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Specialty Rental Assets, Net

9 Months Ended

Sep. 30, 2022

3. Specialty Rental Assets, Net

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


	September 30,		December 31,
	2022		2021
Specialty rental assets	$	608,850	$	582,527
Construction-in-process		68,604		3,557
Less: accumulated depreciation		(329,175)		(294,292)
Specialty rental assets, net	$	348,279	$	291,792

Depreciation expense related to specialty rental assets was $36.5 million and $40.6 million for the nine months ended September 30, 2022 and 2021, respectively, and is included in depreciation of specialty rental assets in the consolidated statements of comprehensive income (loss). For the three months ended September 30, 2022 and 2021, depreciation expense of specialty rental assets was $11.9 million and $14.3 million, respectively.

During the three months ended September 30, 2022, the Company purchased land and specialty rental assets (modular units, site work, and furniture & fixtures) for approximately $22.3 million, of which approximately $18.7 million is included within this assets group, to support growth of the Government segment discussed in Note 18, which was funded by cash on hand. The acquisition was accounted for as an asset acquisition. The Company allocated the total purchase price to identifiable tangible assets based on their relative fair values, which resulted in the entire purchase price being allocated to land and specialty rental assets as noted above.