Thank you all for joining Reading International's earnings call to discuss our 2020 first quarter results. My name is Andrei Matuchinski. I'm Reading's Executive Vice President of Global Operations. With me, 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 start by stating that 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 2020 first quarter 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 nonrecurring 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, and property level cash flow, PLCF, which is property level revenue less direct property level expenses.
Please note that our comments are necessarily summary in nature and anything we say is 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 the results for the first quarter 2020 and discuss further ratings precautions and strategies in navigating the COVID 19 pandemic. And then Gilbert will provide a more detailed financial review.
Ellen?
Thanks, Andre. First, let me acknowledge the tumultuous period of history we're all living through. A global pandemic causing sweeping economic hardship and the cultural and societal shifts emanating from the senseless deaths of George Floyd, Ahmed Arbery, Breonna Taylor, and so many others. Our hearts go out to those impacted by these pervasive global challenges. We wanna thank the thousands of first line responders and health care work who've helped battle the COVID pandemic.
And together with our board, Margaret and I wanna acknowledge and sincerely thank the many Reading executives and employees around the world that Reading survives these very uncertain times and hopefully emerge stronger at the end. We're here today to review our first quarter 2020 results, I'll also spend some time updating you on where we are in light of the COVID 19 pandemic. Our Q1 twenty twenty results were negatively impacted by the worldwide COVID 19 crisis that ultimately resulted in both the temporary closure of Global cinemas And Live Theaters and imposed a business halt for many of our tenants at our centers in Australia and New Zealand. Also, the weakening of the Australian and New Zealand dollars against the U. S.
Dollar by 7.7% and 6.8%, respectively, during the first quarter 2020. A quick financial overview. Our first quarter 2020 consolidated revenues $49,200,000, down 20% versus the first quarter in 2019. We reported $1,000,000 operating loss for in the first quarter of 2019. $1,000,000 net loss in Q1 2019.
To provide a liquidity cushion against the COVID-nineteen post conditions, we drew down on all our credit lines before the end of the first quarter. Or cash position was just under $55,000,000. And as of March 31, 2020, our overall debt was 2 $63,000,000. Gilbert will touch on the status of our banking agreements and relationships in a few minutes. The proactive steps we've taken to preserve cash and enhance our liquidity position gives us confidence that we're well positioned to navigate through the current environment.
In late February early March 2020, the US, Australia, and New Zealand started to feel the effects of the COVID-nineteen crisis. Starting mid March and by March 23, 2020, regulatory actions around COVID-nineteen had forced the temporary closure of our worldwide cinemas very little to no revenues. Our real estate business was not as severely impacted as our cinema business. With respect to our live theatres, we've received some licensing fees and service income during the closure period. And though many of our tenants at our centers were affected by business restrictions enforced by the local governments in Australia and New Zealand through the COVID-nineteen crisis, most of our Australian centers and tenants remained open for business as our portfolio of tenants contained certain, quote, essential businesses.
As the COVID-nineteen crisis evolved, we took a number of early in decisive actions to reduce our cash burn rate We believe that the events surrounding Before we walk through each division, I'll highlight a few recent milestones. With respect to our cinema operations, we're happy to report that despite the impact of COVID 19, Each of our cinema circuits in the US, Australia, and New Zealand in their functional currency set records. In their functional currency, Australia and New Zealand cinema circuits set at food and beverage spend per patron or SPP record for their highest quarter ever, respectively. The US cinema circuit set a 1st quarter record for its FNB SPP. And in the US, our first quarter food and beverage FPP outperformed certain publicly traded competitors.
In Australia, supported by the acquisition of our 2 Tasmanian cinemas, the state cinema and Reading cinemas in Devonport, and the opening of Reading cinemas with Titan luck Eperwood Brookworks in Melbourne, our Australian cinema division, reported in functional currency, the highest total revenues for any January and February and the 3rd highest theater level cash flow for that same 2 month period. With respect to our currency basis reported 1st quarter revenues and property level cash flow that reached 1st quarter record highs boosted by successful leasing efforts at New Market Village. Through the first quarter, we worked to complete a lease to a single tenant of our remaining vacant space at our headquarters building in over City, California. On May 27, 2020, we signed a lease with Worldwide Packaging LLC, a leading international of cosmetic and personal care packaging. And in early June 2020 in New Zealand, working with our adjoining land owner We were granted key resource concerns related to the infrastructure work needed to unlock development rights for our industrial properties in Manacau near the Auckland airport.
