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PROPERTY AND EQUIPMENT
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
Property and equipment consists of the following:
(in thousands)March 31, 2024December 31, 2023
Leasehold improvements$198,173 $192,807 
Furniture, fixtures, and equipment73,066 71,474 
Buildings72,659 72,204 
Construction in progress5,460 6,511 
Land5,242 5,242 
Property and equipment, gross354,600 348,238 
Less: accumulated depreciation89,301 80,156 
Property and equipment, net$265,299 $268,082 
Total depreciation expense was $9,145 and $8,146 during the three months ended March 31, 2024 and 2023, respectively, and total depreciation expense capitalized to inventory was $6,563 and $6,170, respectively. At March 31, 2024 and December 31, 2023, $4,987 and $5,510, respectively, of depreciation expense remained capitalized as part of inventory.
The table above includes equipment with a gross value of $2,321 as of each of March 31, 2024 and December 31, 2023 and accumulated amortization of $688 and $549, respectively, that the Company is renting under finance leases pursuant to a master lease agreement that was entered into in June 2022 and allows for an aggregate of $15,000 of such leases. Refer to Note 10, “Leases,” for additional information regarding our lease arrangements.