Thank you for joining Reading International's earnings call to discuss our 2021 Second Quarter Results. My name is Andrzej Matyczynski, and I am Reading's Executive Vice President of Global Operations. With me as usual are Ellen Cotter, Our President and Chief Executive Officer and Gilbert Evanes, our Executive Vice President, Chief Financial Officer and Treasurer. Before we begin the substance of the call, I will just run through the usual caveats. In accordance with the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995.
Certain matters that will be addressed in this earnings call may constitute forward looking statements. Such statements are subject to risks, uncertainties and other factors that may cause our actual performance to be materially different from the performance indicated or implied by such statements. Such risk factors are clearly set out in our SEC filings. We undertake no obligation to publicly update or revise any forward looking statements. In addition, we will discuss non GAAP financial measures on this call.
Reconciliations and definitions Of non GAAP financial measures, which are segment operating income, EBITDA and adjusted EBITDA are included in our recently issued 2021 Q2 earnings release on the company's website. We have adjusted, where applicable, the EBITDA items we believe to be external to our business and not reflective of our costs of doing business or results of operation. Such costs include legal expenses relating to extraordinary litigation and any other items that can be considered non recurring in accordance with the 2 year SEC requirement for determining an item is non recurring, infrequent or unusual in nature. We believe adjusted EBITDA is an important supplemental measure of our performance. 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.
We will also use a measure referred to as F and B spend per patron, which is a key performance indicator for our cinemas. The F and B spend per patron is calculated by dividing a cinema's revenues generated by food and beverage sales by the number of admissions at that cinema. Please note that our comments are necessarily summary in nature and anything we say It's qualified by the more detailed disclosure set forth in our Form 10 Q and other filings with the U. S. Securities and Exchange Commission.
So with that behind us, I'll turn it over to Ellen, who will review our 2021 Q2 results and discuss our strategies for navigating Reading through the COVID-nineteen pandemic to the post COVID era, followed by Gilbert, who will provide a more detailed financial review. Ellen?
Thanks, Andre. We're happy to report that as of June 30, 2021, our company, which is in both the cinema and real estate businesses in the U. S, Australia and New Zealand is in a significantly stronger position compared to where we were last year and all prior quarters since March of 2020. During Q2 2021, we continued to navigate through the COVID-nineteen pandemic. And again, we're pleased that the fundamentals of our 2 business, 3 country diversified business strategy supported Reading and its Confronted with elimination of most of our cinema cash In 2020, due to the COVID-nineteen pandemic, we considered a variety of possible routes to increase our liquidity.
These included raising new capital, taking on new debt and monetizing certain assets that had appreciated substantially during our ownership, But would require significant amounts of new capital in order to progress them to the next level of value. We decided that rather than dilute our stockholders by issuing stock at low prices or mortgaging our future by taking on It was in the best interest of our company and our stockholders to monetize certain readily sellable assets. Over the past 6 months, we have successfully monetized 4 assets, which contributed to our ability to pay down debt by over $32,000,000 And still have cash on hand of $111,000,000 or $111,800,000 As of June 30, 2021. In early June 2021, we monetized our entertainment theme center, Auburn Red Yard, Which included 114,000 square feet of undeveloped land in a suburb of Sydney for CAD 69,600,000 Or AUD90 million. We recognized a gain on sale after transaction costs of $38,700,000 or AUD 50.1 million.
As part of this transaction, we leased back our Reading Cinemas at Auburn Redyard from Charter Hall, the buyer. At the end of June 2021, we monetized our Royal George Theater Complex in Chicago for $7,100,000 And recognize a gain on sale after transaction costs of $5,000,000 The monetization of these two assets in Q2 2021 follows the monetization of 2 non income producing properties in Manukau, New Zealand and Coachella, California in the Q1 of 2021. During Q2, 2021, the majority of our operating businesses had been reactivated. At $36,000,000 our Q2 2021 consolidated total revenues increased over 9.50% From the Q2 of 2020, when most of our operations were shut down due to COVID restrictions. And we were encouraged that this $36,000,000 in total revenues was about 70% higher Then our Q1 2021 consolidated total revenues.
This increase was despite the fact that during Q2 twenty twenty one, over half of our Australian cinemas temporarily closed due to state specific lockdowns required because of the Delta variant. Regarding our cinema business, at June 30, 2021, 20 of our 24 cinemas in the U. S. Were open and trading. 9 of our 10 cinemas in New Zealand were open and trading.