Now let's turn first to our global cinema business. During March of first quarter of 2020, all of our markets were impacted by the COVID 19 crisis. Between March 16th March 23 2020, all of Reading 60 cinemas were closed in compliance with directives and orders from the So governmental entities. To remind you, historically, over the last 5 years, our global cinema revenues have averaged over 90% of our overall annual total revenues. So this source of revenue, which was essentially shut down overnight is key to our continuing business.
Our Q1 2020 consolidated cinema revenues decreased by 20% to 4 $6,300,000 compared to q1 2019. Our q1 2020 cinema segment operating income decreased by $5,200,000 to a loss of $2,700,000 compared to Q1 2019. Contacted every 3rd party landlord to negotiate rent deferrals or abatements during the crisis period. In the US, as we did not qualify for PPP funding, we laid off virtually all of our hourly cinema employees and assisted them through the unemployment process. In Australia and New Zealand, we tapped into governmental assistance programs to help with maintaining our cinema workforce.
We postpone the timing of vendor payments to the extent that we could, and we halted all nonessential operating and capital expenditures. Next, I'll address each of our 3 revenues decreased by 27 percent or $23,300,000 compared to the first quarter of 2019. And in Q1 twenty twenty, we reported an operating loss of $4,500,000 for our U. S. Cinema division.
Our Q1 admissions declined due to the reduced fee canceled as a result of the social distancing measures, followed by the mandated temporary closures of our US cinemas, attributable all to the COVID 19 crisis. A few other factors contributed to this decline. During Q2 and Q3 2019, we closed three venues in New York City. The Paris, the Beakman, and our managed east 86th Street cinemas. Due to the underlying leases expiry, and our inability to negotiate or renegotiate new leases on commercially reasonable terms.
In q4 2019, we closed our consolidated theaters at Kahala Mall and Honolulu to complete a top to bottom renovation. And lastly, certain theaters in California experienced increased competition from either nearby new theaters or existing theaters that converted to luxury interceding. As I mentioned earlier, during q12020, our F and B SPP during the first quarter was $5.55, which set a 1st quarter record and was 7.2% higher than that of the first quarter in 2019. Our Q1 F and B SPP outperformed certain publicly traded competitors in the industry. During the first 20, we progressed the renovation of our consolidated theaters at the Kahala Mall in Honolulu, where we're converting all eight screens recliner seating and adding an elevated F and B offering.
In March, we were forced to temporarily suspend this project due government mandated COVID 19 shutdowns. We're closely monitoring the situation and expect to resume construction when it makes economic sense to deposit the project. Due to our liquidity management practices in light of the COVID 19 crisis, we've delayed all nonessential capital projects. We'll readdress our renovation pipeline when our liquidity management practices dictate. As I mentioned earlier, we aggressively sought deferrals from our landlords on our occupancy costs.
As of today, we've successfully reached deferral arrangements in the United States with most of our landlords. We have no defaults under any of our leases. We also aggressively sought out opportunities future growth post COVID 19, we retained our top executive, cinema managers, and our key programming and marketing executives through the closure period. We launched a Reading Cinemas Eatsit Home Program where guests can enhance their at home movie experience with select menu favorites from our kitchen. We've been taking orders curbside and via the Uber Eats app.
And in the US, Our programming and marketing teams are overseeing our participation in separate virtual cinema screening programs set up with certain specialty distributors. In the US, we've been closely monitoring the COVID 19 infection rate and applicable government governmental directive. And changes in the release dates for film from major studios. We had not announced specific reopening dates or plans because we were unsure about the studio's schedule and governmental directives. Our plan is to open about 2 weeks prior to the release of major tentpole pictures.
