Property and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property and Equipment, Net [Abstract]

7.PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:



	As of		As of
	September 30, 2024		December 31, 2023

	(in thousands)
Towers and related assets ⁽¹⁾	$	5,904,405	$	5,850,608
Construction-in-process ⁽²⁾		124,970		105,627
Furniture, equipment, and vehicles		81,984		76,031
Land, buildings, and improvements		957,023		927,235
Total property and equipment		7,068,382		6,959,501
Less: accumulated depreciation		(4,284,461)		(4,247,782)
Property and equipment, net	$	2,783,921	$	2,711,719

(1)Includes amounts related to the Company’s data centers.

(2)Construction-in-process represents costs incurred related to towers and other assets that are under development and will be used in the Company’s site leasing operations.

Depreciation expense was $25.8 million and $68.2 million for the three months ended September 30, 2024 and 2023, respectively, and $89.4 million and $206.6 million for the nine months ended September 30, 2024 and 2023, respectively. As a result of the Company’s revision of the estimated useful lives of its towers, the Company experienced decreased depreciation expense for the three and nine months ended September 30, 2024 when compared to the comparable prior year period. At September 30, 2024 and December 31, 2023, unpaid capital expenditures that are included in accounts payable and accrued expenses were $12.4 million and $6.5 million, respectively.