Property and Equipment

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

NOTE 8. PROPERTY & EQUIPMENT

As of June 30, 2022 and December 31, 2021, Property and equipment, net consisted of the following:

	June 30, 2022			December 31, 2021
	(in thousands)
Land	$	32,149		$	32,904
Buildings and improvements		561,591			435,185
Furniture and equipment		240,867			140,281
Vehicles		998			959
Total		835,605			609,329
Less: accumulated depreciation		(96,549	)		(63,611	)
Total property and equipment		739,056			545,718
Construction in progress		90,491			234,198
Total property and equipment, net	$	829,547		$	779,916

Capitalized interest for the three and six months ended June 30, 2022 totaled $1.2 million and $2.7 million, respectively. Capitalized interest for the three and six months ended June 30, 2021 totaled $1.8 million and $2.1 million, respectively.

Depreciation expense for the three and six months ended June 30, 2022 totaled $20.1 million and $35.6 million, respectively. Depreciation expense for the three and six months ended June 30, 2021 totaled $7.3 million and $12.9 million, respectively.

During the three and six months ended June 30, 2022, the Company recorded a loss on the disposal of property and equipment of $5.1 million and $8.1 million and an impairment of zero and $0.3 million, respectively, which is mainly the result of repositioning of assets in the southeast. This loss and impairment was recorded in impairment and disposal of long-lived assets, net in the condensed consolidated statements of operations and comprehensive (loss) income. There was no loss on disposal of property and equipment and no impairment on property and equipment during the three months or six months ended June 30, 2021.