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Property And Equipment | 6 Months Ended
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Jun. 30, 2013
Property And Equipment [Abstract] |
Property And Equipment | Note 6 – Property and Equipment Acquisitions Coachella, California Land Acquisition On January 10, 2012, Shadow View Land and Farming, LLC, a limited liability company owned by our Company, acquired a 202-acre property, zoned for the development of up to 843 single-family residential units, located in the City of Coachella, California. The property was acquired at a foreclosure auction for $5.5 million which currently has a net carrying value of $4.0 million. The property was acquired as a long-term investment in developable land. Half of the funds used to acquire the land were provided by Mr. James J. Cotter, our Chairman, Chief Executive Officer and controlling shareholder. Upon the approval of our Conflicts Committee, these funds were converted on January 18, 2012 into a 50% interest in Shadow View Land and Farming, LLC. We are the managing member of this company. Disposals Indooroopilly Sale On November 20, 2012, we sold our Indooroopilly property for $12.4 million (AUS$12.0 million). This property’s operational results are included in income (loss) from discontinued operations on our Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2012. The condensed statement of operations for Indooroopilly is as follows (dollars in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2013 |  | 2012 |  | 2013 |  | 2012
Revenue | $ | -- | $ | 196 | $ | -- | $ | 418
Less: operating expense |  | -- |  | 152 |  | -- |  | 298
Income (loss) from discontinued operations, net of tax | $ | -- | $ | 44 | $ | -- | $ | 120
Taringa Sale On February 21, 2012, we sold our three properties in the Taringa area of Brisbane, Australia consisting of approximately 1.1 acres for $1.9 million (AUS$1.8 million). Property Held for Sale – Moonee Ponds In May 2013, we announced our intent to sell and began actively marketing our 3.3-acre Moonee Pond property in Australia. The current carrying value of this property on our books is $11.3 million (AUS$12.4 million) which has been reclassified from property held for development to land held for sale on our June 30, 2013 condensed consolidated balance sheet. Operating Property As of June 30, 2013 and December 31, 2012, property associated with our operating activities is summarized as follows (dollars in thousands):
Operating property |  | June 30, 2013 |  | December 31, 2012
Land | $ | 65,582 | $ | 69,370
Building and improvements |  | 124,507 |  | 136,225
Leasehold interests |  | 43,762 |  | 45,391
Fixtures and equipment |  | 101,806 |  | 108,169
Total cost |  | 335,657 |  | 359,155
Less: accumulated depreciation |  | (151,110) |  | (156,377)
Operating property, net | $ | 184,547 | $ | 202,778
Depreciation expense for property and equipment was $3.5 million and $7.1 million for the three and six months ended June 30, 2013, respectively, and $4.0 million and $7.5 million for the three and six months ended June 30, 2012, respectively. Investment and Development Property As of June 30, 2013 and December 31, 2012, our investment and development property is summarized as follows (dollars in thousands):
Investment and Development Property |  | June 30, 2013 |  | December 31, 2012
Land | $ | 59,869 | $ | 77,020
Construction-in-progress (including capitalized interest) |  | 14,250 |  | 17,902
Investment and development property | $ | 74,119 | $ | 94,922
At the beginning of 2010, we curtailed the development activities of our properties under development and are not currently capitalizing interest expense. As a result, we did not capitalize any interest during the three and six months ended June 30, 2013 or 2012.

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- Definition Disclosure of real estate assets (normally turning over within one year or one business cycle if longer) that are sold, held for sale apart from normal operations and anticipated to be sold within one year, real estate property currently under development, real estate currently held for development and long-lived, property that is physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, building and production equipment. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures. This element may be used as a single block of text to include the entire PPE disclosure, including data and tables. + References No definition available. + Details
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