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Investments In Unconsolidated Joint Ventures And Entities (Summary Of The Investments In Unconsolidated Joint Ventures And Entities) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Total investments	$ 5,656	$ 5,370	[1]
Rialto Distribution [Member]
Schedule of Equity Method Investments [Line Items]
Investment	33.30%
Rialto Cinemas [Member]
Schedule of Equity Method Investments [Line Items]
Investment	50.00%
Total investments	$ 1,370	1,276
Mt. Gravatt Cinema [Member]
Schedule of Equity Method Investments [Line Items]
Investment	33.30%
Total investments	$ 4,286	$ 4,094

[1] Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications)

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Investments In Unconsolidated Joint Ventures And Entities (Summary Of Equity Earnings (Loss) From Investments In Unconsolidated Joint Ventures And Entities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Equity Method Investments [Line Items]
Total equity earnings	$ 302	$ 236
Rialto Cinemas [Member]
Schedule of Equity Method Investments [Line Items]
Total equity earnings	76	72
Mt. Gravatt Cinema [Member]
Schedule of Equity Method Investments [Line Items]
Total equity earnings	$ 226	$ 164

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Goodwill And Intangible Assets (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016
Beneficial Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets estimated useful life	30 years
Trade Name [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets estimated useful life	45 years
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets estimated useful life	10 years

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Goodwill And Intangible Assets (Summary Of Goodwill) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($)
Goodwill [Line Items]
Goodwill, Beginning balance	$ 19,715	[1]
Foreign currency translation adjustment	287
Goodwill, Ending balance	20,002
Cinema [Member]
Goodwill [Line Items]
Goodwill, Beginning balance	14,491
Foreign currency translation adjustment	287
Goodwill, Ending balance	14,778
Real Estate [Member]
Goodwill [Line Items]
Goodwill, Beginning balance	$ 5,224
Foreign currency translation adjustment
Goodwill, Ending balance	$ 5,224

[1] Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications)

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Goodwill And Intangible Assets (Summary Of Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross intangible assets	$ 34,768	$ 34,743
Less: Accumulated amortization	(25,338)	(24,854)
Net intangible assets	9,430	9,889	[1]
Beneficial Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Gross intangible assets	26,817	26,793
Less: Accumulated amortization	(20,498)	(20,108)
Net intangible assets	6,319	6,685
Trade Name [Member]
Finite-Lived Intangible Assets [Line Items]
Gross intangible assets	7,254	7,254
Less: Accumulated amortization	(4,393)	(4,300)
Net intangible assets	2,861	2,954
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross intangible assets	697	696
Less: Accumulated amortization	(447)	(446)
Net intangible assets	$ 250	$ 250

[1] Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications)

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Goodwill And Intangible Assets (Summary Of Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Intangible assets amortization	$ 461	$ 435
Beneficial Lease [Member]
Intangible assets amortization	365	361
Other Intangible Assets [Member]
Intangible assets amortization	$ 96	$ 74

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Prepaid And Other Assets (Summary Of Prepaid And Other Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Prepaid And Other Assets [Abstract]
Prepaid expenses	$ 1,496	$ 879
Prepaid taxes	3,204	3,160
Prepaid rent	829	1,021
Deposits	369	369
Total prepaid and other current assets	5,898	5,429	[1]
Other non-cinema and non-rental real estate assets	1,134	1,134
Straight-line rent	2,552	2,417
Long-term deposits	58	63
Other		1
Total other non-current assets	$ 3,744	$ 3,615	[1]

[1] Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications)

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Income Tax (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax [Abstract]
Effective tax rate	33.90%	44.90%

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Debt (Bank Of America Credit Facility) (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Mar. 03, 2016	Mar. 31, 2016	Dec. 31, 2015	[1]
Debt Instrument [Line Items]
Contractual facility		$ 210,095	$ 207,075
US Bank Of America Credit Facility [Member]
Debt Instrument [Line Items]
Maturity date		Nov. 28, 2019	Nov. 28, 2019
Contractual facility	$ 55,000	$ 55,000	$ 55,000
Reduced leverage ratio	0.25%

[1] The balance as of December 31, 2015 included the reclassification adjustment relating to netting of deferred financing costs, as discussed in Note 1 - Recently Adopted and Issued Accounting Pronouncements.

