At June 30, 2025 and December 31, 2024, property and equipment consisted of the following:


		June 30, 2025		December 31, 2024
		(in thousands)
Buildings and Improvements	$	361,019	$	356,612
Equipment, Computers and Furniture		213,798		196,139
Leasehold Improvements		265,087		241,544
Land		35,551		34,690
Land Improvements		4,746		1,566
Assets Under Construction		28,145		40,325
Capitalized Interest		33,845		32,499
Total Property and Equipment		942,191		903,375
Less: Accumulated Depreciation		(219,200)		(187,361)
Property and Equipment, net	$	722,991	$	716,014

Assets under construction represent costs associated with construction projects related to cultivation and production facilities and retail stores.

Depreciation expense for the three and six months ended June 30, 2025 totaled $17,234 thousand and $34,071 thousand, respectively, of which $10,846 thousand and $21,595 thousand, respectively, is included in cost of goods sold. Depreciation expense for the three and six months ended June 30, 2024 totaled $15,412 thousand and $30,516 thousand, respectively, of which $9,930 thousand and $19,723 thousand, respectively, is included in cost of goods sold.