3 ms·

Fair enough, my mistake. I wouldn't say that fundamentally changes their business model though.

• mountainofdeath 7y ago
  But it does. A lease is somewhere between a capital expenditure and a normal expense. It's not a tangible asset like a building is so it can't be factored into the book value and are instead ongoing liabilities. In WeWork's case, these are multi year leases that cost almost as much to get out of as to pay outright.