Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.24.2.u1
Leases (Tables)
6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Summary of components of lease cost recorded on the consolidated statements of operations

The components of lease cost recorded on the condensed consolidated statements of operations were as follows:

 

 

 

For the Three Months
Ended June 30,

 

 

For the Six Months
Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of right-of-use assets

 

$

2,530

 

 

$

2,785

 

 

$

4,982

 

 

$

5,638

 

Interest on lease liabilities

 

 

4,353

 

 

 

4,142

 

 

 

8,653

 

 

 

8,304

 

Operating lease costs included in site operating expenses

 

 

47,844

 

 

 

45,752

 

 

 

94,519

 

 

 

87,336

 

Operating lease costs included in general and administrative
   expenses

 

 

530

 

 

 

587

 

 

 

1,068

 

 

 

1,121

 

Lease cost related to variable lease payments, short-term
   leases and leases of low value assets

 

 

502

 

 

 

711

 

 

 

1,130

 

 

 

1,401

 

Right-of-use asset impairment charges and loss (gain) on
  disposals of leases

 

 

(806

)

 

 

1,994

 

 

 

730

 

 

 

1,454

 

Total lease costs

 

$

54,953

 

 

$

55,971

 

 

$

111,082

 

 

$

105,254

 

Summary of supplemental balance sheet date related to leases

Supplemental balance sheet data related to leases was as follows:

 

 

June 30,
2024

 

 

December 31,
2023

 

 

 

(in thousands)

 

Operating leases

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Right-of-use assets under operating leases

 

$

1,418,778

 

 

$

1,384,693

 

Liabilities

 

 

 

 

 

 

Operating leases, current portion

 

 

68,725

 

 

 

67,053

 

Operating leases

 

 

1,434,238

 

 

 

1,395,032

 

Total operating leases

 

 

1,502,963

 

 

 

1,462,085

 

Weighted average remaining lease term (in years)

 

 

14.1

 

 

 

14.0

 

Weighted average discount rate

 

 

7.7

%

 

 

7.8

%

Financing leases

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Right-of-use assets

 

$

217,405

 

 

$

215,174

 

Accumulated amortization

 

 

(57,125

)

 

 

(52,506

)

Right-of-use assets under financing leases, net

 

 

160,280

 

 

 

162,668

 

Liabilities

 

 

 

 

 

 

Financing leases, current portion

 

 

10,856

 

 

 

9,186

 

Financing leases

 

 

211,760

 

 

 

213,032

 

Total financing leases

 

 

222,616

 

 

 

222,218

 

Weighted average remaining lease term (in years)

 

 

20.8

 

 

 

21.2

 

Weighted average discount rate

 

 

7.9

%

 

 

7.9

%

Schedule of Operating & Finance Leases, Liability, Maturity The minimum lease payments presented below include periods for which an option is reasonably certain to be exercised and do not take into consideration any future consumer price index adjustments that may become applicable under these agreements.

 

 

 

Operating

 

 

Financing

 

 

 

(in thousands)

 

July 2024 through June 2025

 

$

180,168

 

 

$

27,738

 

July 2025 through June 2026

 

 

180,907

 

 

 

21,374

 

July 2026 through June 2027

 

 

178,938

 

 

 

21,228

 

July 2027 through June 2028

 

 

177,375

 

 

 

28,208

 

July 2028 through June 2029

 

 

174,212

 

 

 

21,310

 

Thereafter

 

 

1,658,032

 

 

 

388,413

 

Gross lease payments

 

$

2,549,632

 

 

$

508,271

 

Less: imputed interest

 

 

(1,046,669

)

 

 

(285,655

)

Total lease liabilities

 

$

1,502,963

 

 

$

222,616