Property and Equipment, Net

6 Months Ended

Jun. 30, 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
	June 30, 2026		December 31, 2025

	(in thousands)
Towers and related assets	$	6,686,258	$	6,606,764
Construction-in-process ⁽¹⁾		83,039		72,794
Furniture, equipment, and vehicles		104,697		97,984
Land, buildings, and improvements ⁽²⁾		1,005,766		985,019
Total property and equipment		7,879,760		7,762,561
Less: accumulated depreciation		(4,427,145)		(4,360,762)
Property and equipment, net	$	3,452,615	$	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 $34.5 million and $31.7 million for the three months ended June 30, 2026 and 2025, respectively, and $70.5 million and $59.0 million for the six months ended June 30, 2026 and 2025, respectively. At June 30, 2026 and December 31, 2025, unpaid capital expenditures that are included in accounts payable and accrued expenses were $8.0 million and $12.3 million, respectively.