As of today, we understand Warner Brothers will now open Tennant on August 12th, and Disney will open Milan on August 21st. If this schedule sticks, our plan would be to reopen our US cinemas in early August. However, our anticipated re launch dates will again be adjusted if the studios change their release dates. I'll note that we're also encouraged by the support for cinema exhibitions shown to date by most major studios who've elected to generally maintain a traditional theatrical window. For our relaunch, our management team has developed a comprehensive reopening plan meant to ensure the health and safety of our guests, employees, and other visitors.
We've developed increased cleaning, sanitization, and physical distancing protocols, creating created a contactless guest experience and increased monitoring of the health of our staff, vendors, contractors, and guests. A relaunch in the US will require employees and guests to wear face coverings. Our employees will also wear other PPE, such as gloves. We've developed these new standards in accordance with the latest guidance from the local state and federal health authorities. And will designate a trusted representative at each of our venues to be responsible for the planned successful execution.
Turning now to Australia. Our q12020 cinema revenues decreased by 9% or $1,900,000 to $19,600,000 compared to q120 19. Our Australian cinema's operating income decreased by 38 percent or $1,200,000 to $1,900,000 for the first quarter in 2020. As I mentioned earlier, the overall financial results in Australia were further negatively impacted by compared to the US dollar. But the main factor driving the decline was the temporary closures of our cinemas due to COVID 19, which led to a 14% attendance decrease.
These results were offset by a 4% increase in average ticket price and an 8% increase in F and B spend per patient. Though our Australian F and B revenue for Q1 2020 decreased 7% compared to q120 19. In functional currency, we set a record for the highest quarterly F and B spend per patron ever. At $5.19, largely due to the continuous improvement on our gold lounge and premium menus in Q3 and Q4 of 2019. On a functional currency basis, our FNB spend per pay and increased 14% versus Q1 2019.
Further, reflecting the strength of our online selling capabilities Australian cinema circuit on a functional currency basis achieved a 1st quarter record for online ticket revenue, beating the same period in 2019 by 8%. And we had an increase of 2% for net online convenience fee revenue when compared to the same period in 2019. Our q 1 2020 cinema revenues were also supported by the 2019 acquisitions of 2 cinemas in Tasmania. And the opening of the new state of the art Reading Cinema with Titan Lux, which opened at the Brickwork Burwood Brickwood Shopping Center in a suburb of Melmont Melbourne in December 2019. As we began seeking rent relief from our 3rd party third party landlords.
As of today, we've achieved rent abatements or deferrals for much of our base rent obligations Australia, the government sponsored job keeper program has allowed us to retain most of our employees on an economic basis. And we sought deferrals or postponements of most major expenses. We've also deferred the nonessential CapEx plans that we had on the books. As of March 31, 2020, we have 4 cinemas under agreements to lease in Australia. However, we anticipate that the COVID 19 crisis may delay the anticipated launch dates for some of these projects.
Currently, the spread of the virus has been largely contained in most areas in Australia, and many restrictions have since been lifted. As a result, starting on June 10th, we began a phased reopening of our Australian cinemas. By July 1 2020, we expect all of our Reading Cinemas in Australia will have reopened to the public. Since we reopened, our admissions have been significantly lower than last year due in part to social distancing requirements, but mainly due to the lack of new and compelling films from the major studios. We expect the first major release to be in August with Tennant from Warner Brothers.
However, our landlord occupancy relief deals and job keeper program have given us the financial flexibility to reopen our Australian cinemas, notwithstanding the absence of new film project, product, without losing money to cash. Turning now to our New Zealand circuit. Our Q1 2020 cinema revenues decreased by 24 percent or $1,100,000 to $3,400,000 compared to Q1 2019. And q12020 operating income decreased by $400,000 to a loss of $97,000. Our New Zealand circuit experienced a 25 while our SPP stayed relatively flat.
