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Property and equipment:
12 Months Ended
Dec. 31, 2024
Property and equipment:  
Property and equipment:

2. Property and equipment:

Property and equipment consisted of the following (in thousands):

December 31, 

    

2024

    

2023

Owned assets:

Network equipment

$

1,085,979

$

983,996

Owned buildings and leasehold improvements

 

470,713

444,187

System infrastructure (including owned fiber)

 

651,621

607,060

Software

 

13,780

12,747

Office and other equipment

 

29,030

26,656

Land

 

135,871

135,877

Asset retirement obligations

 

31,965

34,951

 

2,418,959

2,245,474

Less—Accumulated depreciation and amortization

 

(1,350,672)

(1,124,385)

 

1,068,287

1,121,089

Assets under finance leases:

IRUs

 

900,772

701,902

Less—Accumulated depreciation and amortization

 

(304,892)

(285,174)

 

595,880

416,728

Property and equipment, net

$

1,664,167

$

1,537,817

Depreciation and amortization expense related to property and equipment and finance leases was $296.2 million, $229.9 million and $92.2 million, for the years ended December 31, 2024, 2023 and 2022, respectively.

The Company capitalizes the compensation cost of employees directly involved with its construction activities. In the years ended December 31, 2024, 2023 and 2022, the Company capitalized compensation costs of $45.9 million, $35.5 million and $12.6 million, respectively. These amounts are included in system infrastructure costs.