No t e s t o Co n s o l i d a t e d F i n a n c i a l S t a t eme n t s J u n e 3 0 , 2 0 2 3 a n d 2 0 2 2 7. Land, Buildings, and Equipment Land, buildings, and equipment at June 30 consist of (in thousands): 2023 2022 Land $ 76,699 $ 73,424 Land improvements 89,168 82,045 Leasehold improvements 40,815 40,815 Buildings 975,503 973,131 Equipment 216,143 212,489 Library books 119,046 118,476 Construction in progress 30,526 8,023 Finance lease right-of-use assets 8,364 7,632 Total 1,556,264 1,516,035 Less accumulated depreciation and amortization (666,512) (622,194) Net $ 889,752 $ 893,841 Finance lease right-of-use assets includes buildings and equipment under finance leases. Amortization of these leased assets totaled $1.4 million and $1.3 million for fiscal 2023 and 2022, respectively, and accumulated amortization totaled $4.1 million and $2.8 million as of June 30, 2023 and 2022, respectively. For fiscal 2023 and 2022, total depreciation and amortization expense was approximately $46.2 million and $48.2 million, respectively. At June 30, 2023, the university had approximately $2.4 million of unsecured letters of credit relating to construction projects. 27
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