Property and Equipment, net

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

6. Property and Equipment, net

Property and equipment, net consisted of the following as of March 31, 2020 and December 31, 2019 (in thousands):


	March 31, 2020		December 31, 2019
Leasehold improvements	$	35,951	$	37,130
Office furniture and fixtures	4,860		4,963
Computer hardware	3,362		3,365
Computer software	1,352		1,350
Equipment	47		72
	45,572		46,880
Less: accumulated depreciation	(7,247)		(7,326)
Property and equipment, net	$	38,325	$	39,554

Depreciation expense totaled $1.4 million and $0.8 million for the three months ended March 31, 2020 and March 31, 2019, respectively. During the three months ended March 31, 2020, we retired $1.3 million of leasehold improvements, $0.1 million of computer hardware, $0.1 million of office furniture and fixtures and equipment. Nominal losses on disposal were recorded for the three months ended March 31, 2020. There were no retirements of property or equipment and no gains or losses recorded on disposal during the three months ended March 31, 2019.

At March 31, 2020, property and equipment included $4.5 million of assets acquired under finance lease arrangements. Accumulated depreciation related to these finance lease arrangements totaled $1.1 million at March 31, 2020. Amortization of assets acquired under finance leases is included in depreciation and amortization expense.