reading international ceo

Comparing Reading International, Inc.’s CEO Compensation With the industry . Over the next few months before Reading makes any funding commitment, we will be satisfying ourselves that we have in place a legal arrangement that's protective of Reading's future interest and potential economic returns that fairly allocate the cost and benefits of the needed infrastructure. In addition, in Australia and New Zealand, we have received wage subsidies from the local government that covers the majority of our payroll expenses. Kwik is also the founder of Kwik Learning, an online platform that provides memory and speed-reading training for busy people who want to achieve more in a minimal amount of time. Gilbert will describe these agreements in more detail in a few minutes. The required shutdown and other operational impact on our business due to COVID-19 pandemic related issue has severely reduced our liquidity from operational sources. Generally, reading has been a large part of Nish Bhatt’s, Founder and CEO, Millwood Kane International, learning experience over the years.As books have been fundamental in helping the investment consulting firm boss innovate and form his own perspective on the world. Fourth quarter release dates for additional [Indiscernible] films including Wonder Woman, Black Widow, Top Gun and No Time to Die. In Australia, our July F&B per cap increased by almost 35%. Trade stocks, options, futures, forex, bonds and funds on 135 markets, all from a single integrated account. In Australia the government sponsored JobKeeper program has allowed us to retain most of our employees on an economic basis. Such risk factors are clearly set out in our SEC filings. Furthermore, Ellen Cotter directly owns US$3.5m worth of shares in the company, implying that they are deeply invested in the company’s success. We understand first-hand the cabin fever that can build up in a work from home environment.

Firstly, as mentioned before, we've negotiated rent deals with virtually all of our landlords and are not in default of any of our leases as of today. This asset continues to be a major focus as it has historically been -- as it has historically provided the foundation for our New Zealand real estate portfolio. Turning to our real estate business in the U.S. As I mentioned earlier, we completed a full floor multi-year lease at our Culver City building on May 27, 2020 for worldwide packaging LLC, a global company with over 35 years of experience providing cosmetic and personal care industries with a range of packaging needs. As of June 30, 2020, our combined Australian and New Zealand portfolio insists of 101 third-party tenant spaces, representing a gross leasable area of almost 32,000 square meters or almost 345,000 square feet. We understand that the code of conduct will be in place through the third quarter of 2020.

In today's call, we also use an industry accepted financial measure called theater level cash flow, TLCF, which is theater-level revenue less direct theater-level expenses; and also property level cash flow, PLCF, which is property-level revenue less direct property-level expenses. TAMPA, Fla. — Tampa International Airport CEO Joe Lopano has tested positive for coronavirus, along with VP of Communications Veronica Cintron, the … Through our liquidity management practice, we proactively drew down credit lines prior to March 31, 2020 to increase our cash cushion to allow us to better manage through the COVID-19 related impact on our businesses.

A look back at the different times when authors unleashed the Nostradamus in them and came up with something that was years ahead of its time.

We continue to work with Westpac, which has been our lender in New Zealand for over 15 years. For the 6 months ended June 30, 2020, net cash used by operations increased by $26.2 million to a net cash used of $23.1 million when compared to the same period of prior year. We understand that the system only works if we all make money. In the book, Koontz mentions a fictional biological weapon Wuhan-400, nearly 40 years before the coronavirus outbreak occurred. We believe that the pent-up demand in Australia and New Zealand is absolutely there.

Before we walk through each division, I'll highlight a few recent milestones. And these 2 parcels remain unencumbered. Thank you for listening.

So the money generated by the theatrical box office is a significant sum.

Note, this decree historically only applied to certain studios. On a straight line basis, rent [Ph] will commence during the second quarter of 2020 and we anticipate receiving cash, rental revenue during the fourth quarter of 2020. We've made a calculated decision to hold back these advertising dollars in order to have a greater impact when things reopen. He suffered a traumatic brain injury when he was 5 years old that made learning a challenge for his formative years. This doesn’t look good against shareholder returns, which have been negative for the past three years. With respect to our real estate operations and development, we're happy to report that our Australian Property Division on a functional currency basis reported first quarter revenues and property level cash flow that reached first quarter record highs, boosted by successful leasing efforts at Newmarket Village. Well that marks the conclusion of the call and the question and answers. And in early June 2020 in New Zealand, working with our adjoining landowner we were granted key resource consent related to the infrastructure work needed to unlock development rights for our industrial properties in Manukau near the Auckland Airport.

