Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
The Company's property and equipment, net, at December 31, 2023 and 2022 was comprised of the following (in thousands):
December 31,
2023 2022
Land $ 4,819  $ 4,450 
Buildings and building improvements 54,737  43,542 
Tenant improvements 25,451  17,016 
Furniture and fixtures 2,191  2,009 
Machinery and equipment 16,394  10,087 
Construction in progress 427  4,761 
104,019  81,865 
Less: accumulated depreciation (14,916) (10,224)
Property and equipment, net $ 89,103  $ 71,641 

During the years ended December 31, 2023 and 2022, additions to property and equipment totaled $20.4 million and $18.6 million, respectively. Of the additions to property and equipment, $0.3 million of such additions in each of the years ended December 31, 2023 and 2022, were paid for by the issuance of Company common stock.

Depreciation expense for the years ended December 31, 2023 and 2022 was $5.5 million and $3.4 million, respectively.