These significant decreases again resulted from the temporary closures of our cinema New Zealand related to COVID 19, along with a 6.8% decline in the value of the New Zealand dollar against the US dollar. On a functional currency basis, of $4.70, we achieved a record for the highest quarter ever in the New Zealand circuit. This represented a 5 point excess of our global F And B strategic
focus.
On 4 our top performing and historically profitable Reading cinema at Courtenay Central And Wellington remain closed during the first quarter of 2020. Due to seismic concerns. By March 23 2020, we temporarily closed all of our theatres in New Zealand in accordance with governmental directives and recommendations relating to substantially contained there. As of June 3 2020, we reopened our New Zealand circuit, except for our Reading Cinematic Courtney Central. We relaunched with a comprehensive health and safety plan that involved physical distancing, increased cleaning, and sanitization protocols and contactless operating strategies.
Following the same result as Australia, since our New Zealand cinemas reopened, we've not had any major new movies from the studios. So our attendance has been significantly lower than last year, also due in part to the continued social distancing restrictions. Like in Australia, the New Zealand government sponsored wage subsidy program and our rent deals with landlords have allowed us to reopen notwithstanding the absence of new film product without losing money to cash. Now I'll turn to our global real estate business. At $4,600,000, our first quarter 2020 real estate revenues decreased by 15% and at $200,000, our first quarter 2020 real estate operating income decreased by 84%.
The decrease in our overall results were primarily attributable to decreases in live theater attendance in late February through mid March, and the March 2020 temporary closure of our live theaters due to the COVID 19 crisis. Increased legal expenses related to the 44 Union Square project and the unfavorable foreign currency movements in both Australia and New Zealand. Our real estate business has been less impacted by COVID than our cinema business. In Australia, Although business restrictions enforced by the government affected many of our tenants, some of which were required to temporarily close, our centers at New Market Village, Cannon Park, the Belmont Common, and our Auburn Redyard remained open for business through the COVID-nineteen crisis. Turning to our real estate business in the at our Culver City building on May 27, 2020, for Worldwide Packaging LLC.
Cosmetic and personal care industries with a range of packaging needs. Their clients include the Estee Lauder Companies, L'Oreal, LVMH, and Mary Kay. On the date of the lease, possession of the space was turned over to our new tenant who's responsible for building out its own space. On a straight line basis, Brett will commence during the second quarter of 2020, and we anticipate receiving cash rental revenue during the fourth quarter of 2020. Our live theater results from operation were heavily impacted during the first quarter of 2020 due to COVID.
As of March 17, 2020, all three live theaters had temporarily closed in compliance with directives and orders of the local state and federal governments. However, before the mandated closures, attendance had already been affected by the media reporting about the spread of COVID 19 in New York and Chicago. This, along with the postponement or cancellation of the shows in the second half of March, were the primary drivers of the decreased revenues and theater level cash flow for the first quarter of 2020. We have, however, continued to receive some rental revenue from our live theater With current social distancing requirements, we don't expect the until 2021. However, we believe that public reactivation of the various stages at the Royal George Theater in Chicago could happen during the fourth quarter of 2020.
Turning to our 44 Union Square project. When the COVID 19 crisis began in New York City, the government shut down all nonessential construction and business. Including construction work at our 44 Union Square site. We anticipate that the site will reopen to construction shortly and that the Corn shell temporary certificate of occupancy should be in place before the end of the summer. As a practical matter, With respect to our leasing prospects, the building has now reached the state of completion where the premises can be delivered can be delivered immediately upon execution of leases.
While the real estate board in New York prohibited leasing activity during the COVID 19 shutdown, our leasing team is ramping up their efforts again. Our leasing team is pursuing and getting inquiries from potential users not seeking standard office space. For instance, we fielded recent inquiries for medical users. Also, our retail focus will now include tenant uses that offer essential services. 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.
