Note 7. Premises and Equipment and Lease Commitments

Premises and equipment at December 31, 2018 and 2017 are summarized as follows (in thousands):



	Range of Useful Lives	2018		2017
Land	Not applicable	$	64,898	$	65,649
Buildings	15 to 30 years	170,829		164,748
Leasehold improvements	15 to 20 years	43,536		38,913
Furniture and equipment	3 to 20 years	100,946		93,841
		380,209		363,151
Less: accumulated depreciation and amortization		114,649		97,137
		$	265,560	$	266,014

Depreciation and amortization expense was approximately $21.5 million, $13.7 million, and $9.9 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Pinnacle Financial has entered into various operating leases, primarily for office space and branch facilities. Rent expense related to these leases for 2018, 2017 and 2016 totaled $12.4 million, $11.9 million and $8.4 million, respectively. At December 31, 2018, the approximate future minimum lease payments due under the aforementioned operating leases for their base term are as follows (in thousands):



2019	$	12,889
2020	11,805
2021	11,527
2022	9,410
2023	8,820
Thereafter	43,730
	$	98,181

Through acquisition, Pinnacle Financial assumed a single capital lease, primarily for office space at an interest rate of 7.22% per year. Rent expense related to this lease for 2018 was approximately $225,000 and is included in total rent expense above. At December 31, 2018, the approximate future minimum lease payments due under the aforementioned capital lease for its base term are as follows (in thousands):



2019	$	470
2020	470
2021	470
2022	470
2023	479
Thereafter	2,548
Total minimum lease payments	$	4,907
Less: amount representing interest	1,437
Present value of net minimum lease payments	$	3,470