Property and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Note 6. Property and Equipment, Net

Property and equipment consisted of the following:


	September 30,			December 31,
(in thousands)	2024			2023
Land and land interests	$	31,843		$	31,184
Buildings and leasehold improvements		466,920			445,074
Equipment and other		462,644			455,070
Gross property and equipment		961,407			931,328
Accumulated depreciation		(426,873	)		(395,557	)
Property and equipment, net (excluding finance leases)		534,534			535,771
Finance lease ROU assets, net		54,330			57,120
Property and equipment, net	$	588,864		$	592,891

Depreciation expense was $12.9 million during the three months ended September 30, 2024 and $36.9 million during the nine months ended September 30, 2024. Depreciation expense was $10.1 million during the three months ended September 30, 2023 and $31.0 million during the nine months ended September 30, 2023.

Capitalized interest was zero during the three months ended September 30, 2024 and $0.7 million during the nine months ended September 30, 2024. Capitalized interest was $0.6 million during the three months ended September 30, 2023 and $1.3 million during the nine months ended September 30, 2023, which was primarily related to the development of Pursuit’s FlyOver Chicago attraction.

On July 2, 2019, we executed a facility lease with the intent of building a new FlyOver attraction, FlyOver Canada Toronto. Effective August 6, 2024, this facility lease was terminated. During the three months ended September 30, 2024, we recorded an asset impairment charge of $5.5 million related to site-specific engineering plans developed for this attraction.

On July 24, 2024, Pursuit’s Wilderness Kitchen was lost to the Jasper wildfires. During the three months ended September 30, 2024, we recorded an asset impairment charge of $3.8 million against the net book value of the Wilderness Kitchen. This loss is covered by our property insurance and accordingly, we recorded an offsetting impairment recovery of $3.8 million. Refer to Note 1 – Overview and Basis of Presentation - Insurance Recoveries for additional information.