Reading International 2026 sum-of-the-parts valuation

Sources

1. October 22 proxy proposes an additional 2M Class A shares reserved under the incentive plan, subject to December 3 voting. Reserved shares are not issued dilution. Preserve the existing real-estate/cinema SOTP and denominator pending award/issued-share reconciliation. No verified closing of the $41M Cinemas 1,2,3 sale expected October 30; do not add proceeds without removing property value and repaying debt. Daily 5.00% decline has no verified new operating cause. Full proxy award tables remain open. — modeledge.ai (accessed 2026-10-22)
2. Regular-session reference $1.71 retrieved 2026-10-22T15:22:04.903499-06:00. Quote updates alone do not change operating assumptions. (accessed 2026-10-22)
3. October 5 Model Edge reference RDI price $1.85, refreshed 2026-10-05T15:03:35.101941-06:00. Price-only inputs refresh market-relative outputs; BRUN also refreshes its established peer-relative multiple. (accessed 2026-10-05)
4. October 5: reference price fell 5.85% to $1.85. No new verified issuer catalyst or sale closing was found. Keep $245M gross property value, $28M normalized cinema EBITDA, 5x and 20% SOTP discount. The expected October 30 $41M property sale and $19M mortgage repayment remain unconfirmed and already have a matched asset/cash/debt diagnostic; do not add gross proceeds as a windfall. — investor.readingrdi.com (accessed 2026-10-05)
5. September 30 Modeledge reference RDI price $1.85, refreshed 2026-09-30T15:27:34.931749-06:00. This quote refresh changes market-relative outputs; any intrinsic effects are separately explained. For USAU only, the existing financing-price formula mechanically links valuation to price. (accessed 2026-09-30)
6. September 30 shares fell 7.04% to $1.85. Company-specific filing/transcript and credible web discovery did not establish a new material operating or capital disclosure explaining the move. Preserve the existing asset/SOTP methodology and $6.9650 value. The signed $41M real-estate sale expected October 30 is not verified closed; do not add gross sale proceeds or ignore the related mortgage discharge. No intrinsic revision from price alone. — investor.readingrdi.com (accessed 2026-09-30)
7. September 15: No new indexed event or later issuer release was found. Investigated the 5.14% Class A decline without verifying a company-specific catalyst. Keep gross real-estate NAV $245M, normalized cinema EBITDA $28M and 20% discount. The $41M Cinemas 1,2,3 sale and $19M mortgage are already in the reconciliation; no closing before the expected October 30 date was found. Update Class A price to $2.03. Film-slate, Napier and historical checklist work remain open. — modeledge.ai (accessed 2026-09-15)
8. September 15 reference RDI share price $2.03; provider quote update 2026-09-15T15:01:37.644386-06:00. Stock-price movement alone does not change the operating forecast. (accessed 2026-09-15)
9. September 10 Modeledge reference share price $2.14; market price alone is not used to revise operating forecasts. (accessed 2026-09-10)
10. No new indexed activity or newer press release was found after the prior cutoff; no verified specific catalyst was established for the 7.76% daily fall. Keep the pending property transaction treatment: $41M proceeds and $19M mortgage are already reflected in the asset bridge. (accessed 2026-09-10)
11. Q2 2026 revenue was $66.9M and adjusted EBITDA was $11.3M without asset-sale gains; gross borrowings were about $183.1M, cash was $5.68M, and diluted weighted-average shares were 23.843M. — sec.gov (accessed 2026-08-14)
12. Original January 2025 RDI thesis estimated roughly $200M of real estate value net of property debt and more than $40M of pre-COVID cinema EBITDA. — x.com (accessed 2026-07-21)
13. At March 31, 2026 RDI reported $184.6M of gross debt, $5.524M of cash, 22.717M weighted-average diluted shares, $24.451M of assets held for sale, and Q1 adjusted EBITDA of negative $0.832M. — investor.readingrdi.com (accessed 2026-07-21)
14. During 2025 RDI sold Wellington for $21.5M and Cannon Park for $20.7M, repaid about $32.1M of bank debt, generated $17.8M of adjusted EBITDA including $8.4M of asset-sale gains, and began marketing Cinemas 1,2,3. — investor.readingrdi.com (accessed 2026-07-21)
15. The 2025 Form 10-K describes the remaining owned real estate portfolio, including 44 Union Square and Newmarket Village, and the selective monetization strategy. — sec.gov (accessed 2026-07-21)
16. RDI Class A stock price was $1.445 at 2026-07-21T18:44:51Z. — nasdaq.com (accessed 2026-07-21)
17. August 31 contract sells Cinemas 1,2,3 for $41M; $4.1M escrow deposit; approximately $19M mortgage paid at closing expected around October 30. No further due-diligence or financing contingency. Not yet closed. — modeledge.ai (accessed 2026-09-07)
18. Reading acquired the remaining 25% Sutton Hill interest in December 2025; the asset is wholly owned through subsidiaries. — modeledge.ai (accessed 2026-09-07)