Property and Equipment

12 Months Ended

Dec. 31, 2017

Property Plant And Equipment [Abstract]

Property and Equipment

4. Property and Equipment

Property and equipment consists of the following (in thousands):

		December 31,
	Asset Lives	2017			2016
Land		$	69,842		$	66,755
Land improvements	5 to 20 years		24,665			21,644
Buildings and building improvements	10 to 40 years		1,148,816			1,030,676
Furniture and equipment	5 to 10 years		62,614			51,471
Automobiles	5 to 7 years		6,236			5,776
Leasehold improvements	(1)		85,384			77,364
Construction in progress	NA		5,711			23,906
			1,403,268			1,277,592
Less accumulated depreciation and    amortization			(303,482	)		(245,162	)
Property and equipment, net		$	1,099,786		$	1,032,430

(1) Leasehold improvements are amortized over the shorter of the useful life of the asset or the remaining lease term.

At December 31, 2017 and 2016, furniture and equipment included $3.2 million of capitalized computer software development costs of which $3.0 million and $2.8 million, respectively, has been amortized and is included as a component of accumulated depreciation and amortization. During fiscal 2017, final valuation adjustments associated with senior housing community acquisitions in fiscal 2016 resulted in the Company reclassifying approximately $1.3 million from property and equipment to other assets; however, as a result of adoption of ASU 2015-16, the Consolidated Balance Sheet for the year ended December 31, 2016, has not been adjusted and recast to reflect these reclassification adjustments.

Property and equipment includes $31.8 million of assets under capital lease in connection with the Ventas Lease Transaction, as discussed at Note 15, “Leases,” of which $15.4 million and $14.6 million has been amortized and is included as a component of accumulated depreciation and amortization at December 31, 2017 and 2016, respectively.