Property and Equipment, net

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

The following is a summary of our property and equipment, net as of March 31, 2022 and December 31, 2021 (in thousands):


	Asset Lives	March 31, 2022		December 31, 2021
Land		$	47,598	$	46,069
Land improvements	5 to 20 years	19,305		19,146
Buildings and building improvements	10 to 40 years	825,195		814,035
Furniture and equipment	5 to 10 years	54,247		52,602
Automobiles	5 to 7 years	2,679		2,662
Assets under financing leases and leasehold improvements (1)		2,287		2,276
Construction in progress		1,905		392
Total property and equipment, net		953,216		937,182
Less accumulated depreciation and amortization		(325,372)		(315,983)
Total property and equipment, net		$	627,844	$	621,199

__________

(1) Leasehold improvements are amortized over the shorter of the useful life of the asset or the remaining lease term. Assets under financing leases and leasehold improvements include $0.3 million of financing lease right-of-use assets, net of accumulated amortization, as of both March 31, 2022 and December 31, 2021.

On February 1, 2022, the Company completed the acquisition of two senior living communities located in Indiana for a combined purchase price of $12.3 million. The communities consist of a total of 157 independent living units. The acquisition price was funded with cash on hand.