Property and Equipment, Net

3 Months Ended

Mar. 31, 2015

5. Property and Equipment, Net

Property and equipment, net, was comprised of the following at March 31, 2015 and December 31, 2014:


*In thousands*	2015			2014
Leasehold improvements	$	22,546		$	22,315
Construction in progress		217,820			196,027
Equipment and furniture		23,694			23,511

		264,060			241,853
Less accumulated depreciation and amortization		(39,680	)		(38,826	)

	$	224,380		$	203,027

As of March 31, 2015 and December 31, 2014, the Company has recorded a facility lease obligation of $217.4 million and $196.0 million, respectively, related to a lease for a new facility under construction in Cambridge, Massachusetts. See Note 9 for further information.

Depreciation and amortization expense for the three-month periods ended March 31, 2015 and 2014 was $0.9 million, and $1.3 million, respectively.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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