This report provides and analyzes financial statistics on physical plant assets (land, buildings, and equipment) and institutional indebtedness on physical plants in institutions of higher education for fiscal years 1982, 1983, and 1984. The data come from the "Financial Statistics of Institutions of Higher Education" survey conducted annually by the Center for Education Statistics. Over 3,200 2- and 4-year institutions from all 50 states completed the survey each year, a response rate of over 85 percent. Analysis of the data revealed that physical plant assets increased approximately 14 percent over the survey period, and that public and private institutions and 2- and 4-year institutions all grew at approximately the same rates. Indebtedness on physical plant assets increased 18 percent over the period; public institutions' indebtedness increased 12 percent whereas that of private institutions rose 26 percent; and 4-year institutions' debts rose almost 63 percent whereas the indebtedness of 2-year institutions declined by 4 percent. The report also describes the survey methodology and the effects of inflation. An appendix supplies three tables displaying the data on which the interpretations are based. (PGD)