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Property And Equipment | 9 Months Ended
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Sep. 30, 2024
Property And Equipment [Abstract] |
Property And Equipment | Note 6 – Property and Equipment Operating Property, net Property associated with our operating activities as at September 30, 2024 and December 31, 2023, is summarized as follows:
|  | September 30, |  | December 31,
(Dollars in thousands) |  | 2024 |  | 2023
Land |  | $ | 48,826 |  | $ | 61,095
Building and improvements |  |  | 172,396 |  |  | 205,821
Leasehold improvements |  |  | 51,133 |  |  | 53,984
Fixtures and equipment |  |  | 152,223 |  |  | 155,156
Construction-in-progress |  |  | 1,972 |  |  | 4,290
Total cost |  |  | 426,550 |  |  | 480,346
Less: accumulated depreciation |  |  | (201,485) |  |  | (217,929)
Operating property, net |  | $ | 225,065 |  | $ | 262,417
Depreciation expense for operating property was $3.9 million and $11.9 million for the quarter and nine months ended September 30, 2024, respectively, as compared to $4.5 million and $13.8 million for the quarter and nine months ended September 30, 2023. Investment and Development Property, net Our investment and development property as of September 30, 2024 and December 31, 2023, is summarized below:
|  | September 30, |  | December 31,
(Dollars in thousands) |  | 2024 |  | 2023
Land |  | $ | — |  | $ | 3,856
Construction-in-progress (including capitalized interest) |  |  | — |  |  | 4,933
Investment and development property |  | $ | — |  | $ | 8,789
Construction-in-Progress – Operating and Investment 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 nine months ended September 30, 2024, are shown below:
(Dollars in thousands) |  | Balance, ‎December 31, ‎2023 |  | Additions during the period |  | Completed ‎during the ‎period |  | Transferred to Held for Sale |  | Foreign ‎currency ‎translation |  | Balance, ‎September 30, ‎2024
Courtenay Central development |  |  | 6,412 |  |  | — |  |  | — |  |  | (6,089) |  |  | (323) |  |  | —
Cinema developments and improvements |  |  | 1,658 |  |  | 230 |  |  | (207) |  |  | (60) |  |  | 2 |  |  | 1,623
Other real estate projects |  |  | 1,153 |  |  | 489 |  |  | (880) |  |  | (422) |  |  | 9 |  |  | 349
Total |  | $ | 9,223 |  | $ | 719 |  | $ | (1,087) |  | $ | (6,571) |  | $ | (312) |  | $ | 1,972
2024 Real Estate Monetizations Between the fourth quarter of 2020 and the fourth quarter of 2023, we classified as assets held for sale disposal groups and thereafter monetized the following real estate assets: The Auburn/Redyard Entertainment Themed Center (“ETC”), Manukau (land), Coachella (land), the Royal George Theatre, our property in Maitland, New South Wales, our Invercargill, New Zealand cinema and associated ancillary land, and our office building in Culver City (sold in February 2024). In the second quarter of 2023, we classified our 2483 Trenton Avenue, Williamsport, Pennsylvania, property as held for sale. In the second quarter of 2024, we further classified as held for sale our Cannon Park ETC, our Courtenay Central ETC and associated land and improvements, and our Rotorua land and improvements. A ‘disposal group’ represents assets to be disposed of in a single transaction. A disposal group may represent a single asset, or multiple assets. Discussed below are those real estate transactions affecting the presentation in our consolidated balance sheet as of September 30, 2024 and 2023, and the profitability determination in our consolidated statements of income for the nine months ended September 30, 2024, and 2023. Culver City, Los Angeles 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 was $10.8 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 consisted of land, a building and various leasehold improvements. The sale was completed on February 23, 2024, at a gross sales price of $10.0 million. The proceeds were used to discharge the $8.3 million first mortgage on the property. The loss on sale of this property is calculated as follows:
|  | March 31
(Dollars in thousands) |  | 2024
Sales price |  | $ | 10,000
Net book value |  |  | (10,800)
Loss on sale, gross of direct costs |  |  | (800)
Direct sale costs incurred |  |  | (325)
Loss on sale, net of direct costs |  | $ | (1,125)
Disposal Groups Held for Sale Cannon Park ETC In May 2024, we classified our Cannon Park ETC in Townsville, Queensland, Australia, as held for sale at the lower of cost and fair value less costs to sell. The disposal group consists of our Cannon Park City Center and Cannon Park Discount Center properties, comprising approximately 9.4-acres. The current book value (as opposed to fair value) of the property is $19.5 million. 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. Wellington, New Zealand In June 2024, we classified our Courtenay Central ETC in Wellington, New Zealand, as held for sale at the lower of cost and fair value less costs to sell. The disposal group consists of our Courtenay Central cinema and retail property, along with our Tory and Wakefield Street car parks. The current book value (as opposed to fair value) of the property is $16.5 million. 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. Reading Cinema in Rotorua, New Zealand In June 2024, we classified the land and improvements constituting our Rotorua cinema in Rotorua, New Zealand, as held for sale at the lower of cost and fair value less costs to sell. The disposal group consists of our land, cinema building and the associated improvements. The current book value (as opposed to fair value) of the property is $1.5 million. 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. 2483 Trenton Avenue, Williamsport, Pennsylvania In June 2023, we classified our industrial 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, and certain rail bed improvements. No adjustments to the book value of the assets contained within this disposal group were required. We continue to hold this property as held for sale, and sales efforts continue as we work to resolve certain easement issues. The property continues to meet the ASC 360 held for sale criteria.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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