v3.26.3
Segment Data
 9 Months Ended
Sep. 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 September 30, 2026

(in thousands)

Revenues (1)

$

454,380 

$

210,974 

$

48,570 

$

—

$

713,924 

Cost of revenues (2)

71,783 

61,868 

37,870 

—

171,521 

Operating profit

382,597 

149,106 

10,700 

—

542,403 

Selling, general, and administrative expenses

27,636 

19,034 

3,637 

17,704 

68,011 

Acquisition and new business initiatives

related adjustments and expenses

6,827 

1,936 

—

—

8,763 

Asset impairment and decommission costs

7,869 

5,149 

21 

421 

13,460 

Depreciation, amortization and accretion

38,601 

42,637 

838 

2,356 

84,432 

Operating income (loss)

301,664 

80,350 

6,204 

(20,481)

367,737 

Other expense, net (principally interest

expense and other income)

(113,151)

(113,151)

Income before income taxes

254,586 

Cash capital expenditures (3)

56,487 

44,880 

233 

3,658 

105,258 

For the three months ended September 30, 2025

Revenues (1)

$

470,251 

$

186,176 

$

75,900 

$

—

$

732,327 

Cost of revenues (2)

70,251 

57,030 

62,508 

—

189,789 

Operating profit

400,000 

129,146 

13,392 

—

542,538 

Selling, general, and administrative expenses

30,889 

16,706 

3,394 

15,019 

66,008 

Acquisition and new business initiatives

related adjustments and expenses

4,295 

861 

—

—

5,156 

Asset impairment and decommission costs

18,182 

2,140 

—

—

20,322 

Depreciation, amortization and accretion

37,085 

36,765 

960 

2,073 

76,883 

Operating income (loss)

309,549 

72,674 

9,038 

(17,092)

374,169 

Other expense, net (principally interest

expense and other income)

(85,086)

(85,086)

Income before income taxes

289,083 

Cash capital expenditures (3)

43,344 

26,754 

2,390 

2,234 

74,722 


‎

Domestic Site

Int'l Site

Site

Leasing

Leasing

Development

Other

Total

For the nine months ended September 30, 2026

(in thousands)

Revenues (1)

$

1,357,129 

$

628,259 

$

147,247 

$

—

$

2,132,635 

Cost of revenues (2)

213,830 

185,808 

119,220 

—

518,858 

Operating profit

1,143,299 

442,451 

28,027 

—

1,613,777 

Selling, general, and administrative expenses

92,695 

57,556 

10,639 

55,216 

216,106 

Acquisition and new business initiatives

related adjustments and expenses

16,749 

6,030 

—

—

22,779 

Asset impairment and decommission costs

47,680 

16,620 

285 

741 

65,326 

Depreciation, amortization and accretion

114,195 

123,852 

2,838 

6,233 

247,118 

Operating income (loss)

871,980 

238,393 

14,265 

(62,190)

1,062,448 

Other expense, net (principally interest

expense and other income)

(339,379)

(339,379)

Income before income taxes

723,069 

Cash capital expenditures (3)

169,294 

208,009 

1,609 

10,935 

389,847 

For the nine months ended September 30, 2025

Revenues (1)

$

1,401,052 

$

503,372 

$

191,132 

$

—

$

2,095,556 

Cost of revenues (2)

207,944 

153,386 

154,222 

—

515,552 

Operating profit

1,193,108 

349,986 

36,910 

—

1,580,004 

Selling, general, and administrative expenses

93,411 

54,933 

9,674 

45,231 

203,249 

Acquisition and new business initiatives

related adjustments and expenses

14,823 

3,599 

—

—

18,422 

Asset impairment and decommission costs

53,322 

48,546 

—

710 

102,578 

Depreciation, amortization and accretion

110,668 

92,537 

2,681 

6,008 

211,894 

Operating income (loss)

920,884 

150,371 

24,555 

(51,949)

1,043,861 

Other expense, net (principally interest

expense and other income)

(234,100)

(234,100)

Income before income taxes

809,761 

Cash capital expenditures (3)

127,629 

695,876 

4,690 

3,900 

832,095 

Domestic Site

Int'l Site

Site

Leasing

Leasing

Development

Other (4)

Total

Assets

(in thousands)

As of September 30, 2026

$

6,233,136 

$

5,042,256 

$

50,107 

$

290,859 

$

11,616,358 

As of December 31, 2025

$

6,178,526 

$

5,183,588 

$

98,072 

$

114,826 

$

11,575,012 

(1)For the three months ended September 30, 2026 and 2025, site leasing revenue in Brazil was $94.4 million and $87.3 million, respectively. For the nine months ended September 30, 2026 and 2025, site leasing revenue in Brazil was $279.5 million and $257.4 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

September 30, 2026

December 31, 2025

(in thousands)

Domestic

$

5,783,263

$

5,737,975

Brazil

1,828,773

1,799,578

Guatemala

765,870

636,476

Other international

1,670,971

1,975,560

Total

$

10,048,877

$

10,149,589