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Segment Data (Tables) | 9 Months Ended
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Sep. 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 September 30, 2025 |  | (in thousands)
Revenues (1) |  | $ | 470,251 |  | $ | 186,176 |  | $ | 75,900 |  | $ | — |  | $ | 732,327
Cost of revenues (2) |  |  | 70,251 |  |  | 57,030 |  |  | 62,508 |  |  | — |  |  | 189,789
Operating profit |  |  | 400,000 |  |  | 129,146 |  |  | 13,392 |  |  | — |  |  | 542,538
Selling, general, and administrative expenses |  |  | 30,889 |  |  | 16,706 |  |  | 3,394 |  |  | 15,019 |  |  | 66,008
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 4,295 |  |  | 861 |  |  | — |  |  | — |  |  | 5,156
Asset impairment and decommission costs |  |  | 18,182 |  |  | 2,140 |  |  | — |  |  | — |  |  | 20,322
Depreciation, amortization and accretion |  |  | 37,085 |  |  | 36,765 |  |  | 960 |  |  | 2,073 |  |  | 76,883
Operating income (loss) |  |  | 309,549 |  |  | 72,674 |  |  | 9,038 |  |  | (17,092) |  |  | 374,169
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (85,086) |  |  | (85,086)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 289,083
Cash capital expenditures (3) |  |  | 43,344 |  |  | 26,754 |  |  | 2,390 |  |  | 2,234 |  |  | 74,722
For the three months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues (1) |  | $ | 464,860 |  | $ | 160,837 |  | $ | 41,898 |  | $ | — |  | $ | 667,595
Cost of revenues (2) |  |  | 68,908 |  |  | 49,040 |  |  | 32,391 |  |  | — |  |  | 150,339
Operating profit |  |  | 395,952 |  |  | 111,797 |  |  | 9,507 |  |  | — |  |  | 517,256
Selling, general, and administrative expenses |  |  | 32,114 |  |  | 15,258 |  |  | 2,849 |  |  | 9,866 |  |  | 60,087
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 3,496 |  |  | 1,892 |  |  | — |  |  | — |  |  | 5,388
Asset impairment and decommission costs |  |  | 1,337 |  |  | 10,989 |  |  | — |  |  | 344 |  |  | 12,670
Depreciation, amortization and accretion |  |  | 34,636 |  |  | 26,098 |  |  | 895 |  |  | 1,886 |  |  | 63,515
Operating income (loss) |  |  | 324,369 |  |  | 57,560 |  |  | 5,763 |  |  | (12,096) |  |  | 375,596
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (77,389) |  |  | (77,389)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 298,207
Cash capital expenditures (3) |  |  | 234,962 |  |  | 36,317 |  |  | 428 |  |  | 590 |  |  | 272,297
‎
|  | Domestic Site |  | Int'l Site |  | Site |  |  |  |
|  | Leasing |  | Leasing |  | Development |  | Other |  | Total
For the nine months ended September 30, 2025 |  | (in thousands)
Revenues (1) |  | $ | 1,401,052 |  | $ | 503,372 |  | $ | 191,132 |  | $ | — |  | $ | 2,095,556
Cost of revenues (2) |  |  | 207,944 |  |  | 153,386 |  |  | 154,222 |  |  | — |  |  | 515,552
Operating profit |  |  | 1,193,108 |  |  | 349,986 |  |  | 36,910 |  |  | — |  |  | 1,580,004
Selling, general, and administrative expenses |  |  | 93,411 |  |  | 54,933 |  |  | 9,674 |  |  | 45,231 |  |  | 203,249
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 14,823 |  |  | 3,599 |  |  | — |  |  | — |  |  | 18,422
Asset impairment and decommission costs |  |  | 53,322 |  |  | 48,546 |  |  | — |  |  | 710 |  |  | 102,578
Depreciation, amortization and accretion |  |  | 110,668 |  |  | 92,537 |  |  | 2,681 |  |  | 6,008 |  |  | 211,894
Operating income (loss) |  |  | 920,884 |  |  | 150,371 |  |  | 24,555 |  |  | (51,949) |  |  | 1,043,861
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (234,100) |  |  | (234,100)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 809,761
Cash capital expenditures (3) |  |  | 127,629 |  |  | 695,876 |  |  | 4,690 |  |  | 3,900 |  |  | 832,095
For the nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues (1) |  | $ | 1,389,563 |  | $ | 490,867 |  | $ | 105,504 |  | $ | — |  | $ | 1,985,934
Cost of revenues (2) |  |  | 200,368 |  |  | 146,525 |  |  | 82,705 |  |  | — |  |  | 429,598
Operating profit |  |  | 1,189,195 |  |  | 344,342 |  |  | 22,799 |  |  | — |  |  | 1,556,336
Selling, general, and administrative expenses |  |  | 100,070 |  |  | 46,741 |  |  | 10,219 |  |  | 34,131 |  |  | 191,161
Acquisition and new business initiatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
related adjustments and expenses |  |  | 11,883 |  |  | 7,496 |  |  | — |  |  | — |  |  | 19,379
Asset impairment and decommission costs |  |  | 45,075 |  |  | 42,086 |  |  | — |  |  | 767 |  |  | 87,928
Depreciation, amortization and accretion |  |  | 108,851 |  |  | 87,384 |  |  | 2,767 |  |  | 5,442 |  |  | 204,444
Operating income (loss) |  |  | 923,316 |  |  | 160,635 |  |  | 9,813 |  |  | (40,340) |  |  | 1,053,424
Other expense, net (principally interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
expense and other income) |  |  |  |  |  |  |  |  |  |  |  | (436,632) |  |  | (436,632)
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 616,792
Cash capital expenditures (3) |  |  | 324,586 |  |  | 113,606 |  |  | 610 |  |  | 2,361 |  |  | 441,163
|  | Domestic Site |  | Int'l Site |  | Site |  |  |  |
|  | Leasing |  | Leasing |  | Development |  | Other (4) |  | Total
Assets |  | (in thousands)
As of September 30, 2025 |  | $ | 6,241,281 |  | $ | 4,627,565 |  | $ | 104,821 |  | $ | 286,572 |  | $ | 11,260,239
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 September 30, 2025 and 2024, site leasing revenue in Brazil was $87.3 million and $89.3 million, respectively. For the nine months ended September 30, 2025 and 2024, site leasing revenue in Brazil was $257.4 million and $279.9 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
|  | September 30, 2025 |  | December 31, 2024
|  |  | (in thousands)
Domestic |  | $ | 5,769,412 |  | $ | 5,741,882
Brazil |  |  | 1,880,234 |  |  | 1,681,925
Guatemala |  |  | 578,383 |  |  | 50,686
Other international |  |  | 1,577,625 |  |  | 1,307,026
Total |  | $ | 9,805,654 |  | $ | 8,781,519

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