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Debt (Summary Of Notes Payable) (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Mar. 03, 2016	Mar. 31, 2016		Dec. 31, 2015	[1]
Debt Instrument [Line Items]
Contractual facility		$ 210,095		$ 207,075
Balance		129,217		130,941
Less: deferred financing costs, net of amortization		1,622		1,828
Debt, net of deferred financing costs		$ 127,595		$ 129,113
Trust Preferred Securities [Member]
Debt Instrument [Line Items]
Maturity date		Apr. 30, 2027		Apr. 30, 2027
Contractual facility		$ 27,913		$ 27,913
Balance		$ 27,913		$ 27,913
Stated interest rate		4.62%		4.32%
Effective interest rate		5.20%	[2]	5.20%	[3]
US Bank Of America Credit Facility [Member]
Debt Instrument [Line Items]
Maturity date		Nov. 28, 2019		Nov. 28, 2019
Contractual facility	$ 55,000	$ 55,000		$ 55,000
Balance		$ 29,750		$ 29,750
Stated interest rate		2.93%		2.92%
Effective interest rate		3.65%	[2]	3.65%	[3]
US Bank Of America Line Of Credit [Member]
Debt Instrument [Line Items]
Maturity date		Oct. 31, 2017		Oct. 31, 2017
Contractual facility		$ 5,000		$ 5,000
Balance		$ 4,750		$ 2,500
Stated interest rate		3.42%		3.42%
Effective interest rate		3.42%	[2]	3.42%	[3]
US Cinema 1, 2, 3 Term Loan [Member]
Debt Instrument [Line Items]
Maturity date		Jul. 01, 2016		Jul. 01, 2016
Contractual facility		$ 15,000		$ 15,000
Balance		$ 15,000		$ 15,000
Stated interest rate		4.00%		3.75%
Effective interest rate		4.00%	[2]	3.75%	[3]
US Cinemas 1, ,2, 3 Line Of Credit [Member]
Debt Instrument [Line Items]
Maturity date		Jul. 01, 2016		Jul. 01, 2016
Contractual facility		$ 6,000		$ 6,000
Stated interest rate		4.00%		3.75%
Effective interest rate		4.00%	[2]	3.75%	[3]
Minetta and Orpheum Theatres Loan [Member]
Debt Instrument [Line Items]
Maturity date		Jun. 01, 2018		Jun. 01, 2018
Contractual facility		$ 7,500		$ 7,500
Balance		$ 7,500		$ 7,500
Stated interest rate		3.25%		3.00%
Effective interest rate		3.25%	[2]	3.00%	[3]
US Union Square Line Of Credit [Member]
Debt Instrument [Line Items]
Maturity date		Jun. 02, 2017		Jun. 02, 2017
Contractual facility		$ 8,000		$ 8,000
Balance		$ 8,000		$ 8,000
Stated interest rate		3.58%		3.65%
Effective interest rate		3.58%	[2]	3.65%	[3]
NAB Australian Corporate Term Loan [Member]
Debt Instrument [Line Items]
Maturity date		Jun. 30, 2019	[4]	Jun. 30, 2019	[5]
Contractual facility		$ 51,052	[4]	$ 48,452	[5]
Balance		$ 24,183	[4]	$ 26,594	[5]
Stated interest rate		3.10%	[4]	3.06%	[5]
Effective interest rate		3.10%	[2],[4]	3.06%	[3],[5]
New Zealand Westpac Corporate Credit Facility [Member]
Debt Instrument [Line Items]
Maturity date		Mar. 31, 2018	[4]	Mar. 31, 2018	[5]
Contractual facility		$ 34,630	[4]	$ 34,210	[5]
Balance		$ 12,121	[4]	$ 13,684	[5]
Stated interest rate		4.15%	[4]	4.45%	[5]
Effective interest rate		4.15%	[2],[4]	4.45%	[3],[5]

[1] The balance as of December 31, 2015 included the reclassification adjustment relating to netting of deferred financing costs, as discussed in Note 1 - Recently Adopted and Issued Accounting Pronouncements.

