For some time, the Federal Transit Administration (FTA) and the U.S. transit industry having been working to improve the understanding and practice of transit asset management. There is considerable evidence that this is a critical area of focus. Improving transit asset management is now a national policy. To advance transit asset management, this book provides a transit-specific asset management framework for managing assets individually and as a portfolio of assets that comprise an integrated system. The book provides flexible, yet targeted guidance to advance the practice and implementation of transit asset management. This book also examines the extent to which selected transit agencies follow leading asset management practices to prioritise capital investments, and challenges in using these practices, the extent to which these agencies measure the effects of capital investments, and FTA initiatives to support transit agencies' use of leading practices.