Property and Equipment, Net

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property and equipment, net consists of the following:


	September 30,		December 31,
	2020		2019
	(in thousands)
Land and land improvements	$	283,800	$	223,877
Buildings, building improvements, and leasehold improvements	518,266		435,214
Substation equipment	19,780		19,780
Data center equipment	1,196,670		1,021,056
Vehicles	1,945		1,732
Core network equipment	39,604		36,572

Fiber facilities	14,225		13,180
Computer equipment, furniture and fixtures	44,910		39,057
Finance lease right-of-use assets	72,951		72,569
Construction in progress	154,443		254,750
Property and equipment, gross	2,346,594		2,117,787
Less: accumulated depreciation and amortization	(671,365)		(566,670)
Property and equipment, net	$	1,675,229	$	1,551,117

Accumulated amortization for finance lease right-of-use assets totaled $13.6 million and $11.7 million as of September 30, 2020 and December 31, 2019, respectively.

During the nine months ended September 30, 2020 and 2019, capitalized interest was $3.0 million and $3.9 million, respectively.

In May 2020, the Company purchased approximately two acres of land in Las Vegas, Nevada for $2.5 million from an entity in which a member of its Board of Directors has a beneficial ownership interest.

Total depreciation and amortization of property and equipment recognized on the consolidated statements of comprehensive income was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Cost of revenue	$	35,614	$	29,427	$	101,725	$	86,251
Selling, general and administrative expense	1,177		999		3,597		2,590
Total depreciation and amortization of property and equipment	$	36,791	$	30,426	$	105,322	$	88,841