Property and Equipment

3 Months Ended

Mar. 31, 2018

Property Plant And Equipment [Abstract]

4. Property and Equipment

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

	Estimated Useful
	Life (Years)		March 31, 2018			December 31, 2017
Land		—	$	875		$	875
Buildings	39-40			17,389			17,389
Building improvements	5-40			34,957			34,957
Machinery and equipment	3-15			62,681			62,681
Furniture, fixtures and office equipment	5-10			3,106			3,556
Computer equipment and software		3		8,416			8,416
				127,424			127,874
Less accumulated depreciation				(100,943	)		(100,952	)
Total property and equipment, net			$	26,481		$	26,922

Depreciation expense related to property and equipment for the three months ended March 31, 2018 and 2017 was as follows (in thousands):

	Three Months Ended March 31,
	2018		2017
Depreciation Expense	$	441	$	446

During the three months ended March 31, 2018, the Company disposed of $0.4 million of certain furniture, fixtures and office equipment which ceased being used. The items disposed were fully depreciated. Therefore, the cost and associated accumulated depreciation for these items was removed from the balance sheet.

On January 6, 2017, the Company and Rexford Industrial Realty, L.P. (“Rexford”) entered into an Agreement of Purchase and Sale and Joint Escrow Instructions (the “Purchase Agreement”), pursuant to which the Company agreed to sell and Rexford agreed to purchase certain parcels of real estate owned by the Company in Valencia, California and certain related improvements, personal property, equipment, supplies and fixtures (collectively, the “Property”) for $17.3 million. The sale and purchase of the Property for $17.3 million pursuant to the terms of the Purchase Agreement, as amended, was completed on February 17, 2017. Net proceeds were $16.7 million after deducting broker’s commission and other fees of approximately $0.6 million paid by the Company. Net proceeds received approximated the carrying value of the asset held for sale.