Property and Equipment, net

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

As of September 30, 2025 and December 31, 2024, property and equipment, net, which include assets under finance leases, consist of the following (in thousands):


	Asset Lives	September 30, 2025		December 31, 2024
Land	NA	$	77,291	$	73,405
Land improvements	5 to 20 years	35,651		31,764
Buildings and building improvements	10 to 40 years	1,006,740		989,054
Furniture and equipment	5 to 10 years	72,416		66,600
Automobiles	5 to 7 years	3,221		2,923
Assets under financing leases and leasehold improvements	5 to 10 years	7,324		5,607
Construction in progress	NA	2,447		1,039
Total property and equipment		$	1,205,090	$	1,170,392
Less accumulated depreciation and amortization		(457,213)		(430,508)
Total property and equipment, net		$	747,877	$	739,884

The Company recognized depreciation and amortization expense on its property and equipment of $11.9 million and $10.0 million for the three months ended September 30, 2025 and 2024, respectively, and $34.6 million and $29.7 million for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025 and 2024, property and equipment, net included $0.9 million and $0.7 million, respectively, of capital expenditures which had been incurred but not yet paid.