6. Property and Equipment
The Foundation has several noncancellable capital leases relating to computer hardware and office equipment. The future minimum rental payments required under these leases are as follows:
At December 31, 2008 and 2007 property and equipment, a component of other assets, consisted of (in thousands):
| Depreciable Life in Years | 2008 | 2007 | |
|---|---|---|---|
| Land and land improvements | 15 | $2,838 | $2,781 |
| Buildings | 40 | 51,511 | 51,600 |
| Furniture and Equipment | 3–5 | 18,859 | 16,170 |
| Total | 73,208 | 70,551 | |
| Less, Accumulated depreciation and amortization | (20,182) | (18,429) | |
| Property and equipment, net | $53,026 | $52,122 |