Property and Equipment, Net

12 Months Ended

Dec. 31, 2024

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, 2024		December 31, 2023
	(in thousands)
Towers and related assets	$	5,902,092	$	5,836,485
Construction-in-process (1)		72,202		105,627
Furniture, equipment, and vehicles		84,629		76,031
Land, buildings, and improvements (2)		1,013,253		941,358
Total property and equipment		7,072,176		6,959,501
Less: accumulated depreciation		(4,280,092)		(4,247,782)
Property and equipment, net	$	2,792,084	$	2,711,719

(1)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.

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

Depreciation expense was $116.3 million, $272.3 million, and $274.0 million for the years ended December 31, 2024, 2023, and 2022, respectively. As a result of the Company’s revision of the estimated useful lives of its towers, the Company experienced decreased depreciation expense for the year ended December 31, 2024 when compared to the prior year. At December 31, 2024 and 2023, unpaid capital expenditures that are included in accounts payable and accrued expenses were $14.6 million and $6.5 million, respectively.