v3.26.1
Segment Data
 6 Months Ended
Jun. 30, 2026
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 June 30, 2026

(in thousands)

Revenues (1)

$

452,448 

$

211,437 

$

51,389 

$

—

$

715,274 

Cost of revenues (2)

71,427 

62,649 

41,926 

—

176,002 

Operating profit

381,021 

148,788 

9,463 

—

539,272 

Selling, general, and administrative expenses

33,703 

20,213 

3,423 

20,209 

77,548 

Acquisition and new business initiatives

related adjustments and expenses

4,392 

1,534 

—

—

5,926 

Asset impairment and decommission costs

12,840 

9,340 

66 

320 

22,566 

Depreciation, amortization and accretion

37,977 

40,061 

1,097 

2,236 

81,371 

Operating income (loss)

292,109 

77,640 

4,877 

(22,765)

351,861 

Other expense, net (principally interest

expense and other income)

(119,396)

(119,396)

Income before income taxes

232,465 

Cash capital expenditures (3)

53,232 

33,824 

944 

4,358 

92,358 

For the three months ended June 30, 2025

Revenues (1)

$

469,807 

$

161,981 

$

67,193 

$

—

$

698,981 

Cost of revenues (2)

69,421 

49,150 

53,525 

—

172,096 

Operating profit

400,386 

112,831 

13,668 

—

526,885 

Selling, general, and administrative expenses

31,515 

20,803 

3,065 

15,639 

71,022 

Acquisition and new business initiatives

related adjustments and expenses

4,667 

1,220 

—

—

5,887 

Asset impairment and decommission costs

19,977 

25,088 

—

166 

45,231 

Depreciation, amortization and accretion

36,840 

30,249 

864 

2,011 

69,964 

Operating income (loss)

307,387 

35,471 

9,739 

(17,816)

334,781 

Other expense, net (principally interest

expense and other income)

(74,028)

(74,028)

Income before income taxes

260,753 

Cash capital expenditures (3)

41,906 

602,782 

1,474 

771 

646,933 


‎

Domestic Site

Int'l Site

Site

Leasing

Leasing

Development

Other

Total

For the six months ended June 30, 2026

(in thousands)

Revenues (1)

$

902,749 

$

417,285 

$

98,678 

$

—

$

1,418,712 

Cost of revenues (2)

142,047 

123,940 

81,350 

—

347,337 

Operating profit

760,702 

293,345 

17,328 

—

1,071,375 

Selling, general, and administrative expenses

65,060 

38,522 

7,002 

37,512 

148,096 

Acquisition and new business initiatives

related adjustments and expenses

9,922 

4,094 

—

—

14,016 

Asset impairment and decommission costs

39,812 

11,471 

264 

320 

51,867 

Depreciation, amortization and accretion

75,594 

81,215 

2,000 

3,877 

162,686 

Operating income (loss)

570,314 

158,043 

8,062 

(41,709)

694,710 

Other expense, net (principally interest

expense and other income)

(226,227)

(226,227)

Income before income taxes

468,483 

Cash capital expenditures (3)

112,807 

163,129 

1,376 

7,277 

284,589 

For the six months ended June 30, 2025

Revenues (1)

$

930,800 

$

317,197 

$

115,232 

$

—

$

1,363,229 

Cost of revenues (2)

137,693 

96,356 

91,714 

—

325,763 

Operating profit

793,107 

220,841 

23,518 

—

1,037,466 

Selling, general, and administrative expenses

62,522 

38,227 

6,280 

30,212 

137,241 

Acquisition and new business initiatives

related adjustments and expenses

10,528 

2,738 

—

—

13,266 

Asset impairment and decommission costs

35,141 

46,406 

—

710 

82,257 

Depreciation, amortization and accretion

73,584 

55,772 

1,721 

3,935 

135,012 

Operating income (loss)

611,332 

77,698 

15,517 

(34,857)

669,690 

Other expense, net (principally interest

expense and other income)

(149,014)

(149,014)

Income before income taxes

520,676 

Cash capital expenditures (3)

84,284 

669,122 

2,300 

1,666 

757,372 

Domestic Site

Int'l Site

Site

Leasing

Leasing

Development

Other (4)

Total

Assets

(in thousands)

As of June 30, 2026

$

6,229,558 

$

5,252,697 

$

81,133 

$

178,932 

$

11,742,320 

As of December 31, 2025

$

6,178,526 

$

5,183,588 

$

98,072 

$

114,826 

$

11,575,012 

(1)For the three months ended June 30, 2026 and 2025, site leasing revenue in Brazil was $96.3 million and $85.1 million, respectively. For the six months ended June 30, 2026 and 2025, site leasing revenue in Brazil was $185.1 million and $170.1 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.


‎

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

June 30, 2026

December 31, 2025

(in thousands)

Domestic

$

5,773,718

$

5,737,975

Brazil

1,854,704

1,799,578

Guatemala

757,452

636,476

Other international

1,958,792

1,975,560

Total

$

10,344,666

$

10,149,589