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Segment Data
 6 Months Ended
Jun. 30, 2025
Segment Data [Abstract]  
Segment Data 14.SEGMENT DATA

The Company operates principally in two business segments: site leasing and site development. The Company’s site leasing business includes two reportable segments, domestic site leasing and international site leasing. The Company’s business segments are strategic business units that offer different services. They are managed separately based on the fundamental differences in their operations. The site leasing segment includes results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities. The Company’s Chief Operating Decision Maker (“CODM”) is the Company’s Chief Executive Officer. The Company’s CODM utilizes segment operating profit and operating income as his two measures of segment profit in assessing performance and allocating resources at the reportable segment level. The Company has applied the aggregation criteria to operations within the international site leasing segment on a basis that is consistent with management’s review of information and performance evaluations of the individual markets in this region.

Revenues, cost of revenues (exclusive of depreciation, accretion and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below.

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.


‎

Long-lived assets include property and equipment, net, intangible assets, net, operating lease right-of-use assets, net, and acquired and other right-of-use assets, net. The Company’s long-lived assets by geographic areas representing more than 5% of the Company’s total long-lived assets is presented below:

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