Property and Equipment

3 Months Ended

Mar. 31, 2014

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.

- 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.

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