Segment Data (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Segment Reporting Information



	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other		Total

For the three months ended March 31, 2025	(in thousands)
Revenues ⁽¹⁾	$	460,994	$	155,215	$	48,039	$	—	$	664,248
Cost of revenues ⁽²⁾		68,272		47,206		38,188		—		153,666
Operating profit		392,722		108,009		9,851		—		510,582
Selling, general, and administrative expenses		31,007		17,424		3,215		14,573		66,219
Acquisition and new business initiatives
related adjustments and expenses		5,861		1,518		—		—		7,379
Asset impairment and decommission costs		15,164		21,318		—		544		37,026
Depreciation, amortization and accretion		36,744		25,523		857		1,924		65,048
Operating income (loss)		303,946		42,226		5,779		(17,041)		334,910
Other expense, net (principally interest
expense and other income)								(74,985)		(74,985)
Income before income taxes										259,925
Cash capital expenditures ⁽³⁾		42,379		66,340		826		895		110,440

For the three months ended March 31, 2024
Revenues ⁽¹⁾	$	461,499	$	166,777	$	29,586	$	—	$	657,862
Cost of revenues ⁽²⁾		65,970		48,843		23,178		—		137,991
Operating profit		395,529		117,934		6,408		—		519,871
Selling, general, and administrative expenses		34,348		15,708		4,426		14,216		68,698
Acquisition and new business initiatives
related adjustments and expenses		5,298		2,119		—		—		7,417
Asset impairment and decommission costs		29,913		13,735		—		—		43,648
Depreciation, amortization and accretion		40,345		33,829		834		1,742		76,750
Operating income (loss)		285,625		52,543		1,148		(15,958)		323,358
Other expense, net (principally interest
expense and other income)								(151,888)		(151,888)
Income before income taxes										171,470
Cash capital expenditures ⁽³⁾		41,021		35,602		59		594		77,276



	Domestic Site		Int'l Site		Site
	Leasing		Leasing		Development		Other ⁽⁴⁾		Total

Assets	(in thousands)
As of March 31, 2025	$	6,224,701	$	3,619,615	$	75,558	$	523,043	$	10,442,917
As of December 31, 2024	$	6,206,748	$	3,417,981	$	65,481	$	1,727,126	$	11,417,336

(1)For the three months ended March 31, 2025 and 2024, site leasing revenue in Brazil was $85.0 million and $97.5 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. Assets in Other for the period ended December 31, 2024 also includes $1.165 billion of cash held in escrow which was used to repay the 2019-1C Tower Securities.