Property, Plant and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, plant and equipment, net consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024		December 31, 2023
Property, plant and equipment, at cost:
Water service-related assets (1)	$	175,269	$	136,340
Furniture, fixtures and equipment	10,018		9,801
Other	598		598
Total property, plant and equipment, at cost	185,885		146,739
Less: accumulated depreciation	(66,777)		(57,152)
Property, plant and equipment, net	$	119,108	$	89,587

(1)Includes $17.2 million of assets acquired in a business combination. For further information, see Note 3, “Assets Acquired in a Business Combination.”

Depreciation expense was $3.4 million and $3.0 million for the three months ended September 30, 2024 and 2023, respectively. Depreciation expense was $9.7 million and $9.3 million for the nine months ended September 30, 2024 and 2023, respectively.