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Specialty Rental Assets, Net

3 Months Ended

Mar. 31, 2024

3. Specialty Rental Assets, Net

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


	March 31,		December 31,
	2024		2023
Specialty rental assets	$	757,673	$	751,181
Construction-in-process		5,364		3,665
Less: accumulated depreciation		(420,052)		(405,782)
Specialty rental assets, net	$	342,985	$	349,064

For the three months ended March 31, 2024 and 2023, depreciation expense of specialty rental assets was $14.8 million and $17.6 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, 2024, the Company disposed of assets with accumulated depreciation of approximately $0.2 million along with the related gross cost of approximately $0.2 million. During the three months ended March 31, 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 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 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.