Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property and Equipment, Net [Abstract]

Property and Equipment, Net

8.PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

	As of		As of
	December 31, 2023		December 31, 2022
	(in thousands)
Towers and related assets (1)	$	5,850,608	$	5,650,902
Construction-in-process (2)		105,627		77,564
Furniture, equipment, and vehicles		76,031		67,403
Land, buildings, and improvements		927,235		889,293
Total property and equipment		6,959,501		6,685,162
Less: accumulated depreciation		(4,247,782)		(3,971,435)
Property and equipment, net	$	2,711,719	$	2,713,727

(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 $272.3 million, $274.0 million, and $271.8 million for the years ended December 31, 2023, 2022, and 2021, respectively. At December 31, 2023 and 2022, unpaid capital expenditures that are included in accounts payable and accrued expenses were $6.5 million and $7.5 million, respectively.