Property And Equipment

3 Months Ended

Mar. 31, 2018

Note 5 – Property and Equipment

Operating Property, net

As of March 31, 2018 and December 31, 2017, property associated with our operating activities is summarized as follows:


	March 31,		December 31,
(Dollars in thousands)	2018		2017
Land	$	76,125	$	76,457
Building and improvements		152,350		153,232
Leasehold improvements		48,469		48,481
Fixtures and equipment		152,116		145,033
Construction-in-progress		29,477		26,000
Total cost		458,537		449,203
Less: accumulated depreciation		(188,959)		(184,479)
Operating property, net	$	269,578	$	264,724

Depreciation expense for operating property was $4.7 million for the quarter ended March 31, 2018 and $3.5 million for the quarter ended March 31, 2017.

Investment and Development Property, net

As of March 31, 2018 and December 31, 2017, our investment and development property is summarized below:


	March 31,		December 31,
(Dollars in thousands)	2018		2017
Land	$	25,283	$	25,025
Building		1,900		1,900
Construction-in-progress (including capitalized interest)		39,761		34,329
Investment and development property	$	66,944	$	61,254

Construction-in-Progress – Operating and Investing Properties

Construction-in-Progress balances are included in both our operating and development properties. The balances of our major projects along with the movements for the three months ended March 31, 2018 are shown below:


(Dollars in thousands)		Balance, December 31, 2017		Additions during the period(1)		Completed during the period		Foreign currency translation		Balance, March 31, 2018
Union Square development	$	29,223	$	5,486	$	--	$	--	$	34,709
Newmarket Property development		370		756		(636)		(8)		482
Courtenay Central development		4,676		-		--		91		4,767
Cinema developments and improvements		19,015		5,123		(2,879)		54		21,313
Other real estate projects		7,045		1,020		--		(98)		7,967
Total	$	60,329	$	12,385	$	(3,515)	$	39	$	69,238

(1) Includes capitalized interest of $335,000 for the quarter ended March 31, 2018.

Real Estate Transactions

Sale of Landholding in Burwood, Australia

On December 14, 2017, we received $28.1 million (AU$36.6 million) representing the final payment with respect to the $50.6 million (AU$64.9 million) sale price of our property in Burwood, Victoria, Australia. Previously, partial payments of $16.6 million (AU$21.8 million) and $5.9 million (AU$6.5 million) were received on June 19, 2017 and May 23, 2014.