Property And Equipment

6 Months Ended

Jun. 30, 2023

Property And Equipment [Abstract]

Property And Equipment

Note 6 – Property and Equipment

Operating Property, net

Property associated with our operating activities as at June 30, 2023 and December 31, 2022, is summarized as follows:

	June 30,		December 31,
(Dollars in thousands)	2023		2022
Land	$	60,391	$	67,392
Building and improvements		206,380		213,226
Leasehold improvements		60,484		64,230
Fixtures and equipment		190,714		194,753
Construction-in-progress		6,116		6,839
Total cost		524,085		546,440
Less: accumulated depreciation		(256,527)		(259,488)
Operating property, net	$	267,558	$	286,952

Depreciation expense for operating property was $4.7 million and $9.3 million for the quarter and six months ended June 30, 2023, respectively, and $5.3 million and $10.6 million for the quarter and six months ended June 30, 2022, respectively.

Investment and Development Property, net

Our investment and development property as of June 30, 2023 and December 31, 2022, is summarized below:

	June 30,		December 31,
(Dollars in thousands)	2023		2022
Land	$	3,730	$	3,857
Construction-in-progress (including capitalized interest)		4,772		4,935
Investment and development property	$	8,502	$	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 six months ended June 30, 2023 are shown below:

(Dollars in thousands)	Balance, ‎December 31, ‎2022		Additions during the period		Completed ‎during the ‎period		Foreign ‎currency ‎translation		Balance, ‎June 30, ‎2023
Courtenay Central development		6,380		—		—		(211)		6,169
Cinema developments and improvements		2,990		1,121		(567)		(31)		3,513
Other real estate projects		2,404		1,032		(2,222)		(8)		1,206
Total	$	11,774	$	2,153	$	(2,789)	$	(250)	$	10,888

Disposal Groups Held for Sale

Culver City, Los Angeles

In May 2023, we classified our Culver City administrative building, commonly known as 5995 Sepulveda Bldv, as held for sale. Our book value (as opposed to fair value) of the property is $11.2 million, being the lower of cost and fair value less costs to sell. No adjustments to the book value of the assets contained within this disposal group were required. The disposal group consists of land, a building and various leasehold improvements. We expect to complete the sale within 12 months. The property is currently incumbered with an $8.5 million first mortgage which will be due on sale. We have retained Newmarket as our exclusive agent for the marketing of this property.

2483 Trenton Avenue, Williamsport, Pennsylvania

In June 2023, we classified our 26.6 acre property at 2483 Trenton Avenue, Williamsport, Pennsylvania, as held for sale at the lower of cost and fair value less costs to sell. The current book value (as opposed to fair value) of the property is $460,000. The property is part of our historic railroad operations, consisting of land and an 18,000 square foot industrial building. No adjustments to the book value of the assets contained within this disposal group were required. We expect to complete the sale within 12 months. The property is unencumbered. We have retained CBRE as our exclusive agent for the marketing of this property.