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Property and Equipment | 3 Months Ended
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Mar. 31, 2014
Property and Equipment |
Property and Equipment | 5. Property and Equipment Property and equipment, net, consists of the following:
|  | March 31, |  | December 31, |
|  | 2014 |  | 2013 |
|  | (in thousands) |
Land and improvements |  | $ | 42,345 |  | $ | 14,714 |
Building and improvements |  | 188,669 |  | 156,443 |
Furniture, fixtures, and equipment |  | 1,196,241 |  | 1,190,252 |
Leasehold improvements |  | 35,296 |  | 24,301 |
Construction in progress |  | 36,635 |  | 25,389 |
Total property and equipment |  | 1,499,186 |  | 1,411,099 |
Less accumulated depreciation |  | (948,759 | ) | (913,642 | )
Property and equipment, net |  | $ | 550,427 |  | $ | 497,457 |
Property and equipment, net increased by $53.0 million for the three months ended March 31, 2014 primarily due to the acquisition of Plainridge Racecourse (see Note 4) and normal capital maintenance expenditures for the three months ended March 31, 2014, partially offset by depreciation expense for the three months ended March 31, 2014. Depreciation expense, for property and equipment, totaled $42.0 million for the three months ended March 31, 2014, as compared to $76.2 million for the three months ended March 31, 2013. Interest capitalized in connection with major construction projects was $0.1 million for the three months ended March 31, 2014 and 2013. Depreciation expense decreased by $34.2 million for the three months ended March 31, 2014, as compared to the corresponding period in the prior year, primarily due to the contribution of real estate assets to GLPI on November 1, 2013.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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