Property and equipment, net consisted of the following at March 31, 2022 and December 31, 2021 (in thousands):



	March 31, 2022			December 31, 2021
Land	$	1,350		$	1,350
Computers, software, and equipment		3,295			2,810
Leasehold improvements		7,026			6,416
Satellite antenna		3,402			2,996
Lab, assembly, and integration equipment		11,080			10,301
Others (1)		1,414			1,345
Property and equipment		27,567			25,218
Accumulated depreciation		(4,605	)		(3,592	)
Other construction in progress		9,195			6,701
Property and equipment, net		32,157			28,327

BlueWalker 3 satellite - construction in progress		82,693			67,615
Total property and equipment, net	$	114,850		$	95,942

(1) Includes vehicles, furniture and fixtures, and a phased array test facility.

Depreciation expense for the three months ended March 31, 2022 and 2021 was approximately $1.0 million and $0.6 million, respectively.

On December 8, 2021, the Company's subsidiary, AST & Science Texas, LLC, executed an agreement to purchase real property, including offices, industrial warehouse buildings and equipment for a total purchase price of $8.0 million. In connection with the purchase, the Company issued a term promissory note (the "Term Loan") for $5.0 million secured by the property; refer to Note 8 for additional information. Under the terms of the Term Loan, the Company deposited $2.8 million to use exclusively for capital improvements at the property. As of March 31, 2022, the remaining deposit balance of $1.4 million is presented as restricted cash in the unaudited condensed consolidated balance sheets.

On March 3, 2022, AST LLC entered into an agreement (the "Multi-Launch Agreement") with Space Exploration Technologies Corp. ("SpaceX"). The Multi-Launch Agreement provides a framework for future launches of the Company’s satellites through December 31, 2024, including the launches of the BW3 test satellite and the first BB satellite. Pursuant to the Multi-Launch Agreement, the Company and SpaceX also entered into a Launch Services Agreement (the “BB LSA”) covering the launch of the first BB satellite, and in accordance with the BB LSA, the Company paid an initial payment for the SpaceX launch services. As part of the Multi-Launch Agreement, the Company and SpaceX agreed on a framework for additional launch service agreements relating to the launch of future BB satellites. The Company paid an initial reservation fee to secure a SpaceX launch vehicle for a future BB satellite launch. With respect to the Company’s BW3 launch scheduled for Summer 2022, the Company and SpaceX agreed to changes to certain technical launch parameters, and the Company paid an additional fee to SpaceX to adjust these parameters. In connection with entry into the Multi-Launch Agreement, the Company paid an aggregate amount of $22.8 million, of which $8.0 million related to BW3 was capitalized to BlueWalker 3 satellite - construction in progress in the unaudited condensed consolidated balance sheet, and $14.8 million of deposits related to the first BB initial payment and launch reservation fee for a future BB launch was recorded to Other non-current assets in the unaudited condensed consolidated balance sheet. The exact timing of the satellite launches is contingent on a number of factors, including satisfactory and timely completion of construction and testing. The Multi-Launch Agreement permits the Company to delay launches of its satellites upon payment of certain rebooking fees.