CONSTRUCTION FINANCE LIABILITIES

12 Months Ended

Dec. 31, 2024

Construction Finance Liability [Abstract]

CONSTRUCTION FINANCE LIABILITIES

NOTE 12. CONSTRUCTION FINANCE LIABILITIES

Total construction finance liabilities were $137.4 million and $138.1 million as of December 31, 2024 and 2023, respectively. The contractual terms range from 10.0 years to 25.0 years with a weighted average remaining lease term of 15.9 years.

The Company recorded interest and accretion expense of $16.4 million, $16.4 million, and $15.9 million for the years ended December 31, 2024, 2023, and 2022, respectively, to interest expense, net on the consolidated statements of operations.

Future minimum lease payments for the construction finance liabilities as of December 31, 2024 are as follows:

	Construction Finance Liabilities
Year	(in thousands)
2025	$	17,521
2026	18,013
2027	18,519
2028	19,039
2029	19,574
Thereafter	263,811
Total future payments	356,477
Less: Interest	(219,037)
Total present value of minimum payments	137,440
Construction finance liabilities - current portion	(1,919)
Construction finance liabilities	$	135,521