[2] Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities and Bank of America Credit Facility that were outstanding as of March 31, 2016

[3] Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities and Bank of America Credit Facility that were outstanding as of December 31, 2015.

[4] The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of March 31, 2016.

[5] The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollar based on the applicable exchange rates as of December 31, 2015.

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Other Liabilities (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Aug. 29, 2014
Other Liabilities [Line Items]
Accrued pension costs	$ 6,110,000		$ 6,236,000	$ 7,500,000
Service cost	0	$ 0
Interest cost	45,000	45,000
Actuarial loss (gain)	(32,000)	$ (52,000)
Benefit obligation	$ 10,200,000
Discount rate	4.25%
Discount term	15 years
Monthly estate payment amount	$ 57,000
Discounted value	2,700,000
Accumulated prior service cost	$ 3,100,000
Accumulated prior service cost amortization period	15 years
Accrued pension costs included in other liabilities	$ 7,800,000
Supplemental Executive Retirement Plans [Member]
Other Liabilities [Line Items]
Accrued pension costs				$ 7,600,000

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Other Liabilities (Summary Of Other Liabilities Including Pension) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015		Aug. 29, 2014
Other Liabilities [Abstract]
Lease liability	$ 5,900	$ 5,900
Security deposit payable	180	180
Accrued pension	1,710	1,539
Other	60	21
Other current liabilities	7,850	7,640	[1]
Straight-line rent liability	10,644	10,823
Accrued pension	6,110	6,236		$ 7,500
Lease make-good provision	5,122	5,228
Environmental reserve	1,656	1,656
Interest rate swap	375	156
Deferred revenue - real estate	4,656	4,596
Acquired leases	224	866
Other	478	501
Other liabilities	$ 29,265	$ 30,062	[1]

[1] Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications)

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Accumulated Other Comprehensive Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 11,806	[1]
Net current-period other comprehensive income	6,341
Balance	18,147
Foreign Currency Items [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	14,642
Net current-period other comprehensive income	6,309
Balance	20,951
Unrealized Gain (Losses) On Available-For-Sale Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	12
Balance	12
Accrued Pension Service Costs [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(2,848)
Net current-period other comprehensive income	32
Balance	$ (2,816)

[1] Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications)

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Commitments And Contingencies (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2016 NZD	Mar. 31, 2016 USD ($)	Dec. 31, 2015 NZD	Dec. 31, 2015 USD ($)
Commitments And Contingencies [Abstract]
Total debt of unconsolidated joint ventures and entities	NZD 1,500,000	$ 1,000,000	NZD 1,500,000	$ 1,000,000
Share of unconsolidated debt, based on ownership percentage	500,000		500,000
Accrued debt	NZD 500,000	$ 346,000	NZD 500,000	$ 342,000

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Noncontrolling Interests (Narrative) (Details)	Mar. 31, 2016
Australia Country Cinemas, Pty Ltd [Member]
Ownership percentage by noncontrolling interest	25.00%
Shadow View Land And Farming LLC [Member]
Ownership percentage by noncontrolling interest	50.00%
Sutton Hill Capital, LLC [Member]
Ownership percentage by noncontrolling interest	25.00%

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Noncontrolling Interests (Components Of Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Noncontrolling Interest [Line Items]
Noncontrolling interests in consolidated subsidiaries	$ 4,290	$ 4,331
Australia Country Cinemas, Pty Ltd [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests in consolidated subsidiaries	313	318
Shadow View Land And Farming LLC [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests in consolidated subsidiaries	1,929	1,940
Sutton Hill Capital, LLC [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests in consolidated subsidiaries	$ 2,048	$ 2,073

