Property And Equipment

9 Months Ended

Sep. 30, 2020

Property And Equipment [Abstract]

Property And Equipment

Note 6 – Property and Equipment

Operating Property, net

As of September 30, 2020, and December 31, 2019, property associated with our operating activities is summarized as follows:

	September 30,		December 31,
(Dollars in thousands)	2020		2019
Land	$	76,435	$	75,663
Building and improvements		240,380		149,852
Leasehold improvements		57,649		56,912
Fixtures and equipment		189,235		186,949
Construction-in-progress		10,381		5,484
Total cost		574,080		474,860
Less: accumulated depreciation		(233,913)		(216,722)
Operating property, net	$	340,167	$	258,138

Depreciation expense for operating property was $5.4 million and $15.6 million for the quarter and nine months ended September 30, 2020 respectively and $5.5 million and $16.3 million for the quarter and nine months ended September 30, 2019.

Investment and Development Property, net

As of September 30, 2020, and December 31, 2019, our investment and development property is summarized below:

	September 30,		December 31,
(Dollars in thousands)	2020		2019
Land	$	23,827	$	24,446
Building		—		1,900
Construction-in-progress (including capitalized interest)		6,012		87,678
Investment and development property	$	29,839	$	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 nine months ended September 30, 2020 are shown below:

(Dollars in thousands)	Balance, December 31, 2019		Additions during the period(1)		Completed ‎during the ‎period		Foreign ‎currency ‎translation		Balance, September 30, 2020
Union Square development	$	81,934	$	6,201	$	(88,135)	$	—	$	—
Courtenay Central development		6,364		419		—		(110)		6,673
Cinema developments and improvements		3,032		5,723		(1,415)		94		7,434
Other real estate projects		1,832		1,306		(879)		27		2,286
Total	$	93,162	$	13,649	$	(90,429)	$	11	$	16,393

(1)Includes capitalized interest of $0.7 million and $2.4 million for the quarter and nine months ended September 30, 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.