Property and Equipment, Net

3 Months Ended

Mar. 31, 2026

Property and Equipment, Net [Abstract]

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7.PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:



	As of		As of
	March 31, 2026		December 31, 2025

	(in thousands)
Towers and related assets	$	6,637,917	$	6,606,764
Construction-in-process ⁽¹⁾		82,292		72,794
Furniture, equipment, and vehicles		100,070		97,984
Land, buildings, and improvements ⁽²⁾		990,430		985,019
Total property and equipment		7,810,709		7,762,561
Less: accumulated depreciation		(4,394,773)		(4,360,762)
Property and equipment, net	$	3,415,936	$	3,401,799

(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 $36.0 million and $27.3 million for the three months ended March 31, 2026 and 2025, respectively. At March 31, 2026 and December 31, 2025, unpaid capital expenditures that are included in accounts payable and accrued expenses were $11.2 million and $12.3 million, respectively.