Property, Plant and Equipment and Leasehold Intangibles, Net

6 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment and Leasehold Intangibles, Net

As of June 30, 2019 and December 31, 2018, net property, plant and equipment and leasehold intangibles, which include assets under financing leases, consisted of the following:



(in thousands)	June 30, 2019			December 31, 2018
Land	$	455,590		$	455,623
Buildings and improvements	4,791,438			4,749,877
Furniture and equipment	834,496			805,190
Resident and leasehold operating intangibles	319,179			477,827
Construction in progress	86,104			57,636
Assets under financing leases and leasehold improvements	1,810,335			1,776,649
Property, plant and equipment and leasehold intangibles	8,297,142			8,322,802
Accumulated depreciation and amortization	(3,083,017		)	(3,047,375		)
Property, plant and equipment and leasehold intangibles, net	$	5,214,125		$	5,275,427

Assets under financing leases and leasehold improvements includes $0.7 billion of financing lease right-of-use assets, net of accumulated amortization, as of both June 30, 2019 and December 31, 2018. Refer to Note 10 for further information on the Company’s financing leases.

The Company recognized depreciation and amortization expense on its property, plant and equipment and leasehold intangibles of $93.2 million and $115.3 million for the three months ended June 30, 2019 and 2018, respectively, and $189.3 million and $228.7 million for the six months ended June 30, 2019 and 2018, respectively.

Long-lived assets with definite useful lives are depreciated or amortized on a straight-line basis over their estimated useful lives (or, in certain cases, the shorter of their estimated useful lives or the lease term) and are tested for impairment whenever indicators of impairment arise. Refer to Note 5 for additional information on impairment expense for property, plant and equipment and leasehold intangibles.