Leases (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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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 consolidated statements of operations were as follows:
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For the Year Ended December 31, |
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2025 |
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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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$ |
9,987 |
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$ |
9,947 |
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$ |
10,919 |
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Interest on lease liabilities |
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16,632 |
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17,255 |
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|
16,837 |
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Operating lease costs included in site operating expenses |
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192,929 |
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190,621 |
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181,164 |
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Operating lease costs included in general and administrative expenses |
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1,888 |
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2,122 |
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|
2,206 |
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Lease cost related to variable lease payments, short-term leases
and leases of low value assets |
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2,045 |
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2,091 |
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2,681 |
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Right-of-use asset impairment charges and loss (gain) on disposals of
leases, net |
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4,647 |
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3,118 |
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|
6,116 |
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Total lease costs |
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$ |
228,128 |
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|
$ |
225,154 |
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$ |
219,923 |
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| Summary of Supplemental Balance Sheet Data Related to Leases |
Supplemental balance sheet data related to leases was as follows:
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As of December 31, |
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2025 |
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2024 |
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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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$ |
1,340,450 |
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$ |
1,386,244 |
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Liabilities |
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Operating leases, current portion |
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78,162 |
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|
71,580 |
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Operating leases |
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1,374,101 |
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1,408,293 |
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Total operating leases |
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1,452,263 |
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1,479,873 |
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Weighted average remaining lease term (in years) |
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13.1 |
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13.7 |
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Weighted average discount rate |
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7.7 |
% |
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7.7 |
% |
Financing leases |
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Assets |
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Right-of-use assets |
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$ |
215,632 |
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$ |
220,018 |
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Accumulated amortization |
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(71,031 |
) |
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(62,019 |
) |
Right-of-use assets under financing leases, net |
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144,601 |
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|
157,999 |
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Liabilities |
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Financing leases, current portion |
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13,239 |
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11,515 |
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Financing leases |
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199,691 |
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211,051 |
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Total financing leases |
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212,930 |
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222,566 |
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Weighted average remaining lease term (in years) |
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20.0 |
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20.3 |
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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 during which an option is reasonably certain to be exercised and do not take into consideration any future consumer price index adjustments for these agreements.
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Operating |
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Financing |
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(in thousands) |
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2026 |
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$ |
185,035 |
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$ |
29,104 |
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2027 |
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184,321 |
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22,016 |
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2028 |
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180,509 |
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22,324 |
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2029 |
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179,672 |
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21,843 |
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2030 |
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175,650 |
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21,569 |
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Thereafter |
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1,467,025 |
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|
356,102 |
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Gross lease payments |
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$ |
2,372,212 |
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$ |
472,958 |
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Less: imputed interest |
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(919,949 |
) |
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(260,028 |
) |
Total lease liabilities |
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$ |
1,452,263 |
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$ |
212,930 |
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| Summary of Supplemental Data Related to Sales-Type Subleases |
Supplemental data related to sales-type subleases was as follows:
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As of December 31, |
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2025 |
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2024 |
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(in thousands) |
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Sales-type leases |
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Assets |
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Net investment in sales-type leases, current portion |
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$ |
220 |
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$ |
— |
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Net investment in sales-type leases |
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2,172 |
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|
544 |
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Total sales-type leases |
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$ |
2,392 |
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$ |
544 |
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For the Year Ended December 31, |
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2025 |
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2024 |
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(in thousands) |
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Selling loss at commencement |
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$ |
631 |
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$ |
461 |
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Sales-type leases interest income |
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60 |
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— |
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| Schedule of Future Minimum Payments to be Received under Operating Lease or Subleases and the Investment in Sales-type Leases |
As of December 31, 2025, future minimum payments to be received under operating leases or subleases and the investment in sales-type leases were as set forth in the following table.
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Operating |
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Sales-Type |
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(in thousands) |
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2026 |
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$ |
59,937 |
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$ |
305 |
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2027 |
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53,228 |
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|
303 |
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2028 |
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44,850 |
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|
306 |
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2029 |
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41,587 |
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|
308 |
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2030 |
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37,343 |
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|
293 |
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Thereafter |
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164,790 |
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|
1,364 |
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$ |
401,735 |
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$ |
2,879 |
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Less: imputed interest |
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(487 |
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Present value of net investment in sublease |
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$ |
2,392 |
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