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LEASES | 9 Months Ended
--- | ---
Sep. 30, 2025
Leases [Abstract] |
LEASES | LEASES The Company determines if an arrangement is a lease at the inception of the agreement. The Company considers an arrangement to be a lease if it conveys the right to control the use of the communications infrastructure or ground space underneath communications infrastructure for a period of time in exchange for consideration. The Company is both a lessor and a lessee. During the nine months ended September 30, 2025, the Company made no changes to the methods described in note 4 to its consolidated financial statements included in the 2024 Form 10-K. As of September 30, 2025, the Company does not have any material related party leases as either a lessor or a lessee. To the extent there are any intercompany leases, these are eliminated in consolidation. Lessor— Historically, the Company has been able to successfully renew its applicable leases as needed to ensure continuation of its revenue. Accordingly, the Company assumes that it will have access to the communications infrastructure or ground space underlying its sites when calculating future minimum rental receipts through the end of the respective terms. Future minimum rental receipts expected under non-cancellable operating lease agreements as of September 30, 2025 were as follows:
Fiscal Year |  | Amount (1) (2)
Remainder of 2025 |  | $ | 2,156.1 |
2026 |  | 8,438.5 |
2027 |  | 8,242.9 |
2028 |  | 6,890.5 |
2029 |  | 6,505.6 |
Thereafter |  | 22,157.0 |
Total |  | $ | 54,390.6 |
_______________ (1)Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. (2)Balances represent contractual amounts owed with no adjustments made for expected collectibility. If incentives are present in the Company’s leases, they are evaluated to determine proper treatment and, to the extent present, are recorded in Other current assets and Other non-current assets in the consolidated balance sheets and amortized on a straight line basis over the corresponding lease term as a non-cash reduction to revenue. As of September 30, 2025, the remaining weighted average amortization period of the Company’s lease incentives was 9 years. As of September 30, 2025, Other current assets and Other non-current assets include $42.6 million and $350.0 million, respectively, for lease incentives. Lessee—The Company assesses its right-of-use asset and other lease-related assets for impairment, as described in note 1 to the Company’s consolidated financial statements included in the 2024 Form 10-K. There were no material impairments recorded related to these assets during the three and nine months ended September 30, 2025 and 2024. The Company leases certain land, buildings, equipment and office space under operating leases and land and improvements, towers, equipment and vehicles under finance leases. As of September 30, 2025, operating lease assets were included in Right-of-use asset and finance lease assets were included in Property and equipment, net in the consolidated balance sheet. During the nine months ended September 30, 2025, there were no material changes in the terms and provisions of the Company’s operating leases in which the Company is a lessee. There were no material changes in finance lease assets and liabilities during the nine months ended September 30, 2025. Information about other lease-related balances is as follows:
|  | As of
|  | September 30, 2025 |  | December 31, 2024
Operating leases: |  |  |  |
Right-of-use asset |  | $ | 8,420.1 |  |  | $ | 8,089.6 |
Current portion of lease liability |  | $ | 615.4 |  |  | $ | 576.7 |
Lease liability |  | 7,156.9 |  |  | 6,875.6 |
Total operating lease liability |  | $ | 7,772.3 |  |  | $ | 7,452.3 |
The weighted-average remaining lease terms and incremental borrowing rates are as follows:
|  | As of
|  | September 30, 2025 |  | December 31, 2024
Operating leases: |  |  |  |
Weighted-average remaining lease term (years) |  | 13.5 |  | 14.3
Weighted-average incremental borrowing rate |  | 6.6 | % |  | 6.5 | %
The following table sets forth the components of lease cost:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease cost |  | $ | 285.6 |  |  | $ | 154.7 |  |  | $ | 841.9 |  |  | $ | 721.3 |
Variable lease costs not included in lease liability (1) |  | 95.3 |  |  | 213.0 |  |  | 262.4 |  |  | 391.3 |
______________ (1)Primarily includes property tax paid on behalf of the landlord. Supplemental cash flow information is as follows:
|  | Nine Months Ended September 30,
|  | 2025 |  | 2024 (3)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | (840.3) |  |  | $ | (935.0) |
Non-cash items: |  |  |  |
New operating leases (1) |  | $ | 138.5 |  |  | $ | 135.6 |
Operating lease modifications and reassessments (2) |  | $ | 324.8 |  |  | $ | 818.1 |
Reduction of operating lease liability due to the ATC TIPL Transaction |  | $ | — |  |  | $ | (766.4) |
______________ (1)Amount includes new operating leases and leases acquired in connection with acquisitions. (2)Nine months ended September 30, 2024 reflects a $515 million increase as a result of the Company’s change in estimated useful lives on January 1, 2024, as additional renewal options may be included. (3)Cash flows related to discontinued operations for the nine months ended September 30, 2024 have not been segregated and are included in the consolidated balances for cash flow purposes. As of September 30, 2025, the Company does not have material operating or financing leases that have not yet commenced. Maturities of operating lease liabilities as of September 30, 2025 were as follows:
