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Property And Equipment (Tables) | 3 Months Ended
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Mar. 31, 2021
Property And Equipment [Abstract] |
Schedule Of Property And Equipment |
|  | March 31, |  | December 31,
(Dollars in thousands) |  | 2021 |  | 2020
Land |  | $ | 71,008 |  | $ | 82,286
Building and improvements |  |  | 222,998 |  |  | 253,419
Leasehold improvements |  |  | 58,741 |  |  | 59,054
Fixtures and equipment |  |  | 194,405 |  |  | 201,518
Construction-in-progress |  |  | 9,116 |  |  | 9,285
Total cost |  |  | 556,268 |  |  | 605,562
Less: accumulated depreciation |  |  | (239,115) |  |  | (252,437)
Operating property, net |  | $ | 317,153 |  | $ | 353,125
Summary Of Investment And Development Property |
|  | March 31, |  | December 31,
(Dollars in thousands) |  | 2021 |  | 2020
Land |  | $ | 4,249 |  | $ | 5,936
Construction-in-progress (including capitalized interest) |  |  | 5,479 |  |  | 5,634
Investment and development property |  | $ | 9,728 |  | $ | 11,570
Construction-In-Progress Balance |
(Dollars in thousands) |  | Balance, ‎December 31, ‎2020 |  | Additions during the period(1) |  | Completed ‎during the ‎period |  | Transferred to Held for Sale |  | Foreign ‎currency ‎translation |  | Balance, ‎March 31, ‎2021
Courtenay Central development |  |  | 7,255 |  |  | 4 |  |  | — |  |  | — |  |  | (207) |  |  | 7,052
Cinema developments and improvements |  |  | 6,357 |  |  | 1,471 |  |  | (892) |  |  | — |  |  | (22) |  |  | 6,914
Other real estate projects |  |  | 1,307 |  |  | 432 |  |  | (988) |  |  | (121) |  |  | (1) |  |  | 629
Total |  | $ | 14,919 |  | $ | 1,907 |  | $ | (1,880) |  | $ | (121) |  | $ | (230) |  | $ | 14,595
(1)No interest was capitalized for the quarter ended March 31, 2021
Gain On Sale Of Property | Coachella, California At March 31, 2021, we were the managing member and 50% owner of Shadow View Land and Farming LLC, which up until March 5, 2021 was the owner of approximately 202 acres of undeveloped land in Coachella, California. The land has now been sold. In December 2020, we classified the non-income producing land at Coachella as held for sale as part of our strategy to monetize certain real estate assets in order to provide the necessary cash to support our Company during the period affected by COVID-19. This disposal group, which consists of land and certain improvements to that land, was transferred to Land and Property Held for Sale at its book value of $4.4 million, being the lower of cost and fair value less costs to sell. No adjustments to the book value of this asset were required. The sale of this land was completed on March 5, 2021 for $11.0 million. As a 50% member in Shadow View Land and Farming LLC, our Company received the benefit of 50% of the sale proceeds, which have been distributed. These actions were approved by our Audit and Conflicts Committee. The gain on sale of this property is calculated as follows:
|  | March 31,
(Dollars in thousands) |  | 2021
Sales price |  | $ | 11,000
Net book value |  |  | (4,351)
Gain on sale, gross of direct costs |  |  | 6,649
Direct costs incurred |  |  | (301)
Gain on sale, net of direct costs |  | $ | 6,348
Manukau, New Zealand In December 2020, we classified our non-income producing land at Manukau, New Zealand, as held for sale as part of our strategy to monetize real estate certain assets in order provide the necessary cash to support our Company during the period affected by COVID-19. This disposal group, which consists of land and certain improvements to that land, was transferred to Land Held for Sale at its book value of $13.5 million, being the lower of cost and fair value less costs to sell. No adjustments to the book value of this asset were required. The sale of this land was completed on March 4, 2021, for $56.1 million (NZ$77.2 million), of which NZ$1.0 million was received on February 23, 2021 and the balance of funds was received on March 4, 2021. The gain on sale of this property is calculated as follows:
|  | March 31,
(Dollars in thousands) |  | 2021
Sales price |  | $ | 56,058
Net book value |  |  | (13,483)
Gain on sale, gross of direct costs |  |  | 42,575
Direct costs incurred |  |  | (1,513)
Gain on sale, net of direct costs |  | $ | 41,062

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(13)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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