Company: TRTN-PA
Filing Date: 2025-05-02
Form Type: 6-K
Source: 0001660734-25-000016
Chunk: 36

Company: Triton International Ltd
Filing Date: 2025-05-02
Form: 6-K
Chunk 36
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 compared to $371.3 million in the same period in 2024, an increase of $11.7 million.

Per diem revenues were $340.9 million for the three months ended March 31, 2025 compared to $330.8 million in the same period in 2024, an increase of $10.1 million. The primary reasons for the increase were as follows:

• $7.1 million increase in our average lease rates for our dry container product line as a result of units placed on-hire during 2024 at higher rates; and a

• $3.1 million increase due to an increase of approximately 0.1 million CEU in the average number of containers on-hire.

Finance lease revenues were $26.6 million for the three months ended March 31, 2025 compared to $25.1 million in the same period in 2024, an increase of $1.5 million. The increase was primarily due to the addition of a large finance lease transaction in the second quarter of 2024, partially offset by the runoff of the existing portfolio.

Net gain (loss) on sale of leasing equipment. Gain on sale of leasing equipment was $10.7 million for the three months ended March 31, 2025 compared to $14.6 million in the same period in 2024, a decrease of $3.9 million. The decrease was primarily due to a decrease in sales volume, partially offset by an increase in the average sales price for used dry containers.

Depreciation and amortization. Depreciation and amortization was $128.4 million for the three months ended March 31, 2025 compared to $136.1 million in the same period in 2024, a decrease of $7.7 million. Effective January 1, 2025, we increased the estimated useful lives for Dry containers and Refrigerated containers to 15 and 13 years, respectively, and decreased the residual value of our Refrigerated containers. This change resulted in a net decrease in depreciation expense. This impact as well as other reasons for the decrease were as follows:

• $27.0 million decrease due to the change in the useful life estimate of our dry and refrigerated equipment; offset by

• $22.8 million increase due to the change in residual value of our refrigerated equipment that had reached the end of its useful life at the time of change; and a

• $11.5 million decrease due