Reading Confirms Earthquake Damage to its Courtenay Central Centre

Category:

11/18/16 9:00 am EST

Dateline:

LOS ANGELES

Public Company Information:

NASDAQ:
RDI
US7554081015
"We are cooperating with governmental authorities in assessing what needs to be done. As a part of our commitment to a vibrant downtown Wellington, we are working to get Courtenay Central open as quickly as possible, while prioritizing the health and safety of our customers."

LOS ANGELES--(BUSINESS WIRE)--Reading International, Inc. (NASDAQ: RDI) reported today that, as a result of recent earthquake activity in Wellington, New Zealand, the Company has closed its Tory Street parking garage, which is adjacent to its Courtenay Central entertainment themed centre, due to safety concerns. While safety inspections of the parking garage are still ongoing and the results are not yet final, the Company believes that demolition of the parking garage is likely.

Due to its proximity to the parking garage, the Company has also temporarily closed Courtenay Central, including its Reading Cinema. While no assurances can be given at this early date, based solely on a preliminary review, it appears that the damage to the centre is not structural in nature and the Company anticipates that the centre should re-open in the very near future.

Reading’s top priority is ensuring the safety of all guests and tenants at our properties. Reading is fully cooperating with the City Council of Wellington and both parties’ engineers will continue to evaluate the impacted structures to develop a plan that prioritizes the safety of our tenants, guests and employees.

With respect to our plans to develop a Countdown Supermarket at Courtenay Central, we continue to work with Countdown to develop a premium state-of-the-art grocery store at Courtenay Central. An Agreement to Lease is in place, and we have no reason to believe that the current plan will not be brought to completion. However, the recent earthquake and its impact on the centre and the parking garage may further extend the timeline to complete the grocery store development.

Except for the Reading Cinema at Courtenay Central, all other Reading Cinemas in New Zealand are open and trading and have sustained minimal or no damage.

According to Wayne Smith, the Managing Director of Reading’s operations in New Zealand, “We are cooperating with governmental authorities in assessing what needs to be done. As a part of our commitment to a vibrant downtown Wellington, we are working to get Courtenay Central open as quickly as possible, while prioritizing the health and safety of our customers.”

While no assurances can be given at this early date, the Company believes that a substantial portion of the lost income and of the costs of a possible demolition and replacement of its parking garage will be covered by our various insurance policies.

About Reading International, Inc.

Reading International (http://www.readingrdi.com) is in the business of owning and operating cinemas and developing, owning, and operating real estate assets. Our business consists 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, including entertainment-themed centres in Australia and New Zealand and live theater assets in Manhattan and Chicago in the United States.

Reading manages its worldwide business under various brands:

Cautionary Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”).

For a detailed discussion of these and other risk factors, please refer to Reading International’s Annual Report on Form 10-K for the year ended December 31, 2015 and other filings Reading International makes from time to time with the Securities and Exchange Commission (the “SEC”), which are available on the SEC’s Web site (http://www.sec.gov).

Investors are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Reading International does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after the date of this press release, or to reflect the occurrence of unanticipated events.

Contact:

Reading International, Inc.
Dev Ghose, Executive Vice President & Chief Financial Officer
Andrzej Matyczynski, Executive Vice President for Global Operations
213-235-2240