Item 2. Properties
ITEM 2. PROPERTIES
We lease all properties where our business is operated. We believe that these properties are adequate for the purposes for which they are used. All leases are with unaffiliated third parties. We believe that the loss of any lease would not have a material adverse effect on our operations, as we believe that we could identify and lease comparable facilities upon approximately equivalent terms. The Company has the following operating leases for real estate locations where it operates:
Location Monthly Rent Expiration
West Palm Beach, Florida $ 18,050 February 2032
South Salt Lake, Utah $ 46,545 December 2030
Valdosta, Georgia $ 48,550 November 2030
Torrance, California $ 66,330 October 2030
Carson, California $ 22,655 April 2028
San Juan, Puerto Rico $ 6,403 June 2027
Grantsville, Utah $ 1,250 December 2026
Spring Lake, North Carolina $ 3,000 August 2026
The West Palm Beach, Florida facility has approximately 11,400 square feet and is used for customer engagement and to support operations. The South Salt Lake, Utah facility has approximately 37,000 square feet and is used for our manufacturing. The Valdosta, Georgia facility has approximately 155,000 square feet and is used for our manufacturing. The Torrance, California facility has approximately 51,000 square feet and is used for our manufacturing. The Carson, California facility has approximately 14,616 square feet and is used for our manufacturing. The San Juan, Puerto Rico facility has approximately 3,600 square feet and is used for administrative purposes. The Grantsville, Utah property is approximately one acre and is used for drone flight operations and testing. The Spring Lake, North Carolina facility has approximately 2,840 square feet and is used for administrative purposes.
These lease agreements have remaining terms up to 14.67 years, including options to extend certain leases for up to ten years.
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The weighted average remaining lease term as of December 31, 2025 was 9.04 years. The weighted average discount rate used to calculate the Company's lease liabilities at December 31, 2025 was 12%. Future undiscounted payment obligations at December 31, 2025 were as follows (in thousands):
Fiscal Year Ended:
2026 $ 2,554
2027 2,743
2028 2,709
2029 2,695
2030 2,561
Thereafter 10,009
Total $ 23,271
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.