Leases (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Leases [Abstract] |
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| 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:
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For the Three Months
Ended September 30, |
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For the Nine Months
Ended September 30, |
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2024 |
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2023 |
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2024 |
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|
2023 |
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(in thousands) |
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Finance lease cost: |
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Depreciation of right-of-use assets |
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$ |
2,471 |
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$ |
2,695 |
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$ |
7,453 |
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$ |
8,333 |
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Interest on lease liabilities |
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|
4,302 |
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|
4,229 |
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|
12,955 |
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|
12,533 |
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Operating lease costs included in site operating expenses |
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48,105 |
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|
46,939 |
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|
142,515 |
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|
134,275 |
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Operating lease costs included in general and administrative
expenses |
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|
525 |
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|
553 |
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|
1,593 |
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|
1,674 |
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Lease cost related to variable lease payments, short-term
leases and leases of low value assets |
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|
611 |
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|
556 |
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|
1,850 |
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|
1,957 |
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Right-of-use asset impairment charges and loss (gain) on
disposals of leases |
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|
856 |
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|
2,019 |
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|
1,586 |
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|
3,473 |
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Total lease costs |
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$ |
56,870 |
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$ |
56,991 |
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|
$ |
167,952 |
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|
$ |
162,245 |
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| Summary of supplemental balance sheet date related to leases |
Supplemental balance sheet data related to leases was as follows:
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September 30,
2024 |
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December 31,
2023 |
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(in thousands) |
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Operating leases |
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Assets |
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Right-of-use assets under operating leases |
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$ |
1,406,429 |
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$ |
1,384,693 |
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Liabilities |
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Operating leases, current portion |
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70,120 |
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|
67,053 |
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Operating leases |
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|
1,424,834 |
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|
1,395,032 |
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Total operating leases |
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1,494,954 |
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|
1,462,085 |
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Weighted average remaining lease term (in years) |
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13.9 |
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14.0 |
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Weighted average discount rate |
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7.7 |
% |
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|
7.8 |
% |
Financing leases |
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Assets |
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Right-of-use assets |
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$ |
219,963 |
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$ |
215,174 |
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Accumulated amortization |
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(60,853 |
) |
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(52,506 |
) |
Right-of-use assets under financing leases, net |
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159,110 |
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|
162,668 |
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Liabilities |
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Financing leases, current portion |
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11,175 |
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|
9,186 |
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Financing leases |
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211,380 |
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|
213,032 |
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Total financing leases |
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222,555 |
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222,218 |
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Weighted average remaining lease term (in years) |
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20.5 |
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21.2 |
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Weighted average discount rate |
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7.9 |
% |
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|
7.9 |
% |
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| 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.
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Operating |
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Financing |
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(in thousands) |
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October 2024 through September 2025 |
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$ |
180,813 |
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$ |
27,905 |
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October 2025 through September 2026 |
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|
181,290 |
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|
21,532 |
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October 2026 through September 2027 |
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179,604 |
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|
21,488 |
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October 2027 through September 2028 |
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|
176,859 |
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|
28,480 |
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October 2028 through September 2029 |
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|
175,104 |
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|
21,563 |
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Thereafter |
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1,627,393 |
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|
383,094 |
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Gross lease payments |
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$ |
2,521,063 |
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$ |
504,062 |
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Less: imputed interest |
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(1,026,109 |
) |
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(281,507 |
) |
Total lease liabilities |
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$ |
1,494,954 |
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$ |
222,555 |
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