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Segment Data (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Data [Abstract] |
Schedule of Segment Reporting Information |
|  | Domestic Site |  | Int'l Site |  | Site |  |  |  |
|  | Leasing |  | Leasing |  | Development |  | Other |  | Total
For the three months ended June 30, 2025 |  | (in thousands)
Revenues (1) |  | $ | 469,807 |  | $ | 161,981 |  | $ | 67,193 |  | $ | — |  | $ | 698,981
Cost of revenues (2) |  |  | 69,421 |  |  | 49,150 |  |  | 53,525 |  |  | — |  |  | 172,096
Operating profit |  |  | 400,386 |  |  | 112,831 |  |  | 13,668 |  |  | — |  |  | 526,885
Selling, general, and administrative expenses |  |  | 31,515 |  |  | 20,803 |  |  | 3,065 |  |  | 15,639 |  |  | 71,022
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 4,667 |  |  | 1,220 |  |  | — |  |  | — |  |  | 5,887
Asset impairment and decommission costs |  |  | 19,977 |  |  | 25,088 |  |  | — |  |  | 166 |  |  | 45,231
Depreciation, amortization and accretion |  |  | 36,840 |  |  | 30,249 |  |  | 864 |  |  | 2,011 |  |  | 69,964
Operating income (loss) |  |  | 307,387 |  |  | 35,471 |  |  | 9,739 |  |  | (17,816) |  |  | 334,781
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (74,028) |  |  | (74,028)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 260,753
Cash capital expenditures (3) |  |  | 41,906 |  |  | 602,782 |  |  | 1,474 |  |  | 771 |  |  | 646,933
For the three months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues (1) |  | $ | 463,204 |  | $ | 163,253 |  | $ | 34,020 |  | $ | — |  | $ | 660,477
Cost of revenues (2) |  |  | 65,489 |  |  | 48,642 |  |  | 27,137 |  |  | — |  |  | 141,268
Operating profit |  |  | 397,715 |  |  | 114,611 |  |  | 6,883 |  |  | — |  |  | 519,209
Selling, general, and administrative expenses |  |  | 33,608 |  |  | 15,775 |  |  | 2,944 |  |  | 10,049 |  |  | 62,376
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 3,089 |  |  | 3,485 |  |  | — |  |  | — |  |  | 6,574
Asset impairment and decommission costs |  |  | 13,825 |  |  | 17,362 |  |  | — |  |  | 423 |  |  | 31,610
Depreciation, amortization and accretion |  |  | 33,870 |  |  | 27,457 |  |  | 1,038 |  |  | 1,814 |  |  | 64,179
Operating income (loss) |  |  | 313,323 |  |  | 50,532 |  |  | 2,901 |  |  | (12,286) |  |  | 354,470
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (207,355) |  |  | (207,355)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 147,115
Cash capital expenditures (3) |  |  | 48,603 |  |  | 41,687 |  |  | 123 |  |  | 1,177 |  |  | 91,590
‎
|  | Domestic Site |  | Int'l Site |  | Site |  |  |  |
|  | Leasing |  | Leasing |  | Development |  | Other |  | Total
For the six months ended June 30, 2025 |  | (in thousands)
Revenues (1) |  | $ | 930,800 |  | $ | 317,197 |  | $ | 115,232 |  | $ | — |  | $ | 1,363,229
Cost of revenues (2) |  |  | 137,693 |  |  | 96,356 |  |  | 91,714 |  |  | — |  |  | 325,763
Operating profit |  |  | 793,107 |  |  | 220,841 |  |  | 23,518 |  |  | — |  |  | 1,037,466
Selling, general, and administrative expenses |  |  | 62,522 |  |  | 38,227 |  |  | 6,280 |  |  | 30,212 |  |  | 137,241
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 10,528 |  |  | 2,738 |  |  | — |  |  | — |  |  | 13,266
Asset impairment and decommission costs |  |  | 35,141 |  |  | 46,406 |  |  | — |  |  | 710 |  |  | 82,257
Depreciation, amortization and accretion |  |  | 73,584 |  |  | 55,772 |  |  | 1,721 |  |  | 3,935 |  |  | 135,012
Operating income (loss) |  |  | 611,332 |  |  | 77,698 |  |  | 15,517 |  |  | (34,857) |  |  | 669,690
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (149,014) |  |  | (149,014)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 520,676
Cash capital expenditures (3) |  |  | 84,284 |  |  | 669,122 |  |  | 2,300 |  |  | 1,666 |  |  | 757,372
For the six months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues (1) |  | $ | 924,703 |  | $ | 330,030 |  | $ | 63,606 |  | $ | — |  | $ | 1,318,339
Cost of revenues (2) |  |  | 131,459 |  |  | 97,485 |  |  | 50,315 |  |  | — |  |  | 279,259
Operating profit |  |  | 793,244 |  |  | 232,545 |  |  | 13,291 |  |  | — |  |  | 1,039,080
Selling, general, and administrative expenses |  |  | 67,956 |  |  | 31,483 |  |  | 7,370 |  |  | 24,265 |  |  | 131,074
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 8,387 |  |  | 5,604 |  |  | — |  |  | — |  |  | 13,991
Asset impairment and decommission costs |  |  | 43,738 |  |  | 31,097 |  |  | — |  |  | 423 |  |  | 75,258
Depreciation, amortization and accretion |  |  | 74,215 |  |  | 61,286 |  |  | 1,872 |  |  | 3,556 |  |  | 140,929
Operating income (loss) |  |  | 598,948 |  |  | 103,075 |  |  | 4,049 |  |  | (28,244) |  |  | 677,828
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (359,244) |  |  | (359,244)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 318,584
Cash capital expenditures (3) |  |  | 89,624 |  |  | 77,289 |  |  | 182 |  |  | 1,771 |  |  | 168,866
|  | Domestic Site |  | Int'l Site |  | Site |  |  |  |
|  | Leasing |  | Leasing |  | Development |  | Other (4) |  | Total
Assets |  | (in thousands)
As of June 30, 2025 |  | $ | 6,220,514 |  | $ | 4,308,485 |  | $ | 93,465 |  | $ | 143,923 |  | $ | 10,766,387
As of December 31, 2024 |  | $ | 6,206,748 |  | $ | 3,417,981 |  | $ | 65,481 |  | $ | 1,727,126 |  | $ | 11,417,336
(1)For the three months ended June 30, 2025 and 2024, site leasing revenue in Brazil was $85.1 million and $93.1 million, respectively. For the six months ended June 30, 2025 and 2024, site leasing revenue in Brazil was $170.1 million and $190.5 million, respectively. Other than Brazil, no foreign country represented more than 5% of the Company’s total site leasing revenue in any of the periods presented. (2)Excludes depreciation, amortization, and accretion. Cost of revenues is primarily comprised of rent expense related to the Company’s ground leases. (3)Includes cash paid for capital expenditures, acquisitions, and right-of-use assets. (4)Assets in Other consist primarily of general corporate assets and short-term investments. Assets in Other for the period ended December 31, 2024 also includes $1.165 billion of cash held in escrow which was used to repay the 2019-1C Tower Securities.
Schedule of Long-Lived Assets by Geographic Areas |
|  | As of |  | As of
|  | June 30, 2025 |  | December 31, 2024
|  |  | (in thousands)
Domestic |  | $ | 5,763,235 |  | $ | 5,741,882
Brazil |  |  | 1,839,629 |  |  | 1,681,925
Guatemala |  |  | 577,880 |  |  | 50,686
Other international |  |  | 1,420,187 |  |  | 1,307,026
Total |  | $ | 9,600,931 |  | $ | 8,781,519

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