Property and Equipment, Net

9 Months Ended

Sep. 30, 2022

Property and Equipment, Net [Abstract]

Property and Equipment, Net

7.PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

	As of		As of
	September 30, 2022		December 31, 2021
	(in thousands)
Towers and related assets (1)	$	5,544,056	$	5,323,803
Construction-in-process (2)		72,470		47,565
Furniture, equipment, and vehicles		65,196		59,939
Land, buildings, and improvements		875,996		848,051
Total property and equipment		6,557,718		6,279,358
Less: accumulated depreciation		(3,899,352)		(3,703,871)
Property and equipment, net	$	2,658,366	$	2,575,487

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

(2)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.

Depreciation expense was $68.3 million and $66.2 million for the three months ended September 30, 2022 and 2021, respectively, and $205.0 million and $206.0 million for the nine months ended September 30, 2022 and 2021, respectively. At September 30, 2022 and December 31, 2021, unpaid capital expenditures that are included in accounts payable and accrued expenses were $12.7 million and $7.3 million, respectively.