CONSTRUCTION FINANCE LIABILITIES

12 Months Ended

Dec. 31, 2025

Construction Finance Liability [Abstract]

NOTE 12. CONSTRUCTION FINANCE LIABILITIES

Total construction finance liabilities were $136.2 million and $137.4 million as of December 31, 2025 and 2024, respectively. The contractual terms range from 10.0 years to 25.0 years with a weighted average remaining lease term of 15.0 years.

The Company recorded interest and accretion expense of $16.3 million, $16.4 million, and $16.4 million for the years ended December 31, 2025, 2024, and 2023, respectively, to interest expense, net on the consolidated statements of operations.

Future minimum lease payments for the construction finance liabilities as of December 31, 2025 are as follows:


	Construction Finance Liabilities
Year	(in thousands)
2026	$	18,013
2027	18,519
2028	19,039
2029	19,574
2030	20,124
Thereafter	243,687
Total future payments	338,956
Less: Interest	(202,746)
Total present value of minimum payments	136,210
Construction finance liabilities - current portion	(2,429)
Construction finance liabilities	$	133,781

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