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13. Rental Income

Lessor Accounting

Certain arrangements contain a lease of lodging facilities (“Lodges”) to customers. Rental income from these leases for the years ended December 31, 2025, 2024 and 2023 was approximately $45.8 million, $120.4 million and $198.0 million, respectively. Each Lodge is leased exclusively to one customer and is accounted for as an operating lease under the authoritative guidance for leases. Revenue related to these lease arrangements is reflected as specialty rental income in the consolidated statements of comprehensive income (loss).

Future minimum lease payments for our operating leases on an undiscounted basis to be received by the Company as of December 31, 2025 for each of the next five years is as follows:

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The leased assets consists primarily of specialty rental assets with a gross cost of approximately $169.2 million and $116.6 million as of December 31, 2025 and 2024, respectively, with accumulated depreciation of approximately $92.6 million and $80.8 million as of December 31, 2025 and 2024, respectively.  The leased assets have a balance net of accumulated depreciation of approximately $76.6 million and $35.8 million as of December 31, 2025 and 2024, respectively, and are included within specialty rental assets, net in the accompanying consolidated balance sheets.  Such assets are depreciated consistent with the depreciation methods discussed in Note 1 for specialty rental assets. The corresponding depreciation expense was $8.9 million in 2025, $5.4 million in 2024, and $5.2 million in 2023 and is recognized within depreciation of specialty rental assets in the accompanying consolidated statements of comprehensive income (loss).

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