Due to the delta variant outbreaks, 16 out of our 25 cinemas in We're open and trading as of this date. On June 26, 2021, we opened our 2nd new cinema In Australia during the COVID-nineteen pandemic, Reading Cinemas at Millers Junction Village in Victoria. It features 2 Titan Luxe screens, all luxury recliner seating and an F and B menu that offers craft and local beers and a curated hot food menu. Despite the delta variant conditions in Australia, our Global Cinema business in Q2 2021 Exceeded our expectations due to the positive rollout of vaccines in the U. S.
And the reassuring global box office performance of several Hollywood movies. Quiet Plays Part 2, Demon Slayer, Godzilla versus Kong, F9: The Fast Saga, Cruella And the newest conjuring, the devil made me do it. Regarding our real estate business during Q2, 2021, At June 30, 2021, our combined Australia New Zealand portfolio had 73 third party tenant spaces with a gross Leasable area or GLA of just about 260,000 square feet. Of that GLA, 95% was occupied 3rd party tenants, leaving 8 vacant third party tenant spaces. Currently, in Australia and New Zealand, 71 third party tenants are open and 2 tenants are temporary closed due to tenant fit outworks.
And only 2 third party tenants received minor COVID related abatements during Q2 2021. We continued with our 3rd party leasing activity by completing 5 new leases and 2 lease renewals at Newmarket Village, Canham Park and Courtenay Central, collectively that represented over 19,300 Square Feet. Turning to the U. S, we enjoyed our 2nd full quarter of rent on a straight line basis from our Culver City office tenant. We worked to reopen the Orpheum Theatre in New York City, which resumed public performances of STOMP on July 20, 2021.
To date, STOMP has been one of the first shows to resume performances on both Broadway and Off Broadway in New York. We also carried on discussions with national retailers for retail space at 44 Union Square. Also, our operational results were further enhanced by the comparative strengthening of the Australian and New Zealand dollars against the U. S. Dollar during this time period.
And Gilbert will touch on this in a few minutes. During the Q2 of 2021, we continued to strengthen our liquidity position and balance sheet. As of June 30, 2021, Reading had cash and cash equivalents of $111,800,000 compared to $26,800,000 as of December 31, 2020. We reduced our total debt to $252,700,000 compared to $285,000,000 on December 31, 2020. During the Q2, we permanently repaid $11,200,000 or NZ16 $1,000,000 to Westpac.
We permanently repaid $15,700,000 or $20,000,000 Australian dollars on our NAB revolver, Paid down $4,900,000 on our Bank of America revolver and closed a new 3 year $55,000,000 loan facility with Emerald Creek Capital, which secured our 44 Union Square, of which $43,000,000 was immediately drawn. Due to the strong asset monetizations And their timing, we reported Q2 net income of $22,700,000 Basic earnings per share of $1.04 and EBITDA of $37,100,000 As a result of these transactions, each of these financial metrics for Q2 twenty twenty one represented record highs, not only For second quarters, but also for any calendar quarter for Reading. While we're pleased with the progress we've made, we're still Cautiously monitoring the evolving situations related to the delta variant and other potential coronavirus variants And vaccination rates in Australia, New Zealand and the United States. It goes without saying the new delta variant conditions could further impact businesses that are public assembly centric. Our Australian cinemas along with the whole Australian cinema industry were impacted by the recent Australian state lockdowns.
These conditions highlight the pressing need for us to get cooperation from our 48 third party cinema landlords To ensure that our occupancy costs are contained and managed during periods when we're prohibited from maximizing our profitability due to government mandated closures as well as seating and showtime restrictions. So while the execution of our 2 business, 3 country diversified business strategy has ensured that the company is on a steadier path compared to earlier periods, We know we're not out of the woods yet. Now let's turn to more specifics about our Global Cinema business. At $32,700,000 our Q2 2021 Global Cinema total revenues increased by $31,100,000 or almost 2,600 percent from just $1,200,000 in Q2 of 2020. We reported a Q2 2021 cinema operating loss of $7,300,000 versus Progressively improving operations, our Q2 2021 Global Cinema revenues increased 81% from the Q1 of 2021.
