Reading International Reports Sale of Wellington Assets in NZ

Reading International announces the sale of its Wellington, New Zealand properties to Prime Property Group for NZ$38 million
NEW YORK, NEW YORK ( January 14, 2025 ) -

Reading International, Inc. (NASDAQ: RDI) (“Reading” or our “Company”), an internationally diversified cinema and real estate company with operations and assets in the United States, Australia, and New Zealand, today announced it has entered into an unconditional Sale and Purchase Agreement to sell its properties in Wellington, New Zealand to Prime Property Group (“Prime”) for a purchase price of NZ$38 million. The sale of these property assets is expected to close during the first quarter of 2025.

The Sale and Purchase Agreement contemplates the seismic upgrade of the Courtenay Central building by Prime and, thereafter, a long-term cinema lease by Reading Cinemas Courtenay Central Limited. The Company intends to renovate and reopen its existing cinema in the Courtenay Central building, which the Company, prioritizing the safety and wellbeing of Wellingtonians, temporarily closed in early 2019 due to seismic concerns.

About Reading International, Inc.
Reading International, Inc. (NASDAQ: RDI), an internationally diversified cinema and real estate company operating through various domestic and international subsidiaries, is a leading entertainment and real estate company, engaging in the development, ownership, and operation of cinemas and retail and commercial real estate in the United States, Australia, and New Zealand.

Reading’s cinema subsidiaries operate under multiple cinema brands: Reading Cinemas, Consolidated Theatres and the Angelika brand. Its live theatres are owned and operated by its Liberty Theaters subsidiary, under the Orpheum and Minetta Lane names. Its signature property developments, including Newmarket Village in Brisbane, Australia, and 44 Union Square in New York City, are maintained in special purpose entities.

Additional information about Reading can be obtained from our Company’s website: http://www.readingrdi.com.