Reading International Receives $27.8 Million Final Proceeds from Burwood Sale
December 22 2017 - 8:00AM
Business Wire
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.
About Reading International, Inc.
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.
Additional information about Reading can be obtained from the
Company's website: http://www.readingrdi.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171222005065/en/
Investor Contacts:Reading International, Inc.Dev Ghose,
Executive Vice President & Chief Financial OfficerAndrzej
Matyczynski, Executive Vice President for Global Operations(213)
235-2240orMedia Contacts:Joele Frank, Wilkinson Brimmer
KatcherEd Trissel or Matthew Gross(212) 355-4449
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