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Property And Equipment | 6 Months Ended
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Jun. 30, 2020
Property And Equipment [Abstract] |
Property And Equipment | Note 6 – Property and Equipment Operating Property, net As of June 30, 2020, and December 31, 2019, property associated with our operating activities is summarized as follows:
|  | June 30, |  | December 31,
(Dollars in thousands) |  | 2020 |  | 2019
Land |  | $ | 72,791 |  | $ | 75,663
Building and improvements |  |  | 145,769 |  |  | 149,852
Leasehold improvements |  |  | 57,110 |  |  | 56,912
Fixtures and equipment |  |  | 184,814 |  |  | 186,949
Construction-in-progress |  |  | 10,689 |  |  | 5,484
Total cost |  |  | 471,173 |  |  | 474,860
Less: accumulated depreciation |  |  | (223,843) |  |  | (216,722)
Operating property, net |  | $ | 247,330 |  | $ | 258,138
Depreciation expense for operating property was $5.0 million and $10.2 million for the quarter and six months ended June 30, 2020 respectively and $5.4 million and $10.8 million for the quarter and six months ended June 30, 2019. Investment and Development Property, net As of June 30, 2020, and December 31, 2019, our investment and development property is summarized below:
|  | June 30, |  | December 31,
(Dollars in thousands) |  | 2020 |  | 2019
Land |  | $ | 25,628 |  | $ | 24,446
Building |  |  | 1,900 |  |  | 1,900
Construction-in-progress (including capitalized interest) |  |  | 92,139 |  |  | 87,678
Investment and development property |  | $ | 119,667 |  | $ | 114,024
Construction-in-Progress – Operating and Investing 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, 2020 are shown below:
(Dollars in thousands) |  | Balance, December 31, 2019 |  | Additions during the period(1) |  | Completed ‎during the ‎period |  | Foreign ‎currency ‎translation |  | Balance, June 30, 2020
Union Square development |  | $ | 81,934 |  | $ | 4,468 |  | $ | — |  | $ | — |  | $ | 86,402
Courtenay Central development |  |  | 6,364 |  |  | 419 |  |  | — |  |  | (272) |  |  | 6,511
Cinema developments and improvements |  |  | 3,032 |  |  | 5,646 |  |  | (1,071) |  |  | 46 |  |  | 7,653
Other real estate projects |  |  | 1,832 |  |  | 1,001 |  |  | (537) |  |  | (34) |  |  | 2,262
Total |  | $ | 93,162 |  | $ | 11,534 |  | $ | (1,608) |  | $ | (260) |  | $ | 102,828
(1)Includes capitalized interest of $0.8 million and $1.7 million for the quarter and six months ended June 30, 2020. Real Estate Transactions Exercise of Option to Acquire Ground Lessee’s interest in Ground Lease and Improvements Constituting the Village East Cinema – On August 28, 2019, we exercised our option to acquire the ground lessee’s interest in the ground lease underlying and the real property assets constituting our Village East Cinema in Manhattan. The purchase price under the option is $5.9 million. It is anticipated that the transaction will close on or about May 31, 2021.

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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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- References No definition available. + Details
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