You should at least mention the criteria for returning capital to shareholders - no NPV positive projects available. We can debate whether or not that is true but it’s not fair to just say “they should have reinvested in the business instead of returning capital”.
They are really just trying to price the risk spread of taking on long term debt (their leases) and re-lending with short term leases at a higher interest rate.
I would guess this is super high beta (overall market exposure). When the next downturn comes we'll see if they have the capital to survive the credit event.