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]  
Property, Plant and Equipment Property, Plant and Equipment
 
Property, plant and equipment, net consisted of the following as of December 31, 2025 and 2024 (in thousands):

  December 31,
2025		 December 31,
2024
Property, plant and equipment, at cost:    
Water service-related assets(1)
$ 218,657  $ 167,855 
Furniture, fixtures and equipment 12,087  9,932 
Other 598  598 
Total property, plant and equipment, at cost 231,342  178,385 
Less: accumulated depreciation (66,804) (55,807)
Property, plant and equipment, net $ 164,538  $ 122,578 
(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.