Annual report [Section 13 and 15(d), not S-K Item 405]

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
The Company's property and equipment, net, at December 31, 2024 and 2023 was comprised of the following (in thousands):
December 31,
2024 2023
Land $ 6,151  $ 4,819 
Buildings and building improvements 55,833  54,737 
Tenant improvements 31,894  25,451 
Furniture and fixtures 2,225  2,191 
Machinery and equipment 19,629  16,394 
Construction in progress 80  427 
115,812  104,019 
Less: accumulated depreciation (21,645) (14,916)
Property and equipment, net $ 94,167  $ 89,103 

During the years ended December 31, 2024 and 2023, additions to property and equipment totaled $12.0 million and $20.1 million, respectively. Of the additions to property and equipment in the year ended December 31, 2024, $0.3 million of such additions were paid for by the issuance of Company common stock.

Depreciation expense for the years ended December 31, 2024 and 2023 was $7.9 million and $5.5 million, respectively.