During the first quarter of 2020, we progressed infrastructure plans related to our 64-acre Manukau property that we successfully re-zoned from agricultural to light industrial uses, and our 6.4-acre property zoned for heavy industrial use. Given the difference in market valuation, do you believe there's value in separating the real estate and the theater business, Ellen? We reported a $2.5 million operating loss for the first quarter 2020. On August 7, 2020, we modified certain financial covenants within our Bank of America credit facility and received waivers for the quarterly financial covenants test for measurement period through September 30, 2021. As of today, 97% of our third party tenants are open and trading, although some still have some trading restrictions. During that time, we'll offer a range of curated programming centered on repertory and some recently released titles. Our confidence in our industry is supported by Warner Bros. determination to open tenant and movie theaters, even though theaters in some of the biggest U.S. markets will remain closed. Our 23 Australian theaters were closed for most of the second quarter.

The U.S. cinema circuit set a first quarter record for its F&B SPP. By July 1, 2020 we expect that all of our Reading Cinemas in Australia will reopen to the public. We receive bank covenant waivers from Bank of America for the first quarter of 2020, and the NAB for the second quarter and the third quarter 2020. However, we don't believe that this is a permanent condition, and we take comfort in the slate of movies to be released during the fourth quarter and into 2021 and 2022. At the moment, we anticipate delaying the opening of our new cinemas in Altona and Traralgon in Victoria and Jindalee in Queensland into 2021. So with that behind us, I'll turn it over to Ellen, who will review the results for the first quarter 2020 and discuss further Reading's precautions and strategies in navigating the COVID-19 pandemic. The decrease in our overall Q2 results was attributable to a few factors. Our Q1, 2020 results were negatively impacted by the worldwide COVID-19 crisis that ultimately resulted in both the temporary closure of our global cinemas and live theatres, and imposed a business halt for many of our tenants at our centres in Australia and New Zealand. Let's start with New Zealand and Australia. While the real estate board of New York prohibited leasing activity during the COVID-19 shut down our leasing team is ramping up their efforts again. This decrease was primarily due to the net loss in the first quarter 2020, driven by COVID-19 related factors. At the time of writing, our data shows that Reading International, Inc. has a market capitalization of US$118m, and reported total annual CEO compensation of US$1.2m for the year to December 2019. And it's our line of credit -- support -- lines of credit supported by, in part, those real estate assets that are providing us with the liquidity we need today to continue our business during the COVID period. While these programs have only grossed about $50,000 over the last few months, the effort, more importantly, has helped us in the development of our own streaming platform to be called ANGELIKA ANYWHERE. We undertake no obligation to publicly update or revise any forward-looking statements. In the first quarter of 2020, we progressed the renovation of our consolidated theatres at the Kahala Mall in Honolulu, where we're converting all eight screens to recliner seating and adding an elevated F&B offering. A few other factors contributed to this decline. So let's say the average person reads 200 words per minute. However, the primary challenge for Australian cinemas has been the lack of major studio temple releases. We are currently queued up to launch ANGELIKA ANYWHERE in the U.S. this quarter. Thanks, Ellen.

And as of March 31, 2020 our overall debt was $263 million. How are you thinking about margins during the ramp-up? While there are media reports of decreases in commercial rents in New York, we don't currently believe that this should materially adversely impact our leasing given the brand nature of our building at its location overlooking Union Square. Now, let's talk about our global cinema business. During Q1 2020, we continued leasing activity at Newmarket Village, Auburn Redyard and Cannon Park.

To assist landlords and tenants in April 2020, the Australian Government issued a mandatory code of conduct. Almost $390,000 in COVID-19 rent abatements were granted to this group of third-party tenants. With the current social distancing requirements, we don't expect the producers occupying our live theatres in New York City to resume public performances until 2021. Regarding our current portfolio of 86 third-party lease tenants in Australia and New Zealand.

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