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Segment Data
 9 Months Ended
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