Company: TRTN-PA
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001660734-25-000034
Chunk: 46

Company: Triton International Ltd
Filing Date: 2025-11-06
Form: 6-K
Chunk 46
---
 Distribution. In addition, 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 of $18.2 million. Partially offsetting these decreases was an increase in depreciation expense of $11.4 million related to containers acquired in the GCI acquisition. The primary reasons for the remaining net decrease were as follows:

• $6.7 million decrease due to an increase in the number of containers that have become fully depreciated or reclassified to assets held for sale; partially offset by a

• $4.2 million increase due to new production units placed on-hire, primarily during 2024 that have a full quarter of depreciation expense in 2025.

Direct operating expenses. Direct operating expenses primarily consist of our costs to repair equipment returned off lease, store equipment when it is not on lease and reposition equipment from locations with weak leasing demand. Direct operating expenses were $15.8 million for the three months ended September 30, 2025 compared to $13.5 million in the same period in 2024, an increase of $2.3 million. The primary reasons for the increase were as follows:

• $2.4 million increase in storage expense resulting from an increase in the number of idle units; and a

• $0.9 million increase in repair and maintenance costs as a result of a higher volume of redeliveries; partially offset by a

• $1.3 million decrease related to the TCF VIII Distribution.

Administrative expenses. Administrative expenses were $31.4 million for the three months ended September 30, 2025 compared to $22.9 million in the same period in 2024, an increase of $8.5 million primarily due to an increase in incentive and other compensation costs.

Transaction and other costs. Transaction and other costs were $5.1 million for the three months ended September 30, 2024 related to employee incentive and retention compensation costs, legal expenses and other costs associated with the acquisition of the Company by Brookfield Infrastructure through its subsidiary Brookfield Infrastructure Corporation in September 2023 (the "Merger"). There were no Merger-related transaction costs in 2025.

Interest and debt expense. Interest and debt expense was $69.9 million for the three months ended September 30, 2025 compared to $