WillScot to exit 115 branch and drop lots, abandon $311 million of rental fleet
WillScot's board approved a four-year Network Optimization Plan on December 18, 2025, to exit about 115 branch and drop lot locations and abandon rental fleet units with a $311 million net book value. The company expects a non-cash charge of approximately $303 million in the fourth quarter of 2025, with net cash costs of about $20 million in 2026, and says the plan should be accretive to profitability in 2027 and beyond.
- Approximately $303 million of non-cash accelerated depreciation is expected in the fourth quarter of 2025, after about $8 million of scrap proceeds.
- Management expects to reduce annual real estate cost increases by $25 million to $30 million over the next four years.
- Future unit disposal costs are estimated at $40 million to $50 million, recorded through 2029, with net cash costs of about $20 million expected in 2026.
- The plan covers exiting about 725 acres of leased real estate, or roughly 25% of leased acreage, and abandoning about 51,000 rental units.