Land, Property and Equipment, Net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Land, property and equipment, net consisted of (in thousands):


	Useful Life (Years)	December 31, 2020		December 31, 2019

Land	N/A	$	9,604	$	3,300
Buildings	39	15,097		2,358
Computer software	3 - 5	3,104		3,088
Furniture and equipment	3 - 7	13,116		12,585
Construction in progress	N/A	435		167
Leasehold improvements	3 - 39	6,722		6,655

		48,078		28,153

Less accumulated depreciation and amortization		(18,188)		(16,023)

Land, property and equipment, net		$	29,890	$	12,130

As of December 31, 2020 and 2019, the Company had finance leases totaling $0.4 million and $0.5 million, respectively, included in Land, property and equipment, net in the accompanying consolidated balance sheets.

Depreciation expense was $2.3 million, $2.0 million and $2.2 million for the years ended December 31, 2020, 2019, and 2018, respectively, which is included in depreciation and amortization in the accompanying consolidated statements of income.

MPP, AMG Properties, and ZLL

On December 31, 2020, APC purchased a 100% interest in MPP, AMG Properties, ZLL for $9.0 million, $1.2 million, and $2.0 million, respectively. MPP, AMG Properties, and ZLL are limited liability companies that primarily own four buildings, in aggregate, that are leased to tenants. As these companies' main assets are land and buildings, we determined these purchases are assets acquired at fair value. Land and buildings were valued by comparing similar properties that have been sold recently or for which listing prices or offers are known and how much income the properties can produce based on observable inputs (Level 2). As a result of the purchase, APC acquired MPP, AMG, and ZLL, recorded land and building for $3.7 million and $10.8 million for MPP, $1.5 million and $0.4 million for AMG Properties, and $1.2 million and $1.5 million for ZLL, respectively