(In thousands)	2018		2017
Land and land improvements	$	6,243	$	6,235
Buildings		12,653		12,589
Furniture and equipment		20,644		19,553
Leasehold improvements		11,943		11,819
Projects in progress		145		329
Capital lease asset		11,237		11,237
		62,865		61,762
Less: accumulated depreciation		35,457		32,286
Total	$	27,408	$	29,476

(In thousands)	2018		2017
Land and buildings	$	11,237	$	11,237
Less: accumulated depreciation		5,411		4,663
Total	$	5,826	$	6,574

Projects in progress represents costs associated with renovations to the Company’s headquarters in addition to smaller renovation or equipment installation projects at other locations.

The Company recorded depreciation expense of $3.1 million, $3.3 million and $3.1 million for the years ended December 31, 2018, 2017 and 2016, respectively.

The Company leases its corporate headquarters building under a capital lease. The lease arrangement requires monthly payments through 2025. Related depreciation expense of $607 thousand is included in each of the 2018, 2017 and 2016 results.

The Company also leases its Gladstone branch after completing a sale-leaseback transaction involving the property in 2011. The lease arrangement requires monthly payments through 2031. The Company had a deferred gain remaining on its sale-leaseback transaction of $490 thousand at December 31, 2018. The deferred gain was removed as a cumulative-effect adjustment upon adoption of the new accounting guidance in topic 842 effective January 1, 2019. Related depreciation expense and accumulated depreciation of $141 thousand is included in each of the 2018, 2017 and 2016 results.

The following is a schedule by year of future minimum lease payments under capital leases, together with the present value of net minimum lease payments as of December 31, 2018:

(In thousands)
2019	$	1,146
2020		1,195
2021		1,233
2022		1,391
2023		1,456
Thereafter		3,739
Total minimum lease payments		10,160
Less: amount representing interest		1,798
Present value of net minimum lease payments	$	8,362