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Noncontrolling Interests (Components Of Gain (Loss) Attributable To Noncontrolling Interest) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Noncontrolling Interest [Line Items]
Net loss attributable to noncontrolling interests	$ (2)	$ (16)
Australia Country Cinemas, Pty Ltd [Member]
Noncontrolling Interest [Line Items]
Net loss attributable to noncontrolling interests	34	18
Shadow View Land And Farming LLC [Member]
Noncontrolling Interest [Line Items]
Net loss attributable to noncontrolling interests	(10)	(13)
Sutton Hill Capital, LLC [Member]
Noncontrolling Interest [Line Items]
Net loss attributable to noncontrolling interests	$ (26)	$ (21)

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Noncontrolling Interests (Summary Of Changes In Controlling And Noncontrolling Stockholders’ Equity) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Noncontrolling Interest [Line Items]
Balance	[1]	$ 137,196
Net income (loss)		2,224	$ 3,102
Distributions to noncontrolling stockholders		(55)	(90)
Accumulated other comprehensive income (loss)		(16)	(25)
Balance		145,864
Reading International Inc. Stockholders Equity [Member]
Noncontrolling Interest [Line Items]
Balance		132,865	127,686
Net income (loss)		2,226	3,118
Increase in additional paid in capital		143	383
Treasury stock purchased			(1,828)
Accumulated other comprehensive income (loss)		6,340	(9,837)
Balance		141,574	119,523
Noncontrolling Stockholders' Equity [Member]
Noncontrolling Interest [Line Items]
Balance		4,331	4,612
Net income (loss)		(2)	(16)
Contributions from noncontrolling stockholders - SHP			17
Distributions to noncontrolling stockholders		(55)	(90)
Accumulated other comprehensive income (loss)		16	(25)
Balance		4,290	4,497
Total Stockholders' Equity [Member]
Noncontrolling Interest [Line Items]
Balance		137,196	132,298
Net income (loss)		2,224	3,102
Increase in additional paid in capital		143	383
Treasury stock purchased			(1,828)
Contributions from noncontrolling stockholders - SHP			17
Distributions to noncontrolling stockholders		(55)	(90)
Accumulated other comprehensive income (loss)		6,356	(9,862)
Balance		$ 145,864	$ 124,020

[1] Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications)

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Equity And Stock-Based Compensation (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	May. 16, 2014	May. 14, 2004
Equity And Stock-Based Compensation [Line Items]
Restricted vesting period	5 years
Stock Option [Member]
Equity And Stock-Based Compensation [Line Items]
Grant date fair value of options vesting	$ 98,000	$ 57,000
Unrecognized estimated compensation cost related to non-vested stock options granted	$ 830,000
Recognition period of unrecognized compensation cost	2 years 2 months 9 days
Intrinsic unrealized value of all options outstanding, vested and expected to vest	$ 1,800,000
Percentage of option currently exercisable	63.60%
Restricted Stock Units (RSUs) [Member]
Equity And Stock-Based Compensation [Line Items]
Compensation expense	$ 31,000
Unrecognized estimated compensation cost related to non-vested stock options granted	$ 717,000
Restricted Stock Units (RSUs) [Member] | Employee/Director [Member]
Equity And Stock-Based Compensation [Line Items]
Options granted	62,528
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member]
Equity And Stock-Based Compensation [Line Items]
Vesting period of stock options	4 years
Percentage of shares vested	25.00%
Restricted Stock Units (RSUs) [Member] | Director [Member]
Equity And Stock-Based Compensation [Line Items]
Vesting period of stock options	1 year
Percentage of shares vested	100.00%
May 2014 Stock Repurchase Plan [Member]
Equity And Stock-Based Compensation [Line Items]
Repurchase program, amount authorized			$ 10,000,000
Repurchase program, shares authorized				350,000
Repurchased program, amount repurchased	$ 7,200,000
Repurchase program, remaining amount authorized	$ 2,800,000
Share price	$ 12.92
Class A Nonvoting Common Stock [Member]
Equity And Stock-Based Compensation [Line Items]
Common Stock authorized for issuance under 2010 Stock Incentive Plan	1,250,000
Common Stock shares remaining for future issuances	663,800
Minimum [Member]
Equity And Stock-Based Compensation [Line Items]
Vesting period of stock options	0 years
Maximum [Member]
Equity And Stock-Based Compensation [Line Items]
Vesting period of stock options	4 years

