Property and Equipment

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

NOTE 8. PROPERTY & EQUIPMENT

As of March 31, 2022 and December 31, 2021, Property and equipment, net consisted of the following:

	March 31, 2022			December 31, 2021
	(in thousands)
Land	$	30,884		$	32,904
Buildings and improvements		601,195			435,185
Construction in progress		86,431			234,198
Furniture and equipment		163,518			140,281
Vehicles		985			959
Total		883,013			843,527
Less: accumulated depreciation		(77,014	)		(63,611	)
Total property and equipment, net	$	805,999		$	779,916

Capitalized interest for the three months ended March 31, 2022 and March 31, 2021 totaled $1.5 million and $0.4 million, respectively. Depreciation expense for the three months ended March 31, 2022 and March 31, 2021 totaled $15.5 million and $5.6 million, respectively.

During the three months ended March 31, 2022, the Company recorded a loss on the disposal of property and equipment of $3.0 million and an impairment of $0.3 million which is the result of repositioning of assets in the southeast. This loss was recorded in impairment and disposal of long-lived assets in the condensed consolidated statements of operations and comprehensive (loss) income. There was no loss on disposal of property and equipment during the three months ended March 31, 2021.