Also, we believe that some tenants may prefer the enhanced ability to have direct control over security and public interaction in a building of our size than in a large multi tenant facility offering generic office space. At the moment we cannot offer any assurances as to when the building will be fully leased. Regarding the cinema 1, 23, we plan to continue to operate this location as a cinema for at least the near term. We continue to seek a zoning change to allow the property to continue to include a cinema exhibition element with any future redevelopment. However, all other redevelopment activity related to this location has been suspended until we're able to develop a better understanding of the ongoing effects of the COVID pandemic on our assets and the market.
Now turning to our real estate division in Australia. As I mentioned earlier, on a functional currency basis, we are pleased to report that both our real estate, revenues, and property level cash flow for Australia set a record high for any first quarter. When adjusted for the adverse foreign exchange impacts in functional currency, our property level cash flow experienced an increase in However, on a US dollar basis, our real estate revenue for q12020 decreased by 9% to $3,600,000 and our real estate operating income increased slightly by 1% for the 1st quarter. During Q1 twenty twenty, we continued leasing activity at Newmarket Village, Auburn, Redyard, and Cannon Park. 3 new leases were completed along with 2 existing tenants committing to lease renewals.
The COVID-nineteen crisis impacted business at our centers in Australia Trading restrictions were enforced by the government, which has affected many of our tents. However, our centers at New Market Village Cannon Park, the Belmont Common, and Auburn Redyard did remain open for business throughout COVID. While COVID 19 impacted the operations of certain tenants at our Australian centers due to the Australian government's proactive approach to reducing the spread of COVID-nineteen As of today, 97% of our 3rd party tenants are open in trading, although some still have some trading restrictions. Comencing in April 2020, various tenants approached us with requests for occupancy relief due to their decline in trade as lords and tenants in April 2020, the Australian government issued a mandatory code of conduct. The code of conduct imposed a set of good faith leasing principles that applied to certain commercial tendencies, experiencing financial stress or hardship because of COVID 19.
Reflecting on the code of conduct and in support of our tenants, we implemented a process of reviewing each tenant's request and financial position. Working both in tenant specific negotiated transactions and within the framework established by the code of conduct, we reviewed our tenants quest for both abatements and deferrals in light of their business declines. We understand that the code of conduct will be in place through the third quarter of 2020. Due to the tenant relief provided by Reading during q 2 2020, the cash received for our rent rolls will be significantly impacted in q 2 2020. And will continue to q22 2020 will be disclosed shortly in our filings with the SEC in August for the second quarter of 2020.
As of March 31 2020, the occupancy rate based on gross leasable area of our Australian centers is at 85%. Prior to COVID 19, we detailed for our investors various redevelopment and improvement plans for our Australian centers. As a result of COVID, we've delayed all nonessential capital improvements until we're confident in our liquidity position. And now turning to our real estate assets in New Zealand. Decreased by 24% compared to the same period in 2019.
And our Q1 twenty twenty operating income decreased by 34 I'll also note though that on a functional currency basis, our q12020 New Zealand Property level cash flow was almost 100 in Wellington due to COVID 19 as well as the seismic issues that began in January 2019, although not directly contributing to a year over year decline continue to have a material impact on our New Zealand real estate portfolio. In late March 2020 in Wellington, our operating Courtney Central tenants were forced to temporary close due to the New Zealand government lockdown. As of May 2020, due to the New Zealand government's proactive approach to suppress the spread of COVID, 2 of our 3 tenants have now resumed business with out restrictions along Courtney's Place, which is a well known restaurant and entertainment street. As of June 2020, these tenants are meeting their rental obligations. With respect to our Courtney Central Development Plans, prior to COVID 19, our real estate team had developed a comprehensive plan featuring a variety of uses to complement and build upon the destination quality As the COVID 19 related lockdown in New Zealand has entered, our real estate team is reengaging with consultant's potential tenants city representatives to review the feasibility of these plans.