And our Q2 2021 Global Cinema operating loss decreased by 11% from the Q1 of 2021. However, reflecting the significant impact of COVID-nineteen at $32,700,000 Our Q2 2021 Global Cinema revenues were just 45% of our Q2 2019 Global Cinema revenues of $72,400,000 As I mentioned earlier, on June 30, 2021, only 45 of our 59 global cinemas, excluding joint ventures were open. The delta variant lockdowns in Australia impacted our Q2 2021 Australian cinema division. Today, 41 of our 59 global cinemas, excluding joint ventures again, are open. Again, some theaters still have Social distancing and seat capacity restrictions and all bear the increased cleaning and safety costs required to generate guest confidence in a Our Q2 box office performance of F9: The Fast Saga, A Quiet Place Part II and Demon Slayer continue to demonstrate the global pent up demand for experiencing movies in a shared cinema environment.
And reflecting our focus on food and beverage, our F and B per patron in all three countries despite the pandemic Continues to be strong. For Q2, 2021, we had an F and B per patron in the U. S. Of $7.72 And in Australia, dollars 6.46 At $5.58 Our New Zealand F and B per patron set an all time highest quarterly record. For Q2 2021 on a theater level cash flow basis, which only reflects current occupancy costs paid, all three of our cinema circuits In the U.
S, Australia and New Zealand generated positive cash flows and had increases above Q1 2021 of 130%, 26% and 127%, respectively. While this cash flow improvement after current occupancy costs paid sounds encouraging, during Q2, Our global management teams continue to proactively manage our cinema cash burns across all three countries. Because of the severe impact we've suffered from COVID and could still suffer, we continue to aggressively seek further extensions of our existing deferrals and abatements with our global third party landlords. Now let me give you some specific Highlights in detail about our Global Cinema business. Starting with the U.
S, as of today, 20 of our 24 U. S. Cinemas are operating. Today, seating capacity restrictions continue to apply in Hawaii. Of the 20 cinemas that are open, None of our U.
S. Cinemas have had to temporarily reclose in 2021 due to the delta variant. The 4 U. S. Theatres that remain closed are all in Hawaii.
We recently reactivated the renovation of consolidated theater at the Kahala Mall in Honolulu. Our renovation includes converting all 8 screens to luxury recliner seating, A renovation of the lobby areas and a full F and B upgrade. We're targeting a Q4 2021 relaunch. We've also begun renovation plans for our consolidated theater in Kapolei in West Oahu.
We're adding luxury recliners
to certain auditoriums and completing a lobby renovation. Recliners to certain auditoriums and completing a lobby renovation. And we're also targeting a Q4 2021 relaunch. We expect to open our consolidated theater in Coco Marina within 10 days, but we have no reopening dates Our Q2 twenty $1,000,000 or almost 2,700 percent to $13,100,000 compared to the Q2 of 2020. In our U.
S. Cinema segment, operating loss decreased to $9,300,000 from a loss of $12,100,000 when compared to the Q2 of 2020. And again, in a sign of improving operational conditions When compared to Q1 of 2021, our Q2 twenty twenty one total cinema revenues for our U. S. Circuit increased by over 9 point $3,000,000 or 2.45 percent.
Finally, I'll point out that our Q2 2021 U. S. Expenses Reflect an accrual for a proposed $4,000,000 settlement for wage and hour litigation filed in California, which is more fully described in our most recent 10 Q. Turning to Australia. Though every Reading Cinema in Australia was open for a period during Q2, 2021, on the last day of the quarter, For June 30, 2021, only 16 cinemas were trading, leaving 9 cinemas closed.
And unfortunately, as of today, August 11, 2021, half of our Australian circuit is closed With 13 cinemas in New South Wales and Victoria temporarily closed due to government mandated COVID-nineteen delta variant lockdowns. Our Reading Cinemas in Western Australia, South Australia, Tasmania and Queensland are currently open. The current closures in New South Wales are anticipated to continue through September. However, in Victoria are anticipated to end during late August. Our Q2 2021 Australian total cinema revenues increased by $15,600,000 or just over 3,100 percent to $16,100,000 compared Q2 of 2020.
Again, in what we hope to be a continuing trend, our Q2 total cinema revenues Our Australian circuit increased by $4,000,000 or 33 percent to $16,100,000 compared to the Q1 of 2021. During Q2 of 2021, we continued our development plans in Australia, reflecting Our optimism about the industry. Working collaboratively with our landlord, Charter Hall and our lender, National Australia Bank, On June 16, 2021, we opened a brand new 6 screen state of the art Reading Cinema at Miller's Junction Village in Victoria. It features luxury recliner seating in all screens, 2 Titan Luxe auditoriums, and it features a selection of Craft and local beers supported by a curated hot food menu. Through Q2 of 2021, we Worked on a design plan for our new 8 screen cinema at South City Square in the Brisbane area.
