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Specialty Rental Assets, Net | 3 Months Ended
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Mar. 31, 2023
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, | ​ | December 31,
​ | ​ | 2023 |  | 2022
Specialty rental assets | ​ | $ | 710,085 | ​ | $ | 698,095
Construction-in-process | ​ |  | 14,263 | ​ |  | 4,653
Less: accumulated depreciation | ​ |  | (354,587) | ​ |  | (345,619)
Specialty rental assets, net | ​ | $ | 369,761 | ​ | $ | 357,129
​ For the three months ended March 31, 2023 and 2022, depreciation expense of specialty rental assets was $17.6 million and $12.8 million, respectively, and is included in depreciation of specialty rental assets in the consolidated statements of comprehensive income. During the three months ended March 31, 2023, the Company disposed of assets with accumulated depreciation of approximately $8.6 million along with the related gross cost of approximately $8.6 million. These disposals were associated with fully depreciated asset retirement costs as well as a sale of assets. The asset disposal resulted in disposal costs of approximately $1.2 million while the sale resulted in a gain on the sale of assets of approximately $0.1 million and is reported within other expense (income), net in the accompanying consolidated statement of comprehensive income for the three months ended March 31, 2023. ​ During the three months ended March 31, 2023, the Company purchased a group of assets consisting of land, specialty rental assets (modular units, site work, and furniture & fixtures) and intangibles for approximately $18.6 million, of which approximately $13.2 million is included within this assets group, to support growth of the HFS – South segment discussed in Note 17, 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 and intangible assets based on their relative fair values, which resulted in the entire purchase price being allocated to land, specialty rental assets and intangible assets.

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