Over the next several months, we'll apply liquidity management practices, evaluate the restarting of the economies in our businesses, and then determine when we can feasibly restart the Courtenay Central redevelopment project. Regret infrastructure plans related to our 64 Acre Manaccount property that we successfully rezoned for agricultural to light industrial uses and our 6.4 Acre, property zone for heavy industrial use. These properties are located in the highly sought after industrial market of manachau wary close to the Auckland Airport. In June 2020, the Auckland Council granted us a major adjoining landowner subject to specific conditions, certain resources consents required to begin constructing the infrastructure needed to take advantage of the new light industrial zoning. With these critical governmental approvals, we're now in the process of working with our neighbor to develop a detailed budget and construction schedule for these infrastructure improvements.
Notwithstanding that the Aukun Airport recently announced that the COVID 19 pandemic has impacted the timing of certain of its expansion plan, we continue to view the industrial property sector as being one of the most resilient and our property to be one of the best located properties in applicable markets. We we believe that the work completed to date has attributed materially to the overall increase view of the first quarter of 2020.
Thank you, Alan. As Alan mentioned previously, our financials were significantly impacted by an unprecedented COVID-nineteen pandemic. The temporary closure of all of our cinemas and the live theaters in March 2020 led to a decrease in revenue thereby impacting our bottom line. Consolidated revenues for the first quarter 2020 decreased by 20 percent to $49,200,000 compared to the first quarter in 2019. As previously mentioned, this was primarily driven by temporary closure of our 60 global cinemas and 3 live theatres due to compliance with governmental directions, which led to a 12,300,000 decrease in revenue.
Additionally, the ongoing temporary closure of our consolidated theater, Kahala Mall in Hawaii for a top to bottom renovation during the first quarter and the 2019 closure of our historically profitable Paris Beckman and managed 86th Street theatres also contributed to the year over year decline. These results were further impacted by a 7.7% decline in Australian dollar and a 6.8% decline in New Zealand dollar against U. S. Dollar for the first quarter of 2020 over the comparable period in 2019. Net loss attributable to RDI common stockholders increased by $3,800,000 to a loss of $5,900,000 for the first quarter 2020 compared to the same period in the prior year.
Basic loss per share for the quarter ended March 31, 2020 was $0.27, an increased loss of $0.18 from the prior year quarter. Non segment general and administrative expenses for the first quarter This was the combined result of general and administrative staff reduction occurring in late 2019. COVID-nineteen related expense reductions and lower legal expenses when compared to the same period last year. As a result of the Cares Act, during the first quarter of 2020, the company realized a tax benefit equal to $3,600,000 which was related to 2019 net operating loss carryback to 2015 2016 tax years. When the federal tax rate was 35 percent.
This $3,600,000 tax benefit offset by a change in valuation allowance drove an approximately $2,000,000 increase in the first quarter 2020 income tax benefit compared to the first quarter of 2019. For the first quarter of 2020, our adjusted EBITDA decreased by $6,400,000 compared to the same prior year period to a negative adjusted EBITDA. Of $1,700,000. This decrease was primarily due to the net loss in the first quarter of 2020 driven by COVID-nineteen related factors. Shifting to cash flow.
The first quarter of 2020 net cash used by operations in by $4,800,000 to a net cash used of $8,700,000 when compared to the same period of prior year. This was primarily driven by $3,600,000 lower cash inflow from operating activities as well as a $1,300,000 decrease in net operating assets. Cash used in investing activities decreased by $2,800,000 to $9,800,000 during the first quarter of 2020, mostly due to a decrease in our cinema refurbishment activities during the same period in 2019. Cash provided by financing activities was 60,900,000 during the 1st 3 months ended March 31, 2020 and was primarily related to a $84,600,000 of new borrowing offset by a $22,700,000 of loan repayment. Included in these new borrowings was the late 1st quarter drawdown of our remaining available credit line part of our liquidity management practice, which will be primarily used for working capital in the Turning now to our financial position.
Our total assets at March 31, 2020 increased to $677,700,000 compared to $675,000,000 at December 31, 2019. This increase was primarily driven by the increase in cash and cash equivalent which The drawdown of our remaining unrestricted credit line brought our total outstanding borrowings to 263,000,000 at March 31, 2020. At March 31, 2020, our cash and cash equivalent were 54,900,000 which included approximately $26,100,000 in the U. S, $15,100,000 in Australia, and $13,700,000 in the Zealand. The required shutdown and other operational impact on our business due to COVID-nineteen pandemic related has reduced our liquidity from operational sources.