We're honored to be part of this beautiful multiuse lifestyle destination project being developed by Pelicano and Perry Projects. Our current design reflects that this cinema will be our first Angelica branded venue in Australia. We expect our first international Angelica to open in mid-twenty 22. Turning now to New Zealand. As of today, all our cinemas in New Zealand are open except for the Reading Cinemas at Courtenay Central, which remains temporarily closed because of seismic issues.
And our theaters there continue to operate with no physical distancing restrictions, so all seats are available for sale. Unlike Australia, during 2021 in New Zealand, temporary lockdowns in Auckland During the Q1 of 2021, for a total of 10 days, impacted just our New Zealand cinema. Our Q2 2021 New Zealand cinema revenues increased by $3,200,000 or almost 1300 percent to $3,500,000 for Q2 2021 compared to Q2 of 2020. And once again, in a sign of improving operational conditions, our Q2 2021 Total cinema revenues for our New Zealand circuit increased by $1,300,000 or 57% compared to Q1 of 2021. And reflecting our continuing success in F and B across our global circuit, our F and B per patron in New Zealand At $5.58 is the highest F and B per patron for any quarter on record for this division.
The global release schedule for the second half of twenty twenty one continues to look promising. In the Q3 of 2021, tentpole movies like Space Jam, Black Widow, Jungle Cruise, All released on the big screen despite also being available on streaming services. And to date, our specific audiences have embraced each of Our programming team continues to be optimistic about the future releases in 20 It's great to see 3 new wide releases, Free Guy, Respect and Don't Breathe 2, scheduled to open in the U. S. This Friday, August 13.
The September release calendar includes Marvel Studios' Shang Chi and the Legend of the 10 Ring, Candyman, Dear Evan Hansen and Venom, Let There Be Carnage. And as of today, the Q4 2021 slate includes No Time TO Die, Top Gun: Maverick, Eternals, Spider Man, No Way Home, Sing 2 and West Side Story. The specialty film lineup to Porter Angelica brand is starting to fill in nicely in Q3 and Q4. Films like The Eyes of Tammy Faye, The French Dispatch, Belfast, Spencer, Nightmare Alley, House of Gucci, Parallel Mothers and Cyrano, each currently have Thus far in 2021, we expect that the pent up demand to get out of the house and experience a popcorn movie or quality specialty film in a shared cinema environment will benefit each of these theatrical releases. Now let's turn to our global real estate business.
Reflecting the strength of our dual and diversified business strategy, our real estate operations continue to be less impacted by COVID-nineteen than our cinema business. Our Q2 2021 total real estate revenue increased by 50% to $3,400,000 compared to Q2 of 2020. However, we did report a Q2 2021 operating loss of $1,100,000 which increased 31% over the Q2 of 2020. That increased 2nd quarter operating loss was driven by a few key factors. As a result of 44 Unit Square being completed, our income statement now reflects Depreciation and certain operating expenses.
Our U. S. Live theaters continue to be closed by government order for all of Q2 of 2021. And we abated intercompany rent revenue for some of our fee interest cinemas. A few key points about our increased Q2 2021 real estate revenues.
In Australia, our real estate revenues increased from Q2 2020 As a result of fewer abatements being issued to 3rd party tenants in the Q2 of 2021. A de minimis amount of COVID rent relief was granted 3rd party tenants during the Q2 of 2021. Q2 2021 reflected 3 months of rent On a straight line basis from our Culver City office tenant, while Q2 2020 only reflected rent on a straight line basis from May 27, 2020. In New Zealand, there were no COVID related rent abatements provided to any third party tenants during the Q2 of 2021. And the sale of Auburn Redyard was completed on June 9, 2021, which meant that our real estate revenues reflected no rental revenue from that closing date.
As of today, in Australia and New Zealand, even with the recent delta lockdowns in Australia, 97% of our 3rd party tenants are open. The Australian Code of Conduct, Which is the legislatively mandated framework to assist tenants impacted by the global pandemic officially came to an end in most Australian states at the end of March of 2021. The official termination of that code signaled of rent deferral payments over a 24 month period. So our Australian property team will be managing these deferral payments over the next couple of years. However, in light of the recent delta lockdowns, we've recently been advised that the Victorian Code of Conduct will be reinstated Up until January of 2022.
