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Segment Data | 9 Months Ended
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Sep. 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 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. ‎ 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
|  | 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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