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Jan 12, 2016

Consolidated Theatres Renews Long-Term Lease at Ward Village®, Announces Renovation of Ward Theatres with Titan XC

Press Contacts

Caryn Kboudi, The Howard Hughes Corporation, caryn.kboudi@howardhughes.com, (214) 741-7744

HONOLULU (January 12, 2016) – Consolidated Theatres, a subsidiary of Reading International, Inc. (NASDAQ: RDI), announced today that it has signed a long-term lease extension for its Ward Theatres with TITAN XC at Ward Village®, a master planned community being developed by The Howard Hughes Corporation® (NYSE: HHC). In conjunction with the 15 year lease extension, Consolidated Theatres plans to complete a full renovation of the Ward Theatres, which will further the company's dedication to delivering the latest in premium entertainment experiences to moviegoers in Hawai'i.

"We are excited and honored to further our long history of providing stellar entertainment in Hawai'i at our Ward Village location," said Ellen Cotter, Chairman and Interim Chief Executive Officer of Reading International. "To better serve our guests, we will be upgrading our Ward Theatres to offer an even better movie-going experience with new seats, dining options, cutting-edge technology and more."

The theatre renovation will focus on several key improvements, including the addition of plush, oversized, full-electric recliner seats with reserved seating in select auditoriums.

"For decades, Consolidated Theatres at Ward Village has been the premiere movie destination for locals and visitors alike," said David Striph, Executive Vice President of The Howard Hughes Corporation. "The renovation of the Ward Village location joins our property-wide efforts to create a thriving, vibrant neighborhood in Honolulu that will offer an unmatched entertainment destination and experience for our residents and guests."

The lobby of the Ward Theatres will be renovated to better serve guests throughout the theatre. Consolidated Theatres will also add a second TITAN XC screen, equipped with Dolby Atmos multi- channel immersive sound.

Consolidated Theatres will introduce a new and enhanced food and beverage menu created by Food Network veterans Bruce Seidel and Chef Santos Loo in the spring of 2016. The menu will include new offerings of beer and wine available to guests 21 and over at Ward Theatres.

In addition to the upgrades to Ward Theatres, Ward Village will also welcome several new key retail tenants in the coming years, including a flagship Whole Foods Market, CVS Longs Drugs, Nobu and Merriman's. The dynamic retail experiences at Ward Village will be complemented by an extraordinary collection of residences designed by some of the world's most distinguished architects.

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About Ward Village®

Developed by The Howard Hughes Corporation, Ward Village is a 60-acre coastal master planned community in the heart of Honolulu located between downtown and Waikīkī in the Kakaʻako district. Ward Village includes two mixed-use residential towers – Waiea and Anaha – that are now under construction and will transform the popular shopping and dining district into a vibrant neighborhood that offers exceptional residences with incredible island and ocean views and a carefully curated mix of retail experiences set among dynamic public open spaces and walkable streets.

This growing community will include three additional developments: Ae'o at 1001 Queen Street, Gateway Towers and Ke Kilohana at 988 Halekauwila Street. Aeʻo at 1001 Queen Street is a 466-unit mixed-use condominium tower anchored by a flagship Whole Foods Market. The extraordinary first building of Gateway Towers on Ala Moana Boulevard will bring the architecture of world-renowned architect Richard Meier to the Honolulu skyline. Ke Kilohana will bring housing targeted for local residents and a 23,000 square foot Long's Drugs to the neighborhood.

The vision for Ward Village is consistent with the master plan approved by the HCDA in 2009, which allows for up to 9.3 million square feet of mixed-use development and will include over 4,000 residences and over 1 million square feet of retail space.

Ward Village is Hawaiʻi's only LEED-ND Platinum-Certified project and the largest neighborhood development in the country to receive such a prestigious certification. The Information Center and Residential Sales Gallery is located at the iconic IBM Building. For more information, visit www.wardvillage.com.

About The Howard Hughes Corporation®

The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Our properties include master planned communities, operating properties, development opportunities and other unique assets spanning 16 states from New York to Hawai'i. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC with major offices in New York, Columbia, MD, Dallas, Houston, Las Vegas and Honolulu. For additional information about HHC, visit www.howardhughes.com, or find us on Facebook, Twitter, Instagram and LinkedIn.

Safe Harbor Statement

Statements made in this press release that are not historical facts, including statements accompanied by words such as "will," "believe," "expect," "enables," "realize", "plan," "intend," "assume," "transform" and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in The Howard Hughes Corporation's filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. The Howard Hughes Corporation cautions you not to place undue reliance on the forward-looking statements contained in this release. The Howard Hughes Corporation does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

About Consolidated Theatres

Owned and operated by Reading International, Inc., Consolidated Theatres has provided entertainment to Hawai'i since 1917. Consolidated Theatres operates nearly 100 screens across the state, including theatres on O'ahu and Maui and the state's only TITAN XC screen with Dolby Atmos technology at the Ward Theatres. Dedicated to providing all guests with an exceptional movie-going experience, Consolidated Theatres offers community programming throughout the year, including its SpotlightAsia!, Crybaby Matinee and the Hana Hou Picture Show. For more information about Consolidated Theatres, please visit www.ConsolidatedTheatres.com or follow Consolidated Theatres on Twitter at www.twitter.com/consolidatedhi and on Facebook at www.Facebook.com/consolidatedHI.

About Reading International, Inc.

Reading International (http://www.ReadingRDI.com) is in the business of owning and operating cinemas and developing, owning and operating real estate assets. Our business consists primarily of the development, ownership and operation of multiplex cinemas in the United States, Australia and New Zealand; and the development, ownership and operation of retail and commercial real estate in Australia, New Zealand and the United States, including entertainment-themed retail centers in Australia and New Zealand and live theater assets in Manhattan and Chicago in the United States.

Forward-Looking Statements – Reading International, Inc.

This press release contains certain statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are qualified by the inherent risks and uncertainties surrounding future expectations generally and also may materially differ from actual future experience involving any one or more of such statements. The inclusion of a forward-looking statement in this press release should not be regarded as a representation by Reading International that its objectives will be achieved. Reading International undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise.

Read the PDF version of this press release:
http://assets.wardvillage.com/PDFs/2016_01.12_ConsolidatedTheatres.pdf


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This is not intended to be an offer to sell in any jurisdiction where prohibited by law. Ward Village is a proposed master planned development in Honolulu, Hawaii that does not yet exist. Exclusive Project Broker Ward Village Properties, LLC. Copyright 2017. Equal Housing Opportunity. Exclusive Project Broker for Ke Kilohana - Locations LLC. Copyright 2017. Equal Housing Opportunity.

Notice to New York Residents - The developer of Ward Village and its principals are not incorporated in, located in, or resident in the state of New York. No offering is being made in or directed to any person or entity in the state of New York or to New York residents by or on behalf of the developer/offeror or anyone acting with the developer/offeror’s knowledge. No such offering, or purchase or sale of real estate by or to residents of the state of New York, shall take place until all registration and filing requirements under the Martin Act and the Attorney General’s regulations are complied with, a written exemption is obtained pursuant to an application is granted pursuant to and in accordance with Cooperative Policy Statements #1 or #7, or a “No-Action” request is granted.

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