Property and Equipment, Net

6 Months Ended

Jun. 30, 2025

Property and Equipment, Net [Abstract]

7.PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:



	As of		As of
	June 30, 2025		December 31, 2024

	(in thousands)
Towers and related assets	$	6,425,913	$	5,902,092
Construction-in-process ⁽¹⁾		73,372		72,202
Furniture, equipment, and vehicles		92,872		84,629
Land, buildings, and improvements ⁽²⁾		1,009,818		1,013,253
Total property and equipment		7,601,975		7,072,176
Less: accumulated depreciation		(4,343,792)		(4,280,092)
Property and equipment, net	$	3,258,183	$	2,792,084

(1)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.

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

Depreciation expense was $31.7 million and $26.2 million for the three months ended June 30, 2025 and 2024, respectively, and $59.0 million and $63.6 million for the six months ended June 30, 2025 and 2024, respectively. At June 30, 2025 and December 31, 2024, unpaid capital expenditures that are included in accounts payable and accrued expenses were $12.1 million and $14.6 million, respectively.

During the first quarter of 2025, the Company sold all of its towers in both the Philippines and Colombia and ended its operations in those countries. Proceeds from the sale of these towers were $40.3 million and are included in Proceeds from sale of assets on the Consolidated Statements of Cash Flows. The Company recorded an $18.0 million loss on the sale of these towers which is included in Other income (expense), net on the Consolidated Statements of Operations and in Loss on sale of assets on the Consolidated Statements of Cash Flows.

On July 21, 2025, the Company entered into an agreement to sell all of its 369 towers held in Canada for CAD$446.0 million. This transaction is expected to close during the fourth quarter of 2025.