As of March 31, 2025 and December 31, 2024, the Company’s property and equipment, net consisted of the following (in thousands):


	March 31, 2025			December 31, 2024
Vessels and related equipment	$	2,537,401		$	2,535,748
Finance lease right-of-use assets		40,007			40,007
Other equipment		24,460			25,359
Assets in progress		158,334			112,429
Less accumulated depreciation		(1,110,527	)		(1,090,647	)
Property and equipment, net	$	1,649,675		$	1,622,896

For the three months ended March 31, 2025 and 2024, depreciation expense was $20.8 million and $22.0 million, respectively.

In October 2022, Excelerate entered into a shipbuilding contract (“the Newbuild Agreement”) with HD Hyundai Heavy Industries Co., Ltd. to construct a 170,000 m3 FSRU. The Company’s milestone payments are due in installments with the final installment due concurrently with the delivery of the vessel, which is expected in 2026. In the fourth quarter of 2024 and first quarter of 2025, the Company made milestone payments of approximately $50 million and $30 million, respectively. The Company’s near-term payment commitments related to the Newbuild Agreement are expected to be approximately $20 million in the second quarter of 2025, with the remainder due beyond the next twelve months.