Property and Equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Note 7. Property and Equipment, Net

Property and equipment consisted of the following:


	September 30,			December 31,
(in thousands)	2023			2022
Land and land interests	$	30,944		$	30,902
Buildings and leasehold improvements		433,421			409,852
Equipment and other		442,708			413,485
Gross property and equipment		907,073			854,239
Accumulated depreciation		(392,169	)		(362,195	)
Property and equipment, net (excluding finance leases)		514,904			492,044
Finance lease ROU assets, net		56,468			57,534
Property and equipment, net	$	571,372		$	549,578

Depreciation expense was $10.1 million during the three months ended September 30, 2023 and $31.0 million during the nine months ended September 30, 2023. Depreciation expense was $10.5 million during the three months ended September 30, 2022 and $32.3 million during the nine months ended September 30, 2022.

Capitalized interest was $0.6 million during the three months ended September 30, 2023 and $1.3 million during the nine months ended September 30, 2023. Capitalized interest was $0.1 million during the three months ended September 30, 2022 and $2.7 million during the nine months ended September 30, 2022, which was primarily related to the development of Pursuit’s FlyOver attractions.