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 2 a n d 2 0 2 1 7. Land, Buildings, and Equipment Land, buildings, and equipment at June 30 consist of (in thousands): 2022 2021 Land $ 73,424 $ 72,615 Land improvements 82,045 79,905 Leasehold improvements 40,815 34,708 Buildings 973,131 961,589 Equipment 212,489 207,679 Library books 118,476 117,842 Construction in progress 8,023 14,361 Finance lease right-of-use assets 7,632 7,632 Total 1,516,035 1,496,331 Less accumulated depreciation and amortization (622,194) (580,091) Net $ 893,841 $ 916,240 Finance lease right-of-use assets includes buildings and equipment under finance leases. Amortization of these leased assets totaled $1.3 million and $1.5 million for fiscal 2022 and 2021, respectively, and accumulated amortization totaled $2.8 million and $1.5 million as of June 30, 2022 and 2021, respectively. For fiscal 2022 and 2021, total depreciation and amortization expense was approximately $48.2 million and $58.4 million, respectively. At June 30, 2022, the university had approximately $3.2 million of unsecured letters of credit relating to construction projects. 27
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