PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2012

4. PROPERTY AND EQUIPMENT

Property and equipment consist of the following at December 31 (in thousands):

	2012			2011
Land and improvements	$	86,025		$	86,025
Buildings and improvements		31,599			30,259
Equipment, furniture, and fixtures		31,382			25,345

Total cost		149,006			141,629
Less - Accumulated depreciation and amortization		(10,769	)		(3,603	)
Property and equipment - net	$	138,237		$	138,026

In accordance with its policy, the Company reviews the estimated lives of its fixed assets on an ongoing basis. Substantially all of the Company's property and equipment are pledged as collateral to secure debt (see Note 9).

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details