Through our liquidity management practice, we proactively grew down credit lines prior to March 31, 2020 to increase our cash cushion to allow us to better manage through the COVID-nineteen related impact on our businesses. Further, as part of our liquidity management, we have postponed or reprioritize capital expenditures based on assessments of conditions and liquidity requirements during this time. We received bank covenant waivers from Bank of America for the first quarter of 2020 and the NAB for the second quarter 3rd quarter 2020. We did not require any other covenant waivers for anticipate continuing to seek and receive covenant waivers from the relevant lenders although these waivers are obviously not in our control and accordingly no assurance can be given that we will receive such waivers. Due to this uncertainty, we were required by U.
S. GAAP to classify the Bank of America and the NAB debt, totaling 133,700,000 as current liabilities. Prior conduct business mostly on a self funding basis by country, except for funds used to pay and operating shares of our U S corporate overhead. This general strategy was subject to the movement from time to time of funds between jurisdictions where circumstances merit such action as part of our goal to minimize our overall cost of capital. This continues to be our general strategy.
However, the need to close our theatre and to offer rent concession to certain of our tenants have reduced revenues and adversely impacted our operational liquidity source. Accordingly, we may need to relocate funds among jurisdictions to meet short term liquidity needs. As mentioned before, through liquidity management practices, we are actively aware and when feasible, postponing or reprioritizing capital expenditures based on assessment of conditions and liquidity requirement during this time. These determinations will be impacted by the time
Thanks, Gilbert. Of questions and answers representing the most common I'll try and handle this first question regarding the recent sales of class a stock held by the James Sheaotta Living Trust. By Ellen and Margaret Cotterist trustees of that trust. We are a 10b51 plan through early May 2020. It was indicated that these stock sales could have impacted Reading's removal from the Russell index and further asked whether these sales were solely state tax liability and whether that liability now has been satisfied.
Are there more cells to come and when? The company is publicly disclosed since August 2019 that the co trustees of the James J Cora Living Trust informed the company that they will sell Class A shares to satisfy liabilities, including state taxes, of the estate and trust of James A. Cotta Senior. The most recent trust 10b51 plan received by the company reported an intention to The company has been informed that the co trustees of the trust expect to continue to sell car sales shares over the next few years to satisfy liabilities of the estate and the trust. As required by companies inside the trading policies, Any future use of 10b5 1 trading plans by the trust will be publicly disclosed in advance.
While the question suggests the connection between the pre announced trust sample and the removal of the company shares from the Russell 3000 index, the company believes that there is no connection. Like many companies in the cinema exhibition and retail end of the real estate business, our market cap dropped in reconstitution of the Russell Tree Thousand Index, the pervasive market cap drop of many public companies, including Reading, moved many companies out of that index. This is not the first time our shares have been removed from the Russell 3000 index, only to return We believe that execution of our business
mix.
The next question, which Ellen Confield, what will ticket pricing look like once your US assets open? What have you seen from your theaters so far?
As I touched on earlier, in the US, we'll likely open few weeks prior to the release of major studio movies. As of today, tenant has been rescheduled to open on August 12th and move on on August 21st. We'll let those dates sit for a while and monitor the infection rates in our markets and the rest of the country. As we get closer and become more confident that the dates won't move again, will officially announce an opening date a few weeks prior. During that time, we'll offer a range of curated programming centered on Repritory and some recently released titles.
When we reopen the US, we'll open with a flat reduced ticket price for these titles to generate buzz and attract our guests back to the theaters. Before the big title is open, we want people to come in and experience and be reassured by our new product calls in the COVID environment. Once the major titles resume in the US, today, we anticipate reverting back to our standard pricing. However, post relaunch We'll also anticipate doing a full pricing review to take into account all relevant factors and make a determination as to what pricing would improve our overall profitability in each market. And with respect to the pricing in our other theaters so far, We opened reopened Australia with a standard value pricing.
