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Property and Equipment, Net
 9 Months Ended
Sep. 30, 2025
Property and Equipment, Net [Abstract]  
Property and Equipment, Net 7.PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

As of

As of

September 30, 2025

December 31, 2024

(in thousands)

Towers and related assets

$

6,451,935

$

5,902,092

Construction-in-process (1)

76,409

72,202

Furniture, equipment, and vehicles

95,048

84,629

Land, buildings, and improvements (2)

1,006,318

1,013,253

Total property and equipment

7,629,710

7,072,176

Less: accumulated depreciation

(4,334,089)

(4,280,092)

Property and equipment, net

$

3,295,621

$

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 $35.7 million and $25.8 million for the three months ended September 30, 2025 and 2024, respectively, and $94.7 million and $89.4 million for the nine months ended September 30, 2025 and 2024, respectively. At September 30, 2025 and December 31, 2024, unpaid capital expenditures that are included in accounts payable and accrued expenses were $11.3 million and $14.6 million, respectively.