SYDNEY: Reading International, Inc. (“Reading” or the “Company”) today announced that it has received US$27.8 million (AU$36.6 million), net of settlement costs, as the final payment in connection with the 2014 disposition of its Burwood property in Australia. This amount is in addition to the US$5.9 million (AU$6.5million) Reading received in May 2014 and US$16.5 million (AU$21.8 million) in June 2017. As previously disclosed, Reading recorded a gain on sale of this property of US$9.4 million (AU$12.5 million) during the quarter ended June 30, 2017. Settlement proceeds have been utilized to reduce borrowings and for general corporate purposes.
Reading International, Inc. (NASDAQ: RDI) is a leading entertainment and real estate company, engaging in the development, ownership and operation of multiplex cinemas and retail and commercial real estate in the United States, Australia and New Zealand.
The family of Reading brands includes cinema brands Reading Cinemas, Angelika Film Centers, Consolidated Theatres, and City Cinemas; live theaters operated by Liberty Theatres in the United States; and signature property developments, including Newmarket Village, Auburn Red Yard and Cannon Park in Australia, Courtenay Central in New Zealand and 44 Union Square in New York City.