Fiscal Year |  | Operating Lease (1) |  |
Remainder of 2025 |  | $ | 269.7 |  |  |
2026 |  | 1,022.0 |  |  |
2027 |  | 984.1 |  |  |
2028 |  | 940.3 |  |  |
2029 |  | 896.6 |  |  |
Thereafter |  | 7,909.3 |  |  |
Total lease payments |  | 12,022.0 |  |  |
Less amounts representing interest |  | (4,249.7) |  |  |
Total lease liability |  | 7,772.3 |  |  |
Less current portion of lease liability |  | 615.4 |  |  |
Non-current lease liability |  | $ | 7,156.9 |  |  |
_______________ (1)Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.
LEASES | LEASES The Company determines if an arrangement is a lease at the inception of the agreement. The Company considers an arrangement to be a lease if it conveys the right to control the use of the communications infrastructure or ground space underneath communications infrastructure for a period of time in exchange for consideration. The Company is both a lessor and a lessee. During the nine months ended September 30, 2025, the Company made no changes to the methods described in note 4 to its consolidated financial statements included in the 2024 Form 10-K. As of September 30, 2025, the Company does not have any material related party leases as either a lessor or a lessee. To the extent there are any intercompany leases, these are eliminated in consolidation. Lessor— Historically, the Company has been able to successfully renew its applicable leases as needed to ensure continuation of its revenue. Accordingly, the Company assumes that it will have access to the communications infrastructure or ground space underlying its sites when calculating future minimum rental receipts through the end of the respective terms. Future minimum rental receipts expected under non-cancellable operating lease agreements as of September 30, 2025 were as follows:
Fiscal Year |  | Amount (1) (2)
Remainder of 2025 |  | $ | 2,156.1 |
2026 |  | 8,438.5 |
2027 |  | 8,242.9 |
2028 |  | 6,890.5 |
2029 |  | 6,505.6 |
Thereafter |  | 22,157.0 |
Total |  | $ | 54,390.6 |
_______________ (1)Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. (2)Balances represent contractual amounts owed with no adjustments made for expected collectibility. If incentives are present in the Company’s leases, they are evaluated to determine proper treatment and, to the extent present, are recorded in Other current assets and Other non-current assets in the consolidated balance sheets and amortized on a straight line basis over the corresponding lease term as a non-cash reduction to revenue. As of September 30, 2025, the remaining weighted average amortization period of the Company’s lease incentives was 9 years. As of September 30, 2025, Other current assets and Other non-current assets include $42.6 million and $350.0 million, respectively, for lease incentives. Lessee—The Company assesses its right-of-use asset and other lease-related assets for impairment, as described in note 1 to the Company’s consolidated financial statements included in the 2024 Form 10-K. There were no material impairments recorded related to these assets during the three and nine months ended September 30, 2025 and 2024. The Company leases certain land, buildings, equipment and office space under operating leases and land and improvements, towers, equipment and vehicles under finance leases. As of September 30, 2025, operating lease assets were included in Right-of-use asset and finance lease assets were included in Property and equipment, net in the consolidated balance sheet. During the nine months ended September 30, 2025, there were no material changes in the terms and provisions of the Company’s operating leases in which the Company is a lessee. There were no material changes in finance lease assets and liabilities during the nine months ended September 30, 2025. Information about other lease-related balances is as follows:
|  | As of
|  | September 30, 2025 |  | December 31, 2024
Operating leases: |  |  |  |
Right-of-use asset |  | $ | 8,420.1 |  |  | $ | 8,089.6 |
Current portion of lease liability |  | $ | 615.4 |  |  | $ | 576.7 |
Lease liability |  | 7,156.9 |  |  | 6,875.6 |
Total operating lease liability |  | $ | 7,772.3 |  |  | $ | 7,452.3 |
The weighted-average remaining lease terms and incremental borrowing rates are as follows:
|  | As of
|  | September 30, 2025 |  | December 31, 2024
Operating leases: |  |  |  |
Weighted-average remaining lease term (years) |  | 13.5 |  | 14.3
Weighted-average incremental borrowing rate |  | 6.6 | % |  | 6.5 | %
The following table sets forth the components of lease cost:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease cost |  | $ | 285.6 |  |  | $ | 154.7 |  |  | $ | 841.9 |  |  | $ | 721.3 |
Variable lease costs not included in lease liability (1) |  | 95.3 |  |  | 213.0 |  |  | 262.4 |  |  | 391.3 |
______________ (1)Primarily includes property tax paid on behalf of the landlord. Supplemental cash flow information is as follows:
|  | Nine Months Ended September 30,
|  | 2025 |  | 2024 (3)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | (840.3) |  |  | $ | (935.0) |
Non-cash items: |  |  |  |
New operating leases (1) |  | $ | 138.5 |  |  | $ | 135.6 |
Operating lease modifications and reassessments (2) |  | $ | 324.8 |  |  | $ | 818.1 |
Reduction of operating lease liability due to the ATC TIPL Transaction |  | $ | — |  |  | $ | (766.4) |
______________ (1)Amount includes new operating leases and leases acquired in connection with acquisitions. (2)Nine months ended September 30, 2024 reflects a $515 million increase as a result of the Company’s change in estimated useful lives on January 1, 2024, as additional renewal options may be included. (3)Cash flows related to discontinued operations for the nine months ended September 30, 2024 have not been segregated and are included in the consolidated balances for cash flow purposes. As of September 30, 2025, the Company does not have material operating or financing leases that have not yet commenced. Maturities of operating lease liabilities as of September 30, 2025 were as follows:
Fiscal Year |  | Operating Lease (1) |  |
Remainder of 2025 |  | $ | 269.7 |  |  |
2026 |  | 1,022.0 |  |  |
2027 |  | 984.1 |  |  |
2028 |  | 940.3 |  |  |
2029 |  | 896.6 |  |  |
Thereafter |  | 7,909.3 |  |  |
Total lease payments |  | 12,022.0 |  |  |
Less amounts representing interest |  | (4,249.7) |  |  |
Total lease liability |  | 7,772.3 |  |  |
Less current portion of lease liability |  | 615.4 |  |  |
Non-current lease liability |  | $ | 7,156.9 |  |  |
_______________ (1)Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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