Debt (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Principal Values, Fair Values, and Carrying Values of Debt



		As of						As of
		September 30, 2025						December 31, 2024
	Maturity Date	Principal ‎Balance		Fair Value		Carrying ‎Value		Principal ‎Balance		Fair Value		Carrying ‎Value

		(in thousands)
Revolving Credit Facility	Jan. 25, 2029	$	280,000	$	280,000	$	280,000	$	—	$	—	$	—
2024 Term Loan	Jan. 25, 2031		2,265,500		2,273,996		2,245,303		2,282,750		2,282,750		2,260,217
2019-1C Tower Securities ⁽¹⁾⁽²⁾	Jan. 12, 2025		—		—		—		1,165,000		1,128,803		1,164,913
2020-1C Tower Securities ⁽¹⁾	Jan. 9, 2026		750,000		722,858		749,562		750,000		726,038		748,425
2020-2C Tower Securities ⁽¹⁾	Jan. 11, 2028		600,000		514,080		597,928		600,000		516,342		597,273
2021-1C Tower Securities ⁽¹⁾	Nov. 9, 2026		1,165,000		1,003,915		1,162,248		1,165,000		1,008,331		1,160,436
2021-2C Tower Securities ⁽¹⁾	Apr. 9, 2027		895,000		852,488		892,228		895,000		763,757		890,896
2021-3C Tower Securities ⁽¹⁾	Oct. 9, 2031		895,000		676,164		888,946		895,000		679,144		888,260
2022-1C Tower Securities ⁽¹⁾	Jan. 11, 2028		850,000		867,510		844,847		850,000		878,475		843,321
2024-1C Tower Securities ⁽¹⁾	Oct. 9, 2029		1,450,000		1,446,926		1,439,433		1,450,000		1,453,292		1,437,978
2024-2C Tower Securities ⁽¹⁾	Oct. 8, 2027		620,000		624,340		616,197		620,000		618,698		615,017
2020 Senior Notes	Feb. 15, 2027		1,500,000		1,477,635		1,495,427		1,500,000		1,440,270		1,493,039
2021 Senior Notes	Feb. 1, 2029		1,500,000		1,410,000		1,493,362		1,500,000		1,353,750		1,491,963
Total debt		$	12,770,500	$	12,149,912	$	12,705,481	$	13,672,750	$	12,849,650	$	13,591,738
Less: current maturities of long-term debt							(772,562)						(1,187,913)
Total long-term debt, net of current maturities						$	11,932,919					$	12,403,825

(1)The maturity date represents the anticipated repayment date for each issuance.

(2)On January 15, 2025, the Company repaid the aggregate principal amount of the 2019-1C Tower Securities.

Schedule of Cash and Non-Cash Interest Expense



	Interest	For the three months ended September 30,								For the nine months ended September 30,
	Rates as of	2025				2024				2025				2024
	September 30,	Cash		Non-cash		Cash		Non-cash		Cash		Non-cash		Cash			Non-cash
	2025	Interest		Interest		Interest		Interest		Interest		Interest		Interest			Interest

		(in thousands)								(in thousands)
Revolving Credit Facility	5.235%	$	1,480	$	—	$	1,982	$	—	$	3,107	$	—	$	7,611		$	—
2018 Term Loan	—		—		—		—		—		—		—		3,253			1,867
2024 Term Loan ⁽¹⁾	5.253%		30,625		183		16,072		6,747		74,885		7,844		45,670			18,381
2014-2C Tower Securities	3.869%		—		—		6,046		—		—		—		18,138			—
2019-1C Tower Securities	2.836%		—		—		8,357		—		1,306		—		25,072			—
2020-1C Tower Securities	1.884%		3,598		—		3,598		—		10,793		—		10,793	95		—
2020-2C Tower Securities	2.328%		3,540		—		3,540		—		10,619		—		10,619			—
2021-1C Tower Securities	1.631%		4,870		—		4,870		—		14,567		—		14,567			—
2021-2C Tower Securities	1.840%		4,196		—		4,196		—		12,587		—		12,587			—
2021-3C Tower Securities	2.593%		5,873		—		5,873		—		17,619		—		17,619			—
2022-1C Tower Securities	6.599%		14,094		—		14,094		—		42,281		—		42,281			—
2024-1C Tower Securities	4.831%		17,636		—		—		—		52,907		—		—			—
2024-2C Tower Securities ⁽²⁾	4.654%		7,977		—		—		—		23,932		—		—			—
2020 Senior Notes	3.875%		14,531		100		14,531		92		43,594		296		43,594			274
2021 Senior Notes	3.125%		11,719		—		11,719		—		35,156		—		35,156			—
Other			15		284		833		353		606		2,008		2,672			2,193
Total		$	120,154	$	567	$	95,711	$	7,192	$	343,959	$	10,148	$	289,632		$	22,715

(1)The 2024 Term Loan has a blended rate of 5.253%, which includes the impact of the interest rate swaps. Excluding the impact of the interest rate swaps, the 2024 Term Loan was accruing interest at 5.920% as of September 30, 2025. Refer to Note 17 for more information on the Company’s interest rate swaps.

(2)The 2024-2C Tower Securities has an all-in fixed rate of 4.654%, which includes the impact of the Company’s treasury lock agreement which settled upon issuance of the notes. Excluding the impact of the treasury lock agreement, the 2024-2C Tower Securities accrues interest at 5.115%. Refer to Note 17 for more information on the Company’s treasury lock agreement.

Schedule of Revolving Credit Facility Key Terms



		Unused
	Interest Rate	Commitment
	as of	Fee as of
	September 30, 2025⁽¹⁾	September 30, 2025⁽²⁾

Revolving Credit Facility	5.235%	0.140%

(1)The rate reflected includes a 0.050% reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 2024.

(2)The rate reflected includes a 0.010% reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2024.

Summary of Revolving Credit Facility Activity



	For the three months				For the nine months
	ended September 30,				ended September 30,
	2025		2024		2025		2024

	(in thousands)
Beginning outstanding balance	$	80,000	$	120,000	$	—	$	180,000
Borrowings		295,000		175,000		375,000		370,000
Repayments		(95,000)		(135,000)		(95,000)		(390,000)
Ending outstanding balance	$	280,000	$	160,000	$	280,000	$	160,000