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Equity And Stock-Based Compensation (Schedule Of Fair Value Of Options, Weighted Average Assumptions) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Equity And Stock-Based Compensation [Abstract]
Stock option exercise price	$ 11.83	$ 12.34
Risk-free interest rate	1.24%	1.77%
Expected option life in years	3 years 9 months	5 years
Expected volatility	24.94%	31.80%
Weighted average fair value	$ 2.48	$ 3.83

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Equity And Stock-Based Compensation (Schedule Of Stock Options Outstanding And Exercisable) (Details) - $ / shares shares in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Equity And Stock-Based Compensation [Line Items]
Weighted Average Exercise Price of Options Outstanding, Granted	$ 11.83	$ 12.34
Weighted average remaining years of contractual life	3 years 2 months 1 day		2 years 10 months 21 days	2 years 4 months 24 days
Weighted average remaining contractual life of the exercisable options outstanding	2 years 15 days		2 years 1 month 21 days	3 years 7 months 17 days
Class A [Member]
Equity And Stock-Based Compensation [Line Items]
Common Stock Options Outstanding, Beginning balance	487	568	568
Common Stock Options Outstanding, Granted	142		112
Common Stock Options Outstanding, Exercised			(185)
Common Stock Options Outstanding, Forfeited	(2)		(8)
Common Stock Options Outstanding, Ending balance	627		487	568
Weighted Average Exercise Price of Options Outstanding, Beginning price	$ 7.64	$ 6.88	$ 6.88
Weighted Average Exercise Price of Options Outstanding, Granted	11.83		13.30
Weighted Average Exercise Price of Options Outstanding, Exercised			6.09
Weighted Average Exercise Price of Options Outstanding, Forfeited	6.23		6.23
Weighted Average Exercise Price of Options Outstanding, Ending price	$ 9.40		$ 7.64	$ 6.88
Common Stock Exercisable Options, Outstanding Beginning balance	256	348	348
Common Stock Exercisable Options Outstanding, Granted	10		101
Common Stock Exercisable Options Outstanding, Exercised			(185)
Common Stock Exercisable Options Outstanding, Forfeited			(8)
Common Stock Exercisable Options, Outstanding Ending balance	266		256	348
Weighted Average Price of Exercisable Options, Outstanding Beginning balance	$ 7.64	$ 6.82	$ 6.82
Weighted Average Price of Exercisable Options, Outstanding Ending balance	$ 7.78		$ 7.64	$ 6.82
Class B [Member]
Equity And Stock-Based Compensation [Line Items]
Common Stock Options Outstanding, Beginning balance		185	185
Common Stock Options Outstanding, Exercised			(185)
Common Stock Options Outstanding, Ending balance				185
Weighted Average Exercise Price of Options Outstanding, Beginning price		$ 9.90	$ 9.90
Weighted Average Exercise Price of Options Outstanding, Exercised			$ 9.90
Weighted Average Exercise Price of Options Outstanding, Ending price				$ 9.90
Common Stock Exercisable Options, Outstanding Beginning balance		185	185
Common Stock Exercisable Options Outstanding, Exercised			(185)
Common Stock Exercisable Options, Outstanding Ending balance				185
Weighted Average Price of Exercisable Options, Outstanding Beginning balance		$ 9.90	$ 9.90
Weighted Average Price of Exercisable Options, Outstanding Ending balance				$ 9.90