During the Q3 of 2021, to date, we have not issued any further abatements or deferrals to our 3 3rd party tenants in Victoria, only 2 abatements provided during the Q2, which were minimal. And we've not yet heard about whether the Queensland I'll note again that on July 20th, Stomp resumed public performances at our Orphan Theatre in New York City. Audible, an Amazon company, continues to license our Mineta Lane Theater in New York City, and we anticipate that the Moneta will resume public performances in October of 2021. Now let's turn to the status of our key capital projects, beginning with our 44 Union Square project in New York City. We've been in discussions with national retail tenants about leasing space at 44 Unit Square.
While no assurances can be given that we'll be able To lease the space on acceptable terms in the near term, we remain confident in the long term viability of New York City As one of the world's most dynamic cities for commercial real estate, we believe that our property is particularly desirable given its brandable location in Union Square, Which is one of New York City's biggest transit hubs. We also cannot offer any assurance as to when the building will be fully leased and We would not want to quantify a dollar per square foot expectation as rents in that market are currently fluctuating. However, we do believe that the market is strengthening. In July of 2021, 44 Union Square was selected as a jury and popular choice winner in the architecture and collaboration Concept category of the Architizer A plus Awards, which are the world's largest awards program for architecture and building Products. Regarding our Australian developments, as we've mentioned in early June 2021, we completed the sale of our Auburn Red Yard Centre in New South Wales.
During Q2 2021, there were no other material developments in our Australian portfolio, except I'll mention that in June, we were proud to welcome Live Fire, 1 of Townsville's 1st barbecuing restaurants to our Cannon Park development. Turning to our real estate assets in Wellington, New Zealand. As I mentioned previously, we continue to work through development plans related to our Wellington assets in light of challenges and obstacles Presented not only by the COVID-nineteen pandemic, but also the seismic issues besetting our Courtenay Central building And the necessary demolition of our 9 storey parking garage due to the 2016 Kakehara earthquake. Despite the hurdles posed by pandemic and natural forces, our management team continues to maintain a focus on the restoration and renewal of from the beautiful state of the art Wellington Convention and Exhibition Center named Takena, which is slated to open in 2023. Takedina will join the district that's already home to the National Te Papa Museum and the St.
James Theatre, which is nearing a complete seismic upgrade. Working together with the various stakeholders in Wellington, we continue to want to be part or be a key part of the ongoing activation and reactivation of the downtown entertainment district of this world class city. Our most recent 10 Q filing details an arbitration filed against us by GDL, the parent company of Countdown, The supermarket tenant with whom we signed an agreement to lease in 2013. While we intend to vigorously defend our position with respect to this agreement to lease, We've been having and are continuing to have without prejudice discussions as to possible alternatives pursuant to which a full service supermarket could be developed and leased to Countdown. That wraps up my business overview for the Q2 of 2021.
In conclusion, let me reiterate the strength and commitment to our 2 business, 3 country diversified business strategy. As I mentioned previously, we determined that it would be in the best interest of our company and stockholders not to dilute our stockholders Or mortgage our future with high priced debt and elected to monetize certain real estate assets, which we believe had achieved their highest level of value without significant additional capital being invested. While we've used these sales proceeds to preserve other assets, Fund business operations and pay down debt. We anticipate when conditions normalize, funds will flow back into the real estate part of our business. Our retained real estate assets, 44 Union Square, Cinemas 1, 2 and 3 in New York, Courtenay Central in Wellington, Newmarket Village in Brisbane, Cannon Park in Townsville and our Viaduct properties in Philadelphia all continue to offer substantial opportunities to create future value for our stockholders.
Before I turn it over to Gilbert for a financial review of the Q2 of 2021, on behalf of Margaret, Our Board and myself, we again want to extend our sincerest appreciation to the global Reading team. I feel like we can't say it enough. Thank you to all those executives and employees who have worked with out of True Breaks since March of 2020. While we know we're not out of the woods just yet, It's the daily efforts of the Reading team under extraordinary circumstances for the last 17 months that have put this company and its various operating divisions on a stronger path forward. With that, I'll turn it over to Gilbre.
