Note 8. Premises and Equipment and Lease Commitments

Premises and equipment at December 31, 2016 and 2015 are summarized as follows (in thousands):

	Range of Useful Lives	2016			2015
Land	Not applicable	$	19,467		$	19,848
Buildings	15 to 30 years		64,088			60,218
Leasehold improvements	15 to 20 years		28,789			22,485
Furniture and equipment	3 to 15 years		62,982			56,139
			175,326			158,690
Accumulated depreciation and amortization			(86,422	)		(80,766	)
		$	88,904		$	77,924

Depreciation and amortization expense was approximately $9.9 million, $8.5 million, and $5.1 million for the years ended December 31, 2016, 2015 and 2014, respectively.

Pinnacle Financial has entered into various operating leases, primarily for office space and branch facilities. Rent expense related to these leases for 2016, 2015 and 2014 totaled $8.4 million, $5.9 million and $4.9 million, respectively. At December 31, 2016, the approximate future minimum lease payments due under the aforementioned operating leases for their base term are as follows (in thousands):

2017	$	7,568
2018		7,538
2019		7,479
2020		7,457
2021		7,349
Thereafter		39,008
	$	76,399

During 2016 and as a result of the acquisition of Avenue, Pinnacle Financial has entered into a single capital lease, primarily for office space at an interest rate of 7.22% per year. Rent expense related to this lease for 2016 was approximately $209,000 and is included in total rent expense above. At December 31, 2016, the approximate future minimum lease payments due under the aforementioned capital lease for its base term are as follows (in thousands):

2017	$	417
2018		426
2019		470
2020		470
2021		470
Thereafter		3,498
Total minimum lease payments	$	5,751
Less: amount representing interest		(1,963	)
Present value of net minimum lease payments	$	3,788