Properties And Equipment

3 Months Ended

Mar. 31, 2020

Note 6 – Property and Equipment

Operating Property, net

As of March 31, 2020 and December 31, 2019, property associated with our operating activities is summarized as follows:



	March 31,		December 31,
(Dollars in thousands)	2020		2019
Land	$	70,006	$	75,663
Building and improvements		132,704		149,852
Leasehold improvements		55,563		56,912
Fixtures and equipment		173,802		186,949
Construction-in-progress		10,430		5,484
Total cost		442,505		474,860
Less: accumulated depreciation		(205,598)		(216,722)
Operating property, net	$	236,907	$	258,138

Depreciation expense for operating property was $5.2 million for the quarter ended March 31, 2020 and $5.4 million for the quarter ended March 31, 2019.

Investment and Development Property, net

As of March 31, 2020 and December 31, 2019, our investment and development property is summarized below:



	March 31,		December 31,
(Dollars in thousands)	2020		2019
Land	$	23,098	$	24,446
Building		1,900		1,900
Construction-in-progress (including capitalized interest)		91,165		87,678
Investment and development property	$	116,163	$	114,024

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, 2020 are shown below:



(Dollars in thousands)	Balance, December 31, 2019		Additions during the period(1)		Completed during the period		Foreign currency translation		Balance, March 31, 2020
Union Square development	$	81,934	$	4,075	$	—	$	—	$	86,009
Courtenay Central development		6,364		345		—		(762)		5,947
Cinema developments and improvements		3,032		5,426		(616)		(111)		7,731
Other real estate projects		1,832		491		(234)		(181)		1,908
Total	$	93,162	$	10,337	$	(850)	$	(1,054)	$	101,595

(1)

Includes capitalized interest of $0.9 million for the quarter ended March 31, 2020.

Real Estate Transactions

Exercise of Option to Acquire Ground Lessee’s interest in Ground Lease and Improvements Constituting the Village East Cinema – On August 28, 2019, we exercised our option to acquire the ground lessee’s interest in the ground lease underlying and the real property assets constituting our Village East Cinema in Manhattan. The purchase price under the option is $5.9 million. It is anticipated that the transaction will close on or about May 31, 2021.