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Annual report [Section 13 and 15(d), not S-K Item 405]

Property, Plant and Equipment

v3.25.4
Property, Plant and Equipment
12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract] Ìý
Property, Plant and Equipment Property, Plant and Equipment
Ìý
Property, plant and equipment, net consisted of the following as of December 31, 2025 and 2024 (in thousands):

Ìý December 31,
2025
December 31,
2024
Property, plant and equipment, at cost: Ìý Ìý
Water service-related assets(1)
$ 218,657Ìý $ 167,855Ìý
Furniture, fixtures and equipment 12,087Ìý 9,932Ìý
Other 598Ìý 598Ìý
Total property, plant and equipment, at cost 231,342Ìý 178,385Ìý
Less: accumulated depreciation (66,804) (55,807)
Property, plant and equipment, net $ 164,538Ìý $ 122,578Ìý
(1)Includes $17.2 million of assets acquired in a business combination during 2024. For further information, see Note 3, “Assets Acquired in a Business Combination.
Depreciation expense was $17.1 million, $13.6 million, and $12.2 million for the years ended December 31, 2025, 2024, and 2023, respectively.