Thank you, Ellen. Consolidated revenues for the quarter ended June 30, 2021 increased by 32,600,000 to $36,000,000 when compared to the same period in the prior year. This increase was attributable to the majority of our theaters operating During the Q2 of 2021 compared to the Q2 of 2020, when most of our global cinema remained closed due to the initial COVID-nineteen shutdown. These positive results were further supported by the release of several Major films in the Q2 of 2021, which collectively led to an increase in attendance compared to the Q2 of 2020. These results were further enhanced by the strengthening of Australian and New Zealand dollar.
During the Q2 of 2021, The average Australian and New Zealand dollar strengthened against the U. S. Dollar by 17.1% 15.7% respectively compared to the same period last year. Revenue for the 6 months ended June 30, 2021 increased by $4,700,000 to $57,300,000 when compared to the same period in the prior year. This increase was attributable To the majority of our theaters operating during the first half of twenty twenty one with occupancy restrictions in place Compared to the same period in 2020 when most of our global cinema closed in late March and remain closed through the Q2 of 2020.
Net income attributable to RDI common stockholders for the 2nd for the quarter ended June 30, 2021 increased by $45,400,000 to $22,700,000 when compared to the same period in the prior year. Basic earnings per share increased by $2.08 to $1.04 for the quarter ended June 30, 2021 compared to the quarter ended June 30, 2020. These increases came primarily from the gain on sale of assets related to our Auburn Redyard And Royal George Properties in June of 2021. Also due in part to the large scale COVID-nineteen vaccination rollouts in the U. S, We continued to experience overall industry improvement in recent months with majority of our cinemas now reopened and major studio Once again releasing 10 fold films.
For the 6 months ended June 30, 2021, Net income attributable to RDI common stockholders increased by $70,200,000 to $41,700,000 compared to the same period in the prior year. Basic earnings per share for the 6 months ended June 30, 2021 Increased by $3.22 to $1.91 compared to the 6 months ended June 30, 2020. These increases are largely due to the gain on sales related to our Manical, Coachella, Auburn Red Yard and Royal George properties. Non segment G and A expense for the quarter ended June 30, 2021 decreased by 4% or 200,000 The $3,700,000 compared to the quarter ended June 30, 2020 due to reduced legal fees and professional and outside services related costs. These decreases was partially offset by strengthening of the average Australian and New Zealand dollars against the U.
S. Dollars. Non segment G and A expense for the 6 months ended June 30, 2021 Decreased 5 percent or $400,000 to $7,800,000 compared to the 6 months ended June 30, 2020, Due to reduced legal fees, professional and outside services related costs and corporate airfare and travel as a result of COVID-nineteen. Income tax expense for the quarter ended June 30, 2021 increased by $7,100,000 compared to the equivalent Prior year period, while income tax expense for the 6 months ended June 30, 2021 increased by CAD 17,900,000 compared to the equivalent prior year period. The change between 2021 2020 is primarily related to the increase in pretax income in 2021, which was due to our gain on sale of assets.
For the Q2 of 2021, Our adjusted EBITDA increased by €54,000,000 compared to the same prior year period to an adjusted EBITDA of €37,100,000 For the 6 months ended June 30, 2021, our adjusted EBITDA increased by $92,400,000 to 73,800,000 compared to the 6 months ended June 30, 2020. These increases were primarily the result of our gain on sale of our real estate assets. Shifting to cash flow. For the 6 months ended June 30, 2021, net cash used in operating activities decreased by CAD 17,100,000 to net cash used of CAD6 1,000,000 when compared to the same prior year period. This was primarily driven by a CAD34 point €5,000,000 increase in net change in operating assets and liabilities, primarily resulting from rent deferrals, offset by a decrease in cash inflow from operating activities of 17,400,000 Cash provided by investing activities during the 6 months ended June 30, 2021 increased by $144,200,000 to €130,200,000 when compared to the same period in 2020.
This increase is mainly attributable $141,400,000 in proceeds, mainly from monetization of Manacal, Coachella, Auburn Redyard, Royal George and a $9,500,000 decrease in capital expenditures. Cash used in financing activities during the 6 months ended June 30, 2021 was 36,800,000 The increase is primarily due to repayment of AUD 40,600,000 from our construction loan secured by our 44 Union Square property, AUD 15,700,000 or AUD 20,000,000 from our revolving corporate market loan facility with NAV, AUD 374800 or AUD500000 related to scheduled pay down or the AUD 2,200,000 Or AUD3 million drawdown allowed for the completion of Reading Cinema Jindalee. Dollars 11,200,000 or $16,000,000 for our loan with Westpac and $6,200,000 for our Revolving credit facility with Bank of America, offset by a new loan facility with Emerald Creek Capital for the funding of our 44 Union Square property in Manhattan, of which $43,000,000 was immediately drawn. Turning now to our financial position. Our total assets on June 30, 2021 were 732,400,000 compared to CAD690,200,000 at December 31, 2020.
