Specialty Rental Assets, Net

9 Months Ended

Sep. 30, 2024

Specialty Rental Assets, Net

Specialty Rental Assets, Net

3. Specialty Rental Assets, Net

Specialty rental assets, net at the dates indicated below consisted of the following:

	September 30,		December 31,
	2024		2023
Specialty rental assets	$	770,767	$	751,181
Construction-in-process		9,535		3,665
Less: accumulated depreciation		(448,721)		(405,782)
Specialty rental assets, net	$	331,581	$	349,064

Depreciation expense related to specialty rental assets was $43.6 million and $53.2 million for the nine months ended September 30, 2024 and 2023, respectively, and is included in depreciation of specialty rental assets in the consolidated statements of comprehensive income. For the three months ended September 30, 2024 and 2023, depreciation expense of specialty rental assets was $14.1 million and $17.7 million, respectively, and is included in depreciation of specialty rental assets in the consolidated statements of comprehensive income. During the nine months ended September 30, 2024, the Company disposed of assets with accumulated depreciation of approximately $0.5 million along with the related gross cost of approximately $0.7 million. During the nine months ended September 30, 2024, there was also a non-cash change in specialty rental assets and related accumulated depreciation due to the effect of exchange rate changes in the amount of approximately $0.3 million with no net impact to specialty rental assets, net.

During the nine months ended September 30, 2023, the Company disposed of assets with accumulated depreciation of approximately $8.7 million along with the related gross cost of approximately $9.1 million.  These disposals were primarily associated with fully depreciated asset retirement costs as well as a sale of assets.  These asset disposals resulted in disposal costs of approximately $1.2 million and a net loss on the sales and disposal of assets of approximately $0.2 million (net of sale proceeds of approximately $0.2 million) and is reported within other expense (income), net in the accompanying consolidated statement of comprehensive income for the nine months ended September 30, 2023.