| Leases |
The components of lease expense were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Operating Lease Cost |
|
$ |
11,575 |
|
|
$ |
9,320 |
|
|
$ |
22,162 |
|
|
$ |
18,651 |
|
Variable Lease Cost |
|
|
1,422 |
|
|
|
949 |
|
|
|
2,846 |
|
|
|
2,065 |
|
Sublease Income |
|
|
(239 |
) |
|
|
(199 |
) |
|
|
(442 |
) |
|
|
(403 |
) |
Total Lease Cost |
|
$ |
12,758 |
|
|
$ |
10,070 |
|
|
$ |
24,566 |
|
|
$ |
20,313 |
|
Supplemental information related to the Company’s operating leases was as follows:
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2025 |
|
|
2024 |
|
Cash Paid for Amounts Included in Measurement of Lease Liabilities |
|
|
|
|
|
|
Operating Cash Flows from Operating Leases |
|
$ |
301 |
|
|
$ |
4,348 |
|
Right-of-Use Assets Obtained in Exchange for Operating Lease Liabilities |
|
$ |
36,687 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2025 |
|
|
December 31,
2024 |
|
Weighted-Average Remaining Lease Term (in years) |
|
|
14.1 |
|
|
|
14.4 |
|
Weighted-Average Discount Rate |
|
|
6.9 |
% |
|
|
6.9 |
% |
The following is a maturity analysis of the annual undiscounted cash flows of the Company’s operating lease liabilities as of June 30, 2025:
|
|
|
|
|
Year Ending December 31, |
|
|
|
2025 (July 1 through December 31) |
|
$ |
16,520 |
|
2026 |
|
|
35,862 |
|
2027 |
|
|
41,950 |
|
2028 |
|
|
49,801 |
|
2029 |
|
|
49,532 |
|
Thereafter |
|
|
484,821 |
|
Total Lease Payments |
|
|
678,486 |
|
Less: Tenant Improvement Allowances |
|
|
30,781 |
|
Less: Imputed Interest |
|
|
233,046 |
|
Total |
|
$ |
414,659 |
|
|