This increase was primarily driven by $84,900,000 increase in cash and cash equivalent, primarily due to monetization of 139,300,000 real estate asset in the 1st 6 months of 2021, offset by a decrease in land and property held for sale and net operating Property due to the sale of our assets. On June 30, 2021, our total outstanding borrowings were 252,700,000 compared to $285,000,000 on December 31, 2020. Our cash and cash equivalent As of June 30, 2021, we're $111,800,000 which includes approximately $15,500,000 in our U. S. Operations, $65,000,000 in our Australian operation and $31,300,000 in our New Zealand operations.
During the Q2, as our cinemas have reopened and certain real estate assets have been monetized, A portion of these proceeds have been used to pay down debt or to satisfy our outstanding obligations. In the Q2 of 2021, we paid down €4,900,000 on the Bank of America revolving credit facility, bringing the balance to 45,000,000 which now has a total availability of $10,000,000 which can be drawn under this facility. On May 7, 2021, we repaid $11,200,000 or New Zealand $16,000,000 to Westpac, which represents a permanent reduction in this facility. On June 9, 2021, as part of our amended revolving corporate market loan Facility with NAB 15,700,000 or AUS 20 1,000,000 of the net sale proceeds of Auburn Red Yard Shopping Centre We used to pay down the facility and permanently reduce the availability under the line. Regarding our December 29, 2020 increase of AUD3 million or our NAB revolving corporate market loan facility to fund the completion of our recently opened cinema in Jindalee, Queensland, We repaid the 1st installment of A500,000 on April 30, 2021, which was also a permanent reduction in the facility And these semi annual repayment will continue every 6 months until fully repaid on October 31, 2023.
Total fully drawn NAB facility at June 30, 2021 was AUD102,500,000 Further, our bank loan with Bank of America, NAB and Westpac requires that our company comply with certain covenants. Generally speaking, we have good relationship with our lenders and believe they understand the current economic environment and recognize We are doing everything we can to deliver on our strategic priorities. On June 8, 2021, We obtained a waiver from Westpac, which temporarily suspended the testing of certain covenant tests, which through June 30, 2021 As of June 30, 2021, we were in compliance with all our covenants under these loans. As we have previously mentioned, on May 7, 2021, we closed a new 3 year $55,000,000 loan facility Emerald Creek Capital by the 44 Union Square property. Of the $55,000,000 $43,000,000 was immediately drawn, which includes cash reserves for interest, real estate and an existing mechanics lien.
As we continue to focus on preserving our liquidity, We did not repurchase any of our shares in the Q2 of 2021. With that, we'll now turn it over to Andre.
Thanks, Gilbert. First, I'd like to thank our stockholders for forwarding questions to our Investor Relations email. We do appreciate these questions coming through to us. In addition To addressing some of your questions in Nelland's discourse, we've also compiled a set of questions and answers representing the most common questions and recurring themes emailed to us. Our first question It's regarding our liquor licenses.
According to your 10 Q, as of June 30, 2021, you have pending applications For additional liquor licenses for 10 theaters in the U. S. And 2 in New Zealand, how long Do you expect it to take for approval in these locations? I'll handle this one. In most jurisdictions, Obtaining liquor license is a bureaucratic process that has many layers state, local and in some cases, special interests.
There is not one standard formula to be followed and replicated, at least not in the U. S. The majority require current public assembly permits and certificates of occupancy to be furnished and background checks to be performed on the principal offices. That being said, We anticipate that the majority of these licenses will be in place before the year's end, with some coming on board earlier, like Valley Plaza, Kahala and Kapolei and some later like potentially the Sinners 1, 23 and Village East. With respect to the 2 applications in New Zealand, we don't expect to receive decisions on these this year.
Another question we received was regarding the migrating relationship between studios and theaters, read the exclusive windows. AMC just regained exclusive windows from Warner Brothers for 2022 films. What does that mean for Reading? Is Reading at risk in any way of having inferior terms? Has Reading negotiated any deals With any major studios regarding a new normal for exclusivity?
