Property and Equipment, Net

9 Months Ended

Sep. 30, 2026

Property and Equipment, Net [Abstract]

7.PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:



	As of		As of
	September 30, 2026		December 31, 2025

	(in thousands)
Towers and related assets	$	6,597,811	$	6,606,764
Construction-in-process ⁽¹⁾		92,759		72,794
Furniture, equipment, and vehicles		106,108		97,984
Land, buildings, and improvements ⁽²⁾		1,015,528		985,019
Total property and equipment		7,812,206		7,762,561
Less: accumulated depreciation		(4,410,392)		(4,360,762)
Property and equipment, net	$	3,401,814	$	3,401,799

(1)Construction-in-process represents costs incurred related to towers and other assets that are under development and will primarily be used in the Company’s site leasing operations.

(2)Includes amounts related to the Company’s data centers.

Depreciation expense was $38.8 million and $35.7 million for the three months ended September 30, 2026 and 2025, respectively, and $109.3 million and $94.7 million for the nine months ended September 30, 2026 and 2025, respectively. At September 30, 2026 and December 31, 2025, unpaid capital expenditures that are included in accounts payable and accrued expenses were $7.3 million and $12.3 million, respectively.