Remember that, our ticket pricing in Australia is already viewed as being a true value. And in New Zealand today, we're offering a flat $10 ticket pricing for standard sessions, which is less than our preclosure pricing. While our attendance in New Zealand and Australia has been significantly below last year's attendance, this has more to do with the lack of new and compelling content than our ticket prices. Has not been a deterrent.
Thanks, Alan. We received a number of questions about our monthly cash burn rate. Good, but could you help our investors better understand where we stand on liquidity?
Sure, Andre. As we mentioned earlier, as of March 31, 2020, we have just under $55,000,000 in cash. As of today, we have about $41,000,000 in cash. This delta includes some construction payment related to 44 Union Square, historically storm rent and the payment of other accrued expenses. Because so many factors can impact our monthly cash spend, we are hesitant to quote a monthly burn rate as opposed to providing you with an actual cash spend.
However, we pracked engage in liquidity management practice and constantly monitor opportunities and challenges that must be addressed. At the moment, we comfortable that our cash position will carry Further, our internationally diversified strategy that includes significant real estate assets provides us with liquidity alternative should operational cash flow sustained cash burn. That said, we're encouraged about a couple of points. New release date in August for 210 calls comes from major studios, 10th and Mulan 4th quarter released a for additional tentpoles, thumbs including Wonder Woman, Black Video, Top Gun, and no time to die. That will relaunch our New Zealand and Australia cinema and our customers have embraced the reopening, even with the older film program coming.
No major releases.
Okay, Gilbert. What about at the end of the
As of March 31, 2020, we had 263,000,000 in debt. We're currently working with our lenders in each country on a loan covenant structure that better reflects the financial results caused by the impact of COVID-nineteen pandemic. The U. S. Dollar amount of our debt is obviously impacted by the exchange rates.
At the present time, our debt is largely in 5 tranches. $79,100,000 secured by U. S. Fee interest, $60,000,000 secured by substantially all of our U. S cinemas, $31,100,000 in subordinated debt, $73,700,000 secured by our Australian asset $19,100,000 secured by our New Zealand asset.
We believe our debt balance at the end of the year will not be materially different than at March 31, 2020.
Thanks, Gilbert. Assuming government imposed capacity restrictions What are your plans and programs for optimizing occupancy? How and why do you feel Reading can effectively migrate weekend demand for studio 10 pole product in excess of restricted capacity into weeknights and or additional screens. Ellen?
As I mentioned earlier, before we have the luxury of playing highly anticipated titles from the major studios, we'll reopen with much of our own creative programming. To optimize occupancy on reopening and taking into account mandated seat count reductions, we're curating film programming we hope is compelling in entertaining for our audiences. We'll play not only recently released commercial movies, but also feature content from our popular alternative Also on relaunch, we may not open all of our US based screens in our Big complexes. In those closed auditoriums, we'll market a private family or bubble group screening program and a big screen gamer rental program where we give video gamers who playing at home for months, a chance to play in a big screen environment. With respect to migrating weekend demand for studio temples into weeknights, If the films are good enough, which we think Tenet and Milan will deliver, our guests will roll us the chance to get back to the cinema and experience something fresh.
If there are weekend sellouts, people will migrate to the weekdays, especially to our Mahalo and discount days. Also, remember that in the early days, there will be not full flow of commercial project product, so we'll open those movies on multiple screens with multiple show times. Our goal is to be flexible with the programming to maximize the growth from these early titles so we can deliver not only to ourselves, but to our studio partners, a healthy box office. We understand that we're gonna have to be creative and nimble to attract people back to the cinemas, but also believe that there's a lot of pent up demand. We understand firsthand the cabin fever that can build up in a work from home environment.
We're confident that if the movies deliver and our protocols inspire with confidence, people will return again to the cinema to enjoy the magic of movies.
Well, that marks the conclusion of the call and the question and answers. We appreciate listening to the call today. Thank you for your attention. And we wish everyone good health and safety in these uncertain times. Thank you for listening.