Quarterly report [Sections 13 or 15(d)]

PROPERTY AND EQUIPMENT, NET

v3.25.1
PROPERTY AND EQUIPMENT, NET
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
The Company’s property and equipment, net, at March 31, 2025 and December 31, 2024 was comprised of the following (in thousands):
March 31,
2025		 December 31,
2024
Land $ 6,151  $ 6,151 
Buildings and building improvements 57,175  55,833 
Tenant improvements 31,257  31,894 
Furniture and fixtures 2,208  2,225 
Machinery and equipment 19,467  19,629 
Construction in progress 105  80 
116,363  115,812 
Less: accumulated depreciation (21,971) (21,645)
Property and equipment, net $ 94,392  $ 94,167 

The Company recorded depreciation expense related to property and equipment of $1.8 million and $1.9 million in the three months ended March 31, 2025 and 2024, respectively.
During the three months ended March 31, 2025, the Company wrote off property and equipment with an original cost aggregating $1.3 million, the majority of which was fully depreciated. The Company recognized a loss on these write-offs of $0.1 million.