PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT:

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is generally computed under the straight-line method over the following estimated useful lives:

Buildings and improvements	10 - 30 years
Station equipment	5 - 10 years
Office furniture and equipment	5 - 10 years
Leasehold improvements	Lesser of 10 - 30 years or lease term
Automotive equipment	3 - 5 years
Property and equipment under capital leases	Lease term

Acquired property and equipment as discussed in Note 2. Acquisitions and Dispositions of Assets, is depreciated on a straight-line basis over the respective estimated remaining useful lives.

Property and equipment consisted of the following as of December 31, 2017 and 2016 (in thousands):

	2017			2016
Land and improvements	$	77,487		$	73,124
Real estate held for development and sale	87,056			90,087
Buildings and improvements	260,470			239,603
Station equipment	779,779			702,004
Office furniture and equipment	109,632			101,252
Leasehold improvements	25,120			24,762
Automotive equipment	63,513			56,507
Capital leased assets	53,005			84,516
Construction in progress	30,575			30,880
	1,486,637			1,402,735
Less: accumulated depreciation	(748,339		)	(685,159		)
	$	738,298		$	717,576

Capital leased assets are related to building, tower, and equipment leases. Depreciation related to capital leases is included in depreciation expense in the consolidated statements of operations. We recorded capital lease depreciation expense of $4.2 million for both of the years ended December 31, 2017 and 2016 and $3.9 million for the year ended December 31, 2015.