Leases (Tables)
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6 Months Ended |
Jun. 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 June 30, |
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For the Six Months
Ended June 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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$ |
2,530 |
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$ |
2,785 |
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$ |
4,982 |
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$ |
5,638 |
|
Interest on lease liabilities |
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|
4,353 |
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|
4,142 |
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|
8,653 |
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|
8,304 |
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Operating lease costs included in site operating expenses |
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|
47,844 |
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|
45,752 |
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|
94,519 |
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|
87,336 |
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Operating lease costs included in general and administrative
expenses |
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|
530 |
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|
587 |
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|
1,068 |
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|
1,121 |
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Lease cost related to variable lease payments, short-term
leases and leases of low value assets |
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|
502 |
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|
711 |
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|
1,130 |
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|
1,401 |
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Right-of-use asset impairment charges and loss (gain) on
disposals of leases |
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|
(806 |
) |
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|
1,994 |
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|
730 |
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|
1,454 |
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Total lease costs |
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$ |
54,953 |
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|
$ |
55,971 |
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|
$ |
111,082 |
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|
$ |
105,254 |
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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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June 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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$ |
1,418,778 |
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$ |
1,384,693 |
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Liabilities |
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Operating leases, current portion |
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|
68,725 |
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|
67,053 |
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Operating leases |
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|
1,434,238 |
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|
1,395,032 |
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Total operating leases |
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|
1,502,963 |
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|
|
1,462,085 |
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Weighted average remaining lease term (in years) |
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|
14.1 |
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|
14.0 |
|
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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$ |
217,405 |
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$ |
215,174 |
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Accumulated amortization |
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(57,125 |
) |
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(52,506 |
) |
Right-of-use assets under financing leases, net |
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|
160,280 |
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|
162,668 |
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Liabilities |
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Financing leases, current portion |
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10,856 |
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|
9,186 |
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Financing leases |
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211,760 |
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|
213,032 |
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Total financing leases |
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222,616 |
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|
222,218 |
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Weighted average remaining lease term (in years) |
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20.8 |
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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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July 2024 through June 2025 |
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$ |
180,168 |
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$ |
27,738 |
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July 2025 through June 2026 |
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|
180,907 |
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|
21,374 |
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July 2026 through June 2027 |
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|
178,938 |
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|
21,228 |
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July 2027 through June 2028 |
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|
177,375 |
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|
28,208 |
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July 2028 through June 2029 |
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|
174,212 |
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|
21,310 |
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Thereafter |
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1,658,032 |
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|
388,413 |
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Gross lease payments |
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$ |
2,549,632 |
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$ |
508,271 |
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Less: imputed interest |
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(1,046,669 |
) |
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(285,655 |
) |
Total lease liabilities |
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$ |
1,502,963 |
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|
$ |
222,616 |
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