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Property and Equipment | 6 Months Ended
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Jun. 30, 2019
Property, Plant and Equipment [Abstract] |
Property and Equipment | Property and Equipment Property and equipment, net, consisted of the following:
(in thousands) | June 30, 2019 |  | December 31, 2018
Property and equipment - non-Master Leases |  |  |
Land and improvements | $ | 353,111 |  |  | $ | 343,987 |
Building, vessels and improvements | 348,814 |  |  | 342,944 |
Furniture, fixtures and equipment | 1,652,145 |  |  | 1,565,830 |
Leasehold improvements | 157,555 |  |  | 152,943 |
Construction in progress | 43,173 |  |  | 25,473 |
| 2,554,798 |  |  | 2,431,177 |
Less: Accumulated depreciation | (1,484,226 | ) |  | (1,400,198 | )
| 1,070,572 |  |  | 1,030,979 |
Property and equipment - Master Leases |  |  |
Land and improvements (1) | 1,525,934 |  |  | 2,970,969 |
Building, vessels and improvements (2) | 3,664,611 |  |  | 3,845,062 |
| 5,190,545 |  |  | 6,816,031 |
Less: Accumulated depreciation | (1,045,340 | ) |  | (978,242 | )
| 4,145,205 |  |  | 5,837,789 |
Property and equipment, net | $ | 5,215,777 |  |  | $ | 6,868,768 |
(1) | Upon adoption of ASC 842, approximately $1.4 billion of land was derecognized and replaced with operating lease ROU assets based on the present value of future lease payments. See Note 3, “New Accounting Pronouncements.”
(2) | Upon adoption of ASC 842, $180.4 million of building and improvements, gross, was derecognized and replaced with finance lease ROU assets based on the present value of future lease payments. See Note 3, “New Accounting Pronouncements.”
Depreciation expense was as follows:
| For the three months ended June 30, |  | For the six months ended June 30,
(in thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
Depreciation expense (1) | $ | 97,668 |  |  | $ | 54,434 |  |  | $ | 193,898 |  |  | $ | 110,348 |
(1) | Of such amounts, $46.1 million, $22.9 million, $92.9 million, and $46.2 million, respectively, pertain to real estate assets subject to either of our Master Leases.
There was no interest capitalized during the three and six months ended June 30, 2019 and 2018.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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