v3.26.1
Property and Equipment, Net
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment, Net
3.
Property and Equipment, Net

Property and equipment, net consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):

 

 

 

As of June 30,

 

 

As of
December 31,

 

 

 

2026

 

 

2025

 

Land

 

$

556,334

 

 

$

552,915

 

Buildings and improvements

 

 

1,709,579

 

 

 

1,725,357

 

Finance leases

 

 

574,828

 

 

 

578,004

 

Leasehold improvements

 

 

504,808

 

 

 

507,773

 

Machinery and equipment

 

 

922,386

 

 

 

859,706

 

Construction in progress

 

 

418,864

 

 

 

223,551

 

Computer networking

 

 

18,244

 

 

 

18,058

 

Other

 

 

16,862

 

 

 

17,120

 

Property and equipment, total

 

 

4,721,905

 

 

 

4,482,484

 

Less: accumulated depreciation

 

 

(659,298

)

 

 

(531,395

)

Property and equipment, net

 

$

4,062,607

 

 

$

3,951,089

 

 

Depreciation on property and equipment was $73.5 million and $50.4 million for the three months ended June 30, 2026 and 2025, respectively, $144.1 million and $100.4 million for the six months ended June 30, 2026 and 2025, respectively, which was included in depreciation and amortization expense on the unaudited condensed consolidated statements of operations.