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Derivative Instruments (Set Forth Terms Of Interest Rate Swap And Cap Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Notional amount	$ 59,913	$ 59,913
Other assets	1	1
Other current liabilities	375	156
Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount	52,413	52,413
Other current liabilities	375	156
Interest Rate Cap [Member]
Derivative [Line Items]
Notional amount	7,500	7,500
Other assets	$ 1	$ 1

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Derivative Instruments (Summary Of Unrealized Gains/Losses In The Financial Statement) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($)
Derivative Instruments [Abstract]
Net unrealized losses on interest rate derivatives	$ 219

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Fair Value Measurement (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value Measurement [Abstract]
Transfers of assets and liabilities between level 1, 2, 3	$ 0	$ 0

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Fair Value Measurement (Schedule Of Assets and Liabilities Carried and Measured At Fair Value) (Details) - Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Investments	$ 51	$ 51
Assets, Derivatives	1	1
Liabilities, Derivatives	(375)	(156)
Total recorded at fair value	(323)	(104)
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Investments	51	51
Total recorded at fair value	51	51
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Derivatives	1	1
Liabilities, Derivatives	(375)	(156)
Total recorded at fair value	$ (374)	$ (155)

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Fair Value Measurement (Schedule Of Fair Value Carried At Cost And Measured On Nonrecurring Basis) (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash		$ 17	$ 160	[1]
Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable		92,978	99,554
Subordinated debt		13,446	13,338
Financial liabilities total		106,424	112,892
Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable		92,978	99,554
Subordinated debt		13,446	13,338
Financial liabilities total		106,424	112,892
Carrying Value | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	[2]	101,303	103,028
Subordinated debt	[2]	27,913	27,913
Financial liabilities total	[2]	$ 129,216	$ 130,941

[1] Certain prior period amounts have been reclassified to conform to the current period presentation (see Note 1 - The Company and Basis of Presentation - Reclassifications)

[2] These balances are presented before any deduction for deferred financing costs.

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Subsequent Events (Details)			1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 11, 2016 USD ($) ft² item	Mar. 03, 2016 USD ($)	Apr. 30, 2016 USD ($)	Mar. 31, 2016 USD ($) shares	Dec. 31, 2015 USD ($) shares		May. 02, 2016 shares	Apr. 25, 2016 USD ($)
Subsequent Event [Line Items]
Contractual facility				$ 210,095,000	$ 207,075,000	[1]
US Bank Of America Credit Facility [Member]
Subsequent Event [Line Items]
Contractual facility		$ 55,000,000		$ 55,000,000	$ 55,000,000	[1]
Maturity date				Nov. 28, 2019	Nov. 28, 2019	[1]
US Cinema 1, 2, 3 Term Loan [Member]
Subsequent Event [Line Items]
Contractual facility				$ 15,000,000	$ 15,000,000	[1]
Maturity date				Jul. 01, 2016	Jul. 01, 2016	[1]
Subsequent Event [Member]
Subsequent Event [Line Items]
Settlement awarded			$ 2,268,009
Subsequent Event [Member] | 5995 Sepulveda Blvd, Culver City [Member]
Subsequent Event [Line Items]
Sale price	$ 11,200,000
Area of property | ft²	24,000
Number of parking spaces | item	72
Percent of leasable area	50.00%
Reduction in headquarters occupancy cost	$ 350,000
Subsequent Event [Member] | US Cinema 1, 2, 3 Term Loan [Member]
Subsequent Event [Line Items]
Mortgage loan								$ 15,000,000
Class B [Member]
Subsequent Event [Line Items]
Common stock, shares issued | shares				1,680,590	1,680,590
Stock Certificate B0005 [Member] | Class B [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares issued | shares							327,808
Stock Certificate RDIB 0028 [Member] | Class B [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares issued | shares							696,080
Sutton Hill Capital, LLC [Member]
Subsequent Event [Line Items]
Ownership percentage by parent				75.00%

[1] The balance as of December 31, 2015 included the reclassification adjustment relating to netting of deferred financing costs, as discussed in Note 1 - Recently Adopted and Issued Accounting Pronouncements.