Property And Equipment

3 Months Ended

Mar. 31, 2023

Property And Equipment [Abstract]

Property And Equipment

Note 6 – Property and Equipment

Operating Property, net

Property associated with our operating activities as at March 31, 2023 and December 31, 2022, is summarized as follows:

	March 31,		December 31,
(Dollars in thousands)	2023		2022
Land	$	66,977	$	67,392
Building and improvements		212,055		213,226
Leasehold improvements		62,163		64,230
Fixtures and equipment		192,088		194,753
Construction-in-progress		7,062		6,839
Total cost		540,345		546,440
Less: accumulated depreciation		(258,459)		(259,488)
Operating property, net	$	281,886	$	286,952

Depreciation expense for operating property was $4.6 million for the three months ended March 31, 2023, and $5.4 million for the three months ended March 31, 2022.

Investment and Development Property, net

Our investment and development property as of March 31, 2023 and December 31, 2022, is summarized below:

	March 31,		December 31,
(Dollars in thousands)	2023		2022
Land	$	3,814	$	3,857
Construction-in-progress (including capitalized interest)		4,880		4,935
Investment and development property	$	8,694	$	8,792

Construction-in-Progress – Operating and Investment 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, 2023 are shown below:

(Dollars in thousands)	Balance, ‎December 31, ‎2022		Additions during the period		Completed ‎during the ‎period		Foreign ‎currency ‎translation		Balance, ‎March 31, ‎2023
Courtenay Central development		6,380		—		—		(69)		6,311
Cinema developments and improvements		2,990		437		(444)		(21)		2,962
Other real estate projects		2,404		343		(72)		(6)		2,669
Total	$	11,774	$	780	$	(516)	$	(96)	$	11,942