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Reading's 2012 10-K Highlights Continued Value Creation

One of my longest-term holdings is Reading (NASDAQ:RDI). What I like most about it is the combination of its consistent cash flow from cinema operations combined with its large holdings of undervalued real estate. The company recently reported 4th quarter results and released its highly informative 10-K, so I thought it was time to revisit the stock and recheck its valuation.

For those who aren't familiar, Reading is a geographically diversified real estate and cinema company with assets in the U.S., Australia, and New Zealand. The following two charts from its 10-K do a solid job of highlighting the diversity of its operations.

The company's basic strategy is to use the cash flow from the cinema operations...

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