b'Capital Region Airport Commission Managements Discussion and Analysis (Continued) June 30, 2025 and 2024 CAPITAL AND DEBT ACTIVITY Capital Assets Investments in capital assets include land, land improvements, buildings, construction in progress, furnitureandfixtures,machineryandequipment,pavedfacilities,andsubscriptions.Capital assets, before accumulated depreciation and retirements, increased $18.8 million for fiscal year 2025 when compared to fiscal year 2024 and increased $19.1 million for fiscal year 2024 from 2023. Theincreaseincapitalassetsinfiscalyear2025whencomparedtofiscal2024isprimarily attributed to a $13.6 million increase in construction in progress. Depreciation expense for fiscal year 2025 was $27.5 million compared to $29.1 million in fiscal year 2024, and $29.4 million in fiscal year 2023. See Note 4 of Notes to Financial Statements. Major capital projects that have started or are planned to begin in the next 5 years include: Rental Car Garage Connector & Pocket Park New ARFF Station Passenger Boarding Bridge Replacements Centralized Receiving and Distribution Facility Consolidated Security Checkpoint Long-Term Debt As of June 30, 2025, the Commission had principal debt outstanding of $63,181 as follows (in thousands): Airport Revenue Bonds$63,116 SubscriptionLiabilities59 Total$63,175 See Note 5 of Notes to Financial Statements. 16'