As of June 30, 2025 and December 31, 2024, the Company’s property and equipment, net consisted of the following (in thousands):


	June 30, 2025			December 31, 2024
Floating terminals and related equipment	$	2,542,527		$	2,535,748
Power generation		185,911			—
Fixed terminals and gas pipeline		250,334			—
Finance lease right-of-use assets		40,007			40,007
Other equipment		22,919			25,359
Assets in progress		190,198			112,429
Less accumulated depreciation		(1,133,129	)		(1,090,647	)
Property and equipment, net	$	2,098,767		$	1,622,896

For the three months ended June 30, 2025 and 2024, depreciation expense was $22.6 million and $29.5 million, respectively. For the six months ended June 30, 2025 and 2024, depreciation expense was $43.4 million and $51.5 million, respectively.

In October 2022, Excelerate entered into a construction agreement (“the Newbuild Agreement”) with HD Hyundai Heavy Industries Co., Ltd. to construct a 170,000 m3 floating regasification terminal. The Company made milestone payments of approximately $50 million, $30 million and $20 million in the fourth quarter of 2024, the first quarter of 2025 and the second quarter of 2025, respectively. The final installment is due concurrently with the delivery of the terminal, which is expected in 2026.

In May 2025, the Company acquired the Montego Bay LNG Terminal, the Old Harbour LNG Terminal and the Clarendon combined heat and power co-generation plant, all of which are located in Jamaica. The purchase was funded as part of the Acquisition.