Or is our chain relegated to follower or taker of terms in such negotiations. Has Reading been in discussions with any studio or distribution company Regarding emulating anything like the AMC Universal deal or other exhibitors' recent deals allowing Studio, Example, Universal, the option to shorten the window and provide Reading a piece of the downstream P VOD or other revenue. Ellen, could you handle that one?
Yes, Andre. We also read that AMC had inked a deal with Warner Brothers, Ensuring a 45 day theatrical window for the studio's releases in 2022. As we mentioned in our last earnings call, In the U. S, at the moment, we don't have any new definitive long term overall film deals with distributors that address changing windows Or film splits or participation in PBOD deals. We've historically had a strong relationship with Just like AMC.
And following on this point, we don't believe that a major studio would treat our U. S. Circuit differently from our larger U. S. Peers when it comes to any major adjustments to the theatrical window.
We believe that for pre pandemic periods, our historic film deals were competitive based on our relative size compared to our larger peers. We think our historic practice of competing with our larger peers and negotiating film deals in the U. S. That are competitive compared to our larger peers will continue in light of the announced 45 day exclusive theatrical window for the 2022 Warner Brothers slate. Likewise, we believe that with respect to major shifts in windowing, we'll be treated similarly to our larger peers.
In Australia and New Zealand, the same themes apply. We don't have any definitive long term overall film deals distributors that address changing windows or film splits or participation in PVOD deals. However, taking into account the overall cinema industry in Australia, Zealand, we believe that in the near term, the average overall exclusive theatrical window in Australia and New Zealand We'll remain longer than in the U. S. And as a general policy and philosophy, The pandemic and changing theatrical windows will put pressure on the economics and margins for exhibitors.
Like occupancy costs with our landlords, focus on film rental terms that make economic sense for exhibition need to be a priority for our company and the industry at large.
Thanks, Ellen. Another question we received, perhaps Gilbert, you can handle this one. Can Reading's U. S. Cinemas make money at 50% Capacity restriction, what level of occupancy from capacity constraints do you feel are necessary to at least breakeven in your U.
S. Cinemas. Gilbert?
There are many potential variables That could be at play if 50% seating capacity restrictions were strictly enforced across our U. S. Circuit for a sustained period of time. Historically, we rely on access to full seat capacity for certain showtimes in New York City for other high volume theaters. In addition, evening showtimes traditionally commend more patrons and Major blockbuster films significantly add to the popularity of these evening showtimes.
If 50% of Each throughout our U. S. Circuits were not there, it would be hard to break even the way we do business today.
Thanks, Gilbert. A former railroad property owned by Reading adjacent to the Reading Viaduct in Philadelphia Was the target of a lawsuit seeking to basically condemn the property and charge Reading for its cleanup and rehabilitation. Reading purportedly has chosen to demolish the building. What is the status of the litigation regarding this property? What are your plans for the site post demolition and what are Reading plans for its main viaduct properties.
Helen?
As an owner, we sought to complete the necessary demolition work. We initially obtained a permit from the City of Philadelphia to Demolished the upper half of the building, which was connected to the viaduct. After receiving this permit, we made the decision to demolish the entire building And sought a permit for that demolition. Before we sought the permit for the full demolition, the plaintiffs appealed the city's issuance of the initial permit For the partial demolition, we appeared before an administrative board of the city's Department of Licenses and Inspections and with the city's support Successfully defended the issuance of the permit for the partial demolition. We then sought and obtained a permit for the demolition of the entire structure.
As of today, the demolition of the building and the platform connecting to the viaduct are currently underway and should be completed during the quarter. As to the status of the litigation, we've appeared in court and moved to remove the matter to federal court. We've told the federal court that the Surface Transportation Board, the STB or a federal agency having oversight over railroad properties Has exclusive jurisdiction over transfers of rail properties such as this property and that the STB, not Pennsylvania Court, Must therefore approve any takeover by the plaintiffs of this parcel. The federal court hasn't ruled and we believe our actions to demolish the structure Render their litigation moot. With respect to our viaduct and related property assets, we need a long term plan that
Thanks, Ellen. With that, we'll draw the questions and answers to a close and also the earnings call. We appreciate you listening to the call today. Thank you for your attention, and we wish everyone good health and safety. Thank you.