Leases (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Leases [Abstract] |
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| Schedule of Components of Lease Expenses and Income |
The components of lease expenses and income for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Operating lease cost: |
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Operating lease cost |
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$ |
17,468 |
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$ |
24,099 |
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$ |
35,417 |
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$ |
48,699 |
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Finance lease cost: |
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Amortization of right-of-use assets |
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8,663 |
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10,723 |
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17,474 |
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21,440 |
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Interest on lease liabilities |
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9,123 |
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10,047 |
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18,316 |
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|
20,127 |
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Total finance lease cost |
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$ |
17,786 |
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$ |
20,770 |
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$ |
35,790 |
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$ |
41,567 |
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Short-term lease cost |
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|
262 |
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|
745 |
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|
619 |
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|
1,328 |
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Sublease income |
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(507 |
) |
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(507 |
) |
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(1,014 |
) |
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(1,014 |
) |
Total lease cost |
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$ |
35,009 |
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$ |
45,107 |
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$ |
70,812 |
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$ |
90,580 |
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| Schedule of Supplemental Unaudited Condensed Consolidated Cash Flow and Other Information Related to Leases |
Supplemental unaudited condensed consolidated cash flow and other information related to leases is as follows (in thousands):
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Six Months Ended June 30, |
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2026 |
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2025 |
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Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash flows used by operating leases |
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$ |
(33,647 |
) |
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$ |
(40,277 |
) |
Operating cash flows used by finance leases |
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(18,316 |
) |
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(20,126 |
) |
Financing cash flows used by finance leases |
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(6,116 |
) |
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(8,066 |
) |
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Right-of-use assets obtained in exchange for new or modified lease obligations: |
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Operating lease right-of-use assets |
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$ |
7,278 |
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$ |
— |
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Derecognition of right-of-use assets |
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Operating leases |
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$ |
21,794 |
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$ |
12,453 |
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Derecognition of lease liabilities |
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Operating leases |
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$ |
61,837 |
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$ |
12,504 |
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Weighted average remaining lease term (in years) – operating leases |
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9.6 |
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9.0 |
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Weighted average remaining lease term (in years) – finance leases |
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17.6 |
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17.4 |
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Weighted average discount rate – operating leases |
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7.5 |
% |
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7.5 |
% |
Weighted average discount rate – finance leases |
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8.4 |
% |
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9.0 |
% |
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| Schedule of Maturities of Lease Liabilities |
As of June 30, 2026, maturities of lease liabilities were as follows (in thousands):
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Operating Leases |
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Finance Leases |
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Remaining portion of 2026 |
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$ |
31,302 |
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$ |
23,886 |
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2027 |
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|
63,649 |
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|
41,513 |
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2028 |
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|
64,877 |
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|
38,245 |
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2029 |
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|
62,432 |
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39,155 |
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2030 |
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49,076 |
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|
40,087 |
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Thereafter |
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260,405 |
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|
750,410 |
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Total lease payments |
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$ |
531,741 |
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$ |
933,296 |
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Imputed interest |
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(172,058 |
) |
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(497,300 |
) |
Total lease liabilities |
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$ |
359,683 |
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$ |
435,996 |
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| Schedule of Components of Operating Lease Income |
The components of operating lease income for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Fixed lease revenue |
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$ |
56,860 |
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$ |
27,835 |
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$ |
107,053 |
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$ |
55,414 |
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Variable lease revenue |
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7,878 |
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4,239 |
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16,697 |
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|
8,744 |
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Total operating lease revenue |
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$ |
64,738 |
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$ |
32,074 |
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$ |
123,750 |
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$ |
64,158 |
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| Schedule of Future Minimum Lease Receipts for Operating Leases |
Future minimum lease receipts for operating leases under Topic 842 as of June 30, 2026 are as follows (in thousands):
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Remaining portion of 2026 |
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$ |
111,910 |
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2027 |
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|
226,190 |
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2028 |
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|
222,661 |
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2029 |
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|
221,085 |
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2030 |
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|
196,138 |
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Thereafter |
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|
245,528 |
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Total minimum lease receipts |
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$ |
1,223,512 |
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| Schedule of Property and Equipment, Net Underlying Operating Lease Income |
Property and equipment, net underlying operating lease income consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):
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As of June 30, |
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As of
December 31, |
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2026 |
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2025 |
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Land |
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$ |
93,009 |
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$ |
88,009 |
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Buildings and improvements |
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424,818 |
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423,798 |
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Leasehold improvements |
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66,473 |
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66,473 |
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Machinery and equipment |
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196,135 |
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169,427 |
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Computer networking |
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280 |
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280 |
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Other |
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75 |
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|
75 |
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Property and equipment, total |
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780,790 |
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|
748,062 |
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Less: accumulated depreciation |
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(71,771 |
) |
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(47,316 |
) |
Property and equipment, net |
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$ |
709,019 |
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$ |
700,746 |
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