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



	September 30,		December 31,
(Dollars in thousands)	2023		2022
Land	$	59,479	$	67,392
Building and improvements		202,302		213,226
Leasehold improvements		59,067		64,230
Fixtures and equipment		188,955		194,753
Construction-in-progress		4,845		6,839
Total cost		514,648		546,440
Less: accumulated depreciation		(253,034)		(259,488)
Operating property, net	$	261,614	$	286,952

Depreciation expense for operating property was $4.5 million and $13.8 million for the quarter and nine months ended September 30, 2023, respectively, and $4.9 million and $15.5 million for the quarter and nine months ended September 30, 2022, respectively.

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



	September 30,		December 31,
(Dollars in thousands)	2023		2022
Land	$	3,657	$	3,857
Construction-in-progress (including capitalized interest)		4,679		4,935
Investment and development property	$	8,336	$	8,792

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, 2023, are shown below:



(Dollars in thousands)	Balance, ‎December 31, ‎2022		Additions during the period		Completed ‎during the ‎period		Foreign ‎currency ‎translation		Balance, ‎September 30, ‎2023
Courtenay Central development		6,380		—		—		(318)		6,062
Cinema developments and improvements		2,990		2,880		(3,542)		(61)		2,267
Other real estate projects		2,404		1,557		(2,744)		(22)		1,195
Total	$	11,774	$	4,437	$	(6,286)	$	(401)	$	9,524

In May 2023, we classified our Culver City administrative building, commonly known as 5995 Sepulveda Blvd., 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 encumbered with a $8.5 million first mortgage which will become due on sale. It is not anticipated that any pre-payment penalty or make-whole payment will be payable in connection with such payoff.

In June 2023, we classified our approximately 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.

In September 2023, we classified our freehold Maitland cinema as held for sale. Our book value (as opposed to fair value) of the property is $706,000, 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. On October 25, 2023, we completed the sale of this property at a sales price of AU$2,800,000.