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v3.23.1

Debt (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt [Abstract] |
Schedule of Principal Values, Fair Values, and Carrying Values of Debt |
|  |  |  | As of |  | As of
|  |  |  | March 31, 2023 |  | December 31, 2022
|  | Maturity Date |  | Principal ‎Balance |  | Fair Value |  | Carrying ‎Value |  | Principal ‎Balance |  | Fair Value |  | Carrying ‎Value
Revolving Credit Facility |  | Jul. 7, 2026 |  | $ | 675,000 |  | $ | 675,000 |  | $ | 675,000 |  | $ | 720,000 |  | $ | 720,000 |  | $ | 720,000
2018 Term Loan |  | Apr. 11, 2025 |  |  | 2,286,000 |  |  | 2,286,000 |  |  | 2,278,817 |  |  | 2,292,000 |  |  | 2,280,540 |  |  | 2,284,007
2014-2C Tower Securities (1) |  | Oct. 8, 2024 |  |  | 620,000 |  |  | 604,612 |  |  | 618,357 |  |  | 620,000 |  |  | 598,480 |  |  | 618,099
2019-1C Tower Securities (1) |  | Jan. 12, 2025 |  |  | 1,165,000 |  |  | 1,110,828 |  |  | 1,160,474 |  |  | 1,165,000 |  |  | 1,095,776 |  |  | 1,159,860
2020-1C Tower Securities (1) |  | Jan. 9, 2026 |  |  | 750,000 |  |  | 678,660 |  |  | 745,841 |  |  | 750,000 |  |  | 665,633 |  |  | 745,480
2020-2C Tower Securities (1) |  | Jan. 11, 2028 |  |  | 600,000 |  |  | 519,390 |  |  | 595,793 |  |  | 600,000 |  |  | 506,574 |  |  | 595,586
2021-1C Tower Securities (1) |  | Nov. 9, 2026 |  |  | 1,165,000 |  |  | 1,014,550 |  |  | 1,156,304 |  |  | 1,165,000 |  |  | 991,705 |  |  | 1,155,724
2021-2C Tower Securities (1) |  | Apr. 9, 2027 |  |  | 895,000 |  |  | 774,265 |  |  | 887,867 |  |  | 895,000 |  |  | 756,302 |  |  | 887,443
2021-3C Tower Securities (1) |  | Oct. 9, 2031 |  |  | 895,000 |  |  | 709,565 |  |  | 886,711 |  |  | 895,000 |  |  | 686,134 |  |  | 886,495
2022-1C Tower Securities (1) |  | Jan. 11, 2028 |  |  | 850,000 |  |  | 868,488 |  |  | 840,091 |  |  | 850,000 |  |  | 855,899 |  |  | 840,053
2020 Senior Notes |  | Feb. 15, 2027 |  |  | 1,500,000 |  |  | 1,406,595 |  |  | 1,487,739 |  |  | 1,500,000 |  |  | 1,375,815 |  |  | 1,487,013
2021 Senior Notes |  | Feb. 1, 2029 |  |  | 1,500,000 |  |  | 1,248,750 |  |  | 1,488,834 |  |  | 1,500,000 |  |  | 1,286,250 |  |  | 1,488,402
Total debt |  |  |  | $ | 12,901,000 |  | $ | 11,896,703 |  | $ | 12,821,828 |  | $ | 12,952,000 |  | $ | 11,819,108 |  | $ | 12,868,162
Less: current maturities of long-term debt |  |  |  |  |  | (24,000) |  |  |  |  |  |  |  |  | (24,000)
Total long-term debt, net of current maturities |  |  |  |  | $ | 12,797,828 |  |  |  |  |  |  |  | $ | 12,844,162
(1)The maturity date represents the anticipated repayment date for each issuance.
Schedule of Cash and Non-Cash Interest Expense |
|  | Interest |  | For the three months ended March 31,
|  | Rates as of |  | 2023 |  | 2022
|  | March 31, |  | Cash |  | Non-cash |  | Cash |  | Non-cash
|  | 2023 |  | Interest |  | Interest |  | Interest |  | Interest
|  |  |  | (in thousands)
Revolving Credit Facility |  | 6.037% |  | $ | 9,286 |  | $ | — |  | $ | 2,279 |  | $ | —
2018 Term Loan (1) |  | 2.569% |  |  | 14,363 |  |  | 9,223 |  |  | 10,910 |  |  | 11,438
2014-2C Tower Securities |  | 3.869% |  |  | 6,046 |  |  | — |  |  | 6,046 |  |  | —
2018-1C Tower Securities |  | 3.448% |  |  | — |  |  | — |  |  | 5,570 |  |  | —
2019-1C Tower Securities |  | 2.836% |  |  | 8,357 |  |  | — |  |  | 8,357 |  |  | —
2020-1C Tower Securities |  | 1.884% |  |  | 3,598 |  |  | — |  |  | 3,598 |  |  | —
2020-2C Tower Securities |  | 2.328% |  |  | 3,540 |  |  | — |  |  | 3,540 |  |  | —
2021-1C Tower Securities |  | 1.631% |  |  | 4,846 |  |  | — |  |  | 4,846 |  |  | —
2021-2C Tower Securities |  | 1.840% |  |  | 4,196 |  |  | — |  |  | 4,196 |  |  | —
2021-3C Tower Securities |  | 2.593% |  |  | 5,873 |  |  | — |  |  | 5,873 |  |  | —
2022-1C Tower Securities |  | 6.599% |  |  | 14,093 |  |  | — |  |  | — |  |  | —
2020 Senior Notes |  | 3.875% |  |  | 14,531 |  |  | 88 |  |  | 14,531 |  |  | 88
2021 Senior Notes |  | 3.125% |  |  | 11,719 |  |  | — |  |  | 11,719 |  |  | —
Other |  |  |  |  | 778 |  |  | 4,928 |  |  | 787 |  |  | —
Total |  |  |  | $ | 101,226 |  | $ | 14,239 |  | $ | 82,252 |  | $ | 11,526
(1)The 2018 Term Loan has a blended rate of 2.569%, which includes the impact of the interest rate swap entered into on August 4, 2020, which swapped $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan. Excluding the impact of the interest rate swap, the 2018 Term Loan was accruing interest at 6.600% as of March 31, 2023. Refer to Note 17 for more information on the Company’s interest rate swap.
Schedule of Revolving Credit Facility Key Terms |
|  |  |  | Unused |  | Financial Covenant
|  | Interest Rate |  | Commitment |  | Compliance
|  | as of |  | Fee as of |  | Status as of
|  | March 31, 2023 (1) |  | March 31, 2023 (2) |  | March 31, 2023
Revolving Credit Facility |  | 6.037% |  | 0.140% |  | In Compliance
(1)The rate reflected includes a 0.050% reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 2022. (2)The rate reflected includes a 0.010% reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2022.
Summary of Revolving Credit Facility Activity |
|  | For the three months
|  | ended March 31,
|  | 2023 |  | 2022
Beginning outstanding balance |  | $ | 720,000 |  | $ | 350,000
Borrowings |  |  | 140,000 |  |  | 330,000
Repayments |  |  | (185,000) |  |  | —
Ending outstanding balance |  | $ | 675,000 |  | $ | 680,000

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