Property and Equipment, net

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment, net

6. Property and Equipment, net

Property and equipment, net consisted of the following as of June 30, 2020 and December 31, 2019 (in thousands):

	June 30, 2020		December 31, 2019
Leasehold improvements	$	36,116	$	37,130
Office furniture and fixtures	4,861		4,963
Computer hardware	3,618		3,365
Computer software	1,352		1,350
Equipment	48		72
	45,995		46,880
Less: accumulated depreciation	(8,558)		(7,326)
Property and equipment, net	$	37,437	$	39,554

Depreciation expense totaled $1.4 million and $2.8 million for the three and six months ended June 30, 2020, respectively. There were nominal disposals recorded during the three months ended June 30, 2020. During the six months ended June 30, 2020, we retired $1.3 million of leasehold improvements, $0.1 million of computer hardware, and $0.1 million of office furniture and fixtures and equipment. Nominal losses on disposal were recorded for the three and six months ended June 30, 2020.

Depreciation expense totaled $1.1 million and $1.9 million for the three and six months ended June 30, 2019, respectively. During the three and six months ended June 30, 2019, we retired $3.2 million of leasehold improvements and $0.8 million of office furniture and fixtures. During the three and six months ended June 30, 2019, we recorded a loss on disposal of $0.1 million.

At June 30, 2020, property and equipment included $4.5 million of assets acquired under finance lease arrangements. Accumulated depreciation related to these finance lease arrangements totaled $1.4 million at June 30, 2020. Amortization of assets acquired under finance leases is included in depreciation and amortization expense.