Property And Equipment

12 Months Ended

Dec. 31, 2019

10. Property and Equipment

The Company’s property and equipment consisted of the following (in thousands):


	December 31,
	2019		2018
Land, building and building improvements	$	70,647		80,887
Leasehold improvements		45,993		41,278
Office equipment, furniture, fixtures and software		86,941		86,759
Transportation		1,000		3,097
		204,581		212,021
Accumulated depreciation		(74,895)		(72,393)
Property and equipment, net	$	129,686		139,628

During the years ended December 31, 2019, 2018, and 2017, the Company recognized approximately $21.4 million, $20.2 million, and $15.6 million, respectively, of depreciation expense related to its property and equipment which is reflected in selling, general and administrative expenses and cost of trade sales in the Company’s statements of operations and comprehensive income.

During the year ended December 31, 2019, the Company recognized $6.7 million of impairment losses related to the disposal of seven MOD Pizza restaurant locations and the closure of two additional locations, which was primarily comprised of the write-off of leasehold improvements, furniture, and fixtures at the locations. See Note 1 for further discussion.

During the year ended December 31, 2019, Bluegreen conveyed the ski and golf operations and related property at one of its resorts to the HOA, which resulted in a loss on the disposal of approximately $5.6 million.