THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2017 and 2016
NOTE 7 - LAND, BUILDINGS, IMPROVEMENTS AND EQUIPMENT, NET As of December 31, 2017 and 2016, land, buildings, improvements and equipment consisted of the following:
2017
2016
Land
$
56,828,389
$
45,397,212
Buildings, improvements and equipment
480,962,565
363,845,986
537,790,954
409,243,198 (67,290,725)
Less: Accumulated depreciation
(104,353,166)
$
433,437,788
$
341,952,473
Depreciation expense for 2017 and 2016 amounted to $12,286,605 and $10,736,386. Construction in progress of $15,159,975 and $22,017,843 at December 31, 2017 and 2016 is included in buildings, improvements and equipment. Refer to Note 12 for the acquisition and disposition of properties during 2017 and 2016.
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