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. While we've been closed, we've been developing new cleaning and sanitization protocols, and physically preparing our cinemas for reopening in a world where COVID-19 may be an ongoing part of our lives for this foreseeable future. A few other factors contributed to this decline. We appreciate, as always, you listening to the call today. It’s hard to argue the company is firing on all cylinders, so shareholders might be averse to high CEO remuneration.
We'll spend more time updating you on where we are today and what we see for the immediate future. As I touched on earlier in the U.S. will likely open a few weeks prior to the release of major studio movies. Laputa, in the book, is a floating world filled with scientists. To remind you, historically over the last five 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. In the book, Koontz mentions a fictional biological weapon Wuhan-400, nearly 40 years before the coronavirus outbreak occurred. As the COVID-19 crisis evolved, we took a number of early and decisive actions to reduce our cash burn rate and to increase our liquidity to preserve the significant value in our company. We'll open select theaters in Hawaii in a few weeks but not open cinemas or live theaters in New York City or cinemas in California until later in 2020 when the government gives us the okay. On a positive note, our F&B per caps in these countries during July 2020 increased versus July 2019. We also got rent deferrals and some abatements in Australia and New Zealand. Typically, these deals allowed for deferral of rent until movies started to be released and thereafter, an extended payback period. Our hearts go out to those impacted by these pervasive global challenges. After that, we will consider the growth in the business. As of today, our 2 parcels representing 70.4 acres, almost 3.1 million square feet of undeveloped land are located in one of the most sought-after industrial areas of New Zealand. he said. 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, which has not been a deterrent. Trade stocks, options, futures, forex, bonds and funds on 135 markets, all from a single integrated account. At $3.42 million, our Q2 2020 consolidated total revenues were not a surprise, when you take into account the government-mandated closure of our 60 global cinemas and 3 U.S. live theaters for just about the entire calendar quarter. Currently the spread of the virus has been largely contained in most areas in Australia, and many restrictions have since been lifted.
While we own the property in 12 of our cinemas around the world, we leased 48 theaters from third-party landlords.
That makes it a little more realistic," he said. (This is based on the year to December 2018). When the COVID-19 crisis began in New York City, the government shut down all non-essential construction and business, including construction work at our 44 Union Square site. This analysis will also assess whether Reading International pays its CEO appropriately, considering recent earnings growth and total shareholder returns. Our research team consists of equity analysts with a public, market-beating track record. However, all other redevelopment activity related to this location has been suspended until we're able to develop a better understanding of the on-going effects of the COVID pandemic on our assets and the market. In addition, we will discuss non-GAAP financial measures on this call.
However, in such an event, our company expects to be able to obtain an amendment or a waiver from its lenders, but no assurance can be given. Now a more strategic question. Accordingly, our analysis reveals that Reading International, Inc. pays Ellen Cotter north of the industry median. As of June 30, 2020, the updated book value of Union Square is $88.3 million. These are the leaders, the gamechangers, the ones that end up shaking the ground, rebuilding industries, providing jobs, and inventing some of our most beloved everyday products. Rather, we'll look to the overall long-term relationship. A look back at the different times when authors unleashed the Nostradamus in them and came up with something that was years ahead of its time. Simply Wall St has no position in any stocks mentioned. Our total assets at June 30, 2020, increased to $687.8 million compared to $675 million at December 31, 2019, primarily driven by the increase in cash and cash equivalent, partially offset by the decline in foreign exchange rates in Australia and New Zealand dollars.
We've been in active discussions with the city, which is supportive of our efforts and potential tenants. However, we don't believe that this is a permanent condition, and we take comfort in the slate of movies to be released during the fourth quarter and into 2021 and 2022. 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. Such costs include legal expenses relating to extraordinary litigation and any other items that could be considered nonrecurring in accordance with the 2-year SEC requirement for determining an item is nonrecurring, infrequent or unusual in nature. This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. And our negotiations during Q2 2020 have resulted in 5 new leases and 4 new lease renewals being executed during this quarter. We anticipate continuing to benefit from the wage subsidy program in New Zealand and Australia through August 2020 and September 2020, respectively.
As I mentioned earlier, we aggressively sought deferrals from our landlords on our occupancy cost. Welcome to CEO Coaching International, one of the world’s most respected Entrepreneur, CEO and Leadership coaching firms. Thanks, again.
I'll focus on where we are today and what the immediate future holds. Andrzej Matyczynski – Executive Vice President-Global Operations, Ellen Cotter – President and Chief Executive Officer, Gilbert Avanes – Interim Chief Financial Officer and Treasurer. As I mentioned before, during Q2, we granted about AUD 565,000 and NZD 38,000 worth of rent abatements to our third-party lease tenants in Australia and New Zealand. This asset continues to be a major focus as it has historically been -- as it has historically provided the foundation for our New Zealand real estate portfolio. And so far, our guests indicate they feel very safe in our theaters. At the present time, our cinema revenues are obviously depressed. On May 27, 2020 we signed a lease with worldwide packaging LLC, a leading international provider of cosmetic and personal care packaging. However, this has not impacted our commitment to certain tenant allowances and lessors works for a few lease deals that we deem essential to the long-term health of our centers.
Comparing Reading International, Inc.’s CEO Compensation With the industry . We strategically understand we don't always get what we want every day. Regarding the recent sales of Class A stock held by the James J. Cotter Living Trust by Ellen and Margaret Cotter as trustees of that trust, there are 10b5-1 plan through early May 2020. With that, I will now turn it over to Andrzej. Comparing Reading International, Inc.’s CEO Compensation With the industry . Given the difference in market valuation, do you believe there's value in separating the real estate and the theater business, Ellen?
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