| Metric | Details |
|---|---|
| Company | Regal Cinemas, part of the Cineworld group (now presented as Regal Global Entertainment); privately held since emerging from Chapter 11 on July 31, 2023; U.S. headquarters in Knoxville, Tennessee |
| S&P / Moody’s | B / no verified rating |
| Investment grade status | Below Investment Grade |
| Restructuring | Chapter 11 filed September 7, 2022; emerged July 31, 2023 after reducing funded debt by about $4.53 billion and raising about $800 million in new equity |
| Median asking cap rate | Not shown: fewer than three active listings with a cap rate |
Regal Cinemas is not investment grade. Regal Cineworld / New Cineworld Midco Ltd. carries issuer rating of B from S&P Global Ratings: below the BBB-/Baa3 investment grade threshold. Ratings checked October 8, 2026. See the investment grade credit tenant ratings table.
Regal Cinemas Business Overview
Regal Cinemas is the U.S. theater circuit of the Cineworld group, now presented as Regal Global Entertainment, which also operates cinemas in the U.K., Israel and Central and Eastern Europe (Poland, Hungary, the Czech Republic, Bulgaria, Romania and Slovakia). Cineworld and its subsidiaries filed for Chapter 11 on September 7, 2022 and emerged on July 31, 2023 after reducing funded debt by about $4.53 billion. During the case, the court approved the rejection of some theater leases.
Regal Cinemas Credit Profile
The group is rated B in our ratings database, which classifies it as not investment grade; the rating source and date are shown below. As a private company it does not publish financial statements in the U.S.
Confirm which Regal entity is the tenant and whether a parent guarantees the lease, and review any lease amendments made during the bankruptcy.
Ratings come from our tenant ratings database, which records the source and date of each rating. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.
Source: S&P Global Ratings B, as of May 28, 2025. Ratings checked October 8, 2026.
Regal Cinemas NNN Cap Rates
InvestmentGrade.com does not currently track enough active Regal listings with an asking cap rate to show a median. A comparison table appears below when a theater tenant has at least three active listings with an asking cap rate.
Theater pricing depends heavily on the lease, the rent compared with what the site could earn in another use, and the land and parking available for redevelopment.
What to Check in a Regal Cinemas Lease
- Tenant and guarantor: which operating entity signs the lease and whether a parent guarantees it.
- Lease history: rent deferrals, reductions or amendments made since 2020, and any lease rejected or renegotiated in a bankruptcy.
- Rent structure: base rent, any percentage rent tied to ticket or concession sales, and how rent compares with market.
- Re-use and redevelopment: theaters with stadium seating and large auditoriums are costly to convert; value often depends on the land and parking for redevelopment.
- Co-tenancy: in shopping centers, the theater’s effect on the center and any co-tenancy provisions.
Pros and Cons
| Strengths | Considerations |
|---|---|
| Lower funded debt after the 2023 restructuring | Below investment grade rating |
| $250 million capital raise in July 2024 for theater upgrades | Private, with limited public financial information |
| Large sites with parking can have redevelopment value | Some leases were rejected in the 2022 to 2023 Chapter 11 case |
Comparing Regal Cinemas With Other Replacement Properties
For a 1031 buyer, compare a theater property with stronger-credit options, such as investment grade NNN tenants for 1031 exchanges, and test whether its higher yield compensates for the credit, the cost of re-leasing a specialized building and the redevelopment value of the site. Asking cap rate benchmarks are in the NNN cap rate guide.
Frequently Asked Questions
Is Regal investment grade?
No. The group is rated B in our ratings database, below investment grade.
Did Regal go bankrupt?
Yes. Cineworld Group, Regal’s parent, filed for Chapter 11 on September 7, 2022 and emerged on July 31, 2023 after reducing funded debt by about $4.53 billion. The court approved the rejection of some leases during the case.
What are asking cap rates for Regal properties?
We do not currently track enough active Regal listings with an asking cap rate to show a median. The live table on this page shows a median when at least three listings with a published cap rate are available.
Sources: Cineworld Group restructuring announcements (2022 to 2023); Chapter 11 court docket and claims agent case summary (Case No. 22-90168, Bankr. S.D. Tex.); Regal press releases (2024 to 2026); Regal Cineworld modern slavery statement for 2025; ratings from InvestmentGrade.com’s ratings database.
When the buyer owns the building, a cost segregation study may reclassify part of the purchase price, such as site improvements and some building systems and equipment, into 5-, 7- or 15-year property. That property can qualify for 100% bonus depreciation under Internal Revenue Code section 168(k) if acquired and placed in service after January 19, 2025 (IRS Notice 2026-11). How much qualifies varies widely by property and must be supported by an engineering-based study. On a ground lease the investor owns only land, which cannot be depreciated, and equipment owned by the tenant is not the landlord’s to depreciate. Bonus depreciation is generally recaptured on a taxable sale. A 1031 exchange can defer gain only on real property (Internal Revenue Code section 1031(a)(1)), and depreciation recapture can still apply in an exchange under sections 1245(b)(4) and 1250(d)(4). Consult a tax professional. See the Depreciation by NNN Property Type.
Related: Gas Station Bonus Depreciation
Regal Cineworld Net Lease Property: Buying, Selling and Financing
Buying: We find on-market and off-market Regal Cineworld properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.
Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.
Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.
1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.
Request an NNN investment consultation or email team@investmentgrade.com.
